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:	April 30, 2024

Item 1.   Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

April

30,

2024

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

2024

Annual

Report

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

cooling

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

April

30,

2024.

Higher

interest

rates

helped

to

rein

in

inflation,

and

the

Consumer

Price

Index

decelerated

substantially

while

remaining

above

pre-pandemic

levels.

A

moderating

labor

market

helped

ease

inflationary

pressure,

although

wages

continued

to

grow.

Wage

and

job

growth

powered

robust

consumer

spending,

backstopping

the

economy.

On

October

7,

2023,

Hamas

launched

a

horrific

attack

on

Israel.

The

ensuing

war

has

had

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

robust

during

the

period,

as

interest

rates

stabilized

and

the

economy

proved

to

be

more

resilient

than

many

investors

expected.

The

U.S.

economy

continued

to

show

strength,

and

growth

further

accelerated

in

the

second

half

of

2023.

Large-capitalization

U.S.

stocks

posted

particularly

substantial

gains,

supported

by

the

performance

of

a

few

notable

technology

companies,

while

small-capitalization

U.S.

stocks’

advance

was

slower

but

still

impressive.

Meanwhile,

both

international

developed

market

equities

and

emerging

market

stocks

also

gained,

albeit

at

a

notably

slower

pace

than

that

of

U.S.

stocks.

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.

However,

higher

yields

drove

solid

gains

in

shorter-duration

U.S.

Treasuries.

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

twice

during

the

12-month

period,

but

paused

its

tightening

after

its

July

meeting.

The

Fed

also

continued

to

reduce

its

balance

sheet

by

not

replacing

some

of

the

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

stopped

tightening

for

now,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period,

and

recent

statements

from

the

Fed

seem

to

support

this

view.

In

this

new

regime,

we

anticipate

greater

volatility

and

dispersion

of

returns,

creating

more

opportunities

for

selective

portfolio

management.

Looking

at

developed

market

stocks,

we

have

an

overweight

stance

on

U.S.

stocks

overall,

particularly

given

the

promise

of

emerging

AI

technologies.

We

are

also

overweight

Japanese

stocks

as

shareholder-

friendly

policies

generate

increased

investor

interest,

although

we

maintain

an

underweight

stance

on

European

stocks.

In

credit,

we

believe

there

are

selective

opportunities

in

the

near

term

despite

tighter

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

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

April

30,

2024

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)

20.98%

22.66%

U.S.

small

cap

equities

(Russell

2000

®

Index)

19.66

13.32

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

18.63

9.28

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

15.40

9.88

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.66

5.36

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

3.66

(6.40)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

4.97

(1.47)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

7.06

2.08

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

8.99

9.01

2

This

Page

is

not

Part

of

Your

Fund

Report

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Annual

Report:

Market

Overview

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

4

Fund

Summary

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

5

About

Fund

Performance

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

33

Disclosure

of

Expenses

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

33

Schedules

of

Investments

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

34

Financial

Statements:

Statements

of

Assets

and

Liabilities

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

95

Statements

of

Operations

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

99

Statements

of

Changes

in

Net

Assets

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

103

Financial

Highlights

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

110

Notes

to

Financial

Statements

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

124

Report

of

Independent

Registered

Public

Accounting

Firm

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

138

Important

Tax

Information

(unaudited)

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

139

Statement

Regarding

Liquidity

Risk

Management

Program

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

140

Supplemental

Information

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

141

Trustee

and

Officer

Information

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

142

General

Information

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

145

Glossary

of

Terms

Used

in

this

Report

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

146

Market

Overview

4

2024

iShares

Annual

Report

to

Shareholders

iShares

Trust

Domestic

Market

Overview

U.S.

stocks

advanced

for

the

12

months

ended

April

30,

2024

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

22.30%.

The

economy

showed

notable

resilience

even

as

interest

rates

rose,

and

analysts’

optimism

about

the

economy’s

trajectory

improved.

Meanwhile,

inflation

decelerated

notably,

enabling

a

pause

in

monetary

policy

tightening

and

providing

a

supportive

environment

for

equities.

The

U.S.

economy

grew

at

a

robust

pace

in

2023

despite

concerns

about

the

impact

of

higher

interest

rates

on

growth.

The

U.S.

consumer

helped

to

power

the

expansion,

as

consumer

spending

continued

to

grow

in

both

nominal

and

real

(inflation-adjusted)

terms.

Consumers

were

emboldened

by

a

strong

labor

market,

as

employers

continued

to

add

jobs,

and

average

hourly

wages

increased

notably.

Higher

asset

values

also

supported

consumer

spending,

as

both

home

prices

and

strong

equity

performance

increased

household

net

worth.

Government

spending

also

stimulated

the

economy,

as

the

federal

deficit

increased

amid

rising

expenditures,

while

state

and

local

governments

also

boosted

spending

to

fill

personnel

vacancies.

While

consumer

sentiment

rose

amid

healthy

household

balance

sheets

and

an

improving

economy,

it

remained

below

pre-pandemic

levels,

as

elevated

inflation

and

high

interest

rates

weighed

on

consumers’

outlook.

Inflation

declined

early

in

the

reporting

period,

decreasing

from

4.1%

in

May

2023

to

3%

in

June

2023,

but

remained

stubbornly

persistent

thereafter,

fluctuating

between

3%

and

4%,

above

the

pre-pandemic

average.

While

improved

supply

chains

eased

goods

inflation,

the

tight

labor

market

kept

labor

costs

near

record

highs,

and

growing

services

inflation

was

a

significant

driver

of

inflation’s

overall

persistence.

To

counteract

inflation,

the

U.S.

Federal

Reserve

(“Fed”)

raised

interest

rates

twice

early

in

the

reporting

period,

to

the

highest

level

since

2001.

However,

the

Fed

paused

its

interest

rate

increases

thereafter

as

inflation

edged

down,

keeping

interest

rates

steady

after

its

July

2023

meeting.

The

Fed

also

continued

to

decrease

the

size

of

its

balance

sheet

by

reducing

the

store

of

U.S.

Treasuries

it

had

accumulated

to

stabilize

markets

in

the

early

phases

of

the

coronavirus

pandemic.

While

investors

closely

watched

the

Fed

for

signs

of

a

shift

toward

lower

interest

rates,

tenacious

inflation

later

in

the

reporting

period

led

investors

to

limit

their

expectations.

The

strong

economy

supported

corporate

profits,

which

grew

substantially

in

the

last

three

quarters

of

2023.

Despite

higher

input

costs,

companies

were

able

to

raise

prices

sufficiently

to

widen

profit

margins,

as

the

U.S.

consumer

continued

to

spend.

Firms

increasingly

kept

assets

in

short-term

investments

that

earned

higher

yields

due

to

elevated

interest

rates.

This

helped

to

mitigate

the

negative

impact

of

higher

borrowing

costs,

which

drove

a

rise

in

interest

expense.

Innovations

in

computing

also

drove

enthusiasm

for

equities,

as

new

technologies

drove

hopes

for

economy-wide

improvements

in

productivity.

Despite

the

strong

economic

conditions

during

the

reporting

period,

analysts

noted

several

areas

of

caution

about

potential

disruptions

to

markets.

Geopolitical

tensions

were

high

amid

Russia’s

ongoing

invasion

of

Ukraine

and

fighting

in

Gaza

following

Hamas’

terrorist

attack

on

Israel.

Missile

attacks

on

a

major

shipping

lane

in

the

Middle

East

raised

concerns

about

a

wider

conflict

while

disrupting

some

supply

chains.

While

inflation

declined

during

the

reporting

period,

it

remained

more

persistent

than

some

analysts

expected,

raising

concerns

about

the

effect

of

continued

inflation

on

the

Fed’s

interest

rate

policy.

iShares

®

Dow

Jones

U.S.

ETF

5

Fund

Summary

Fund

Summary

as

of

April

30,

2024

Investment

Objective

The

iShares

Dow

Jones

U.S.

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

a

broad-based

index

composed

of

U.S.

equities,

as

represented

by

the

Dow

Jones

U.S.

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

22.68

%

12.45

%

11.76

%

22.68

%

79.77

%

204.07

%

Fund

Market

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

22.77

12.46

11.77

–

%

22.77

79.89

204.21

Index

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

22.87

12.65

11.96

22.87

81.41

209.59

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,211.90

‌

$

1.10

‌

$

1,000.00

‌

$

1,023.87

‌

$

1.01

‌

0.20

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2024

(continued)

iShares

®

Dow

Jones

U.S.

ETF

6

2024

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

stocks

advanced

strongly

for

the

reporting

period,

as

receding

inflation,

shifting

monetary

policy,

and

robust

U.S.

economic

growth

supported

equities.

The

information

technology

sector

was

the

largest

contributor

to

the

Index’s

return

amid

notable

innovations

in

artificial

intelligence

(“AI”)

technology.

Rapid

advances

in

generative

AI,

which

allows

users

to

generate

outputs

using

simple

natural

language

queries,

drove

a

surge

in

investor

enthusiasm

for

products

and

technologies

associated

with

AI.

The

semiconductors

industry

gained

the

most,

as

companies

purchased

specialized

chips

used

to

provide

computing

capacity

for

AI

applications,

which

require

substantial

processing

power.

Corporations

seeking

to

use

AI

technologies

invested

significantly

in

this

hardware,

in

some

cases

setting

up

separate

budgetary

allocations

to

expedite

the

increased

investment.

Consequently,

industry

revenue

and

earnings

grew

rapidly,

driving

strong

equity

performance.

Additionally,

the

semiconductors

industry

continued

to

invest

in

building

the

next

generation

of

processors

for

AI

applications,

further

supporting

stock

prices.

Networking

products

for

AI

data

centers

also

generated

strong

revenue.

The

financials

sector

also

contributed

significantly

to

the

Index’s

return,

as

interest

rates

rose

to

the

highest

levels

in

22

years

while

the

economy

remained

fundamentally

healthy.

The

transaction

and

payment

processing

services

industry

advanced,

as

growth

in

consumer

spending

and

cross-border

transactions

increased

earnings

at

companies

that

manage

consumer

payments.

Strong

purchases

related

to

international

travel

and

robust

e-commerce

sales

generated

higher

payment

volume

in

the

industry,

further

supporting

earnings

growth.

The

communication

services

sector

also

aided

performance,

led

by

the

interactive

media

and

services

industry.

Growth

in

the

online

advertising

market

drove

large

increases

in

both

revenue

and

income,

and

industry

companies

initiated

dividend

payments

while

continuing

stock

buybacks.

Cost

cutting

efforts

and

layoffs

also

boosted

profitability,

as

the

industry

refocused

on

core

social

media

products.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

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

28.5‌

%

Financials

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

13.6‌

Health

Care

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

12.0‌

Consumer

Discretionary

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

10.3‌

Industrials

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

9.7‌

Communication

Services

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

8.7‌

Consumer

Staples

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

5.9‌

Energy

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

4.1‌

Materials

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

2.5‌

Real

Estate

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

2.4‌

Utilities

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

2.3‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Microsoft

Corp.

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

6.2‌

%

Apple,

Inc.

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

5.3‌

NVIDIA

Corp.

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

4.6‌

Amazon.com,

Inc.

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

3.4‌

Alphabet,

Inc.,

Class

A

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

2.1‌

Meta

Platforms,

Inc.,

Class

A

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

2.0‌

Alphabet,

Inc.,

Class

C,

NVS

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

1.7‌

Berkshire

Hathaway,

Inc.,

Class

B

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

1.6‌

Eli

Lilly

&

Co.

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

1.3‌

Broadcom,

Inc.

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

1.2‌

      aaa

aa

iShares

®

MSCI

KLD

400

Social

ETF

7

Fund

Summary

Fund

Summary

as

of

April

30,

2024

Investment

Objective

The

iShares

MSCI

KLD

400

Social

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

companies

that

have

positive

environmental,

social

and

governance

characteristics,

as

represented

by

the

MSCI

KLD

400

Social

Index

(the

“Index”). 

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

24.31

%

13.37

%

12.17

%

24.31

%

87.29

%

215.31

%

Fund

Market

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

24.25

13.37

12.17

–

%

24.25

87.32

215.23

Index

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

24.49

13.63

12.56

24.49

89.42

226.35

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,223.20

‌

$

1.38

‌

$

1,000.00

‌

$

1,023.62

‌

$

1.26

‌

0.25

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2024

(continued)

iShares

®

MSCI

KLD

400

Social

ETF

8

2024

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Stocks

of

U.S.

companies

advanced

for

the

reporting

period.

The

information

technology

sector

was

the

largest

contributor

to

the

return

of

the

MSCI

KLD

400

Social

Index

(“the

Index”)

amid

notable

innovations

in

artificial

intelligence

(“AI”)

technology.

Rapid

advances

in

generative

AI,

which

allows

users

to

generate

outputs

using

simple

natural

language

queries,

drove

a

surge

in

investor

enthusiasm

for

products

and

technologies

associated

with

AI.

The

semiconductors

industry

gained

the

most,

as

companies

purchased

specialized

chips

used

to

provide

computing

capacity

for

AI

applications,

which

require

substantial

processing

power.

Corporations

seeking

to

use

AI

technologies

invested

significantly

in

this

hardware,

in

some

cases

setting

up

separate

budgetary

allocations

to

expedite

the

increased

investment.

Consequently,

industry

revenue

and

earnings

grew

rapidly,

driving

strong

equity

performance.

The

communication

services

sector

also

contributed

significantly

to

the

Index’s

performance,

led

by

the

interactive

media

and

services

industry.

Strong

sales

of

cloud

computing

products

bolstered

earnings,

and

a

proposed

deal

between

a

large

company

in

the

industry

and

a

smartphone

manufacturer

to

license

an

AI

product

generated

investor

enthusiasm.

In

terms

of

relative

performance,

the

Index

outperformed

the

broader

market,

as

represented

by

the

MSCI

USA

Investable

Market

Index.

Relative

to

the

broader

market,

the

Index’s

security

selection

in

the

information

technology

sector

was

the

largest

contributor

to

its

returns.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

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

35.7‌

%

Financials

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

12.1‌

Health

Care

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

10.1‌

Communication

Services

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

9.7‌

Industrials

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

9.3‌

Consumer

Discretionary

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

8.6‌

Consumer

Staples

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

6.8‌

Real

Estate

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

2.7‌

Materials

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

2.6‌

Energy

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

1.5‌

Utilities

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

0.9‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Microsoft

Corp.

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

11.7‌

%

NVIDIA

Corp.

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

9.1‌

Alphabet,

Inc.,

Class

A

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

4.1‌

Alphabet,

Inc.,

Class

C,

NVS

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

3.6‌

Tesla,

Inc.

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

2.2‌

Visa,

Inc.,

Class

A

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

1.8‌

Procter

&

Gamble

Co.

(The)

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

1.6‌

Mastercard,

Inc.,

Class

A

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

1.6‌

Home

Depot,

Inc.

(The)

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

1.4‌

Merck

&

Co.,

Inc.

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

1.4‌

      aaa

aa

iShares

®

MSCI

USA

ESG

Select

ETF

9

Fund

Summary

Fund

Summary

as

of

April

30,

2024

Investment

Objective

The

iShares

MSCI

USA

ESG

Select

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

companies

that

have

positive

environmental,

social

and

governance

characteristics,

as

represented

by

the

MSCI

USA

Extended

ESG

Select

Index

(the

“Index”). 

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

19.90

%

12.92

%

11.90

%

19.90

%

83.61

%

207.80

%

Fund

Market

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

19.84

12.90

11.89

–

%

19.84

83.41

207.54

Index

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

20.12

13.19

12.29

‌

20.12

85.79

218.65

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,211.80

‌

$

1.37

‌

$

1,000.00

‌

$

1,023.62

‌

$

1.26

‌

0.25

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2024

(continued)

iShares

®

MSCI

USA

ESG

Select

ETF

10

2024

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Stocks

of

U.S.

companies

advanced

for

the

reporting

period.

The

information

technology

sector

was

the

largest

contributor

to

the

return

of

the

MSCI

USA

Extended

ESG

Select

Index

(the

“Index”)

amid

notable

innovations

in

artificial

intelligence

(“AI”)

technology.

Rapid

advances

in

generative

AI,

which

allows

users

to

generate

outputs

using

simple

natural

language

queries,

drove

a

surge

in

investor

enthusiasm

for

products

and

technologies

associated

with

AI.

The

semiconductors

industry

gained

the

most,

as

companies

purchased

specialized

chips

used

to

provide

computing

capacity

for

AI

applications,

which

require

substantial

processing

power.

Corporations

seeking

to

use

AI

technologies

invested

significantly

in

this

hardware,

in

some

cases

setting

up

separate

budgetary

allocations

to

expedite

the

increased

investment.

Consequently,

industry

revenue

and

earnings

grew

rapidly,

driving

strong

equity

performance.

The

industrials

sector

was

another

significant

contributor

to

the

Index’s

performance.

Strong

economic

growth

bolstered

stocks

in

the

sector,

which

is

sensitive

to

overall

conditions

in

the

broader

economy.

This

supportive

backdrop

led

to

investor

confidence

that

demand

would

continue

to

expand,

boosting

earnings

in

the

sector.

In

terms

of

relative

performance,

the

Index

underperformed

the

broader

market,

as

represented

by

the

MSCI

USA

Index.

Relative

to

the

broader

market,

the

Index’s

security

selection

within

the

consumer

discretionary

sector

was

the

largest

detractor

from

returns.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

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

31.6‌

%

Health

Care

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

12.8‌

Industrials

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

12.4‌

Financials

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

10.0‌

Consumer

Staples

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

9.1‌

Consumer

Discretionary

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

7.3‌

Communication

Services

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

6.4‌

Energy

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

4.2‌

Real

Estate

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

2.9‌

Materials

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

2.5‌

Utilities

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

0.8‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

NVIDIA

Corp.

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

5.6‌

%

Microsoft

Corp.

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

4.8‌

Apple,

Inc.

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

4.0‌

Alphabet,

Inc.,

Class

A

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

2.2‌

Coca-Cola

Co.

(The)

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

1.9‌

Alphabet,

Inc.,

Class

C,

NVS

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

1.8‌

Home

Depot,

Inc.

(The)

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

1.6‌

Trane

Technologies

PLC

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

1.5‌

Eli

Lilly

&

Co.

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

1.5‌

Ecolab,

Inc.

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

1.4‌

      aaa

aa

iShares

®

U.S.

Basic

Materials

ETF

11

Fund

Summary

Fund

Summary

as

of

April

30,

2024

Investment

Objective

The

iShares

U.S.

Basic

Materials

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

basic

materials

sector,

as

represented

by

the

Russell

1000

Basic

Materials

RIC

22.5/45

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Basic

Materials

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Basic

Materials

RIC

22.5/45

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

9.85

%

10.51

%

7.23

%

9.85

%

64.81

%

100.91

%

Fund

Market

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

9.84

10.52

7.23

–

%

9.84

64.89

100.91

Index

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

10.29

10.94

7.64

10.29

68.06

108.87

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,163.30

‌

$

2.10

‌

$

1,000.00

‌

$

1,022.92

‌

$

1.96

‌

0.39

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2024

(continued)

iShares

®

U.S.

Basic

Materials

ETF

12

2024

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Stocks

of

U.S.

basic

materials

companies

advanced

for

the

reporting

period.

The

metals

and

mining

industry

contributed

the

most

to

the

Index’s

performance,

led

by

copper

mining

companies.

Copper

prices,

which

tend

to

be

highly

sensitive

to

interest

rates,

shifted

with

expectations

for

central

bank

monetary

policy

during

the

reporting

period.

The

Fed

left

interest

rates

unchanged

late

in

the

reporting

period

after

a

series

of

large

interest

rate

increases,

so

copper

prices

fell,

then

recovered

in

anticipation

of

lower

carrying

costs

and

a

boost

in

economic

activity.

Global

copper

production

reflected

tepid

industrial

demand

and

a

slow

recovery

in

manufacturing

in

some

countries,

particularly

China.

However,

ongoing

decarbonization

efforts

drove

investments

in

copper-reliant

electrical

infrastructure

and

electric

vehicles.

Estimates

of

new

demand

from

the

use

of

copper

cable

in

data

transmission

drove

market

expectations

higher

as

the

reporting

period

closed.

The

steel

industry

further

contributed

to

the

Index’s

return

as

an

expansion

in

U.S.

manufacturing

in

early

2024,

coupled

with

market

expectations

of

forthcoming

Fed

interest

rate

cuts,

increased

investor

sentiment

toward

steel

mining

companies.

Steel

prices,

which

remained

subdued

for

much

of

the

reporting

period,

rose

substantially

in

April

2024,

lifting

expectations

of

a

further

rebound.

Producers

of

recycled

steel

benefited

from

increased

demand

from

automobile

manufacturers.

The

chemicals

industry

also

contributed

to

the

Index’s

return,

as

industrial

gases

stocks

rose

due

to

robust

order

backlogs

from

hydrogen

investments

made

as

part

of

global

green

energy

initiatives.

The

impact

of

inflation

in

energy

markets

and

costs

due

to

weather-related

outages

in

the

U.S.

Gulf

region

were

largely

offset

by

an

increase

in

prices.

Additionally,

steady

demand

coupled

with

lower

costs

drove

a

contribution

to

the

Index’s

return

from

specialty

chemicals

companies.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Chemicals

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

59.0‌

%

Metals

&

Mining

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

29.2‌

Containers

&

Packaging

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

4.3‌

Trading

Companies

&

Distributors

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

4.1‌

Machinery

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

1.8‌

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

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

20.5‌

%

Freeport-McMoRan,

Inc.

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

7.8‌

Ecolab,

Inc.

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

6.1‌

Air

Products

and

Chemicals,

Inc.

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

5.8‌

Newmont

Corp.

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

5.1‌

Nucor

Corp.

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

4.7‌

Dow,

Inc.

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

4.3‌

Fastenal

Co.

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

4.1‌

LyondellBasell

Industries

NV,

Class

A

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

3.3‌

International

Flavors

&

Fragrances,

Inc.

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

3.2‌

      aaa

aa

iShares

®

U.S.

Consumer

Discretionary

ETF

13

Fund

Summary

Fund

Summary

as

of

April

30,

2024

Investment

Objective

The

iShares

U.S.

Consumer

Discretionary

ETF

(the

“Fund”)

 seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

consumer

discretionary

sector,

as

represented

by

the

Russell

1000

Consumer

Discretionary

40

Act

15/22.5

Daily

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

June

23,

2019

reflects

the

performance

of

the

Dow

Jones

U.S.

Consumer

Services

Total

Return

Index.

Index

performance

beginning

on

June

24,

2019

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Consumer

Services

Capped

(TR)

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Consumer

Discretionary

40

Act

15/22.5

Daily

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

21.42

%

8.17

%

11.01

%

21.42

%

48.10

%

184.19

%

Fund

Market

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

21.50

8.20

11.02

–

%

21.50

48.27

184.54

Index

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

21.84

8.59

11.46

21.84

50.97

196.02

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,205.90

‌

$

2.14

‌

$

1,000.00

‌

$

1,022.92

‌

$

1.96

‌

0.39

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2024

(continued)

iShares

®

U.S.

Consumer

Discretionary

ETF

14

2024

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

consumer

discretionary

stocks

advanced

strongly

for

the

reporting

period,

supported

by

a

resilient

U.S.

economy

and

sustained

growth

in

consumer

spending.

The

broadline

retail

industry

contributed

the

most

to

the

Index’s

return,

as

higher

online

sales

and

demand

for

e-commerce

and

cloud-computing

services

propelled

strong

revenue

and

earnings

growth

in

the

industry.

Integration

of

artificial

intelligence

(“AI”)

into

existing

products

and

investment

in

new

AI

programs

further

boosted

gains.

A

large

e-commerce

retailer

leveraged

its

existing

consumer

data

to

deliver

substantial

growth

in

online

advertising

sales,

which

helped

boost

revenue

above

expectations.

Cost-saving

efforts,

including

reducing

capital

expenditures,

closing

brick-and-mortar

stores,

and

eliminating

jobs,

also

benefited

the

industry.

The

movies

and

entertainment

industry,

in

the

communication

services

sector,

also

contributed

significantly

to

the

Index’s

performance.

Entertainment-streaming

companies

increased

their

share

of

the

digital

advertising

market,

while

the

share

held

by

search

engines

and

social

media

fell.

The

increased

popularity

of

advertising-supported

subscription

tiers

for

streaming

services

was

particularly

beneficial

as

it

helped

grow

ad

sales.

Efforts

to

reduce

subscription

sharing

by

one

large

streaming

service

led

to

sharp

increases

in

both

total

subscribers

and

subscribers

to

its

ad-

supported

tier,

helping

to

boost

revenues.

The

hotels,

resorts,

and

cruise

lines

industry

also

contributed

to

the

Index’s

return,

as

travel

demand

increased,

benefiting

online

booking

services.

Increased

travel

also

supported

the

hotel

industry,

where

one

large

hotel

operator

experienced

higher

earnings

due

to

significantly

increased

revenue

per

room

and

a

solid

increase

in

the

number

of

hotel

rooms

it

operated.

Demand

for

international

travel

was

particularly

strong,

boosting

revenue

for

cruise

lines,

which

typically

offer

more

international

than

domestic

vacations.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Consumer

Discretionary

Distribution

&

Retail

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

33.0‌

%

Consumer

Services

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

18.3‌

Media

&

Entertainment

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

12.9‌

Automobiles

&

Components

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

10.9‌

Consumer

Staples

Distribution

&

Retail

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

10.7‌

Consumer

Durables

&

Apparel

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

7.9‌

Transportation

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

4.1‌

Commercial  &

Professional

Services

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

1.4‌

Other

(each

representing

less

than

1%)

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

0.8‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Amazon.com,

Inc.

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

15.6‌

%

Tesla,

Inc.

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

8.0‌

Costco

Wholesale

Corp.

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

4.2‌

Home

Depot,

Inc.

(The)

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

4.1‌

Walmart,

Inc.

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

4.0‌

Netflix,

Inc.

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

3.8‌

Walt

Disney

Co.

(The)

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

3.8‌

McDonald's

Corp.

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

3.6‌

Lowe's

Companies,

Inc.

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

2.4‌

Uber

Technologies,

Inc.

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

2.4‌

      aaa

aa

iShares

®

U.S.

Consumer

Staples

ETF

15

Fund

Summary

Fund

Summary

as

of

April

30,

2024

Investment

Objective

The

iShares

U.S.

Consumer

Staples

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

consumer

staples

sector,

as

represented

by

the

Russell

1000

Consumer

Staples

RIC

22.5/45

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

September

19,

2021

reflects

the

performance

of

Dow

Jones

U.S.

Consumer

Goods

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Consumer

Staples

RIC

22.5/45

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(0.40

)

%

12.60

%

9.92

%

(0.40

)

%

81.04

%

157.54

%

Fund

Market

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

(0.44

)

12.61

9.92

–

%

(0.44

)

81.07

157.61

Index

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

0.00

13.07

10.3

8

0.00

‌

84.81

168.45

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,107.10

‌

$

2.04

‌

$

1,000.00

‌

$

1,022.92

‌

$

1.96

‌

0.39

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2024

(continued)

iShares

®

U.S.

Consumer

Staples

ETF

16

2024

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

consumer

staples

stocks

were

relatively

flat

for

the

reporting

period.

While

corporate

earnings

were

generally

supportive,

optimism

for

lower

interest

rates

and

an

eventual

rebound

in

economic

growth

diminished

demand

for

less

economically

sensitive

sectors,

including

consumer

staples.

The

household

products

industry

contributed

the

most

to

the

Index’s

performance,

as

large

companies

producing

everyday

home

goods

increased

prices,

boosting

earnings

and

revenue

above

investor

expectations.

Efforts

to

increase

efficiency

and

productivity

in

the

industry

also

boosted

profits.

The

healthcare

distributors

industry

also

contributed

meaningfully

to

the

Index’s

return.

Drug

distributors

benefited

from

a

surge

in

national

demand

for

a

new

class

of

weight-loss

drugs,

boosting

sales

and

revenue.

Additionally,

the

largest

distributors

invested

in

higher-margin

services

and

were

able

to

leverage

their

position

in

the

market

to

provide

data,

insights,

and

strategic

advice

to

both

drug

manufacturers

and

retailers.

On

the

downside,

the

packaged

foods

and

meats

industry

detracted

the

most

from

the

Index’s

return.

Expectations

that

the

growing

popularity

of

appetite-suppressing

drugs

would

decrease

consumers’

demand

for

snacks,

confectionaries,

and

sweet

drinks

weighed

on

the

industry.

Inflation

in

the

prices

of

core

ingredients

—

for

example,

a

surge

in

cocoa

prices

—

put

pressure

on

companies

to

raise

their

prices

to

meet

profitability

goals

at

the

risk

of

falling

sales.

While

some

of

the

larger

packaged

food

companies

were

able

to

raise

prices

to

offset

losses

from

falling

demand,

earnings

sometimes

disappointed

investors,

further

weighing

on

the

industry.

The

soft

drinks

and

nonalcoholic

beverages

industry

detracted

from

the

Index’s

performance

amid

expectations

that

the

popularity

of

new

weight-loss

drugs

would

lower

demand.

The

personal

care

products

industry

also

detracted

due

to

a

large

pharmaceutical

company

separating

its

personal

health

business

into

a

new

company.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Food,

Beverage

&

Tobacco

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

56.6‌

%

Household

&

Personal

Products

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

26.5‌

Health

Care

Equipment

&

Services

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

9.0‌

Consumer

Staples

Distribution

&

Retail

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

6.1‌

Materials

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

1.8‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Procter

&

Gamble

Co.

(The)

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

17.3‌

%

PepsiCo,

Inc.

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

10.9‌

Coca-Cola

Co.

(The)

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

10.8‌

Philip

Morris

International,

Inc.

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

6.7‌

Mondelez

International,

Inc.,

Class

A

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

4.4‌

CVS

Health

Corp.

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

3.9‌

Altria

Group,

Inc.

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

3.6‌

Colgate-Palmolive

Co.

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

3.4‌

McKesson

Corp.

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

3.3‌

Kimberly-Clark

Corp.

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

2.1‌

aaa

aa

iShares

®

U.S.

Energy

ETF

17

Fund

Summary

Fund

Summary

as

of

April

30,

2024

Investment

Objective

The

iShares

U.S.

Energy

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

energy

sector,

as

represented

by

the

Russell

1000

Energy

RIC

22.5/45

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Oil

&

Gas

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Energy

RIC

22.5/45

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

12.71

%

11.03

%

2.58

%

12.71

%

68.70

%

29.03

%

Fund

Market

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

12.65

11.04

2.58

–

%

12.65

68.80

28.97

Index

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

13.15

11.46

2.98

13.15

72.06

34.18

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,106.80

‌

$

2.04

‌

$

1,000.00

‌

$

1,022.92

‌

$

1.96

‌

0.39

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2024

(continued)

iShares

®

U.S.

Energy

ETF

18

2024

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

energy

stocks

rose

significantly

during

the

reporting

period,

driven

by

higher

oil

prices

amid

production

cuts

by

OPEC+,

rising

tensions

in

the

Middle

East,

the

ongoing

war

in

Ukraine,

and

expectations

of

increased

energy

demand

amid

signals

that

major

developed

economies

would

avoid

recession.

The

oil

and

gas

exploration

and

production

industry

contributed

the

most

to

the

Index’s

return.

Rising

oil

prices

encouraged

more

investment

in

generating

new

production

through

increased

exploration.

The

increase

in

production

led

to

increased

profits,

supporting

the

industry.

Additionally,

merger

and

acquisition

activity

was

relatively

high

within

the

industry

over

the

reporting

period.

Some

large

companies

saw

their

stock

price

rise

in

anticipation

of

being

acquired

by

even

larger

companies,

which

in

turn

were

expected

to

benefit

from

increased

economies

of

scale.

One

large

shale

producer

acquired

a

large

but

privately

held

oil

and

gas

company,

vaulting

the

buyers

into

the

top

tier

of

publicly

traded

oil

and

gas

producers

in

the

industry.

The

oil

and

gas

refining

and

marketing

and

transportation

industry

also

contributed

meaningfully

to

the

Index’s

return,

as

oil

refining

companies

benefited

from

strong

demand

for

already

limited

supplies

of

both

gasoline

and

jet

fuel.

Intervention

by

an

activist

investor

encouraged

demand

for

a

large

oil

refiner’s

stock

and

buoyed

optimism

that

the

existing

management

team

would

deliver

on

its

plan

to

reduce

costs

and

boost

profitability,

supporting

the

industry.

The

oil

and

gas

equipment

and

services

industry

also

contributed,

as

higher

oil

prices

encouraged

more

investment

in

new

production,

particularly

for

subsea

equipment

and

services.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Oil,

Gas

&

Consumable

Fuels

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

89.9‌

%

Energy

Equipment

&

Services

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

8.3‌

Semiconductors

&

Semiconductor

Equipment

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

1.7‌

Electrical

Equipment

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

0.1‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Exxon

Mobil

Corp.

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

23.1‌

%

Chevron

Corp.

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

14.9‌

ConocoPhillips

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

8.0‌

EOG

Resources,

Inc.

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

4.5‌

Schlumberger

Ltd.

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

4.0‌

Marathon

Petroleum

Corp.

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

3.8‌

Phillips

66

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

3.6‌

Pioneer

Natural

Resources

Co.

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

3.5‌

Valero

Energy

Corp.

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

2.9‌

Williams

Companies,

Inc.

(The)

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

2.4‌

      aaa

aa

iShares

®

U.S.

Financial

Services

ETF

19

Fund

Summary

Fund

Summary

as

of

April

30,

2024

Investment

Objective

The

iShares

U.S.

Financial

Services

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

financial

services

sector,

as

represented

by

the

Dow

Jones

U.S.

Financial

Services

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

25.76

%

8.93

%

10.70

%

25.76

%

53.38

%

176.26

%

Fund

Market

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

25.78

8.93

10.69

–

%

25.78

53.40

176.18

Index

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

26.30

9.36

11.15

26.30

56.42

18

7.73

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,288.50

‌

$

2.22

‌

$

1,000.00

‌

$

1,022.92

‌

$

1.96

‌

0.39

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2024

(continued)

iShares

®

U.S.

Financial

Services

ETF

20

2024

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Stocks

in

the

U.S.

financial

services

industry

gained

for

the

reporting

period,

as

interest

rates

rose

to

the

highest

levels

in

22

years

while

the

economy

remained

fundamentally

healthy.

Stocks

of

diversified

banks

were

the

largest

contributor

to

the

Index’s

return,

as

robust

net

interest

income

(the

difference

between

the

interest

received

from

a

bank’s

assets

and

the

interest

paid

on

deposits)

supported

earnings.

While

higher

interest

rates

typically

bolster

banking

profitability,

the

value

of

diversified

banks’

existing

bond

investments

declined,

forcing

banks

to

raise

deposit

rates

to

retain

customers.

Consequently,

the

Fed’s

shift

in

monetary

policy

benefited

banks

and

raised

investor

hopes

for

an

increase

in

loan

activity

and

dealmaking

as

borrowing

costs

stabilize

and

begin

to

subside.

Additionally,

the

announcement

of

positive

client

retention

figures

following

the

integration

of

a

failed

high-profile

regional

bank

by

the

nation’s

largest

bank

further

reinforced

industry

strength

and

improved

investor

sentiment

toward

the

acquisition,

which

also

provided

the

bank’s

commercial

business

with

a

deeper

presence

in

the

technology

sector.

In

capital

markets,

the

asset

management

and

custody

banks

industry

contributed

to

the

Index’s

return,

driven

by

growth

in

management

and

advisory

fees.

Higher

earnings

from

the

sale

of

annuity

products

also

benefited

companies

offering

annuity

services.

Rising

asset

prices

and

solid

inflows

bolstered

assets

under

management,

further

boosting

industry

earnings.

Stocks

in

the

investment

banking

and

brokerage

industry

also

advanced.

Despite

a

cool

market

for

merger

and

acquisition

activity,

strong

revenue

from

asset

and

wealth

management

supported

earnings

growth

in

the

industry

and

reinforced

balance

sheets.

New

asset

flows

rose

along

with

new

account

origination

as

markets

traded

higher,

reflecting

investor

optimism

over

the

direction

of

the

economy.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Financial

Services

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

67.7‌

%

Banks

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

32.3‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Berkshire

Hathaway,

Inc.,

Class

B

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

14.8‌

%

JPMorgan

Chase

&

Co.

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

11.3‌

Visa,

Inc.,

Class

A

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

8.7‌

Mastercard,

Inc.,

Class

A

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

7.6‌

Bank

of

America

Corp.

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

5.2‌

Wells

Fargo

&

Co.

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

4.4‌

Goldman

Sachs

Group,

Inc.

(The)

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

2.8‌

American

Express

Co.

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

2.7‌

S&P

Global,

Inc.

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

2.7‌

Citigroup,

Inc.

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

2.4‌

      aaa

aa

iShares

®

U.S.

Financials

ETF

21

Fund

Summary

Fund

Summary

as

of

April

30,

2024

Investment

Objective

The

iShares

U.S.

Financials

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

financials

sector,

as

represented

by

the

Russell

1000

Financials

40

Act

15/22.5

Daily

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

June

23,

2019

reflects

the

performance

of

the

Dow

Jones

U.S.

Financials

Total

Return

Index.

Index

performance

beginning

on

June

24,

2019

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Financials

Capped

(TR)

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Financials

40

Act

15/22.5

Daily

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

26.82

%

9.61

%

10.43

%

26.82

%

58.20

%

169.66

%

Fund

Market

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

26.74

9.60

10.42

–

%

26.74

58.17

169.55

Index

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

27.37

10.05

10.88

27.37

61.45

180.80

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,267.00

‌

$

2.20

‌

$

1,000.00

‌

$

1,022.92

‌

$

1.96

‌

0.39

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2024

(continued)

iShares

®

U.S.

Financials

ETF

22

2024

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Stocks

in

the

U.S.

financials

industry

gained

robustly

for

the

reporting

period

as

interest

rates

rose

to

the

highest

levels

in

22

years

while

the

economy

remained

fundamentally

healthy.

Stocks

of

diversified

banks

were

the

largest

contributor

to

the

Index’s

return,

as

robust

net

interest

income

(the

difference

between

the

interest

received

from

a

bank’s

assets

and

the

interest

paid

on

deposits)

supported

earnings.

While

higher

interest

rates

typically

bolster

banking

profitability,

the

value

of

diversified

banks’

existing

bond

investments

declined,

forcing

banks

to

raise

deposit

rates

to

retain

customers.

Consequently,

the

Fed’s

shift

in

monetary

policy

benefited

banks

and

raised

investor

hopes

for

an

increase

in

loan

activity

and

dealmaking

as

borrowing

costs

stabilize

and

begin

to

subside.

Additionally,

the

announcement

of

positive

client

retention

figures

following

the

integration

of

a

failed

high-profile

regional

bank

by

the

nation’s

largest

bank

further

reinforced

industry

strength

and

improved

investor

sentiment

toward

the

acquisition,

which

also

provided

the

bank’s

commercial

business

with

a

deeper

presence

in

the

technology

sector.

In

the

capital

markets

industry,

gains

in

the

asset

management

and

custody

banks

industry

contributed

to

the

Index’s

return,

driven

by

growth

in

management

and

advisory

fees.

Higher

earnings

from

the

sale

of

annuity

products

also

benefited

companies

offering

annuity

services.

Rising

asset

prices

and

solid

inflows

bolstered

assets

under

management,

further

boosting

industry

earnings.

Stocks

in

the

investment

banking

and

brokerage

industry

also

advanced.

Despite

a

cool

market

for

merger

and

acquisition

activity,

strong

revenues

from

asset

and

wealth

management

supported

earnings

growth

in

the

industry

and

reinforced

balance

sheets.

New

asset

flows

rose

along

with

new

account

origination

as

markets

traded

higher,

reflecting

investor

optimism

over

the

direction

of

the

economy.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Financial

Services

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

46.8‌

%

Banks

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

30.1‌

Insurance

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

22.6‌

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

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

12.7‌

%

JPMorgan

Chase

&

Co.

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

9.9‌

Bank

of

America

Corp.

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

4.4‌

Wells

Fargo

&

Co.

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

4.1‌

Goldman

Sachs

Group,

Inc.

(The)

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

2.9‌

S&P

Global,

Inc.

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

2.8‌

Progressive

Corp.

(The)

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

2.6‌

Citigroup,

Inc.

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

2.5‌

BlackRock,

Inc.

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

2.4‌

Charles

Schwab

Corp.

(The)

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

2.3‌

aaa

aa

iShares

®

U.S.

Healthcare

ETF

23

Fund

Summary

Fund

Summary

as

of

April

30,

2024

Investment

Objective

The

iShares

U.S.

Healthcare

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

healthcare

sector,

as

represented

by

the

Russell

1000

Health

Care

RIC

22.5/45

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Health

Care

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Health

Care

RIC

22.5/45

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

5.84

%

10.66

%

10.68

%

5.84

%

65.97

%

175.80

%

Fund

Market

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

5.89

10.68

10.68

–

%

5.89

66.07

175.96

Index

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

6.25

11.10

11.12

6.25

69.24

186.98

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,137.40

‌

$

2.07

‌

$

1,000.00

‌

$

1,022.92

‌

$

1.96

‌

0.39

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2024

(continued)

iShares

®

U.S.

Healthcare

ETF

24

2024

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

healthcare

stocks

advanced

for

the

reporting

period,

driven

by

the

pharmaceuticals

industry,

which

was

the

leading

contributor

to

the

Index’s

return.

The

rising

popularity

of

weight-loss

drugs

—

notably,

those

known

as

glucagon-like

peptide-1

(“GLP-1”)

agonists,

which

can

control

blood

sugar

and

suppress

appetite

—

propelled

significant

sales

growth

and

improved

earnings

outlooks

for

pharmaceuticals

companies.

GLP-1

medications

were

originally

developed

for

diabetes

and

later

approved

to

combat

obesity.

An

independent

study

conducted

during

the

reporting

period

found

that

nearly

half

of

adults

surveyed

expressed

interest

in

taking

a

prescription

weight-loss

drug,

including

two-thirds

of

those

identified

by

a

doctor

as

overweight

or

obese.

Investors

sought

to

capitalize

on

the

drugs’

popularity,

given

the

size

of

the

potential

market

for

both

diabetes

and

weight-loss

treatments.

Prices

for

new

drugs

introduced

by

pharmaceuticals

companies

rose

by

more

than

a

third

in

2023

over

the

previous

year,

further

supporting

industry

gains.

Merger

and

acquisition

(“M&A”)

activity

in

the

industry

also

increased,

reversing

a

recent

slump.

Strength

in

the

generic

drugs

business

of

some

pharmaceutical

companies

also

supported

the

industry.

Companies

developing

pharmaceuticals

for

veterinary

health

also

advanced,

buoyed

by

robust

sales

of

products

for

both

pets

and

farm

animals.

Biotechnology

stocks

also

contributed

to

the

Index’s

performance,

as

M&A

activity

in

the

industry

picked

up,

and

robust

sales

of

newer

immunology

treatments

drove

strong

earnings

growth

and

increased

sales

expectations

for

biotechnology

firms.

Additionally,

companies

in

the

healthcare

providers

and

services

industry

contributed

notably

to

the

Index’s

return

as

large

managed

care

providers

benefited

from

pursuing

geographic

diversity

in

membership

and

maintaining

strong

market

share

in

multiple

markets.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Pharmaceuticals

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

31.7‌

%

Health

Care

Equipment

&

Supplies

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

21.1‌

Health

Care

Providers

&

Services

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

17.9‌

Biotechnology

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

16.7‌

Life

Sciences

Tools

&

Services

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

11.9‌

Other

(each

representing

less

than

1%)

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

0.7‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Eli

Lilly

&

Co.

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

12.3‌

%

UnitedHealth

Group,

Inc.

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

8.4‌

Johnson

&

Johnson

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

6.5‌

Merck

&

Co.,

Inc.

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

6.1‌

AbbVie,

Inc.

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

5.3‌

Thermo

Fisher

Scientific,

Inc.

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

4.1‌

Abbott

Laboratories

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

3.4‌

Danaher

Corp.

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

3.0‌

Amgen,

Inc.

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

2.7‌

Pfizer,

Inc.

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

2.7‌

      aaa

aa

iShares

®

U.S.

Industrials

ETF

25

Fund

Summary

Fund

Summary

as

of

April

30,

2024

Investment

Objective

The

iShares

U.S.

Industrials

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

industrials

sector,

as

represented

by

the

Russell

1000

Industrials

40

Act

15/22.5

Daily

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Industrials

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Industrials

40

Act

15/22.5

Daily

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

21.80

%

9.91

%

10.42

%

21.80

%

60.42

%

169.47

%

Fund

Market

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

21.83

9.92

10.43

–

%

21.83

60.47

169.62

Index

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

22.29

10.35

10.88

22.29

63.61

180.95

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,241.70

‌

$

2.17

‌

$

1,000.00

‌

$

1,022.92

‌

$

1.96

‌

0.39

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2024

(continued)

iShares

®

U.S.

Industrials

ETF

26

2024

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

industrials

stocks

advanced

strongly

during

the

reporting

period

as

receding

inflation,

shifting

monetary

policy,

and

robust

U.S.

economic

growth

bolstered

stocks

in

the

sector.

This

supportive

backdrop

led

to

investor

confidence

that

demand

would

continue

to

expand,

boosting

earnings

in

the

sector.

A

key

measure

of

confidence

among

purchasing

managers

in

manufacturing

rose

to

its

highest

level

in

nearly

two

years,

as

output

improved

and

suppliers’

delivery

times

shortened.

Machinery

stocks

contributed

the

most

to

the

Index’s

return,

led

by

the

construction

machinery

industry,

as

steady

commercial

construction

activity

in

the

U.S.

supported

demand

for

the

industry’s

products.

The

CHIPS

Act

drove

significant

investments

in

factory

construction

and

construction

machinery

for

domestic

semiconductor

manufacturing

companies.

Additionally,

healthy

order

backlogs

and

aggressive

price

actions

taken

over

the

past

several

years

to

offset

inflation

further

allowed

industrial

machinery

and

supplies

and

components

companies

to

maintain

profitability.

Financial

services

stocks

also

contributed

to

the

Index’s

return,

as

growth

in

consumer

spending

and

cross-border

transactions

boosted

the

earnings

of

transaction

and

payment

processing

services

companies.

Strong

purchases

of

airfare

for

international

travel

and

robust

e-commerce

sales

generated

higher

payment

volume

in

the

industry,

sustaining

earnings

growth.

Stocks

of

electrical

components

and

equipment

manufacturers

also

advanced.

The

industry

benefited

from

high

demand

for

power

systems

and

products,

supported

by

government

incentives

and

increased

spending

on

electric

vehicles,

energy

efficiency,

and

renewable

power

generation.

The

building

products

industry

further

bolstered

the

Index’s

performance.

Higher

prices

for

construction

materials

supported

suppliers

of

those

products,

and

earnings

increased

for

makers

of

efficient

heating

and

cooling

systems.

Stocks

of

aerospace

and

defense

companies

also

rose,

buoyed

by

strong

orders

for

commercial

aircraft

and

associated

parts

and

supplies.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Capital

Goods

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

49.2‌

%

Financial

Services

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

22.8‌

Transportation

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

9.3‌

Commercial  &

Professional

Services

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

6.2‌

Materials

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

5.8‌

Software

&

Services

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

3.8‌

Technology

Hardware

&

Equipment

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

1.6‌

Other

(each

representing

less

than

1%)

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

1.3‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Visa,

Inc.,

Class

A

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

7.2‌

%

Mastercard,

Inc.,

Class

A

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

6.3‌

Accenture

PLC,

Class

A

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

3.2‌

General

Electric

Co.

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

3.0‌

Caterpillar,

Inc.

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

2.9‌

RTX

Corp.

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

2.5‌

Union

Pacific

Corp.

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

2.4‌

American

Express

Co.

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

2.3‌

Honeywell

International,

Inc.

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

2.2‌

Eaton

Corp.

PLC

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

2.1‌

      aaa

aa

iShares

®

U.S.

Technology

ETF

27

Fund

Summary

Fund

Summary

as

of

April

30,

2024

Investment

Objective

The

iShares

U.S.

Technology

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

technology

sector,

as

represented

by

the

Russell

1000

Technology

RIC

22.5/45

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

38.28

%

20.97

%

19.85

%

38.28

%

159.03

%

511.23

%

Fund

Market

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

38.31

20.97

19.84

–

%

38.31

159.10

511.17

Index

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

38.66

21.4

3

20.34

38.66

164.06

536.97

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,238.40

‌

$

2.17

‌

$

1,000.00

‌

$

1,022.92

‌

$

1.96

‌

0.39

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2024

(continued)

iShares

®

U.S.

Technology

ETF

28

2024

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

technology

stocks

posted

a

remarkable

return

for

the

reporting

period

amid

innovations

in

artificial

intelligence

(“AI”)

technology.

Rapid

advances

in

generative

AI,

which

allows

users

to

generate

outputs

using

simple

natural

language

queries,

drove

a

surge

in

investor

enthusiasm

for

products

and

technologies

associated

with

AI.

The

semiconductors

industry

gained

the

most,

as

companies

purchased

specialized

chips

used

to

provide

computing

capacity

for

AI

applications,

which

require

substantial

processing

power.

Corporations

seeking

to

use

AI

technologies

invested

significantly

in

this

hardware,

in

some

cases

setting

up

separate

budgetary

allocations

to

expedite

the

increased

investment.

Consequently,

industry

revenue

and

earnings

grew

rapidly,

driving

strong

equity

performance.

Additionally,

the

semiconductors

industry

continued

to

invest

in

building

the

next

generation

of

processors

for

AI

applications,

further

supporting

stock

prices.

Products

designed

to

facilitate

customers’

AI

usage,

such

as

networking

products

for

AI

data

centers

and

custom

AI

accelerators,

also

generated

strong

revenue.

The

semiconductors

industry

also

benefited

from

substantial

government

subsidies

that

targeted

the

further

development

of

U.S.

semiconductor

manufacturing.

Specifically,

the

CHIPS

and

Science

Act

of

2022

was

designed

to

promote

domestic

production

of

semiconductors

and

related

equipment.

The

systems

software

industry

further

contributed

to

the

Index’s

return.

Enthusiasm

for

generative

AI

products

benefited

a

large

company

in

the

industry

with

a

significant

investment

in

a

prominent

consumer-facing

AI

platform,

a

chatbot

that

grew

its

user

base

more

rapidly

than

any

other

consumer

application

in

history.

Integration

of

AI

into

already

existing

productivity

software

also

propelled

gains,

as

many

customers

adopted

new

AI

features

that

automated

certain

writing

and

coding

tasks,

in

addition

to

summarization

and

advanced

search

functions.

Cloud

services

revenue

also

accelerated,

due

in

part

to

new

AI

features,

beating

analysts’

expectations

and

driving

further

earnings

growth.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Software

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

36.0‌

%

Semiconductors

&

Semiconductor

Equipment

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

31.2‌

Technology

Hardware,

Storage

&

Peripherals

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

16.6‌

Interactive

Media

&

Services

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

8.7‌

IT

Services

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

4.0‌

Electronic

Equipment,

Instruments

&

Components

..........

1.7‌

Other

(each

representing

less

than

1%)

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

1.8‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Microsoft

Corp.

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

18.0‌

%

Apple,

Inc.

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

15.6‌

NVIDIA

Corp.

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

12.9‌

Meta

Platforms,

Inc.,

Class

A

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

3.6‌

Broadcom,

Inc.

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

3.2‌

Alphabet,

Inc.,

Class

A

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

2.6‌

Salesforce,

Inc.

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

2.4‌

Advanced

Micro

Devices,

Inc.

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

2.2‌

Alphabet,

Inc.,

Class

C,

NVS

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

2.2‌

Adobe,

Inc.

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

2.0‌

aaa

aa

iShares

®

U.S.

Transportation

ETF

29

Fund

Summary

Fund

Summary

as

of

April

30,

2024

Investment

Objective

The

iShares

U.S.

Transportation

ETF

(the

“Fund”)

 seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

transportation

sector,

as

represented

by

the

S&P

Transportation

Select

Industry

FMC

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

July

18,

2021

reflects

the

performance

of

the

Dow

Jones

Transportation

Average

Index

TM

.

Index

performance

beginning

on

July

19,

2021

reflects

the

performance

of

the

S&P

Transportation

Select

Industry

FMC

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

17.23

%

6.99

%

7.71

%

17.23

%

40.16

%

110.13

%

Fund

Market

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

17.18

6.99

7.71

–

%

17.18

40.19

110.10

Index

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

17.69

7.99

8.3

4

17.69

46.87

122.71

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,188.00

‌

$

2.12

‌

$

1,000.00

‌

$

1,022.92

‌

$

1.96

‌

0.39

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2024

(continued)

iShares

®

U.S.

Transportation

ETF

30

2024

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

transportation

stocks

rose

during

the

reporting

period

due

to

optimism

the

U.S.

economy

would

remain

healthy

and

avoid

a

recession,

while

falling

inflation

would

allow

lower

short-term

interest

rates.

The

passenger

ground

transportation

industry

contributed

the

most

to

the

Index’s

performance.

A

large

provider

of

on-demand

ride

sharing

services

reported

both

its

first

ever

quarterly

profit,

in

the

second

quarter

of

2023,

and

its

first

full-year

profit

during

calendar

year

2023,

boosting

the

company’s

stock

over

150%

during

2023.

Increased

use

of

artificial

intelligence

(“AI”)

helped

support

ride-sharing

services

with

route

planning

and

more

efficient

order-taking

for

their

food

delivery

services.

Additionally,

AI

helped

these

companies

provide

more

personalized

offers

and

more

targeted

advertising.

The

rail

transportation

industry

also

contributed

meaningfully

to

the

Index’s

return.

A

large

railroad

company

benefited

from

better-than-expected

third-quarter

earnings

and

investor

enthusiasm

after

the

company

announced

a

successor

CEO

with

a

reputation

for

greater

cost

control.

The

announcement

ended

a

period

of

uncertainty

after

the

previous

CEO

gave

notice

of

resignation

due

to

shareholder

pressure

for

leadership

changes.

The

passenger

airlines

industry

also

contributed,

as

demand

for

business

and

leisure

travel

increased

and

airlines

reported

better-than-expected

earnings

during

the

reporting

period.

The

marine

transportation

industry

also

contributed,

driven

by

better-than-expected

earnings

amid

healthy

contract

renewals

and

higher

prices.

On

the

downside,

the

air

freight

and

logistics

industry

detracted

from

the

Index’s

performance,

as

global

air

freight

traffic

fell

in

2023.

Carriers

faced

soft

demand

as

well

as

rising

labor

costs

during

the

reporting

period,

while

one

of

the

largest

carriers

experienced

a

drop

in

customers

due

to

contentious

labor

negotiations.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Ground

Transportation

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

62.0‌

%

Air

Freight

&

Logistics

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

20.8‌

Passenger

Airlines

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

15.1‌

Marine

Transportation

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

2.1‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Union

Pacific

Corp.

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

18.3‌

%

Uber

Technologies,

Inc.

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

17.2‌

United

Parcel

Service,

Inc.,

Class

B

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

9.6‌

Delta

Air

Lines,

Inc.

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

4.9‌

FedEx

Corp.

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

4.9‌

Norfolk

Southern

Corp.

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

4.5‌

CSX

Corp.

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

4.3‌

Old

Dominion

Freight

Line,

Inc.

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

4.1‌

United

Airlines

Holdings,

Inc.

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

3.1‌

Expeditors

International

of

Washington,

Inc.

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

3.0‌

aaa

aa

iShares

®

U.S.

Utilities

ETF

31

Fund

Summary

Fund

Summary

as

of

April

30,

2024

Investment

Objective

The

iShares

U.S.

Utilities

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

utilities

sector,

as

represented

by

the

Russell

1000

Utilities

RIC

22.5/45

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Utilities

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Utilities

RIC

22.5/45

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

3.18

%

5.70

%

7.83

%

3.18

%

31.92

%

112.58

%

Fund

Market

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

3.24

5.71

7.83

–

%

3.24

32.00

112.57

Index

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

3.60

6.11

8.28

3.60

34.52

121.61

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,162.90

‌

$

2.10

‌

$

1,000.00

‌

$

1,022.92

‌

$

1.96

‌

0.39

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2024

(continued)

iShares

®

U.S.

Utilities

ETF

32

2024

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Stocks

of

U.S.

utilities

companies

advanced

during

the

reporting

period,

as

they

overcame

headwinds

from

the

highest

interest

rates

since

2007,

shortly

before

the

global

financial

crisis.

Amid

an

uncertain

economic

outlook,

the

sector

benefited

from

its

historical

track

record

of

providing

relatively

stable

performance

and

consistent

dividend

growth.

Electricity

consumption

remained

generally

flat,

but

natural

gas

prices

fell

substantially,

reducing

power

generation

costs.

Lower

fuel

costs

and

increased

efficiency

from

automation

benefited

nonelectric

commercial

service

utilities.

Higher

yields

on

bonds

and

cash,

however,

provided

stiffer

competition

for

dividend-oriented

utilities

stocks,

steering

some

investment

to

other

asset

classes.

The

environmental

and

facilities

services

industry

contributed

the

most

to

the

Index’s

return.

Waste

collection

and

disposal

companies,

including

those

involved

in

recycling

and

environmental

remediation,

increased

prices

beyond

their

cost

inflation

and

boosted

sales.

In

addition,

profit

margins

expanded

as

lower

fuel

and

labor

costs

improved

efficiency.

Prospects

for

sustained

high

prices

and

demand

for

services

further

aided

these

companies,

which

comprise

a

significant

portion

of

the

U.S.

waste

disposal

market.

Companies

offering

hazardous

cleanup

services

also

benefited

from

increased

regulatory

efforts

to

remediate

soil

and

water

impacts

from

“forever

chemicals,”

long-lasting,

toxic

chemicals,

long

used

in

myriad

products

and

packaging.

The

independent

power

producers

and

energy

traders

industry

also

contributed

to

the

Index’s

performance.

Global

efforts

to

curb

climate

change

renewed

interest

in

nuclear

energy,

particularly

as

electricity

demand

increases

from

large

data

centers

fueling

the

expansion

of

artificial

intelligence

tools.

A

leading

independent

power

producer

advanced

as

it

completed

an

acquisition

that

significantly

expands

its

nuclear

power

capability.

On

the

downside,

the

multi-utilities

industry

detracted.

Mild

spring

and

summer

weather

during

the

first

half

of

the

reporting

period

limited

air

conditioning

demand,

reducing

sales

and

profits

for

energy

providers.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Electric

Utilities

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

56.7‌

%

Multi-Utilities

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

22.7‌

Commercial

Services

&

Supplies

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

11.6‌

Independent

Power

and

Renewable

Electricity

Producers

.....

3.7‌

Water

Utilities

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

2.8‌

Gas

Utilities

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

2.3‌

Electrical

Equipment

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

0.2‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

NextEra

Energy,

Inc.

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

11.5‌

%

Waste

Management,

Inc.

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

7.1‌

Southern

Co.

(The)

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

6.7‌

Duke

Energy

Corp.

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

6.4‌

Constellation

Energy

Corp.

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

5.0‌

American

Electric

Power

Co.,

Inc.

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

3.8‌

Sempra

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

3.8‌

Dominion

Energy,

Inc.

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

3.6‌

Republic

Services,

Inc.

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

3.3‌

Exelon

Corp.

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

3.1‌

aaa

aa

About

Fund

Performance

33

About

Fund

Performance/Disclosure

of

Expenses

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market

Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated.

Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also, index

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included, index

returns

would

be

lower.

Disclosure

of

Expenses

Shareholders

of

each

Fund

may

incur

the

following

charges:

(1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown

(which

are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the Period.”

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Schedule

of

Investments

April

30,

2024

iShares

®

Dow

Jones

U.S.

ETF

(Percentages

shown

are

based

on

Net

Assets)

34

2024

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

1

.9

%

Axon

Enterprise,

Inc.

(a)

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

2,734

$

857,546

Boeing

Co.

(The)

(a)

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

22,479

3,772,875

BWX

Technologies,

Inc.

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

3,642

348,794

Curtiss-Wright

Corp.

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

1,497

379,370

General

Dynamics

Corp.

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

8,884

2,550,508

General

Electric

Co.

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

42,655

6,902,432

HEICO

Corp.

(b)

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

1,539

319,189

HEICO

Corp.

,

Class

A

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

2,958

490,584

Hexcel

Corp.

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

3,326

213,563

Howmet

Aerospace,

Inc.

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

15,257

1,018,405

Huntington

Ingalls

Industries,

Inc.

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

1,571

435,057

L3Harris

Technologies,

Inc.

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

7,407

1,585,468

Lockheed

Martin

Corp.

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

8,430

3,919,360

Northrop

Grumman

Corp.

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

5,499

2,667,180

RTX

Corp.

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

52,001

5,279,142

Textron,

Inc.

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

7,638

646,098

TransDigm

Group,

Inc.

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

2,184

2,725,698

Woodward,

Inc.

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

2,398

389,339

34,500,608

a

Air

Freight

&

Logistics

 — 

0

.4

%

CH

Robinson

Worldwide,

Inc.

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

4,556

323,476

Expeditors

International

of

Washington,

Inc.

.......

5,627

626,341

FedEx

Corp.

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

8,973

2,348,952

GXO

Logistics,

Inc.

(a)

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

4,586

227,741

United

Parcel

Service,

Inc.

,

Class

B

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

28,306

4,174,569

7,701,079

a

Automobile

Components

 — 

0

.1

%

Aptiv

PLC

(a)

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

11,018

782,278

Autoliv,

Inc.

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

2,882

345,235

BorgWarner,

Inc.

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

9,085

297,715

Fox

Factory

Holding

Corp.

(a)

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

1,614

62,817

Gentex

Corp.

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

8,976

307,877

Lear

Corp.

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

2,280

286,984

Mobileye

Global,

Inc.

,

Class

A

(a)

(b)

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

2,969

81,796

QuantumScape

Corp.

,

Class

A

(a)

(b)

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

14,399

78,042

2,242,744

a

Automobiles

 — 

1

.3

%

Ford

Motor

Co.

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

153,017

1,859,156

General

Motors

Co.

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

45,245

2,014,760

Harley-Davidson,

Inc.

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

5,140

176,765

Lucid

Group,

Inc.

(a)

(b)

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

34,612

88,261

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

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

26,011

231,498

Tesla,

Inc.

(a)

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

108,419

19,871,034

Thor

Industries,

Inc.

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

2,120

210,770

24,452,244

a

Banks

 — 

3

.4

%

Bank

of

America

Corp.

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

269,321

9,967,570

Bank

OZK

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

4,129

184,360

BOK

Financial

Corp.

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

1,078

95,651

Citigroup,

Inc.

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

74,338

4,559,150

Citizens

Financial

Group,

Inc.

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

18,398

627,556

Comerica,

Inc.

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

5,101

255,917

Commerce

Bancshares,

Inc.

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

4,716

257,871

Cullen/Frost

Bankers,

Inc.

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

2,481

258,868

East

West

Bancorp,

Inc.

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

5,515

410,812

Fifth

Third

Bancorp

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

26,471

965,133

First

Citizens

BancShares,

Inc.

,

Class

A

..........

465

784,343

First

Financial

Bankshares,

Inc.

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

4,904

144,962

First

Horizon

Corp.

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

22,028

328,658

Security

Shares

Value

a

Banks

(continued)

FNB

Corp.

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

13,816

$

184,305

Glacier

Bancorp,

Inc.

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

4,378

158,396

Home

BancShares,

Inc.

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

7,272

172,201

Huntington

Bancshares,

Inc.

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

56,114

755,856

JPMorgan

Chase

&

Co.

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

113,124

21,690,396

KeyCorp

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

36,296

525,929

M&T

Bank

Corp.

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

6,561

947,343

New

York

Community

Bancorp,

Inc.

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

28,019

74,250

Pinnacle

Financial

Partners,

Inc.

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

3,004

230,407

PNC

Financial

Services

Group,

Inc.

(The)

........

15,576

2,387,178

Popular,

Inc.

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

2,941

249,956

Prosperity

Bancshares,

Inc.

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

3,661

226,872

Regions

Financial

Corp.

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

36,439

702,180

SouthState

Corp.

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

2,920

221,044

Synovus

Financial

Corp.

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

5,698

203,931

TFS

Financial

Corp.

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

2,035

24,440

Truist

Financial

Corp.

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

52,083

1,955,717

U.S.

Bancorp

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

61,099

2,482,452

UMB

Financial

Corp.

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

1,672

133,191

United

Bankshares,

Inc.

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

4,944

160,482

Valley

National

Bancorp

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

16,456

115,357

Webster

Financial

Corp.

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

6,857

300,542

Wells

Fargo

&

Co.

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

140,722

8,347,629

Western

Alliance

Bancorp

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

4,215

239,538

Wintrust

Financial

Corp.

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

2,499

241,503

Zions

Bancorp

NA

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

5,733

233,792

61,805,738

a

Beverages

 — 

1

.3

%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

,

NVS

(a)

.......

358

99,671

Brown-Forman

Corp.

,

Class

B

,

NVS

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

7,096

339,544

Celsius

Holdings,

Inc.

(a)

(b)

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

5,757

410,301

Coca-Cola

Co.

(The)

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

152,191

9,400,838

Constellation

Brands,

Inc.

,

Class

A

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

6,283

1,592,489

Keurig

Dr

Pepper,

Inc.

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

40,664

1,370,377

Molson

Coors

Beverage

Co.

,

Class

B

...........

7,311

418,628

Monster

Beverage

Corp.

(a)

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

28,991

1,549,569

National

Beverage

Corp.

(a)

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

939

41,785

PepsiCo,

Inc.

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

53,760

9,456,922

24,680,124

a

Biotechnology

 — 

2

.0

%

AbbVie,

Inc.

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

69,085

11,235,984

Alkermes

PLC

(a)

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

6,443

158,111

Alnylam

Pharmaceuticals,

Inc.

(a)

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

4,946

711,977

Amgen,

Inc.

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

20,944

5,737,399

Apellis

Pharmaceuticals,

Inc.

(a)

(b)

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

4,121

182,107

Arrowhead

Pharmaceuticals,

Inc.

(a)

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

4,871

110,182

Biogen,

Inc.

(a)

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

5,635

1,210,511

BioMarin

Pharmaceutical,

Inc.

(a)

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

7,359

594,313

Blueprint

Medicines

Corp.

(a)

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

2,472

225,792

CRISPR

Therapeutics

AG

(a)

(b)

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

3,014

159,712

Denali

Therapeutics,

Inc.

(a)

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

4,924

76,027

Exact

Sciences

Corp.

(a)

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

7,079

420,139

Exelixis,

Inc.

(a)

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

12,210

286,447

Gilead

Sciences,

Inc.

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

48,834

3,183,977

Halozyme

Therapeutics,

Inc.

(a)

(b)

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

5,198

198,044

Incyte

Corp.

(a)

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

7,252

377,467

Intellia

Therapeutics,

Inc.

(a)

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

3,316

70,962

Ionis

Pharmaceuticals,

Inc.

(a)

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

5,462

225,362

Moderna,

Inc.

(a)

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

13,040

1,438,442

Mural

Oncology

PLC

(a)

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

644

2,383

Natera,

Inc.

(a)

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

4,482

416,288

Neurocrine

Biosciences,

Inc.

(a)

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

3,872

532,555

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(continued)

April

30,

2024

(Percentages

shown

are

based

on

Net

Assets)

35

Schedule

of

Investments

Security

Shares

Value

a

Biotechnology

(continued)

Regeneron

Pharmaceuticals,

Inc.

(a)

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

4,140

$

3,687,332

Roivant

Sciences,

Ltd.

(a)

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

12,573

137,046

Sarepta

Therapeutics,

Inc.

(a)

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

3,628

459,522

Ultragenyx

Pharmaceutical,

Inc.

(a)

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

3,343

142,211

United

Therapeutics

Corp.

(a)

(b)

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

1,850

433,510

Vertex

Pharmaceuticals,

Inc.

(a)

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

10,060

3,951,669

36,365,471

a

Broadline

Retail

 — 

3

.5

%

Amazon.com,

Inc.

(a)

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

357,683

62,594,525

eBay,

Inc.

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

20,309

1,046,726

Etsy,

Inc.

(a)

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

4,632

318,079

Kohl's

Corp.

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

4,307

103,110

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

(b)

..........

2,408

176,121

64,238,561

a

Building

Products

 — 

0

.7

%

A

O

Smith

Corp.

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

4,853

402,023

Advanced

Drainage

Systems,

Inc.

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

2,698

423,586

Allegion

PLC

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

3,426

416,465

Armstrong

World

Industries,

Inc.

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

1,770

203,338

Builders

FirstSource,

Inc.

(a)

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

4,865

889,419

Carlisle

Companies,

Inc.

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

1,878

729,133

Carrier

Global

Corp.

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

32,709

2,011,276

Fortune

Brands

Innovations,

Inc.

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

5,025

367,327

Johnson

Controls

International

PLC

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

26,512

1,725,136

Lennox

International,

Inc.

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

1,238

573,714

Masco

Corp.

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

8,712

596,336

Owens

Corning

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

3,494

587,726

Simpson

Manufacturing

Co.,

Inc.

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

1,660

288,657

Trane

Technologies

PLC

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

8,929

2,833,529

Trex

Co.,

Inc.

(a)

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

4,345

384,750

UFP

Industries,

Inc.

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

2,380

268,226

Zurn

Elkay

Water

Solutions

Corp.

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

5,627

176,013

12,876,654

a

Capital

Markets

 — 

3

.1

%

Affiliated

Managers

Group,

Inc.

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

1,288

201,057

Ameriprise

Financial,

Inc.

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

3,903

1,607,216

Ares

Management

Corp.

,

Class

A

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

6,609

879,592

Bank

of

New

York

Mellon

Corp.

(The)

...........

29,659

1,675,437

BlackRock,

Inc.

(c)

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

5,481

4,136,181

Blackstone,

Inc.

,

NVS

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

28,193

3,287,586

Blue

Owl

Capital,

Inc.

,

Class

A

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

15,760

297,706

Carlyle

Group,

Inc.

(The)

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

8,374

375,155

Cboe

Global

Markets,

Inc.

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

4,158

753,222

Charles

Schwab

Corp.

(The)

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

58,146

4,299,897

CME

Group,

Inc.

,

Class

A

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

14,035

2,942,297

Coinbase

Global,

Inc.

,

Class

A

(a)

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

6,687

1,363,680

FactSet

Research

Systems,

Inc.

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

1,502

626,169

Federated

Hermes,

Inc.

,

Class

B

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

3,270

107,419

Franklin

Resources,

Inc.

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

11,764

268,690

Goldman

Sachs

Group,

Inc.

(The)

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

12,763

5,446,100

Houlihan

Lokey,

Inc.

,

Class

A

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

2,081

265,307

Interactive

Brokers

Group,

Inc.

,

Class

A

..........

4,167

479,705

Intercontinental

Exchange,

Inc.

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

22,337

2,876,112

Invesco

Ltd.

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

17,567

248,924

Janus

Henderson

Group

PLC

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

5,120

159,846

Jefferies

Financial

Group,

Inc.

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

6,860

295,392

KKR

&

Co.,

Inc.

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

25,974

2,417,400

Lazard,

Inc.

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

4,385

168,822

LPL

Financial

Holdings,

Inc.

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

2,902

781,015

MarketAxess

Holdings,

Inc.

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

1,469

293,932

Moody's

Corp.

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

6,141

2,274,196

Morgan

Stanley

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

49,100

4,460,244

Security

Shares

Value

a

Capital

Markets

(continued)

Morningstar,

Inc.

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

1,040

$

293,956

MSCI,

Inc.

,

Class

A

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

3,083

1,436,031

Nasdaq,

Inc.

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

14,868

889,850

Northern

Trust

Corp.

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

8,135

670,243

Raymond

James

Financial,

Inc.

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

7,320

893,040

Robinhood

Markets,

Inc.

,

Class

A

(a)

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

20,612

339,892

S&P

Global,

Inc.

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

12,593

5,236,547

SEI

Investments

Co.

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

3,867

255,029

State

Street

Corp.

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

11,814

856,397

Stifel

Financial

Corp.

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

3,897

311,448

T

Rowe

Price

Group,

Inc.

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

8,795

963,668

TPG,

Inc.

,

Class

A

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

2,988

128,783

Tradeweb

Markets,

Inc.

,

Class

A

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

4,563

464,103

Virtu

Financial,

Inc.

,

Class

A

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

3,696

80,203

55,807,489

a

Chemicals

 — 

1

.5

%

Air

Products

and

Chemicals,

Inc.

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

8,685

2,052,613

Albemarle

Corp.

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

4,598

553,185

Arcadium

Lithium

PLC

(a)

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

40,057

176,251

Ashland,

Inc.

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

2,063

196,666

Axalta

Coating

Systems

Ltd.

(a)

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

8,663

272,365

Celanese

Corp.

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

3,977

610,907

CF

Industries

Holdings,

Inc.

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

7,494

591,801

Chemours

Co.

(The)

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

5,810

155,417

Corteva,

Inc.

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

27,391

1,482,675

Dow,

Inc.

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

27,555

1,567,879

DuPont

de

Nemours,

Inc.

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

16,828

1,220,030

Eastman

Chemical

Co.

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

4,568

431,402

Ecolab,

Inc.

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

9,968

2,254,263

Element

Solutions,

Inc.

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

8,915

206,204

FMC

Corp.

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

4,925

290,624

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(a)

(b)

.......

54,821

48,851

Huntsman

Corp.

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

6,039

144,091

International

Flavors

&

Fragrances,

Inc.

..........

9,982

844,976

Linde

PLC

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

19,004

8,380,004

LyondellBasell

Industries

NV

,

Class

A

...........

10,011

1,000,800

Mosaic

Co.

(The)

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

12,897

404,837

NewMarket

Corp.

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

276

145,430

Olin

Corp.

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

4,580

239,442

PPG

Industries,

Inc.

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

9,181

1,184,349

RPM

International,

Inc.

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

5,041

538,933

Scotts

Miracle-Gro

Co.

(The)

,

Class

A

...........

1,566

107,334

Sherwin-Williams

Co.

(The)

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

9,179

2,750,120

Westlake

Corp.

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

1,244

183,316

28,034,765

a

Commercial

Services

&

Supplies

 — 

0

.6

%

Cintas

Corp.

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

3,378

2,223,872

Clean

Harbors,

Inc.

(a)

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

1,975

374,164

Copart,

Inc.

(a)

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

34,193

1,857,022

MSA

Safety,

Inc.

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

1,437

259,235

RB

Global,

Inc.

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

7,076

506,500

Republic

Services,

Inc.

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

8,019

1,537,242

Rollins,

Inc.

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

10,937

487,353

Stericycle,

Inc.

(a)

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

3,612

161,565

Tetra

Tech,

Inc.

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

2,112

411,249

Veralto

Corp.

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

8,500

796,280

Vestis

Corp.

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

5,144

94,752

Waste

Management,

Inc.

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

14,343

2,983,631

11,692,865

a

Communications

Equipment

 — 

0

.7

%

Arista

Networks,

Inc.

(a)

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

9,877

2,534,043

Ciena

Corp.

(a)

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

5,810

268,596

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Dow

Jones

U.S.

ETF

(Percentages

shown

are

based

on

Net

Assets)

36

2024

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Communications

Equipment

(continued)

Cisco

Systems,

Inc.

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

159,261

$

7,482,082

F5,

Inc.

(a)

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

2,307

381,370

Juniper

Networks,

Inc.

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

12,485

434,728

Lumentum

Holdings,

Inc.

(a)

(b)

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

2,705

118,371

Motorola

Solutions,

Inc.

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

6,472

2,194,979

Ubiquiti,

Inc.

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

157

16,890

13,431,059

a

Construction

&

Engineering

 — 

0

.2

%

AECOM

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

5,274

487,107

API

Group

Corp.

(a)

(b)

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

8,480

327,074

EMCOR

Group,

Inc.

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

1,870

667,908

MasTec,

Inc.

(a)

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

2,312

205,051

MDU

Resources

Group,

Inc.

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

7,946

196,266

Quanta

Services,

Inc.

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

5,652

1,461,381

Valmont

Industries,

Inc.

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

812

166,297

WillScot

Mobile

Mini

Holdings

Corp.

,

Class

A

(a)

.....

7,505

277,385

3,788,469

a

Construction

Materials

 — 

0

.2

%

Eagle

Materials,

Inc.

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

1,370

343,473

Martin

Marietta

Materials,

Inc.

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

2,427

1,424,819

Vulcan

Materials

Co.

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

5,232

1,347,920

3,116,212

a

Consumer

Finance

 — 

0

.6

%

Ally

Financial,

Inc.

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

10,753

412,378

American

Express

Co.

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

22,413

5,245,314

Capital

One

Financial

Corp.

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

14,814

2,124,772

Credit

Acceptance

Corp.

(a)

(b)

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

236

121,238

Discover

Financial

Services

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

9,853

1,248,671

FirstCash

Holdings,

Inc.

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

1,517

171,391

OneMain

Holdings,

Inc.

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

4,776

248,877

SLM

Corp.

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

8,676

183,844

SoFi

Technologies,

Inc.

(a)

(b)

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

37,016

250,969

Synchrony

Financial

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

15,846

696,907

10,704,361

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.8

%

Albertsons

Companies,

Inc.

,

Class

A

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

15,698

320,239

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

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

5,287

394,833

Casey's

General

Stores,

Inc.

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

1,447

462,432

Costco

Wholesale

Corp.

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

17,364

12,552,436

Dollar

General

Corp.

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

8,648

1,203,715

Dollar

Tree,

Inc.

(a)

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

8,165

965,511

Kroger

Co.

(The)

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

25,932

1,436,114

Performance

Food

Group

Co.

(a)

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

5,983

406,126

Sprouts

Farmers

Market,

Inc.

(a)

(b)

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

3,977

262,601

Sysco

Corp.

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

19,512

1,450,132

Target

Corp.

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

18,081

2,910,679

U.S.

Foods

Holding

Corp.

(a)

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

8,921

448,280

Walgreens

Boots

Alliance,

Inc.

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

27,839

493,586

Walmart,

Inc.

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

167,464

9,938,989

33,245,673

a

Containers

&

Packaging

 — 

0

.3

%

Amcor

PLC

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

57,737

516,169

AptarGroup,

Inc.

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

2,650

382,607

Avery

Dennison

Corp.

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

3,152

684,867

Ball

Corp.

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

12,442

865,590

Berry

Global

Group,

Inc.

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

4,579

259,354

Crown

Holdings,

Inc.

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

4,675

383,677

Graphic

Packaging

Holding

Co.

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

11,887

307,279

International

Paper

Co.

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

13,383

467,602

Packaging

Corp.

of

America

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

3,450

596,781

Sealed

Air

Corp.

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

5,661

178,208

Security

Shares

Value

a

Containers

&

Packaging

(continued)

Silgan

Holdings,

Inc.

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

3,192

$

148,939

Sonoco

Products

Co.

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

3,797

212,822

Westrock

Co.

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

9,961

477,729

5,481,624

a

Distributors

 — 

0

.1

%

Genuine

Parts

Co.

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

5,456

857,738

LKQ

Corp.

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

10,423

449,544

Pool

Corp.

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

1,527

553,583

1,860,865

a

Diversified

Consumer

Services

 — 

0

.1

%

ADT,

Inc.

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

10,120

65,780

Bright

Horizons

Family

Solutions,

Inc.

(a)

(b)

.........

2,259

234,281

Duolingo,

Inc.

,

Class

A

(a)

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

1,376

310,632

Grand

Canyon

Education,

Inc.

(a)

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

1,118

145,362

H&R

Block,

Inc.

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

5,522

260,804

Service

Corp.

International

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

5,780

414,484

1,431,343

a

Diversified

REITs

 — 

0

.0

%

WP

Carey,

Inc.

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

8,384

462,850

a

Diversified

Telecommunication

 — 

0

.0

%

Liberty

Global,

Ltd.

,

Class

A

(a)

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

6,747

107,243

a

Diversified

Telecommunication

Services

 — 

0

.6

%

AT&T,

Inc.

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

279,401

4,719,083

Frontier

Communications

Parent,

Inc.

(a)

(b)

.........

8,608

199,189

Iridium

Communications,

Inc.

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

4,873

150,040

Liberty

Global,

Ltd.

,

Class

C

(a)

(b)

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

7,466

122,218

Verizon

Communications,

Inc.

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

164,310

6,488,602

11,679,132

a

Electric

Utilities

 — 

1

.5

%

ALLETE,

Inc.

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

2,254

133,482

Alliant

Energy

Corp.

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

10,054

500,689

American

Electric

Power

Co.,

Inc.

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

20,578

1,770,325

Avangrid,

Inc.

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

2,705

98,814

Constellation

Energy

Corp.

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

12,498

2,323,878

Duke

Energy

Corp.

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

30,092

2,956,840

Edison

International

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

14,943

1,061,850

Entergy

Corp.

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

8,229

877,787

Evergy,

Inc.

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

8,869

465,179

Eversource

Energy

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

13,764

834,374

Exelon

Corp.

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

39,114

1,469,904

FirstEnergy

Corp.

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

20,106

770,864

Hawaiian

Electric

Industries,

Inc.

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

4,305

42,404

IDACORP,

Inc.

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

1,936

183,494

NextEra

Energy,

Inc.

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

80,412

5,385,192

NRG

Energy,

Inc.

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

8,765

636,953

OGE

Energy

Corp.

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

7,762

268,953

PG&E

Corp.

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

83,488

1,428,480

Pinnacle

West

Capital

Corp.

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

4,352

320,525

PNM

Resources,

Inc.

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

3,414

126,523

Portland

General

Electric

Co.

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

4,140

178,972

PPL

Corp.

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

28,627

786,097

Southern

Co.

(The)

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

42,546

3,127,131

Xcel

Energy,

Inc.

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

21,634

1,162,395

26,911,105

a

Electrical

Equipment

 — 

0

.9

%

Acuity

Brands,

Inc.

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

1,235

306,650

AMETEK,

Inc.

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

9,053

1,581,197

ChargePoint

Holdings,

Inc.

,

Class

A

(a)

(b)

..........

10,015

13,320

Eaton

Corp.

PLC

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

15,657

4,982,997

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(continued)

April

30,

2024

(Percentages

shown

are

based

on

Net

Assets)

37

Schedule

of

Investments

Security

Shares

Value

a

Electrical

Equipment

(continued)

Emerson

Electric

Co.

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

22,419

$

2,416,320

EnerSys

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

1,591

143,906

Fluence

Energy,

Inc.

,

Class

A

(a)

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

2,254

40,211

GE

Vernova

LLC

(a)

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

10,663

1,639,010

Generac

Holdings,

Inc.

(a)

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

2,337

317,738

Hubbell,

Inc.

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

2,117

784,391

NEXTracker,

Inc.

,

Class

A

(a)

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

4,743

202,953

nVent

Electric

PLC

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

6,550

472,058

Plug

Power,

Inc.

(a)

(b)

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

20,707

47,833

Regal

Rexnord

Corp.

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

2,636

425,371

Rockwell

Automation,

Inc.

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

4,487

1,215,798

Sensata

Technologies

Holding

PLC

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

5,935

227,370

Shoals

Technologies

Group,

Inc.

,

Class

A

(a)

(b)

......

6,866

58,018

Sunrun,

Inc.

(a)

(b)

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

8,333

85,747

Vertiv

Holdings

Co.

,

Class

A

(b)

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

13,637

1,268,241

16,229,129

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.7

%

Amphenol

Corp.

,

Class

A

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

23,419

2,828,313

Arrow

Electronics,

Inc.

(a)

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

2,138

272,958

Avnet,

Inc.

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

3,657

178,718

CDW

Corp.

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

5,234

1,265,895

Cognex

Corp.

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

6,722

279,232

Coherent

Corp.

(a)

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

5,333

291,342

Corning,

Inc.

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

30,188

1,007,675

Crane

NXT

Co.

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

1,821

110,735

IPG

Photonics

Corp.

(a)

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

1,232

103,463

Jabil,

Inc.

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

5,007

587,622

Keysight

Technologies,

Inc.

(a)

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

6,827

1,009,986

Littelfuse,

Inc.

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

954

220,031

TD

SYNNEX

Corp.

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

3,041

358,351

TE

Connectivity

Ltd.

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

12,028

1,701,721

Teledyne

Technologies,

Inc.

(a)

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

1,826

696,582

Trimble,

Inc.

(a)

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

9,907

595,114

Vontier

Corp.

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

5,878

238,823

Zebra

Technologies

Corp.

,

Class

A

(a)

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

1,987

625,031

12,371,592

a

Energy

Equipment

&

Services

 — 

0

.4

%

Baker

Hughes

Co.

,

Class

A

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

39,175

1,277,888

ChampionX

Corp.

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

7,657

257,045

Halliburton

Co.

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

35,075

1,314,260

Noble

Corp.

PLC

,

Class

A

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

4,220

187,284

NOV,

Inc.

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

15,042

278,127

Schlumberger

Ltd.

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

55,898

2,654,037

TechnipFMC

PLC

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

16,896

432,876

Transocean,

Ltd.

(a)

(b)

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

29,496

153,969

6,555,486

a

Entertainment

 — 

1

.3

%

AMC

Entertainment

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

9,611

28,160

Electronic

Arts,

Inc.

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

9,605

1,218,106

Endeavor

Group

Holdings,

Inc.

,

Class

A

..........

7,322

193,374

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

A

(a)

.

901

56,105

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

,

NVS

(a)

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

8,081

565,428

Liberty

Media

Corp.-Liberty

Live

,

Series

A

(a)

.......

750

26,895

Liberty

Media

Corp.-Liberty

Live

,

Series

C

(a)

.......

1,782

66,504

Live

Nation

Entertainment,

Inc.

(a)

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

5,491

488,205

Madison

Square

Garden

Sports

Corp.

,

Class

A

(a)

....

679

126,240

Netflix,

Inc.

(a)

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

16,930

9,322,335

Playtika

Holding

Corp.

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

2,343

16,987

ROBLOX

Corp.

,

Class

A

(a)

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

19,160

681,329

Roku,

Inc.

,

Class

A

(a)

(b)

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

4,800

276,768

Take-Two

Interactive

Software,

Inc.

(a)

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

6,265

894,705

Security

Shares

Value

a

Entertainment

(continued)

TKO

Group

Holdings,

Inc.

,

Class

A

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

2,332

$

220,770

Walt

Disney

Co.

(The)

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

71,727

7,968,870

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

..........

86,117

633,821

Warner

Music

Group

Corp.

,

Class

A

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

5,390

177,870

22,962,472

a

Financial

Services

 — 

4

.2

%

Affirm

Holdings,

Inc.

,

Class

A

(a)

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

9,258

295,145

Apollo

Global

Management,

Inc.

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

17,143

1,857,958

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

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

71,194

28,244,796

Block,

Inc.

,

Class

A

(a)

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

21,828

1,593,444

Corpay,

Inc.

(a)

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

2,825

853,545

Equitable

Holdings,

Inc.

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

12,390

457,315

Essent

Group

Ltd.

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

4,345

230,155

Euronet

Worldwide,

Inc.

(a)

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

1,820

186,877

Fidelity

National

Information

Services,

Inc.

........

23,230

1,577,782

Fiserv,

Inc.

(a)

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

23,485

3,585,455

Global

Payments,

Inc.

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

10,254

1,258,883

Jack

Henry

&

Associates,

Inc.

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

2,840

462,040

Marqeta,

Inc.

,

Class

A

(a)

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

16,562

91,919

Mastercard,

Inc.

,

Class

A

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

32,284

14,566,541

MGIC

Investment

Corp.

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

11,002

223,120

NCR

Atleos

Corp.

(a)

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

2,760

55,007

PayPal

Holdings,

Inc.

(a)

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

41,892

2,845,305

Radian

Group,

Inc.

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

5,972

178,384

Rocket

Companies,

Inc.

,

Class

A

(a)

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

5,292

64,986

Shift4

Payments,

Inc.

,

Class

A

(a)

(b)

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

2,343

135,566

Toast,

Inc.

,

Class

A

(a)

(b)

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

15,151

358,018

UWM

Holdings

Corp.

,

Class

A

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

4,936

31,097

Visa,

Inc.

,

Class

A

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

61,887

16,623,467

Voya

Financial,

Inc.

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

3,967

270,391

Western

Union

Co.

(The)

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

11,601

155,917

WEX,

Inc.

(a)

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

1,707

360,621

76,563,734

a

Food

Products

 — 

0

.8

%

Archer-Daniels-Midland

Co.

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

20,886

1,225,173

Bunge

Global

SA

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

5,660

575,962

Campbell

Soup

Co.

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

7,853

358,961

Conagra

Brands,

Inc.

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

18,590

572,200

Darling

Ingredients,

Inc.

(a)

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

6,154

260,745

Flowers

Foods,

Inc.

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

7,342

183,109

General

Mills,

Inc.

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

22,257

1,568,228

Hershey

Co.

(The)

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

5,836

1,131,717

Hormel

Foods

Corp.

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

11,174

397,347

Ingredion,

Inc.

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

2,608

298,851

J

M

Smucker

Co.

(The)

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

4,149

476,513

Kellanova

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

10,425

603,190

Kraft

Heinz

Co.

(The)

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

31,154

1,202,856

Lamb

Weston

Holdings,

Inc.

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

5,630

469,204

Lancaster

Colony

Corp.

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

786

149,977

McCormick

&

Co.,

Inc.

,

NVS

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

9,854

749,495

Mondelez

International,

Inc.

,

Class

A

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

52,773

3,796,490

Pilgrim's

Pride

Corp.

(a)

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

1,899

68,402

Post

Holdings,

Inc.

(a)

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

1,926

204,445

Seaboard

Corp.

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

10

33,101

Tyson

Foods,

Inc.

,

Class

A

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

11,080

672,002

WK

Kellogg

Co

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

2,529

59,027

15,056,995

a

Gas

Utilities

 — 

0

.1

%

Atmos

Energy

Corp.

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

5,947

701,151

National

Fuel

Gas

Co.

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

3,700

196,470

New

Jersey

Resources

Corp.

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

3,844

167,944

ONE

Gas,

Inc.

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

2,234

144,138

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Dow

Jones

U.S.

ETF

(Percentages

shown

are

based

on

Net

Assets)

38

2024

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Gas

Utilities

(continued)

Southwest

Gas

Holdings,

Inc.

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

2,322

$

173,268

Spire,

Inc.

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

2,308

142,611

UGI

Corp.

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

8,255

210,998

1,736,580

a

Ground

Transportation

 — 

1

.1

%

Avis

Budget

Group,

Inc.

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

768

73,306

CSX

Corp.

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

77,334

2,569,035

Hertz

Global

Holdings,

Inc.

(a)

(b)

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

4,915

22,363

JB

Hunt

Transport

Services,

Inc.

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

3,202

520,549

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

6,341

293,144

Landstar

System,

Inc.

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

1,366

238,244

Lyft,

Inc.

,

Class

A

(a)

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

13,951

218,194

Norfolk

Southern

Corp.

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

8,861

2,040,866

Old

Dominion

Freight

Line,

Inc.

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

6,974

1,267,246

Saia,

Inc.

(a)

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

1,050

416,671

Uber

Technologies,

Inc.

(a)

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

80,479

5,333,343

U-Haul

Holding

Co.

(a)

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

390

24,660

U-Haul

Holding

Co.

,

Series

N

,

NVS

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

3,850

236,082

Union

Pacific

Corp.

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

23,821

5,649,388

XPO,

Inc.

(a)

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

4,593

493,564

19,396,655

a

Health

Care

Equipment

&

Supplies

 — 

2

.4

%

Abbott

Laboratories

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

67,875

7,192,714

Align

Technology,

Inc.

(a)

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

2,818

795,747

Baxter

International,

Inc.

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

19,711

795,733

Becton

Dickinson

&

Co.

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

11,303

2,651,684

Boston

Scientific

Corp.

(a)

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

57,320

4,119,588

Cooper

Cos.,

Inc.

The

(a)

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

7,720

687,543

Dentsply

Sirona,

Inc.

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

8,574

257,306

Dexcom,

Inc.

(a)

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

15,071

1,919,895

Edwards

Lifesciences

Corp.

(a)

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

23,823

2,017,093

Enovis

Corp.

(a)

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

1,877

103,667

Envista

Holdings

Corp.

(a)

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

6,539

128,688

GE

HealthCare

Technologies,

Inc.

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

16,536

1,260,705

Globus

Medical,

Inc.

,

Class

A

(a)

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

4,529

225,499

Haemonetics

Corp.

(a)

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

1,941

178,475

Hologic,

Inc.

(a)

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

9,200

697,084

ICU

Medical,

Inc.

(a)

(b)

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

822

80,490

IDEXX

Laboratories,

Inc.

(a)

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

3,233

1,593,093

Inspire

Medical

Systems,

Inc.

(a)

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

1,142

275,976

Insulet

Corp.

(a)

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

2,695

463,378

Integra

LifeSciences

Holdings

Corp.

(a)

...........

2,758

80,451

Intuitive

Surgical,

Inc.

(a)

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

13,773

5,104,549

Masimo

Corp.

(a)

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

1,707

229,438

Medtronic

PLC

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

52,009

4,173,202

Novocure

Ltd.

(a)

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

3,539

43,317

Penumbra,

Inc.

(a)

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

1,545

303,546

QuidelOrtho

Corp.

(a)

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

1,878

76,153

ResMed,

Inc.

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

5,796

1,240,286

Shockwave

Medical,

Inc.

(a)

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

1,484

490,002

Solventum

Corp.

(a)

(b)

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

5,439

353,589

STERIS

PLC

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

3,862

790,011

Stryker

Corp.

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

13,232

4,452,568

Teleflex,

Inc.

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

1,815

378,881

Zimmer

Biomet

Holdings,

Inc.

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

8,253

992,671

44,153,022

a

Health

Care

Providers

&

Services

 — 

2

.5

%

Acadia

Healthcare

Co.,

Inc.

(a)

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

3,690

272,839

agilon

health,

Inc.

(a)

(b)

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

11,350

62,425

Amedisys,

Inc.

(a)

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

1,262

116,167

Cardinal

Health,

Inc.

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

9,477

976,510

Cencora,

Inc.

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

6,494

1,552,391

Security

Shares

Value

a

Health

Care

Providers

&

Services

(continued)

Centene

Corp.

(a)

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

20,838

$

1,522,424

Chemed

Corp.

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

594

337,392

Cigna

Group

(The)

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

11,451

4,088,465

CVS

Health

Corp.

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

49,322

3,339,593

DaVita,

Inc.

(a)

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

2,154

299,428

Elevance

Health,

Inc.

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

9,178

4,851,307

Encompass

Health

Corp.

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

3,932

327,850

Guardant

Health,

Inc.

(a)

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

4,473

80,514

HCA

Healthcare,

Inc.

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

7,749

2,400,795

HealthEquity,

Inc.

(a)

(b)

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

3,423

270,109

Henry

Schein,

Inc.

(a)

(b)

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

5,080

351,942

Humana,

Inc.

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

4,790

1,447,011

Laboratory

Corp.

of

America

Holdings

...........

3,322

668,951

McKesson

Corp.

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

5,151

2,767,169

Molina

Healthcare,

Inc.

(a)

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

2,281

780,330

Option

Care

Health,

Inc.

(a)

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

7,005

209,379

Premier,

Inc.

,

Class

A

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

4,671

97,531

Quest

Diagnostics,

Inc.

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

4,297

593,760

R1

RCM,

Inc.

(a)

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

7,670

94,264

Tenet

Healthcare

Corp.

(a)

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

3,972

446,016

UnitedHealth

Group,

Inc.

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

36,193

17,506,554

Universal

Health

Services,

Inc.

,

Class

B

.........

2,352

400,851

45,861,967

a

Health

Care

REITs

 — 

0

.2

%

Healthcare

Realty

Trust,

Inc.

,

Class

A

...........

14,513

206,520

Healthpeak

Properties,

Inc.

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

27,281

507,699

Medical

Properties

Trust,

Inc.

(b)

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

22,734

104,576

Omega

Healthcare

Investors,

Inc.

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

9,562

290,781

Sabra

Health

Care

REIT,

Inc.

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

9,301

129,470

Ventas,

Inc.

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

15,670

693,868

Welltower,

Inc.

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

21,764

2,073,674

4,006,588

a

Health

Care

Technology

 — 

0

.1

%

Doximity,

Inc.

,

Class

A

(a)

(b)

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

4,727

114,819

Teladoc

Health,

Inc.

(a)

(b)

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

6,094

77,698

Veeva

Systems,

Inc.

,

Class

A

(a)

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

5,757

1,143,110

1,335,627

a

Hotel

&

Resort

REITs

 — 

0

.0

%

Host

Hotels

&

Resorts,

Inc.

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

27,862

525,756

a

Hotels,

Restaurants

&

Leisure

 — 

2

.2

%

Airbnb,

Inc.

,

Class

A

(a)

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

17,012

2,697,593

Aramark

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

10,284

324,049

Booking

Holdings,

Inc.

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

1,367

4,718,925

Boyd

Gaming

Corp.

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

2,768

148,116

Caesars

Entertainment,

Inc.

(a)

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

8,442

302,392

Carnival

Corp.

(a)

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

38,929

576,928

Chipotle

Mexican

Grill,

Inc.

(a)

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

1,074

3,393,410

Choice

Hotels

International,

Inc.

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

983

116,250

Churchill

Downs,

Inc.

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

2,718

350,622

Darden

Restaurants,

Inc.

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

4,623

709,214

Domino's

Pizza,

Inc.

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

1,361

720,337

DoorDash,

Inc.

,

Class

A

(a)

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

11,896

1,537,677

DraftKings,

Inc.

,

Class

A

(a)

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

18,446

766,616

Dutch

Bros,

Inc.

,

Class

A

(a)

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

2,721

76,623

Expedia

Group,

Inc.

(a)

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

5,079

683,786

Hilton

Worldwide

Holdings,

Inc.

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

9,883

1,949,718

Hyatt

Hotels

Corp.

,

Class

A

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

1,730

257,407

Las

Vegas

Sands

Corp.

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

14,395

638,562

Light

&

Wonder,

Inc.

(a)

(b)

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

3,447

307,679

Marriott

International,

Inc.

,

Class

A

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

9,654

2,279,599

Marriott

Vacations

Worldwide

Corp.

.............

1,323

127,154

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(continued)

April

30,

2024

(Percentages

shown

are

based

on

Net

Assets)

39

Schedule

of

Investments

Security

Shares

Value

a

Hotels,

Restaurants

&

Leisure

(continued)

McDonald's

Corp.

........................

28,362

$

7,743,961

MGM

Resorts

International

(a)

.................

10,539

415,658

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

...........

16,796

317,780

Penn

Entertainment,

Inc.

(a)

...................

5,823

96,312

Planet

Fitness,

Inc.

,

Class

A

(a)

................

3,424

204,892

Royal

Caribbean

Cruises

Ltd.

(a)

...............

9,181

1,281,943

Starbucks

Corp.

..........................

44,302

3,920,284

Texas

Roadhouse,

Inc.

.....................

2,668

428,961

Vail

Resorts,

Inc.

.........................

1,502

284,434

Wendy's

Co.

(The)

........................

6,418

128,296

Wyndham

Hotels

&

Resorts,

Inc.

..............

3,142

230,968

Wynn

Resorts

Ltd.

........................

3,771

345,612

Yum!

Brands,

Inc.

........................

10,964

1,548,665

39,630,423

a

Household

Durables

 — 

0

.4

%

DR

Horton,

Inc.

..........................

11,623

1,656,161

Garmin

Ltd.

.............................

6,000

866,820

Helen

of

Troy

Ltd.

(a)

.......................

939

87,055

Leggett

&

Platt,

Inc.

.......................

5,259

95,030

Lennar

Corp.

,

Class

A

......................

9,686

1,468,591

Lennar

Corp.

,

Class

B

.....................

477

66,966

Mohawk

Industries,

Inc.

(a)

...................

2,118

244,248

Newell

Brands,

Inc.

.......................

14,424

114,527

NVR,

Inc.

(a)

.............................

124

922,417

PulteGroup,

Inc.

.........................

8,379

933,588

SharkNinja,

Inc.

..........................

1,946

125,089

Tempur

Sealy

International,

Inc.

...............

6,742

337,504

Toll

Brothers,

Inc.

.........................

4,087

486,803

TopBuild

Corp.

(a)

.........................

1,262

510,694

Whirlpool

Corp.

..........................

2,106

199,775

8,115,268

a

Household

Products

 — 

1

.2

%

Church

&

Dwight

Co.,

Inc.

...................

9,626

1,038,549

Clorox

Co.

(The)

.........................

4,915

726,781

Colgate-Palmolive

Co.

.....................

32,207

2,960,468

Kimberly-Clark

Corp.

......................

13,227

1,805,882

Procter

&

Gamble

Co.

(The)

.................

92,051

15,022,723

Reynolds

Consumer

Products,

Inc.

.............

2,308

66,078

21,620,481

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.1

%

AES

Corp.

(The)

.........................

25,974

464,935

Clearway

Energy,

Inc.

,

Class

A

................

1,328

28,831

Clearway

Energy,

Inc.

,

Class

C

...............

3,117

72,875

Vistra

Corp.

............................

13,152

997,448

1,564,089

a

Industrial

Conglomerates

 — 

0

.4

%

3M

Co.

................................

21,756

2,099,671

Honeywell

International,

Inc.

.................

25,837

4,979,565

7,079,236

a

Industrial

REITs

 — 

0

.3

%

Americold

Realty

Trust,

Inc.

..................

10,429

229,125

EastGroup

Properties,

Inc.

..................

1,902

295,495

First

Industrial

Realty

Trust,

Inc.

...............

5,195

235,957

LXP

Industrial

Trust

.......................

10,837

90,489

Prologis,

Inc.

............................

36,168

3,690,944

Rexford

Industrial

Realty,

Inc.

................

8,148

348,816

STAG

Industrial,

Inc.

......................

7,120

244,857

5,135,683

a

Security

Shares

Value

a

Insurance

 — 

2

.3

%

Aflac,

Inc.

..............................

20,588

$

1,722,186

Allstate

Corp.

(The)

.......................

10,251

1,743,285

American

Financial

Group,

Inc.

...............

2,532

323,463

American

International

Group,

Inc.

.............

27,473

2,068,992

Aon

PLC

,

Class

A

........................

7,835

2,209,548

Arch

Capital

Group

Ltd.

(a)

...................

14,497

1,356,049

Arthur

J

Gallagher

&

Co.

....................

8,488

1,992,049

Assurant,

Inc.

...........................

2,043

356,299

Axis

Capital

Holdings

Ltd.

...................

3,122

191,472

Brighthouse

Financial,

Inc.

(a)

.................

2,783

134,280

Brown

&

Brown,

Inc.

.......................

9,188

749,190

Chubb

Ltd.

.............................

15,884

3,949,398

Cincinnati

Financial

Corp.

...................

6,143

710,684

CNA

Financial

Corp.

.......................

1,042

45,785

Enstar

Group

Ltd.

(a)

.......................

496

144,024

Erie

Indemnity

Co.

,

Class

A

,

NVS

..............

976

373,476

Everest

Group

Ltd.

........................

1,705

624,729

F&G

Annuities

&

Life,

Inc.

...................

725

27,419

Fidelity

National

Financial,

Inc.

................

10,098

506,979

First

American

Financial

Corp.

................

3,889

208,334

Globe

Life,

Inc.

..........................

3,380

257,455

Hanover

Insurance

Group,

Inc.

(The)

...........

1,397

181,359

Hartford

Financial

Services

Group,

Inc.

(The)

......

11,700

1,133,613

Kemper

Corp.

...........................

2,541

148,166

Kinsale

Capital

Group,

Inc.

..................

857

311,305

Lincoln

National

Corp.

.....................

6,391

174,283

Loews

Corp.

............................

7,205

541,456

Markel

Group,

Inc.

(a)

.......................

513

748,159

Marsh

&

McLennan

Companies,

Inc.

............

19,295

3,848,002

MetLife,

Inc.

............................

24,059

1,710,114

Old

Republic

International

Corp.

...............

10,106

301,765

Primerica,

Inc.

...........................

1,353

286,647

Principal

Financial

Group,

Inc.

................

8,645

684,165

Progressive

Corp.

(The)

....................

22,913

4,771,632

Prudential

Financial,

Inc.

....................

14,103

1,558,099

Reinsurance

Group

of

America,

Inc.

............

2,622

490,288

RenaissanceRe

Holdings

Ltd.

................

2,105

461,521

RLI

Corp.

..............................

1,590

224,746

Ryan

Specialty

Holdings,

Inc.

,

Class

A

...........

3,900

192,426

Selective

Insurance

Group,

Inc.

...............

2,313

235,116

Travelers

Companies,

Inc.

(The)

...............

8,897

1,887,588

Unum

Group

............................

6,106

309,574

W

R

Berkley

Corp.

........................

7,864

605,292

White

Mountains

Insurance

Group

Ltd.

..........

102

181,370

Willis

Towers

Watson

PLC

...................

4,041

1,014,857

41,696,639

a

Interactive

Media

&

Services

 — 

5

.9

%

Alphabet,

Inc.

,

Class

A

(a)

....................

230,592

37,535,766

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

................

193,058

31,785,069

Bumble,

Inc.

,

Class

A

(a)

.....................

3,966

40,056

IAC,

Inc.

(a)

..............................

2,671

127,033

Match

Group,

Inc.

(a)

.......................

10,468

322,624

Meta

Platforms,

Inc.

,

Class

A

.................

86,087

37,032,045

Pinterest,

Inc.

,

Class

A

(a)

....................

23,485

785,573

Snap,

Inc.

,

Class

A

,

NVS

(a)

..................

39,873

600,089

Ziff

Davis,

Inc.

(a)

(b)

.........................

1,845

92,453

ZoomInfo

Technologies,

Inc.

(a)

................

11,886

188,512

108,509,220

a

IT

Services

 — 

1

.3

%

Accenture

PLC

,

Class

A

....................

24,529

7,381,021

Akamai

Technologies,

Inc.

(a)

..................

5,925

598,010

Amdocs

Ltd.

............................

4,702

394,921

ASGN,

Inc.

(a)

............................

1,818

175,346

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Dow

Jones

U.S.

ETF

(Percentages

shown

are

based

on

Net

Assets)

40

2024

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

IT

Services

(continued)

Cloudflare,

Inc.

,

Class

A

(a)

...................

11,661

$

1,019,171

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

19,559

1,284,635

DXC

Technology

Co.

(a)

.....................

7,020

136,820

EPAM

Systems,

Inc.

(a)

......................

2,256

530,747

Gartner,

Inc.

(a)

...........................

3,050

1,258,400

GoDaddy,

Inc.

,

Class

A

(a)

....................

5,511

674,436

International

Business

Machines

Corp.

..........

35,765

5,944,143

MongoDB,

Inc.

,

Class

A

(a)

...................

2,830

1,033,459

Okta,

Inc.

,

Class

A

(a)

.......................

6,116

568,666

Snowflake,

Inc.

,

Class

A

(a)

...................

12,902

2,002,391

Squarespace,

Inc.

,

Class

A

(a)

.................

2,271

79,167

Twilio,

Inc.

,

Class

A

(a)

......................

7,124

426,585

VeriSign,

Inc.

(a)

..........................

3,444

583,689

24,091,607

a

Leisure

Products

 — 

0

.1

%

Brunswick

Corp.

.........................

2,626

211,761

Hasbro,

Inc.

............................

5,092

312,140

Mattel,

Inc.

(a)

............................

13,545

248,144

Peloton

Interactive,

Inc.

,

Class

A

(a)

(b)

............

12,552

39,037

Polaris,

Inc.

.............................

2,120

180,539

Topgolf

Callaway

Brands

Corp.

(a)

..............

5,351

85,723

YETI

Holdings,

Inc.

(a)

(b)

.....................

3,346

119,519

1,196,863

a

Life

Sciences

Tools

&

Services

 — 

1

.4

%

10X

Genomics,

Inc.

,

Class

A

(a)

(b)

...............

4,250

124,440

Agilent

Technologies,

Inc.

...................

11,490

1,574,590

Avantor,

Inc.

(a)

(b)

..........................

26,829

650,067

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

(b)

..........

851

229,557

Bio-Techne

Corp.

.........................

6,280

396,959

Bruker

Corp.

............................

3,629

283,098

Charles

River

Laboratories

International,

Inc.

(a)

.....

1,983

454,107

Danaher

Corp.

..........................

25,725

6,344,300

Illumina,

Inc.

(a)

...........................

6,182

760,695

IQVIA

Holdings,

Inc.

(a)

......................

7,134

1,653,447

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(a)

.....

4,170

34,194

Medpace

Holdings,

Inc.

(a)

...................

905

351,457

Mettler-Toledo

International,

Inc.

(a)

.............

845

1,039,096

Repligen

Corp.

(a)

(b)

........................

2,018

331,356

Revvity,

Inc.

............................

4,771

488,884

Sotera

Health

Co.

(a)

(b)

......................

4,856

54,387

Thermo

Fisher

Scientific,

Inc.

.................

15,110

8,593,359

Waters

Corp.

(a)

..........................

2,293

708,629

West

Pharmaceutical

Services,

Inc.

............

2,917

1,042,769

25,115,391

a

Machinery

 — 

1

.9

%

AGCO

Corp.

............................

2,464

281,364

Allison

Transmission

Holdings,

Inc.

.............

3,507

257,940

Caterpillar,

Inc.

..........................

19,926

6,666,642

Chart

Industries,

Inc.

(a)

(b)

....................

1,624

233,953

CNH

Industrial

N.V.

(a)

......................

37,950

432,630

Crane

Co.

..............................

1,980

277,220

Cummins,

Inc.

...........................

5,316

1,501,717

Deere

&

Co.

............................

10,157

3,975,551

Donaldson

Co.,

Inc.

.......................

4,675

337,535

Dover

Corp.

............................

5,512

988,302

Flowserve

Corp.

.........................

5,180

244,289

Fortive

Corp.

............................

13,701

1,031,274

Gates

Industrial

Corp.

PLC

(a)

.................

6,496

114,460

Graco,

Inc.

.............................

6,581

527,796

IDEX

Corp.

.............................

2,946

649,475

Illinois

Tool

Works,

Inc.

.....................

10,609

2,589,763

Ingersoll

Rand,

Inc.

.......................

15,757

1,470,443

Security

Shares

Value

a

Machinery

(continued)

ITT,

Inc.

...............................

3,153

$

407,809

Lincoln

Electric

Holdings,

Inc.

................

2,261

496,357

Middleby

Corp.

(The)

(a)

.....................

2,075

288,363

Nordson

Corp.

...........................

2,103

542,974

Oshkosh

Corp.

..........................

2,619

294,035

Otis

Worldwide

Corp.

......................

15,940

1,453,728

PACCAR,

Inc.

...........................

20,502

2,175,467

Parker-Hannifin

Corp.

......................

5,018

2,734,358

Pentair

PLC

............................

6,574

519,938

RBC

Bearings,

Inc.

(a)

(b)

.....................

1,148

280,743

Snap-on,

Inc.

...........................

2,077

556,553

Stanley

Black

&

Decker,

Inc.

.................

5,979

546,481

Timken

Co.

(The)

.........................

2,570

229,295

Toro

Co.

(The)

...........................

4,096

358,769

Westinghouse

Air

Brake

Technologies

Corp.

.......

7,060

1,137,225

Xylem,

Inc.

.............................

9,463

1,236,814

34,839,263

a

Marine

Transportation

 — 

0

.0

%

Kirby

Corp.

(a)

............................

2,336

254,928

a

Media

 — 

0

.6

%

Cable

One,

Inc.

..........................

185

72,862

Charter

Communications,

Inc.

,

Class

A

(a)

.........

3,859

987,672

Comcast

Corp.

,

Class

A

....................

154,862

5,901,791

Fox

Corp.

,

Class

A

,

NVS

....................

9,255

286,998

Fox

Corp.

,

Class

B

........................

4,921

141,134

Interpublic

Group

of

Companies,

Inc.

(The)

.......

15,030

457,513

Liberty

Broadband

Corp.

,

Class

A

(a)

(b)

............

662

33,186

Liberty

Broadband

Corp.

,

Class

C

,

NVS

(a)

........

4,430

220,304

Liberty

Media

Corp.-Liberty

SiriusXM

,

Series

A

(a)

....

2,875

69,172

Liberty

Media

Corp.-Liberty

SiriusXM

,

Series

C

,

NVS

(a)

(b)

.............................

5,750

138,345

New

York

Times

Co.

(The)

,

Class

A

.............

6,394

275,134

News

Corp.

,

Class

A

,

NVS

..................

15,098

359,332

News

Corp.

,

Class

B

......................

4,555

111,780

Nexstar

Media

Group,

Inc.

...................

1,300

208,078

Omnicom

Group,

Inc.

......................

7,696

714,497

Paramount

Global

,

Class

A

(b)

.................

350

7,242

Paramount

Global

,

Class

B

,

NVS

..............

19,455

221,592

Sirius

XM

Holdings,

Inc.

(b)

...................

27,068

79,580

TEGNA,

Inc.

............................

7,853

107,115

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

..............

17,346

1,437,116

11,830,443

a

Metals

&

Mining

 — 

0

.5

%

Alcoa

Corp.

.............................

6,828

239,936

Anglogold

Ashanti

PLC

.....................

16,421

377,519

Cleveland-Cliffs,

Inc.

(a)

.....................

19,978

337,628

Commercial

Metals

Co.

.....................

4,509

242,314

Freeport-McMoRan,

Inc.

....................

55,974

2,795,341

MP

Materials

Corp.

,

Class

A

(a)

(b)

...............

5,605

89,680

Newmont

Corp.

..........................

44,870

1,823,517

Nucor

Corp.

............................

9,588

1,615,866

Reliance,

Inc.

...........................

2,281

649,446

Royal

Gold,

Inc.

..........................

2,544

305,611

Steel

Dynamics,

Inc.

.......................

5,927

771,221

United

States

Steel

Corp.

...................

8,600

313,900

9,561,979

a

Mortgage

REITs

 — 

0

.1

%

AGNC

Investment

Corp.

....................

28,164

257,701

Annaly

Capital

Management,

Inc.

..............

19,225

360,277

Blackstone

Mortgage

Trust,

Inc.

,

Class

A

.........

7,077

124,838

Rithm

Capital

Corp.

.......................

19,703

219,097

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(continued)

April

30,

2024

(Percentages

shown

are

based

on

Net

Assets)

41

Schedule

of

Investments

Security

Shares

Value

a

Mortgage

REITs

(continued)

Starwood

Property

Trust,

Inc.

.................

12,004

$

227,716

1,189,629

a

Multi-Utilities

 — 

0

.6

%

Ameren

Corp.

...........................

10,228

755,542

Avista

Corp.

............................

2,687

96,678

Black

Hills

Corp.

.........................

2,567

140,928

CenterPoint

Energy,

Inc.

....................

25,068

730,481

CMS

Energy

Corp.

........................

11,620

704,288

Consolidated

Edison,

Inc.

...................

13,502

1,274,589

Dominion

Energy,

Inc.

......................

32,774

1,670,819

DTE

Energy

Co.

.........................

8,024

885,208

NiSource,

Inc.

...........................

16,086

448,156

Northwestern

Energy

Group,

Inc.

..............

2,284

115,205

Public

Service

Enterprise

Group,

Inc.

...........

19,645

1,357,077

Sempra

...............................

24,552

1,758,660

WEC

Energy

Group,

Inc.

....................

12,428

1,027,050

10,964,681

a

Office

REITs

 — 

0

.1

%

Alexandria

Real

Estate

Equities,

Inc.

............

6,131

710,399

Boston

Properties,

Inc.

.....................

5,680

351,535

COPT

Defense

Properties

...................

4,206

100,818

Cousins

Properties,

Inc.

....................

5,787

132,754

Douglas

Emmett,

Inc.

......................

6,627

90,856

JBG

SMITH

Properties

.....................

3,334

50,043

Kilroy

Realty

Corp.

........................

4,125

139,425

Net

Lease

Office

Properties

(a)

.................

574

13,122

Vornado

Realty

Trust

......................

6,182

160,917

1,749,869

a

Oil,

Gas

&

Consumable

Fuels

 — 

3

.7

%

Antero

Resources

Corp.

(a)

...................

10,876

369,893

APA

Corp.

.............................

14,133

444,341

Cheniere

Energy,

Inc.

......................

9,382

1,480,667

Chesapeake

Energy

Corp.

..................

4,381

393,764

Chevron

Corp.

...........................

67,858

10,943,460

Chord

Energy

Corp.

.......................

1,620

286,708

Civitas

Resources,

Inc.

.....................

3,325

239,267

ConocoPhillips

..........................

46,020

5,781,032

Coterra

Energy,

Inc.

.......................

29,491

806,874

Devon

Energy

Corp.

.......................

24,983

1,278,630

Diamondback

Energy,

Inc.

...................

6,968

1,401,474

DT

Midstream,

Inc.

........................

3,747

233,063

EOG

Resources,

Inc.

......................

22,844

3,018,378

EQT

Corp.

.............................

16,096

645,289

Equitrans

Midstream

Corp.

..................

17,628

238,507

Exxon

Mobil

Corp.

........................

155,386

18,377,502

Hess

Corp.

.............................

10,763

1,695,065

HF

Sinclair

Corp.

.........................

6,241

338,574

Kinder

Morgan,

Inc.

,

Class

P

.................

75,522

1,380,542

Marathon

Oil

Corp.

........................

22,829

612,959

Marathon

Petroleum

Corp.

..................

14,424

2,621,129

Matador

Resources

Co.

....................

4,328

269,634

Murphy

Oil

Corp.

.........................

5,781

258,064

New

Fortress

Energy,

Inc.

,

Class

A

.............

2,554

66,915

Occidental

Petroleum

Corp.

..................

25,857

1,710,182

ONEOK,

Inc.

............................

22,690

1,795,233

Ovintiv,

Inc.

.............................

9,886

507,349

Permian

Resources

Corp.

,

Class

A

.............

18,061

302,522

Phillips

66

..............................

16,852

2,413,375

Pioneer

Natural

Resources

Co.

...............

9,163

2,467,779

Range

Resources

Corp.

....................

9,571

343,695

Southwestern

Energy

Co.

(a)

..................

43,039

322,362

Targa

Resources

Corp.

.....................

8,635

984,908

Security

Shares

Value

a

Oil,

Gas

&

Consumable

Fuels

(continued)

Texas

Pacific

Land

Corp.

....................

734

$

423,004

Valero

Energy

Corp.

.......................

13,323

2,129,948

Williams

Companies,

Inc.

(The)

...............

47,695

1,829,580

68,411,668

a

Paper

&

Forest

Products

 — 

0

.0

%

Louisiana-Pacific

Corp.

.....................

2,502

183,121

a

Passenger

Airlines

 — 

0

.2

%

Alaska

Air

Group,

Inc.

(a)

.....................

4,900

210,798

American

Airlines

Group,

Inc.

(a)

................

25,789

348,409

Delta

Air

Lines,

Inc.

.......................

25,293

1,266,421

Joby

Aviation,

Inc.

(a)

(b)

......................

14,103

71,220

Southwest

Airlines

Co.

.....................

23,544

610,731

United

Airlines

Holdings,

Inc.

(a)

................

12,725

654,829

3,162,408

a

Personal

Care

Products

 — 

0

.2

%

Coty,

Inc.

,

Class

A

(a)

.......................

15,034

171,989

elf

Beauty,

Inc.

(a)

.........................

2,214

359,841

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

9,084

1,332,714

Kenvue,

Inc.

............................

67,513

1,270,595

3,135,139

a

Pharmaceuticals

 — 

3

.6

%

Bristol-Myers

Squibb

Co.

....................

79,646

3,499,645

Catalent,

Inc.

(a)

..........................

7,075

395,139

Elanco

Animal

Health,

Inc.

(a)

..................

19,877

261,581

Eli

Lilly

&

Co.

...........................

31,202

24,371,882

Jazz

Pharmaceuticals

PLC

(a)

.................

2,424

268,458

Johnson

&

Johnson

.......................

94,197

13,619,944

Merck

&

Co.,

Inc.

.........................

99,156

12,812,938

Organon

&

Co.

..........................

9,829

182,918

Perrigo

Co.

PLC

.........................

5,298

173,033

Pfizer,

Inc.

.............................

220,944

5,660,585

Royalty

Pharma

PLC

,

Class

A

................

15,297

423,727

Viatris,

Inc.

.............................

46,945

543,154

Zoetis,

Inc.

,

Class

A

.......................

17,936

2,856,129

65,069,133

a

Professional

Services

 — 

0

.9

%

Alight,

Inc.

,

Class

A

(a)

......................

14,814

133,622

Automatic

Data

Processing,

Inc.

...............

16,044

3,880,883

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.......

5,020

741,303

Broadridge

Financial

Solutions,

Inc.

............

4,645

898,390

CACI

International,

Inc.

,

Class

A

(a)

.............

847

340,689

Clarivate

PLC

(a)

(b)

.........................

16,644

112,513

Concentrix

Corp.

.........................

1,850

101,140

Dayforce,

Inc.

(a)

(b)

.........................

6,148

377,303

Dun

&

Bradstreet

Holdings,

Inc.

...............

9,858

89,708

Equifax,

Inc.

............................

4,804

1,057,793

FTI

Consulting,

Inc.

(a)

......................

1,412

301,928

Genpact

Ltd.

............................

6,603

202,976

Insperity,

Inc.

............................

1,383

142,352

Jacobs

Solutions,

Inc.

......................

4,876

699,852

KBR,

Inc.

..............................

5,345

347,104

Leidos

Holdings,

Inc.

......................

5,420

759,992

ManpowerGroup,

Inc.

......................

1,916

144,562

Maximus,

Inc.

...........................

2,451

196,766

Paychex,

Inc.

...........................

12,490

1,483,937

Paycom

Software,

Inc.

.....................

1,936

363,929

Paylocity

Holding

Corp.

(a)

...................

1,676

260,048

Robert

Half,

Inc.

.........................

4,048

279,879

Science

Applications

International

Corp.

.........

2,115

272,201

SS&C

Technologies

Holdings,

Inc.

.............

8,441

522,414

TransUnion

.............................

7,636

557,428

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Dow

Jones

U.S.

ETF

(Percentages

shown

are

based

on

Net

Assets)

42

2024

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Professional

Services

(continued)

TriNet

Group,

Inc.

........................

1,243

$

124,760

Verisk

Analytics,

Inc.

.......................

5,637

1,228,641

15,622,113

a

Real

Estate

Management

&

Development

 — 

0

.2

%

CBRE

Group,

Inc.

,

Class

A

(a)

.................

11,655

1,012,703

CoStar

Group,

Inc.

(a)

.......................

15,920

1,457,157

Howard

Hughes

Holdings,

Inc.

(a)

...............

1,383

90,116

Jones

Lang

LaSalle,

Inc.

(a)

...................

1,853

334,837

Opendoor

Technologies,

Inc.

(a)

................

24,336

48,429

Zillow

Group,

Inc.

,

Class

A

(a)

.................

1,922

80,724

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

.............

6,142

261,465

3,285,431

a

Residential

REITs

 — 

0

.3

%

American

Homes

4

Rent

,

Class

A

..............

12,747

456,343

Apartment

Income

REIT

Corp.

................

5,796

222,450

AvalonBay

Communities,

Inc.

................

5,525

1,047,374

Camden

Property

Trust

.....................

4,131

411,778

Equity

LifeStyle

Properties,

Inc.

...............

7,259

437,645

Equity

Residential

........................

13,527

871,139

Essex

Property

Trust,

Inc.

...................

2,532

623,505

Invitation

Homes,

Inc.

......................

22,395

765,909

Mid-America

Apartment

Communities,

Inc.

........

4,581

595,530

Sun

Communities,

Inc.

.....................

4,915

547,138

UDR,

Inc.

..............................

11,712

445,993

6,424,804

a

Retail

REITs

 — 

0

.3

%

Agree

Realty

Corp.

.......................

3,945

225,733

Brixmor

Property

Group,

Inc.

.................

11,609

256,559

Federal

Realty

Investment

Trust

...............

2,872

299,176

Kimco

Realty

Corp.

.......................

25,939

483,243

NNN

REIT,

Inc.

..........................

7,002

283,791

Realty

Income

Corp.

.......................

32,527

1,741,496

Regency

Centers

Corp.

....................

6,408

379,482

Simon

Property

Group,

Inc.

..................

12,705

1,785,434

5,454,914

a

Semiconductors

&

Semiconductor

Equipment

 — 

9

.5

%

Advanced

Micro

Devices,

Inc.

(a)

...............

63,225

10,013,576

Allegro

MicroSystems,

Inc.

(a)

(b)

................

2,630

78,085

Amkor

Technology,

Inc.

.....................

3,829

123,868

Analog

Devices,

Inc.

.......................

19,339

3,879,597

Applied

Materials,

Inc.

.....................

32,518

6,459,701

Axcelis

Technologies,

Inc.

(a)

..................

1,280

132,506

Broadcom,

Inc.

..........................

17,219

22,389,349

Cirrus

Logic,

Inc.

(a)

........................

2,223

196,891

Enphase

Energy,

Inc.

(a)

.....................

5,359

582,845

Entegris,

Inc.

............................

5,865

779,576

First

Solar,

Inc.

(a)

(b)

........................

4,162

733,761

GlobalFoundries,

Inc.

(a)

(b)

....................

3,224

157,589

Intel

Corp.

.............................

165,709

5,049,153

KLA

Corp.

..............................

5,291

3,647,033

Lam

Research

Corp.

......................

5,130

4,588,323

Lattice

Semiconductor

Corp.

(a)

................

5,386

369,480

Marvell

Technology,

Inc.

....................

33,763

2,225,319

Microchip

Technology,

Inc.

...................

21,211

1,950,988

Micron

Technology,

Inc.

.....................

43,266

4,887,327

MKS

Instruments,

Inc.

.....................

2,491

296,379

Monolithic

Power

Systems,

Inc.

...............

1,890

1,265,034

NVIDIA

Corp.

...........................

96,651

83,508,397

NXP

Semiconductors

NV

...................

10,117

2,591,874

ON

Semiconductor

Corp.

(a)

..................

16,840

1,181,494

Power

Integrations,

Inc.

....................

2,155

143,782

Security

Shares

Value

a

Semiconductors

&

Semiconductor

Equipment

(continued)

Qorvo,

Inc.

(a)

............................

3,791

$

442,940

QUALCOMM,

Inc.

........................

43,626

7,235,372

Rambus,

Inc.

(a)

..........................

4,253

233,149

Silicon

Laboratories,

Inc.

(a)

(b)

..................

1,240

150,648

Skyworks

Solutions,

Inc.

....................

6,343

676,100

SolarEdge

Technologies,

Inc.

(a)

................

2,181

127,916

Teradyne,

Inc.

...........................

6,059

704,783

Texas

Instruments,

Inc.

.....................

35,525

6,267,320

Universal

Display

Corp.

....................

1,665

263,037

Wolfspeed,

Inc.

(a)

(b)

........................

4,734

127,960

173,461,152

a

Software

 — 

10

.4

%

Adobe,

Inc.

(a)

............................

17,679

8,182,372

ANSYS,

Inc.

(a)

...........................

3,400

1,104,592

Appfolio,

Inc.

,

Class

A

(a)

....................

848

192,309

Appian

Corp.

,

Class

A

(a)

....................

1,514

56,684

AppLovin

Corp.

,

Class

A

(a)

(b)

..................

7,174

506,269

Asana,

Inc.

,

Class

A

(a)

(b)

.....................

2,985

44,387

Aspen

Technology,

Inc.

(a)

....................

1,115

219,510

Atlassian

Corp.

,

Class

A

(a)

...................

6,167

1,062,574

Autodesk,

Inc.

(a)

..........................

8,399

1,787,727

Bentley

Systems,

Inc.

,

Class

B

................

8,942

469,723

BILL

Holdings,

Inc.

(a)

.......................

3,786

236,095

Blackbaud,

Inc.

(a)

.........................

1,795

139,866

BlackLine,

Inc.

(a)

.........................

2,030

117,842

Braze,

Inc.

,

Class

A

(a)

......................

1,841

77,138

Cadence

Design

Systems,

Inc.

(a)

..............

10,646

2,934,357

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

.........

11,403

127,942

Clear

Secure,

Inc.

,

Class

A

..................

3,319

57,983

Confluent,

Inc.

,

Class

A

(a)

(b)

..................

8,822

248,075

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

............

8,921

2,609,749

Datadog,

Inc.

,

Class

A

(a)

....................

11,824

1,483,912

DocuSign,

Inc.

(a)

.........................

8,036

454,838

Dolby

Laboratories,

Inc.

,

Class

A

..............

2,290

177,841

DoubleVerify

Holdings,

Inc.

(a)

.................

5,401

158,249

Dropbox,

Inc.

,

Class

A

(a)

....................

10,045

232,642

Dynatrace,

Inc.

(a)

.........................

9,255

419,344

Elastic

NV

(a)

............................

3,166

323,629

Fair

Isaac

Corp.

(a)

.........................

976

1,106,130

Five9,

Inc.

(a)

............................

2,954

170,062

Fortinet,

Inc.

(a)

...........................

24,941

1,575,772

Gen

Digital,

Inc.

..........................

21,696

436,957

Gitlab,

Inc.

,

Class

A

(a)

......................

3,381

177,401

Guidewire

Software,

Inc.

(a)

...................

3,297

363,989

HashiCorp,

Inc.

,

Class

A

(a)

(b)

..................

4,662

151,329

HubSpot,

Inc.

(a)

..........................

1,968

1,190,384

Informatica,

Inc.

,

Class

A

(a)

(b)

.................

1,321

40,911

Intuit,

Inc.

..............................

10,962

6,858,046

Manhattan

Associates,

Inc.

(a)

.................

2,377

489,805

Microsoft

Corp.

..........................

290,751

113,198,087

MicroStrategy,

Inc.

,

Class

A

(a)

(b)

................

584

621,978

nCino,

Inc.

(a)

............................

2,361

68,847

NCR

Voyix

Corp.

(a)

........................

5,516

67,571

Nutanix,

Inc.

,

Class

A

(a)

.....................

9,671

587,030

Oracle

Corp.

............................

62,344

7,091,630

Palantir

Technologies,

Inc.

,

Class

A

(a)

...........

75,312

1,654,605

Palo

Alto

Networks,

Inc.

(a)

...................

12,359

3,595,110

Pegasystems,

Inc.

........................

1,547

91,923

Procore

Technologies,

Inc.

(a)

.................

3,437

235,160

PTC,

Inc.

(a)

.............................

4,729

839,114

RingCentral,

Inc.

,

Class

A

(a)

..................

3,128

92,651

Roper

Technologies,

Inc.

....................

4,182

2,138,926

Salesforce,

Inc.

..........................

37,877

10,186,640

Samsara,

Inc.

,

Class

A

(a)

(b)

...................

6,932

242,135

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(continued)

April

30,

2024

(Percentages

shown

are

based

on

Net

Assets)

43

Schedule

of

Investments

Security

Shares

Value

a

Software

(continued)

SentinelOne,

Inc.

,

Class

A

(a)

..................

9,696

$

204,876

ServiceNow,

Inc.

(a)

........................

8,021

5,561,200

Smartsheet,

Inc.

,

Class

A

(a)

..................

5,192

196,413

SPS

Commerce,

Inc.

(a)

.....................

1,427

248,112

Synopsys,

Inc.

(a)

.........................

5,978

3,171,867

Tyler

Technologies,

Inc.

(a)

...................

1,640

756,942

UiPath,

Inc.

,

Class

A

(a)

(b)

....................

15,663

297,127

Unity

Software,

Inc.

(a)

(b)

.....................

9,409

228,356

Varonis

Systems,

Inc.

(a)

.....................

4,114

179,988

Workday,

Inc.

,

Class

A

(a)

....................

8,192

2,004,828

Workiva,

Inc.

,

Class

A

(a)

(b)

...................

1,796

141,525

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

......

10,014

611,855

Zscaler,

Inc.

(a)

...........................

3,453

597,162

190,898,093

a

Specialized

REITs

 — 

0

.9

%

American

Tower

Corp.

.....................

18,250

3,130,970

Crown

Castle,

Inc.

........................

16,987

1,593,041

CubeSmart

.............................

8,849

357,853

Digital

Realty

Trust,

Inc.

....................

11,790

1,636,216

Equinix,

Inc.

............................

3,674

2,612,618

Extra

Space

Storage,

Inc.

...................

8,340

1,119,895

Gaming

and

Leisure

Properties,

Inc.

............

10,590

452,511

Iron

Mountain,

Inc.

........................

11,318

877,371

Lamar

Advertising

Co.

,

Class

A

...............

3,417

395,859

National

Storage

Affiliates

Trust

...............

3,007

105,365

PotlatchDeltic

Corp.

.......................

3,118

124,751

Public

Storage

...........................

6,217

1,613,001

Rayonier,

Inc.

...........................

5,313

157,584

SBA

Communications

Corp.

,

Class

A

............

4,192

780,215

VICI

Properties,

Inc.

.......................

40,483

1,155,790

Weyerhaeuser

Co.

........................

28,698

865,819

16,978,859

a

Specialty

Retail

 — 

2

.0

%

Advance

Auto

Parts,

Inc.

....................

2,302

168,000

AutoNation,

Inc.

(a)

(b)

.......................

1,044

168,241

AutoZone,

Inc.

(a)

.........................

678

2,004,439

Bath

&

Body

Works,

Inc.

....................

8,790

399,242

Best

Buy

Co.,

Inc.

........................

7,595

559,296

Burlington

Stores,

Inc.

(a)

....................

2,537

456,508

CarMax,

Inc.

(a)

(b)

..........................

6,187

420,530

Carvana

Co.

,

Class

A

(a)

.....................

4,102

340,138

Chewy,

Inc.

,

Class

A

(a)

(b)

....................

4,529

67,890

Dick's

Sporting

Goods,

Inc.

..................

2,279

457,942

Five

Below,

Inc.

(a)

.........................

2,179

318,875

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

.........

4,243

468,130

GameStop

Corp.

,

Class

A

(a)

(b)

.................

10,448

115,868

Gap,

Inc.

(The)

..........................

8,249

169,269

Home

Depot,

Inc.

(The)

....................

38,944

13,015,864

Lithia

Motors,

Inc.

........................

1,057

268,880

Lowe's

Companies,

Inc.

....................

22,503

5,130,459

Murphy

USA,

Inc.

........................

754

312,020

O'Reilly

Automotive,

Inc.

(a)

...................

2,315

2,345,697

Penske

Automotive

Group,

Inc.

...............

758

115,906

RH

(a)

.................................

602

148,724

Ross

Stores,

Inc.

.........................

13,196

1,709,542

TJX

Companies,

Inc.

(The)

..................

44,576

4,194,156

Tractor

Supply

Co.

........................

4,225

1,153,763

Ulta

Beauty,

Inc.

(a)

........................

1,900

769,196

Valvoline,

Inc.

(a)

..........................

4,989

212,132

Wayfair,

Inc.

,

Class

A

(a)

(b)

....................

3,515

176,277

Williams-Sonoma,

Inc.

.....................

2,504

718,097

36,385,081

a

Security

Shares

Value

a

Technology

Hardware,

Storage

&

Peripherals

 — 

5

.7

%

Apple,

Inc.

.............................

567,985

$

96,744,885

Dell

Technologies,

Inc.

,

Class

C

...............

10,457

1,303,361

Hewlett

Packard

Enterprise

Co.

...............

50,458

857,786

HP,

Inc.

...............................

34,223

961,324

NetApp,

Inc.

............................

8,030

820,746

Pure

Storage,

Inc.

,

Class

A

(a)

.................

11,590

584,136

Seagate

Technology

Holdings

PLC

.............

7,613

654,033

Super

Micro

Computer,

Inc.

(a)

.................

1,969

1,690,977

Western

Digital

Corp.

(a)

.....................

12,592

891,891

104,509,139

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.5

%

Capri

Holdings

Ltd.

(a)

......................

4,523

160,476

Columbia

Sportswear

Co.

...................

1,340

106,704

Crocs,

Inc.

(a)

............................

2,452

304,955

Deckers

Outdoor

Corp.

(a)

....................

996

815,196

Levi

Strauss

&

Co.

,

Class

A

..................

3,773

80,063

Lululemon

Athletica,

Inc.

(a)

...................

4,479

1,615,127

Nike,

Inc.

,

Class

B

........................

47,721

4,402,739

PVH

Corp.

.............................

2,365

257,312

Ralph

Lauren

Corp.

,

Class

A

.................

1,493

244,315

Skechers

USA,

Inc.

,

Class

A

(a)

................

5,257

347,225

Tapestry,

Inc.

............................

9,191

366,905

Under

Armour,

Inc.

,

Class

A

(a)

.................

7,337

49,378

Under

Armour,

Inc.

,

Class

C

(a)

................

6,930

45,184

VF

Corp.

..............................

12,750

158,865

8,954,444

a

Tobacco

 — 

0

.5

%

Altria

Group,

Inc.

.........................

69,136

3,028,848

Philip

Morris

International,

Inc.

................

60,846

5,776,719

8,805,567

a

Trading

Companies

&

Distributors

 — 

0

.5

%

Air

Lease

Corp.

,

Class

A

....................

4,052

203,572

Applied

Industrial

Technologies,

Inc.

............

1,538

281,839

Core

&

Main,

Inc.

,

Class

A

(a)

..................

6,559

370,387

Fastenal

Co.

............................

22,454

1,525,525

Ferguson

PLC

...........................

7,967

1,672,273

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

..........

1,777

162,133

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

.............

1,771

277,852

United

Rentals,

Inc.

.......................

2,629

1,756,146

Watsco,

Inc.

............................

1,226

548,905

WESCO

International,

Inc.

...................

1,724

263,341

WW

Grainger,

Inc.

........................

1,723

1,587,486

8,649,459

a

Water

Utilities

 — 

0

.1

%

American

Water

Works

Co.,

Inc.

...............

7,598

929,387

Essential

Utilities,

Inc.

......................

9,680

354,095

1,283,482

a

Wireless

Telecommunication

Services

 — 

0

.2

%

GCI

Liberty,

Inc.

,

Class

A

(a)

(d)

.................

4,053

—

T-Mobile

U.S.,

Inc.

........................

20,467

3,360,068

3,360,068

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

889,059,979

)

................................

1,821,553,648

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Dow

Jones

U.S.

ETF

(Percentages

shown

are

based

on

Net

Assets)

44

2024

iShares

Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.0

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.49

%

(c)

(e)

(f)

......................

14,051,888

$

14,056,104

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.28

%

(c)

(e)

............................

3,681,265

3,681,265

a

Total

Short-Term

Securities — 1.0%

(Cost:

$

17,732,891

)

.................................

17,737,369

Total

Investments

—

100.7%

(Cost:

$

906,792,870

)

................................

1,839,291,017

Liabilities

in

Excess

of

Other

Assets

—

(

0

.7

)

%

...............

(

13,155,048

)

Net

Assets

—

100.0%

.................................

$

1,826,135,969

(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

year

ended

April

30,

2024

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

04/30/24

  Shares

Held

at

04/30/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

28,309,826

$

—

$

(

14,263,481

)

(a)

$

13,905

$

(

4,146

)

$

14,056,104

14,051,888

$

171,394

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

2,099,591

1,581,674

(a)

—

—

—

3,681,265

3,681,265

144,427

—

BlackRock,

Inc.

..

4,018,474

197,469

(

538,155

)

117,554

340,839

4,136,181

5,481

114,654

—

$

131,459

$

336,693

$

21,873,550

$

430,475

$

—

(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.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

..................................................................

16

06/21/24

$

4,054

$

(

110,537

)

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)

.............

$

—

$

—

$

110,537

$

—

$

—

$

—

$

110,537

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(continued)

April

30,

2024

45

Schedule

of

Investments

For

the period

ended

April

30,

2024,

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

..................................

$

—

$

—

$

703,890

$

—

$

—

$

—

$

703,890

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

221,262

)

$

—

$

—

$

—

$

(

221,262

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

3,175,122

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,821,553,648

‌

$

—

‌

$

—

‌

$

1,821,553,648

‌

Short-Term

Securities

Money

Market

Funds

......................................

17,737,369

‌

—

‌

—

‌

17,737,369

‌

$

1,839,291,017

‌

$

—

‌

$

—

‌

$

1,839,291,017

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

110,537

)

$

—

‌

$

—

‌

$

(

110,537

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

April

30,

2024

iShares

®

MSCI

KLD

400

Social

ETF

(Percentages

shown

are

based

on

Net

Assets)

46

2024

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Air

Freight

&

Logistics

 — 

0

.6

%

CH

Robinson

Worldwide,

Inc.

................

20,671

$

1,467,641

Expeditors

International

of

Washington,

Inc.

(a)

......

26,498

2,949,492

United

Parcel

Service,

Inc.

,

Class

B

............

130,193

19,200,864

23,617,997

a

Automobile

Components

 — 

0

.2

%

Aptiv

PLC

(b)

.............................

51,109

3,628,739

Autoliv,

Inc.

.............................

14,195

1,700,419

BorgWarner,

Inc.

.........................

42,801

1,402,589

6,731,747

a

Automobiles

 — 

2

.3

%

Harley-Davidson,

Inc.

......................

24,053

827,183

Lucid

Group,

Inc.

(a)

(b)

.......................

160,551

409,405

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

.............

118,746

1,056,839

Tesla,

Inc.

(b)

.............................

515,015

94,391,949

96,685,376

a

Banks

 — 

1

.0

%

Bank

of

Hawaii

Corp.

......................

6,937

393,259

Cathay

General

Bancorp

....................

12,671

436,389

Citizens

Financial

Group,

Inc.

................

84,695

2,888,946

Comerica,

Inc.

...........................

23,636

1,185,818

Huntington

Bancshares,

Inc.

.................

261,371

3,520,667

International

Bancshares

Corp.

...............

10,204

567,853

KeyCorp

...............................

167,828

2,431,828

M&T

Bank

Corp.

.........................

29,871

4,313,074

Old

National

Bancorp

......................

52,798

873,279

PNC

Financial

Services

Group,

Inc.

(The)

........

71,705

10,989,508

Regions

Financial

Corp.

....................

169,096

3,258,480

Truist

Financial

Corp.

......................

239,290

8,985,340

Zions

Bancorp

NA

........................

26,581

1,083,973

40,928,414

a

Beverages

 — 

2

.3

%

Coca-Cola

Co.

(The)

......................

739,347

45,669,464

Keurig

Dr

Pepper,

Inc.

.....................

196,319

6,615,950

PepsiCo,

Inc.

...........................

247,490

43,535,966

95,821,380

a

Biotechnology

 — 

2

.8

%

AbbVie,

Inc.

............................

317,816

51,689,594

Amgen,

Inc.

............................

96,338

26,390,832

Biogen,

Inc.

(b)

...........................

26,051

5,596,276

BioMarin

Pharmaceutical,

Inc.

(b)

...............

33,791

2,728,961

Gilead

Sciences,

Inc.

......................

224,387

14,630,032

Vertex

Pharmaceuticals,

Inc.

(b)

................

46,347

18,205,565

119,241,260

a

Broadline

Retail

 — 

0

.0

%

Kohl's

Corp.

............................

20,472

490,100

Nordstrom,

Inc.

..........................

17,929

340,830

830,930

a

Building

Products

 — 

1

.1

%

A

O

Smith

Corp.

.........................

22,259

1,843,936

Allegion

PLC

............................

15,810

1,921,864

Builders

FirstSource,

Inc.

(b)

..................

22,203

4,059,152

Carrier

Global

Corp.

.......................

145,515

8,947,717

Fortune

Brands

Innovations,

Inc.

..............

22,845

1,669,969

Johnson

Controls

International

PLC

............

122,268

7,955,979

Lennox

International,

Inc.

...................

5,702

2,642,421

Masco

Corp.

............................

40,178

2,750,184

Owens

Corning

..........................

16,167

2,719,451

Security

Shares

Value

a

Building

Products

(continued)

Trane

Technologies

PLC

....................

40,932

$

12,989,361

47,500,034

a

Capital

Markets

 — 

3

.7

%

Ameriprise

Financial,

Inc.

...................

18,217

7,501,578

Bank

of

New

York

Mellon

Corp.

(The)

...........

136,690

7,721,618

BlackRock,

Inc.

(c)

.........................

26,753

20,188,884

Charles

Schwab

Corp.

(The)

.................

271,083

20,046,588

CME

Group,

Inc.

,

Class

A

...................

64,811

13,586,978

FactSet

Research

Systems,

Inc.

...............

6,894

2,874,040

Franklin

Resources,

Inc.

....................

53,852

1,229,980

Intercontinental

Exchange,

Inc.

...............

103,032

13,266,400

Invesco

Ltd.

............................

60,150

852,326

MarketAxess

Holdings,

Inc.

..................

6,716

1,343,804

Moody's

Corp.

...........................

29,668

10,986,950

Morgan

Stanley

..........................

221,590

20,129,236

Nasdaq,

Inc.

............................

62,317

3,729,673

Northern

Trust

Corp.

.......................

37,068

3,054,033

S&P

Global,

Inc.

.........................

58,410

24,288,630

State

Street

Corp.

........................

55,549

4,026,747

T

Rowe

Price

Group,

Inc.

...................

40,218

4,406,686

159,234,151

a

Chemicals

 — 

2

.2

%

Air

Products

and

Chemicals,

Inc.

..............

39,933

9,437,765

Albemarle

Corp.

.........................

21,057

2,533,368

Axalta

Coating

Systems

Ltd.

(b)

................

40,224

1,264,643

Ecolab,

Inc.

............................

46,065

10,417,600

HB

Fuller

Co.

...........................

9,819

733,577

International

Flavors

&

Fragrances,

Inc.

..........

46,114

3,903,550

Linde

PLC

.............................

87,286

38,489,635

LyondellBasell

Industries

NV

,

Class

A

...........

46,520

4,650,604

Minerals

Technologies,

Inc.

..................

5,827

424,730

Mosaic

Co.

(The)

.........................

59,128

1,856,028

PPG

Industries,

Inc.

.......................

42,290

5,455,410

Sherwin-Williams

Co.

(The)

..................

43,871

13,144,190

92,311,100

a

Commercial

Services

&

Supplies

 — 

0

.3

%

ACCO

Brands

Corp.

.......................

15,688

75,616

Copart,

Inc.

(b)

...........................

155,581

8,449,604

Deluxe

Corp.

............................

7,524

148,599

HNI

Corp.

..............................

8,725

366,014

Interface,

Inc.

(a)

..........................

10,599

162,059

Steelcase,

Inc.

,

Class

A

....................

14,731

177,214

Tetra

Tech,

Inc.

..........................

9,469

1,843,803

11,222,909

a

Communications

Equipment

 — 

1

.1

%

Cisco

Systems,

Inc.

.......................

731,468

34,364,367

CommScope

Holding

Co.,

Inc.

(b)

...............

38,570

34,481

F5,

Inc.

(b)

..............................

10,642

1,759,229

Motorola

Solutions,

Inc.

....................

29,991

10,171,448

46,329,525

a

Construction

&

Engineering

 — 

0

.3

%

EMCOR

Group,

Inc.

.......................

8,501

3,036,302

Granite

Construction,

Inc.

...................

8,180

453,990

MDU

Resources

Group,

Inc.

.................

34,442

850,717

Quanta

Services,

Inc.

......................

26,071

6,740,918

11,081,927

a

Consumer

Finance

 — 

0

.8

%

Ally

Financial,

Inc.

........................

47,767

1,831,864

American

Express

Co.

.....................

104,946

24,560,512

Discover

Financial

Services

..................

45,115

5,717,424

iShares

®

MSCI

KLD

400

Social

ETF

Schedule

of

Investments

(continued)

April

30,

2024

(Percentages

shown

are

based

on

Net

Assets)

47

Schedule

of

Investments

Security

Shares

Value

a

Consumer

Finance

(continued)

Synchrony

Financial

.......................

74,921

$

3,295,026

35,404,826

a

Consumer

Staples

Distribution

&

Retail

 — 

0

.6

%

Kroger

Co.

(The)

.........................

122,921

6,807,365

Sysco

Corp.

............................

90,793

6,747,736

Target

Corp.

............................

83,158

13,386,775

United

Natural

Foods,

Inc.

(b)

..................

10,619

94,827

27,036,703

a

Containers

&

Packaging

 — 

0

.3

%

Avery

Dennison

Corp.

......................

14,440

3,137,523

Ball

Corp.

..............................

56,757

3,948,585

International

Paper

Co.

.....................

59,092

2,064,674

Sealed

Air

Corp.

.........................

26,243

826,130

Sonoco

Products

Co.

......................

17,780

996,569

10,973,481

a

Distributors

 — 

0

.1

%

LKQ

Corp.

.............................

48,450

2,089,648

Pool

Corp.

.............................

7,005

2,539,523

4,629,171

a

Diversified

Telecommunication

Services

 — 

0

.7

%

Liberty

Global,

Ltd.

,

Class

C

(a)

(b)

...............

33,186

543,255

Lumen

Technologies,

Inc.

(b)

..................

182,530

217,211

Verizon

Communications,

Inc.

................

756,783

29,885,360

30,645,826

a

Electric

Utilities

 — 

0

.2

%

Eversource

Energy

.......................

62,888

3,812,271

Exelon

Corp.

............................

178,800

6,719,304

10,531,575

a

Electrical

Equipment

 — 

0

.7

%

Acuity

Brands,

Inc.

........................

5,573

1,383,776

Eaton

Corp.

PLC

.........................

71,877

22,875,574

Rockwell

Automation,

Inc.

...................

20,627

5,589,092

Sensata

Technologies

Holding

PLC

............

26,890

1,030,156

30,878,598

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.6

%

Cognex

Corp.

...........................

30,900

1,283,586

Corning,

Inc.

............................

145,721

4,864,167

Flex

Ltd.

(a)

(b)

............................

78,016

2,235,158

Itron,

Inc.

(b)

.............................

8,306

765,149

Keysight

Technologies,

Inc.

(b)

.................

31,729

4,693,988

TE

Connectivity

Ltd.

.......................

55,691

7,879,163

Trimble,

Inc.

(b)

...........................

44,918

2,698,224

Zebra

Technologies

Corp.

,

Class

A

(b)

............

9,151

2,878,539

27,297,974

a

Energy

Equipment

&

Services

 — 

0

.4

%

Baker

Hughes

Co.

,

Class

A

..................

181,224

5,911,527

Core

Laboratories,

Inc.

(a)

....................

8,692

137,334

Halliburton

Co.

..........................

160,755

6,023,490

NOV,

Inc.

..............................

70,733

1,307,853

TechnipFMC

PLC

........................

78,573

2,013,040

15,393,244

a

Entertainment

 — 

1

.1

%

Electronic

Arts,

Inc.

.......................

46,216

5,861,113

Walt

Disney

Co.

(The)

.....................

330,057

36,669,333

Warner

Bros

Discovery,

Inc.

,

Series

A

(b)

..........

417,959

3,076,178

45,606,624

a

Security

Shares

Value

a

Financial

Services

 — 

4

.0

%

Equitable

Holdings,

Inc.

....................

60,793

$

2,243,870

Fidelity

National

Information

Services,

Inc.

........

107,053

7,271,040

Mastercard,

Inc.

,

Class

A

....................

150,741

68,014,339

PayPal

Holdings,

Inc.

(b)

.....................

184,373

12,522,614

Visa,

Inc.

,

Class

A

........................

284,923

76,533,167

Voya

Financial,

Inc.

.......................

18,977

1,293,472

Western

Union

Co.

(The)

...................

51,647

694,136

168,572,638

a

Food

Products

 — 

1

.4

%

Archer-Daniels-Midland

Co.

..................

96,047

5,634,117

Bunge

Global

SA

.........................

26,154

2,661,431

Campbell

Soup

Co.

.......................

34,662

1,584,400

Conagra

Brands,

Inc.

......................

86,131

2,651,112

Darling

Ingredients,

Inc.

(b)

...................

28,599

1,211,740

General

Mills,

Inc.

........................

102,227

7,202,914

Hain

Celestial

Group,

Inc.

(The)

(b)

..............

17,096

104,969

Hormel

Foods

Corp.

.......................

53,885

1,916,151

Ingredion,

Inc.

...........................

12,091

1,385,508

J

M

Smucker

Co.

(The)

.....................

19,034

2,186,055

Kellanova

..............................

49,095

2,840,637

Kraft

Heinz

Co.

(The)

......................

154,744

5,974,666

Lamb

Weston

Holdings,

Inc.

.................

25,858

2,155,006

McCormick

&

Co.,

Inc.

,

NVS

.................

45,124

3,432,131

Mondelez

International,

Inc.

,

Class

A

............

244,975

17,623,501

58,564,338

a

Gas

Utilities

 — 

0

.1

%

Atmos

Energy

Corp.

.......................

27,152

3,201,221

New

Jersey

Resources

Corp.

.................

18,005

786,639

UGI

Corp.

..............................

37,638

962,027

4,949,887

a

Ground

Transportation

 — 

1

.3

%

ArcBest

Corp.

...........................

4,434

491,775

Avis

Budget

Group,

Inc.

....................

3,261

311,262

CSX

Corp.

.............................

355,725

11,817,185

JB

Hunt

Transport

Services,

Inc.

..............

14,790

2,404,410

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

28,674

1,325,599

Norfolk

Southern

Corp.

.....................

40,699

9,373,794

Ryder

System,

Inc.

........................

8,280

1,008,918

U-Haul

Holding

Co.

,

Series

N

,

NVS

(a)

...........

17,274

1,059,242

Union

Pacific

Corp.

.......................

109,734

26,024,515

53,816,700

a

Health

Care

Equipment

&

Supplies

 — 

1

.5

%

Align

Technology,

Inc.

(b)

.....................

13,115

3,703,414

Becton

Dickinson

&

Co.

....................

52,099

12,222,425

Cooper

Cos.,

Inc.

The

(b)

....................

35,468

3,158,780

Dentsply

Sirona,

Inc.

......................

38,628

1,159,226

Dexcom,

Inc.

(b)

..........................

69,751

8,885,580

Edwards

Lifesciences

Corp.

(b)

................

109,160

9,242,577

Hologic,

Inc.

(b)

...........................

43,203

3,273,491

IDEXX

Laboratories,

Inc.

(b)

...................

14,920

7,351,979

Insulet

Corp.

(b)

...........................

12,643

2,173,838

ResMed,

Inc.

...........................

26,449

5,659,822

STERIS

PLC

............................

17,802

3,641,577

Zimmer

Biomet

Holdings,

Inc.

................

37,694

4,533,834

65,006,543

a

Health

Care

Providers

&

Services

 — 

2

.1

%

Cardinal

Health,

Inc.

.......................

44,238

4,558,284

Cencora,

Inc.

...........................

30,764

7,354,134

Centene

Corp.

(b)

.........................

96,162

7,025,596

Cigna

Group

(The)

........................

52,675

18,807,082

DaVita,

Inc.

(a)

(b)

..........................

9,832

1,366,746

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

MSCI

KLD

400

Social

ETF

(Percentages

shown

are

based

on

Net

Assets)

48

2024

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Health

Care

Providers

&

Services

(continued)

Elevance

Health,

Inc.

......................

42,300

$

22,358,934

HCA

Healthcare,

Inc.

......................

36,137

11,195,965

Henry

Schein,

Inc.

(b)

.......................

23,366

1,618,796

Humana,

Inc.

...........................

22,199

6,706,096

Laboratory

Corp.

of

America

Holdings

...........

15,282

3,077,336

Patterson

Companies,

Inc.

..................

15,584

396,925

Pediatrix

Medical

Group,

Inc.

(a)

(b)

...............

14,517

128,766

Quest

Diagnostics,

Inc.

.....................

20,197

2,790,821

Select

Medical

Holdings

Corp.

................

19,488

552,875

87,938,356

a

Health

Care

REITs

 — 

0

.4

%

Healthpeak

Properties,

Inc.

..................

127,097

2,365,275

Ventas,

Inc.

............................

72,853

3,225,931

Welltower,

Inc.

...........................

99,631

9,492,842

15,084,048

a

Health

Care

Technology

 — 

0

.0

%

Teladoc

Health,

Inc.

(a)

(b)

.....................

29,670

378,292

a

Hotel

&

Resort

REITs

 — 

0

.1

%

Host

Hotels

&

Resorts,

Inc.

..................

128,753

2,429,569

a

Hotels,

Restaurants

&

Leisure

 — 

2

.6

%

Aramark

...............................

44,054

1,388,142

Booking

Holdings,

Inc.

.....................

6,280

21,678,748

Choice

Hotels

International,

Inc.

...............

5,881

695,487

Darden

Restaurants,

Inc.

...................

21,537

3,303,991

Domino's

Pizza,

Inc.

.......................

6,319

3,344,457

Hilton

Worldwide

Holdings,

Inc.

...............

46,161

9,106,642

Jack

in

the

Box,

Inc.

.......................

3,699

211,102

Marriott

International,

Inc.

,

Class

A

.............

44,938

10,611,210

McDonald's

Corp.

........................

130,570

35,650,833

Royal

Caribbean

Cruises

Ltd.

(a)

(b)

..............

43,576

6,084,517

Starbucks

Corp.

..........................

203,812

18,035,324

Vail

Resorts,

Inc.

.........................

6,832

1,293,776

111,404,229

a

Household

Durables

 — 

0

.2

%

Ethan

Allen

Interiors,

Inc.

...................

4,050

114,372

Garmin

Ltd.

.............................

27,689

4,000,230

La-Z-Boy,

Inc.

...........................

8,345

274,050

Meritage

Homes

Corp.

.....................

6,649

1,102,005

Mohawk

Industries,

Inc.

(b)

...................

9,636

1,111,223

Newell

Brands,

Inc.

.......................

71,331

566,368

Whirlpool

Corp.

..........................

9,716

921,660

8,089,908

a

Household

Products

 — 

2

.3

%

Church

&

Dwight

Co.,

Inc.

...................

44,526

4,803,910

Clorox

Co.

(The)

.........................

22,222

3,285,967

Colgate-Palmolive

Co.

.....................

140,768

12,939,394

Kimberly-Clark

Corp.

......................

60,605

8,274,401

Procter

&

Gamble

Co.

(The)

.................

424,264

69,239,885

98,543,557

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.0

%

Ormat

Technologies,

Inc.

....................

9,732

621,194

a

Industrial

Conglomerates

 — 

0

.2

%

3M

Co.

................................

99,077

9,561,921

a

Industrial

REITs

 — 

0

.4

%

Prologis,

Inc.

............................

166,324

16,973,364

a

Security

Shares

Value

a

Insurance

 — 

2

.5

%

Allstate

Corp.

(The)

.......................

47,118

$

8,012,887

Arthur

J

Gallagher

&

Co.

....................

38,870

9,122,400

Chubb

Ltd.

.............................

73,442

18,260,619

Hartford

Financial

Services

Group,

Inc.

(The)

......

54,141

5,245,721

Lincoln

National

Corp.

.....................

30,343

827,454

Loews

Corp.

............................

34,377

2,583,432

Marsh

&

McLennan

Companies,

Inc.

............

88,704

17,690,239

Principal

Financial

Group,

Inc.

................

42,918

3,396,531

Progressive

Corp.

(The)

....................

105,313

21,931,432

Prudential

Financial,

Inc.

....................

64,944

7,175,013

Travelers

Companies,

Inc.

(The)

...............

41,023

8,703,440

Willis

Towers

Watson

PLC

...................

18,546

4,657,642

107,606,810

a

Interactive

Media

&

Services

 — 

7

.7

%

Alphabet,

Inc.

,

Class

A

(b)

....................

1,065,302

173,409,860

Alphabet,

Inc.

,

Class

C

,

NVS

(b)

................

927,504

152,704,258

ZoomInfo

Technologies,

Inc.

(b)

................

50,350

798,551

326,912,669

a

IT

Services

 — 

1

.8

%

Accenture

PLC

,

Class

A

....................

112,866

33,962,508

Akamai

Technologies,

Inc.

(b)

..................

27,242

2,749,535

ASGN,

Inc.

(a)

(b)

...........................

8,801

848,857

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

90,673

5,955,403

International

Business

Machines

Corp.

..........

164,371

27,318,460

Okta,

Inc.

,

Class

A

(b)

.......................

28,147

2,617,108

Twilio,

Inc.

,

Class

A

(b)

......................

30,740

1,840,711

75,292,582

a

Leisure

Products

 — 

0

.1

%

Hasbro,

Inc.

............................

23,641

1,449,193

Mattel,

Inc.

(b)

............................

62,926

1,152,804

Topgolf

Callaway

Brands

Corp.

(b)

..............

26,973

432,108

3,034,105

a

Life

Sciences

Tools

&

Services

 — 

1

.5

%

Agilent

Technologies,

Inc.

...................

52,744

7,228,038

Bio-Techne

Corp.

.........................

28,416

1,796,175

Danaher

Corp.

..........................

126,364

31,163,890

Illumina,

Inc.

(b)

...........................

28,567

3,515,169

IQVIA

Holdings,

Inc.

(a)

(b)

.....................

32,810

7,604,374

Mettler-Toledo

International,

Inc.

(b)

.............

3,936

4,840,099

Waters

Corp.

(a)

(b)

.........................

10,590

3,272,734

West

Pharmaceutical

Services,

Inc.

............

13,263

4,741,257

64,161,736

a

Machinery

 — 

3

.3

%

AGCO

Corp.

............................

11,425

1,304,621

Caterpillar,

Inc.

..........................

91,572

30,637,244

CNH

Industrial

N.V.

(b)

......................

178,459

2,034,433

Cummins,

Inc.

...........................

25,491

7,200,953

Deere

&

Co.

............................

47,881

18,741,102

Dover

Corp.

............................

25,093

4,499,175

Flowserve

Corp.

.........................

23,766

1,120,804

Fortive

Corp.

............................

63,397

4,771,892

Graco,

Inc.

.............................

30,186

2,420,917

IDEX

Corp.

.............................

13,577

2,993,185

Illinois

Tool

Works,

Inc.

.....................

54,273

13,248,582

Ingersoll

Rand,

Inc.

.......................

72,946

6,807,321

Lincoln

Electric

Holdings,

Inc.

................

10,249

2,249,963

Middleby

Corp.

(The)

(b)

.....................

9,625

1,337,586

PACCAR,

Inc.

...........................

94,270

10,002,990

Parker-Hannifin

Corp.

......................

23,137

12,607,583

Pentair

PLC

............................

29,806

2,357,356

Snap-on,

Inc.

...........................

9,427

2,526,059

iShares

®

MSCI

KLD

400

Social

ETF

Schedule

of

Investments

(continued)

April

30,

2024

(Percentages

shown

are

based

on

Net

Assets)

49

Schedule

of

Investments

Security

Shares

Value

a

Machinery

(continued)

Stanley

Black

&

Decker,

Inc.

.................

27,665

$

2,528,581

Tennant

Co.

............................

3,344

389,509

Timken

Co.

(The)

.........................

11,280

1,006,402

Westinghouse

Air

Brake

Technologies

Corp.

.......

32,362

5,212,871

Xylem,

Inc.

.............................

43,245

5,652,121

141,651,250

a

Media

 — 

0

.1

%

Cable

One,

Inc.

..........................

817

321,775

John

Wiley

&

Sons,

Inc.

,

Class

A

..............

8,051

302,476

New

York

Times

Co.

(The)

,

Class

A

.............

27,861

1,198,859

Omnicom

Group,

Inc.

......................

35,398

3,286,350

Scholastic

Corp.

.........................

4,667

166,239

5,275,699

a

Metals

&

Mining

 — 

0

.2

%

Compass

Minerals

International,

Inc.

............

6,368

79,281

Newmont

Corp.

..........................

206,951

8,410,489

Radius

Recycling,

Inc.

,

Class

A

...............

4,724

82,292

8,572,062

a

Multi-Utilities

 — 

0

.4

%

Avista

Corp.

............................

13,238

476,303

CMS

Energy

Corp.

........................

52,595

3,187,783

Consolidated

Edison,

Inc.

...................

62,154

5,867,338

Sempra

...............................

113,211

8,109,304

17,640,728

a

Office

REITs

 — 

0

.1

%

Boston

Properties,

Inc.

.....................

26,705

1,652,772

COPT

Defense

Properties

...................

20,916

501,357

2,154,129

a

Oil,

Gas

&

Consumable

Fuels

 — 

1

.2

%

Cheniere

Energy,

Inc.

......................

43,109

6,803,462

HF

Sinclair

Corp.

.........................

28,831

1,564,082

Marathon

Petroleum

Corp.

..................

68,349

12,420,380

ONEOK,

Inc.

............................

104,595

8,275,557

Phillips

66

..............................

79,197

11,341,802

Valero

Energy

Corp.

.......................

61,284

9,797,473

50,202,756

a

Passenger

Airlines

 — 

0

.1

%

Delta

Air

Lines,

Inc.

.......................

29,211

1,462,595

Southwest

Airlines

Co.

.....................

26,784

694,777

2,157,372

a

Personal

Care

Products

 — 

0

.1

%

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

41,784

6,130,131

a

Pharmaceuticals

 — 

2

.1

%

Bristol-Myers

Squibb

Co.

....................

366,279

16,094,299

Jazz

Pharmaceuticals

PLC

(b)

.................

10,748

1,190,341

Merck

&

Co.,

Inc.

.........................

456,152

58,943,962

Zoetis,

Inc.

,

Class

A

.......................

82,641

13,159,753

89,388,355

a

Professional

Services

 — 

0

.7

%

Automatic

Data

Processing,

Inc.

...............

73,971

17,892,845

Broadridge

Financial

Solutions,

Inc.

............

21,157

4,091,975

Exponent,

Inc.

...........................

9,264

851,454

Heidrick

&

Struggles

International,

Inc.

..........

3,271

96,429

ICF

International,

Inc.

......................

3,475

501,408

Kelly

Services,

Inc.

,

Class

A

,

NVS

.............

6,223

142,756

ManpowerGroup,

Inc.

......................

9,065

683,954

Paycom

Software,

Inc.

.....................

9,752

1,833,181

Resources

Connection,

Inc.

..................

6,583

72,742

Security

Shares

Value

a

Professional

Services

(continued)

Robert

Half,

Inc.

.........................

19,012

$

1,314,490

TransUnion

.............................

35,051

2,558,723

TrueBlue,

Inc.

(b)

..........................

5,818

60,624

30,100,581

a

Real

Estate

Management

&

Development

 — 

0

.1

%

Anywhere

Real

Estate,

Inc.

(b)

.................

15,563

75,636

CBRE

Group,

Inc.

,

Class

A

(b)

.................

54,866

4,767,307

Jones

Lang

LaSalle,

Inc.

(b)

...................

8,507

1,537,215

6,380,158

a

Residential

REITs

 — 

0

.3

%

AvalonBay

Communities,

Inc.

................

25,628

4,858,300

Equity

Residential

........................

64,874

4,177,886

UDR,

Inc.

..............................

55,678

2,120,218

11,156,404

a

Retail

REITs

 — 

0

.2

%

Federal

Realty

Investment

Trust

...............

13,107

1,365,356

Macerich

Co.

(The)

.......................

38,026

523,238

Simon

Property

Group,

Inc.

..................

58,756

8,256,981

10,145,575

a

Semiconductors

&

Semiconductor

Equipment

 — 

13

.7

%

Advanced

Micro

Devices,

Inc.

(b)

...............

290,806

46,057,854

Analog

Devices,

Inc.

.......................

89,496

17,953,792

Applied

Materials,

Inc.

.....................

149,600

29,718,040

First

Solar,

Inc.

(b)

.........................

18,222

3,212,539

Intel

Corp.

.............................

758,924

23,124,414

Lam

Research

Corp.

......................

23,734

21,227,927

Microchip

Technology,

Inc.

...................

97,743

8,990,401

NVIDIA

Corp.

...........................

444,636

384,174,397

NXP

Semiconductors

NV

...................

46,298

11,861,085

ON

Semiconductor

Corp.

(b)

..................

77,487

5,436,488

Skyworks

Solutions,

Inc.

....................

28,624

3,051,032

Texas

Instruments,

Inc.

.....................

163,486

28,842,200

583,650,169

a

Software

 — 

17

.9

%

Adobe,

Inc.

(b)

............................

81,365

37,658,163

ANSYS,

Inc.

(b)

...........................

15,583

5,062,605

Atlassian

Corp.

,

Class

A

(b)

...................

27,861

4,800,450

Autodesk,

Inc.

(b)

..........................

38,547

8,204,729

Cadence

Design

Systems,

Inc.

(b)

..............

48,973

13,498,428

Fair

Isaac

Corp.

(b)

.........................

4,464

5,059,185

Fortinet,

Inc.

(b)

...........................

117,497

7,423,460

Gen

Digital,

Inc.

..........................

103,340

2,081,268

Guidewire

Software,

Inc.

(a)

(b)

..................

13,892

1,533,677

HubSpot,

Inc.

(b)

..........................

8,608

5,206,721

Intuit,

Inc.

..............................

50,391

31,525,617

Microsoft

Corp.

..........................

1,271,070

494,865,683

Oracle

Corp.

............................

296,901

33,772,489

PTC,

Inc.

(b)

.............................

21,575

3,828,268

RingCentral,

Inc.

,

Class

A

(b)

..................

13,696

405,676

Roper

Technologies,

Inc.

....................

19,242

9,841,513

Salesforce,

Inc.

..........................

174,250

46,862,795

ServiceNow,

Inc.

(b)

........................

36,903

25,585,957

Synopsys,

Inc.

(b)

.........................

27,389

14,532,330

Teradata

Corp.

(b)

.........................

17,940

665,574

Workday,

Inc.

,

Class

A

(b)

....................

37,623

9,207,477

761,622,065

a

Specialized

REITs

 — 

1

.2

%

American

Tower

Corp.

.....................

83,915

14,396,457

Crown

Castle,

Inc.

........................

77,875

7,303,118

Digital

Realty

Trust,

Inc.

....................

54,517

7,565,869

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

MSCI

KLD

400

Social

ETF

(Percentages

shown

are

based

on

Net

Assets)

50

2024

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Specialized

REITs

(continued)

Equinix,

Inc.

............................

16,900

$

12,017,759

Iron

Mountain,

Inc.

........................

52,209

4,047,242

PotlatchDeltic

Corp.

.......................

14,579

583,306

SBA

Communications

Corp.

,

Class

A

............

19,536

3,636,040

49,549,791

a

Specialty

Retail

 — 

2

.4

%

AutoNation,

Inc.

(b)

.........................

4,976

801,882

Best

Buy

Co.,

Inc.

........................

34,933

2,572,466

Buckle,

Inc.

(The)

........................

6,060

226,583

CarMax,

Inc.

(a)

(b)

..........................

28,728

1,952,642

Foot

Locker,

Inc.

.........................

14,616

304,744

GameStop

Corp.

,

Class

A

(a)

(b)

.................

49,033

543,776

Gap,

Inc.

(The)

..........................

39,479

810,109

Home

Depot,

Inc.

(The)

....................

179,158

59,878,187

Lowe's

Companies,

Inc.

....................

103,593

23,618,168

ODP

Corp.

(The)

(b)

........................

6,248

318,086

Signet

Jewelers

Ltd.

.......................

8,032

787,377

Tractor

Supply

Co.

........................

19,569

5,343,903

Ulta

Beauty,

Inc.

(b)

........................

8,742

3,539,111

Williams-Sonoma,

Inc.

.....................

10,969

3,145,690

103,842,724

a

Technology

Hardware,

Storage

&

Peripherals

 — 

0

.4

%

Dell

Technologies,

Inc.

,

Class

C

...............

43,224

5,387,439

Hewlett

Packard

Enterprise

Co.

...............

234,465

3,985,905

HP,

Inc.

...............................

169,455

4,759,991

Seagate

Technology

Holdings

PLC

.............

35,854

3,080,217

Xerox

Holdings

Corp.

......................

21,160

281,217

17,494,769

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.7

%

Capri

Holdings

Ltd.

(b)

......................

20,984

744,512

Columbia

Sportswear

Co.

...................

6,635

528,345

Deckers

Outdoor

Corp.

(b)

....................

4,631

3,790,335

Hanesbrands,

Inc.

(b)

.......................

63,073

287,613

Nike,

Inc.

,

Class

B

........................

219,113

20,215,365

PVH

Corp.

.............................

10,829

1,178,195

Under

Armour,

Inc.

,

Class

A

(b)

.................

33,073

222,581

Under

Armour,

Inc.

,

Class

C

(b)

................

33,732

219,933

Security

Shares

Value

a

Textiles,

Apparel

&

Luxury

Goods

(continued)

VF

Corp.

..............................

59,321

$

739,140

Wolverine

World

Wide,

Inc.

..................

14,446

155,150

28,081,169

a

Trading

Companies

&

Distributors

 — 

0

.8

%

Air

Lease

Corp.

,

Class

A

....................

18,915

950,289

Applied

Industrial

Technologies,

Inc.

............

6,972

1,277,619

Fastenal

Co.

............................

102,903

6,991,230

Ferguson

PLC

...........................

36,543

7,670,376

United

Rentals,

Inc.

.......................

12,202

8,150,814

WW

Grainger,

Inc.

........................

8,081

7,445,429

32,485,757

a

Water

Utilities

 — 

0

.1

%

American

Water

Works

Co.,

Inc.

...............

35,056

4,288,050

Essential

Utilities,

Inc.

......................

46,737

1,709,639

5,997,689

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

3,032,109,999

)

...............................

4,232,556,551

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.5

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.49

%

(c)

(d)

(e)

......................

10,438,511

10,441,642

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.28

%

(c)

(d)

............................

11,294,314

11,294,314

a

Total

Short-Term

Securities — 0.5%

(Cost:

$

21,733,508

)

.................................

21,735,956

Total

Investments

—

100.2%

(Cost:

$

3,053,843,507

)

...............................

4,254,292,507

Liabilities

in

Excess

of

Other

Assets

—

(

0

.2

)

%

...............

(

7,519,546

)

Net

Assets

—

100.0%

.................................

$

4,246,772,961

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

April

30,

2024

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

04/30/24

  Shares

Held

at

04/30/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

18,347,044

$

—

$

(

7,900,137

)

(a)

$

(

4,670

)

$

(

595

)

$

10,441,642

10,438,511

$

147,920

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.....

10,014,471

1,279,843

(a)

—

—

—

11,294,314

11,294,314

517,276

—

BlackRock,

Inc.

.

18,394,236

990,844

(

1,486,695

)

500,966

1,789,533

20,188,884

26,753

540,974

—

$

496,296

$

1,788,938

$

41,924,840

$

1,206,170

$

—

iShares

®

MSCI

KLD

400

Social

ETF

Schedule

of

Investments

(continued)

April

30,

2024

51

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

April

30,

2024,

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

..................................................................

53

06/21/24

$

13,428

$

(

418,099

)

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)

.............

$

—

$

—

$

418,099

$

—

$

—

$

—

$

418,099

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

2,560,490

$

—

$

—

$

—

$

2,560,490

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

1,112,306

)

$

—

$

—

$

—

$

(

1,112,306

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

11,894,188

a

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

MSCI

KLD

400

Social

ETF

52

2024

iShares

Annual

Report

to

Shareholders

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

4,232,556,551

‌

$

—

‌

$

—

‌

$

4,232,556,551

‌

Short-Term

Securities

Money

Market

Funds

......................................

21,735,956

‌

—

‌

—

‌

21,735,956

‌

$

4,254,292,507

‌

$

—

‌

$

—

‌

$

4,254,292,507

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

418,099

)

$

—

‌

$

—

‌

$

(

418,099

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

MSCI

USA

ESG

Select

ETF

Schedule

of

Investments

April

30,

2024

(Percentages

shown

are

based

on

Net

Assets)

53

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.3

%

Axon

Enterprise,

Inc.

(a)

.....................

30,554

$

9,583,568

a

Air

Freight

&

Logistics

 — 

1

.5

%

CH

Robinson

Worldwide,

Inc.

................

261,002

18,531,142

Expeditors

International

of

Washington,

Inc.

.......

280,219

31,191,177

49,722,319

a

Automobile

Components

 — 

0

.2

%

Aptiv

PLC

(a)

.............................

93,115

6,611,165

a

Automobiles

 — 

1

.2

%

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

.............

203,535

1,811,461

Tesla,

Inc.

(a)

.............................

200,946

36,829,383

38,640,844

a

Banks

 — 

1

.3

%

Huntington

Bancshares,

Inc.

.................

1,173,288

15,804,189

PNC

Financial

Services

Group,

Inc.

(The)

........

55,652

8,529,225

Regions

Financial

Corp.

....................

839,696

16,180,942

Truist

Financial

Corp.

......................

103,921

3,902,234

44,416,590

a

Beverages

 — 

3

.1

%

Coca-Cola

Co.

(The)

......................

1,014,981

62,695,376

Keurig

Dr

Pepper,

Inc.

.....................

161,944

5,457,513

PepsiCo,

Inc.

...........................

208,306

36,643,109

104,795,998

a

Biotechnology

 — 

2

.3

%

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

22,574

3,249,527

Amgen,

Inc.

............................

91,595

25,091,534

Biogen,

Inc.

(a)

...........................

24,385

5,238,386

Gilead

Sciences,

Inc.

......................

506,963

33,053,988

Regeneron

Pharmaceuticals,

Inc.

(a)

.............

3,990

3,553,733

Vertex

Pharmaceuticals,

Inc.

(a)

................

15,176

5,961,285

76,148,453

a

Broadline

Retail

 — 

0

.2

%

MercadoLibre,

Inc.

(a)

.......................

3,873

5,649,545

a

Building

Products

 — 

3

.4

%

Carrier

Global

Corp.

.......................

111,152

6,834,736

Fortune

Brands

Innovations,

Inc.

..............

216,570

15,831,267

Johnson

Controls

International

PLC

............

222,455

14,475,147

Lennox

International,

Inc.

...................

27,911

12,934,516

Owens

Corning

..........................

65,976

11,097,823

Trane

Technologies

PLC

....................

159,405

50,585,583

111,759,072

a

Capital

Markets

 — 

3

.2

%

Bank

of

New

York

Mellon

Corp.

(The)

...........

339,124

19,157,115

FactSet

Research

Systems,

Inc.

...............

13,085

5,455,006

Moody's

Corp.

...........................

44,762

16,576,712

Morgan

Stanley

..........................

331,351

30,099,925

Nasdaq,

Inc.

............................

124,912

7,475,983

Northern

Trust

Corp.

.......................

67,034

5,522,931

S&P

Global,

Inc.

.........................

46,093

19,166,852

State

Street

Corp.

........................

52,166

3,781,513

107,236,037

a

Chemicals

 — 

1

.8

%

Ecolab,

Inc.

............................

212,505

48,058,006

International

Flavors

&

Fragrances,

Inc.

..........

67,736

5,733,852

Linde

PLC

.............................

7,694

3,392,746

Security

Shares

Value

a

Chemicals

(continued)

PPG

Industries,

Inc.

.......................

23,374

$

3,015,246

60,199,850

a

Commercial

Services

&

Supplies

 — 

0

.5

%

Veralto

Corp.

............................

176,120

16,498,922

a

Communications

Equipment

 — 

0

.8

%

Arista

Networks,

Inc.

(a)

.....................

13,986

3,588,248

Cisco

Systems,

Inc.

.......................

499,517

23,467,309

27,055,557

a

Construction

&

Engineering

 — 

0

.2

%

Quanta

Services,

Inc.

......................

29,807

7,706,898

a

Consumer

Finance

 — 

1

.1

%

American

Express

Co.

.....................

139,433

32,631,505

Synchrony

Financial

.......................

115,203

5,066,628

37,698,133

a

Consumer

Staples

Distribution

&

Retail

 — 

0

.9

%

Costco

Wholesale

Corp.

....................

14,159

10,235,541

Kroger

Co.

(The)

.........................

137,233

7,599,964

Target

Corp.

............................

68,233

10,984,148

28,819,653

a

Containers

&

Packaging

 — 

0

.4

%

Amcor

PLC

.............................

762,531

6,817,027

Ball

Corp.

..............................

89,355

6,216,427

13,033,454

a

Distributors

 — 

0

.6

%

LKQ

Corp.

.............................

428,548

18,483,275

a

Diversified

Telecommunication

Services

 — 

0

.6

%

Verizon

Communications,

Inc.

................

469,571

18,543,359

a

Electric

Utilities

 — 

0

.5

%

Eversource

Energy

.......................

254,243

15,412,211

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.6

%

Keysight

Technologies,

Inc.

(a)

.................

87,317

12,917,677

Trimble,

Inc.

(a)

...........................

142,459

8,557,512

21,475,189

a

Energy

Equipment

&

Services

 — 

1

.0

%

Baker

Hughes

Co.

,

Class

A

..................

467,550

15,251,481

Halliburton

Co.

..........................

104,952

3,932,552

Schlumberger

Ltd.

........................

306,357

14,545,830

33,729,863

a

Entertainment

 — 

1

.6

%

Electronic

Arts,

Inc.

.......................

169,347

21,476,587

Netflix,

Inc.

(a)

............................

12,246

6,743,137

Walt

Disney

Co.

(The)

.....................

231,403

25,708,873

53,928,597

a

Financial

Services

 — 

2

.3

%

Fidelity

National

Information

Services,

Inc.

........

125,075

8,495,094

Mastercard,

Inc.

,

Class

A

....................

71,828

32,408,794

PayPal

Holdings,

Inc.

(a)

(b)

....................

56,097

3,810,108

Visa,

Inc.

,

Class

A

........................

124,651

33,482,505

78,196,501

a

Food

Products

 — 

3

.2

%

Bunge

Global

SA

.........................

198,444

20,193,661

General

Mills,

Inc.

........................

463,162

32,634,395

Kellanova

..............................

804,004

46,519,671

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

MSCI

USA

ESG

Select

ETF

(Percentages

shown

are

based

on

Net

Assets)

54

2024

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Food

Products

(continued)

Kraft

Heinz

Co.

(The)

......................

95,313

$

3,680,035

McCormick

&

Co.,

Inc.

,

NVS

.................

63,444

4,825,551

107,853,313

a

Health

Care

Equipment

&

Supplies

 — 

2

.3

%

Cooper

Cos.,

Inc.

The

(a)

....................

79,799

7,106,899

Dexcom,

Inc.

(a)

..........................

28,353

3,611,889

Edwards

Lifesciences

Corp.

(a)

................

186,729

15,810,344

Hologic,

Inc.

(a)

...........................

92,852

7,035,396

IDEXX

Laboratories,

Inc.

(a)

...................

41,379

20,389,916

Solventum

Corp.

(a)

........................

58,407

3,797,039

STERIS

PLC

............................

51,716

10,579,025

Zimmer

Biomet

Holdings,

Inc.

................

77,157

9,280,444

77,610,952

a

Health

Care

Providers

&

Services

 — 

2

.3

%

DaVita,

Inc.

(a)

(b)

..........................

66,648

9,264,739

Elevance

Health,

Inc.

......................

51,560

27,253,585

HCA

Healthcare,

Inc.

......................

26,998

8,364,520

Humana,

Inc.

...........................

11,513

3,477,962

Laboratory

Corp.

of

America

Holdings

...........

29,610

5,962,566

Molina

Healthcare,

Inc.

(a)

....................

25,291

8,652,051

Quest

Diagnostics,

Inc.

.....................

109,797

15,171,749

78,147,172

a

Health

Care

REITs

 — 

0

.4

%

Welltower,

Inc.

...........................

132,411

12,616,120

a

Hotels,

Restaurants

&

Leisure

 — 

0

.5

%

Booking

Holdings,

Inc.

.....................

2,949

10,180,036

Vail

Resorts,

Inc.

.........................

32,148

6,087,867

16,267,903

a

Household

Products

 — 

1

.8

%

Church

&

Dwight

Co.,

Inc.

...................

77,282

8,337,955

Clorox

Co.

(The)

.........................

135,056

19,970,731

Kimberly-Clark

Corp.

......................

117,980

16,107,809

Procter

&

Gamble

Co.

(The)

.................

104,388

17,036,122

61,452,617

a

Industrial

Conglomerates

 — 

0

.7

%

3M

Co.

................................

233,639

22,548,500

a

Insurance

 — 

1

.9

%

Marsh

&

McLennan

Companies,

Inc.

............

51,594

10,289,391

Progressive

Corp.

(The)

....................

59,140

12,315,905

Prudential

Financial,

Inc.

....................

250,349

27,658,558

Travelers

Companies,

Inc.

(The)

...............

67,993

14,425,395

64,689,249

a

Interactive

Media

&

Services

 — 

4

.0

%

Alphabet,

Inc.

,

Class

A

(a)

....................

440,105

71,640,292

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

................

363,928

59,917,106

131,557,398

IT

Services

 — 

2

.1

%

Accenture

PLC

,

Class

A

....................

73,858

22,224,611

Akamai

Technologies,

Inc.

(a)

..................

32,594

3,289,712

Gartner,

Inc.

(a)

...........................

7,390

3,049,040

International

Business

Machines

Corp.

..........

141,296

23,483,395

MongoDB,

Inc.

,

Class

A

(a)

(b)

..................

18,071

6,599,168

Snowflake,

Inc.

,

Class

A

(a)

...................

14,401

2,235,035

Twilio,

Inc.

,

Class

A

(a)

......................

125,466

7,512,904

68,393,865

a

Leisure

Products

 — 

0

.5

%

Hasbro,

Inc.

............................

290,659

17,817,397

a

Security

Shares

Value

a

Life

Sciences

Tools

&

Services

 — 

2

.6

%

Agilent

Technologies,

Inc.

...................

115,426

$

15,817,979

Avantor,

Inc.

(a)

...........................

157,680

3,820,586

Danaher

Corp.

..........................

102,053

25,168,311

Mettler-Toledo

International,

Inc.

(a)

.............

7,726

9,500,662

Repligen

Corp.

(a)

(b)

........................

19,460

3,195,332

Waters

Corp.

(a)

..........................

65,362

20,199,473

West

Pharmaceutical

Services,

Inc.

............

29,123

10,410,890

88,113,233

a

Machinery

 — 

2

.7

%

Caterpillar,

Inc.

..........................

13,164

4,404,279

CNH

Industrial

N.V.

(a)

......................

614,890

7,009,746

Cummins,

Inc.

...........................

72,519

20,485,892

Deere

&

Co.

............................

9,204

3,602,538

Pentair

PLC

............................

407,872

32,258,597

Xylem,

Inc.

.............................

161,694

21,133,406

88,894,458

a

Media

 — 

0

.3

%

Comcast

Corp.

,

Class

A

....................

80,448

3,065,873

Interpublic

Group

of

Companies,

Inc.

(The)

.......

177,901

5,415,307

8,481,180

a

Metals

&

Mining

 — 

0

.3

%

Newmont

Corp.

..........................

145,821

5,926,166

Nucor

Corp.

............................

30,455

5,132,581

11,058,747

a

Multi-Utilities

 — 

0

.3

%

Consolidated

Edison,

Inc.

...................

108,095

10,204,168

a

Oil,

Gas

&

Consumable

Fuels

 — 

3

.2

%

Cheniere

Energy,

Inc.

......................

150,704

23,784,105

Kinder

Morgan,

Inc.

,

Class

P

.................

629,517

11,507,571

ONEOK,

Inc.

............................

527,650

41,747,668

Targa

Resources

Corp.

.....................

143,992

16,423,728

Valero

Energy

Corp.

.......................

75,815

12,120,544

105,583,616

a

Pharmaceuticals

 — 

3

.2

%

Eli

Lilly

&

Co.

...........................

64,502

50,382,512

Merck

&

Co.,

Inc.

.........................

205,242

26,521,371

Zoetis,

Inc.

,

Class

A

.......................

185,238

29,497,299

106,401,182

a

Professional

Services

 — 

1

.3

%

Automatic

Data

Processing,

Inc.

...............

170,080

41,140,651

Broadridge

Financial

Solutions,

Inc.

............

16,766

3,242,712

44,383,363

a

Real

Estate

Management

&

Development

 — 

0

.8

%

CBRE

Group,

Inc.

,

Class

A

(a)

(b)

................

310,413

26,971,785

a

Semiconductors

&

Semiconductor

Equipment

 — 

11

.1

%

Advanced

Micro

Devices,

Inc.

(a)

...............

107,722

17,061,010

Applied

Materials,

Inc.

.....................

149,168

29,632,223

Broadcom,

Inc.

..........................

16,396

21,319,227

First

Solar,

Inc.

(a)

(b)

........................

26,967

4,754,282

Intel

Corp.

.............................

624,848

19,039,118

Lam

Research

Corp.

......................

24,597

21,999,803

Marvell

Technology,

Inc.

....................

62,433

4,114,959

NVIDIA

Corp.

...........................

215,036

185,795,405

NXP

Semiconductors

NV

...................

69,375

17,773,181

QUALCOMM,

Inc.

........................

21,736

3,604,916

Texas

Instruments,

Inc.

.....................

248,774

43,888,709

368,982,833

a

iShares

®

MSCI

USA

ESG

Select

ETF

Schedule

of

Investments

(continued)

April

30,

2024

(Percentages

shown

are

based

on

Net

Assets)

55

Schedule

of

Investments

Security

Shares

Value

a

Software

 — 

12

.0

%

Adobe,

Inc.

(a)

............................

81,171

$

37,568,374

ANSYS,

Inc.

(a)

...........................

27,136

8,815,944

Atlassian

Corp.

,

Class

A

(a)

(b)

..................

30,790

5,305,117

Autodesk,

Inc.

(a)

..........................

95,604

20,349,311

Cadence

Design

Systems,

Inc.

(a)

..............

92,722

25,556,965

HubSpot,

Inc.

(a)

(b)

.........................

10,642

6,437,027

Intuit,

Inc.

..............................

54,183

33,897,968

Microsoft

Corp.

..........................

411,440

160,185,935

Palo

Alto

Networks,

Inc.

(a)

...................

25,078

7,294,939

PTC,

Inc.

(a)

.............................

27,349

4,852,807

Salesforce,

Inc.

..........................

143,091

38,482,894

ServiceNow,

Inc.

(a)

........................

34,471

23,899,778

Synopsys,

Inc.

(a)

.........................

21,373

11,340,300

Workday,

Inc.

,

Class

A

(a)

....................

67,328

16,477,181

400,464,540

a

Specialized

REITs

 — 

1

.7

%

American

Tower

Corp.

.....................

69,401

11,906,436

Crown

Castle,

Inc.

........................

221,162

20,740,572

Equinix,

Inc.

............................

24,373

17,331,884

Iron

Mountain,

Inc.

........................

71,285

5,526,013

55,504,905

a

Specialty

Retail

 — 

3

.6

%

Best

Buy

Co.,

Inc.

........................

225,159

16,580,709

Home

Depot,

Inc.

(The)

....................

161,179

53,869,245

Lowe's

Companies,

Inc.

....................

107,778

24,572,306

Tractor

Supply

Co.

........................

35,851

9,790,191

Williams-Sonoma,

Inc.

.....................

52,178

14,963,607

119,776,058

a

Technology

Hardware,

Storage

&

Peripherals

 — 

5

.0

%

Apple,

Inc.

.............................

789,327

134,446,068

Hewlett

Packard

Enterprise

Co.

...............

1,232,313

20,949,321

HP,

Inc.

...............................

218,645

6,141,738

Security

Shares

Value

a

Technology

Hardware,

Storage

&

Peripherals

(continued)

Seagate

Technology

Holdings

PLC

.............

39,237

$

3,370,851

164,907,978

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.6

%

Deckers

Outdoor

Corp.

(a)

....................

21,653

17,722,331

Lululemon

Athletica,

Inc.

(a)

...................

8,968

3,233,861

20,956,192

a

Trading

Companies

&

Distributors

 — 

1

.8

%

Ferguson

PLC

...........................

168,025

35,268,447

WW

Grainger,

Inc.

........................

27,076

24,946,473

60,214,920

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

3,134,053,296

)

...............................

3,325,198,697

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.7

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.49

%

(c)

(d)

(e)

......................

18,265,674

18,271,154

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.28

%

(c)

(d)

............................

5,126,467

5,126,467

a

Total

Short-Term

Securities — 0.7%

(Cost:

$

23,393,329

)

.................................

23,397,621

Total

Investments

—

100.5%

(Cost:

$

3,157,446,625

)

...............................

3,348,596,318

Liabilities

in

Excess

of

Other

Assets

—

(

0

.5

)

%

...............

(

15,438,447

)

Net

Assets

—

100.0%

.................................

$

3,333,157,871

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

April

30,

2024

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

04/30/24

  Shares

Held

at

04/30/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

20,907,295

$

—

$

(

2,659,180

)

(a)

$

24,782

$

(

1,743

)

$

18,271,154

18,265,674

$

156,032

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

4,450,515

675,952

(a)

—

—

—

5,126,467

5,126,467

407,631

—

BlackRock,

Inc.

(c)

.

5,954,886

3,167,785

(

10,486,849

)

2,671,901

(

1,307,723

)

—

—

122,385

—

$

2,696,683

$

(

1,309,466

)

$

23,397,621

$

686,048

$

—

(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.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

MSCI

USA

ESG

Select

ETF

56

2024

iShares

Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

April

30,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

..................................................................

29

06/21/24

$

7,347

$

(

206,548

)

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)

.............

$

—

$

—

$

206,548

$

—

$

—

$

—

$

206,548

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

2,226,401

$

—

$

—

$

—

$

2,226,401

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

496,642

)

$

—

$

—

$

—

$

(

496,642

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

10,128,903

a

iShares

®

MSCI

USA

ESG

Select

ETF

Schedule

of

Investments

(continued)

April

30,

2024

57

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

3,325,198,697

$

—

$

—

$

3,325,198,697

Short-Term

Securities

Money

Market

Funds

......................................

23,397,621

—

—

23,397,621

$

3,348,596,318

$

—

$

—

$

3,348,596,318

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

206,548

)

$

—

$

—

$

(

206,548

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

April

30,

2024

iShares

®

U.S.

Basic

Materials

ETF

(Percentages

shown

are

based

on

Net

Assets)

58

2024

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.8

%

Hexcel

Corp.

............................

79,487

$

5,103,860

a

Chemicals

 — 

58

.9

%

Air

Products

and

Chemicals,

Inc.

..............

157,875

37,312,178

Albemarle

Corp.

.........................

110,468

13,290,405

Ashland,

Inc.

............................

47,091

4,489,185

Celanese

Corp.

..........................

93,225

14,320,292

CF

Industries

Holdings,

Inc.

..................

181,594

14,340,478

Chemours

Co.

(The)

.......................

140,033

3,745,883

Dow,

Inc.

..............................

491,503

27,966,521

Eastman

Chemical

Co.

.....................

111,843

10,562,453

Ecolab,

Inc.

............................

175,964

39,794,259

Element

Solutions,

Inc.

.....................

210,521

4,869,351

FMC

Corp.

.............................

117,789

6,950,729

Huntsman

Corp.

.........................

156,361

3,730,773

International

Flavors

&

Fragrances,

Inc.

..........

240,921

20,393,963

Linde

PLC

.............................

301,170

132,803,923

LyondellBasell

Industries

NV

,

Class

A

...........

214,703

21,463,859

Mosaic

Co.

(The)

.........................

307,237

9,644,169

NewMarket

Corp.

.........................

5,869

3,092,493

Olin

Corp.

..............................

113,236

5,919,978

Scotts

Miracle-Gro

Co.

(The)

,

Class

A

...........

39,392

2,699,928

Westlake

Corp.

..........................

30,528

4,498,606

381,889,426

a

Containers

&

Packaging

 — 

4

.3

%

Avery

Dennison

Corp.

......................

76,170

16,550,218

International

Paper

Co.

.....................

326,697

11,414,793

27,965,011

a

Machinery

 — 

1

.8

%

RBC

Bearings,

Inc.

(a)

(b)

.....................

26,667

6,521,415

Timken

Co.

(The)

.........................

57,671

5,145,407

11,666,822

a

Metals

&

Mining

 — 

29

.1

%

Alcoa

Corp.

.............................

167,665

5,891,748

Cleveland-Cliffs,

Inc.

(a)

.....................

469,821

7,939,975

Security

Shares

Value

a

Metals

&

Mining

(continued)

Freeport-McMoRan,

Inc.

....................

1,015,059

$

50,692,046

MP

Materials

Corp.

,

Class

A

(a)

(b)

...............

97,893

1,566,288

Newmont

Corp.

..........................

811,753

32,989,642

Nucor

Corp.

............................

180,337

30,392,195

Reliance,

Inc.

...........................

53,876

15,339,575

Royal

Gold,

Inc.

..........................

61,838

7,428,599

Southern

Copper

Corp.

.....................

80,445

9,385,518

SSR

Mining,

Inc.

.........................

192,184

1,030,106

Steel

Dynamics,

Inc.

.......................

143,766

18,706,832

United

States

Steel

Corp.

...................

208,869

7,623,718

188,986,242

a

Specialty

Retail

 — 

0

.8

%

Valvoline,

Inc.

(a)

..........................

122,386

5,203,853

a

Trading

Companies

&

Distributors

 — 

4

.1

%

Fastenal

Co.

............................

389,333

26,451,284

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

696,388,528

)

................................

647,266,498

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.5

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.49

%

(c)

(d)

(e)

......................

2,666,395

2,667,194

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.28

%

(c)

(d)

............................

972,241

972,241

a

Total

Short-Term

Securities — 0.5%

(Cost:

$

3,638,129

)

..................................

3,639,435

Total

Investments

—

100.3%

(Cost:

$

700,026,657

)

................................

650,905,933

Liabilities

in

Excess

of

Other

Assets

—

(

0

.3

)

%

...............

(

2,096,939

)

Net

Assets

—

100.0%

.................................

$

648,808,994

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

April

30,

2024

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

04/30/24

  Shares

Held

at

04/30/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

7,526,758

$

—

$

(

4,862,450

)

(a)

$

5,266

$

(

2,380

)

$

2,667,194

2,666,395

$

15,769

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

1,207,959

—

(

235,718

)

(a)

—

—

972,241

972,241

60,289

—

$

5,266

$

(

2,380

)

$

3,639,435

$

76,058

$

—

iShares

®

U.S.

Basic

Materials

ETF

Schedule

of

Investments

(continued)

April

30,

2024

59

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

April

30,

2024,

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

........................................................

15

06/21/24

$

1,419

$

(

44,617

)

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)

.............

$

—

$

—

$

44,617

$

—

$

—

$

—

$

44,617

(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

..................................

$

—

$

—

$

211,377

$

—

$

—

$

—

$

211,377

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

88,393

)

$

—

$

—

$

—

$

(

88,393

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

1,571,588

a

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

U.S.

Basic

Materials

ETF

60

2024

iShares

Annual

Report

to

Shareholders

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

647,266,498

‌

$

—

‌

$

—

‌

$

647,266,498

‌

Short-Term

Securities

Money

Market

Funds

......................................

3,639,435

‌

—

‌

—

‌

3,639,435

‌

$

650,905,933

‌

$

—

‌

$

—

‌

$

650,905,933

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

44,617

)

$

—

‌

$

—

‌

$

(

44,617

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Consumer

Discretionary

ETF

Schedule

of

Investments

April

30,

2024

(Percentages

shown

are

based

on

Net

Assets)

61

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Automobile

Components

 — 

0

.8

%

Aptiv

PLC

(a)

.............................

49,790

$

3,535,090

BorgWarner,

Inc.

.........................

42,898

1,405,768

Gentex

Corp.

...........................

43,098

1,478,261

Lear

Corp.

.............................

10,638

1,339,005

Phinia,

Inc.

.............................

8,490

331,110

QuantumScape

Corp.

,

Class

A

(a)

(b)

.............

62,197

337,108

8,426,342

a

Automobiles

 — 

10

.2

%

Ford

Motor

Co.

..........................

722,309

8,776,054

General

Motors

Co.

.......................

212,024

9,441,429

Harley-Davidson,

Inc.

......................

23,267

800,152

Lucid

Group,

Inc.

(a)

(b)

.......................

135,845

346,405

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

.............

124,318

1,106,430

Tesla,

Inc.

(a)

.............................

437,091

80,110,038

Thor

Industries,

Inc.

.......................

9,435

938,028

101,518,536

a

Broadline

Retail

 — 

17

.0

%

Amazon.com,

Inc.

(a)

.......................

889,590

155,678,250

Coupang,

Inc.

(a)

(b)

.........................

201,597

4,535,932

eBay,

Inc.

..............................

95,559

4,925,111

Etsy,

Inc.

(a)

.............................

21,929

1,505,864

Kohl's

Corp.

............................

20,318

486,413

Macy's,

Inc.

............................

49,963

920,818

Nordstrom,

Inc.

..........................

20,804

395,484

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

(b)

..........

11,361

830,944

169,278,816

a

Commercial

Services

&

Supplies

 — 

1

.3

%

Copart,

Inc.

(a)

...........................

157,888

8,574,897

Driven

Brands

Holdings,

Inc.

(a)

................

10,999

157,616

RB

Global,

Inc.

..........................

33,397

2,390,557

Rollins,

Inc.

.............................

46,953

2,092,226

13,215,296

a

Consumer

Staples

Distribution

&

Retail

 — 

10

.8

%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

............

24,456

1,826,374

Costco

Wholesale

Corp.

....................

57,812

41,792,295

Dollar

General

Corp.

......................

40,305

5,610,053

Dollar

Tree,

Inc.

(a)

.........................

37,810

4,471,033

Target

Corp.

............................

84,675

13,630,981

Walmart,

Inc.

............................

674,669

40,041,605

107,372,341

a

Distributors

 — 

0

.9

%

Genuine

Parts

Co.

........................

25,849

4,063,721

LKQ

Corp.

.............................

49,004

2,113,543

Pool

Corp.

.............................

6,981

2,530,822

8,708,086

a

Diversified

Consumer

Services

 — 

0

.5

%

Bright

Horizons

Family

Solutions,

Inc.

(a)

(b)

.........

10,574

1,096,629

Grand

Canyon

Education,

Inc.

(a)

...............

5,431

706,139

H&R

Block,

Inc.

..........................

26,404

1,247,061

Mister

Car

Wash,

Inc.

(a)

(b)

....................

14,293

95,620

Service

Corp.

International

..................

26,414

1,894,148

5,039,597

a

Entertainment

 — 

10

.7

%

AMC

Entertainment

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

45,066

132,043

Electronic

Arts,

Inc.

.......................

49,794

6,314,875

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

A

(a)

.

4,340

270,251

Security

Shares

Value

a

Entertainment

(continued)

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

,

NVS

(a)

...............................

35,673

$

2,496,040

Liberty

Media

Corp.-Liberty

Live

,

Series

A

(a)

.......

3,702

132,754

Liberty

Media

Corp.-Liberty

Live

,

Series

C

(a)

.......

8,472

316,175

Live

Nation

Entertainment,

Inc.

(a)

..............

28,785

2,559,274

Madison

Square

Garden

Sports

Corp.

,

Class

A

(a)

....

3,441

639,751

Netflix,

Inc.

(a)

............................

68,012

37,450,128

Playtika

Holding

Corp.

.....................

4,179

30,298

ROBLOX

Corp.

,

Class

A

(a)

...................

86,444

3,073,949

Spotify

Technology

SA

(a)

....................

25,793

7,233,389

Take-Two

Interactive

Software,

Inc.

(a)

............

30,322

4,330,285

TKO

Group

Holdings,

Inc.

,

Class

A

.............

11,355

1,074,978

Walt

Disney

Co.

(The)

.....................

336,698

37,407,148

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

..........

405,962

2,987,880

106,449,218

a

Ground

Transportation

 — 

2

.7

%

Avis

Budget

Group,

Inc.

....................

3,425

326,916

Hertz

Global

Holdings,

Inc.

(a)

(b)

................

24,232

110,256

Lyft,

Inc.

,

Class

A

(a)

........................

64,221

1,004,416

Uber

Technologies,

Inc.

(a)

...................

362,332

24,011,742

U-Haul

Holding

Co.

(a)

......................

1,373

86,815

U-Haul

Holding

Co.

,

Series

N

,

NVS

.............

18,456

1,131,722

26,671,867

a

Hotels,

Restaurants

&

Leisure

 — 

17

.9

%

Airbnb,

Inc.

,

Class

A

(a)

......................

76,185

12,080,655

Aramark

...............................

47,734

1,504,098

Booking

Holdings,

Inc.

.....................

6,428

22,189,649

Boyd

Gaming

Corp.

.......................

12,992

695,202

Caesars

Entertainment,

Inc.

(a)

................

37,822

1,354,784

Carnival

Corp.

(a)

..........................

183,078

2,713,216

Cava

Group,

Inc.

(a)

(b)

.......................

8,689

625,087

Chipotle

Mexican

Grill,

Inc.

(a)

.................

5,061

15,990,736

Choice

Hotels

International,

Inc.

(b)

..............

5,431

642,270

Churchill

Downs,

Inc.

......................

13,078

1,687,062

Darden

Restaurants,

Inc.

...................

21,937

3,365,355

Domino's

Pizza,

Inc.

.......................

6,424

3,400,031

DraftKings,

Inc.

,

Class

A

(a)

...................

76,898

3,195,881

Expedia

Group,

Inc.

(a)

(b)

.....................

24,486

3,296,550

Hilton

Worldwide

Holdings,

Inc.

...............

45,846

9,044,499

Hyatt

Hotels

Corp.

,

Class

A

(b)

.................

7,975

1,186,600

Las

Vegas

Sands

Corp.

....................

67,822

3,008,584

Marriott

International,

Inc.

,

Class

A

.............

44,182

10,432,696

Marriott

Vacations

Worldwide

Corp.

.............

6,441

619,045

McDonald's

Corp.

........................

131,957

36,029,539

MGM

Resorts

International

(a)

.................

50,574

1,994,639

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

...........

77,721

1,470,481

Penn

Entertainment,

Inc.

(a)

...................

27,510

455,015

Planet

Fitness,

Inc.

,

Class

A

(a)

................

15,670

937,693

Royal

Caribbean

Cruises

Ltd.

(a)

...............

43,056

6,011,909

Starbucks

Corp.

..........................

204,709

18,114,699

Texas

Roadhouse,

Inc.

.....................

12,297

1,977,112

Travel

+

Leisure

Co.

.......................

12,886

561,056

Vail

Resorts,

Inc.

.........................

6,970

1,319,909

Wendy's

Co.

(The)

........................

30,953

618,750

Wingstop,

Inc.

...........................

5,406

2,080,175

Wyndham

Hotels

&

Resorts,

Inc.

..............

14,932

1,097,651

Wynn

Resorts

Ltd.

........................

19,094

1,749,965

Yum!

Brands,

Inc.

........................

51,591

7,287,229

178,737,822

a

Household

Durables

 — 

3

.3

%

DR

Horton,

Inc.

..........................

55,747

7,943,390

Garmin

Ltd.

.............................

28,302

4,088,790

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

U.S.

Consumer

Discretionary

ETF

(Percentages

shown

are

based

on

Net

Assets)

62

2024

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Household

Durables

(continued)

Leggett

&

Platt,

Inc.

.......................

24,587

$

444,287

Lennar

Corp.

,

Class

A

......................

44,595

6,761,494

Lennar

Corp.

,

Class

B

.....................

2,410

338,340

Newell

Brands,

Inc.

.......................

69,663

553,124

NVR,

Inc.

(a)

.............................

534

3,972,346

PulteGroup,

Inc.

.........................

39,410

4,391,062

Tempur

Sealy

International,

Inc.

...............

30,670

1,535,340

Toll

Brothers,

Inc.

.........................

19,106

2,275,716

Whirlpool

Corp.

..........................

9,833

932,758

33,236,647

a

Interactive

Media

&

Services

 — 

0

.1

%

TripAdvisor,

Inc.

(a)

........................

19,735

519,623

a

Leisure

Products

 — 

0

.4

%

Hasbro,

Inc.

............................

24,016

1,472,181

Mattel,

Inc.

(a)

............................

64,729

1,185,835

Peloton

Interactive,

Inc.

,

Class

A

(a)

(b)

............

61,731

191,983

Polaris,

Inc.

.............................

9,944

846,831

YETI

Holdings,

Inc.

(a)

(b)

.....................

15,998

571,449

4,268,279

a

Media

 — 

2

.1

%

Fox

Corp.

,

Class

A

,

NVS

....................

44,817

1,389,775

Fox

Corp.

,

Class

B

........................

24,831

712,153

Interpublic

Group

of

Companies,

Inc.

(The)

.......

70,907

2,158,409

Liberty

Media

Corp.-Liberty

SiriusXM

,

Series

A

(a)

....

13,772

331,354

Liberty

Media

Corp.-Liberty

SiriusXM

,

Series

C

,

NVS

(a)

28,339

681,837

New

York

Times

Co.

(The)

,

Class

A

.............

29,704

1,278,163

News

Corp.

,

Class

A

,

NVS

..................

70,004

1,666,095

News

Corp.

,

Class

B

......................

21,407

525,328

Nexstar

Media

Group,

Inc.

...................

5,943

951,237

Omnicom

Group,

Inc.

......................

36,296

3,369,721

Paramount

Global

,

Class

A

(b)

.................

1,845

38,173

Paramount

Global

,

Class

B

,

NVS

..............

106,087

1,208,331

Sirius

XM

Holdings,

Inc.

(b)

...................

119,495

351,315

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

..............

81,071

6,716,732

21,378,623

a

Passenger

Airlines

 — 

1

.4

%

Alaska

Air

Group,

Inc.

(a)

.....................

22,815

981,501

American

Airlines

Group,

Inc.

(a)

................

119,455

1,613,837

Delta

Air

Lines,

Inc.

.......................

118,229

5,919,726

Southwest

Airlines

Co.

.....................

109,294

2,835,087

United

Airlines

Holdings,

Inc.

(a)

................

60,089

3,092,180

14,442,331

a

Personal

Care

Products

 — 

0

.7

%

Coty,

Inc.

,

Class

A

(a)

.......................

69,220

791,877

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

42,310

6,207,300

6,999,177

a

Specialty

Retail

 — 

14

.8

%

Advance

Auto

Parts,

Inc.

....................

10,873

793,512

AutoNation,

Inc.

(a)

(b)

.......................

5,214

840,236

AutoZone,

Inc.

(a)

.........................

3,177

9,392,483

Bath

&

Body

Works,

Inc.

....................

41,601

1,889,517

Best

Buy

Co.,

Inc.

........................

35,416

2,608,034

Burlington

Stores,

Inc.

(a)

....................

11,877

2,137,147

CarMax,

Inc.

(a)

(b)

..........................

29,049

1,974,461

Dick's

Sporting

Goods,

Inc.

..................

10,377

2,085,154

Five

Below,

Inc.

(a)

.........................

10,071

1,473,790

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

.........

19,132

2,110,834

GameStop

Corp.

,

Class

A

(a)

(b)

.................

49,519

549,166

Gap,

Inc.

(The)

..........................

35,733

733,241

Home

Depot,

Inc.

(The)

....................

122,587

40,971,027

Security

Shares

Value

a

Specialty

Retail

(continued)

Lithia

Motors,

Inc.

........................

4,968

$

1,263,760

Lowe's

Companies,

Inc.

....................

106,331

24,242,405

Murphy

USA,

Inc.

........................

3,575

1,479,407

O'Reilly

Automotive,

Inc.

(a)

...................

10,875

11,019,203

Penske

Automotive

Group,

Inc.

(b)

..............

3,596

549,864

Petco

Health

&

Wellness

Co.,

Inc.

,

Class

A

(a)

(b)

.....

14,442

21,663

RH

(a)

.................................

2,856

705,575

Ross

Stores,

Inc.

.........................

60,857

7,884,024

TJX

Companies,

Inc.

(The)

..................

209,927

19,752,031

Tractor

Supply

Co.

........................

19,889

5,431,288

Ulta

Beauty,

Inc.

(a)

........................

8,927

3,614,007

Victoria's

Secret

&

Co.

(a)

....................

14,203

250,257

Wayfair,

Inc.

,

Class

A

(a)

(b)

....................

15,453

774,968

Williams-Sonoma,

Inc.

.....................

11,730

3,363,929

147,910,983

a

Textiles,

Apparel

&

Luxury

Goods

 — 

4

.2

%

Birkenstock

Holding

PLC

(a)

(b)

.................

4,661

208,673

Capri

Holdings

Ltd.

(a)

......................

20,818

738,623

Carter's,

Inc.

............................

6,616

452,601

Columbia

Sportswear

Co.

...................

6,407

510,189

Crocs,

Inc.

(a)

............................

10,939

1,360,483

Deckers

Outdoor

Corp.

(a)

....................

4,707

3,852,538

Lululemon

Athletica,

Inc.

(a)

...................

20,482

7,385,809

Nike,

Inc.

,

Class

B

........................

216,364

19,961,743

PVH

Corp.

.............................

10,905

1,186,464

Ralph

Lauren

Corp.

,

Class

A

.................

7,233

1,183,608

Skechers

USA,

Inc.

,

Class

A

(a)

................

24,483

1,617,102

Tapestry,

Inc.

............................

42,124

1,681,590

Under

Armour,

Inc.

,

Class

A

(a)

.................

34,525

232,353

Under

Armour,

Inc.

,

Class

C

(a)

................

37,551

244,833

VF

Corp.

..............................

64,278

800,904

41,417,513

a

Trading

Companies

&

Distributors

 — 

0

.1

%

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

.............

8,177

1,282,889

a

Total

Long-Term

Investments — 99.9%

(Cost:

$

1,014,312,949

)

...............................

996,873,986

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.7

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.49

%

(c)

(d)

(e)

......................

16,064,523

16,069,342

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.28

%

(c)

(d)

............................

775,221

775,221

a

Total

Short-Term

Securities — 1.7%

(Cost:

$

16,837,688

)

.................................

16,844,563

Total

Investments

—

101.6%

(Cost:

$

1,031,150,637

)

...............................

1,013,718,549

Liabilities

in

Excess

of

Other

Assets

—

(

1

.6

)

%

...............

(

16,016,281

)

Net

Assets

—

100.0%

.................................

$

997,702,268

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

iShares

®

U.S.

Consumer

Discretionary

ETF

Schedule

of

Investments

(continued)

April

30,

2024

63

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

April

30,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

April

30,

2024

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

04/30/24

  Shares

Held

at

04/30/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

23,593,656

‌

$

—

‌

$

(

7,526,116

)

(a)

$

3,264

‌

$

(

1,462

)

$

16,069,342

‌

16,064,523

‌

$

427,270

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

1,197,915

‌

—

‌

(

422,694

)

(a)

—

‌

—

‌

775,221

‌

775,221

‌

57,872

‌

—

‌

$

3,264

‌

$

(

1,462

)

$

16,844,563

‌

$

485,142

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

Communication

Services

Select

Sector

Index

..........................................

2

06/21/24

$

205

$

(

5,830

)

E-Mini

S&P

Consumer

Discretionary

Select

Sector

Index

..........................................

2

06/21/24

357

(

10,485

)

$

(

16,315

)

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)

.............

$

—

$

—

$

16,315

$

—

$

—

$

—

$

16,315

(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

.................................

$

—

$

—

$

268,992

$

—

$

—

$

—

$

268,992

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

66,784

)

$

—

$

—

$

—

$

(

66,784

)

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

U.S.

Consumer

Discretionary

ETF

64

2024

iShares

Annual

Report

to

Shareholders

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

864,809

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

996,873,986

‌

$

—

‌

$

—

‌

$

996,873,986

‌

Short-Term

Securities

Money

Market

Funds

......................................

16,844,563

‌

—

‌

—

‌

16,844,563

‌

$

1,013,718,549

‌

$

—

‌

$

—

‌

$

1,013,718,549

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

16,315

)

$

—

‌

$

—

‌

$

(

16,315

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Consumer

Staples

ETF

Schedule

of

Investments

April

30,

2024

(Percentages

shown

are

based

on

Net

Assets)

65

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Beverages

 — 

28

.5

%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

,

NVS

(a)

.......

5,496

$

1,530,141

Brown-Forman

Corp.

,

Class

A

................

28,622

1,404,482

Brown-Forman

Corp.

,

Class

B

,

NVS

............

106,185

5,080,952

Celsius

Holdings,

Inc.

(a)

(b)

....................

84,013

5,987,607

Coca-Cola

Co.

(The)

......................

2,218,482

137,035,633

Constellation

Brands,

Inc.

,

Class

A

.............

94,219

23,880,748

Keurig

Dr

Pepper,

Inc.

.....................

557,585

18,790,614

Molson

Coors

Beverage

Co.

,

Class

B

...........

102,229

5,853,633

Monster

Beverage

Corp.

(a)

...................

435,276

23,265,502

PepsiCo,

Inc.

...........................

784,920

138,075,277

360,904,589

a

Chemicals

 — 

1

.8

%

Corteva,

Inc.

............................

412,683

22,338,531

a

Consumer

Staples

Distribution

&

Retail

 — 

6

.0

%

Albertsons

Companies,

Inc.

,

Class

A

............

243,267

4,962,647

Casey's

General

Stores,

Inc.

.................

21,780

6,960,453

Grocery

Outlet

Holding

Corp.

(a)

(b)

...............

55,527

1,442,036

Kroger

Co.

(The)

.........................

381,683

21,137,605

Performance

Food

Group

Co.

(a)

...............

89,606

6,082,455

Sysco

Corp.

............................

291,320

21,650,902

U.S.

Foods

Holding

Corp.

(a)

..................

132,478

6,657,020

Walgreens

Boots

Alliance,

Inc.

................

418,732

7,424,118

76,317,236

a

Food

Products

 — 

17

.7

%

Archer-Daniels-Midland

Co.

..................

312,339

18,321,806

Bunge

Global

SA

.........................

84,549

8,603,706

Campbell

Soup

Co.

.......................

111,714

5,106,447

Conagra

Brands,

Inc.

......................

278,012

8,557,209

Darling

Ingredients,

Inc.

(a)

(b)

..................

92,592

3,923,123

Flowers

Foods,

Inc.

.......................

109,931

2,741,679

Freshpet,

Inc.

(a)

..........................

25,327

2,686,435

General

Mills,

Inc.

........................

332,290

23,413,153

Hershey

Co.

(The)

........................

87,690

17,004,845

Hormel

Foods

Corp.

.......................

169,372

6,022,868

Ingredion,

Inc.

...........................

38,079

4,363,473

J

M

Smucker

Co.

(The)

.....................

60,042

6,895,824

Kellanova

..............................

151,839

8,785,405

Kraft

Heinz

Co.

(The)

......................

469,919

18,143,573

Lamb

Weston

Holdings,

Inc.

.................

84,992

7,083,233

McCormick

&

Co.,

Inc.

,

NVS

.................

146,985

11,179,679

Mondelez

International,

Inc.

,

Class

A

............

773,982

55,680,265

Pilgrim's

Pride

Corp.

(a)

.....................

23,957

862,931

Post

Holdings,

Inc.

(a)

.......................

29,718

3,154,566

Seaboard

Corp.

..........................

130

430,314

Tyson

Foods,

Inc.

,

Class

A

..................

162,346

9,846,285

Security

Shares

Value

a

Food

Products

(continued)

WK

Kellogg

Co

..........................

38,248

$

892,708

223,699,527

a

Health

Care

Providers

&

Services

 — 

9

.0

%

Cencora,

Inc.

...........................

98,345

23,509,372

CVS

Health

Corp.

........................

729,479

49,393,023

McKesson

Corp.

.........................

76,962

41,344,756

114,247,151

a

Household

Products

 — 

25

.0

%

Church

&

Dwight

Co.,

Inc.

...................

142,869

15,414,136

Clorox

Co.

(The)

.........................

72,334

10,696,028

Colgate-Palmolive

Co.

.....................

473,866

43,557,763

Kimberly-Clark

Corp.

......................

197,102

26,910,336

Procter

&

Gamble

Co.

(The)

.................

1,337,052

218,206,886

Reynolds

Consumer

Products,

Inc.

.............

31,927

914,070

Spectrum

Brands

Holdings,

Inc.

...............

17,595

1,440,503

317,139,722

a

Personal

Care

Products

 — 

1

.5

%

Kenvue,

Inc.

............................

1,014,961

19,101,566

Olaplex

Holdings,

Inc.

(a)

(b)

...................

78,468

109,071

19,210,637

a

Tobacco

 — 

10

.2

%

Altria

Group,

Inc.

.........................

1,029,535

45,103,928

Philip

Morris

International,

Inc.

................

888,349

84,339,854

129,443,782

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

1,301,048,105

)

...............................

1,263,301,175

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.3

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.49

%

(c)

(d)

(e)

......................

2,039,543

2,040,156

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.28

%

(c)

(d)

............................

1,692,734

1,692,734

a

Total

Short-Term

Securities — 0.3%

(Cost:

$

3,732,890

)

..................................

3,732,890

Total

Investments

—

100.0%

(Cost:

$

1,304,780,995

)

...............................

1,267,034,065

Other

Assets

Less

Liabilities

—

0

.0

%

.....................

253,416

Net

Assets

—

100.0%

.................................

$

1,267,287,481

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

U.S.

Consumer

Staples

ETF

66

2024

iShares

Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

April

30,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

April

30,

2024

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

04/30/24

  Shares

Held

at

04/30/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

4,945,999

‌

$

—

‌

$

(

2,908,015

)

(a)

$

3,027

‌

$

(

855

)

$

2,040,156

‌

2,039,543

‌

$

14,752

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

2,141,939

‌

—

‌

(

449,205

)

(a)

—

‌

—

‌

1,692,734

‌

1,692,734

‌

125,176

‌

—

‌

$

3,027

‌

$

(

855

)

$

3,732,890

‌

$

139,928

‌

$

—

‌

(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

..................................................

49

06/21/24

$

3,750

$

19,783

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

19,783

$

—

$

—

$

—

$

19,783

(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

..................................

$

—

$

—

$

(

169,023

)

$

—

$

—

$

—

$

(

169,023

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

105,709

)

$

—

$

—

$

—

$

(

105,709

)

iShares

®

U.S.

Consumer

Staples

ETF

Schedule

of

Investments

(continued)

April

30,

2024

67

Schedule

of

Investments

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

4,275,080

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,263,301,175

‌

$

—

‌

$

—

‌

$

1,263,301,175

‌

Short-Term

Securities

Money

Market

Funds

......................................

3,732,890

‌

—

‌

—

‌

3,732,890

‌

$

1,267,034,065

‌

$

—

‌

$

—

‌

$

1,267,034,065

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

19,783

‌

$

—

‌

$

—

‌

$

19,783

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

April

30,

2024

iShares

®

U.S.

Energy

ETF

(Percentages

shown

are

based

on

Net

Assets)

68

2024

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Electrical

Equipment

 — 

0

.1

%

ChargePoint

Holdings,

Inc.

,

Class

A

(a)

(b)

..........

248,177

$

330,075

Plug

Power,

Inc.

(a)

(b)

.......................

362,438

837,232

1,167,307

a

Energy

Equipment

&

Services

 — 

8

.3

%

Baker

Hughes

Co.

,

Class

A

..................

691,988

22,572,649

Halliburton

Co.

..........................

622,497

23,324,963

NOV,

Inc.

..............................

271,660

5,022,993

Schlumberger

Ltd.

........................

1,120,989

53,224,558

TechnipFMC

PLC

........................

299,796

7,680,773

111,825,936

a

Oil,

Gas

&

Consumable

Fuels

 — 

89

.7

%

Antero

Midstream

Corp.

....................

234,766

3,249,161

Antero

Resources

Corp.

(a)

(b)

..................

195,826

6,660,042

APA

Corp.

.............................

252,019

7,923,477

Cheniere

Energy,

Inc.

......................

166,041

26,204,591

Chesapeake

Energy

Corp.

..................

85,712

7,703,794

Chevron

Corp.

...........................

1,243,017

200,461,352

ConocoPhillips

..........................

857,567

107,727,566

Coterra

Energy,

Inc.

.......................

517,159

14,149,470

Devon

Energy

Corp.

.......................

444,109

22,729,499

Diamondback

Energy,

Inc.

...................

123,589

24,857,456

DT

Midstream,

Inc.

........................

67,188

4,179,094

EOG

Resources,

Inc.

......................

458,908

60,635,514

EQT

Corp.

.............................

249,708

10,010,794

Exxon

Mobil

Corp.

........................

2,626,355

310,619,006

Hess

Corp.

.............................

192,568

30,327,534

HF

Sinclair

Corp.

.........................

110,727

6,006,940

Kinder

Morgan,

Inc.

,

Class

P

.................

1,359,095

24,844,257

Marathon

Oil

Corp.

........................

404,533

10,861,711

Marathon

Petroleum

Corp.

..................

283,694

51,552,874

New

Fortress

Energy,

Inc.

,

Class

A

.............

45,109

1,181,856

Occidental

Petroleum

Corp.

..................

476,219

31,497,125

ONEOK,

Inc.

............................

408,850

32,348,212

Ovintiv,

Inc.

.............................

177,782

9,123,772

Security

Shares

Value

a

Oil,

Gas

&

Consumable

Fuels

(continued)

Phillips

66

..............................

339,356

$

48,599,173

Pioneer

Natural

Resources

Co.

...............

173,820

46,813,202

Range

Resources

Corp.

....................

162,111

5,821,406

Southwestern

Energy

Co.

(a)

..................

759,667

5,689,906

Targa

Resources

Corp.

.....................

153,134

17,466,464

Texas

Pacific

Land

Corp.

....................

12,813

7,384,132

Valero

Energy

Corp.

.......................

244,759

39,129,621

Williams

Companies,

Inc.

(The)

...............

851,871

32,677,771

1,208,436,772

a

Semiconductors

&

Semiconductor

Equipment

 — 

1

.7

%

Enphase

Energy,

Inc.

(a)

(b)

....................

92,190

10,026,584

First

Solar,

Inc.

(a)

(b)

........................

73,723

12,997,365

23,023,949

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

1,049,514,562

)

...............................

1,344,453,964

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.6

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.49

%

(c)

(d)

(e)

......................

6,408,779

6,410,702

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.28

%

(c)

(d)

............................

1,649,376

1,649,376

a

Total

Short-Term

Securities — 0.6%

(Cost:

$

8,058,302

)

..................................

8,060,078

Total

Investments

—

100.4%

(Cost:

$

1,057,572,864

)

...............................

1,352,514,042

Liabilities

in

Excess

of

Other

Assets

—

(

0

.4

)

%

...............

(

5,730,009

)

Net

Assets

—

100.0%

.................................

$

1,346,784,033

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

April

30,

2024

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

04/30/24

  Shares

Held

at

04/30/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

11,919,612

$

—

$

(

5,511,870

)

(a)

$

5,913

$

(

2,953

)

$

6,410,702

6,408,779

$

126,414

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

2,781,854

—

(

1,132,478

)

(a)

—

—

1,649,376

1,649,376

107,195

—

$

5,913

$

(

2,953

)

$

8,060,078

$

233,609

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

iShares

®

U.S.

Energy

ETF

Schedule

of

Investments

(continued)

April

30,

2024

69

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

April

30,

2024,

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

..........................................................

21

06/21/24

$

2,069

$

27,538

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

27,538

$

—

$

—

$

—

$

27,538

(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

..................................

$

—

$

—

$

722,831

$

—

$

—

$

—

$

722,831

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

130,471

)

$

—

$

—

$

—

$

(

130,471

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

2,643,860

a

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

U.S.

Energy

ETF

70

2024

iShares

Annual

Report

to

Shareholders

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,344,453,964

‌

$

—

‌

$

—

‌

$

1,344,453,964

‌

Short-Term

Securities

Money

Market

Funds

......................................

8,060,078

‌

—

‌

—

‌

8,060,078

‌

$

1,352,514,042

‌

$

—

‌

$

—

‌

$

1,352,514,042

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

27,538

‌

$

—

‌

$

—

‌

$

27,538

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Financial

Services

ETF

Schedule

of

Investments

April

30,

2024

(Percentages

shown

are

based

on

Net

Assets)

71

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Banks

 — 

32

.3

%

Bank

of

America

Corp.

.....................

1,801,892

$

66,688,023

Bank

OZK

.............................

28,360

1,266,274

BOK

Financial

Corp.

.......................

7,025

623,328

Citigroup,

Inc.

...........................

498,431

30,568,773

Citizens

Financial

Group,

Inc.

................

123,035

4,196,724

Comerica,

Inc.

...........................

34,238

1,717,720

Commerce

Bancshares,

Inc.

.................

30,826

1,685,566

Cullen/Frost

Bankers,

Inc.

...................

16,785

1,751,347

East

West

Bancorp,

Inc.

....................

36,687

2,732,815

Fifth

Third

Bancorp

.......................

178,853

6,520,980

First

Citizens

BancShares,

Inc.

,

Class

A

..........

3,131

5,281,245

First

Financial

Bankshares,

Inc.

...............

33,163

980,298

First

Horizon

Corp.

........................

145,280

2,167,578

FNB

Corp.

.............................

96,056

1,281,387

Glacier

Bancorp,

Inc.

......................

28,655

1,036,738

Home

BancShares,

Inc.

....................

50,632

1,198,966

Huntington

Bancshares,

Inc.

.................

381,817

5,143,075

JPMorgan

Chase

&

Co.

....................

756,367

145,025,809

KeyCorp

...............................

244,979

3,549,746

M&T

Bank

Corp.

.........................

43,737

6,315,185

New

York

Community

Bancorp,

Inc.

............

189,815

503,010

Pinnacle

Financial

Partners,

Inc.

...............

19,974

1,532,006

PNC

Financial

Services

Group,

Inc.

(The)

........

104,368

15,995,440

Popular,

Inc.

............................

19,237

1,634,953

Prosperity

Bancshares,

Inc.

..................

25,004

1,549,498

Regions

Financial

Corp.

....................

241,005

4,644,166

SouthState

Corp.

.........................

20,366

1,541,706

Synovus

Financial

Corp.

....................

38,324

1,371,616

TFS

Financial

Corp.

.......................

15,488

186,011

Truist

Financial

Corp.

......................

348,485

13,085,612

U.S.

Bancorp

...........................

408,153

16,583,256

UMB

Financial

Corp.

......................

11,373

905,973

United

Bankshares,

Inc.

....................

35,144

1,140,774

Valley

National

Bancorp

....................

110,827

776,897

Webster

Financial

Corp.

....................

44,724

1,960,253

Wells

Fargo

&

Co.

........................

941,992

55,878,965

Western

Alliance

Bancorp

...................

28,261

1,606,073

Wintrust

Financial

Corp.

....................

16,288

1,574,072

Zions

Bancorp

NA

........................

38,423

1,566,890

413,768,748

a

Capital

Markets

 — 

29

.1

%

Affiliated

Managers

Group,

Inc.

...............

9,033

1,410,051

Ameriprise

Financial,

Inc.

...................

26,299

10,829,665

Ares

Management

Corp.

,

Class

A

..............

44,468

5,918,246

Bank

of

New

York

Mellon

Corp.

(The)

...........

199,319

11,259,530

BlackRock,

Inc.

(a)

.........................

36,561

27,590,393

Blackstone,

Inc.

,

NVS

......................

188,050

21,928,511

Blue

Owl

Capital,

Inc.

,

Class

A

................

105,358

1,990,213

Carlyle

Group,

Inc.

(The)

....................

56,335

2,523,808

Cboe

Global

Markets,

Inc.

...................

27,821

5,039,774

Charles

Schwab

Corp.

(The)

.................

389,063

28,771,209

CME

Group,

Inc.

,

Class

A

...................

94,337

19,776,809

Coinbase

Global,

Inc.

,

Class

A

(b)

...............

44,696

9,114,855

FactSet

Research

Systems,

Inc.

...............

9,933

4,140,968

Federated

Hermes,

Inc.

,

Class

B

..............

21,070

692,149

Franklin

Resources,

Inc.

....................

79,430

1,814,181

Goldman

Sachs

Group,

Inc.

(The)

.............

85,398

36,440,181

Houlihan

Lokey,

Inc.

,

Class

A

.................

13,751

1,753,115

Interactive

Brokers

Group,

Inc.

,

Class

A

..........

28,317

3,259,853

Intercontinental

Exchange,

Inc.

...............

150,061

19,321,854

Invesco

Ltd.

............................

119,213

1,689,248

Security

Shares

Value

a

Capital

Markets

(continued)

Janus

Henderson

Group

PLC

................

35,576

$

1,110,683

Jefferies

Financial

Group,

Inc.

................

45,065

1,940,499

KKR

&

Co.,

Inc.

..........................

174,017

16,195,762

Lazard,

Inc.

............................

30,380

1,169,630

LPL

Financial

Holdings,

Inc.

..................

19,479

5,242,383

MarketAxess

Holdings,

Inc.

..................

9,890

1,978,890

Moody's

Corp.

...........................

41,174

15,247,967

Morgan

Stanley

..........................

327,994

29,794,975

Morningstar,

Inc.

.........................

6,917

1,955,090

MSCI,

Inc.

,

Class

A

.......................

20,664

9,625,085

Nasdaq,

Inc.

............................

99,343

5,945,679

Northern

Trust

Corp.

.......................

53,495

4,407,453

Raymond

James

Financial,

Inc.

...............

49,098

5,989,956

Robinhood

Markets,

Inc.

,

Class

A

(b)

.............

135,074

2,227,370

S&P

Global,

Inc.

.........................

84,008

34,933,047

SEI

Investments

Co.

.......................

26,006

1,715,096

State

Street

Corp.

........................

78,797

5,711,995

Stifel

Financial

Corp.

......................

27,104

2,166,152

T

Rowe

Price

Group,

Inc.

...................

58,449

6,404,257

TPG,

Inc.

,

Class

A

........................

20,835

897,989

Tradeweb

Markets,

Inc.

,

Class

A

...............

30,566

3,108,868

Virtu

Financial,

Inc.

,

Class

A

..................

25,209

547,035

373,580,474

a

Consumer

Finance

 — 

5

.6

%

Ally

Financial,

Inc.

........................

71,502

2,742,102

American

Express

Co.

.....................

149,515

34,990,995

Capital

One

Financial

Corp.

..................

99,781

14,311,589

Credit

Acceptance

Corp.

(b)

(c)

..................

1,620

832,226

Discover

Financial

Services

..................

65,319

8,277,877

FirstCash

Holdings,

Inc.

....................

9,917

1,120,423

OneMain

Holdings,

Inc.

.....................

31,993

1,667,155

SLM

Corp.

.............................

59,017

1,250,570

SoFi

Technologies,

Inc.

(b)

(c)

...................

254,233

1,723,700

Synchrony

Financial

.......................

107,317

4,719,802

71,636,439

a

Financial

Services

 — 

32

.7

%

Apollo

Global

Management,

Inc.

...............

114,656

12,426,417

Berkshire

Hathaway,

Inc.

,

Class

B

(b)

............

476,059

188,866,887

Equitable

Holdings,

Inc.

....................

84,044

3,102,064

Essent

Group

Ltd.

........................

28,630

1,516,531

Mastercard,

Inc.

,

Class

A

....................

215,874

97,402,349

MGIC

Investment

Corp.

....................

73,346

1,487,457

NCR

Atleos

Corp.

(b)

.......................

17,885

356,448

Radian

Group,

Inc.

........................

41,725

1,246,325

Rocket

Companies,

Inc.

,

Class

A

(b)

(c)

............

32,935

404,442

UWM

Holdings

Corp.

,

Class

A

................

29,866

188,156

Visa,

Inc.

,

Class

A

(c)

.......................

413,813

111,154,310

Voya

Financial,

Inc.

.......................

27,574

1,879,444

420,030,830

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

1,203,538,558

)

...............................

1,279,016,491

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

U.S.

Financial

Services

ETF

(Percentages

shown

are

based

on

Net

Assets)

72

2024

iShares

Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

9

.0

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.49

%

(a)

(d)

(e)

.....................

112,484,204

$

112,517,948

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.28

%

(a)

(d)

............................

3,118,749

3,118,749

a

Total

Short-Term

Securities — 9.0%

(Cost:

$

115,647,792

)

................................

115,636,697

Total

Investments

—

108.7%

(Cost:

$

1,319,186,350

)

...............................

1,394,653,188

Liabilities

in

Excess

of

Other

Assets

—

(

8

.7

)

%

...............

(

111,806,600

)

Net

Assets

—

100.0%

.................................

$

1,282,846,588

(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

year

ended

April

30,

2024

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

04/30/24

  Shares

Held

at

04/30/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

10,173,755

$

102,354,685

(a)

$

—

$

2,189

$

(

12,681

)

$

112,517,948

112,484,204

$

45,258

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

1,545,343

1,573,406

(a)

—

—

—

3,118,749

3,118,749

126,452

—

BlackRock,

Inc.

...

35,714,552

3,887,581

(

15,484,122

)

(

1,898,457

)

5,370,839

27,590,393

36,561

899,070

—

$

(

1,896,268

)

$

5,358,158

$

143,227,090

$

1,070,780

$

—

(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

........................................................

29

06/21/24

$

3,629

$

(

60,574

)

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)

.............

$

—

$

—

$

60,574

$

—

$

—

$

—

$

60,574

iShares

®

U.S.

Financial

Services

ETF

Schedule

of

Investments

(continued)

April

30,

2024

73

Schedule

of

Investments

For

the period

ended

April

30,

2024,

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

..................................

$

—

$

—

$

633,717

$

—

$

—

$

—

$

633,717

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

183,113

)

$

—

$

—

$

—

$

(

183,113

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

3,046,184

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,279,016,491

‌

$

—

‌

$

—

‌

$

1,279,016,491

‌

Short-Term

Securities

Money

Market

Funds

......................................

115,636,697

‌

—

‌

—

‌

115,636,697

‌

$

1,394,653,188

‌

$

—

‌

$

—

‌

$

1,394,653,188

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

60,574

)

$

—

‌

$

—

‌

$

(

60,574

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

April

30,

2024

iShares

®

U.S.

Financials

ETF

(Percentages

shown

are

based

on

Net

Assets)

74

2024

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Banks

 — 30.3%

Bank

of

America

Corp.

.....................

3,024,660

$

111,942,667

Bank

OZK

.............................

58,991

2,633,948

BOK

Financial

Corp.

.......................

15,581

1,382,502

Citigroup,

Inc.

...........................

1,027,325

63,005,842

Citizens

Financial

Group,

Inc.

................

251,678

8,584,737

Columbia

Banking

System,

Inc.

...............

115,115

2,165,313

Comerica,

Inc.

...........................

71,944

3,609,430

Commerce

Bancshares,

Inc.

.................

65,617

3,587,938

Cullen/Frost

Bankers,

Inc.

...................

32,400

3,380,616

East

West

Bancorp,

Inc.

....................

76,256

5,680,309

Fifth

Third

Bancorp

.......................

366,247

13,353,366

First

Citizens

BancShares,

Inc.,

Class

A

..........

5,862

9,887,787

First

Hawaiian,

Inc.

.......................

71,352

1,504,814

First

Horizon

Corp.

........................

303,181

4,523,460

FNB

Corp.

.............................

196,793

2,625,219

Huntington

Bancshares,

Inc.

.................

777,032

10,466,621

JPMorgan

Chase

&

Co.

....................

1,302,029

249,651,040

KeyCorp

...............................

504,661

7,312,538

M&T

Bank

Corp.

.........................

89,261

12,888,396

New

York

Community

Bancorp,

Inc.

............

405,171

1,073,703

NU

Holdings,

Ltd.,

Class

A

(a)

.................

1,254,976

13,629,039

Pinnacle

Financial

Partners,

Inc.

...............

41,387

3,174,383

PNC

Financial

Services

Group,

Inc.

(The)

........

213,902

32,782,620

Popular,

Inc.

............................

38,442

3,267,186

Prosperity

Bancshares,

Inc.

..................

47,804

2,962,414

Regions

Financial

Corp.

....................

499,541

9,626,155

Synovus

Financial

Corp.

....................

79,517

2,845,913

TFS

Financial

Corp.

.......................

32,743

393,243

Truist

Financial

Corp.

......................

712,323

26,747,729

U.S.

Bancorp

...........................

836,639

33,992,643

Webster

Financial

Corp.

....................

93,547

4,100,165

Wells

Fargo

&

Co.

........................

1,743,434

103,420,505

Western

Alliance

Bancorp

...................

59,168

3,362,517

Wintrust

Financial

Corp.

....................

33,326

3,220,625

Zions

Bancorp

NA

........................

77,688

3,168,117

765,953,500

a

Capital

Markets

 — 30.3%

Affiliated

Managers

Group,

Inc.

...............

18,325

2,860,533

Ameriprise

Financial,

Inc.

...................

53,793

22,151,420

Ares

Management

Corp.,

Class

A

..............

90,227

12,008,311

Bank

of

New

York

Mellon

Corp.

(The)

...........

408,323

23,066,166

BlackRock,

Inc.

(b)

.........................

79,851

60,258,759

Blackstone,

Inc.,

NVS

......................

382,782

44,636,209

Blue

Owl

Capital,

Inc.,

Class

A

................

248,029

4,685,268

Carlyle

Group,

Inc.

(The)

....................

114,724

5,139,635

Cboe

Global

Markets,

Inc.

...................

56,839

10,296,385

Charles

Schwab

Corp.

(The)

.................

796,179

58,877,437

CME

Group,

Inc.,

Class

A

...................

192,861

40,431,380

Coinbase

Global,

Inc.,

Class

A

(a)

...............

91,953

18,751,975

Evercore,

Inc.,

Class

A

.....................

19,248

3,493,512

FactSet

Research

Systems,

Inc.

...............

20,760

8,654,636

Franklin

Resources,

Inc.

....................

163,506

3,734,477

Goldman

Sachs

Group,

Inc.

(The)

.............

169,448

72,305,156

Houlihan

Lokey,

Inc.,

Class

A

.................

27,684

3,529,433

Interactive

Brokers

Group,

Inc.,

Class

A

..........

56,198

6,469,514

Intercontinental

Exchange,

Inc.

...............

304,057

39,150,379

Invesco

Ltd.

............................

194,654

2,758,247

Janus

Henderson

Group

PLC

................

74,084

2,312,902

Jefferies

Financial

Group,

Inc.

................

98,754

4,252,347

KKR

&

Co.,

Inc.

..........................

356,245

33,155,722

Lazard,

Inc.

............................

60,434

2,326,709

Security

Shares

Value

a

Capital

Markets

(continued)

LPL

Financial

Holdings,

Inc.

..................

40,708

$

10,955,744

MarketAxess

Holdings,

Inc.

..................

20,217

4,045,220

Moody's

Corp.

...........................

85,231

31,563,596

Morgan

Stanley

..........................

628,340

57,078,406

Morningstar,

Inc.

.........................

14,033

3,966,427

MSCI,

Inc.,

Class

A

.......................

41,231

19,204,988

Nasdaq,

Inc.

............................

198,989

11,909,492

Northern

Trust

Corp.

.......................

109,406

9,013,960

Raymond

James

Financial,

Inc.

...............

102,133

12,460,226

Robinhood

Markets,

Inc.,

Class

A

(a)

.............

343,216

5,659,632

S&P

Global,

Inc.

.........................

170,185

70,768,029

SEI

Investments

Co.

.......................

54,915

3,621,644

State

Street

Corp.

........................

162,786

11,800,357

Stifel

Financial

Corp.

......................

53,324

4,261,654

T

Rowe

Price

Group,

Inc.

...................

119,017

13,040,693

TPG,

Inc.,

Class

A

........................

40,450

1,743,395

Tradeweb

Markets,

Inc.,

Class

A

...............

62,253

6,331,753

Virtu

Financial,

Inc.,

Class

A

..................

48,564

1,053,839

XP,

Inc.,

Class

A

.........................

176,406

3,611,031

767,396,598

a

Consumer

Finance

 — 1.3%

Ally

Financial,

Inc.

........................

144,679

5,548,440

Credit

Acceptance

Corp.

(a)(c)

..................

3,493

1,794,424

Discover

Financial

Services

..................

133,940

16,974,216

OneMain

Holdings,

Inc.

.....................

61,524

3,206,015

SLM

Corp.

.............................

119,646

2,535,299

SoFi

Technologies,

Inc.

(a)(c)

...................

519,360

3,521,261

33,579,655

a

Financial

Services

 — 14.4%

Apollo

Global

Management,

Inc.

...............

280,125

30,359,948

Berkshire

Hathaway,

Inc.,

Class

B

(a)

............

808,299

320,676,462

Equitable

Holdings,

Inc.

....................

157,136

5,799,890

MGIC

Investment

Corp.

....................

147,086

2,982,904

Rocket

Companies,

Inc.,

Class

A

(a)(c)

............

69,126

848,867

UWM

Holdings

Corp.,

Class

A

................

60,791

382,983

Voya

Financial,

Inc.

.......................

52,940

3,608,390

364,659,444

a

Insurance

 — 22.3%

Aflac,

Inc.

..............................

312,164

26,112,519

Allstate

Corp.

(The)

.......................

140,830

23,949,550

American

Financial

Group,

Inc.

...............

39,076

4,991,959

American

International

Group,

Inc.

.............

376,983

28,390,590

Aon

PLC,

Class

A

........................

106,454

30,021,093

Arch

Capital

Group

Ltd.

(a)

...................

192,017

17,961,270

Arthur

J

Gallagher

&

Co.

....................

115,084

27,009,064

Assurant,

Inc.

...........................

28,378

4,949,123

Assured

Guaranty

Ltd.

.....................

30,306

2,324,470

Axis

Capital

Holdings

Ltd.

...................

42,827

2,626,580

Brighthouse

Financial,

Inc.

(a)

.................

35,512

1,713,454

Brown

&

Brown,

Inc.

.......................

128,111

10,446,171

Chubb

Ltd.

.............................

218,116

54,232,362

Cincinnati

Financial

Corp.

...................

83,028

9,605,509

CNA

Financial

Corp.

.......................

15,538

682,740

Everest

Group

Ltd.

........................

23,183

8,494,483

Fidelity

National

Financial,

Inc.

................

115,389

6,198,687

First

American

Financial

Corp.

................

55,014

2,947,100

Globe

Life,

Inc.

..........................

47,334

3,605,431

Hanover

Insurance

Group,

Inc.

(The)

...........

19,579

2,541,746

Hartford

Financial

Services

Group,

Inc.

(The)

......

158,505

15,357,549

Kemper

Corp.

...........................

33,558

1,956,767

Kinsale

Capital

Group,

Inc.

..................

11,890

4,319,043

Lincoln

National

Corp.

.....................

77,653

2,117,597

iShares

®

U.S.

Financials

ETF

Schedule

of

Investments

(continued)

April

30,

2024

(Percentages

shown

are

based

on

Net

Assets)

75

Schedule

of

Investments

Security

Shares

Value

a

Insurance

(continued)

Loews

Corp.

............................

99,148

$

7,450,972

Markel

Group,

Inc.

(a)

.......................

7,102

10,357,557

Marsh

&

McLennan

Companies,

Inc.

............

265,886

53,025,645

MetLife,

Inc.

............................

335,574

23,852,600

Old

Republic

International

Corp.

...............

140,298

4,189,298

Primerica,

Inc.

...........................

19,000

4,025,340

Principal

Financial

Group,

Inc.

................

128,204

10,146,065

Progressive

Corp.

(The)

....................

313,943

65,378,630

Prudential

Financial,

Inc.

....................

194,951

21,538,186

Reinsurance

Group

of

America,

Inc.

............

36,049

6,740,803

RenaissanceRe

Holdings

Ltd.

................

27,737

6,081,337

RLI

Corp.

..............................

22,051

3,116,909

Ryan

Specialty

Holdings,

Inc.,

Class

A

...........

53,148

2,622,322

Travelers

Companies,

Inc.

(The)

...............

122,416

25,971,779

Unum

Group

............................

84,655

4,292,008

W

R

Berkley

Corp.

........................

107,752

8,293,671

White

Mountains

Insurance

Group

Ltd.

..........

1,367

2,430,717

Willis

Towers

Watson

PLC

...................

55,520

13,943,293

566,011,989

a

Mortgage

REITs

 — 0.6%

AGNC

Investment

Corp.

....................

378,799

3,466,011

Annaly

Capital

Management,

Inc.

..............

272,620

5,108,899

Rithm

Capital

Corp.

.......................

264,585

2,942,185

Starwood

Property

Trust,

Inc.

.................

161,469

3,063,067

14,580,162

a

Security

Shares

Value

a

Professional

Services

 — 0.5%

Broadridge

Financial

Solutions,

Inc.

............

63,004

$

12,185,604

a

Total

Long-Term

Investments — 99.7%

(Cost:

$2,278,268,241)

...............................

2,524,366,952

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.5%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.49%

(b)(d)(e)

.....................

3,840,667

3,841,819

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.28%

(b)(d)

............................

8,683,834

8,683,834

a

Total

Short-Term

Securities — 0.5%

(Cost:

$12,524,725)

.................................

12,525,653

Total

Investments

—

100.2%

(Cost:

$2,290,792,966)

...............................

2,536,892,605

Liabilities

in

Excess

of

Other

Assets

—

(0.2)%

...............

(6,270,359)

Net

Assets

—

100.0%

.................................

$

2,530,622,246

(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

year

ended

April

30,

2024

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

04/30/24

  Shares

Held

at

04/30/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

10,407,784

$

—

$

(6,561,390

)

(a)

$

(1,034

)

$

(3,541

)

$

3,841,819

3,840,667

$

74,639

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.....

2,803,006

5,880,828

(a)

—

—

—

8,683,834

8,683,834

273,142

—

BlackRock,

Inc.

.

47,538,411

16,728,009

(9,081,300

)

(115,989

)

5,189,628

60,258,759

79,851

1,409,063

—

$

(117,023

)

$

5,186,087

$

72,784,412

$

1,756,844

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

U.S.

Financials

ETF

76

2024

iShares

Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

April

30,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Financial

Select

Sector

Index

........................................................

44

06/21/24

$

5,506

$

(113,654

)

E-Mini

S&P

MidCap

400

Index

............................................................

1

06/21/24

288

(11,330

)

$

(124,984

)

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)

.............

$

—

$

—

$

124,984

$

—

$

—

$

—

$

124,984

(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

.................................

$

—

$

—

$

1,553,570

$

—

$

—

$

—

$

1,553,570

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(273,418

)

$

—

$

—

$

—

$

(273,418

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

6,903,229

a

iShares

®

U.S.

Financials

ETF

Schedule

of

Investments

(continued)

April

30,

2024

77

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.............................................

$

2,524,366,952

$

—

$

—

$

2,524,366,952

‌

Short-Term

Securities

Money

Market

Funds

..........................................

12,525,653

—

—

12,525,653

‌

$

2,536,892,605

$

—

$

—

$

2,536,892,605

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...............................................

$

(124,984)

$

—

$

—

$

(124,984)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

April

30,

2024

iShares

®

U.S.

Healthcare

ETF

(Percentages

shown

are

based

on

Net

Assets)

78

2024

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Biotechnology

 — 

16

.7

%

AbbVie,

Inc.

............................

1,073,015

$

174,515,160

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

76,107

10,955,603

Amgen,

Inc.

............................

324,825

88,982,560

Apellis

Pharmaceuticals,

Inc.

(a)

(b)

...............

61,575

2,720,999

Biogen,

Inc.

(a)

...........................

87,614

18,821,239

BioMarin

Pharmaceutical,

Inc.

(a)

...............

113,709

9,183,139

Exact

Sciences

Corp.

(a)

(b)

....................

108,465

6,437,398

Exelixis,

Inc.

(a)

...........................

186,837

4,383,196

Gilead

Sciences,

Inc.

......................

759,999

49,551,935

Incyte

Corp.

(a)

...........................

112,002

5,829,704

Ionis

Pharmaceuticals,

Inc.

(a)

(b)

................

86,735

3,578,686

Moderna,

Inc.

(a)

(b)

.........................

202,026

22,285,488

Natera,

Inc.

(a)

(b)

..........................

66,189

6,147,634

Neurocrine

Biosciences,

Inc.

(a)

................

58,700

8,073,598

Regeneron

Pharmaceuticals,

Inc.

(a)

.............

62,322

55,507,713

Roivant

Sciences,

Ltd.

(a)

(b)

...................

221,223

2,411,331

Sarepta

Therapeutics,

Inc.

(a)

.................

54,192

6,863,959

Ultragenyx

Pharmaceutical,

Inc.

(a)

(b)

.............

47,486

2,020,054

United

Therapeutics

Corp.

(a)

(b)

................

27,424

6,426,266

Vertex

Pharmaceuticals,

Inc.

(a)

................

156,631

61,526,223

546,221,885

a

Chemicals

 — 

0

.0

%

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(a)

(b)

.......

948,134

844,882

a

Health

Care

Equipment

&

Supplies

 — 

21

.0

%

Abbott

Laboratories

.......................

1,052,558

111,539,571

Align

Technology,

Inc.

(a)

.....................

46,372

13,094,525

Baxter

International,

Inc.

....................

307,161

12,400,090

Becton

Dickinson

&

Co.

....................

176,097

41,312,356

Boston

Scientific

Corp.

(a)

....................

889,295

63,913,632

Cooper

Cos.,

Inc.

The

(a)

....................

118,095

10,517,541

Dentsply

Sirona,

Inc.

......................

128,272

3,849,443

Dexcom,

Inc.

(a)

..........................

235,070

29,945,567

Edwards

Lifesciences

Corp.

(a)

................

366,022

30,991,083

Enovis

Corp.

(a)

(b)

..........................

31,699

1,750,736

Envista

Holdings

Corp.

(a)

....................

99,749

1,963,060

GE

HealthCare

Technologies,

Inc.

.............

253,409

19,319,902

Globus

Medical,

Inc.

,

Class

A

(a)

(b)

..............

72,038

3,586,772

Hologic,

Inc.

(a)

...........................

140,386

10,637,047

ICU

Medical,

Inc.

(a)

(b)

.......................

12,458

1,219,887

IDEXX

Laboratories,

Inc.

(a)

...................

50,031

24,653,276

Inspire

Medical

Systems,

Inc.

(a)

(b)

..............

17,728

4,284,149

Insulet

Corp.

(a)

...........................

42,042

7,228,702

Integra

LifeSciences

Holdings

Corp.

(a)

...........

41,201

1,201,833

Intuitive

Surgical,

Inc.

(a)

.....................

212,352

78,701,898

Masimo

Corp.

(a)

(b)

.........................

26,159

3,516,031

Medtronic

PLC

..........................

807,649

64,805,756

Novocure

Ltd.

(a)

..........................

64,810

793,274

Penumbra,

Inc.

(a)

.........................

21,982

4,318,804

QuidelOrtho

Corp.

(a)

.......................

32,514

1,318,443

ResMed,

Inc.

...........................

88,218

18,877,770

Shockwave

Medical,

Inc.

(a)

...................

22,001

7,264,510

Solventum

Corp.

(a)

........................

82,723

5,377,822

STERIS

PLC

............................

60,395

12,354,401

Stryker

Corp.

...........................

216,011

72,687,702

Tandem

Diabetes

Care,

Inc.

(a)

................

39,618

1,453,584

Teleflex,

Inc.

............................

28,568

5,963,570

Zimmer

Biomet

Holdings,

Inc.

................

127,601

15,347,848

686,190,585

a

Security

Shares

Value

a

Health

Care

Providers

&

Services

 — 

17

.9

%

Acadia

Healthcare

Co.,

Inc.

(a)

.................

54,570

$

4,034,906

agilon

health,

Inc.

(a)

(b)

......................

175,546

965,503

Amedisys,

Inc.

(a)

.........................

19,576

1,801,971

Cardinal

Health,

Inc.

.......................

149,754

15,430,652

Centene

Corp.

(a)

.........................

324,367

23,698,253

Chemed

Corp.

...........................

8,890

5,049,520

Cigna

Group

(The)

........................

174,898

62,445,582

DaVita,

Inc.

(a)

............................

32,710

4,547,017

Elevance

Health,

Inc.

......................

144,125

76,181,592

Encompass

Health

Corp.

...................

60,166

5,016,641

HCA

Healthcare,

Inc.

......................

120,896

37,455,999

Henry

Schein,

Inc.

(a)

.......................

79,368

5,498,615

Humana,

Inc.

...........................

74,286

22,441,058

Laboratory

Corp.

of

America

Holdings

...........

51,560

10,382,637

Molina

Healthcare,

Inc.

(a)

(b)

...................

35,070

11,997,447

Premier,

Inc.

,

Class

A

......................

72,085

1,505,135

Quest

Diagnostics,

Inc.

.....................

67,920

9,385,186

R1

RCM,

Inc.

(a)

..........................

92,679

1,139,025

Tenet

Healthcare

Corp.

(a)

....................

61,273

6,880,345

UnitedHealth

Group,

Inc.

....................

565,226

273,399,816

Universal

Health

Services,

Inc.

,

Class

B

.........

35,829

6,106,336

585,363,236

a

Health

Care

Technology

 — 

0

.7

%

Certara,

Inc.

(a)

(b)

..........................

73,129

1,251,237

Doximity,

Inc.

,

Class

A

(a)

....................

68,610

1,666,537

Teladoc

Health,

Inc.

(a)

(b)

.....................

101,473

1,293,781

Veeva

Systems,

Inc.

,

Class

A

(a)

...............

87,968

17,466,926

21,678,481

a

Life

Sciences

Tools

&

Services

 — 

11

.8

%

10X

Genomics,

Inc.

,

Class

A

(a)

................

55,742

1,632,126

Agilent

Technologies,

Inc.

...................

177,572

24,334,467

Avantor,

Inc.

(a)

(b)

..........................

410,556

9,947,772

Azenta,

Inc.

(a)

...........................

33,418

1,753,108

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

............

12,546

3,384,283

Bio-Techne

Corp.

(b)

........................

94,590

5,979,034

Bruker

Corp.

............................

60,929

4,753,071

Charles

River

Laboratories

International,

Inc.

(a)

.....

30,819

7,057,551

Danaher

Corp.

..........................

400,197

98,696,584

Fortrea

Holdings,

Inc.

(a)

(b)

....................

51,905

1,899,204

ICON

PLC

(a)

............................

49,498

14,744,464

Illumina,

Inc.

(a)

...........................

96,069

11,821,290

IQVIA

Holdings,

Inc.

(a)

(b)

.....................

110,604

25,634,689

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(a)

.....

66,293

543,603

Medpace

Holdings,

Inc.

(a)

...................

14,164

5,500,589

QIAGEN

NV

(a)

...........................

134,488

5,692,877

Repligen

Corp.

(a)

(b)

........................

33,833

5,555,379

Revvity,

Inc.

(b)

...........................

75,235

7,709,330

Sotera

Health

Co.

(a)

(b)

......................

75,228

842,554

Thermo

Fisher

Scientific,

Inc.

.................

234,573

133,406,357

West

Pharmaceutical

Services,

Inc.

............

45,041

16,101,257

386,989,589

a

Pharmaceuticals

 — 

31

.7

%

Bristol-Myers

Squibb

Co.

....................

1,238,025

54,398,818

Catalent,

Inc.

(a)

..........................

109,307

6,104,796

Elanco

Animal

Health,

Inc.

(a)

(b)

................

298,580

3,929,313

Eli

Lilly

&

Co.

...........................

514,578

401,936,876

Jazz

Pharmaceuticals

PLC

(a)

(b)

................

37,010

4,098,857

Johnson

&

Johnson

.......................

1,465,420

211,885,078

Merck

&

Co.,

Inc.

.........................

1,544,493

199,579,385

Organon

&

Co.

..........................

155,947

2,902,174

Perrigo

Co.

PLC

.........................

81,571

2,664,109

Pfizer,

Inc.

.............................

3,435,701

88,022,660

iShares

®

U.S.

Healthcare

ETF

Schedule

of

Investments

(continued)

April

30,

2024

(Percentages

shown

are

based

on

Net

Assets)

79

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Pharmaceuticals

(continued)

Royalty

Pharma

PLC

,

Class

A

................

225,887

$

6,257,070

Viatris,

Inc.

.............................

726,718

8,408,127

Zoetis,

Inc.

,

Class

A

.......................

281,433

44,815,391

1,035,002,654

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

3,070,595,657

)

...............................

3,262,291,312

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.5

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.49

%

(c)

(d)

(e)

......................

45,506,310

45,519,962

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.28

%

(c)

(d)

............................

4,905,810

4,905,810

a

Total

Short-Term

Securities — 1.5%

(Cost:

$

50,412,317

)

.................................

50,425,772

Total

Investments

—

101.3%

(Cost:

$

3,121,007,974

)

...............................

3,312,717,084

Liabilities

in

Excess

of

Other

Assets

—

(

1

.3

)

%

...............

(

43,099,473

)

Net

Assets

—

100.0%

.................................

$

3,269,617,611

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

April

30,

2024

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

04/30/24

  Shares

Held

at

04/30/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

45,927,072

‌

$

—

‌

$

(

392,455

)

(a)

$

(

8,821

)

$

(

5,834

)

$

45,519,962

‌

45,506,310

‌

$

457,327

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.....

3,447,581

‌

1,458,229

(a)

—

‌

—

‌

—

‌

4,905,810

‌

4,905,810

‌

261,204

‌

—

‌

$

(

8,821

)

$

(

5,834

)

$

50,425,772

‌

$

718,531

‌

$

—

‌

(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

......................................................

52

06/21/24

$

7,414

$

(

166,572

)

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

U.S.

Healthcare

ETF

80

2024

iShares

Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

April

30,

2024,

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)

.............

$

—

$

—

$

166,572

$

—

$

—

$

—

$

166,572

(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

.................................

$

—

$

—

$

374,070

$

—

$

—

$

—

$

374,070

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

296,095

)

$

—

$

—

$

—

$

(

296,095

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

8,298,070

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

3,262,291,312

‌

$

—

‌

$

—

‌

$

3,262,291,312

‌

Short-Term

Securities

Money

Market

Funds

......................................

50,425,772

‌

—

‌

—

‌

50,425,772

‌

$

3,312,717,084

‌

$

—

‌

$

—

‌

$

3,312,717,084

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

166,572

)

$

—

‌

$

—

‌

$

(

166,572

)

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

April

30,

2024

(Percentages

shown

are

based

on

Net

Assets)

81

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

15

.1

%

Axon

Enterprise,

Inc.

(a)

.....................

18,620

$

5,840,349

Boeing

Co.

(The)

(a)

........................

149,502

25,092,416

BWX

Technologies,

Inc.

....................

24,246

2,322,039

Curtiss-Wright

Corp.

.......................

10,106

2,561,063

General

Dynamics

Corp.

....................

64,694

18,573,000

General

Electric

Co.

.......................

286,597

46,377,127

HEICO

Corp.

(b)

..........................

11,933

2,474,904

HEICO

Corp.

,

Class

A

......................

21,401

3,549,356

Howmet

Aerospace,

Inc.

....................

100,246

6,691,420

Huntington

Ingalls

Industries,

Inc.

..............

10,366

2,870,656

L3Harris

Technologies,

Inc.

..................

49,977

10,697,577

Lockheed

Martin

Corp.

.....................

57,042

26,520,537

Mercury

Systems,

Inc.

(a)

....................

14,146

398,917

Northrop

Grumman

Corp.

...................

37,382

18,131,391

RTX

Corp.

.............................

380,163

38,594,148

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(a)

.......

30,386

972,352

Textron,

Inc.

............................

51,691

4,372,542

TransDigm

Group,

Inc.

.....................

14,002

17,474,916

Woodward,

Inc.

..........................

15,871

2,576,816

236,091,526

a

Air

Freight

&

Logistics

 — 

3

.3

%

CH

Robinson

Worldwide,

Inc.

................

30,449

2,161,879

Expeditors

International

of

Washington,

Inc.

.......

38,208

4,252,932

FedEx

Corp.

............................

61,294

16,045,543

GXO

Logistics,

Inc.

(a)

......................

31,177

1,548,250

United

Parcel

Service,

Inc.

,

Class

B

............

191,435

28,232,834

52,241,438

a

Building

Products

 — 

5

.3

%

A

O

Smith

Corp.

.........................

32,125

2,661,235

Advanced

Drainage

Systems,

Inc.

(b)

............

17,679

2,775,603

Allegion

PLC

............................

23,200

2,820,191

Armstrong

World

Industries,

Inc.

...............

11,686

1,342,488

AZEK

Co.,

Inc.

(The)

,

Class

A

(a)

...............

37,896

1,729,574

Builders

FirstSource,

Inc.

(a)

..................

32,044

5,858,284

Carlisle

Companies,

Inc.

....................

12,782

4,962,612

Carrier

Global

Corp.

.......................

220,140

13,536,409

Fortune

Brands

Innovations,

Inc.

..............

33,436

2,444,172

Hayward

Holdings,

Inc.

(a)

....................

35,916

487,739

Johnson

Controls

International

PLC

............

179,733

11,695,226

Lennox

International,

Inc.

...................

8,455

3,918,216

Masco

Corp.

............................

59,343

4,062,028

Owens

Corning

..........................

23,392

3,934,768

Trane

Technologies

PLC

....................

60,171

19,094,665

Trex

Co.,

Inc.

(a)

..........................

28,664

2,538,197

83,861,407

a

Chemicals

 — 

2

.6

%

Axalta

Coating

Systems

Ltd.

(a)

................

58,394

1,835,907

DuPont

de

Nemours,

Inc.

...................

113,596

8,235,710

PPG

Industries,

Inc.

.......................

62,019

8,000,451

RPM

International,

Inc.

.....................

33,569

3,588,862

Sherwin-Williams

Co.

(The)

..................

62,866

18,835,282

40,496,212

a

Commercial

Services

&

Supplies

 — 

1

.6

%

Cintas

Corp.

............................

22,896

15,073,353

MSA

Safety,

Inc.

.........................

9,806

1,769,002

Tetra

Tech,

Inc.

..........................

13,998

2,725,691

Veralto

Corp.

............................

57,941

5,427,913

Vestis

Corp.

............................

31,501

580,248

25,576,207

a

Security

Shares

Value

a

Construction

&

Engineering

 — 

1

.5

%

AECOM

...............................

35,997

$

3,324,683

EMCOR

Group,

Inc.

.......................

12,241

4,372,118

MasTec,

Inc.

(a)

...........................

16,447

1,458,684

MDU

Resources

Group,

Inc.

.................

53,309

1,316,732

Quanta

Services,

Inc.

......................

37,979

9,819,850

Valmont

Industries,

Inc.

.....................

5,501

1,126,605

WillScot

Mobile

Mini

Holdings

Corp.

,

Class

A

(a)

.....

49,161

1,816,991

23,235,663

a

Construction

Materials

 — 

1

.3

%

Eagle

Materials,

Inc.

.......................

9,062

2,271,934

Martin

Marietta

Materials,

Inc.

................

16,306

9,572,763

Vulcan

Materials

Co.

......................

35,000

9,017,050

20,861,747

a

Consumer

Finance

 — 

3

.5

%

American

Express

Co.

.....................

153,352

35,888,969

Capital

One

Financial

Corp.

..................

100,173

14,367,813

Synchrony

Financial

.......................

106,956

4,703,925

54,960,707

a

Containers

&

Packaging

 — 

1

.8

%

Amcor

PLC

.............................

380,479

3,401,482

AptarGroup,

Inc.

.........................

17,378

2,509,036

Ardagh

Group

SA

........................

5,329

42,659

Ardagh

Metal

Packaging

SA

.................

39,785

157,151

Ball

Corp.

..............................

81,575

5,675,173

Berry

Global

Group,

Inc.

....................

30,874

1,748,703

Crown

Holdings,

Inc.

......................

28,114

2,307,316

Graphic

Packaging

Holding

Co.

...............

80,909

2,091,498

Packaging

Corp.

of

America

.................

23,410

4,049,462

Sealed

Air

Corp.

.........................

31,126

979,846

Silgan

Holdings,

Inc.

.......................

21,303

993,998

Sonoco

Products

Co.

......................

26,031

1,459,037

Westrock

Co.

...........................

67,162

3,221,089

28,636,450

a

Diversified

Consumer

Services

 — 

0

.0

%

ADT,

Inc.

..............................

67,511

438,822

a

Electrical

Equipment

 — 

6

.2

%

Acuity

Brands,

Inc.

........................

8,137

2,020,417

AMETEK,

Inc.

...........................

60,770

10,614,088

Eaton

Corp.

PLC

.........................

105,267

33,502,275

Emerson

Electric

Co.

......................

150,850

16,258,613

GE

Vernova

LLC

(a)

........................

71,653

11,013,783

Generac

Holdings,

Inc.

(a)

(b)

...................

15,810

2,149,528

Hubbell,

Inc.

............................

14,170

5,250,268

nVent

Electric

PLC

........................

43,549

3,138,576

Regal

Rexnord

Corp.

......................

17,458

2,817,198

Rockwell

Automation,

Inc.

...................

30,357

8,225,533

Sensata

Technologies

Holding

PLC

............

39,949

1,530,446

96,520,725

a

Electronic

Equipment,

Instruments

&

Components

 — 

1

.6

%

Cognex

Corp.

...........................

45,608

1,894,556

Crane

NXT

Co.

..........................

12,716

773,260

Keysight

Technologies,

Inc.

(a)

.................

46,062

6,814,412

Littelfuse,

Inc.

...........................

6,453

1,488,320

Teledyne

Technologies,

Inc.

(a)

.................

12,300

4,692,204

Trimble,

Inc.

(a)

...........................

65,000

3,904,550

Vontier

Corp.

............................

41,152

1,672,006

Zebra

Technologies

Corp.

,

Class

A

(a)

............

13,528

4,255,368

25,494,676

a

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

U.S.

Industrials

ETF

(Percentages

shown

are

based

on

Net

Assets)

82

2024

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Financial

Services

 — 

19

.2

%

Affirm

Holdings,

Inc.

,

Class

A

(a)

................

59,822

$

1,907,125

Block,

Inc.

,

Class

A

(a)

......................

145,864

10,648,072

Corpay,

Inc.

(a)

...........................

18,609

5,622,523

Euronet

Worldwide,

Inc.

(a)

...................

11,688

1,200,124

Fidelity

National

Information

Services,

Inc.

........

156,419

10,623,979

Fiserv,

Inc.

(a)

............................

158,030

24,126,440

Global

Payments,

Inc.

.....................

68,217

8,375,001

Jack

Henry

&

Associates,

Inc.

................

19,233

3,129,017

Mastercard,

Inc.

,

Class

A

....................

219,495

99,036,144

NCR

Atleos

Corp.

(a)

.......................

17,502

348,815

PayPal

Holdings,

Inc.

(a)

.....................

284,986

19,356,249

Shift4

Payments,

Inc.

,

Class

A

(a)

(b)

..............

14,342

829,828

Visa,

Inc.

,

Class

A

........................

421,696

113,271,763

Western

Union

Co.

(The)

...................

65,991

886,919

WEX,

Inc.

(a)

.............................

11,261

2,378,999

301,740,998

a

Ground

Transportation

 — 

6

.0

%

CSX

Corp.

.............................

521,570

17,326,556

JB

Hunt

Transport

Services,

Inc.

..............

21,726

3,531,996

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

41,435

1,915,540

Landstar

System,

Inc.

......................

9,435

1,645,558

Norfolk

Southern

Corp.

.....................

60,050

13,830,716

Old

Dominion

Freight

Line,

Inc.

...............

52,127

9,471,997

Ryder

System,

Inc.

........................

11,672

1,422,233

Saia,

Inc.

(a)

(b)

............................

7,022

2,786,540

Schneider

National,

Inc.

,

Class

B

..............

14,545

300,791

Union

Pacific

Corp.

.......................

161,136

38,215,014

XPO,

Inc.

(a)

.............................

30,094

3,233,901

93,680,842

a

Household

Durables

 — 

0

.3

%

Mohawk

Industries,

Inc.

(a)

...................

14,060

1,621,399

TopBuild

Corp.

(a)

.........................

8,373

3,388,302

5,009,701

a

Industrial

Conglomerates

 — 

3

.1

%

3M

Co.

................................

145,336

14,026,378

Honeywell

International,

Inc.

.................

176,003

33,921,058

47,947,436

a

IT

Services

 — 

3

.2

%

Accenture

PLC

,

Class

A

....................

167,038

50,263,405

a

Leisure

Products

 — 

0

.1

%

Brunswick

Corp.

.........................

18,066

1,456,842

a

Life

Sciences

Tools

&

Services

 — 

0

.7

%

Mettler-Toledo

International,

Inc.

(a)

.............

5,657

6,956,413

Waters

Corp.

(a)

(b)

.........................

15,496

4,788,884

11,745,297

a

Machinery

 — 

14

.9

%

AGCO

Corp.

............................

16,635

1,899,551

Allison

Transmission

Holdings,

Inc.

.............

23,687

1,742,179

Caterpillar,

Inc.

..........................

134,884

45,128,140

CNH

Industrial

N.V.

(a)

......................

258,433

2,946,136

Crane

Co.

..............................

12,728

1,782,047

Cummins,

Inc.

...........................

35,989

10,166,533

Deere

&

Co.

............................

68,117

26,661,675

Donaldson

Co.,

Inc.

.......................

32,125

2,319,425

Dover

Corp.

............................

36,898

6,615,811

Esab

Corp.

.............................

14,949

1,582,800

Flowserve

Corp.

.........................

34,733

1,638,008

Fortive

Corp.

............................

93,443

7,033,455

Gates

Industrial

Corp.

PLC

(a)

.................

43,509

766,628

Security

Shares

Value

a

Machinery

(continued)

Graco,

Inc.

.............................

44,098

$

3,536,660

IDEX

Corp.

.............................

19,939

4,395,752

Illinois

Tool

Works,

Inc.

.....................

79,127

19,315,692

Ingersoll

Rand,

Inc.

.......................

106,932

9,978,894

ITT,

Inc.

...............................

21,874

2,829,183

Lincoln

Electric

Holdings,

Inc.

................

14,715

3,230,384

Middleby

Corp.

(The)

(a)

.....................

14,034

1,950,305

Nordson

Corp.

...........................

15,110

3,901,251

Oshkosh

Corp.

..........................

17,203

1,931,381

Otis

Worldwide

Corp.

......................

109,233

9,962,050

PACCAR,

Inc.

...........................

135,476

14,375,358

Parker-Hannifin

Corp.

......................

33,765

18,398,886

Pentair

PLC

............................

43,296

3,424,281

Snap-on,

Inc.

...........................

13,749

3,684,182

Stanley

Black

&

Decker,

Inc.

.................

40,440

3,696,216

Toro

Co.

(The)

...........................

27,572

2,415,031

Westinghouse

Air

Brake

Technologies

Corp.

.......

47,146

7,594,278

Xylem,

Inc.

.............................

62,660

8,189,662

233,091,834

a

Marine

Transportation

 — 

0

.1

%

Kirby

Corp.

(a)

............................

15,609

1,703,410

a

Paper

&

Forest

Products

 — 

0

.1

%

Louisiana-Pacific

Corp.

.....................

17,031

1,246,499

a

Professional

Services

 — 

4

.7

%

Automatic

Data

Processing,

Inc.

...............

109,330

26,445,834

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.......

33,829

4,995,528

Equifax,

Inc.

............................

32,191

7,088,136

FTI

Consulting,

Inc.

(a)

(b)

.....................

8,789

1,879,352

Genpact

Ltd.

............................

47,015

1,445,241

Jacobs

Solutions,

Inc.

......................

33,200

4,765,196

ManpowerGroup,

Inc.

......................

12,953

977,304

Paychex,

Inc.

...........................

85,141

10,115,602

Paylocity

Holding

Corp.

(a)

...................

11,166

1,732,517

Robert

Half,

Inc.

.........................

27,432

1,896,649

TransUnion

.............................

50,946

3,719,058

Verisk

Analytics,

Inc.

.......................

37,697

8,216,438

73,276,855

a

Semiconductors

&

Semiconductor

Equipment

 — 

0

.1

%

MKS

Instruments,

Inc.

.....................

17,527

2,085,362

a

Software

 — 

0

.6

%

BILL

Holdings,

Inc.

(a)

.......................

27,080

1,688,709

Fair

Isaac

Corp.

(a)

.........................

6,405

7,258,978

8,947,687

a

Trading

Companies

&

Distributors

 — 

2

.9

%

Air

Lease

Corp.

,

Class

A

....................

27,468

1,379,992

Core

&

Main,

Inc.

,

Class

A

(a)

..................

45,795

2,586,044

Ferguson

PLC

...........................

53,958

11,325,784

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

..........

12,355

1,127,270

United

Rentals,

Inc.

.......................

17,872

11,938,317

Watsco,

Inc.

............................

8,880

3,975,754

WESCO

International,

Inc.

...................

11,766

1,797,257

WW

Grainger,

Inc.

........................

11,671

10,753,076

44,883,494

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

1,440,495,341

)

...............................

1,565,495,242

iShares

®

U.S.

Industrials

ETF

Schedule

of

Investments

(continued)

April

30,

2024

(Percentages

shown

are

based

on

Net

Assets)

83

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

.7

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.49

%

(c)

(d)

(e)

......................

8,256,302

$

8,258,779

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.28

%

(c)

(d)

............................

2,124,293

2,124,293

a

Total

Short-Term

Securities — 0.7%

(Cost:

$

10,381,325

)

.................................

10,383,072

Total

Investments

—

100.5%

(Cost:

$

1,450,876,666

)

...............................

1,575,878,314

Liabilities

in

Excess

of

Other

Assets

—

(

0

.5

)

%

...............

(

7,760,637

)

Net

Assets

—

100.0%

.................................

$

1,568,117,677

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

April

30,

2024

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

04/30/24

  Shares

Held

at

04/30/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

9,936,866

$

—

$

(

1,678,922

)

(a)

$

2,764

$

(

1,929

)

$

8,258,779

8,256,302

$

41,283

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

1,899,968

224,325

(a)

—

—

—

2,124,293

2,124,293

102,319

—

$

2,764

$

(

1,929

)

$

10,383,072

$

143,602

$

—

(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

06/21/24

$

2,094

$

(

34,300

)

E-Mini

Technology

Select

Sector

Index

......................................................

1

06/21/24

199

(

9,816

)

$

(

44,116

)

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)

.............

$

—

$

—

$

44,116

$

—

$

—

$

—

$

44,116

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

U.S.

Industrials

ETF

84

2024

iShares

Annual

Report

to

Shareholders

For

the period

ended

April

30,

2024,

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

..................................

$

—

$

—

$

578,331

$

—

$

—

$

—

$

578,331

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

61,724

)

$

—

$

—

$

—

$

(

61,724

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

2,124,285

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,565,452,583

‌

$

42,659

‌

$

—

‌

$

1,565,495,242

‌

Short-Term

Securities

Money

Market

Funds

......................................

10,383,072

‌

—

‌

—

‌

10,383,072

‌

$

1,575,835,655

‌

$

42,659

‌

$

—

‌

$

1,575,878,314

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

44,116

)

$

—

‌

$

—

‌

$

(

44,116

)

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

April

30,

2024

(Percentages

shown

are

based

on

Net

Assets)

85

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Communications

Equipment

 — 

0

.1

%

F5,

Inc.

(a)

..............................

88,530

$

14,634,894

a

Consumer

Staples

Distribution

&

Retail

 — 

0

.0

%

Maplebear,

Inc.

(a)

.........................

33,913

1,157,451

a

Electrical

Equipment

 — 

0

.3

%

Vertiv

Holdings

Co.

,

Class

A

(b)

................

516,183

48,005,019

a

Electronic

Equipment,

Instruments

&

Components

 — 

1

.6

%

Amphenol

Corp.

,

Class

A

...................

876,690

105,877,851

Arrow

Electronics,

Inc.

(a)

....................

80,752

10,309,608

Avnet,

Inc.

.............................

136,041

6,648,324

CDW

Corp.

.............................

203,181

49,141,357

Coherent

Corp.

(a)

.........................

194,439

10,622,202

Corning,

Inc.

............................

1,144,568

38,205,680

IPG

Photonics

Corp.

(a)

.....................

44,865

3,767,763

Jabil,

Inc.

(b)

.............................

186,764

21,918,623

TD

SYNNEX

Corp.

........................

101,717

11,986,331

258,477,739

a

Financial

Services

 — 

0

.1

%

Toast,

Inc.

,

Class

A

(a)

(b)

.....................

548,896

12,970,413

a

Hotels,

Restaurants

&

Leisure

 — 

0

.4

%

DoorDash,

Inc.

,

Class

A

(a)

...................

465,885

60,220,295

a

Interactive

Media

&

Services

 — 

8

.6

%

Alphabet,

Inc.

,

Class

A

(a)

....................

2,475,760

403,004,213

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

................

2,045,694

336,803,060

IAC,

Inc.

(a)

..............................

110,923

5,275,498

Match

Group,

Inc.

(a)

(b)

......................

406,384

12,524,755

Meta

Platforms,

Inc.

,

Class

A

.................

1,302,255

560,191,033

Pinterest,

Inc.

,

Class

A

(a)

....................

881,552

29,487,915

ZoomInfo

Technologies,

Inc.

(a)

................

450,605

7,146,595

1,354,433,069

a

IT

Services

 — 

4

.1

%

Akamai

Technologies,

Inc.

(a)

..................

223,730

22,581,069

Amdocs

Ltd.

............................

172,387

14,478,784

Cloudflare,

Inc.

,

Class

A

(a)

...................

442,030

38,633,422

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

754,367

49,546,825

DXC

Technology

Co.

(a)

(b)

....................

289,509

5,642,530

EPAM

Systems,

Inc.

(a)

......................

83,291

19,595,041

Gartner,

Inc.

(a)

...........................

113,583

46,863,210

Globant

SA

(a)

............................

61,736

11,025,432

GoDaddy,

Inc.

,

Class

A

(a)

....................

211,043

25,827,442

International

Business

Machines

Corp.

..........

1,366,135

227,051,637

Kyndryl

Holdings,

Inc.

(a)

.....................

339,946

6,683,338

MongoDB,

Inc.

,

Class

A

(a)

(b)

..................

101,831

37,186,645

Okta,

Inc.

,

Class

A

(a)

.......................

228,976

21,290,188

Snowflake,

Inc.

,

Class

A

(a)

...................

472,163

73,279,698

Twilio,

Inc.

,

Class

A

(a)

......................

253,529

15,181,316

VeriSign,

Inc.

(a)

..........................

133,841

22,683,373

637,549,950

a

Professional

Services

 — 

0

.8

%

CACI

International,

Inc.

,

Class

A

(a)

.............

33,012

13,278,417

Clarivate

PLC

(a)

(b)

.........................

692,629

4,682,172

Concentrix

Corp.

.........................

65,766

3,595,427

Dayforce,

Inc.

(a)

(b)

.........................

223,739

13,730,862

Dun

&

Bradstreet

Holdings,

Inc.

...............

407,812

3,711,089

KBR,

Inc.

..............................

200,442

13,016,704

Leidos

Holdings,

Inc.

......................

205,775

28,853,771

Paycom

Software,

Inc.

.....................

77,331

14,536,681

Security

Shares

Value

a

Professional

Services

(continued)

Paycor

HCM,

Inc.

(a)

(b)

......................

95,742

$

1,663,039

Science

Applications

International

Corp.

.........

77,630

9,990,981

SS&C

Technologies

Holdings,

Inc.

.............

328,105

20,306,418

127,365,561

a

Semiconductors

&

Semiconductor

Equipment

 — 

30

.8

%

Advanced

Micro

Devices,

Inc.

(a)

...............

2,133,373

337,883,616

Allegro

MicroSystems,

Inc.

(a)

(b)

................

112,237

3,332,317

Analog

Devices,

Inc.

.......................

748,734

150,203,528

Applied

Materials,

Inc.

.....................

1,256,250

249,554,062

Broadcom,

Inc.

..........................

379,795

493,836,045

Cirrus

Logic,

Inc.

(a)

........................

80,670

7,144,942

Entegris,

Inc.

............................

224,904

29,894,240

GlobalFoundries,

Inc.

(a)

(b)

....................

117,461

5,741,494

Intel

Corp.

.............................

6,344,509

193,317,189

KLA

Corp.

..............................

203,294

140,128,521

Lam

Research

Corp.

......................

197,876

176,982,273

Lattice

Semiconductor

Corp.

(a)

(b)

...............

204,003

13,994,606

Marvell

Technology,

Inc.

....................

1,284,338

84,650,718

Microchip

Technology,

Inc.

...................

798,324

73,429,842

Micron

Technology,

Inc.

.....................

1,643,121

185,606,948

Monolithic

Power

Systems,

Inc.

...............

69,088

46,242,671

NVIDIA

Corp.

...........................

2,327,636

2,011,124,057

ON

Semiconductor

Corp.

(a)

..................

648,263

45,482,132

Qorvo,

Inc.

(a)

............................

146,616

17,130,613

QUALCOMM,

Inc.

........................

1,677,371

278,191,980

Skyworks

Solutions,

Inc.

....................

239,788

25,559,003

Teradyne,

Inc.

...........................

232,442

27,037,653

Texas

Instruments,

Inc.

.....................

1,364,801

240,778,192

Universal

Display

Corp.

....................

69,927

11,047,067

Wolfspeed,

Inc.

(a)

(b)

........................

185,715

5,019,876

4,853,313,585

a

Software

 — 

35

.6

%

Adobe,

Inc.

(a)

............................

678,840

314,187,517

ANSYS,

Inc.

(a)

...........................

130,502

42,397,490

AppLovin

Corp.

,

Class

A

(a)

(b)

..................

301,026

21,243,405

Aspen

Technology,

Inc.

(a)

(b)

...................

41,127

8,096,672

Atlassian

Corp.

,

Class

A

(a)

(b)

..................

233,099

40,162,958

Autodesk,

Inc.

(a)

..........................

323,340

68,822,919

Bentley

Systems,

Inc.

,

Class

B

................

291,327

15,303,407

Cadence

Design

Systems,

Inc.

(a)

..............

406,349

112,001,975

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

.........

505,332

5,669,825

Confluent,

Inc.

,

Class

A

(a)

(b)

..................

286,780

8,064,254

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

............

320,861

93,864,677

Datadog,

Inc.

,

Class

A

(a)

....................

418,515

52,523,632

DocuSign,

Inc.

(a)

.........................

302,916

17,145,046

Dolby

Laboratories,

Inc.

,

Class

A

..............

87,494

6,794,784

DoubleVerify

Holdings,

Inc.

(a)

.................

210,546

6,168,998

Dropbox,

Inc.

,

Class

A

(a)

....................

382,235

8,852,563

Dynatrace,

Inc.

(a)

.........................

389,726

17,658,485

Elastic

NV

(a)

............................

120,235

12,290,422

Five9,

Inc.

(a)

............................

108,177

6,227,750

Fortinet,

Inc.

(a)

...........................

966,736

61,078,380

Gen

Digital,

Inc.

..........................

829,747

16,711,105

Gitlab,

Inc.

,

Class

A

(a)

(b)

.....................

136,050

7,138,543

Guidewire

Software,

Inc.

(a)

(b)

..................

122,147

13,485,029

HashiCorp,

Inc.

,

Class

A

(a)

(b)

..................

145,578

4,725,462

HubSpot,

Inc.

(a)

..........................

69,695

42,156,415

Informatica,

Inc.

,

Class

A

(a)

(b)

.................

67,766

2,098,713

Intuit,

Inc.

..............................

410,725

256,957,775

Manhattan

Associates,

Inc.

(a)

.................

92,327

19,024,902

Microsoft

Corp.

..........................

7,204,688

2,805,001,179

nCino,

Inc.

(a)

............................

105,594

3,079,121

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

U.S.

Technology

ETF

(Percentages

shown

are

based

on

Net

Assets)

86

2024

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Software

(continued)

NCR

Voyix

Corp.

(a)

........................

191,236

$

2,342,641

Nutanix,

Inc.

,

Class

A

(a)

(b)

....................

363,876

22,087,273

Oracle

Corp.

............................

2,319,625

263,857,344

Palantir

Technologies,

Inc.

,

Class

A

(a)

(b)

..........

2,891,195

63,519,554

Palo

Alto

Networks,

Inc.

(a)

...................

458,923

133,496,111

Pegasystems,

Inc.

........................

62,788

3,730,863

Procore

Technologies,

Inc.

(a)

.................

119,196

8,155,390

PTC,

Inc.

(a)

.............................

172,493

30,607,158

RingCentral,

Inc.

,

Class

A

(a)

..................

125,191

3,708,157

Roper

Technologies,

Inc.

....................

159,010

81,327,255

Salesforce,

Inc.

..........................

1,407,109

378,427,894

SentinelOne,

Inc.

,

Class

A

(a)

..................

359,232

7,590,572

ServiceNow,

Inc.

(a)

........................

306,121

212,242,873

Smartsheet,

Inc.

,

Class

A

(a)

..................

191,556

7,246,563

Synopsys,

Inc.

(a)

.........................

228,364

121,167,655

Teradata

Corp.

(a)

.........................

145,567

5,400,536

Tyler

Technologies,

Inc.

(a)

(b)

..................

62,751

28,962,724

UiPath,

Inc.

,

Class

A

(a)

(b)

....................

569,838

10,809,827

Unity

Software,

Inc.

(a)

(b)

.....................

436,049

10,582,909

Workday,

Inc.

,

Class

A

(a)

....................

302,008

73,910,418

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

......

388,614

23,744,315

Zscaler,

Inc.

(a)

(b)

..........................

133,379

23,066,564

5,604,917,999

a

Technology

Hardware,

Storage

&

Peripherals

 — 

16

.4

%

Apple,

Inc.

.............................

14,203,777

2,419,329,336

Hewlett

Packard

Enterprise

Co.

...............

1,953,099

33,202,683

Security

Shares

Value

a

Technology

Hardware,

Storage

&

Peripherals

(continued)

HP,

Inc.

...............................

1,299,867

$

36,513,264

NetApp,

Inc.

............................

310,251

31,710,755

Pure

Storage,

Inc.

,

Class

A

(a)

.................

431,941

21,769,826

Western

Digital

Corp.

(a)

.....................

488,530

34,602,580

2,577,128,444

a

Total

Long-Term

Investments — 98.8%

(Cost:

$

12,263,722,257

)

..............................

15,550,174,419

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.1

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.49

%

(c)

(d)

(e)

......................

153,286,206

153,332,193

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.28

%

(c)

(d)

............................

25,812,904

25,812,904

a

Total

Short-Term

Securities — 1.1%

(Cost:

$

179,104,618

)

................................

179,145,097

Total

Investments

—

99.9%

(Cost:

$

12,442,826,875

)

..............................

15,729,319,516

Other

Assets

Less

Liabilities

—

0

.1

%

.....................

16,045,068

Net

Assets

—

100.0%

.................................

$

15,745,364,584

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

April

30,

2024

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

04/30/24

  Shares

Held

at

04/30/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

172,354,320

$

—

$

(

19,039,865

)

(a)

$

23,281

$

(

5,543

)

$

153,332,193

153,286,206

$

535,338

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

12,704,612

13,108,292

(a)

—

—

—

25,812,904

25,812,904

855,679

—

$

23,281

$

(

5,543

)

$

179,145,097

$

1,391,017

$

—

(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

(continued)

April

30,

2024

87

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

April

30,

2024,

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

..........................................

48

06/21/24

$

4,919

$

(

20,034

)

E-Mini

Technology

Select

Sector

Index

......................................................

950

06/21/24

189,164

(

1,043,944

)

$

(

1,063,978

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

1,063,978

$

—

$

—

$

—

$

1,063,978

(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

.................................

$

—

$

—

$

5,688,670

$

—

$

—

$

—

$

5,688,670

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

1,569,361

)

$

—

$

—

$

—

$

(

1,569,361

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

57,977,412

a

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

U.S.

Technology

ETF

88

2024

iShares

Annual

Report

to

Shareholders

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

15,550,174,419

‌

$

—

‌

$

—

‌

$

15,550,174,419

‌

Short-Term

Securities

Money

Market

Funds

......................................

179,145,097

‌

—

‌

—

‌

179,145,097

‌

$

15,729,319,516

‌

$

—

‌

$

—

‌

$

15,729,319,516

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

1,063,978

)

$

—

‌

$

—

‌

$

(

1,063,978

)

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

April

30,

2024

(Percentages

shown

are

based

on

Net

Assets)

89

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Air

Freight

&

Logistics

 — 

20

.5

%

Air

Transport

Services

Group,

Inc.

(a)

............

79,723

$

1,022,049

CH

Robinson

Worldwide,

Inc.

................

184,259

13,082,389

Expeditors

International

of

Washington,

Inc.

.......

229,640

25,561,228

FedEx

Corp.

............................

157,698

41,282,183

Forward

Air

Corp.

........................

48,739

1,073,233

GXO

Logistics,

Inc.

(a)

(b)

.....................

187,890

9,330,617

Hub

Group,

Inc.

,

Class

A

....................

98,415

3,958,251

United

Parcel

Service,

Inc.

,

Class

B

............

550,180

81,140,547

176,450,497

a

Ground

Transportation

 — 

61

.1

%

ArcBest

Corp.

...........................

37,393

4,147,258

Avis

Budget

Group,

Inc.

....................

29,213

2,788,381

CSX

Corp.

.............................

1,106,755

36,766,401

Heartland

Express,

Inc.

.....................

72,502

720,670

Hertz

Global

Holdings,

Inc.

(a)

(b)

................

206,920

941,486

JB

Hunt

Transport

Services,

Inc.

..............

128,793

20,937,878

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

254,883

11,783,241

Landstar

System,

Inc.

......................

56,776

9,902,302

Lyft,

Inc.

,

Class

A

(a)

........................

546,424

8,546,071

Marten

Transport

Ltd.

......................

91,315

1,545,050

Norfolk

Southern

Corp.

.....................

165,721

38,168,861

Old

Dominion

Freight

Line,

Inc.

...............

193,636

35,185,597

RXO,

Inc.

(a)

(b)

............................

184,604

3,490,862

Ryder

System,

Inc.

........................

70,010

8,530,718

Saia,

Inc.

(a)

(b)

............................

41,949

16,646,622

Schneider

National,

Inc.

,

Class

B

..............

59,100

1,222,188

Uber

Technologies,

Inc.

(a)

...................

2,206,542

146,227,538

U-Haul

Holding

Co.

(a)

......................

15,190

960,464

Union

Pacific

Corp.

.......................

653,831

155,062,560

Werner

Enterprises,

Inc.

....................

100,105

3,423,591

XPO,

Inc.

(a)

(b)

............................

183,404

19,708,594

526,706,333

a

Marine

Transportation

 — 

2

.1

%

Genco

Shipping

&

Trading

Ltd.

................

67,288

1,435,926

Kirby

Corp.

(a)

(b)

...........................

93,353

10,187,613

Security

Shares

Value

a

Marine

Transportation

(continued)

Matson,

Inc.

............................

55,188

$

5,948,162

17,571,701

a

Passenger

Airlines

 — 

14

.9

%

Alaska

Air

Group,

Inc.

(a)

.....................

199,160

8,567,863

Allegiant

Travel

Co.

.......................

22,655

1,236,057

American

Airlines

Group,

Inc.

(a)

................

1,033,424

13,961,558

Delta

Air

Lines,

Inc.

.......................

833,896

41,753,173

JetBlue

Airways

Corp.

(a)

....................

525,762

2,986,328

Joby

Aviation,

Inc.

(a)

(b)

......................

581,970

2,938,949

SkyWest,

Inc.

(a)

..........................

64,713

4,725,990

Southwest

Airlines

Co.

.....................

942,414

24,446,219

Spirit

Airlines,

Inc.

........................

173,174

611,304

Sun

Country

Airlines

Holdings,

Inc.

(a)

............

61,653

820,601

United

Airlines

Holdings,

Inc.

(a)

................

518,106

26,661,735

128,709,777

a

Total

Long-Term

Investments — 98.6%

(Cost:

$

977,228,430

)

................................

849,438,308

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.5

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.49

%

(c)

(d)

(e)

......................

12,348,408

12,352,113

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.28

%

(c)

(d)

............................

962,718

962,718

a

Total

Short-Term

Securities — 1.5%

(Cost:

$

13,310,920

)

.................................

13,314,831

Total

Investments

—

100.1%

(Cost:

$

990,539,350

)

................................

862,753,139

Liabilities

in

Excess

of

Other

Assets

—

(

0

.1

)

%

...............

(

1,011,309

)

Net

Assets

—

100.0%

.................................

$

861,741,830

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

April

30,

2024

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

04/30/24

  Shares

Held

at

04/30/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

23,884,603

$

—

$

(

11,529,299

)

(a)

$

6,718

$

(

9,909

)

$

12,352,113

12,348,408

$

57,175

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

951,661

11,057

(a)

—

—

—

962,718

962,718

68,173

—

$

6,718

$

(

9,909

)

$

13,314,831

$

125,348

$

—

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

U.S.

Transportation

ETF

90

2024

iShares

Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

April

30,

2024,

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

........................................................

76

06/21/24

$

9,363

$

(

7,000

)

E-Mini

S&P

Consumer

Discretionary

Select

Sector

Index

..........................................

15

06/21/24

2,678

(

2,378

)

$

(

9,378

)

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)

.............

$

—

$

—

$

9,378

$

—

$

—

$

—

$

9,378

(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

..................................

$

—

$

—

$

348,385

$

—

$

—

$

—

$

348,385

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

32,757

)

$

—

$

—

$

—

$

(

32,757

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

3,962,175

a

iShares

®

U.S.

Transportation

ETF

Schedule

of

Investments

(continued)

April

30,

2024

91

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

.........................................

$

849,438,308

‌

$

—

‌

$

—

‌

$

849,438,308

‌

Short-Term

Securities

Money

Market

Funds

......................................

13,314,831

‌

—

‌

—

‌

13,314,831

‌

$

862,753,139

‌

$

—

‌

$

—

‌

$

862,753,139

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

9,378

)

$

—

‌

$

—

‌

$

(

9,378

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

April

30,

2024

iShares

®

U.S.

Utilities

ETF

(Percentages

shown

are

based

on

Net

Assets)

92

2024

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Commercial

Services

&

Supplies

 — 

11

.5

%

Clean

Harbors,

Inc.

(a)

......................

38,796

$

7,349,902

Republic

Services,

Inc.

.....................

158,399

30,365,088

Stericycle,

Inc.

(a)

.........................

70,598

3,157,849

Waste

Management,

Inc.

....................

312,005

64,903,280

105,776,119

a

Electric

Utilities

 — 

56

.6

%

Alliant

Energy

Corp.

.......................

195,549

9,738,340

American

Electric

Power

Co.,

Inc.

..............

403,902

34,747,689

Avangrid,

Inc.

...........................

54,338

1,984,967

Constellation

Energy

Corp.

..................

246,715

45,874,187

Duke

Energy

Corp.

.......................

591,406

58,111,554

Edison

International

.......................

289,857

20,597,238

Entergy

Corp.

...........................

162,304

17,312,968

Evergy,

Inc.

.............................

170,724

8,954,474

Eversource

Energy

.......................

267,311

16,204,393

Exelon

Corp.

............................

762,487

28,654,261

FirstEnergy

Corp.

........................

417,598

16,010,707

Hawaiian

Electric

Industries,

Inc.

..............

84,457

831,901

IDACORP,

Inc.

..........................

38,717

3,669,597

NextEra

Energy,

Inc.

......................

1,574,999

105,477,683

NRG

Energy,

Inc.

.........................

171,957

12,496,115

OGE

Energy

Corp.

........................

153,180

5,307,687

PG&E

Corp.

............................

1,562,378

26,732,288

Pinnacle

West

Capital

Corp.

.................

86,735

6,388,033

PPL

Corp.

.............................

565,980

15,541,811

Southern

Co.

(The)

.......................

836,061

61,450,484

Xcel

Energy,

Inc.

.........................

422,574

22,704,901

518,791,278

a

Electrical

Equipment

 — 

0

.2

%

Sunrun,

Inc.

(a)

(b)

..........................

163,116

1,678,464

a

Gas

Utilities

 — 

2

.3

%

Atmos

Energy

Corp.

.......................

115,499

13,617,332

National

Fuel

Gas

Co.

.....................

68,108

3,616,535

UGI

Corp.

..............................

160,173

4,094,022

21,327,889

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

3

.7

%

AES

Corp.

(The)

.........................

512,080

9,166,232

Brookfield

Renewable

Corp.

,

Class

A

...........

102,260

2,376,522

Clearway

Energy,

Inc.

,

Class

A

................

26,764

581,047

Security

Shares

Value

a

Independent

Power

and

Renewable

Electricity

Producers

(continued)

Clearway

Energy,

Inc.

,

Class

C

...............

62,029

$

1,450,238

Vistra

Corp.

............................

270,907

20,545,587

34,119,626

a

Multi-Utilities

 — 

22

.7

%

Ameren

Corp.

...........................

200,808

14,833,687

CenterPoint

Energy,

Inc.

....................

483,929

14,101,691

CMS

Energy

Corp.

........................

223,012

13,516,757

Consolidated

Edison,

Inc.

...................

266,103

25,120,123

Dominion

Energy,

Inc.

......................

641,197

32,688,223

DTE

Energy

Co.

.........................

157,983

17,428,685

NiSource,

Inc.

...........................

316,938

8,829,893

Public

Service

Enterprise

Group,

Inc.

...........

381,385

26,346,076

Sempra

...............................

483,291

34,618,134

WEC

Energy

Group,

Inc.

....................

241,996

19,998,549

207,481,818

a

Water

Utilities

 — 

2

.8

%

American

Water

Works

Co.,

Inc.

...............

149,421

18,277,176

Essential

Utilities,

Inc.

......................

192,391

7,037,663

25,314,839

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

922,388,084

)

................................

914,490,033

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.2

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.49

%

(c)

(d)

(e)

......................

664,252

664,452

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.28

%

(c)

(d)

............................

1,148,255

1,148,255

a

Total

Short-Term

Securities — 0.2%

(Cost:

$

1,812,684

)

..................................

1,812,707

Total

Investments

—

100.0%

(Cost:

$

924,200,768

)

................................

916,302,740

Liabilities

in

Excess

of

Other

Assets

—

0

.0

%

................

(

426,392

)

Net

Assets

—

100.0%

.................................

$

915,876,348

(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

(continued)

April

30,

2024

93

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

April

30,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

April

30,

2024

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

04/30/24

  Shares

Held

at

04/30/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

28,258,427

$

—

$

(

27,594,154

)

(a)

$

167

$

12

$

664,452

664,252

$

15,488

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

1,350,795

—

(

202,540

)

(a)

—

—

1,148,255

1,148,255

75,580

—

$

167

$

12

$

1,812,707

$

91,068

$

—

(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

..........................................................

17

06/21/24

$

1,149

$

32,518

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

32,518

$

—

$

—

$

—

$

32,518

(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

..................................

$

—

$

—

$

76,017

$

—

$

—

$

—

$

76,017

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

7,019

)

$

—

$

—

$

—

$

(

7,019

)

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

U.S.

Utilities

ETF

94

2024

iShares

Annual

Report

to

Shareholders

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

1,518,020

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

914,490,033

‌

$

—

‌

$

—

‌

$

914,490,033

‌

Short-Term

Securities

Money

Market

Funds

......................................

1,812,707

‌

—

‌

—

‌

1,812,707

‌

$

916,302,740

‌

$

—

‌

$

—

‌

$

916,302,740

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

32,518

‌

$

—

‌

$

—

‌

$

32,518

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

95

Financial

Statements

Statements

of

Assets

and

Liabilities

April

30,

2024

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)

.....................................

$

1,817,417,467

‌

$

4,212,367,667

‌

$

3,325,198,697

‌

$

647,266,498

‌

Investments,

at

value

—

affiliated

(c)

........................................

21,873,550

‌

41,924,840

‌

23,397,621

‌

3,639,435

‌

Cash

............................................................

—

‌

—

‌

18,653

‌

—

‌

Cash

pledged:

Futures

contracts

..................................................

191,000

‌

632,000

‌

341,000

‌

63,000

‌

Receivables:

Securities

lending

income

—

affiliated

....................................

6,192

‌

7,343

‌

2,290

‌

585

‌

Dividends

—

unaffiliated

.............................................

1,051,419

‌

3,355,955

‌

3,216,498

‌

717,120

‌

Dividends

—

affiliated

...............................................

13,144

‌

43,918

‌

25,213

‌

4,392

‌

Total

assets

.......................................................

1,840,552,772

‌

4,258,331,723

‌

3,352,199,972

‌

651,691,030

‌

LIABILITIES

Collateral

on

securities

loaned

...........................................

14,048,348

‌

10,461,910

‌

18,245,511

‌

2,652,747

‌

Payables:

Investment

advisory

fees

.............................................

304,455

‌

884,852

‌

692,810

‌

203,489

‌

Variation

margin

on

futures

contracts

.....................................

64,000

‌

212,000

‌

103,780

‌

25,800

‌

Total

liabilities

......................................................

14,416,803

‌

11,558,762

‌

19,042,101

‌

2,882,036

‌

Commitments

and

contingent

liabilities

NET

ASSETS

......................................................

$

1,826,135,969

‌

$

4,246,772,961

‌

$

3,333,157,871

‌

$

648,808,994

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

......................................................

$

939,145,550

‌

$

3,161,822,660

‌

$

3,380,069,221

‌

$

904,322,110

‌

Accumulated

earnings

(loss)

............................................

886,990,419

‌

1,084,950,301

‌

(46,911,350

)

(255,513,116

)

NET

ASSETS

......................................................

$

1,826,135,969

‌

$

4,246,772,961

‌

$

3,333,157,871

‌

$

648,808,994

‌

NET

ASSET

VALUE

Shares

outstanding

..................................................

14,900,000

‌

44,150,000

‌

31,900,000

‌

4,600,000

‌

Net

asset

value

.....................................................

$

122.56

‌

$

96.19

‌

$

104.49

‌

$

141.05

‌

Shares

authorized

...................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

...........................................

$

13,247,281

‌

$

9,905,624

‌

$

17,264,684

‌

$

2,534,958

‌

(b)

Investments,

at

cost

—

unaffiliated

......................................

$

886,751,634

‌

$

3,015,165,769

‌

$

3,134,053,296

‌

$

696,388,528

‌

(c)

Investments,

at

cost

—

affiliated

........................................

$

20,041,236

‌

$

38,677,738

‌

$

23,393,329

‌

$

3,638,129

‌

96

2024

iShares

Annual

Report

to

Shareholders

Statements

of

Assets

and

Liabilities

(continued)

April

30,

2024

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)

....................................

$

996,873,986

‌

$

1,263,301,175

‌

$

1,344,453,964

‌

$

1,251,426,098

‌

Investments,

at

value

—

affiliated

(c)

.......................................

16,844,563

‌

3,732,890

‌

8,060,078

‌

143,227,090

‌

Cash

...........................................................

5,435

‌

19,624

‌

—

‌

2,001

‌

Cash

pledged:

Futures

contracts

.................................................

32,000

‌

123,000

‌

99,000

‌

147,000

‌

Receivables:

Securities

lending

income

—

affiliated

...................................

13,538

‌

381

‌

7,786

‌

9,289

‌

Capital

shares

sold

................................................

4,932

‌

—

‌

4,630

‌

—

‌

Dividends

—

unaffiliated

............................................

269,869

‌

2,561,684

‌

1,024,317

‌

1,002,152

‌

Dividends

—

affiliated

..............................................

3,097

‌

7,594

‌

5,392

‌

9,502

‌

Total

assets

......................................................

1,014,047,420

‌

1,269,746,348

‌

1,353,655,167

‌

1,395,823,132

‌

LIABILITIES

Collateral

on

securities

loaned

..........................................

16,017,746

‌

2,040,203

‌

6,383,143

‌

112,529,721

‌

Payables:

Investment

advisory

fees

............................................

314,996

‌

403,474

‌

435,874

‌

412,373

‌

Variation

margin

on

futures

contracts

....................................

12,410

‌

15,190

‌

52,117

‌

34,450

‌

Total

liabilities

.....................................................

16,345,152

‌

2,458,867

‌

6,871,134

‌

112,976,544

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.....................................................

$

997,702,268

‌

$

1,267,287,481

‌

$

1,346,784,033

‌

$

1,282,846,588

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................

$

1,186,862,019

‌

$

1,367,987,501

‌

$

1,430,412,170

‌

$

1,361,330,166

‌

Accumulated

loss

..................................................

(189,159,751

)

(100,700,020

)

(83,628,137

)

(78,483,578

)

NET

ASSETS

.....................................................

$

997,702,268

‌

$

1,267,287,481

‌

$

1,346,784,033

‌

$

1,282,846,588

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................

12,850,000

‌

18,950,000

(d)

27,550,000

‌

20,200,000

(d)

Net

asset

value

....................................................

$

77.64

‌

$

66.88

(d)

$

48.89

‌

$

63.51

(d)

Shares

authorized

..................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

..........................................

$

15,252,752

‌

$

1,985,139

‌

$

5,978,432

‌

$

108,895,268

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................

$

1,014,312,949

‌

$

1,301,048,105

‌

$

1,049,514,562

‌

$

1,172,948,822

‌

(c)

Investments,

at

cost

—

affiliated

.......................................

$

16,837,688

‌

$

3,732,890

‌

$

8,058,302

‌

$

146,237,528

‌

(d)

Shares

outstanding

and

net

asset

value

per

share

reflect

a

three-for-one

stock

split

effective

after

the

close

of

trading

on

March

6,

2024.

97

Statements

of

Assets

and

Liabilities

(continued)

April

30,

2024

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)

.....................................

$

2,464,108,193

‌

$

3,262,291,312

‌

$

1,565,495,242

‌

$

15,550,174,419

‌

Investments,

at

value

—

affiliated

(c)

........................................

72,784,412

‌

50,425,772

‌

10,383,072

‌

179,145,097

‌

Cash

............................................................

150,006

‌

—

‌

736

‌

13,253

‌

Cash

pledged:

Futures

contracts

..................................................

262,000

‌

262,999

‌

94,000

‌

1,105,000

‌

Receivables:

Investments

sold

..................................................

13,001,789

‌

—

‌

—

‌

173,486,121

‌

Securities

lending

income

—

affiliated

....................................

2,090

‌

9,393

‌

1,135

‌

20,806

‌

Dividends

—

unaffiliated

.............................................

1,868,723

‌

3,184,633

‌

912,334

‌

118,911

‌

Dividends

—

affiliated

...............................................

27,448

‌

18,632

‌

8,987

‌

107,839

‌

Total

assets

.......................................................

2,552,204,661

‌

3,316,192,741

‌

1,576,895,506

‌

15,904,171,446

‌

LIABILITIES

Due

to

broker

......................................................

—

‌

2,381

‌

—

‌

—

‌

Collateral

on

securities

loaned

...........................................

3,846,398

‌

45,514,933

‌

8,240,461

‌

153,273,234

‌

Payables:

Investments

purchased

..............................................

16,875,681

‌

—

‌

—

‌

—

‌

Investment

advisory

fees

.............................................

802,823

‌

1,053,136

‌

498,118

‌

5,094,968

‌

Variation

margin

on

futures

contracts

.....................................

57,513

‌

4,680

‌

39,250

‌

438,660

‌

Total

liabilities

......................................................

21,582,415

‌

46,575,130

‌

8,777,829

‌

158,806,862

‌

Commitments

and

contingent

liabilities

NET

ASSETS

......................................................

$

2,530,622,246

‌

$

3,269,617,611

‌

$

1,568,117,677

‌

$

15,745,364,584

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

......................................................

$

2,470,169,932

‌

$

3,198,546,544

‌

$

1,553,271,064

‌

$

12,827,547,904

‌

Accumulated

earnings

................................................

60,452,314

‌

71,071,067

‌

14,846,613

‌

2,917,816,680

‌

NET

ASSETS

......................................................

$

2,530,622,246

‌

$

3,269,617,611

‌

$

1,568,117,677

‌

$

15,745,364,584

‌

NET

ASSET

VALUE

Shares

outstanding

..................................................

27,750,000

‌

55,600,000

(d)

13,050,000

‌

122,850,000

‌

Net

asset

value

.....................................................

$

91.19

‌

$

58.81

(d)

$

120.16

‌

$

128.17

‌

Shares

authorized

...................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

...........................................

$

3,660,995

‌

$

43,729,938

‌

$

7,879,221

‌

$

146,647,777

‌

(b)

Investments,

at

cost

—

unaffiliated

......................................

$

2,212,225,453

‌

$

3,070,595,657

‌

$

1,440,495,341

‌

$

12,263,722,257

‌

(c)

Investments,

at

cost

—

affiliated

........................................

$

78,567,513

‌

$

50,412,317

‌

$

10,381,325

‌

$

179,104,618

‌

(d)

Shares

outstanding

and

net

asset

value

per

share

reflect

a

five-for-one

stock

split

effective

after

the

close

of

trading

on

March

6,

2024.

98

2024

iShares

Annual

Report

to

Shareholders

Statements

of

Assets

and

Liabilities

(continued)

April

30,

2024

See

notes

to

financial

statements.

iShares

U.S.

Transportation

ETF

iShares

U.S.

Utilities

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)(b)

....................................................................

$

849,438,308

‌

$

914,490,033

‌

Investments,

at

value

—

affiliated

(c)

.......................................................................

13,314,831

‌

1,812,707

‌

Cash

pledged:

Futures

contracts

.................................................................................

25,000

‌

45,000

‌

Receivables:

Investments

sold

.................................................................................

11,624,509

‌

—

‌

Securities

lending

income

—

affiliated

...................................................................

3,793

‌

257

‌

Capital

shares

sold

................................................................................

—

‌

72,465

‌

Dividends

—

unaffiliated

............................................................................

13,437

‌

392,473

‌

Dividends

—

affiliated

..............................................................................

4,535

‌

5,225

‌

Total

assets

......................................................................................

874,424,413

‌

916,818,160

‌

LIABILITIES

Collateral

on

securities

loaned

..........................................................................

12,377,890

‌

660,011

‌

Payables:

Capital

shares

redeemed

............................................................................

4,532

‌

—

‌

Investment

advisory

fees

............................................................................

287,646

‌

276,393

‌

Variation

margin

on

futures

contracts

....................................................................

12,515

‌

5,408

‌

Total

liabilities

.....................................................................................

12,682,583

‌

941,812

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.....................................................................................

$

861,741,830

‌

$

915,876,348

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................................................

$

1,123,327,908

‌

$

992,504,496

‌

Accumulated

loss

..................................................................................

(261,586,078

)

(76,628,148

)

NET

ASSETS

.....................................................................................

$

861,741,830

‌

$

915,876,348

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................................................

13,400,000

(d)

10,700,000

‌

Net

asset

value

....................................................................................

$

64.31

(d)

$

85.60

‌

Shares

authorized

..................................................................................

Unlimited

Unlimited

Par

value

........................................................................................

None

None

(a)

Securities

loaned,

at

value

..........................................................................

$

11,698,268

‌

$

617,411

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................................................

$

977,228,430

‌

$

922,388,084

‌

(c)

Investments,

at

cost

—

affiliated

.......................................................................

$

13,310,920

‌

$

1,812,684

‌

(d)

Shares

outstanding

and

net

asset

value

per

share

reflect

a

four-for-one

stock

split

effective

after

the

close

of

trading

on

March

6,

2024.

99

Financial

Statements

Statements

of

Operations

Year

Ended

April

30,

2024

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

............................................

$

25,231,913

‌

$

56,645,093

‌

$

65,208,304

‌

$

15,040,699

‌

Dividends

—

affiliated

..............................................

259,081

‌

1,058,250

‌

530,016

‌

60,289

‌

Interest

—

unaffiliated

..............................................

18,659

‌

53,472

‌

42,646

‌

11,168

‌

Securities

lending

income

—

affiliated

—

net

...............................

171,394

‌

147,920

‌

156,032

‌

15,769

‌

Foreign

taxes

withheld

.............................................

(

7,942

)

(

28,369

)

(

52,879

)

(

7,115

)

Total

investment

income

..............................................

25,673,105

‌

57,876,366

‌

65,884,119

‌

15,120,810

‌

EXPENSES

Investment

advisory

...............................................

3,391,167

‌

9,768,371

‌

9,918,965

‌

2,752,079

‌

Total

expenses

....................................................

3,391,167

‌

9,768,371

‌

9,918,965

‌

2,752,079

‌

Net

investment

income

...............................................

22,281,938

‌

48,107,995

‌

55,965,154

‌

12,368,731

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(

2,539,135

)

(

19,960,268

)

(

59,876,705

)

(

7,170,564

)

Investments

—

affiliated

...........................................

(

35,729

)

(

59,241

)

1,420,875

‌

5,266

‌

Futures

contracts

...............................................

703,890

‌

2,560,490

‌

2,226,401

‌

211,377

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................

70,123,077

‌

129,590,074

‌

625,389,536

‌

38,200,843

‌

In-kind

redemptions

—

affiliated

(a)

....................................

167,188

‌

555,537

‌

1,275,808

‌

—

‌

68,419,291

‌

112,686,592

‌

570,435,915

‌

31,246,922

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

251,738,518

‌

684,947,805

‌

176,335,897

‌

10,398,429

‌

Investments

—

affiliated

...........................................

336,693

‌

1,788,938

‌

(

1,309,466

)

(

2,380

)

Futures

contracts

...............................................

(

221,262

)

(

1,112,306

)

(

496,642

)

(

88,393

)

251,853,949

‌

685,624,437

‌

174,529,789

‌

10,307,656

‌

Net

realized

and

unrealized

gain

........................................

320,273,240

‌

798,311,029

‌

744,965,704

‌

41,554,578

‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............

$

342,555,178

‌

$

846,419,024

‌

$

800,930,858

‌

$

53,923,309

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

100

2024

iShares

Annual

Report

to

Shareholders

Statements

of

Operations

(continued)

Year

Ended

April

30,

2024

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

............................................

$

8,583,703

‌

$

43,571,433

‌

$

41,442,676

‌

$

24,563,540

‌

Dividends

—

affiliated

..............................................

57,872

‌

125,176

‌

107,195

‌

1,025,522

‌

Interest

—

unaffiliated

..............................................

10,533

‌

13,495

‌

34,574

‌

18,556

‌

Securities

lending

income

—

affiliated

—

net

...............................

427,270

‌

14,752

‌

126,414

‌

45,258

‌

Foreign

taxes

withheld

.............................................

(

3,997

)

—

‌

—

‌

(

6,364

)

Total

investment

income

..............................................

9,075,381

‌

43,724,856

‌

41,710,859

‌

25,646,512

‌

EXPENSES

Investment

advisory

...............................................

3,334,611

‌

5,835,603

‌

5,218,813

‌

4,780,463

‌

Total

expenses

....................................................

3,334,611

‌

5,835,603

‌

5,218,813

‌

4,780,463

‌

Net

investment

income

...............................................

5,740,770

‌

37,889,253

‌

36,492,046

‌

20,866,049

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(

1,721,670

)

(

16,696,778

)

2,046,390

‌

(

49,279,457

)

Investments

—

affiliated

...........................................

3,264

‌

3,027

‌

5,913

‌

(

1,963,300

)

Futures

contracts

...............................................

268,992

‌

(

169,023

)

722,831

‌

633,717

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................

35,239,899

‌

39,844,161

‌

131,063,410

‌

9,573,229

‌

In-kind

redemptions

—

affiliated

(a)

....................................

—

‌

—

‌

—

‌

67,032

‌

33,790,485

‌

22,981,387

‌

133,838,544

‌

(

40,968,779

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

115,785,201

‌

(

99,790,041

)

(

29,124,391

)

291,583,795

‌

Investments

—

affiliated

...........................................

(

1,462

)

(

855

)

(

2,953

)

5,358,158

‌

Futures

contracts

...............................................

(

66,784

)

(

105,709

)

(

130,471

)

(

183,113

)

115,716,955

‌

(

99,896,605

)

(

29,257,815

)

296,758,840

‌

Net

realized

and

unrealized

gain

(loss)

....................................

149,507,440

‌

(

76,915,218

)

104,580,729

‌

255,790,061

‌

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

155,248,210

‌

$

(

39,025,965

)

$

141,072,775

‌

$

276,656,110

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

101

Statements

of

Operations

(continued)

Year

Ended

April

30,

2024

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

............................................

$

43,721,607

‌

$

51,415,153

‌

$

17,864,828

‌

$

83,907,136

‌

Dividends

—

affiliated

..............................................

1,682,205

‌

261,204

‌

102,319

‌

855,679

‌

Interest

—

unaffiliated

..............................................

27,648

‌

43,002

‌

12,684

‌

105,353

‌

Securities

lending

income

—

affiliated

—

net

...............................

74,639

‌

457,327

‌

41,283

‌

535,338

‌

Foreign

taxes

withheld

.............................................

(

9,977

)

—

‌

(

1,486

)

—

‌

Total

investment

income

..............................................

45,496,122

‌

52,176,686

‌

18,019,628

‌

85,403,506

‌

EXPENSES

Investment

advisory

...............................................

7,961,992

‌

12,654,109

‌

4,883,878

‌

51,748,810

‌

Total

expenses

....................................................

7,961,992

‌

12,654,109

‌

4,883,878

‌

51,748,810

‌

Net

investment

income

...............................................

37,534,130

‌

39,522,577

‌

13,135,750

‌

33,654,696

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(

33,210,116

)

(

16,723,719

)

(

9,179,501

)

(

72,487,929

)

Investments

—

affiliated

...........................................

(

140,948

)

(

8,821

)

2,764

‌

23,281

‌

Futures

contracts

...............................................

1,553,570

‌

374,070

‌

578,331

‌

5,688,670

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................

37,062,007

‌

277,066,624

‌

39,990,329

‌

2,454,242,491

‌

In-kind

redemptions

—

affiliated

(a)

....................................

23,925

‌

—

‌

—

‌

—

‌

5,288,438

‌

260,708,154

‌

31,391,923

‌

2,387,466,513

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

432,008,872

‌

(

129,841,358

)

181,462,981

‌

1,660,219,220

‌

Investments

—

affiliated

...........................................

5,186,087

‌

(

5,834

)

(

1,929

)

(

5,543

)

Futures

contracts

...............................................

(

273,418

)

(

296,095

)

(

61,724

)

(

1,569,361

)

436,921,541

‌

(

130,143,287

)

181,399,328

‌

1,658,644,316

‌

Net

realized

and

unrealized

gain

........................................

442,209,979

‌

130,564,867

‌

212,791,251

‌

4,046,110,829

‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............

$

479,744,109

‌

$

170,087,444

‌

$

225,927,001

‌

$

4,079,765,525

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

102

2024

iShares

Annual

Report

to

Shareholders

Statements

of

Operations

(continued)

Year

Ended

April

30,

2024

See

notes

to

financial

statements.

iShares

U.S.

Transportation

ETF

iShares

U.S.

Utilities

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................

$

15,441,141

‌

$

26,795,107

‌

Dividends

—

affiliated

..............................................................................

68,173

‌

75,580

‌

Interest

—

unaffiliated

..............................................................................

8,865

‌

15,566

‌

Securities

lending

income

—

affiliated

—

net

...............................................................

57,175

‌

15,488

‌

Foreign

taxes

withheld

.............................................................................

—

‌

(

20,550

)

Total

investment

income

..............................................................................

15,575,354

‌

26,881,191

‌

EXPENSES

Investment

advisory

...............................................................................

3,739,321

‌

3,364,578

‌

Total

expenses

....................................................................................

3,739,321

‌

3,364,578

‌

Net

investment

income

...............................................................................

11,836,033

‌

23,516,613

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................

(

19,251,593

)

(

3,497,609

)

Investments

—

affiliated

...........................................................................

6,718

‌

167

‌

Futures

contracts

...............................................................................

348,385

‌

76,017

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................................................

101,183,893

‌

22,657,421

‌

82,287,403

‌

19,235,996

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................

33,616,844

‌

(

23,089,046

)

Investments

—

affiliated

...........................................................................

(

9,909

)

12

‌

Futures

contracts

...............................................................................

(

32,757

)

(

7,019

)

33,574,178

‌

(

23,096,053

)

Net

realized

and

unrealized

gain

(loss)

....................................................................

115,861,581

‌

(

3,860,057

)

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............................................

$

127,697,614

‌

$

19,656,556

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

103

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

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/24

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

22,281,938

‌

$

22,189,315

‌

$

48,107,995

‌

$

50,357,422

‌

Net

realized

gain

.............................................

68,419,291

‌

62,920,884

‌

112,686,592

‌

211,202,214

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

251,853,949

‌

(

63,484,282

)

685,624,437

‌

(

229,137,253

)

Net

increase

in

net

assets

resulting

from

operations

........................

342,555,178

‌

21,625,917

‌

846,419,024

‌

32,422,383

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

22,333,716

)

(

22,417,559

)

(

47,349,666

)

(

50,565,891

)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

..............

(

48,105,275

)

(

4,614,827

)

(

88,761,632

)

(

59,105,660

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

272,116,187

‌

(

5,406,469

)

710,307,726

‌

(

77,249,168

)

Beginning

of

year

...............................................

1,554,019,782

‌

1,559,426,251

‌

3,536,465,235

‌

3,613,714,403

‌

End

of

year

...................................................

$

1,826,135,969

‌

$

1,554,019,782

‌

$

4,246,772,961

‌

$

3,536,465,235

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

104

2024

iShares

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

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/24

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

55,965,154

‌

$

51,462,121

‌

$

12,368,731

‌

$

18,254,644

‌

Net

realized

gain

(loss)

.........................................

570,435,915

‌

11,681,306

‌

31,246,922

‌

(

62,615,858

)

Net

change

in

unrealized

appreciation

(depreciation)

.....................

174,529,789

‌

(

42,634,731

)

10,307,656

‌

(

46,835,243

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

800,930,858

‌

20,508,696

‌

53,923,309

‌

(

91,196,457

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

55,311,905

)

(

50,432,428

)

(

12,753,032

)

(

18,732,865

)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

..............

(

672,488,910

)

(

372,694,673

)

(

307,802,344

)

(

100,955,756

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

73,130,043

‌

(

402,618,405

)

(

266,632,067

)

(

210,885,078

)

Beginning

of

year

...............................................

3,260,027,828

‌

3,662,646,233

‌

915,441,061

‌

1,126,326,139

‌

End

of

year

...................................................

$

3,333,157,871

‌

$

3,260,027,828

‌

$

648,808,994

‌

$

915,441,061

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

105

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Consumer

Discretionary

ETF

iShares

U.S.

Consumer

Staples

ETF

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/24

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

5,740,770

‌

$

4,894,973

‌

$

37,889,253

‌

$

39,191,841

‌

Net

realized

gain

(loss)

.........................................

33,790,485

‌

(

61,660,767

)

22,981,387

‌

51,112,517

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

115,716,955

‌

18,657,011

‌

(

99,896,605

)

(

28,313,240

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

155,248,210

‌

(

38,108,783

)

(

39,025,965

)

61,991,118

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

5,773,517

)

(

4,983,461

)

(

39,211,431

)

(

36,324,935

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

149,627,644

‌

(

115,173,704

)

(

465,854,689

)

650,759,054

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

299,102,337

‌

(

158,265,948

)

(

544,092,085

)

676,425,237

‌

Beginning

of

year

...............................................

698,599,931

‌

856,865,879

‌

1,811,379,566

‌

1,134,954,329

‌

End

of

year

...................................................

$

997,702,268

‌

$

698,599,931

‌

$

1,267,287,481

‌

$

1,811,379,566

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

106

2024

iShares

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

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/24

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

36,492,046

‌

$

76,923,261

‌

$

20,866,049

‌

$

27,909,618

‌

Net

realized

gain

(loss)

.........................................

133,838,544

‌

862,277,987

‌

(

40,968,779

)

14,910,443

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

29,257,815

)

(

570,031,462

)

296,758,840

‌

(

118,687,739

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

141,072,775

‌

369,169,786

‌

276,656,110

‌

(

75,867,678

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

36,089,290

)

(

81,833,379

)

(

21,038,122

)

(

30,227,687

)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

..............

(

313,311,666

)

(

2,285,005,157

)

(

175,128,452

)

(

720,578,894

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

208,328,181

)

(

1,997,668,750

)

80,489,536

‌

(

826,674,259

)

Beginning

of

year

...............................................

1,555,112,214

‌

3,552,780,964

‌

1,202,357,052

‌

2,029,031,311

‌

End

of

year

...................................................

$

1,346,784,033

‌

$

1,555,112,214

‌

$

1,282,846,588

‌

$

1,202,357,052

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

107

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Financials

ETF

iShares

U.S.

Healthcare

ETF

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/24

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

37,534,130

‌

$

38,793,620

‌

$

39,522,577

‌

$

36,644,552

‌

Net

realized

gain

(loss)

.........................................

5,288,438

‌

(

23,505,030

)

260,708,154

‌

117,385,072

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

436,921,541

‌

(

57,581,882

)

(

130,143,287

)

(

32,842,820

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

479,744,109

‌

(

42,293,292

)

170,087,444

‌

121,186,804

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

34,613,837

)

(

37,169,793

)

(

39,003,986

)

(

36,619,957

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

256,516,293

‌

(

191,510,087

)

(

123,458,383

)

350,643,267

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

701,646,565

‌

(

270,973,172

)

7,625,075

‌

435,210,114

‌

Beginning

of

year

...............................................

1,828,975,681

‌

2,099,948,853

‌

3,261,992,536

‌

2,826,782,422

‌

End

of

year

...................................................

$

2,530,622,246

‌

$

1,828,975,681

‌

$

3,269,617,611

‌

$

3,261,992,536

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

108

2024

iShares

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

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/24

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

13,135,750

‌

$

12,971,777

‌

$

33,654,696

‌

$

36,351,089

‌

Net

realized

gain

.............................................

31,391,923

‌

44,381,417

‌

2,387,466,513

‌

323,150,313

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

181,399,328

‌

(

41,180,782

)

1,658,644,316

‌

461,668,956

‌

Net

increase

in

net

assets

resulting

from

operations

........................

225,927,001

‌

16,172,412

‌

4,079,765,525

‌

821,170,358

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

13,000,334

)

(

12,823,027

)

(

53,062,094

)

(

41,892,148

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

178,508,033

‌

(

75,758,298

)

1,166,343,871

‌

2,434,605,506

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

391,434,700

‌

(

72,408,913

)

5,193,047,302

‌

3,213,883,716

‌

Beginning

of

year

...............................................

1,176,682,977

‌

1,249,091,890

‌

10,552,317,282

‌

7,338,433,566

‌

End

of

year

...................................................

$

1,568,117,677

‌

$

1,176,682,977

‌

$

15,745,364,584

‌

$

10,552,317,282

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

109

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Transportation

ETF

iShares

U.S.

Utilities

ETF

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/24

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

11,836,033

‌

$

11,216,360

‌

$

23,516,613

‌

$

23,309,552

‌

Net

realized

gain

(loss)

.........................................

82,287,403

‌

(

55,555,146

)

19,235,996

‌

40,681,978

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

33,574,178

‌

(

42,364,306

)

(

23,096,053

)

(

64,998,136

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

127,697,614

‌

(

86,703,092

)

19,656,556

‌

(

1,006,606

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

12,090,918

)

(

11,528,316

)

(

22,951,390

)

(

24,453,499

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

76,395,634

)

(

257,513,837

)

(

82,377,699

)

56,018,765

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

39,211,062

‌

(

355,745,245

)

(

85,672,533

)

30,558,660

‌

Beginning

of

year

...............................................

822,530,768

‌

1,178,276,013

‌

1,001,548,881

‌

970,990,221

‌

End

of

year

...................................................

$

861,741,830

‌

$

822,530,768

‌

$

915,876,348

‌

$

1,001,548,881

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

110

2024

iShares

Annual

Report

to

Shareholders

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Dow

Jones

U.S.

ETF

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

year

.........................

$

101.24

‌

$

101.26

‌

$

105.12

‌

$

71.50

‌

$

73.44

‌

Net

investment

income

(b)

...............................

1

.48

‌

1

.43

‌

1

.23

‌

1

.19

‌

1

.28

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....................

21.33

‌

(

0

.01

)

(

3

.87

)

33.68

‌

(

1

.75

)

Net

increase

(decrease)

from

investment

operations

..............

22.81

‌

1

.42

‌

(

2

.64

)

34.87

‌

(

0

.47

)

Distributions

from

net

investment

income

(d)

.....................

(

1

.49

)

(

1

.44

)

(

1

.22

)

(

1

.25

)

(

1

.47

)

Net

asset

value,

end

of

year

.............................

$

122.56

‌

$

101.24

‌

$

101.26

‌

$

105.12

‌

$

71.50

‌

Total

Return

(e)

–

–

–

–

–

Based

on

net

asset

value

................................

22.68

%

1

.50

%

(

2

.61

)

%

49.18

%

(

0

.63

)

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

Total

expenses

.......................................

0

.20

%

0

.20

%

0

.20

%

0

.20

%

0

.20

%

Net

investment

income

..................................

1

.31

%

1

.48

%

1

.11

%

1

.35

%

1

.72

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..............................

$

1,826,136

‌

$

1,554,020

‌

$

1,559,426

‌

$

1,613,580

‌

$

1,158,276

‌

Portfolio

turnover

rate

(g)

..................................

3

%

4

%

4

%

4

%

4

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

111

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

MSCI

KLD

400

Social

ETF

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

year

..........................

$

78.33

‌

$

78.64

‌

$

80.24

‌

$

55.03

‌

$

54.88

‌

Net

investment

income

(b)

................................

1

.08

‌

1

.05

‌

0

.92

‌

0

.86

‌

0

.90

‌

Net

realized

and

unrealized

gain

(loss)

(c)

......................

17.84

‌

(

0

.31

)

(

1

.61

)

25.19

‌

0

.14

‌

Net

increase

(decrease)

from

investment

operations

...............

18.92

‌

0

.74

‌

(

0

.69

)

26.05

‌

1

.04

‌

Distributions

from

net

investment

income

(d)

......................

(

1

.06

)

(

1

.05

)

(

0

.91

)

(

0

.84

)

(

0

.89

)

Net

asset

value,

end

of

year

..............................

$

96.19

‌

$

78.33

‌

$

78.64

‌

$

80.24

‌

$

55.03

‌

Total

Return

(e)

–

–

–

–

–

Based

on

net

asset

value

.................................

24.31

%

1

.03

%

(

0

.95

)

%

47.69

%

1

.95

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

Total

expenses

........................................

0

.25

%

0

.25

%

0

.25

%

0

.25

%

0

.25

%

Net

investment

income

...................................

1

.23

%

1

.40

%

1

.07

%

1

.27

%

1

.61

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...............................

$

4,246,773

‌

$

3,536,465

‌

$

3,613,714

‌

$

3,109,465

‌

$

1,793,824

‌

Portfolio

turnover

rate

(g)

...................................

5

%

4

%

6

%

5

%

6

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

112

2024

iShares

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

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

year

..........................

$

88.35

‌

$

88.58

‌

$

92.11

‌

$

61.68

‌

$

61.08

‌

Net

investment

income

(b)

................................

1

.36

‌

1

.32

‌

1

.09

‌

1

.03

‌

1

.00

‌

Net

realized

and

unrealized

gain

(loss)

(c)

......................

16.11

‌

(

0

.26

)

(

3

.54

)

30.38

‌

0

.65

‌

Net

increase

(decrease)

from

investment

operations

...............

17.47

‌

1

.06

‌

(

2

.45

)

31.41

‌

1

.65

‌

Distributions

from

net

investment

income

(d)

......................

(

1

.33

)

(

1

.29

)

(

1

.08

)

(

0

.98

)

(

1

.05

)

Net

asset

value,

end

of

year

..............................

$

104.49

‌

$

88.35

‌

$

88.58

‌

$

92.11

‌

$

61.68

‌

Total

Return

(e)

–

–

–

–

–

Based

on

net

asset

value

.................................

19.90

%

1

.30

%

(

2

.77

)

%

51.29

%

2

.76

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

Total

expenses

........................................

0

.25

%

0

.25

%

0

.25

%

0

.25

%

0

.25

%

Net

investment

income

...................................

1

.41

%

1

.55

%

1

.11

%

1

.31

%

1

.61

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...............................

$

3,333,158

‌

$

3,260,028

‌

$

3,662,646

‌

$

3,057,931

‌

$

1,289,055

‌

Portfolio

turnover

rate

(g)

...................................

16

%

18

%

19

%

27

%

13

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

113

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Basic

Materials

ETF

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Year

Ended

04/30/20

Net

asset

value,

beginning

of

year

.........................

$

130.78

‌

$

140.79

‌

$

131.01

‌

$

81.27

‌

$

94.03

‌

Net

investment

income

(a)

...............................

2

.35

‌

2

.65

‌

2

.16

‌

1

.78

‌

1

.65

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....................

10.37

‌

(

9

.96

)

9

.70

‌

49.62

‌

(

12.42

)

Net

increase

(decrease)

from

investment

operations

..............

12.72

‌

(

7

.31

)

11.86

‌

51.40

‌

(

10.77

)

Distributions

from

net

investment

income

(c)

.....................

(

2

.45

)

(

2

.70

)

(

2

.08

)

(

1

.66

)

(

1

.99

)

Net

asset

value,

end

of

year

.............................

$

141.05

‌

$

130.78

‌

$

140.79

‌

$

131.01

‌

$

81.27

‌

Total

Return

(d)

–

–

–

–

–

Based

on

net

asset

value

................................

9

.85

%

(

5

.07

)

%

9

.13

%

63.81

%

(

11.59

)

%

Ratios

to

Average

Net

Assets

(e)

–

–

–

–

–

Total

expenses

.......................................

0

.39

%

0

.40

%

0

.39

%

0

.41

%

0

.43

%

Net

investment

income

..................................

1

.78

%

2

.09

%

1

.60

%

1

.64

%

1

.83

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..............................

$

648,809

‌

$

915,441

‌

$

1,126,326

‌

$

779,484

‌

$

256,007

‌

Portfolio

turnover

rate

(f)

..................................

11

%

30

%

47

%

28

%

11

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

114

2024

iShares

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

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

year

.........................

$

64.39

‌

$

66.68

‌

$

78.01

‌

$

51.17

‌

$

54.31

‌

Net

investment

income

(b)

...............................

0

.49

‌

0

.42

‌

0

.31

‌

0

.44

‌

0

.52

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....................

13.26

‌

(

2

.28

)

(

11.31

)

26.82

‌

(

3

.11

)

Net

increase

(decrease)

from

investment

operations

..............

13.75

‌

(

1

.86

)

(

11.00

)

27.26

‌

(

2

.59

)

Distributions

from

net

investment

income

(d)

.....................

(

0

.50

)

(

0

.43

)

(

0

.33

)

(

0

.42

)

(

0

.55

)

Net

asset

value,

end

of

year

.............................

$

77.64

‌

$

64.39

‌

$

66.68

‌

$

78.01

‌

$

51.17

‌

Total

Return

(e)

–

–

–

–

–

Based

on

net

asset

value

................................

21.42

%

(

2

.75

)

%

(

14.16

)

%

53.48

%

(

4

.79

)

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

Total

expenses

.......................................

0

.39

%

0

.40

%

0

.39

%

0

.41

%

0

.43

%

Net

investment

income

..................................

0

.68

%

0

.68

%

0

.39

%

0

.67

%

0

.96

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..............................

$

997,702

‌

$

698,600

‌

$

856,866

‌

$

1,583,666

‌

$

798,171

‌

Portfolio

turnover

rate

(g)

..................................

11

%

27

%

45

%

20

%

31

%

(a)

Per

share

amounts

reflect

a

four-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

115

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Consumer

Staples

ETF

Year

Ended

04/30/24

(a)

Year

Ended

04/30/23

(a)

Year

Ended

04/30/22

(a)

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

year

.........................

$

69.00

‌

$

68.79

‌

$

60.66

‌

$

39.79

‌

$

41.14

‌

Net

investment

income

(b)

...............................

1

.67

‌

1

.62

‌

1

.27

‌

0

.81

‌

0

.92

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....................

(

2

.04

)

0

.08

‌

7

.94

‌

20.86

‌

(

1

.27

)

Net

increase

(decrease)

from

investment

operations

..............

(

0

.37

)

1

.70

‌

9

.21

‌

21.67

‌

(

0

.35

)

Distributions

from

net

investment

income

(d)

.....................

(

1

.75

)

(

1

.49

)

(

1

.08

)

(

0

.80

)

(

1

.00

)

Net

asset

value,

end

of

year

.............................

$

66.88

‌

$

69.00

‌

$

68.79

‌

$

60.66

‌

$

39.79

‌

Total

Return

(e)

–

–

–

–

–

Based

on

net

asset

value

................................

(

0

.40

)

%

2

.65

%

15.33

%

54.87

%

(

0

.86

)

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

Total

expenses

.......................................

0

.40

%

0

.40

%

0

.39

%

0

.41

%

0

.43

%

Net

investment

income

..................................

2

.57

%

2

.46

%

1

.99

%

1

.57

%

2

.22

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..............................

$

1,267,287

‌

$

1,811,380

‌

$

1,134,954

‌

$

691,548

‌

$

471,555

‌

Portfolio

turnover

rate

(g)

..................................

8

%

6

%

33

%

4

%

5

%

(a)

Per

share

amounts

reflect

a

three-for-one

stock

split

effective

after

the

close

of

trading

on

March

6,

2024.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

116

2024

iShares

Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Energy

ETF

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Year

Ended

04/30/20

Net

asset

value,

beginning

of

year

..........................

$

44.56

‌

$

39.92

‌

$

26.40

‌

$

20.06

‌

$

35.96

‌

Net

investment

income

(a)

................................

1

.24

‌

1

.49

‌

1

.07

‌

0

.80

‌

1

.02

‌

Net

realized

and

unrealized

gain

(loss)

(b)

......................

4

.33

‌

4

.77

‌

13.56

‌

6

.36

‌

(

14.81

)

Net

increase

(decrease)

from

investment

operations

...............

5

.57

‌

6

.26

‌

14.63

‌

7

.16

‌

(

13.79

)

Distributions

from

net

investment

income

(c)

......................

(

1

.24

)

(

1

.62

)

(

1

.11

)

(

0

.82

)

(

2

.11

)

Net

asset

value,

end

of

year

..............................

$

48.89

‌

$

44.56

‌

$

39.92

‌

$

26.40

‌

$

20.06

‌

Total

Return

(d)

–

–

–

–

–

Based

on

net

asset

value

.................................

12.71

%

15.97

%

56.56

%

37.20

%

(

39.91

)

%

Ratios

to

Average

Net

Assets

(e)

–

–

–

–

–

Total

expenses

........................................

0

.39

%

0

.40

%

0

.39

%

0

.41

%

0

.42

%

Net

investment

income

...................................

2

.76

%

3

.40

%

3

.38

%

3

.62

%

3

.42

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...............................

$

1,346,784

‌

$

1,555,112

‌

$

3,552,781

‌

$

2,102,459

‌

$

459,456

‌

Portfolio

turnover

rate

(f)

...................................

10

%

11

%

17

%

15

%

12

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

117

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Financial

Services

ETF

Year

Ended

04/30/24

(a)

Year

Ended

04/30/23

(a)

Year

Ended

04/30/22

(a)

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

year

.........................

$

51.38

‌

$

54.32

‌

$

60.91

‌

$

38.45

‌

$

45.36

‌

Net

investment

income

(b)

...............................

0

.97

‌

1

.02

‌

0

.92

‌

0

.84

‌

0

.86

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....................

12.13

‌

(

2

.83

)

(

6

.64

)

22.41

‌

(

6

.90

)

Net

increase

(decrease)

from

investment

operations

..............

13.10

‌

(

1

.81

)

(

5

.72

)

23.25

‌

(

6

.04

)

Distributions

from

net

investment

income

(d)

.....................

(

0

.97

)

(

1

.13

)

(

0

.87

)

(

0

.79

)

(

0

.87

)

Net

asset

value,

end

of

year

.............................

$

63.51

‌

$

51.38

‌

$

54.32

‌

$

60.91

‌

$

38.45

‌

Total

Return

(e)

–

–

–

–

–

Based

on

net

asset

value

................................

25.76

%

(

3

.29

)

%

(

9

.57

)

%

61.14

%

(

13.46

)

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

Total

expenses

.......................................

0

.39

%

0

.40

%

0

.39

%

0

.41

%

0

.42

%

Net

investment

income

..................................

1

.72

%

1

.93

%

1

.46

%

1

.85

%

1

.90

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..............................

$

1,282,847

‌

$

1,202,357

‌

$

2,029,031

‌

$

1,635,325

‌

$

865,166

‌

Portfolio

turnover

rate

(g)

..................................

18

%

4

%

5

%

7

%

7

%

(a)

Per

share

amounts

reflect

a

three-for-one

stock

split

effective

after

the

close

of

trading

on

March

6,

2024.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

118

2024

iShares

Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Financials

ETF

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

year

.........................

$

73.16

‌

$

75.81

‌

$

80.18

‌

$

53.39

‌

$

62.97

‌

Net

investment

income

(b)

...............................

1

.50

‌

1

.45

‌

1

.20

‌

1

.09

‌

1

.17

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....................

17.93

‌

(

2

.71

)

(

4

.38

)

26.76

‌

(

9

.55

)

Net

increase

(decrease)

from

investment

operations

..............

19.43

‌

(

1

.26

)

(

3

.18

)

27.85

‌

(

8

.38

)

Distributions

from

net

investment

income

(d)

.....................

(

1

.40

)

(

1

.39

)

(

1

.19

)

(

1

.06

)

(

1

.20

)

Net

asset

value,

end

of

year

.............................

$

91.19

‌

$

73.16

‌

$

75.81

‌

$

80.18

‌

$

53.39

‌

Total

Return

(e)

–

–

–

–

–

Based

on

net

asset

value

................................

26.82

%

(

1

.62

)

%

(

4

.11

)

%

52.80

%

(

13.47

)

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

Total

expenses

.......................................

0

.39

%

0

.40

%

0

.39

%

0

.41

%

0

.42

%

Net

investment

income

..................................

1

.86

%

1

.94

%

1

.42

%

1

.72

%

1

.85

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..............................

$

2,530,622

‌

$

1,828,976

‌

$

2,099,949

‌

$

2,353,202

‌

$

1,233,235

‌

Portfolio

turnover

rate

(g)

..................................

6

%

14

%

24

%

9

%

6

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

119

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Healthcare

ETF

Year

Ended

04/30/24

(a)

Year

Ended

04/30/23

(a)

Year

Ended

04/30/22

(a)

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

year

..........................

$

56.24

‌

$

54.62

‌

$

52.62

‌

$

42.50

‌

$

37.63

‌

Net

investment

income

(b)

................................

0

.70

‌

0

.64

‌

0

.57

‌

0

.53

‌

0

.50

‌

Net

realized

and

unrealized

gain

(c)

..........................

2

.56

‌

1

.62

‌

2

.00

‌

10.17

‌

4

.88

‌

Net

increase

from

investment

operations

.......................

3

.26

‌

2

.26

‌

2

.57

‌

10.70

‌

5

.38

‌

Distributions

from

net

investment

income

(d)

......................

(

0

.69

)

(

0

.64

)

(

0

.57

)

(

0

.58

)

(

0

.51

)

Net

asset

value,

end

of

year

..............................

$

58.81

‌

$

56.24

‌

$

54.62

‌

$

52.62

‌

$

42.50

‌

Total

Return

(e)

–

–

–

–

–

Based

on

net

asset

value

.................................

5

.84

%

4

.21

%

4

.86

%

25.40

%

14.44

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

Total

expenses

........................................

0

.39

%

0

.40

%

0

.39

%

0

.41

%

0

.43

%

Net

investment

income

...................................

1

.23

%

1

.18

%

1

.03

%

1

.13

%

1

.25

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...............................

$

3,269,618

‌

$

3,261,993

‌

$

2,826,782

‌

$

2,565,039

‌

$

2,432,933

‌

Portfolio

turnover

rate

(g)

...................................

5

%

3

%

7

%

6

%

5

%

(a)

Per

share

amounts

reflect

a

five-for-one

stock

split

effective

after

the

close

of

trading

on

March

6,

2024.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

120

2024

iShares

Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Industrials

ETF

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

year

.........................

$

99.72

‌

$

97.59

‌

$

110.26

‌

$

68.98

‌

$

79.12

‌

Net

investment

income

(b)

...............................

1

.16

‌

1

.07

‌

0

.89

‌

0

.90

‌

1

.03

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....................

20.45

‌

2

.09

‌

(

12.64

)

41.28

‌

(

10.11

)

Net

increase

(decrease)

from

investment

operations

..............

21.61

‌

3

.16

‌

(

11.75

)

42.18

‌

(

9

.08

)

Distributions

from

net

investment

income

(d)

.....................

(

1

.17

)

(

1

.03

)

(

0

.92

)

(

0

.90

)

(

1

.06

)

Net

asset

value,

end

of

year

.............................

$

120.16

‌

$

99.72

‌

$

97.59

‌

$

110.26

‌

$

68.98

‌

Total

Return

(e)

–

–

–

–

–

Based

on

net

asset

value

................................

21.80

%

3

.32

%

(

10.75

)

%

61.51

%

(

11.57

)

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

Total

expenses

.......................................

0

.39

%

0

.40

%

0

.39

%

0

.41

%

0

.42

%

Net

investment

income

..................................

1

.06

%

1

.11

%

0

.81

%

0

.99

%

1

.32

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..............................

$

1,568,118

‌

$

1,176,683

‌

$

1,249,092

‌

$

1,697,961

‌

$

682,848

‌

Portfolio

turnover

rate

(g)

..................................

4

%

4

%

26

%

5

%

4

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

121

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Technology

ETF

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

year

..........................

$

93.05

‌

$

89.60

‌

$

92.98

‌

$

58.58

‌

$

50.85

‌

Net

investment

income

(b)

................................

0

.30

‌

0

.39

‌

0

.25

‌

0

.37

‌

0

.48

‌

Net

realized

and

unrealized

gain

(loss)

(c)

......................

35.29

‌

3

.50

‌

(

3

.33

)

34.42

‌

7

.75

‌

Net

increase

(decrease)

from

investment

operations

...............

35.59

‌

3

.89

‌

(

3

.08

)

34.79

‌

8

.23

‌

Distributions

from

net

investment

income

(d)

......................

(

0

.47

)

(

0

.44

)

(

0

.30

)

(

0

.39

)

(

0

.50

)

Net

asset

value,

end

of

year

..............................

$

128.17

‌

$

93.05

‌

$

89.60

‌

$

92.98

‌

$

58.58

‌

Total

Return

(e)

–

–

–

–

–

Based

on

net

asset

value

.................................

38.28

%

4

.41

%

(

3

.35

)

%

59.56

%

16.34

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

Total

expenses

........................................

0

.39

%

0

.40

%

0

.39

%

0

.41

%

0

.43

%

Net

investment

income

...................................

0

.26

%

0

.46

%

0

.24

%

0

.47

%

0

.89

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...............................

$

15,745,365

‌

$

10,552,317

‌

$

7,338,434

‌

$

7,257,255

‌

$

4,862,141

‌

Portfolio

turnover

rate

(g)

...................................

11

%

10

%

13

%

12

%

16

%

(a)

Per

share

amounts

reflect

a

four-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

122

2024

iShares

Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Transportation

ETF

Year

Ended

04/30/24

(a)

Year

Ended

04/30/23

(a)

Year

Ended

04/30/22

(a)

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

year

.........................

$

55.58

‌

$

60.74

‌

$

67.43

‌

$

37.44

‌

$

48.77

‌

Net

investment

income

(b)

...............................

0

.78

‌

0

.76

‌

0

.52

‌

0

.49

‌

0

.64

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....................

8

.76

‌

(

5

.15

)

(

6

.66

)

29.97

‌

(

11.28

)

Net

increase

(decrease)

from

investment

operations

..............

9

.54

‌

(

4

.39

)

(

6

.14

)

30.46

‌

(

10.64

)

Distributions

from

net

investment

income

(d)

.....................

(

0

.81

)

(

0

.77

)

(

0

.55

)

(

0

.47

)

(

0

.69

)

Net

asset

value,

end

of

year

.............................

$

64.31

‌

$

55.58

‌

$

60.74

‌

$

67.43

‌

$

37.44

‌

Total

Return

(e)

–

–

–

–

–

Based

on

net

asset

value

................................

17.23

%

(

7

.18

)

%

(

9

.18

)

%

81.75

%

(

21.92

)

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

Total

expenses

.......................................

0

.39

%

0

.40

%

0

.39

%

0

.41

%

0

.42

%

Net

investment

income

..................................

1

.25

%

1

.37

%

0

.80

%

0

.90

%

1

.40

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..............................

$

861,742

‌

$

822,531

‌

$

1,178,276

‌

$

2,144,306

‌

$

456,765

‌

Portfolio

turnover

rate

(g)

..................................

11

%

13

%

72

%

80

%

35

%

(a)

Per

share

amounts

reflect

a

four-for-one

stock

split

effective

after

the

close

of

trading

on

March

6,

2024.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

123

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Utilities

ETF

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

year

.........................

$

85.24

‌

$

87.48

‌

$

82.62

‌

$

71.20

‌

$

74.36

‌

Net

investment

income

(b)

...............................

2

.21

‌

2

.00

‌

1

.98

‌

2

.10

‌

2

.10

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....................

0

.31

‌

(

2

.15

)

4

.95

‌

11.60

‌

(

3

.06

)

Net

increase

(decrease)

from

investment

operations

..............

2

.52

‌

(

0

.15

)

6

.93

‌

13.70

‌

(

0

.96

)

Distributions

from

net

investment

income

(d)

.....................

(

2

.16

)

(

2

.09

)

(

2

.07

)

(

2

.28

)

(

2

.20

)

Net

asset

value,

end

of

year

.............................

$

85.60

‌

$

85.24

‌

$

87.48

‌

$

82.62

‌

$

71.20

‌

Total

Return

(e)

–

–

–

–

–

Based

on

net

asset

value

................................

3

.18

%

(

0

.15

)

%

8

.52

%

19.66

%

(

1

.39

)

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

Total

expenses

.......................................

0

.39

%

0

.40

%

0

.39

%

0

.41

%

0

.43

%

Net

investment

income

..................................

2

.76

%

2

.33

%

2

.35

%

2

.78

%

2

.70

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..............................

$

915,876

‌

$

1,001,549

‌

$

970,990

‌

$

822,092

‌

$

875,673

‌

Portfolio

turnover

rate

(g)

..................................

4

%

3

%

14

%

5

%

4

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

Notes

to

Financial

Statements

124

2024

iShares

Annual

Report

to

Shareholders

1.

Organization

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios.

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method. Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value. Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest. Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

April

30,

2024,

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.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments. 

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income,

and net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds. 

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

iShares

ETF

Diversification

Classification

Dow

Jones

U.S.

......................................................................................................

Diversified

MSCI

KLD

400

Social

..................................................................................................

Diversified

MSCI

USA

ESG

Select

.................................................................................................

Diversified

U.S.

Basic

Materials

...................................................................................................

Non-diversified

U.S.

Consumer

Discretionary

.............................................................................................

Diversified

U.S.

Consumer

Staples

................................................................................................

Non-diversified

U.S.

Energy

........................................................................................................

Non-diversified

U.S.

Financial

Services

.................................................................................................

Non-diversified

U.S.

Financials

......................................................................................................

Diversified

U.S.

Healthcare

......................................................................................................

Non-diversified

U.S.

Industrials

......................................................................................................

Diversified

U.S.

Technology

.....................................................................................................

Non-diversified

U.S.

Transportation

...................................................................................................

Non-diversified

U.S.

Utilities

........................................................................................................

Non-diversified

Notes

to

Financial

Statements

(

continued)

125

Notes

to

Financial

Statements

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of Trustees of

the

Trust (the

“Board”)

of

each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser,

as

the

valuation

designee

for each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s

policies

and

procedures

as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of each

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are

valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee,

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

Notes

to

Financial

Statements

(continued)

126

2024

iShares

Annual

Report

to

Shareholders

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

Dow

Jones

U.S.

Barclays

Bank

PLC

...............................................

$

948,222‌

$

(948,222‌)

$

—‌

$

—‌

Barclays

Capital,

Inc.

.............................................

536,151‌

(536,151‌)

—‌

—‌

BNP

Paribas

SA

.................................................

1,064,275‌

(1,064,275‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

1,482,594‌

(1,482,594‌)

—‌

—‌

Citadel

Clearing

LLC

..............................................

571,598‌

(571,598‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

161,726‌

(161,726‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

1,467,982‌

(1,467,982‌)

—‌

—‌

HSBC

Bank

PLC

................................................

22,572‌

(22,572‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

1,904,456‌

(1,904,456‌)

—‌

—‌

Jefferies

LLC

...................................................

533,072‌

(533,072‌)

—‌

—‌

Morgan

Stanley

.................................................

456,053‌

(456,053‌)

—‌

—‌

National

Financial

Services

LLC

......................................

293,455‌

(293,455‌)

—‌

—‌

Natixis

SA

.....................................................

118,104‌

(118,104‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

328,021‌

(328,021‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

723,693‌

(723,693‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

689,336‌

(689,336‌)

—‌

—‌

UBS

AG

......................................................

73,871‌

(73,871‌)

—‌

—‌

UBS

Securities

LLC

..............................................

40,477‌

(40,477‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

307,815‌

(307,815‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

224,143‌

(224,143‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

1,299,665‌

(1,299,665‌)

—‌

—‌

$

13,247,281‌

$

(13,247,281‌)

$

—‌

$

—‌

a

MSCI

KLD

400

Social

Barclays

Bank

PLC

...............................................

956,289‌

(956,289‌)

—‌

—‌

Barclays

Capital,

Inc.

.............................................

179,186‌

(179,186‌)

—‌

—‌

BNP

Paribas

SA

.................................................

1,736,190‌

(1,736,190‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

1,277,134‌

(1,277,134‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

544,134‌

(544,134‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

358,441‌

(358,441‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

41,467‌

(41,467‌)

—‌

—‌

Jefferies

LLC

...................................................

1,352,984‌

(1,352,984‌)

—‌

—‌

Morgan

Stanley

.................................................

1,423,927‌

(1,423,927‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

187,276‌

(187,276‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

320,160‌

(320,160‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

254,947‌

(254,947‌)

—‌

—‌

UBS

Securities

LLC

..............................................

16,819‌

(16,819‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

1,256,670‌

(1,256,670‌)

—‌

—‌

$

9,905,624‌

$

(9,905,624‌)

$

—‌

$

—‌

a

Notes

to

Financial

Statements

(

continued)

127

Notes

to

Financial

Statements

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

MSCI

USA

ESG

Select

Barclays

Bank

PLC

...............................................

$

4,703,155‌

$

(4,703,155‌)

$

—‌

$

—‌

BNP

Paribas

SA

.................................................

6,117,251‌

(6,117,251‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

1,793,341‌

(1,793,341‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

125,109‌

(125,109‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

82,428‌

(82,428‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

9,130‌

(9,130‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

4,434,270‌

(4,434,270‌)

—‌

—‌

$

17,264,684‌

$

(17,264,684‌)

$

—‌

$

—‌

a

U.S.

Basic

Materials

J.P.

Morgan

Securities

LLC

.........................................

1,297,808‌

(1,297,808‌)

—‌

—‌

National

Financial

Services

LLC

......................................

1,222,750‌

(1,222,750‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

14,400‌

(14,400‌)

—‌

—‌

$

2,534,958‌

$

(2,534,958‌)

$

—‌

$

—‌

a

U.S.

Consumer

Discretionary

Barclays

Bank

PLC

...............................................

8,185,884‌

(8,185,884‌)

—‌

—‌

Barclays

Capital,

Inc.

.............................................

4,125‌

(4,125‌)

—‌

—‌

BNP

Paribas

SA

.................................................

458,848‌

(458,848‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

555,167‌

(555,167‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

21,940‌

(21,940‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

2,979,349‌

(2,979,349‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

72,195‌

(72,195‌)

—‌

—‌

Jefferies

LLC

...................................................

114,929‌

(114,929‌)

—‌

—‌

Morgan

Stanley

.................................................

560,358‌

(560,358‌)

—‌

—‌

National

Financial

Services

LLC

......................................

827,275‌

(827,275‌)

—‌

—‌

Natixis

SA

.....................................................

15,492‌

(15,492‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

688,467‌

(688,467‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

6,322‌

(6,322‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

151,765‌

(151,765‌)

—‌

—‌

UBS

AG

......................................................

1,767‌

(1,767‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

608,869‌

(608,869‌)

—‌

—‌

$

15,252,752‌

$

(15,252,752‌)

$

—‌

$

—‌

a

U.S.

Consumer

Staples

Goldman

Sachs

&

Co.

LLC

.........................................

955,267‌

(955,267‌)

—‌

—‌

HSBC

Bank

PLC

................................................

68,348‌

(68,348‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

107,864‌

(107,864‌)

—‌

—‌

UBS

Securities

LLC

..............................................

853,660‌

(853,660‌)

—‌

—‌

$

1,985,139‌

$

(1,985,139‌)

$

—‌

$

—‌

a

U.S.

Energy

Barclays

Bank

PLC

...............................................

37,442‌

(37,442‌)

—‌

—‌

Barclays

Capital,

Inc.

.............................................

68,889‌

(68,889‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

36,253‌

(36,253‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

7,604‌

(7,604‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

764,766‌

(764,766‌)

—‌

—‌

HSBC

Bank

PLC

................................................

449,831‌

(449,831‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

3,197,544‌

(3,197,544‌)

—‌

—‌

Morgan

Stanley

.................................................

203,951‌

(203,951‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

789,032‌

(789,032‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

423,120‌

(423,120‌)

—‌

—‌

$

5,978,432‌

$

(5,978,432‌)

$

—‌

$

—‌

a

Notes

to

Financial

Statements

(continued)

128

2024

iShares

Annual

Report

to

Shareholders

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

U.S.

Financial

Services

Barclays

Bank

PLC

...............................................

$

7,946‌

$

(7,946‌)

$

—‌

$

—‌

Barclays

Capital,

Inc.

.............................................

10,597‌

(10,597‌)

—‌

—‌

Deutsche

Bank

Securities,

Inc.

.......................................

15,702‌

(15,702‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

771,479‌

(771,479‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

44,694‌

(44,694‌)

—‌

—‌

National

Financial

Services

LLC

......................................

51,372‌

(51,372‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

107,432,718‌

(107,432,718‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

205,488‌

(205,488‌)

—‌

—‌

UBS

AG

......................................................

355,272‌

(355,272‌)

—‌

—‌

$

108,895,268‌

$

(108,895,268‌)

$

—‌

$

—‌

a

U.S.

Financials

Barclays

Bank

PLC

...............................................

2,084,009‌

(2,084,009‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

11,757‌

(11,757‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

1,193,339‌

(1,193,339‌)

—‌

—‌

Jefferies

LLC

...................................................

108,711‌

(108,711‌)

—‌

—‌

Morgan

Stanley

.................................................

160,435‌

(160,435‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

102,744‌

(102,744‌)

—‌

—‌

$

3,660,995‌

$

(3,660,995‌)

$

—‌

$

—‌

a

U.S.

Healthcare

Barclays

Bank

PLC

...............................................

187,687‌

(187,687‌)

—‌

—‌

BNP

Paribas

SA

.................................................

1,425,137‌

(1,425,137‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

3,213,440‌

(3,213,440‌)

—‌

—‌

Citadel

Clearing

LLC

..............................................

1,479,114‌

(1,479,114‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

4,201,871‌

(4,201,871‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

4,228,161‌

(4,228,161‌)

—‌

—‌

HSBC

Bank

PLC

................................................

5,789,515‌

(5,789,515‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

7,680,244‌

(7,680,244‌)

—‌

—‌

Jefferies

LLC

...................................................

1,123,864‌

(1,123,864‌)

—‌

—‌

Morgan

Stanley

.................................................

493,117‌

(493,117‌)

—‌

—‌

Natixis

SA

.....................................................

970,669‌

(964,333‌)

—‌

6,336‌

SG

Americas

Securities

LLC

........................................

1,231,560‌

(1,231,560‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

11,179,146‌

(11,179,146‌)

—‌

—‌

UBS

AG

......................................................

84,189‌

(81,236‌)

—‌

2,953‌

Virtu

Americas

LLC

...............................................

442,224‌

(442,224‌)

—‌

—‌

$

43,729,938‌

$

(43,720,649‌)

$

—‌

$

9,289‌

a

U.S.

Industrials

Barclays

Bank

PLC

...............................................

67,680‌

(67,680‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

12,093‌

(12,093‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

912,560‌

(912,560‌)

—‌

—‌

Morgan

Stanley

.................................................

5,757,189‌

(5,757,189‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

19,383‌

(19,383‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

323,420‌

(323,420‌)

—‌

—‌

UBS

AG

......................................................

786,896‌

(786,896‌)

—‌

—‌

$

7,879,221‌

$

(7,879,221‌)

$

—‌

$

—‌

a

Notes

to

Financial

Statements

(

continued)

129

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

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

U.S.

Technology

Barclays

Bank

PLC

...............................................

$

6,424,211‌

$

(6,424,211‌)

$

—‌

$

—‌

Barclays

Capital,

Inc.

.............................................

1,672,283‌

(1,672,283‌)

—‌

—‌

BMO

Capital

Markets

Corp.

.........................................

93,000‌

(93,000‌)

—‌

—‌

BNP

Paribas

SA

.................................................

13,266,560‌

(13,266,560‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

8,155,524‌

(8,155,524‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

14,898,676‌

(14,898,676‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

21,644,154‌

(21,644,154‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

4,086,007‌

(4,086,007‌)

—‌

—‌

Jefferies

LLC

...................................................

182,100‌

(182,100‌)

—‌

—‌

Morgan

Stanley

.................................................

3,248,517‌

(3,248,517‌)

—‌

—‌

National

Financial

Services

LLC

......................................

1,367,027‌

(1,367,027‌)

—‌

—‌

Natixis

SA

.....................................................

6,133,675‌

(6,133,675‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

19,202,904‌

(19,202,904‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

25,898‌

(25,898‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

155,646‌

(155,646‌)

—‌

—‌

UBS

AG

......................................................

44,762,325‌

(44,762,325‌)

—‌

—‌

UBS

Securities

LLC

..............................................

691,760‌

(691,760‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

637,510‌

(637,510‌)

—‌

—‌

$

146,647,777‌

$

(146,647,777‌)

$

—‌

$

—‌

a

U.S.

Transportation

Barclays

Bank

PLC

...............................................

465,851‌

(465,851‌)

—‌

—‌

BNP

Paribas

SA

.................................................

208,010‌

(208,010‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

1,347,983‌

(1,347,983‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

1,592,998‌

(1,592,998‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

1,984,150‌

(1,984,150‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

958,438‌

(958,438‌)

—‌

—‌

Morgan

Stanley

.................................................

771,930‌

(771,930‌)

—‌

—‌

UBS

AG

......................................................

3,734,432‌

(3,734,432‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

632,961‌

(632,961‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

1,515‌

(1,515‌)

—‌

—‌

$

11,698,268‌

$

(11,698,268‌)

$

—‌

$

—‌

a

U.S.

Utilities

Barclays

Bank

PLC

...............................................

277,686‌

(277,686‌)

—‌

—‌

BNP

Paribas

SA

.................................................

312,024‌

(312,024‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

27,701‌

(27,701‌)

—‌

—‌

$

617,411‌

$

(617,411‌)

$

—‌

$

—‌

a

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Funds’

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

April

30,

2024.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Notes

to

Financial

Statements

(continued)

130

2024

iShares

Annual

Report

to

Shareholders

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets. 

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates 

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

of

each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by BlackRock.

Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees).

For

its

investment

advisory

services

to

each

of

the

following

Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of

each

Fund

as

follows:

For

its

investment

advisory

services

to

each

Fund,

except

for

the

iShares

Dow

Jones

U.S,

iShares

MSCI

KLD

400

Social

and

iShares

MSCI

USA

ESG

Select

ETFs,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

each

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The

Funds

do

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

redemption

fee,

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

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities.

Each

Fund

retains

a

portion

of

the

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.

iShares

ETF

Investment

Advisory

Fees

Dow

Jones

U.S.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.20%

MSCI

KLD

400

Social

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25

MSCI

USA

ESG

Select

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$10

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.4800%

Over

$10

billion,

up

to

and

including

$20

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

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.

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.

.

.

.

.

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.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.4300

Over

$20

billion,

up

to

and

including

$30

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3800

Over

$30

billion,

up

to

and

including

$40

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3400

Over

$40

billion,

up

to

and

including

$50

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3300

Over

$50

billion,

up

to

and

including

$60

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3100

Over

$60

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.2945

Notes

to

Financial

Statements

(

continued)

131

Notes

to

Financial

Statements

The

share

of

securities

lending

income

earned

by

each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its Statements

of

Operations.

For

the year

ended April

30,

2024,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or

trustees

of

the

Trust

are

officers

and/or trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the

year

ended

April

30,

2024,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the year

ended

April

30,

2024,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

iShares

ETF

Amounts

Dow

Jones

U.S.

.....................................................................................................

$

49,932

‌

MSCI

KLD

400

Social

.................................................................................................

47,225

‌

MSCI

USA

ESG

Select

................................................................................................

52,928

‌

U.S.

Basic

Materials

..................................................................................................

6,320

‌

U.S.

Consumer

Discretionary

............................................................................................

118,345

‌

U.S.

Consumer

Staples

...............................................................................................

5,916

‌

U.S.

Energy

.......................................................................................................

33,897

‌

U.S.

Financial

Services

................................................................................................

14,406

‌

U.S.

Financials

.....................................................................................................

22,546

‌

U.S.

Healthcare

.....................................................................................................

125,191

‌

U.S.

Industrials

.....................................................................................................

14,491

‌

U.S.

Technology

....................................................................................................

209,977

‌

U.S.

Transportation

..................................................................................................

21,959

‌

U.S.

Utilities

.......................................................................................................

6,033

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Dow

Jones

U.S.

.................................................................

$

7,154,520

‌

$

4,819,999

‌

$

(3,140,170

)

MSCI

KLD

400

Social

.............................................................

27,297,588

‌

24,758,147

‌

(3,478,509

)

MSCI

USA

ESG

Select

............................................................

156,178,812

‌

166,743,219

‌

(7,884,404

)

U.S.

Basic

Materials

..............................................................

43,746,614

‌

12,562,390

‌

(1,116,429

)

U.S.

Consumer

Discretionary

........................................................

31,628,766

‌

46,751,428

‌

467,035

‌

U.S.

Consumer

Staples

...........................................................

33,726,483

‌

20,652,808

‌

(2,230,740

)

U.S.

Energy

...................................................................

71,460,386

‌

32,934,949

‌

(1,514,775

)

U.S.

Financial

Services

............................................................

9,913,442

‌

54,919,471

‌

(7,287,547

)

U.S.

Financials

.................................................................

61,604,225

‌

30,338,732

‌

(8,303,192

)

U.S.

Healthcare

.................................................................

40,003,060

‌

26,870,341

‌

(16,220,680

)

U.S.

Industrials

.................................................................

15,792,584

‌

16,816,855

‌

(3,921,402

)

U.S.

Technology

................................................................

640,868,505

‌

606,378,724

‌

(84,443,147

)

U.S.

Transportation

..............................................................

61,034,192

‌

19,042,890

‌

(5,553,399

)

U.S.

Utilities

...................................................................

6,450,554

‌

3,042,331

‌

(103,424

)

iShares

ETF

Purchases

‌

Sales

‌

Dow

Jones

U.S.

...................................................................................

$

50,277,967

$

49,998,819

MSCI

KLD

400

Social

...............................................................................

218,098,919

212,950,893

MSCI

USA

ESG

Select

..............................................................................

615,147,210

607,468,263

U.S.

Basic

Materials

................................................................................

76,150,438

76,340,429

U.S.

Consumer

Discretionary

..........................................................................

94,805,368

93,742,922

U.S.

Consumer

Staples

.............................................................................

113,552,179

116,171,233

U.S.

Energy

.....................................................................................

133,424,634

130,326,965

U.S.

Financial

Services

..............................................................................

222,704,962

222,711,238

U.S.

Financials

...................................................................................

135,032,245

125,157,532

U.S.

Healthcare

...................................................................................

154,538,962

155,780,882

U.S.

Industrials

...................................................................................

50,642,913

49,463,305

U.S.

Technology

..................................................................................

1,435,701,147

1,596,151,767

Notes

to

Financial

Statements

(continued)

132

2024

iShares

Annual

Report

to

Shareholders

For

the year ended

April

30,

2024,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

April

30,

2024,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

As

of

April

30,

2024,

permanent

differences

attributable

to

distributions

paid

in

excess

of

taxable

income

and

realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows:

iShares

ETF

Purchases

‌

Sales

‌

U.S.

Transportation

................................................................................

$

105,012,055

$

116,776,841

U.S.

Utilities

.....................................................................................

34,986,802

32,892,738

iShares

ETF

In-kind

Purchases

In-kind

Sales

Dow

Jones

U.S.

...................................................................................

$

53,862,363

‌

$

101,779,372

‌

MSCI

KLD

400

Social

...............................................................................

165,570,024

‌

253,782,034

‌

MSCI

USA

ESG

Select

..............................................................................

2,167,158,742

‌

2,839,063,846

‌

U.S.

Basic

Materials

................................................................................

301,093,921

‌

608,207,699

‌

U.S.

Consumer

Discretionary

..........................................................................

381,175,398

‌

231,764,391

‌

U.S.

Consumer

Staples

.............................................................................

186,101,355

‌

650,297,770

‌

U.S.

Energy

.....................................................................................

120,315,837

‌

432,526,479

‌

U.S.

Financial

Services

..............................................................................

109,041,709

‌

282,948,290

‌

U.S.

Financials

...................................................................................

558,665,343

‌

307,103,386

‌

U.S.

Healthcare

...................................................................................

672,476,851

‌

795,375,289

‌

U.S.

Industrials

...................................................................................

445,116,222

‌

267,269,370

‌

U.S.

Technology

..................................................................................

5,702,468,754

‌

4,554,834,854

‌

U.S.

Transportation

................................................................................

1,531,273,825

‌

1,607,275,172

‌

U.S.

Utilities

.....................................................................................

179,798,826

‌

261,885,424

‌

iShares

ETF

Paid-in

Capital

Accumulated

Earnings

(Loss)

Dow

Jones

U.S.

...................................................................................

$

69,858,179

‌

$

(69,858,179

)

MSCI

KLD

400

Social

...............................................................................

130,038,916

‌

(130,038,916

)

MSCI

USA

ESG

Select

..............................................................................

626,001,018

‌

(626,001,018

)

U.S.

Basic

Materials

................................................................................

38,119,300

‌

(38,119,300

)

U.S.

Consumer

Discretionary

..........................................................................

35,220,594

‌

(35,220,594

)

U.S.

Consumer

Staples

.............................................................................

39,461,030

‌

(39,461,030

)

U.S.

Energy

.....................................................................................

126,589,945

‌

(126,589,945

)

U.S.

Financial

Services

..............................................................................

9,434,973

‌

(9,434,973

)

U.S.

Financials

...................................................................................

36,971,007

‌

(36,971,007

)

U.S.

Healthcare

...................................................................................

275,931,973

‌

(275,931,973

)

U.S.

Industrials

...................................................................................

39,767,087

‌

(39,767,087

)

U.S.

Technology

..................................................................................

2,449,544,330

‌

(2,449,544,330

)

U.S.

Transportation

................................................................................

100,641,968

‌

(100,641,968

)

U.S.

Utilities

.....................................................................................

22,629,426

‌

(22,629,426

)

iShares

ETF

Year

Ended

04/30/24

‌

Year

Ended

04/30/23

‌

Dow

Jones

U.S.

Ordinary

income

..........................................................................................

$

22,333,716

‌

$

22,417,559

‌

MSCI

KLD

400

Social

Ordinary

income

..........................................................................................

$

47,349,666

‌

$

50,565,891

‌

MSCI

USA

ESG

Select

Ordinary

income

..........................................................................................

$

55,311,905

‌

$

50,432,428

‌

Notes

to

Financial

Statements

(

continued)

133

Notes

to

Financial

Statements

As

of

April

30,

2024,

the

tax

components

of

accumulated

net earnings

(losses)

were

as

follows:

A

fund

may

own

shares

in

certain

foreign

investment

entities,

referred

to,

under

U.S.

tax

law,

as

“passive

foreign

investment

companies.”

Such

fund

may

elect

to

mark-to-

market

annually

the

shares

of

each

passive

foreign

investment

company

and

would

be

required

to

distribute

to

shareholders

any

such

marked-to-market

gains.

iShares

ETF

Year

Ended

04/30/24

‌

Year

Ended

04/30/23

‌

U.S.

Basic

Materials

Ordinary

income

..........................................................................................

$

12,753,032

‌

$

18,732,865

‌

U.S.

Consumer

Discretionary

Ordinary

income

..........................................................................................

$

5,773,517

‌

$

4,983,461

‌

U.S.

Consumer

Staples

Ordinary

income

..........................................................................................

$

39,211,431

‌

$

36,324,935

‌

U.S.

Energy

Ordinary

income

..........................................................................................

$

36,089,290

‌

$

81,833,379

‌

U.S.

Financial

Services

Ordinary

income

..........................................................................................

$

21,038,122

‌

$

30,227,687

‌

U.S.

Financials

Ordinary

income

..........................................................................................

$

34,613,837

‌

$

37,169,793

‌

U.S.

Healthcare

Ordinary

income

..........................................................................................

$

39,003,986

‌

$

36,619,957

‌

U.S.

Industrials

Ordinary

income

..........................................................................................

$

13,000,334

‌

$

12,823,027

‌

U.S.

Technology

Ordinary

income

..........................................................................................

$

53,062,094

‌

$

41,892,148

‌

U.S.

Transportation

Ordinary

income

..........................................................................................

$

12,090,918

‌

$

11,528,316

‌

U.S.

Utilities

Ordinary

income

..........................................................................................

$

22,951,390

‌

$

24,453,499

‌

iShares

ETF

Undistributed

Ordinary

Income

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

Dow

Jones

U.S.

..............................................

$

1,601,675

‌

$

(34,599,904

)

$

919,988,648

‌

$

886,990,419

‌

MSCI

KLD

400

Social

..........................................

3,449,194

‌

(95,741,442

)

1,177,242,549

‌

1,084,950,301

‌

MSCI

USA

ESG

Select

.........................................

3,099,630

‌

(236,097,242

)

186,086,262

‌

(46,911,350

)

U.S.

Basic

Materials

...........................................

695,946

‌

(205,601,792

)

(50,607,270

)

(255,513,116

)

U.S.

Consumer

Discretionary

.....................................

119,596

‌

(166,133,707

)

(23,145,640

)

(189,159,751

)

U.S.

Consumer

Staples

........................................

5,119,069

‌

(65,219,295

)

(40,599,794

)

(100,700,020

)

U.S.

Energy

................................................

402,756

‌

(348,471,334

)

264,440,441

‌

(83,628,137

)

U.S.

Financial

Services

.........................................

1,642,090

‌

(153,747,436

)

73,621,768

‌

(78,483,578

)

U.S.

Financials

..............................................

6,100,829

‌

(186,542,054

)

240,893,539

‌

60,452,314

‌

U.S.

Healthcare

..............................................

2,975,499

‌

(110,482,793

)

178,578,361

‌

71,071,067

‌

U.S.

Industrials

..............................................

638,367

‌

(107,527,418

)

121,735,664

‌

14,846,613

‌

U.S.

Technology

.............................................

—

‌

(348,542,647

)

3,266,359,327

‌

2,917,816,680

‌

U.S.

Transportation

...........................................

—

‌

(130,557,412

)

(131,028,666

)

(261,586,078

)

U.S.

Utilities

................................................

565,223

‌

(64,494,507

)

(12,698,864

)

(76,628,148

)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

contracts,

the

realization

for

tax

purposes

of

unrealized

gains

on

investments

in

passive

foreign

investment

companies,

the

timing

and

recognition

of

partnership

income,

the

characterization

of

corporate

actions

and

the

timing

and

recognition

of

realized

gains

(losses)

for

tax

purposes.

Notes

to

Financial

Statements

(continued)

134

2024

iShares

Annual

Report

to

Shareholders

As

of

April

30,

2024,

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

an

indexing

approach

to

try

to

achieve

each

Fund’s

investment

objective.

The

Fund

is

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

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

discretionary

liquidity

fees

under

certain

circumstances.

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

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Dow

Jones

U.S.

...............................................

$

919,300,384

‌

$

990,750,548

‌

$

(70,759,915

)

$

919,990,633

‌

MSCI

KLD

400

Social

...........................................

3,077,049,958

‌

1,377,584,907

‌

(200,342,358

)

1,177,242,549

‌

MSCI

USA

ESG

Select

..........................................

3,162,510,056

‌

411,518,613

‌

(225,432,351

)

186,086,262

‌

U.S.

Basic

Materials

............................................

701,513,203

‌

44,513,632

‌

(95,120,902

)

(50,607,270

)

U.S.

Consumer

Discretionary

......................................

1,036,864,189

‌

111,960,407

‌

(135,106,047

)

(23,145,640

)

U.S.

Consumer

Staples

.........................................

1,307,633,859

‌

67,735,433

‌

(108,335,227

)

(40,599,794

)

U.S.

Energy

.................................................

1,088,073,601

‌

306,737,273

‌

(42,296,832

)

264,440,441

‌

U.S.

Financial

Services

..........................................

1,321,031,420

‌

145,685,826

‌

(72,064,058

)

73,621,768

‌

U.S.

Financials

...............................................

2,295,999,066

‌

351,428,319

‌

(110,534,780

)

240,893,539

‌

U.S.

Healthcare

...............................................

3,134,138,723

‌

568,497,735

‌

(389,919,374

)

178,578,361

‌

U.S.

Industrials

...............................................

1,454,142,650

‌

239,134,918

‌

(117,399,254

)

121,735,664

‌

U.S.

Technology

..............................................

12,462,960,189

‌

3,672,251,164

‌

(405,891,837

)

3,266,359,327

‌

U.S.

Transportation

............................................

993,781,805

‌

17,154,960

‌

(148,183,626

)

(131,028,666

)

U.S.

Utilities

.................................................

929,001,604

‌

84,735,047

‌

(97,433,911

)

(12,698,864

)

Notes

to

Financial

Statements

(

continued)

135

Notes

to

Financial

Statements

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

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

funds

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund's

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments. 

Certain Funds

invest

a

significant

portion

of their

assets

within

the

financials

sector.

Performance

of

companies

in

the

financials

sector

may

be

adversely

impacted

by

many

factors,

including,

among

others,

changes

in

government

regulations,

economic

conditions,

and

interest

rates,

credit

downgrades,

adverse

public

perception,

exposure

concentration

and

decreased

liquidity

in

credit

markets.

The

impact

of

changes

in

a

capital

requirements

and

recent

or

future

regulation

of

any

individual

financial

company,

or

of

the

financials

sector

as

a

whole,

cannot

be

predicted,

but

may

negatively

impact

the

Funds.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

10.

Capital

Share

Transactions 

Capital

shares

are

issued

and

redeemed

by each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

‌

Year

Ended

04/30/24

‌

Year

Ended

04/30/23

‌

iShares

ETF

Shares

‌

Amount

‌

Shares

‌

Amount

‌

Dow

Jones

U.S.

Shares

sold

.............................................

500,000

‌

$

54,080,238

‌

1,100,000

‌

$

107,689,293

‌

Shares

redeemed

.........................................

(950,000

)

(102,185,513

)

(1,150,000

)

(112,304,120

)

(450,000

)

$

(48,105,275

)

(50,000

)

$

(4,614,827

)

MSCI

KLD

400

Social

Shares

sold

.............................................

1,900,000

‌

$

166,540,184

‌

6,350,000

‌

$

474,063,009

‌

Shares

redeemed

.........................................

(2,900,000

)

(255,301,816

)

(7,150,000

)

(533,168,669

)

(1,000,000

)

$

(88,761,632

)

(800,000

)

$

(59,105,660

)

MSCI

USA

ESG

Select

Shares

sold

.............................................

24,050,000

‌

$

2,176,161,906

‌

1,950,000

‌

$

166,937,116

‌

Shares

redeemed

.........................................

(29,050,000

)

(2,848,650,816

)

(6,400,000

)

(539,631,789

)

(5,000,000

)

$

(672,488,910

)

(4,450,000

)

$

(372,694,673

)

U.S.

Basic

Materials

Shares

sold

.............................................

2,200,000

‌

$

301,941,533

‌

3,800,000

‌

$

491,041,308

‌

Shares

redeemed

.........................................

(4,600,000

)

(609,743,877

)

(4,800,000

)

(591,997,064

)

(2,400,000

)

$

(307,802,344

)

(1,000,000

)

$

(100,955,756

)

U.S.

Consumer

Discretionary

Shares

sold

.............................................

5,300,000

‌

$

381,831,787

‌

4,150,000

‌

$

259,930,616

‌

Shares

redeemed

.........................................

(3,300,000

)

(232,204,143

)

(6,150,000

)

(375,104,320

)

2,000,000

‌

$

149,627,644

‌

(2,000,000

)

$

(115,173,704

)

Notes

to

Financial

Statements

(continued)

136

2024

iShares

Annual

Report

to

Shareholders

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Authorized

Participants

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.

Authorized

Participants

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.

Year

Ended

04/30/24

Year

Ended

04/30/23

iShares

ETF

Shares

Amount

Shares

Amount

U.S.

Consumer

Staples

Shares

sold

.............................................

2,800,000

(a)

$

186,682,821

‌

15,600,000

(a)

$

1,032,324,835

‌

Shares

redeemed

.........................................

(10,100,000

)

(a)

(652,537,510

)

(5,850,000

)

(a)

(381,565,781

)

(7,300,000

)

$

(465,854,689

)

9,750,000

‌

$

650,759,054

‌

U.S.

Energy

Shares

sold

.............................................

2,600,000

‌

$

120,728,213

‌

4,850,000

‌

$

213,444,323

‌

Shares

redeemed

.........................................

(9,950,000

)

(434,039,879

)

(58,950,000

)

(2,498,449,480

)

(7,350,000

)

$

(313,311,666

)

(54,100,000

)

$

(2,285,005,157

)

U.S.

Financial

Services

Shares

sold

.............................................

2,050,000

(a)

$

109,728,520

‌

4,800,000

(a)

$

249,836,623

‌

Shares

redeemed

.........................................

(5,250,000

)

(a)

(284,856,972

)

(18,750,000

)

(a)

(970,415,517

)

(3,200,000

)

$

(175,128,452

)

(13,950,000

)

$

(720,578,894

)

U.S.

Financials

Shares

sold

.............................................

6,800,000

‌

$

567,819,901

‌

5,000,000

‌

$

374,275,199

‌

Shares

redeemed

.........................................

(4,050,000

)

(311,303,608

)

(7,700,000

)

(565,785,286

)

2,750,000

‌

$

256,516,293

‌

(2,700,000

)

$

(191,510,087

)

U.S.

Healthcare

Shares

sold

.............................................

11,550,000

(b)

$

674,305,942

‌

13,500,000

(b)

$

741,128,167

‌

Shares

redeemed

.........................................

(13,950,000

)

(b)

(797,764,325

)

(7,250,000

)

(b)

(390,484,900

)

(2,400,000

)

$

(123,458,383

)

6,250,000

‌

$

350,643,267

‌

U.S.

Industrials

Shares

sold

.............................................

3,900,000

‌

$

446,883,571

‌

3,600,000

‌

$

352,415,178

‌

Shares

redeemed

.........................................

(2,650,000

)

(268,375,538

)

(4,600,000

)

(428,173,476

)

1,250,000

‌

$

178,508,033

‌

(1,000,000

)

$

(75,758,298

)

U.S.

Technology

Shares

sold

.............................................

48,600,000

‌

$

5,713,567,223

‌

45,200,000

‌

$

3,566,859,827

‌

Shares

redeemed

.........................................

(39,150,000

)

(4,547,223,352

)

(13,700,000

)

(1,132,254,321

)

9,450,000

‌

$

1,166,343,871

‌

31,500,000

‌

$

2,434,605,506

‌

U.S.

Transportation

Shares

sold

.............................................

24,550,000

(c)

$

1,534,828,039

‌

24,600,000

(c)

$

1,374,660,180

‌

Shares

redeemed

.........................................

(25,950,000

)

(c)

(1,611,223,673

)

(29,200,000

)

(c)

(1,632,174,017

)

(1,400,000

)

$

(76,395,634

)

(4,600,000

)

$

(257,513,837

)

U.S.

Utilities

Shares

sold

.............................................

2,250,000

‌

$

180,378,001

‌

3,700,000

‌

$

319,041,354

‌

Shares

redeemed

.........................................

(3,300,000

)

(262,755,700

)

(3,050,000

)

(263,022,589

)

(1,050,000

)

$

(82,377,699

)

650,000

‌

$

56,018,765

‌

(a)

Share

transactions

prior

to

the

close

of

trading

on

March

6,

2024

have

been

retroactively

adjusted

to

reflect

a

three-for-one

stock

split.

(b)

Share

transactions

prior

to

the

close

of

trading

on

March

6,

2024

have

been

retroactively

adjusted

to

reflect

a

five-for-one

stock

split.

(c)

Share

transactions

prior

to

the

close

of

trading

on

March

6,

2024

have

been

retroactively

adjusted

to

reflect

a

four-for-one

stock

split.

Notes

to

Financial

Statements

(

continued)

137

Notes

to

Financial

Statements

The

Board

authorized

a

stock

split

for

the

following

Funds,

effective

after

the

close

of

trading

on

March

6,

2024,

for

the

shareholders

of

record

on

March

4,

2024.

The

impact

of

the

stock

split

was

an

increase

in

the

number

of

shares

outstanding,

while

decreasing

the

NAV

per

share,

resulting

in

no

effect

on

the

net

assets

of

the

Funds.

The

financial

statements

for

the

Funds

have

been

adjusted

to

reflect

the

stock

split. 

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.

iShares

ETF

Forward

Share

Split

U.S.

Consumer

Staples

................................................................................................

3

for

1

U.S.

Financial

Services

.................................................................................................

3

for

1

U.S.

Healthcare

......................................................................................................

5

for

1

U.S.

Transportation

...................................................................................................

4

for

1

Report

of

Independent

Registered

Public

Accounting

Firm

138

2024

iShares

Annual

Report

to

Shareholders

To

the

Board

of

Trustees

of

iShares

Trust

and

Shareholders

of

each

of

the fourteen funds

listed

in

the

table

below

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed

in

the

table

below

(fourteen

of

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

to

as

the

“Funds”)

as

of

April

30,

2024,

the

related

statements

of

operations

for

the

year

ended

April

30,

2024,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

April

30,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

April

30,

2024

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

listed

in

the

table

below

as

of

April

30,

2024,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

April

30,

2024

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

April

30,

2024

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

April

30,

2024

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

June

24,

2024

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

iShares

Dow

Jones

U.S.

ETF

iShares

MSCI

KLD

400

Social

ETF

iShares

MSCI

USA

ESG

Select

ETF

iShares

U.S.

Basic

Materials

ETF

iShares

U.S.

Consumer

Discretionary

ETF

iShares

U.S.

Consumer

Staples

ETF

iShares

U.S.

Energy

ETF

iShares

U.S.

Financial

Services

ETF

iShares

U.S.

Financials

ETF

iShares

U.S.

Healthcare

ETF

iShares

U.S.

Industrials

ETF

iShares

U.S.

Technology

ETF

iShares

U.S.

Transportation

ETF

iShares

U.S.

Utilities

ETF

Important

Tax

Information

(unaudited)

139

Important

Tax

Information

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

April

30,

2024:

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified

business

income

for

individuals

for

the

fiscal

year

ended

April

30,

2024:

The

following

percentages,

or

maximum

percentages

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended

April

30,

2024

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

Dow

Jones

U.S.

......................................................................................................

$

24,039,999‌

MSCI

KLD

400

Social

..................................................................................................

53,687,522‌

MSCI

USA

ESG

Select

.................................................................................................

60,295,798‌

U.S.

Basic

Materials

...................................................................................................

14,802,510‌

U.S.

Consumer

Discretionary

.............................................................................................

8,498,386‌

U.S.

Consumer

Staples

................................................................................................

43,189,934‌

U.S.

Energy

........................................................................................................

41,568,828‌

U.S.

Financial

Services

.................................................................................................

25,176,108‌

U.S.

Financials

......................................................................................................

42,597,638‌

U.S.

Healthcare

......................................................................................................

50,943,194‌

U.S.

Industrials

......................................................................................................

17,547,607‌

U.S.

Technology

.....................................................................................................

102,390,387‌

U.S.

Transportation

...................................................................................................

15,439,118‌

U.S.

Utilities

........................................................................................................

26,740,742‌

iShares

ETF

Qualified

Business

Income

Dow

Jones

U.S.

......................................................................................................

$

1,360,772‌

MSCI

KLD

400

Social

..................................................................................................

2,778,698‌

MSCI

USA

ESG

Select

.................................................................................................

2,271,851‌

U.S.

Financials

......................................................................................................

1,256,999‌

iShares

ETF

Dividends-Received

Deduction

Dow

Jones

U.S.

......................................................................................................

100.00‌

%

MSCI

KLD

400

Social

..................................................................................................

100.00‌

MSCI

USA

ESG

Select

.................................................................................................

100.00‌

U.S.

Basic

Materials

...................................................................................................

94.62‌

U.S.

Consumer

Discretionary

.............................................................................................

100.00‌

U.S.

Consumer

Staples

................................................................................................

100.00‌

U.S.

Energy

........................................................................................................

100.00‌

U.S.

Financial

Services

.................................................................................................

100.00‌

U.S.

Financials

......................................................................................................

100.00‌

U.S.

Healthcare

......................................................................................................

100.00‌

U.S.

Industrials

......................................................................................................

100.00‌

U.S.

Technology

.....................................................................................................

100.00‌

U.S.

Transportation

...................................................................................................

100.00‌

U.S.

Utilities

........................................................................................................

100.00‌

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

140

2024

iShares

Annual

Report

to

Shareholders

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

iShares

Trust

(the

“Trust”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for iShares

Dow

Jones

U.S.

ETF,

iShares

MSCI

KLD

400

Social

ETF,

iShares

MSCI

USA

ESG

Select

ETF,

iShares

U.S.

Basic

Materials

ETF,

iShares

U.S.

Consumer

Discretionary

ETF,

iShares

U.S.

Consumer

Staples

ETF,

iShares

U.S.

Energy

ETF,

iShares

U.S.

Financial

Services

ETF,

iShares

U.S.

Financials

ETF,

iShares

U.S.

Healthcare

ETF,

iShares

U.S.

Industrials

ETF,

iShares

U.S.

Technology

ETF,

iShares

U.S.

Transportation

ETF

and

iShares

U.S.

Utilities

ETF

(the

“Funds”

or

“ETFs”),

each

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Funds,

met

on

December

8,

2023

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Fund

Advisors

(“BlackRock”),

the

investment

adviser

to

the

Funds,

as

the

program

administrator

for

each

Fund’s

Program.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2022

through

September

30,

2023

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing

each

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish

each

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

extended

market

holidays,

delays

in

the

repatriation

of

the

local

currency

in

certain

non-U.S.

countries,

the

continued

illiquidity

of

Russian

equity

securities

and

the

suspension

of

select

sanctions

in

Venezuela.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing

each

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure,

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Derivative

exposure

was

also

considered

in

the

calculation

of

a

fund’s

liquidity

bucketing.

Finally,

a

factor

for

consideration

under

the

Liquidity

Rule

is

a

Fund’s

use

of

borrowings

for

investment

purposes.

However,

the

Funds

do

not

borrow

for

investment

purposes.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

each

ETF’s

reasonably

anticipated

trading

size

utilized

for

liquidity

classifications.

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements.

The

Committee

considered

that

ETFs

generally

do

not

hold

more

than

de

minimis

amounts

of

cash.

The

Committee

also

considered

that

ETFs

generally

do

not

engage

in

borrowing.

d)

The

relationship

between

an

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants,

including

authorized

participants.

The

Committee

monitored

the

prevailing

bid/ask

spread

and

the

ETF

price

premium

(or

discount)

to

NAV

for

all

ETFs.

However,

there

were

no

ETFs

with

persistent

deviations

of

fund

premium/

discount

or

bid/ask

spreads

from

long-term

averages

over

the

Program

Reporting

Period.

e)

The

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

an

ETF’s

portfolio.

In

reviewing

the

linkage

between

the

composition

of

custom

baskets

accepted

by

an

ETF

and

any

significant

change

in

the

liquidity

profile

of

such

ETF,

the

Committee

reviewed

changes

in

the

proportion

of

each

ETF’s

portfolio

comprised

of

less

liquid

and

illiquid

holdings

to

determine

if

applicable

thresholds

were

met

requiring

enhanced

review.

There

were

no

ETFs

for

which

the

custom

baskets

accepted

by

the

ETF

had

a

significant

change

in

its

liquidity

profile.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

classification

methodology.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule. 

Supplemental

Information

(unaudited)

141

Supplemental

Information

Tailored

Shareholder

Reports

for

Open-End

Mutual

Funds

and

ETFs 

Effective

January

24,

2023,

the

SEC adopted

rule

and

form

amendments

to

require

open-end

mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Funds.

Premium/Discount

Information

Information

on

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

be

found

at

iShares.com

.

Trustee

and

Officer

Information

(unaudited)

142

2024

iShares

Annual

Report

to

Shareholders

The

Board

of

Trustees

has

responsibility

for

the

overall

management

and

operations

of

the

Funds,

including

general

supervision

of

the

duties

performed

by

BFA

and

other

service

providers.

Each Trustee

serves

until

he

or

she

resigns,

is

removed,

dies,

retires

or

becomes

incapacitated.

Each

officer

shall

hold

office

until

his

or

her

successor

is

elected

and

qualifies

or

until

his

or

her

death,

resignation

or

removal. Trustees

who

are

not

“interested

persons”

(as

defined

in

the

1940

Act)

of

the Trust

are

referred

to

as

independent trustees

(“Independent

Trustees”).

The

registered

investment

companies

advised

by

BFA

or

its

affiliates

(the

“BlackRock-advised

Funds”)

are

organized

into

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

iShares

Complex

(each,

a

“BlackRock

Fund

Complex”).

Each

Fund

is

included

in

the iShares Complex.

Each Trustee

also

serves

as

a Director

of

iShares,

Inc.

and

a

Trustee

of

iShares

U.S.

ETF

Trust

and,

as

a

result,

oversees

all

of

the

funds

within

the iShares

Complex,

which

consists

of 404

funds

as

of

April

30,

2024.

With

the

exception

of

Stephen

Cohen, Robert

S.

Kapito

and

Aaron

Wasserman,

the

address

of

each Trustee

and

officer

is

c/o

BlackRock,

Inc.,

400

Howard

Street,

San

Francisco,

CA

94105.

The

address

of

Mr.

Kapito

and

Mr.

Wasserman

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New

York,

NY

10001.

The

address

of

Mr.

Cohen

is

c/o

BlackRock,

Inc.,

Drapers

Gardens,

12

Throgmorton

Avenue,

London

EC2N

2DL

United

Kingdom.

The

Board

has

designated

John

E.

Kerrigan

as

its

Independent

Board

Chair.

Additional

information

about

the

Funds’ Trustees

and

officers

may

be

found

in

the

Funds’

combined

Statement

of

Additional

Information,

which

is

available

without

charge,

upon

request,

by

calling

toll-free

1-800-iShares

(1-800-474-2737).

Interested

Trustees

(a)

Robert

S.

Kapito

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

(b)

Stephen

Cohen

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

Independent

Trustees

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Robert

S.

Kapito

(a)

(1957)

Trustee

(since

2009).

President

of

BlackRock,

Inc.

(since

2006);

Vice

Chairman

of

BlackRock,

Inc.

and

Head

of

BlackRock’s

Portfolio

Management

Group

(since

its

formation

in

1998)

and

BlackRock,

Inc.’s

predecessor

entities

(since

1988);

Trustee,

University

of

Pennsylvania

(since

2009);

President

of

Board

of

Directors,

Hope

&

Heroes

Children’s

Cancer

Fund

(since

2002).

Director

of

BlackRock,

Inc.

(since

2006);

Director

of

iShares,

Inc.

(since

2009);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Stephen

Cohen

(b)

(1975)

Trustee

(since

2024).

Senior

Managing

Director,

Head

of

Global

Product

Solutions

of

BlackRock,

Inc.

(since

2024);

Senior

Managing

Director,

Head

of

Europe,

Middle

East

and

Africa

Regions

of

BlackRock,

Inc.

(2021-2024);

Head

of

iShares

Index

and

Wealth

in

EMEA

of

BlackRock,

Inc.

(2017-2021);

Global

Head

of

Fixed

Income

Indexing

of

BlackRock,

Inc.

(2016-2017);

Chief

Investment

Strategist

for

International

Fixed

Income

and

iShares

of

BlackRock,

Inc.

(2011-2015).

Director

of

iShares,

Inc.

(since

2024);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2024).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

John

E.

Kerrigan

(1955)

Trustee

(since

2005);

Independent

Board

Chair

(since

2022).

Chief

Investment

Officer,

Santa

Clara

University

(since

2002).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011);

Independent

Board

Chair

of

iShares,

Inc.

and

iShares

U.S.

ETF

Trust

(since

2022).

Jane

D.

Carlin

(1956)

Trustee

(since

2015);

Risk

Committee

Chair

(since

2016).

Consultant

(since

2012);

Member

of

the

Audit

Committee

(2012-2018),

Chair

of

the

Nominating

and

Governance

Committee

(2017-2018)

and

Director

of

PHH

Corporation

(mortgage

solutions)

(2012-2018);

Managing

Director

and

Global

Head

of

Financial

Holding

Company

Governance

&

Assurance

and

the

Global

Head

of

Operational

Risk

Management

of

Morgan

Stanley

(2006-2012).

Director

of

iShares,

Inc.

(since

2015);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2015);

Member

of

the

Audit

Committee

(since

2016),

Chair

of

the

Audit

Committee

(since

2020)

and

Director

of

The

Hanover

Insurance

Group,

Inc.

(since

2016).

Richard

L.

Fagnani

(1954)

Trustee

(since

2017);

Audit

Committee

Chair

(since

2019).

Partner,

KPMG

LLP

(2002-2016);

Director

of

One

Generation

Away

(since

2021).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017).

Laura

F.

Fergerson

(1962)

Trustee

(since

2024).

President,

Franklin

Templeton

Services,

LLC

(2017-2024);

Director

of

the

Board

of

Crocker

Art

Museum

Association

(since

2019);

President,

Crocker

Art

Museum

Foundation

(2022-2023).

Director

of

iShares,

Inc.

(since

2024);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2024).

Cecilia

H.

Herbert

(1949)

Trustee

(since

2005);

Nominating

and

Governance

and

Equity

Plus

Committee

Chairs

(since

2022).

Chair

of

the

Finance

Committee

(since

2019)

and

Trustee

and

Member

of

the

Finance,

Audit

and

Quality

Committees

of

Stanford

Health

Care

(since

2016);

Trustee

of

WNET,

New

York’s

public

media

company

(since

2011)

and

Member

of

the

Audit

Committee

(since

2018),

Investment

Committee

(since

2011)

and

Personnel

Committee

(since

2022);

Member

of

the

Wyoming

State

Investment

Funds

Committee

(since

2022);

Trustee

of

Forward

Funds

(14

portfolios)

(2009-

2018);

Trustee

of

Salient

MF

Trust

(4

portfolios)

(2015-2018);

Director

of

the

Jackson

Hole

Center

for

the

Arts

(since

2021).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Trustee

and

Officer

Information

(unaudited)

(

continued)

143

Trustee

and

Officer

Information

Officers

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

James

Lam

(1961)

Trustee

(since

2024).

President,

James

Lam

&

Associates,

Inc.

(since

2002);

Director

of

the

FAIR

Institute

(since

2020);

adjunct

professor

at

Carnegie

Mellon

University

(since

2018);

Member,

Zicklin

School

of

Business

Dean's

Council

of

Baruch

College

(since

2017);

Director

and

Audit

Committee

Chair

of

RiskLens,

Inc.

(2018-2023);

Director,

Risk

Oversight

Committee

Chair

and

Audit

Committee

Member

of

E*TRADE

Financial

and

E*TRADE

Bank

(2012-2020).

Director

of

iShares,

Inc.

(since

2024);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2024).

Drew

E.

Lawton

(1959)

Trustee

(since

2017);

15(c)

Committee

Chair

(since

2017).

Senior

Managing

Director

of

New

York

Life

Insurance

Company

(2010-2015).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017);

Director

of

Jackson

Financial

Inc.

(since

2021).

John

E.

Martinez

(1961)

Trustee

(since

2003);

Securities

Lending

Committee

Chair

(since

2019).

Director

of

Real

Estate

Equity

Exchange,

Inc.

(since

2005);

Director

of

Cloudera

Foundation

(2017-2020);

and

Director

of

Reading

Partners

(2012-2016).

Director

of

iShares,

Inc.

(since

2003);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Madhav

V.

Rajan

(1964)

Trustee

(since

2011);

Fixed

Income

Plus

Committee

Chair

(since

2019).

Dean,

and

George

Pratt

Shultz

Professor

of

Accounting,

University

of

Chicago

Booth

School

of

Business

(since

2017);

Advisory

Board

Member

(since

2016)

and

Director

(since

2020)

of

C.M.

Capital

Corporation;

Chair

of

the

Board

for

the

Center

for

Research

in

Security

Prices,

LLC

(since

2020);

Director

of

WellBe

Senior

Medical

(since

2023);

Robert

K.

Jaedicke

Professor

of

Accounting,

Stanford

University

Graduate

School

of

Business

(2001-2017);

Professor

of

Law

(by

courtesy),

Stanford

Law

School

(2005-2017);

Senior

Associate

Dean

for

Academic

Affairs

and

Head

of

MBA

Program,

Stanford

University

Graduate

School

of

Business

(2010-2016).

Director

of

iShares,

Inc.

(since

2011);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Jessica

Tan

(1980)

President

(since

2024).

Managing

Director

of

BlackRock,

Inc.

(since

2015);

Head

of

Global

Product

Solutions,

Americas

of

BlackRock,

Inc.

(since

2024)

and

Head

of

Sustainable

and

Transition

Solutions

of

BlackRock,

Inc.

(2022-2024);

Global

Head

of

Corporate

Strategy

of

BlackRock,

Inc.

(2019-2022);

Chief

of

Staff

to

the

CEO

of

BlackRock,

Inc.

(2017-2019).

Trent

Walker

(1974)

Treasurer

and

Chief

Financial

Officer

(since

2020).

Managing

Director

of

BlackRock,

Inc.

(since

2019);

Chief

Financial

Officer

of

iShares

Delaware

Trust

Sponsor

LLC,

BlackRock

Funds,

BlackRock

Funds

II,

BlackRock

Funds

IV,

BlackRock

Funds

V

and

BlackRock

Funds

VI

(since

2021).

Aaron

Wasserman

(1974)

Chief

Compliance

Officer

(since

2023).

Managing

Director

of

BlackRock,

Inc.

(since

2018);

Chief

Compliance

Officer

of

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

iShares

Complex

(since

2023);

Deputy

Chief

Compliance

Officer

for

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

iShares

Complex

(2014-2023).

Marisa

Rolland

(1980)

Secretary

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2023);

Director

of

BlackRock,

Inc.

(2018-2022).

Rachel

Aguirre

(1982)

Executive

Vice

President

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2018);

Head

of

U.S.

iShares

Product

(since

2022);

Head

of

EII

U.S.

Product

Engineering

of

BlackRock,

Inc.

(since

2021);

Co-Head

of

EII’s

Americas

Portfolio

Engineering

of

BlackRock,

Inc.

(2020-2021);

Head

of

Developed

Markets

Portfolio

Engineering

of

BlackRock,

Inc.

(2016-2019).

Jennifer

Hsui

(1976)

Executive

Vice

President

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2009);

Co-Head

of

Index

Equity

of

BlackRock,

Inc.

(since

2022).

James

Mauro

(1970)

Executive

Vice

President

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2010);

Head

of

Fixed

Income

Index

Investments

in

the

Americas

and

Head

of

San

Francisco

Core

Portfolio

Management

of

BlackRock,

Inc.

(since

2020).

Independent

Trustees

(

continued

)

Trustee

and

Officer

Information

(unaudited)

(continued)

144

2024

iShares

Annual

Report

to

Shareholders

Effective

July

1,

2023,

Aaron

Wasserman

replaced

Charles

Park

as

Chief

Compliance

Officer.

Effective

February

1,

2024,

Salim

Ramji

resigned

as

Trustee

of

the

Trust.

Effective

March

5,

2024,

Stephen

Cohen

replaced

Salim

Ramji

as

Trustee

of

the

Trust.

Effective

March

5,

2024,

Dominik

Rohé

resigned

as

President

of

the

Trust.

Effective

March

5,

2024,

Jessica

Tan

replaced

Dominik

Rohé

as

President

of

the

Trust.

Effective

April

8,

2024,

Laura

Fergerson

was

appointed

as

Trustee

of

the

Trust.

Effective

April

8,

2024,

James

Lam

was

appointed

as

Trustee

of

the

Trust.

Officers

(

continued

)

General

Information

145

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

146

2024

iShares

Annual

Report

to

Shareholders

Portfolio

Abbreviation

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

iS-AR-401-0424

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.

©2024

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

(b) Not Applicable

Item 2.   Code of Ethics.

The registrant

has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics.

The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3.   Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

Item 4.   Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the fourteen series of the registrant for which the fiscal year-end is April 30, 2024 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a)

Audit Fees

– The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $186,200 for the fiscal year ended

April 30, 2023

and $186,200 for the fiscal year ended April 30, 2024.

(b)

Audit-Related Fees

– There were no fees billed for the fiscal years end

ed April 30, 2023

and April 30, 2024 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c)

Tax Fees

– The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $135,800 for the fiscal year ended

April 30, 2023

and $135,800 for the fiscal year ended April 30, 2024. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d)

All Other Fees

– There were no other fees billed in each of the fiscal years end

ed April 30, 2023 and April 30, 2024

for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e)

(1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

Not Applicable

(g)

The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $135,800 for the fiscal year ended

April 30, 2023

and $135,800 for the fiscal year ended April 30, 2024.

 

(h)

The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

(i)

Not Applicable

(j)

Not Applicable

Item 5.   Audit Committee of Listed Registrants.

(a)

The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934.  The registrant’s audit committee members are Richard L. Fagnani, Cecilia H. Herbert and Madhav V. Rajan.

(b)     Not applicable.

Item 6.   Investments.

(a)Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b)Not applicable.

Item 7.   Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

                Not applicable to the registrant.

Item 8.   Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9.   Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

                Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

                There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13.   Recovery of Erroneously Awarded Compensation.

     

Not applicable

Item 14. Exhibits.

(a)(1) Code of Ethics – See Item 2

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR   240.10D-1) by the registered national securities exchange or registered national securities association upon which the Registrant’s securities are listed – Not Applicable

(a)(3) Section 302 Certifications are attached

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) 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/ Jessica Tan
Jessica Tan, President (Principal Executive Officer)
Date:	June 24, 2024
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/ Jessica Tan
Jessica Tan, President (Principal Executive Officer)
Date:		June 24, 2024
By: /s/ Trent Walker
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:		June 24, 2024