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: JPMorgan Chase & Co.
383 Madison Avenue, New York, NY				10179
(Address of principal executive offices)				(Zip code)
The Corporation Trust Company 1209 Orange Street, Wilmington, DE  19801
(Name and address of agent for service)
Registrant’s telephone number, including area code:			(415) 670-2000
Date of fiscal year end:	March 31, 2023
Date of reporting period:	March 31, 2023

Item 1.      Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

MARCH

31,

2023

2023

Annual

Report

iShares

Trust

iShares

Biotechnology

ETF

|

IBB

|

NASDAQ

iShares

Expanded

Tech

Sector

ETF

|

IGM

|

NYSE

Arca

iShares

Expanded

Tech-Software

Sector

ETF

|

IGV

|

Cboe

BZX

iShares

North

American

Natural

Resources

ETF

|

IGE

|

Cboe

BZX

iShares

North

American

Tech-Multimedia

Networking

ETF

|

IGN

|

NYSE

Arca

iShares

Semiconductor

ETF

|

SOXX

|

NASDAQ

Dear

Shareholder,

Significant

economic

headwinds

emerged

during

the

12-month

reporting

period

ended

March

31,

2023,

as

investors

navigated

changing

economic

conditions

and

volatile

markets.

The

U.S.

economy

shrank

in

the

first

half

of

2022

before

returning

to

modest

growth

in

the

second

half

of

the

year,

marking

a

shift

to

a

more

challenging

post-reopening

economic

environment.

Changes

in

consumer

spending

patterns

and

a

tight

labor

market

led

to

elevated

inflation,

which

reached

a

40-year

high

before

beginning

to

moderate.

Equity

prices

fell

as

interest

rates

rose,

particularly

during

the

first

half

of

the

reporting

period.

Both

large-

and

small-capitalization

U.S.

stocks

declined,

although

equities

began

to

recover

in

the

second

half

of

the

period

as

inflation

eased

and

economic

growth

resumed.

Emerging

market

stocks

and

international

equities

from

developed

markets

declined

overall,

pressured

by

rising

interest

rates

and

volatile

commodities

prices.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

fluctuating

inflation

data

and

attempted

to

anticipate

its

impact

on

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

higher

interest

rates

led

to

rising

borrowing

costs

for

corporate

issuers.

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

has

been

more

persistent

than

expected,

raised

interest

rates

eight

times.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

accelerated

the

reduction

of

its

balance

sheet.

Restricted

labor

supply

kept

inflation

elevated

even

as

other

inflation

drivers,

such

as

goods

prices

and

energy

costs,

moderated.

While

economic

growth

slowed

in

the

last

year,

we

believe

that

taming

inflation

requires

a

more

substantial

decline

that

lowers

demand

to

a

level

more

in

line

with

the

economy’s

productive

capacity.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes,

we

believe

that

it

still

seems

determined

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near-term

is

high,

but

the

dimming

economic

outlook

has

not

yet

been

fully

reflected

in

current

market

prices.

We

believe

investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

Turmoil

in

the

banking

sector

late

in

the

period

highlighted

the

potential

for

the

knock-on

effects

of

substantially

higher

interest

rates

to

disrupt

markets

with

little

warning.

While

we

favor

an

overweight

to

equities

in

the

long

term,

we

prefer

an

underweight

stance

on

equities

overall

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

the

possibility

of

a

recession.

Nevertheless,

we

are

overweight

on

emerging

market

stocks

as

we

believe

a

weakening

U.S.

dollar

provides

a

supportive

backdrop.

We

also

see

long-term

opportunities

in

credit,

where

we

believe

that

valuations

are

appealing

and

higher

yields

provide

attractive

income,

although

we

are

neutral

on

credit

in

the

near

term,

as

we’re

concerned

about

tightening

credit

and

financial

conditions.

However,

we

believe

there

are

still

some

strong

opportunities

for

a

six-

to

twelve-month

horizon,

particularly

short-term

U.S.

Treasuries,

global

inflation-linked

bonds,

and

emerging

market

bonds

denominated

in

local

currency.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

March

31,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

15.62

%

(7.73

)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

9.14

(11.61

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

27.27

(1.38

)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

14.04

(10.70

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

1.93

2.52

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

4.38

(6.90

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

4.89

(4.78

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

7.00

0.26

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

7.88

(3.35

)

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Annual

Report:

Market

Overview

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

4

Fund

Summary

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

5

About

Fund

Performance

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

17

Disclosure

of Expenses

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

17

Schedules

of

Investments

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

18

Financial

Statements:

Statements

of

Assets

and

Liabilities

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

39

Statements

of

Operations

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

41

Statements

of

Changes

in

Net

Assets

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

43

Financial

Highlights

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

46

Notes

to

Financial

Statements

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

52

Report

of

Independent

Registered

Public

Accounting

Firm

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

62

Important

Tax

Information

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

63

Statement

Regarding

Liquidity

Risk

Management

Program

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

64

Supplemental

Information

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

65

Trustee

and

Officer

Information

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

67

General

Information

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

69

Glossary

of

Terms

Used

in

this

Report

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

70

Market

Overview

2023

iShares

Annual

Report

To

Shareholders

4

iShares

Trust

Domestic

Market

Overview

U.S.

stocks declined

for

the

12

months

ended March

31,

2023

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

-8.58%.

Elevated

inflation

and

rapid

tightening

of

monetary

policy

dampened

growth

and

weighed

on

equities.

Higher

interest

rates

drove

bond

yields

higher

and

increased

borrowing

costs

for

businesses

and

consumers.

Equities

began

to

recover

in

the

second

half

of

the

reporting

period,

as

the

broader

economy

remained

resilient

and

the

pace

of

inflation

declined.

In

March

2023,

two

banks

suddenly

failed,

representing

the

second

and

third

largest

bank

failures

in

U.S.

history

by

asset

value.

This

drove

concern

among

investors

about

the

resiliency

of

the

financial

system

in

the

face

of

rapidly

rising

interest

rates.

However,

government

agencies

acted

swiftly

to

organize

a

sale

of

the

failed

banks’

assets

and

inject

liquidity,

and

equity

prices

recovered.

Inflation

was

a

significant

driver

of

the

economic

outlook.

As

the

reporting

period

began,

the

consumer

price

index,

a

widely

followed

measure

of

inflation,

stood

at

multi-

decade

highs.

Strong

consumer

spending

and

a

tight

labor

market,

along

with

continued

supply

chain

disruptions

in

Asia,

combined

to

drive

prices

higher.

But

the

rate

of

inflation

began

to

decline

as

the

reporting

period

wore

on,

decelerating

for

nine

consecutive

months

beginning

in

July

2022.

Nonetheless,

inflation

remained

elevated

by

historic

standards,

and

higher

prices

negatively

impacted

both

consumers

and

businesses.

The

U.S.

economy

recovered

from

a

decline

in

the

first

half

of

2022

to

post

modest

growth

in

the

third

and

fourth

quarters

of

2022.

Consumers

continued

to

power

the

economy

with

growing

spending,

despite

higher

prices

for

many

consumer

goods

and

services.

The

strong

labor

market

supported

spending,

as

unemployment

remained

very

low,

at

one

point

dropping

to

the

lowest

recorded

level

since

1969.

Furthermore,

the

labor

force

participation

rate—which

measures

the

total

proportion

of

employed

persons

of

working

age—rose,

indicating

that

more

people

were

being

drawn

into

the

labor

force.

Amid

tightening

labor

supply,

wages

rose

significantly,

with

the

largest

gains

at

the

lower

end

of

the

wage

spectrum.

To

contain

inflation,

the

U.S.

Federal

Reserve

(“Fed”)

tightened

monetary

policy

rapidly,

raising

short-term

interest

rates

eight

times

over

the

course

of

the

reporting

period.

The

pace

of

tightening

accelerated

as

the

Fed

twice

stepped

up

the

increment

of

increase

before

reducing

it

again

as

inflation

began

to

subside.

The

Fed

also

started

to

reduce

the

size

of

its

balance

sheet

by

reducing

the

store

of

U.S.

Treasuries

it

had

accumulated

to

stabilize

markets

in

the

early

phases

of

the

coronavirus

pandemic.

While

the

Fed

indicated

that

more

tightening

could

be

needed

to

achieve

its

long-term

inflation

goal,

it

sounded

a

more

cautious

note

about

the

potential

for

further

interest

rate

increases

near

the

end

of

the

reporting

period.

Despite

economic

headwinds,

corporate

profits

remained

robust,

and

many

companies

were

able

to

sufficiently

raise

prices

to

preserve

profit

margins

even

in

the

face

of

rising

labor

and

input

costs.

Nonetheless,

profits

declined

overall

in

the

fourth

quarter

of

2022,

and

the

yield

curve

(a

graphical

representation

of

U.S.

Treasury

rates

at

different

maturities)

inverted,

a

sign

that

markets

were

concerned

about

the

impact

of

higher

borrowing

costs

on

the

economy.

Furthermore,

dwindling

personal

savings

and

rising

household

debt

raised

questions

about

the

sustainability

of

consumer

spending

as

an

engine

of

economic

growth.

Fund

Summary

as

of

March

31,

2023

5

Fund

Summary

iShares

®

Biotechnology

ETF

Investment

Objective

The

iShares

Biotechnology

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.-listed

equities

in

the

biotechnology

sector,

as

represented

by

the

ICE

Biotechnology

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

20,

2021

reflects

the

performance

of

the

NASDAQ

Biotechnology

Index.

Index

performance

beginning

on

June

21,

2021

reflects

the

performance

of

the

ICE

Biotechnology

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

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(0.46‌)%

4.15‌%

9.47‌%

(0.46‌)%

22.54‌%

147.13‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(0.58‌)

4.13‌

9.47‌

(0.58‌)

22.44‌

147.07‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(0.09‌)

4.51‌

9.81‌

(0.09‌)

24.71‌

154.96‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,105.30‌

$

2.36‌

$

1,000.00‌

$

1,022.69‌

$

2.27‌

0.45‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2023

(continued)

2023

iShares

Annual

Report

To

Shareholders

6

iShares

®

Biotechnology

ETF

Portfolio

Management

Commentary

Biotechnology

stocks

ended

flat

for

the

reporting

period.

Rising

interest

rates

increased

financing

costs

for

many

biotechnology

companies,

as

they

typically

carry

high

debt

levels

to

fund

research

into

new

drugs.

The

higher

interest

rates

and

mounting

inflation

pressures

also

increased

companies’

operating

costs,

weakening

their

ability

to

attract

capital

investments,

particularly

for

those

researching

drugs

with

longer

development

periods

before

commercialization.

Stocks

in

the

biotechnology

sector,

which

constituted

78%

of

the

Index

on

average

during

the

reporting

period,

contributed

the

most

to

the

Index’s

performance.

Strong

drug

sales

and

positive

clinical

trials

from

a

few

companies

raised

the

Index

overall.

Biotechnology

stocks

are

often

volatile,

as

positive

performance

from

long

and

costly

clinical

studies

can

potentially

yield

large

sales

opportunities,

while

poor

outcomes

can

result

in

significant

losses.

The

stock

price

of

one

biotechnology

company

climbed

sharply

after

posting

stronger

sales

for

HIV

and

cancer

drugs

and

positive

revenues

from

its

COVID-19

antiviral

drug.

The

stock

price

of

another

biotechnology

company

rose

due

to

strong

sales

of

its

cystic

fibrosis

drug,

while

yet

another

rose

due

to

strong

sales

of

its

eczema

drug.

Conversely,

stocks

in

the

life

sciences

tools

and

services

industry,

which

constituted

18%

of

the

Index

on

average

during

the

reporting

period,

detracted

from

the

Index.

The

stock

price

of

one

company

in

the

sector

dropped

sharply

after

a

federal

jury

ruled

that

it

willfully

infringed

on

a

competitor’s

patents

and

ordered

it

to

pay

$333

million.

Stock

in

another

company

also

fell

sharply

after

it

forecast

that

a

fall

in

coronavirus-related

services

would

slow

sales

growth.

Stocks

in

the

healthcare

providers

and

services

industry

and

in

the

pharmaceuticals

industry,

which

constituted

on

average

a

small

percentage

of

the

Index,

also

detracted

from

the

performance.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

TotaI

Investments

(a)

Biotechnology

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

78.7‌

%

Life

Sciences

Tools

&

Services

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

17.9‌

Pharmaceuticals

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

2.5‌

Other

(each

representing

less

than

1%)

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

0.9‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Amgen,

Inc.

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

8.2‌

%

Gilead

Sciences,

Inc.

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

8.1‌

Regeneron

Pharmaceuticals,

Inc.

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

8.0‌

Vertex

Pharmaceuticals,

Inc.

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

7.7‌

Moderna,

Inc.

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

4.9‌

Biogen,

Inc.

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

3.8‌

Seagen,

Inc.

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

3.5‌

IQVIA

Holdings,

Inc.

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

3.5‌

Illumina,

Inc.

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

3.5‌

Mettler-Toledo

International,

Inc.

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

3.2‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2023

7

Fund

Summary

iShares

®

Expanded

Tech

Sector

ETF

Investment

Objective

The

iShares

Expanded

Tech

Sector

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

North

American

equities

in

the

technology

sector

and

select

North

American

equities

from

communication

services

and

consumer

discretionary

sectors,

as

represented

by

the

S&P

North

American

Expanded

Technology

Sector

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)

Index

performance

through

December

23,

2018

reflects

the

performance

of

the

S&P

North

American

Technology

Sector

Index

TM

.

Index

Performance

beginning

on

December

24,

2018

reflects

the

performance

of

the

S&P

North

American

Expanded

Technology

Sector

Index

TM

.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(12.06‌)%

14.08‌%

17.41‌%

(12.06‌)%

93.21‌%

397.72‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(12.22‌)

14.09‌

17.41‌

(12.22‌)

93.33‌

397.67‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(11.71‌)

14.55‌

17.93‌

(11.71‌)

97.24‌

420.19‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,232.90‌

$

2.34‌

$

1,000.00‌

$

1,022.84‌

$

2.12‌

0.42‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2023

(continued)

2023

iShares

Annual

Report

To

Shareholders

8

iShares

®

Expanded

Tech

Sector

ETF

Portfolio

Management

Commentary

Technology

stocks

declined

notably

during

the

reporting

period,

as

growth

slowed

amid

a

return

to

pre-pandemic

life,

while

economic

turbulence

further

dampened

investor

enthusiasm

toward

the

sector.

The

reopening

of

Main

Street

businesses

encouraged

consumers

to

spend

more

time

out

of

the

house

and

away

from

e-commerce.

Recession

concerns

led

enterprises

to

trim

their

technology

spending

in

multiple

areas.

Interest

rate

hikes,

namely

in

the

U.S.,

encouraged

investors

to

cycle

away

from

technology

stocks

in

favor

of

equities

considered

to

be

more

resilient

in

an

inflationary

environment.

Companies

in

the

U.S.

internet

and

direct

marketing

retail

industry

were

the

largest

detractors

from

the

Index’s

return,

as

the

appetite

for

their

services

decreased

amid

a

broad

shift

in

consumption

patterns,

leading

to

a

substantial

slowdown

in

sales.

Online

shopping

activity

dropped

significantly

as

more

consumers

opted

to

spend

more

in

brick-and-mortar

stores.

Growth

rates

among

streaming

subscription

services

and

digital

advertising

divisions

also

decelerated.

Companies

that

expanded

aggressively

during

the

pandemic

looked

to

trim

excessive

operational

costs.

The

U.S.

interactive

media

and

services

industry

also

detracted

from

the

Index’s

return.

Digital

advertising

revenues

across

search

and

video

streaming

websites

declined,

as

businesses

trimmed

their

spending

amid

economic

uncertainty.

This

downturn

in

spending

also

impacted

advertising

brokerage

services.

Companies

invested

heavily

in

cloud

computing

as

a

means

to

diversify

away

from

digital

advertising,

a

strategy

which

incurred

sizable

operational

costs.

Stocks

linked

to

the

U.S.

IT

services

industry

were

notable

detractors

from

the

Index’s

return.

Transaction

volume

growth

slumped

among

online

payment

providers,

while

competition

for

e-commerce

activity

tightened.

In

response,

executives

trimmed

revenue

forecasts,

which

were

met

with

disappointment

from

investors.

Sentiment

toward

e-commerce

technology

providers

also

dampened

amid

headcount

reductions

and

the

impact

of

recent

acquisitions

on

operating

margins.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

TotaI

Investments

(a)

Software

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

23.3‌

%

Semiconductors

&

Semiconductor

Equipment

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

20.8‌

Interactive

Media

&

Services

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

13.4‌

Technology

Hardware,

Storage

&

Peripherals

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

9.5‌

Financial

Services

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

8.7‌

Broadline

Retail

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

8.4‌

IT

Services

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

5.4‌

Communications

Equipment

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

3.1‌

Electronic

Equipment,

Instruments

&

Components

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

2.9‌

Entertainment

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

2.5‌

Professional

Services

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

1.7‌

Other

(each

representing

less

than

1%)

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

0.3‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Microsoft

Corp.

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

8.9‌

%

Apple,

Inc.

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

8.5‌

Amazon.com,

Inc.

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

8.1‌

NVIDIA

Corp.

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

6.0‌

Alphabet,

Inc.,

Class

A

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

4.7‌

Meta

Platforms,

Inc.,

Class

A

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

4.1‌

Alphabet,

Inc.,

Class

C,

NVS

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

4.1‌

Visa,

Inc.,

Class

A

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

3.2‌

Mastercard

,

Inc.,

Class

A

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

2.7‌

Broadcom,

Inc.

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

2.4‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2023

9

Fund

Summary

iShares

®

Expanded

Tech-Software

Sector

ETF

Investment

Objective

The

iShares

Expanded

Tech-Software

Sector

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

North

American

equities

in

the

software

industry

and

select

North

American

equities

from

interactive

home

entertainment

and

interactive

media

and

services

industries,

as

represented

by

the

S&P

North

American

Expanded

Technology

Software

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)

Index

performance

through

December

23,

2018

reflects

the

performance

of

the

S&P

North

American

Technology

Sector

Index

TM

.

Index

Performance

beginning

on

December

24,

2018

reflects

the

performance

of

the

S&P

North

American

Expanded

Technology

Sector

Index

TM

.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(11.55‌)%

12.57‌%

16.24‌%

(11.55‌)%

80.78‌%

350.37‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(11.66‌)

12.60‌

16.25‌

(11.66‌)

80.99‌

350.76‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(11.23‌)

12.92‌

16.67‌

(11.23‌)

83.62‌

367.10‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,216.10‌

$

2.32‌

$

1,000.00‌

$

1,022.84‌

$

2.12‌

0.42‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2023

(continued)

2023

iShares

Annual

Report

To

Shareholders

10

iShares

®

Expanded

Tech-Software

Sector

ETF

Portfolio

Management

Commentary

North

American

technology

and

software

companies

declined

notably

during

the

reporting

period

as

demand

for

enterprise

software

softened

substantially

amid

economic

turbulence.

As

schools

reopened

and

more

workers

returned

to

the

office,

the

need

to

support

remote

learning

and

working

activity

diminished.

Businesses

increasingly

sought

to

cut

costs

as

fears

of

a

recession

loomed.

Interest

rate

hikes,

namely

in

the

U.S.,

also

dampened

sentiment

for

software

stocks,

as

investors

opted

to

move

away

from

growth

equities

in

an

inflationary

environment.

The

U.S.

software

industry

was

the

largest

detractor

from

the

Index’s

performance

during

the

reporting

period,

as

worsening

economic

conditions

dampened

investor

sentiment

towards

companies

that

showed

signs

of

a

slowdown

in

growth.

Application

software

companies

faced

prolonged

sales

cycles.

A

strengthening

U.S.

dollar

ate

away

at

revenues

from

international

sales,

leading

companies

to

adjust

their

outlooks.

Large-scale

acquisitions

aimed

at

increasing

market

share

were

met

with

investor

scrutiny

about

cost,

questions

about

whether

such

deals

were

an

optimal

deployment

of

capital,

and

concerns

over

reports

of

U.S.

regulators

moving

to

block

such

transactions.

More

broadly,

demand

for

application

software

softened

across

the

industry.

Spending

on

infrastructure

monitoring

and

analytics

software

declined

as

interest

rates

rose.

Sales

of

cybersecurity

software

also

slowed,

even

as

a

variety

of

cybercrime

vulnerabilities

continued

to

loom

for

businesses.

Cloud

computing

proved

to

be

a

point

of

tepid

growth

within

the

industry,

as

larger

buyers

increasingly

deprioritized

spending

on

these

products

and

related

projects.

Small-

and

mid-sized

businesses

reduced

their

IT

outlays.

The

U.S.

interactive

media

and

services

industry

also

detracted

from

the

Index’s

performance.

Among

social

media

companies,

digital

advertising

revenues

declined

substantially.

Difficulties

in

tracking

user

activity

also

weighed

on

demand.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

TotaI

Investments

(a)

Software

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

93.5‌

%

Entertainment

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

5.9‌

Other

(each

representing

less

than

1%)

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

0.6‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Microsoft

Corp.

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

8.9‌

%

Adobe,

Inc.

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

8.9‌

Salesforce,

Inc.

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

8.7‌

Oracle

Corp.

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

7.5‌

Intuit,

Inc.

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

6.6‌

ServiceNow

,

Inc.

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

5.0‌

Activision

Blizzard,

Inc.

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

3.2‌

Palo

Alto

Networks,

Inc.

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

3.2‌

Synopsys,

Inc.

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

3.1‌

Cadence

Design

Systems,

Inc.

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

3.0‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2023

11

Fund

Summary

iShares

®

North

American

Natural

Resources

ETF

Investment

Objective

The

iShares

North

American

Natural

Resources

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

North

American

equities

in

the

natural

resources

sector,

as

represented

by

the

S&P

North

American

Natural

Resources

Sector

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

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.19‌%

7.29‌%

2.52‌%

0.19‌%

42.18‌%

28.31‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.16‌

7.29‌

2.52‌

0.16‌

42.14‌

28.28‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.73‌

7.85‌

3.04‌

0.73‌

45.95‌

34.92‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,146.50‌

$

2.25‌

$

1,000.00‌

$

1,022.84‌

$

2.12‌

0.42‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2023

(continued)

2023

iShares

Annual

Report

To

Shareholders

12

iShares

®

North

American

Natural

Resources

ETF

Portfolio

Management

Commentary

North

American

natural

resources

stocks

advanced

slightly

during

the

reporting

period

due

primarily

to

strength

in

the

energy

sector

as

oil

and

gas

prices

rose

and

fell

amid

sharp

fluctuations

in

the

price

of

energy

products.

Oil

and

natural

gas

prices

surged

in

the

aftermath

of

Russia’s

invasion

of

Ukraine

and

began

the

reporting

period

at

high

levels.

While

prices

subsequently

fell

as

markets

stabilized,

the

relatively

high

average

prices

of

energy

commodities

supported

profitability

among

energy

producers.

Sanctions

imposed

on

Russia

led

to

a

sharp

reduction

in

Russian

gas

exports

to

Europe,

and

North

American

gas

producers

increased

their

European

exports

to

partially

make

up

for

this

disruption.

However,

an

unseasonably

warm

winter

weakened

demand

for

natural

gas,

sending

prices

for

the

fuel

sharply

lower

during

the

first

three

months

of

2023.

U.S.

supplies

of

natural

gas

uncharacteristically

outstripped

demand

during

the

winter

months.

Oil,

gas,

and

consumable

fuels

companies

in

the

U.S.

contributed

the

most

to

the

Index’s

performance

as

stocks

in

the

sector

rallied

to

record

highs.

Companies

in

the

sector

posted

record

profits

and,

flush

with

excess

cash,

rewarded

shareholders

by

buying

back

their

own

stock

and

raising

dividends.

The

industry

also

posted

strong

refining

performance

and

made

progress

on

some

environmental

goals.

Conversely,

Canadian

oil,

gas,

and

consumable

fuels

companies

detracted

from

the

Index,

particularly

those

that

operate

pipelines.

A

shortage

of

skilled

workers,

inflationary

pressures,

and

contractor

disputes

added

to

escalating

expenses

for

a

planned

pipeline

from

gas

fields

in

British

Columbia

to

a

Pacific

Ocean

port.

In

addition,

outages

at

U.S.

refineries

and

a

global

surplus

of

high

sulfur

fuel

oil

weakened

demand

for

Western

Canada

Select

crude

oil.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

TotaI

Investments

(a)

Oil,

Gas

&

Consumable

Fuels

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

71.0‌

%

Metals

&

Mining

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

12.4‌

Energy

Equipment

&

Services

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

7.7‌

Containers

&

Packaging

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

6.1‌

Construction

Materials

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

2.4‌

Other

(each

representing

less

than

1%)

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

0.4‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Chevron

Corp.

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

10.1‌

%

Exxon

Mobil

Corp.

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

10.0‌

ConocoPhillips

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

4.2‌

Enbridge,

Inc.

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

3.4‌

Schlumberger

NV

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

3.1‌

EOG

Resources,

Inc.

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

3.0‌

Canadian

Natural

Resources

Ltd.

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

2.7‌

Marathon

Petroleum

Corp.

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

2.7‌

Freeport-McMoRan,

Inc.

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

2.6‌

Valero

Energy

Corp.

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

2.4‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2023

13

Fund

Summary

iShares

®

North

American

Tech-Multimedia

Networking

ETF

Investment

Objective

The

iShares

North

American

Tech-Multimedia

Networking

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

North

American

equities

in

the

multimedia

and

networking

technology

sectors,

as

represented

by

the

S&P

North

American

Technology

Multimedia

Networking

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(3.16‌)%

7.27‌%

9.88‌%

(3.16‌)%

42.04‌%

156.50‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(3.17‌)

7.28‌

9.88‌

(3.17‌)

42.08‌

156.51‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(2.83‌)

7.63‌

10.26‌

(2.83‌)

44.46‌

165.62‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,109.00‌

$

2.21‌

$

1,000.00‌

$

1,022.84‌

$

2.12‌

0.42‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2023

(continued)

2023

iShares

Annual

Report

To

Shareholders

14

iShares

®

North

American

Tech-Multimedia

Networking

ETF

Portfolio

Management

Commentary

North

American

technology

and

multimedia

networking

stocks

declined

for

the

reporting

period,

as

corporate

buyers

decelerated

their

information

technology

spending

amid

recession

concerns.

The

reopening

of

physical

spaces

meant

corporations

needed

less

infrastructure

to

support

remote

work

and

related

digital

services,

both

strong

drivers

of

demand

for

networking

equipment

early

in

the

coronavirus

pandemic.

Companies

increasingly

sought

to

delay

purchases

of

networking

software,

reflecting

an

expected

reversion

in

capital

spending.

Companies

in

the

communications

industry,

which

comprised

nearly

all

the

stocks

within

the

Index

during

the

reporting

period,

faced

multiple

supply

and

demand

imbalances

that

weighed

on

growth.

For

developers

of

enterprise

network

systems

software,

shortages

of

semiconductor

components

created

supply-chain

issues

that

led

to

a

decrease

in

revenue.

Investor

sentiment

softened

as

software

companies,

including

those

specializing

in

network

analytics,

posted

declining

sales

amid

a

swift

drop

in

demand

from

enterprise

customers.

Growth

among

hardware

developers—namely

those

focused

on

niche

segments

and

heavily

dependent

on

their

largest

enterprise

clients—also

slowed.

A

handful

of

these

major

buyers

opted

to

trim

their

own

inventories

by

postponing

receipt

of

their

orders,

a

decision

that

depressed

revenues

for

makers

of

commercial

lasers

and

other

hardware

suppliers.

Upbeat

expectations

for

demand

for

three-dimensional

sensing

products—a

core

component

in

smartphones—dampened,

as

market

share

declined

amid

increased

competition.

Developers

of

satellite

broadband

technologies

faced

additional

headwinds

beyond

broader

macroeconomic

weakness,

despite

the

anticipated

boost

from

commercial

airliners’

decision

to

offer

free

Wi-Fi

on

flights.

Plans

to

launch

new

high-capacity

broadband

satellites

to

power

a

global

network

were

delayed.

Regulators

opened

a

probe

into

a

merger

between

two

major

satellite

internet

providers,

citing

anti-competition

concerns.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

TotaI

Investments

(a)

Communications

Equipment

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

100.0‌

%

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Arista

Networks,

Inc.

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

9.2‌

%

Juniper

Networks,

Inc.

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

9.0‌

Motorola

Solutions,

Inc.

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

8.8‌

Cisco

Systems,

Inc.

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

8.7‌

F5,

Inc.

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

8.4‌

Extreme

Networks,

Inc.

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

4.7‌

Calix,

Inc.

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

4.7‌

Harmonic,

Inc.

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

4.6‌

Ciena

Corp.

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

4.6‌

Viavi

Solutions,

Inc.

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

4.5‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2023

15

Fund

Summary

iShares

®

Semiconductor

ETF

Investment

Objective

The

iShares

Semiconductor

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.-listed

equities

in

the

semiconductor

sector,

as

represented

by

the

ICE

Semiconductor

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

20,

2021

reflects

the

performance

of

the

PHLX

Semiconductor

Sector

Index.

Index

performance

beginning

on

June

21,

2021

reflects

the

performance

of

the

ICE

Semiconductor

Index.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(4.67‌)%

21.21‌%

23.85‌%

(4.67‌)%

161.66‌%

748.93‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(4.89‌)

21.21‌

23.84‌

(4.89‌)

161.63‌

748.62‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(4.27‌)

21.79‌

24.47‌

(4.27‌)

167.94‌

792.33‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,405.20‌

$

2.22‌

$

1,000.00‌

$

1,023.09‌

$

1.87‌

0.37‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2023

(continued)

2023

iShares

Annual

Report

To

Shareholders

16

iShares

®

Semiconductor

ETF

Portfolio

Management

Commentary

Stocks

in

the

semiconductor

industry

declined

for

the

reporting

period,

as

momentum

from

pandemic-era

drivers

of

demand

slowed

amid

a

reopening

of

the

global

economy.

Sales

of

personal

computers

decreased

as

businesses,

schools,

and

governments

satisfied

their

technology

needs

for

remote

working

and

learning.

Appetite

for

graphics

cards

and

other

videogaming

equipment

softened

as

consumers

spent

more

time

away

from

home.

A

sharp

correction

in

the

cryptocurrency

markets

reduced

demand

for

chips

to

power

mining

activity.

Persistent

macroeconomic

headwinds,

namely

inflation,

weighed

on

growth

among

major

semiconductor

manufacturers.

Corporate

customers

tightened

their

information

technology

budgets

amid

recessionary

concerns,

reducing

spending

on

servers.

Cost-of-living

increases

limited

consumer

spending

power,

which

translated

into

diminished

sales.

Major

chipmakers

also

faced

increased

competition

for

enterprise

data

center

business,

driving

a

decline

in

market

share.

Operating

margins

came

under

additional

pressure

as

executives

continued

an

aggressive

expansion

of

physical

manufacturing

facilities,

resulting

in

record-high

capital

expenses.

In

light

of

this,

companies

increasingly

paused

hiring

and

reduced

their

headcount.

A

correction

in

supply

and

demand

imbalances

also

weighed

on

growth

among

semiconductor

companies.

After

years

of

aggressive

ordering,

customers

slowed

new

purchases

to

reduce

excess

inventory.

The

price

of

memory

chips—critical

components

for

smartphones,

computers,

and

data

servers—dropped

as

inventories

remained

full.

The

U.S.

government,

citing

national

security

concerns,

embarked

on

a

campaign

to

increase

domestic

microchip

manufacturing,

while

setting

curbs

on

exports

to

China,

a

move

that

was

seen

as

restrictive

to

growth.

In

response,

the

Chinese

government

announced

plans

for

a

cybersecurity

review

of

major

U.S.

chipmakers,

who

depend

heavily

on

the

region

for

sales,

sparking

concern

among

investors.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

TotaI

Investments

(a)

Semiconductors

&

Semiconductor

Equipment

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

100.0‌

%

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

NVIDIA

Corp.

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

8.8‌

%

Texas

Instruments,

Inc.

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

8.0‌

Broadcom,

Inc.

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

7.9‌

Advanced

Micro

Devices,

Inc.

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

7.0‌

QUALCOMM,

Inc.

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

5.8‌

Intel

Corp.

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

4.8‌

Lam

Research

Corp.

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

4.0‌

Analog

Devices,

Inc.

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

4.0‌

ON

Semiconductor

Corp.

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

3.9‌

Applied

Materials,

Inc.

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

3.9‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

17

About

Fund

Performance

/

Disclosure

of

Expenses

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated. Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of each

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown (which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

examples also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Funds

and

other

funds, compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples are

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

March

31,

2023

iShares

®

Biotechnology

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Biotechnology

—

78.5%

2seventy

bio,

Inc.

(a)(b)

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

335,171

$

3,418,744

4D

Molecular

Therapeutics,

Inc.

(b)

........

219,144

3,767,085

89bio,

Inc.

(a)(b)

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

338,310

5,152,461

Abcam

plc,

ADR

(a)(b)

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

1,340,736

18,046,307

Absci

Corp.

(a)(b)

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

439,417

768,980

ACADIA

Pharmaceuticals,

Inc.

(b)

.........

1,215,167

22,869,443

Actinium

Pharmaceuticals,

Inc.

(a)(b)

.......

194,124

1,834,472

Acumen

Pharmaceuticals,

Inc.

(a)(b)

........

207,961

844,322

Adaptimmune

Therapeutics

plc,

ADR

(a)(b)

...

823,278

897,373

ADC

Therapeutics

SA

(b)

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

486,100

947,895

Adicet

Bio,

Inc.

(b)

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

220,523

1,270,212

ADMA

Biologics,

Inc.

(a)(b)

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

1,590,252

5,263,734

Affimed

NV

(a)(b)

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

978,061

729,242

Agios

Pharmaceuticals,

Inc.

(a)(b)

.........

403,930

9,278,272

Akero

Therapeutics,

Inc.

(a)(b)

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

291,653

11,158,644

Alaunos

Therapeutics,

Inc.

(a)(b)

..........

1,682,451

1,059,944

Alector,

Inc.

(b)

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

473,709

2,932,259

Alkermes

plc

(b)

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

1,231,854

34,725,964

Allakos,

Inc.

(a)(b)

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

353,050

1,571,073

Allogene

Therapeutics,

Inc.

(a)(b)

..........

608,353

3,005,264

Allovir,

Inc.

(a)(b)

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

285,035

1,123,038

Alnylam

Pharmaceuticals,

Inc.

(a)(b)

........

938,639

188,028,164

Alpine

Immune

Sciences,

Inc.

(b)

.........

204,863

1,581,542

Altimmune,

Inc.

(a)(b)

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

374,440

1,580,137

ALX

Oncology

Holdings,

Inc.

(a)(b)

.........

136,291

616,035

Amgen,

Inc.

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

2,724,306

658,600,975

Amicus

Therapeutics,

Inc.

(a)(b)

...........

2,068,511

22,939,787

AnaptysBio,

Inc.

(b)

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

196,335

4,272,250

Anavex

Life

Sciences

Corp.

(a)(b)

.........

575,764

4,934,297

Annexon,

Inc.

(a)(b)

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

233,233

897,947

Apellis

Pharmaceuticals,

Inc.

(a)(b)

.........

720,800

47,543,968

Arbutus

Biopharma

Corp.

(b)

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

873,188

2,645,760

Arcellx,

Inc.

(b)

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

168,216

5,182,735

Arcturus

Therapeutics

Holdings,

Inc.

(a)(b)

....

173,715

4,163,949

Arcus

Biosciences,

Inc.

(a)(b)

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

354,484

6,465,788

Arcutis

Biotherapeutics,

Inc.

(a)(b)

.........

335,229

3,687,519

Argenx

SE,

ADR,

NVS

(a)(b)

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

324,317

120,834,028

Arrowhead

Pharmaceuticals,

Inc.

(b)

.......

791,293

20,098,842

ARS

Pharmaceuticals,

Inc.

(b)

...........

361,163

2,351,171

Ascendis

Pharma

A/S,

ADR

(a)(b)

.........

327,715

35,137,602

Atara

Biotherapeutics,

Inc.

(a)(b)

..........

713,350

2,068,715

Aurinia

Pharmaceuticals,

Inc.

(a)(b)

........

982,249

10,765,449

Autolus

Therapeutics

plc,

ADR

(a)(b)

........

865,301

1,592,154

Avidity

Biosciences,

Inc.

(a)(b)

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

459,914

7,059,680

Beam

Therapeutics,

Inc.

(a)(b)

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

439,006

13,442,364

BeiGene

Ltd.,

ADR

(a)(b)

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

604,166

130,215,898

BELLUS

Health,

Inc.

(a)(b)

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

807,414

5,813,381

Bicycle

Therapeutics

plc,

ADR

(b)

.........

166,531

3,542,114

BioAtla,

Inc.

(a)(b)

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

274,016

734,363

BioCryst

Pharmaceuticals,

Inc.

(a)(b)

.......

1,398,380

11,662,489

Biogen,

Inc.

(b)

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

1,094,878

304,408,930

BioMarin

Pharmaceutical,

Inc.

(b)

.........

1,386,922

134,864,295

Biomea

Fusion,

Inc.

(a)(b)

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

187,396

5,811,150

BioNTech

SE,

ADR

(a)

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

1,420,893

177,000,641

Bluebird

Bio,

Inc.

(a)(b)

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

759,216

2,414,307

Blueprint

Medicines

Corp.

(a)(b)

...........

446,501

20,088,080

Bridgebio

Pharma,

Inc.

(a)(b)

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

812,777

13,475,843

C4

Therapeutics,

Inc.

(a)(b)

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

319,275

1,002,523

CareDx,

Inc.

(a)(b)

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

393,465

3,596,270

Caribou

Biosciences,

Inc.

(a)(b)

...........

398,809

2,117,676

Centessa

Pharmaceuticals

plc,

ADR

(a)(b)

....

268,863

1,035,123

Century

Therapeutics,

Inc.

(a)(b)

..........

182,717

634,028

Chinook

Therapeutics,

Inc.

(b)

...........

348,448

8,066,571

Security

Shares

Shares

Value

Biotechnology

(continued)

Cogent

Biosciences,

Inc.

(a)(b)

...........

456,100

$

4,921,319

Coherus

Biosciences,

Inc.

(a)(b)

...........

552,501

3,779,107

Compass

Pathways

plc,

ADR

(a)(b)

........

250,334

2,485,817

Crinetics

Pharmaceuticals,

Inc.

(b)

........

328,856

5,281,427

CRISPR

Therapeutics

AG

(a)(b)

...........

571,250

25,837,638

Cullinan

Oncology,

Inc.

(a)(b)

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

166,088

1,699,080

CureVac

NV

(a)(b)

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

695,020

4,844,289

Cytokinetics,

Inc.

(a)(b)

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

676,575

23,808,674

Day

One

Biopharmaceuticals,

Inc.

(a)(b)

.....

346,874

4,637,705

DBV

Technologies

SA,

ADR,

NVS

(a)(b)

.....

973,256

1,644,803

Deciphera

Pharmaceuticals,

Inc.

(a)(b)

......

393,488

6,079,390

Denali

Therapeutics,

Inc.

(b)

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

799,646

18,423,844

Design

Therapeutics,

Inc.

(b)

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

247,300

1,426,921

Dyne

Therapeutics,

Inc.

(b)

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

209,885

2,417,875

Editas

Medicine,

Inc.

(a)(b)

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

519,724

3,767,999

Eiger

BioPharmaceuticals,

Inc.

(a)(b)

.......

305,954

274,410

Emergent

BioSolutions,

Inc.

(b)

..........

308,930

3,200,515

Enanta

Pharmaceuticals,

Inc.

(b)

.........

146,101

5,908,324

EQRx,

Inc.

(a)(b)

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

1,911,213

3,707,753

Erasca,

Inc.

(a)(b)

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

578,426

1,741,062

Evelo

Biosciences,

Inc.

(a)(b)

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

416,675

75,293

Exelixis,

Inc.

(a)(b)

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

2,406,646

46,712,999

Exscientia

plc,

ADR

(a)(b)

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

657,142

3,482,853

Fate

Therapeutics,

Inc.

(a)(b)

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

687,725

3,920,033

FibroGen,

Inc.

(a)(b)

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

661,083

12,335,809

Foghorn

Therapeutics,

Inc.

(b)

...........

136,287

844,979

G1

Therapeutics,

Inc.

(a)(b)

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

322,955

865,519

Galapagos

NV,

ADR,

NVS

(a)(b)

..........

384,220

14,846,261

Generation

Bio

Co.

(a)(b)

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

361,194

1,553,134

Genmab

A/S,

ADR,

NVS

(a)(b)

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

3,857,238

145,649,307

Geron

Corp.

(a)(b)

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

2,851,750

6,188,298

Gilead

Sciences,

Inc.

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

7,836,989

650,234,977

Gossamer

Bio,

Inc.

(a)(b)

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

540,879

681,508

Gracell

Biotechnologies,

Inc.,

ADR

(a)(b)

.....

341,505

635,199

Graphite

Bio,

Inc.

(a)(b)

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

209,008

512,070

GreenLight

Biosciences

Holdings

PBC

(a)(b)

..

652,089

281,963

Gritstone

bio,

Inc.

(a)(b)

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

550,764

1,531,124

Halozyme

Therapeutics,

Inc.

(a)(b)

.........

1,019,026

38,916,603

Humacyte,

Inc.

(a)(b)

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

383,266

1,184,292

Ideaya

Biosciences,

Inc.

(a)(b)

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

310,517

4,263,398

IGM

Biosciences,

Inc.

(a)(b)

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

135,245

1,858,266

I-Mab,

ADR

(b)

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

481,033

1,664,374

Immuneering

Corp.,

Class

A

(a)(b)

.........

146,226

1,419,854

ImmunityBio,

Inc.

(a)(b)

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

647,505

1,178,459

Immunocore

Holdings

plc,

ADR

(a)(b)

.......

258,933

12,801,648

ImmunoGen,

Inc.

(a)(b)

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

1,660,776

6,377,380

Immunovant,

Inc.

(a)(b)

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

398,181

6,175,787

Incyte

Corp.

(b)

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

1,681,928

121,552,937

Inhibrx,

Inc.

(a)(b)

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

224,765

4,241,316

Inovio

Pharmaceuticals,

Inc.

(a)(b)

.........

1,854,275

1,520,506

Insmed,

Inc.

(a)(b)

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

1,005,948

17,151,413

Instil

Bio,

Inc.

(b)

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

467,761

309,096

Intellia

Therapeutics,

Inc.

(a)(b)

...........

607,749

22,650,805

Intercept

Pharmaceuticals,

Inc.

(a)(b)

.......

269,233

3,615,799

Invivyd,

Inc.

(a)(b)

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

283,344

340,013

Ionis

Pharmaceuticals,

Inc.

(a)(b)

..........

1,052,540

37,617,780

Iovance

Biotherapeutics,

Inc.

(b)

..........

1,304,746

7,971,998

Ironwood

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

.

1,146,818

12,064,525

iTeos

Therapeutics,

Inc.

(b)

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

219,534

2,987,858

IVERIC

bio,

Inc.

(a)(b)

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

986,296

23,996,582

Karuna

Therapeutics,

Inc.

(b)

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

216,483

39,321,972

Karyopharm

Therapeutics,

Inc.

(a)(b)

.......

801,156

3,116,497

Keros

Therapeutics,

Inc.

(a)(b)

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

144,128

6,154,266

Kezar

Life

Sciences,

Inc.

(a)(b)

...........

414,404

1,297,085

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

(b)

....

257,716

2,773,024

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Biotechnology

ETF

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Kinnate

Biopharma,

Inc.

(b)

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

170,607

$

1,066,294

Kodiak

Sciences,

Inc.

(a)(b)

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

369,175

2,288,885

Krystal

Biotech,

Inc.

(a)(b)

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

158,134

12,660,208

Kura

Oncology,

Inc.

(a)(b)

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

490,078

5,993,654

Kymera

Therapeutics,

Inc.

(a)(b)

..........

334,611

9,914,524

Legend

Biotech

Corp.,

ADR

(a)(b)

.........

967,967

46,675,369

Lineage

Cell

Therapeutics,

Inc.

(a)(b)

.......

1,294,533

1,941,799

Lyell

Immunopharma,

Inc.

(a)(b)

...........

911,004

2,149,969

MacroGenics,

Inc.

(b)

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

454,216

3,256,729

Madrigal

Pharmaceuticals,

Inc.

(a)(b)

.......

99,472

24,098,087

MannKind

Corp.

(a)(b)

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

1,945,933

7,978,325

MeiraGTx

Holdings

plc

(b)

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

272,568

1,409,177

Mersana

Therapeutics,

Inc.

(a)(b)

..........

595,835

2,448,882

Merus

NV

(a)(b)

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

277,649

5,108,742

Mirati

Therapeutics,

Inc.

(b)

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

404,867

15,052,955

Mirum

Pharmaceuticals,

Inc.

(b)

..........

181,036

4,348,485

Moderna,

Inc.

(a)(b)

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

2,542,978

390,550,561

Monte

Rosa

Therapeutics,

Inc.

(a)(b)

.......

302,313

2,355,018

Morphic

Holding,

Inc.

(b)

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

222,781

8,385,477

Myriad

Genetics,

Inc.

(a)(b)

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

591,993

13,751,997

Natera,

Inc.

(b)

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

742,556

41,226,709

Neurocrine

Biosciences,

Inc.

(b)

..........

720,278

72,906,539

Nkarta,

Inc.

(a)(b)

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

286,202

1,016,017

Novavax,

Inc.

(a)(b)

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

630,889

4,372,061

Nurix

Therapeutics,

Inc.

(a)(b)

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

319,627

2,838,288

Nuvalent,

Inc.,

Class

A

(a)(b)

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

335,456

8,752,047

Omega

Therapeutics,

Inc.

(a)(b)

...........

127,853

770,954

PepGen,

Inc.

(a)(b)

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

148,765

1,819,396

PMV

Pharmaceuticals,

Inc.

(a)(b)

..........

245,149

1,169,361

Poseida

Therapeutics,

Inc.

(a)(b)

..........

432,396

1,331,780

Precigen,

Inc.

(a)(b)

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

983,952

1,042,989

Prelude

Therapeutics,

Inc.

(a)(b)

..........

173,929

991,395

Prometheus

Biosciences,

Inc.

(b)

.........

268,302

28,794,171

Protagonist

Therapeutics,

Inc.

(b)

.........

330,818

7,608,814

Prothena

Corp.

plc

(b)

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

371,203

17,992,209

PTC

Therapeutics,

Inc.

(a)(b)

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

536,775

26,001,381

RAPT

Therapeutics,

Inc.

(a)(b)

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

201,243

3,692,809

Recursion

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

859,227

5,731,044

Regeneron

Pharmaceuticals,

Inc.

(a)(b)

......

779,815

640,750,591

REGENXBIO,

Inc.

(a)(b)

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

295,651

5,590,760

Relay

Therapeutics,

Inc.

(a)(b)

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

639,539

10,533,207

Repare

Therapeutics,

Inc.

(a)(b)

...........

240,277

2,364,326

Replimune

Group,

Inc.

(b)

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

295,819

5,224,164

REVOLUTION

Medicines,

Inc.

(a)(b)

........

627,634

13,594,552

Rhythm

Pharmaceuticals,

Inc.

(a)(b)

........

368,726

6,578,072

Rocket

Pharmaceuticals,

Inc.

(a)(b)

........

557,633

9,552,253

Roivant

Sciences

Ltd.

(b)

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

2,887,762

21,311,684

Sage

Therapeutics,

Inc.

(b)

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

388,768

16,312,705

Sana

Biotechnology,

Inc.

(a)(b)

...........

638,925

2,089,285

Sangamo

Therapeutics,

Inc.

(a)(b)

.........

985,493

1,734,468

Sarepta

Therapeutics,

Inc.

(b)

...........

628,073

86,567,302

Scholar

Rock

Holding

Corp.

(a)(b)

.........

288,930

2,311,440

Seagen,

Inc.

(a)(b)

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

1,397,029

282,856,462

Selecta

Biosciences,

Inc.

(a)(b)

...........

798,491

1,109,902

Seres

Therapeutics,

Inc.

(a)(b)

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

707,265

4,010,193

SpringWorks

Therapeutics,

Inc.

(a)(b)

.......

338,022

8,700,686

Stoke

Therapeutics,

Inc.

(b)

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

182,195

1,517,684

Summit

Therapeutics,

Inc.

(a)(b)

...........

709,038

1,240,816

Sutro

Biopharma,

Inc.

(b)

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

389,366

1,798,871

Syndax

Pharmaceuticals,

Inc.

(a)(b)

........

439,723

9,286,950

Tango

Therapeutics,

Inc.

(a)(b)

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

384,217

1,517,657

Travere

Therapeutics,

Inc.

(a)(b)

..........

528,658

11,889,518

Twist

Bioscience

Corp.

(a)(b)

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

416,274

6,277,412

Ultragenyx

Pharmaceutical,

Inc.

(b)

........

496,179

19,896,778

uniQure

NV

(a)(b)

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

302,599

6,094,344

Security

Shares

Shares

Value

Biotechnology

(continued)

United

Therapeutics

Corp.

(b)

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

340,367

$

76,228,593

UroGen

Pharma

Ltd.

(a)(b)

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

148,829

1,375,180

Vanda

Pharmaceuticals,

Inc.

(b)

..........

413,099

2,804,942

Vaxcyte,

Inc.

(b)

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

474,903

17,799,364

Veracyte,

Inc.

(a)(b)

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

539,380

12,028,174

Vertex

Pharmaceuticals,

Inc.

(b)

..........

1,947,367

613,556,921

Verve

Therapeutics,

Inc.

(a)(b)

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

287,470

4,145,317

Vir

Biotechnology,

Inc.

(a)(b)

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

630,228

14,665,406

Voyager

Therapeutics,

Inc.

(a)(b)

..........

188,625

1,454,299

Xencor,

Inc.

(a)(b)

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

445,805

12,433,501

Xenon

Pharmaceuticals,

Inc.

(a)(b)

.........

457,457

16,372,386

Zai

Lab

Ltd.,

ADR

(a)(b)

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

565,241

18,799,916

Zentalis

Pharmaceuticals,

Inc.

(a)(b)

........

372,054

6,399,329

Zymeworks,

Inc.

(a)(b)

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

434,660

3,929,326

6,296,599,916

Chemicals

—

0.1%

Ginkgo

Bioworks

Holdings,

Inc.,

Class

A

(a)(b)

.

7,679,910

10,214,280

Health

Care

Equipment

&

Supplies

—

0.6%

Novocure

Ltd.

(a)(b)

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

784,525

47,181,334

Health

Care

Providers

&

Services

—

0.2%

(a)(b)

Castle

Biosciences,

Inc.

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

191,887

4,359,673

Fulgent

Genetics,

Inc.

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

141,649

4,422,282

Invitae

Corp.

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

1,799,353

2,429,126

OPKO

Health,

Inc.

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

3,169,247

4,627,101

15,838,182

Life

Sciences

Tools

&

Services

—

17.9%

10X

Genomics,

Inc.,

Class

A

(a)(b)

.........

664,922

37,095,998

AbCellera

Biologics,

Inc.

(a)(b)

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

1,486,047

11,204,794

Adaptive

Biotechnologies

Corp.

(a)(b)

.......

1,063,565

9,391,279

Akoya

Biosciences,

Inc.

(a)(b)

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

134,985

1,104,177

Bio-Techne

Corp.

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

1,176,921

87,315,769

Bruker

Corp.

(a)

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

749,418

59,084,115

Charles

River

Laboratories

International,

Inc.

(a)

(b)

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

380,546

76,801,794

Codexis,

Inc.

(a)(b)

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

478,297

1,980,150

Cytek

Biosciences,

Inc.

(a)(b)

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

821,712

7,551,533

Illumina,

Inc.

(a)(b)

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

1,197,499

278,478,393

IQVIA

Holdings,

Inc.

(b)

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

1,401,596

278,763,428

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(b)

822,727

11,526,405

MaxCyte,

Inc.

(b)

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

678,646

3,359,298

Medpace

Holdings,

Inc.

(a)(b)

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

180,545

33,951,487

Mettler-Toledo

International,

Inc.

(a)(b)

......

165,726

253,595,583

NanoString

Technologies,

Inc.

(a)(b)

........

351,122

3,476,108

Nautilus

Biotechnology,

Inc.

(b)

...........

376,947

1,044,143

Olink

Holding

AB,

ADR

(a)(b)

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

691,881

15,588,079

OmniAb,

Inc.,

NVS

(b)(c)

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

93,678

1

Pacific

Biosciences

of

California,

Inc.

(a)(b)

...

1,659,076

19,212,100

Quanterix

Corp.

(b)

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

253,523

2,857,204

Repligen

Corp.

(a)(b)

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

393,114

66,184,673

Seer,

Inc.,

Class

A

(a)(b)

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

301,946

1,165,512

Stevanato

Group

SpA

(a)

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

251,761

6,520,610

Syneos

Health,

Inc.,

Class

A

(b)

..........

779,180

27,754,392

Waters

Corp.

(a)(b)

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

449,935

139,313,374

1,434,320,399

Pharmaceuticals

—

2.5%

(b)

Aclaris

Therapeutics,

Inc.

(a)

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

390,840

3,161,896

Amylyx

Pharmaceuticals,

Inc.

(a)

.........

318,324

9,339,626

Arvinas,

Inc.

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

347,479

9,493,126

ATAI

Life

Sciences

NV

(a)

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

953,161

1,725,221

Atea

Pharmaceuticals,

Inc.

(a)

...........

560,810

1,878,713

Axsome

Therapeutics,

Inc.

(a)

...........

260,895

16,092,004

Cara

Therapeutics,

Inc.

(a)

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

315,605

1,549,621

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Biotechnology

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Cymabay

Therapeutics,

Inc.

(a)

..........

686,091

$

5,982,714

DICE

Therapeutics,

Inc.

(a)

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

292,337

8,375,455

Edgewise

Therapeutics,

Inc.

...........

313,677

2,092,226

Fulcrum

Therapeutics,

Inc.

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

394,174

1,123,396

Intra-Cellular

Therapies,

Inc.

...........

701,002

37,959,258

Ligand

Pharmaceuticals,

Inc.

...........

121,089

8,907,307

Marinus

Pharmaceuticals,

Inc.

(a)

.........

347,188

2,395,597

Nektar

Therapeutics

(a)

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

1,369,098

962,339

NGM

Biopharmaceuticals,

Inc.

(a)

.........

293,003

1,195,452

Nuvation

Bio,

Inc.,

Class

A

(a)

...........

1,056,912

1,754,474

Phathom

Pharmaceuticals,

Inc.

(a)

........

148,075

1,057,255

Pliant

Therapeutics,

Inc.

(a)

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

368,529

9,802,871

Provention

Bio,

Inc.

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

607,930

14,651,113

Reata

Pharmaceuticals,

Inc.,

Class

A

(a)

....

209,066

19,008,281

Revance

Therapeutics,

Inc.

(a)

...........

589,462

18,986,571

Tarsus

Pharmaceuticals,

Inc.

...........

141,771

1,782,061

Terns

Pharmaceuticals,

Inc.

(a)

...........

191,691

2,269,621

Theravance

Biopharma,

Inc.

(a)

..........

443,376

4,810,630

Ventyx

Biosciences,

Inc.

(a)

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

263,831

8,838,339

Verona

Pharma

plc,

ADR

(a)

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

316,691

6,359,155

WaVe

Life

Sciences

Ltd.

(a)

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

447,390

1,937,199

203,491,521

Total

Common

Stocks

—

99.8%

(Cost:

$10,871,302,763)

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

8,007,645,632

Preferred

Stocks

Biotechnology

—

0.1%

Grifols

SA

(a)(b)

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

1,528,055

11,261,765

Total

Preferred

Stocks

—

0.1%

(Cost:

$27,012,859)

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

11,261,765

Security

Shares

Shares

Value

Rights

Biotechnology

—

0.0%

(a)(b)

Achillion

Pharmaceuticals,

Inc.,

CVR

(c)

.....

4,112

$

1,891

Akouos,

Inc.,

CVR

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

157,087

124,099

Total

Rights

—

0.0%

(Cost:

$125,990)

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

125,990

Total

Long-Term

Investments

—

99.9%

(Cost:

$10,898,441,612)

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

8,019,033,387

Short-Term

Securities

Money

Market

Funds

—

10.7%

(d)(e)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(f)

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

852,092,861

852,348,490

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

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

8,598,879

8,598,879

Total

Short-Term

Securities

—

10.7%

(Cost:

$860,493,315)

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

860,947,369

Total

Investments

—

110.6%

(Cost:

$11,758,934,927

)

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

8,879,980,756

Liabilities

in

Excess

of

Other

Assets

—

(10.6)%

...........

(854,274,073)

Net

Assets

—

100.0%

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

$

8,025,706,683

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/23

Shares

Held

at

03/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

790,386,973

$

61,554,000

(a)

$

—

$

41,736

$

365,781

$

852,348,490

852,092,861

$

5,495,522

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

15,470,000

—

(6,871,121)

(a)

—

—

8,598,879

8,598,879

236,402

3

$

41,736

$

365,781

$

860,947,369

$

5,731,924

$

3

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Biotechnology

ETF

Schedules

of

Investments

21

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Health

Care

Select

Sector

Index

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

33

06/16/23

$

4,353

$

118,288

Russell

2000

E-Mini

Index

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

19

06/16/23

1,723

37,480

$

155,768

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

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)

......

$

—

$

—

$

155,768

$

—

$

—

$

—

$

155,768

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

For

the

period

ended

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

(2,201,830)

$

—

$

—

$

—

$

(2,201,830)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

149,623

$

—

$

—

$

—

$

149,623

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

5,834,944

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Biotechnology

ETF

22

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

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

$

8,007,645,631

$

—

$

1

$

8,007,645,632

Preferred

Stocks

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

11,261,765

—

—

11,261,765

Rights

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

—

124,099

1,891

125,990

Short-Term

Securities

Money

Market

Funds

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

860,947,369

—

—

860,947,369

$

8,879,854,765

$

124,099

$

1,892

$

8,879,980,756

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

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

$

155,768

$

—

$

—

$

155,768

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

March

31,

2023

iShares

®

Expanded

Tech

Sector

ETF

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Broadline

Retail

—

8.4%

Amazon.com,

Inc.

(a)(b)

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

2,187,580

$

225,955,138

eBay,

Inc.

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

133,157

5,908,176

Etsy,

Inc.

(a)(b)

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

30,841

3,433,528

Qurate

Retail,

Inc.

(b)

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

82,247

81,244

235,378,086

Communications

Equipment

—

3.1%

ADTRAN

Holdings,

Inc.

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

17,734

281,261

Arista

Networks,

Inc.

(b)

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

60,735

10,194,977

Calix,

Inc.

(b)

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

14,098

755,512

Cambium

Networks

Corp.

(b)

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

2,811

49,811

Ciena

Corp.

(b)

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

36,159

1,899,071

Cisco

Systems,

Inc.

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

1,008,041

52,695,343

Clearfield,

Inc.

(b)

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

2,764

128,747

CommScope

Holding

Co.,

Inc.

(b)

.........

53,044

337,890

Digi

International,

Inc.

(b)

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

8,711

293,386

DZS,

Inc.

(b)

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

4,204

33,170

Extreme

Networks,

Inc.

(b)

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

30,993

592,586

F5,

Inc.

(b)

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

14,821

2,159,272

Harmonic,

Inc.

(b)

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

25,813

376,612

Infinera

Corp.

(b)

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

46,848

363,540

Juniper

Networks,

Inc.

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

79,493

2,736,149

Lumentum

Holdings,

Inc.

(b)

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

16,887

912,067

Motorola

Solutions,

Inc.

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

41,028

11,739,342

NETGEAR,

Inc.

(b)

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

7,555

139,843

NetScout

Systems,

Inc.

(b)

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

16,361

468,743

Ribbon

Communications,

Inc.

(b)

.........

22,062

75,452

Viasat,

Inc.

(a)(b)

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

18,449

624,314

Viavi

Solutions,

Inc.

(b)

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

55,742

603,686

87,460,774

Electronic

Equipment,

Instruments

&

Components

—

2.9%

Advanced

Energy

Industries,

Inc.

........

9,256

907,088

Amphenol

Corp.,

Class

A

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

145,904

11,923,275

Arrow

Electronics,

Inc.

(b)

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

14,301

1,785,766

Avnet,

Inc.

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

22,660

1,024,232

Badger

Meter,

Inc.

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

7,247

882,830

Belden,

Inc.

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

10,599

919,675

Benchmark

Electronics,

Inc.

...........

8,989

212,949

CDW

Corp.

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

33,222

6,474,636

Celestica,

Inc.

(b)

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

24,494

315,973

Cognex

Corp.

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

42,270

2,094,479

Coherent

Corp.

(b)

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

34,340

1,307,667

Corning,

Inc.

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

186,790

6,589,951

ePlus,

Inc.

(b)

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

6,689

328,029

Fabrinet

(b)

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

9,059

1,075,847

Insight

Enterprises,

Inc.

(a)(b)

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

7,504

1,072,772

IPG

Photonics

Corp.

(b)

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

7,961

981,671

Itron,

Inc.

(b)

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

11,106

615,828

Jabil,

Inc.

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

32,703

2,883,096

Keysight

Technologies,

Inc.

(b)

...........

43,762

7,066,688

Knowles

Corp.

(a)(b)

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

22,744

386,648

Littelfuse,

Inc.

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

6,026

1,615,510

Methode

Electronics,

Inc.

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

9,055

397,333

Mirion

Technologies,

Inc.,

Class

A

(a)(b)

.....

31,099

265,585

National

Instruments

Corp.

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

31,807

1,667,005

Novanta,

Inc.

(b)

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

8,661

1,377,878

OSI

Systems,

Inc.

(b)

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

3,834

392,448

PC

Connection,

Inc.

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

2,799

125,843

Plexus

Corp.

(b)

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

6,828

666,208

Rogers

Corp.

(b)

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

4,540

741,972

Sanmina

Corp.

(b)

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

14,220

867,278

TD

SYNNEX

Corp.

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

10,122

979,708

TE

Connectivity

Ltd.

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

77,651

10,183,929

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Teledyne

Technologies,

Inc.

(b)

...........

11,501

$

5,145,087

Trimble,

Inc.

(b)

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

60,516

3,172,249

TTM

Technologies,

Inc.

(b)

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

24,724

333,527

Vishay

Intertechnology,

Inc.

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

32,082

725,695

Vontier

Corp.

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

39,119

1,069,513

Zebra

Technologies

Corp.,

Class

A

(b)

......

12,669

4,028,742

82,604,610

Entertainment

—

2.5%

Activision

Blizzard,

Inc.

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

174,756

14,957,366

Electronic

Arts,

Inc.

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

63,926

7,699,887

Netflix,

Inc.

(b)

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

109,279

37,753,709

Playtika

Holding

Corp.

(b)

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

23,111

260,230

ROBLOX

Corp.,

Class

A

(b)

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

88,988

4,002,680

Take-Two

Interactive

Software,

Inc.

(b)

......

38,830

4,632,419

69,306,291

Financial

Services

—

8.7%

Affirm

Holdings,

Inc.,

Class

A

(a)(b)

.........

52,484

591,495

AvidXchange

Holdings,

Inc.

(b)

...........

32,963

257,111

Block,

Inc.,

Class

A

(a)(b)

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

131,872

9,053,013

Euronet

Worldwide,

Inc.

(b)

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

11,665

1,305,314

EVERTEC,

Inc.

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

16,034

541,148

Fidelity

National

Information

Services,

Inc.

..

145,603

7,910,611

Fiserv,

Inc.

(b)

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

155,823

17,612,674

FleetCor

Technologies,

Inc.

(b)

...........

18,097

3,815,752

Flywire

Corp.

(b)

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

15,491

454,816

Global

Payments,

Inc.

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

64,555

6,793,768

Jack

Henry

&

Associates,

Inc.

..........

17,884

2,695,476

Marqeta,

Inc.,

Class

A

(b)

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

109,243

499,241

Mastercard,

Inc.,

Class

A

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

207,031

75,237,136

Nuvei

Corp.

(a)(b)(c)

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

15,749

685,475

Payoneer

Global,

Inc.

(b)

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

47,314

297,132

PayPal

Holdings,

Inc.

(b)

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

277,614

21,082,007

Remitly

Global,

Inc.

(b)

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

24,086

408,258

Repay

Holdings

Corp.,

Class

A

(b)

........

18,139

119,173

Shift4

Payments,

Inc.,

Class

A

(a)(b)

........

13,000

985,400

Toast,

Inc.,

Class

A

(b)

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

76,548

1,358,727

Visa,

Inc.,

Class

A

(a)

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

398,729

89,897,440

Western

Union

Co.

(The)

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

81,956

913,809

WEX,

Inc.

(b)

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

10,644

1,957,325

244,472,301

Hotels,

Restaurants

&

Leisure

—

0.2%

(b)

DoorDash,

Inc.,

Class

A

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

64,499

4,099,556

Sabre

Corp.

(a)

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

80,644

345,963

4,445,519

Interactive

Media

&

Services

—

13.4%

Alphabet,

Inc.,

Class

A

(b)

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

1,258,120

130,504,788

Alphabet,

Inc.,

Class

C,

NVS

(b)

..........

1,096,770

114,064,080

Bumble,

Inc.,

Class

A

(b)

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

23,120

451,996

Cargurus,

Inc.,

Class

A

(a)(b)

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

22,278

416,153

IAC,

Inc.

(b)

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

19,334

997,634

Match

Group,

Inc.

(b)

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

68,446

2,627,642

Meta

Platforms,

Inc.,

Class

A

(b)

..........

546,155

115,752,091

Pinterest,

Inc.,

Class

A

(a)(b)

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

145,477

3,967,158

Shutterstock,

Inc.

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

5,863

425,654

Snap,

Inc.,

Class

A,

NVS

(b)

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

240,990

2,701,498

TripAdvisor,

Inc.

(b)

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

25,147

499,419

Yelp,

Inc.

(a)(b)

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

17,016

522,391

Ziff

Davis,

Inc.

(b)

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

11,684

911,936

ZipRecruiter,

Inc.,

Class

A

(a)(b)

...........

12,847

204,781

ZoomInfo

Technologies,

Inc.

(b)

..........

66,963

1,654,656

375,701,877

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Expanded

Tech

Sector

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

IT

Services

—

5.4%

Accenture

plc,

Class

A

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

154,524

$

44,164,504

Akamai

Technologies,

Inc.

(b)

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

38,572

3,020,188

CGI,

Inc.

(a)(b)

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

51,949

5,001,130

Cloudflare,

Inc.,

Class

A

(a)(b)

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

70,488

4,346,290

Cognizant

Technology

Solutions

Corp.,

Class

A

124,898

7,610,035

DigitalOcean

Holdings,

Inc.

(a)(b)

..........

15,021

588,373

DXC

Technology

Co.

(b)

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

55,853

1,427,603

EPAM

Systems,

Inc.

(b)

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

14,112

4,219,488

Fastly,

Inc.,

Class

A

(a)(b)

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

28,129

499,571

Gartner,

Inc.

(b)

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

19,390

6,316,680

GoDaddy,

Inc.,

Class

A

(b)

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

38,035

2,956,080

Grid

Dynamics

Holdings,

Inc.,

Class

A

(a)(b)

..

12,490

143,135

International

Business

Machines

Corp.

....

221,853

29,082,710

Kyndryl

Holdings,

Inc.

(b)

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

49,525

730,989

MongoDB,

Inc.,

Class

A

(b)

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

17,012

3,965,837

Okta,

Inc.,

Class

A

(b)

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

37,599

3,242,538

Perficient,

Inc.

(b)

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

8,574

618,957

Rackspace

Technology,

Inc.

(b)

..........

12,744

23,959

Shopify,

Inc.,

Class

A

(a)(b)

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

293,399

14,065,548

Snowflake,

Inc.,

Class

A

(a)(b)

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

70,233

10,836,250

Squarespace,

Inc.,

Class

A

(a)(b)

..........

9,737

309,345

Thoughtworks

Holding,

Inc.

(a)(b)

..........

16,178

119,070

Twilio,

Inc.,

Class

A

(b)

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

42,803

2,851,964

VeriSign,

Inc.

(b)

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

22,480

4,750,698

150,890,942

Professional

Services

—

1.7%

Automatic

Data

Processing,

Inc.

.........

101,673

22,635,460

Broadridge

Financial

Solutions,

Inc.

......

28,879

4,232,795

Concentrix

Corp.

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

10,490

1,275,060

Conduent,

Inc.

(b)

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

42,718

146,523

CSG

Systems

International,

Inc.

.........

7,504

402,965

ExlService

Holdings,

Inc.

(b)

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

8,015

1,297,067

Genpact

Ltd.

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

41,151

1,901,999

Maximus,

Inc.

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

14,992

1,179,870

Paychex,

Inc.

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

78,721

9,020,639

SS&C

Technologies

Holdings,

Inc.

.......

53,778

3,036,844

TELUS

International

CDA,

Inc.

(a)(b)

........

17,140

346,742

TTEC

Holdings,

Inc.

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

4,459

166,009

Verra

Mobility

Corp.,

Class

A

(b)

..........

34,512

583,943

46,225,916

Semiconductors

&

Semiconductor

Equipment

—

20.8%

Advanced

Micro

Devices,

Inc.

(b)

.........

395,638

38,776,480

Allegro

MicroSystems,

Inc.

(b)

...........

15,821

759,250

Ambarella,

Inc.

(b)

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

9,154

708,703

Amkor

Technology,

Inc.

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

24,547

638,713

Analog

Devices,

Inc.

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

124,371

24,528,449

Applied

Materials,

Inc.

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

206,873

25,410,211

Axcelis

Technologies,

Inc.

(b)

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

8,085

1,077,326

Broadcom,

Inc.

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

102,541

65,784,153

Cirrus

Logic,

Inc.

(b)

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

13,632

1,491,068

Cohu,

Inc.

(b)

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

11,794

452,772

Credo

Technology

Group

Holding

Ltd.

(b)

....

22,363

210,659

Diodes,

Inc.

(b)

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

11,259

1,044,385

Enphase

Energy,

Inc.

(b)

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

33,353

7,013,469

Entegris,

Inc.

(a)

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

36,570

2,999,106

First

Solar,

Inc.

(b)

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

24,328

5,291,340

FormFactor,

Inc.

(b)

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

18,877

601,232

Ichor

Holdings

Ltd.

(b)

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

6,873

225,022

Impinj,

Inc.

(a)(b)

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

5,153

698,335

Intel

Corp.

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

1,015,132

33,164,362

KLA

Corp.

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

33,980

13,563,797

Kulicke

&

Soffa

Industries,

Inc.

..........

13,878

731,232

Lam

Research

Corp.

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

33,110

17,552,273

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Lattice

Semiconductor

Corp.

(b)

..........

33,631

$

3,211,760

MACOM

Technology

Solutions

Holdings,

Inc.

(b)

12,651

896,197

Marvell

Technology,

Inc.

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

209,357

9,065,158

MaxLinear,

Inc.

(a)(b)

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

17,734

624,414

Microchip

Technology,

Inc.

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

134,417

11,261,456

Micron

Technology,

Inc.

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

267,751

16,156,095

MKS

Instruments,

Inc.

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

14,161

1,254,948

Monolithic

Power

Systems,

Inc.

.........

10,981

5,496,430

NVIDIA

Corp.

(a)

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

603,632

167,670,861

NXP

Semiconductors

NV

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

63,587

11,857,386

ON

Semiconductor

Corp.

(b)

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

105,996

8,725,591

Onto

Innovation,

Inc.

(b)

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

12,261

1,077,497

Power

Integrations,

Inc.

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

13,849

1,172,179

Qorvo,

Inc.

(b)

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

24,510

2,489,481

QUALCOMM,

Inc.

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

273,597

34,905,505

Rambus,

Inc.

(b)

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

26,613

1,364,182

Semtech

Corp.

(a)(b)

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

15,349

370,525

Silicon

Laboratories,

Inc.

(b)

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

7,828

1,370,604

SiTime

Corp.

(a)(b)

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

3,932

559,248

Skyworks

Solutions,

Inc.

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

39,009

4,602,282

SolarEdge

Technologies,

Inc.

(b)

..........

13,716

4,168,978

Synaptics,

Inc.

(b)

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

9,617

1,068,929

Teradyne,

Inc.

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

38,219

4,108,925

Texas

Instruments,

Inc.

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

222,363

41,361,742

Ultra

Clean

Holdings,

Inc.

(b)

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

11,376

377,228

Universal

Display

Corp.

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

10,572

1,640,034

Wolfspeed,

Inc.

(a)(b)

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

30,341

1,970,648

581,550,620

Software

—

23.3%

A10

Networks,

Inc.

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

15,821

245,067

ACI

Worldwide,

Inc.

(b)

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

27,823

750,665

Adeia,

Inc.

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

26,947

238,750

Adobe,

Inc.

(b)

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

112,334

43,290,154

Agilysys,

Inc.

(b)

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

4,902

404,464

Alarm.com

Holdings,

Inc.

(b)

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

12,192

613,014

Altair

Engineering,

Inc.,

Class

A

(a)(b)

.......

12,791

922,359

Alteryx,

Inc.,

Class

A

(b)

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

14,929

878,422

ANSYS,

Inc.

(b)

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

21,375

7,113,600

Appfolio,

Inc.,

Class

A

(a)(b)

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

4,618

574,849

Appian

Corp.,

Class

A

(b)

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

10,005

444,022

AppLovin

Corp.,

Class

A

(b)

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

30,472

479,934

Asana,

Inc.,

Class

A

(b)

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

19,219

406,097

Aspen

Technology,

Inc.

(a)(b)

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

7,190

1,645,575

Autodesk,

Inc.

(b)

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

52,945

11,021,031

Bentley

Systems,

Inc.,

Class

B

..........

48,015

2,064,165

BILL

Holdings,

Inc.

(b)

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

23,547

1,910,604

Black

Knight,

Inc.

(b)

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

38,166

2,196,835

Blackbaud,

Inc.

(b)

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

10,757

745,460

BlackBerry

Ltd.

(a)(b)

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

127,750

582,540

Blackline,

Inc.

(b)

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

13,468

904,376

Box,

Inc.,

Class

A

(a)(b)

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

35,237

943,999

C3.ai,

Inc.,

Class

A

(a)(b)

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

20,944

703,090

Cadence

Design

Systems,

Inc.

(b)

........

67,311

14,141,368

Cerence,

Inc.

(b)

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

9,979

280,310

Ceridian

HCM

Holding,

Inc.

(b)

...........

37,651

2,756,806

Clear

Secure,

Inc.,

Class

A

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

18,597

486,683

CommVault

Systems,

Inc.

(b)

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

11,026

625,615

Confluent,

Inc.,

Class

A

(b)

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

38,063

916,176

Consensus

Cloud

Solutions,

Inc.

(b)

.......

4,507

153,644

Crowdstrike

Holdings,

Inc.,

Class

A

(b)

......

53,561

7,351,783

Datadog,

Inc.,

Class

A

(a)(b)

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

60,914

4,426,011

Descartes

Systems

Group,

Inc.

(The)

(a)(b)

...

20,995

1,692,407

Digital

Turbine,

Inc.

(a)(b)

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

21,945

271,240

DocuSign,

Inc.

(b)

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

49,254

2,871,508

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Expanded

Tech

Sector

ETF

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

Dolby

Laboratories,

Inc.,

Class

A

........

14,726

$

1,257,895

DoubleVerify

Holdings,

Inc.

(b)

...........

21,441

646,446

Dropbox,

Inc.,

Class

A

(b)

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

66,769

1,443,546

Dynatrace,

Inc.

(b)

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

53,456

2,261,189

E2open

Parent

Holdings,

Inc.,

Class

A

(b)

...

40,173

233,807

Elastic

NV

(b)

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

19,068

1,104,037

Envestnet,

Inc.

(b)

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

12,856

754,262

Everbridge,

Inc.

(b)

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

9,957

345,209

Fair

Isaac

Corp.

(b)

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

6,184

4,345,435

Five9,

Inc.

(b)

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

17,457

1,261,967

Fortinet,

Inc.

(b)

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

159,110

10,574,451

Freshworks,

Inc.,

Class

A

(b)

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

39,889

612,695

Gen

Digital,

Inc.

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

139,577

2,395,141

Gitlab,

Inc.,

Class

A

(b)

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

14,864

509,687

Guidewire

Software,

Inc.

(b)

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

19,934

1,635,585

HubSpot,

Inc.

(b)

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

11,920

5,110,700

Intapp,

Inc.

(b)

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

3,743

167,836

InterDigital,

Inc.

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

6,665

485,878

Intuit,

Inc.

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

68,933

30,732,399

Jamf

Holding

Corp.

(b)

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

11,381

221,019

Lightspeed

Commerce,

Inc.

(a)(b)

..........

33,061

501,866

LivePerson,

Inc.

(b)

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

16,992

74,935

LiveRamp

Holdings,

Inc.

(b)

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

15,757

345,551

Manhattan

Associates,

Inc.

(b)

...........

15,265

2,363,785

Marathon

Digital

Holdings,

Inc.

(a)(b)

.......

28,294

246,724

Matterport,

Inc.,

Class

A

(a)(b)

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

54,500

148,785

Microsoft

Corp.

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

863,096

248,830,578

MicroStrategy,

Inc.,

Class

A

(a)(b)

..........

2,307

674,382

Model

N,

Inc.

(b)

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

8,254

276,261

Momentive

Global,

Inc.

(b)

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

30,165

281,138

N-able,

Inc.

(b)

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

16,398

216,454

nCino,

Inc.

(a)(b)

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

18,215

451,368

NCR

Corp.

(b)

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

33,856

798,663

New

Relic,

Inc.

(b)

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

14,383

1,082,896

Nutanix,

Inc.,

Class

A

(b)

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

56,120

1,458,559

Open

Text

Corp.

(a)

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

66,904

2,579,149

Oracle

Corp.

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

377,113

35,041,340

PagerDuty,

Inc.

(a)(b)

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

20,374

712,683

Palantir

Technologies,

Inc.,

Class

A

(a)(b)

....

432,259

3,652,589

Palo

Alto

Networks,

Inc.

(a)(b)

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

74,192

14,819,110

Paycom

Software,

Inc.

(b)

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

11,831

3,596,742

Paycor

HCM,

Inc.

(b)

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

11,757

311,796

Paylocity

Holding

Corp.

(b)

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

10,053

1,998,335

Pegasystems,

Inc.

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

10,282

498,471

PowerSchool

Holdings,

Inc.,

Class

A

(b)

.....

9,885

195,921

Procore

Technologies,

Inc.

(b)

...........

17,085

1,070,034

Progress

Software

Corp.

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

10,537

605,351

PROS

Holdings,

Inc.

(a)(b)

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

10,533

288,604

PTC,

Inc.

(b)

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

26,175

3,356,420

Q2

Holdings,

Inc.

(b)

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

13,598

334,783

Qualtrics

International,

Inc.,

Class

A

(a)(b)

....

27,891

497,297

Qualys,

Inc.

(b)

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

8,559

1,112,841

Rapid7,

Inc.

(b)

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

14,314

657,156

RingCentral,

Inc.,

Class

A

(b)

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

18,978

582,055

Roper

Technologies,

Inc.

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

26,023

11,468,076

Salesforce,

Inc.

(b)

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

245,379

49,021,817

SentinelOne,

Inc.,

Class

A

(b)

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

52,497

858,851

ServiceNow,

Inc.

(b)

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

49,812

23,148,633

Smartsheet,

Inc.,

Class

A

(b)

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

32,336

1,545,661

SolarWinds

Corp.

(b)

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

10,955

94,213

Splunk,

Inc.

(b)

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

37,063

3,553,600

Sprout

Social,

Inc.,

Class

A

(b)

...........

11,577

704,808

SPS

Commerce,

Inc.

(b)

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

8,924

1,359,125

Sumo

Logic,

Inc.

(b)

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

27,513

329,606

Synopsys,

Inc.

(b)

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

37,400

14,445,750

Security

Shares

Shares

Value

Software

(continued)

Tenable

Holdings,

Inc.

(b)

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

27,850

$

1,323,153

Teradata

Corp.

(b)

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

25,205

1,015,257

Tyler

Technologies,

Inc.

(b)

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

10,217

3,623,357

UiPath,

Inc.,

Class

A

(b)

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

86,467

1,518,360

Unity

Software,

Inc.

(a)(b)

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

59,460

1,928,882

Varonis

Systems,

Inc.

(b)

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

26,407

686,846

Verint

Systems,

Inc.

(b)

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

15,913

592,600

VMware,

Inc.,

Class

A

(b)

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

51,151

6,386,202

Workday,

Inc.,

Class

A

(b)

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

49,567

10,237,568

Workiva,

Inc.,

Class

A

(b)

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

11,324

1,159,691

Zeta

Global

Holdings

Corp.,

Class

A

(a)(b)

....

31,048

336,250

Zoom

Video

Communications,

Inc.,

Class

A

(b)

53,045

3,916,843

Zscaler,

Inc.

(a)(b)

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

20,897

2,441,396

Zuora,

Inc.,

Class

A

(b)

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

29,791

294,335

652,805,309

Specialty

Retail

—

0.1%

(a)(b)

Chewy,

Inc.,

Class

A

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

23,159

865,683

Overstock.com,

Inc.

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

11,896

241,132

Revolve

Group,

Inc.,

Class

A

...........

9,913

260,712

Wayfair,

Inc.,

Class

A

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

18,661

640,819

2,008,346

Technology

Hardware,

Storage

&

Peripherals

—

9.5%

Apple,

Inc.

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

1,446,153

238,470,630

Avid

Technology,

Inc.

(b)

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

7,749

247,813

Corsair

Gaming,

Inc.

(b)

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

9,773

179,335

Dell

Technologies,

Inc.,

Class

C

.........

59,455

2,390,685

Hewlett

Packard

Enterprise

Co.

.........

314,531

5,010,479

HP,

Inc.

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

212,078

6,224,489

NetApp,

Inc.

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

52,897

3,377,473

Pure

Storage,

Inc.,

Class

A

(b)

...........

69,571

1,774,756

Seagate

Technology

Holdings

plc

........

47,107

3,114,715

Super

Micro

Computer,

Inc.

(b)

...........

11,501

1,225,432

Western

Digital

Corp.

(b)

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

78,649

2,962,708

Xerox

Holdings

Corp.

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

27,740

427,196

265,405,711

Trading

Companies

&

Distributors

—

0.0%

Xometry,

Inc.,

Class

A

(b)

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

7,309

109,416

Total

Long-Term

Investments

—

100.0%

(Cost:

$2,581,490,098)

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

2,798,365,718

Short-Term

Securities

Money

Market

Funds

—

3.1%

(d)(e)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(f)

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

85,356,325

85,381,932

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

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

1,581,001

1,581,001

Total

Short-Term

Securities

—

3.1%

(Cost:

$86,936,344)

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

86,962,933

Total

Investments

—

103.1%

(Cost:

$2,668,426,442

)

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

2,885,328,651

Liabilities

in

Excess

of

Other

Assets

—

(3.1)%

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

(85,644,673)

Net

Assets

—

100.0%

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

$

2,799,683,978

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Expanded

Tech

Sector

ETF

26

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/23

Shares

Held

at

03/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

66,304,568

$

19,026,447

(a)

$

—

$

47,305

$

3,612

$

85,381,932

85,356,325

$

358,017

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

1,479,000

102,001

(a)

—

—

—

1,581,001

1,581,001

93,445

2

$

47,305

$

3,612

$

86,962,933

$

451,462

$

2

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Technology

Select

Sector

Index

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

4

06/16/23

$

614

$

38,697

S&P

E-Mini

Communication

Services

Index

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

4

06/16/23

306

19,422

$

58,119

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

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)

......

$

—

$

—

$

58,119

$

—

$

—

$

—

$

58,119

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Expanded

Tech

Sector

ETF

Schedules

of

Investments

27

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.

For

the

period

ended

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

(160,882)

$

—

$

—

$

—

$

(160,882)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

10,267

$

—

$

—

$

—

$

10,267

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

2,204,994

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

2,798,365,718

$

—

$

—

$

2,798,365,718

Short-Term

Securities

Money

Market

Funds

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

86,962,933

—

—

86,962,933

$

2,885,328,651

$

—

$

—

$

2,885,328,651

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

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

$

58,119

$

—

$

—

$

58,119

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

March

31,

2023

iShares

®

Expanded

Tech-Software

Sector

ETF

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Entertainment

—

5.8%

Activision

Blizzard,

Inc.

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

2,022,349

$

173,092,851

Electronic

Arts,

Inc.

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

739,769

89,105,176

Take-Two

Interactive

Software,

Inc.

(a)(b)

....

450,292

53,719,836

315,917,863

Interactive

Media

&

Services

—

0.6%

Snap,

Inc.,

Class

A,

NVS

(b)

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

2,791,315

31,290,641

Software

—

93.5%

A10

Networks,

Inc.

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

182,593

2,828,366

ACI

Worldwide,

Inc.

(b)

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

318,912

8,604,246

Adeia,

Inc.

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

303,984

2,693,298

Adobe,

Inc.

(b)

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

1,243,069

479,041,501

Agilysys,

Inc.

(b)

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

56,502

4,661,980

Alarm.com

Holdings,

Inc.

(b)

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

141,609

7,120,101

Altair

Engineering,

Inc.,

Class

A

(a)(b)

.......

149,406

10,773,667

Alteryx,

Inc.,

Class

A

(b)

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

174,874

10,289,586

ANSYS,

Inc.

(b)

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

247,366

82,323,405

Appfolio,

Inc.,

Class

A

(a)(b)

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

53,900

6,709,472

Appian

Corp.,

Class

A

(a)(b)

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

116,876

5,186,957

AppLovin

Corp.,

Class

A

(a)(b)

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

349,130

5,498,798

Asana,

Inc.,

Class

A

(a)(b)

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

216,680

4,578,448

Aspen

Technology,

Inc.

(a)(b)

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

82,943

18,983,164

Autodesk,

Inc.

(b)

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

612,698

127,539,216

Bentley

Systems,

Inc.,

Class

B

(a)

.........

558,816

24,023,500

BILL

Holdings,

Inc.

(a)(b)

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

272,365

22,099,696

Black

Knight,

Inc.

(b)

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

443,608

25,534,076

Blackbaud,

Inc.

(b)

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

126,544

8,769,499

BlackBerry

Ltd.

(a)(b)

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

1,481,876

6,757,355

Blackline,

Inc.

(a)(b)

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

154,336

10,363,662

Box,

Inc.,

Class

A

(b)

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

407,514

10,917,300

C3.ai,

Inc.,

Class

A

(a)(b)

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

242,288

8,133,608

Cadence

Design

Systems,

Inc.

(b)

........

778,954

163,650,446

Cerence,

Inc.

(a)(b)

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

114,839

3,225,828

Ceridian

HCM

Holding,

Inc.

(a)(b)

..........

437,278

32,017,495

Clear

Secure,

Inc.,

Class

A

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

221,041

5,784,643

CommVault

Systems,

Inc.

(b)

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

127,056

7,209,157

Confluent,

Inc.,

Class

A

(a)(b)

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

436,170

10,498,612

Consensus

Cloud

Solutions,

Inc.

(a)(b)

......

51,539

1,756,965

Crowdstrike

Holdings,

Inc.,

Class

A

(b)

......

619,839

85,079,101

Datadog,

Inc.,

Class

A

(b)

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

705,076

51,230,822

Descartes

Systems

Group,

Inc.

(The)

(a)(b)

...

241,302

19,451,354

Digital

Turbine,

Inc.

(a)(b)

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

257,388

3,181,316

DocuSign,

Inc.

(a)(b)

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

571,390

33,312,037

Dolby

Laboratories,

Inc.,

Class

A

........

170,898

14,598,107

DoubleVerify

Holdings,

Inc.

(a)(b)

..........

248,031

7,478,135

Dropbox,

Inc.,

Class

A

(a)(b)

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

767,560

16,594,647

Dynatrace,

Inc.

(b)

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

616,383

26,073,001

E2open

Parent

Holdings,

Inc.,

Class

A

(a)(b)

..

496,383

2,888,949

Elastic

NV

(a)(b)

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

220,641

12,775,114

Envestnet,

Inc.

(a)(b)

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

127,286

7,467,870

Everbridge,

Inc.

(b)

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

113,681

3,941,320

Fair

Isaac

Corp.

(b)

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

71,444

50,202,984

Five9,

Inc.

(b)

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

200,862

14,520,314

Fortinet,

Inc.

(b)

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

1,841,285

122,371,801

Freshworks,

Inc.,

Class

A

(a)(b)

...........

457,081

7,020,764

Gen

Digital,

Inc.

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

1,617,047

27,748,527

Gitlab,

Inc.,

Class

A

(b)

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

178,516

6,121,314

Guidewire

Software,

Inc.

(a)(b)

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

232,974

19,115,517

HubSpot,

Inc.

(b)

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

137,950

59,146,062

Intapp,

Inc.

(a)(b)

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

43,639

1,956,773

InterDigital,

Inc.

(a)

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

76,723

5,593,107

Intuit,

Inc.

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

797,721

355,647,953

Jamf

Holding

Corp.

(b)

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

128,768

2,500,675

Security

Shares

Shares

Value

Software

(continued)

Lightspeed

Commerce,

Inc.

(a)(b)

..........

384,859

$

5,842,160

LivePerson,

Inc.

(b)

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

202,737

894,070

LiveRamp

Holdings,

Inc.

(b)

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

183,638

4,027,181

Manhattan

Associates,

Inc.

(a)(b)

..........

177,660

27,510,651

Marathon

Digital

Holdings,

Inc.

(a)(b)

.......

319,559

2,786,554

Matterport,

Inc.,

Class

A

(b)

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

629,807

1,719,373

Microsoft

Corp.

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

1,667,000

480,596,100

MicroStrategy,

Inc.,

Class

A

(a)(b)

..........

27,194

7,949,350

Model

N,

Inc.

(b)

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

96,350

3,224,834

Momentive

Global,

Inc.

(b)

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

367,504

3,425,137

N-able,

Inc.

(a)(b)

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

191,627

2,529,476

nCino,

Inc.

(a)(b)

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

217,860

5,398,571

NCR

Corp.

(b)

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

391,534

9,236,287

New

Relic,

Inc.

(b)

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

166,847

12,561,911

Nutanix,

Inc.,

Class

A

(a)(b)

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

654,949

17,022,125

Open

Text

Corp.

(a)

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

768,726

29,634,387

Oracle

Corp.

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

4,364,116

405,513,659

PagerDuty,

Inc.

(a)(b)

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

232,300

8,125,854

Palantir

Technologies,

Inc.,

Class

A

(a)(b)

....

5,004,472

42,287,788

Palo

Alto

Networks,

Inc.

(a)(b)

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

858,580

171,492,769

Paycom

Software,

Inc.

(a)(b)

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

136,997

41,648,458

Paycor

HCM,

Inc.

(a)(b)

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

135,264

3,587,201

Paylocity

Holding

Corp.

(b)

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

117,376

23,332,001

Pegasystems,

Inc.

(a)

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

116,595

5,652,526

PowerSchool

Holdings,

Inc.,

Class

A

(b)

.....

115,192

2,283,105

Procore

Technologies,

Inc.

(b)

...........

196,678

12,317,943

Progress

Software

Corp.

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

123,258

7,081,172

PROS

Holdings,

Inc.

(b)

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

117,695

3,224,843

PTC,

Inc.

(b)

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

302,396

38,776,239

Q2

Holdings,

Inc.

(b)

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

164,500

4,049,990

Qualtrics

International,

Inc.,

Class

A

(a)(b)

....

319,603

5,698,521

Qualys,

Inc.

(a)(b)

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

98,219

12,770,434

Rapid7,

Inc.

(b)

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

168,066

7,715,910

RingCentral,

Inc.,

Class

A

(b)

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

219,776

6,740,530

Roper

Technologies,

Inc.

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

301,148

132,712,912

Salesforce,

Inc.

(b)

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

2,353,496

470,181,431

SentinelOne,

Inc.,

Class

A

(a)(b)

..........

624,571

10,217,982

ServiceNow,

Inc.

(b)

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

576,443

267,884,591

Smartsheet,

Inc.,

Class

A

(a)(b)

...........

373,716

17,863,625

SolarWinds

Corp.

(b)

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

137,087

1,178,948

Splunk,

Inc.

(b)

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

427,866

41,023,792

Sprout

Social,

Inc.,

Class

A

(a)(b)

..........

134,091

8,163,460

SPS

Commerce,

Inc.

(b)

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

102,609

15,627,351

Sumo

Logic,

Inc.

(b)

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

315,961

3,785,213

Synopsys,

Inc.

(b)

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

432,807

167,171,704

Tenable

Holdings,

Inc.

(b)

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

321,912

15,294,039

Teradata

Corp.

(b)

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

289,499

11,661,020

Tyler

Technologies,

Inc.

(a)(b)

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

118,297

41,952,848

UiPath,

Inc.,

Class

A

(b)

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

1,004,180

17,633,401

Unity

Software,

Inc.

(a)(b)

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

693,675

22,502,817

Varonis

Systems,

Inc.

(a)(b)

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

305,350

7,942,153

Verint

Systems,

Inc.

(b)

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

186,872

6,959,113

VMware,

Inc.,

Class

A

(b)

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

591,945

73,904,333

Workday,

Inc.,

Class

A

(b)

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

573,604

118,472,170

Workiva,

Inc.,

Class

A

(a)(b)

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

130,292

13,343,204

Zeta

Global

Holdings

Corp.,

Class

A

(a)(b)

....

356,389

3,859,693

Zoom

Video

Communications,

Inc.,

Class

A

(a)(b)

614,120

45,346,621

Zscaler,

Inc.

(a)(b)

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

241,866

28,257,205

Zuora,

Inc.,

Class

A

(a)(b)

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

356,063

3,517,902

5,036,706,249

Total

Long-Term

Investments

—

99.9%

(Cost:

$7,111,607,772)

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

5,383,914,753

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Expanded

Tech-Software

Sector

ETF

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

4.3%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(e)

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

224,351,176

$

224,418,482

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

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

5,186,304

5,186,304

Total

Short-Term

Securities

—

4.3%

(Cost:

$229,482,932)

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

229,604,786

Total

Investments

—

104.2%

(Cost:

$7,341,090,704

)

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

5,613,519,539

Liabilities

in

Excess

of

Other

Assets

—

(4.2)%

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

(225,839,495)

Net

Assets

—

100.0%

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

$

5,387,680,044

(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.

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/23

Shares

Held

at

03/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

224,839,162

$

—

$

(535,496)

(a)

$

32,887

$

81,929

$

224,418,482

224,351,176

$

1,629,489

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

3,730,000

1,456,304

(a)

—

—

—

5,186,304

5,186,304

125,402

3

$

32,887

$

81,929

$

229,604,786

$

1,754,891

$

3

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Technology

Select

Sector

Index

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

16

06/16/23

$

2,457

$

124,002

Russell

2000

E-Mini

Index

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

9

06/16/23

816

33,370

$

157,372

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Expanded

Tech-Software

Sector

ETF

30

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

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.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

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)

......

$

—

$

—

$

157,372

$

—

$

—

$

—

$

157,372

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

For

the

period

ended

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

(542,312)

$

—

$

—

$

—

$

(542,312)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

32,122

$

—

$

—

$

—

$

32,122

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

2,901,585

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

5,383,914,753

$

—

$

—

$

5,383,914,753

Short-Term

Securities

Money

Market

Funds

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

229,604,786

—

—

229,604,786

$

5,613,519,539

$

—

$

—

$

5,613,519,539

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

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

$

157,372

$

—

$

—

$

157,372

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

March

31,

2023

iShares

®

North

American

Natural

Resources

ETF

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Construction

Materials

—

2.4%

Eagle

Materials,

Inc.

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

12,841

$

1,884,417

Martin

Marietta

Materials,

Inc.

..........

22,144

7,862,449

Summit

Materials,

Inc.,

Class

A

(a)

........

42,152

1,200,910

Vulcan

Materials

Co.

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

47,400

8,131,944

19,079,720

Containers

&

Packaging

—

6.1%

Amcor

plc

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

529,915

6,030,433

AptarGroup,

Inc.

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

23,252

2,748,154

Avery

Dennison

Corp.

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

28,886

5,168,572

Ball

Corp.

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

111,958

6,170,005

Berry

Global

Group,

Inc.

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

43,389

2,555,612

Crown

Holdings,

Inc.

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

42,821

3,541,725

Graphic

Packaging

Holding

Co.

.........

109,701

2,796,279

Greif,

Inc.,

Class

A,

NVS

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

9,125

578,251

International

Paper

Co.

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

126,907

4,576,266

O-I

Glass,

Inc.

(a)

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

54,979

1,248,573

Packaging

Corp.

of

America

...........

33,017

4,583,750

Pactiv

Evergreen,

Inc.

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

13,829

110,632

Sealed

Air

Corp.

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

51,524

2,365,467

Silgan

Holdings,

Inc.

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

29,797

1,599,205

Sonoco

Products

Co.

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

34,864

2,126,704

WestRock

Co.

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

90,702

2,763,690

48,963,318

Energy

Equipment

&

Services

—

7.7%

Baker

Hughes

Co.,

Class

A

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

358,783

10,354,477

Cactus,

Inc.,

Class

A

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

22,912

944,662

ChampionX

Corp.

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

70,749

1,919,420

Halliburton

Co.

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

322,435

10,201,844

Helmerich

&

Payne,

Inc.

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

37,216

1,330,472

Liberty

Energy,

Inc.,

Class

A

...........

53,678

687,615

NexTier

Oilfield

Solutions,

Inc.

(a)(b)

........

57,141

454,271

Noble

Corp.

plc

(a)(b)

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

34,953

1,379,595

NOV,

Inc.

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

139,910

2,589,734

Patterson-UTI

Energy,

Inc.

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

77,107

902,152

Schlumberger

NV

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

506,501

24,869,199

TechnipFMC

plc

(a)

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

159,602

2,178,567

Transocean

Ltd.

(a)(b)

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

236,552

1,504,471

Valaris

Ltd.

(a)

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

21,422

1,393,715

Weatherford

International

plc

(a)

..........

22,977

1,363,685

62,073,879

Metals

&

Mining

—

12.4%

Agnico

Eagle

Mines

Ltd.

(b)

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

162,606

8,288,028

Alamos

Gold,

Inc.,

Class

A

(b)

...........

140,075

1,713,117

Alcoa

Corp.

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

63,032

2,682,642

Arconic

Corp.

(a)

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

36,500

957,395

B2Gold

Corp.

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

382,634

1,507,578

Barrick

Gold

Corp.

(b)

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

628,240

11,666,417

Compass

Minerals

International,

Inc.

......

12,229

419,332

First

Majestic

Silver

Corp.

(b)

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

85,075

613,391

Franco-Nevada

Corp.

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

68,355

9,966,159

Freeport-McMoRan,

Inc.

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

509,761

20,854,323

Hecla

Mining

Co.

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

200,263

1,267,665

Kinross

Gold

Corp.

(b)

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

435,213

2,049,853

Lithium

Americas

Corp.

(a)(b)

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

38,172

830,623

MP

Materials

Corp.,

Class

A

(a)

..........

33,092

932,863

Newmont

Corp.

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

283,083

13,876,729

Novagold

Resources,

Inc.

(a)

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

87,602

544,884

Pan

American

Silver

Corp.

(b)

...........

74,989

1,364,800

Royal

Gold,

Inc.

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

23,382

3,032,879

SSR

Mining,

Inc.

(b)

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

73,604

1,112,892

Teck

Resources

Ltd.,

Class

B

(b)

.........

160,609

5,862,229

Security

Shares

Shares

Value

Metals

&

Mining

(continued)

Wheaton

Precious

Metals

Corp.

(b)

........

161,190

$

7,762,910

Yamana

Gold,

Inc.

(b)

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

342,303

2,002,473

99,309,182

Oil,

Gas

&

Consumable

Fuels

—

70.8%

Antero

Midstream

Corp.

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

119,297

1,251,425

Antero

Resources

Corp.

(a)

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

98,350

2,270,901

APA

Corp.

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

114,734

4,137,308

Arch

Resources,

Inc.,

Class

A

..........

6,422

844,236

California

Resources

Corp.

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

26,151

1,006,813

Callon

Petroleum

Co.

(a)(b)

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

18,151

606,969

Cameco

Corp.

(b)

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

154,434

4,041,538

Canadian

Natural

Resources

Ltd.

(b)

.......

394,913

21,858,434

Cenovus

Energy,

Inc.

(b)

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

492,717

8,602,839

Cheniere

Energy,

Inc.

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

88,683

13,976,441

Chesapeake

Energy

Corp.

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

38,174

2,902,751

Chevron

Corp.

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

497,430

81,160,678

Chord

Energy

Corp.

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

14,820

1,994,772

Civitas

Resources,

Inc.

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

18,492

1,263,743

CNX

Resources

Corp.

(a)(b)

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

60,528

969,659

Comstock

Resources,

Inc.

(b)

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

32,461

350,254

ConocoPhillips

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

339,563

33,688,045

CONSOL

Energy,

Inc.

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

11,685

680,885

Coterra

Energy,

Inc.

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

281,201

6,900,672

Crescent

Point

Energy

Corp.

...........

198,086

1,398,487

CVR

Energy,

Inc.

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

10,479

343,502

Denbury,

Inc.

(a)

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

17,739

1,554,469

Devon

Energy

Corp.

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

233,137

11,799,064

Diamondback

Energy,

Inc.

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

65,543

8,859,447

DT

Midstream,

Inc.

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

34,461

1,701,340

Enbridge,

Inc.

(b)

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

722,171

27,550,824

Enerplus

Corp.

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

77,424

1,115,680

Enviva,

Inc.

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

11,037

318,749

EOG

Resources,

Inc.

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

209,488

24,013,609

EQT

Corp.

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

130,734

4,171,722

Equitrans

Midstream

Corp.

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

154,774

894,594

Exxon

Mobil

Corp.

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

731,628

80,230,326

Hess

Corp.

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

98,961

13,096,499

HF

Sinclair

Corp.

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

47,902

2,317,499

Kinder

Morgan,

Inc.

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

705,527

12,353,778

Kosmos

Energy

Ltd.

(a)(b)

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

163,002

1,212,735

Magnolia

Oil

&

Gas

Corp.,

Class

A

.......

59,638

1,304,879

Marathon

Oil

Corp.

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

226,533

5,427,731

Marathon

Petroleum

Corp.

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

161,916

21,831,134

Matador

Resources

Co.

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

39,981

1,905,095

Murphy

Oil

Corp.

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

52,047

1,924,698

New

Fortress

Energy,

Inc.,

Class

A

(b)

......

17,067

502,282

Northern

Oil

and

Gas,

Inc.

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

26,577

806,612

Occidental

Petroleum

Corp.

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

259,325

16,189,660

ONEOK,

Inc.

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

159,403

10,128,467

Ovintiv,

Inc.

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

87,527

3,157,974

PBF

Energy,

Inc.,

Class

A

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

40,710

1,765,186

PDC

Energy,

Inc.

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

32,820

2,106,388

Peabody

Energy

Corp.

(a)(b)

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

41,517

1,062,835

Pembina

Pipeline

Corp.

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

196,457

6,365,207

Permian

Resources

Corp.,

Class

A

.......

83,202

873,621

Phillips

66

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

166,196

16,848,950

Pioneer

Natural

Resources

Co.

.........

84,737

17,306,685

Range

Resources

Corp.

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

86,065

2,278,140

SM

Energy

Co.

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

43,684

1,230,141

Southwestern

Energy

Co.

(a)

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

393,071

1,965,355

Suncor

Energy,

Inc.

(b)

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

481,271

14,943,465

Targa

Resources

Corp.

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

80,741

5,890,056

TC

Energy

Corp.

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

363,018

14,125,030

Texas

Pacific

Land

Corp.

(b)

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

2,197

3,737,141

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

North

American

Natural

Resources

ETF

32

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Valero

Energy

Corp.

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

137,983

$

19,262,427

Vermilion

Energy,

Inc.

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

58,004

752,312

Williams

Cos.,

Inc.

(The)

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

434,393

12,970,975

World

Fuel

Services

Corp.

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

22,009

562,330

568,665,463

Paper

&

Forest

Products

—

0.4%

Louisiana-Pacific

Corp.

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

25,537

1,384,361

West

Fraser

Timber

Co.

Ltd.

...........

21,131

1,505,372

2,889,733

Total

Long-Term

Investments

—

99.8%

(Cost:

$841,367,290)

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

800,981,295

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

3.0%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(e)

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

23,464,286

$

23,471,325

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

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

865,116

865,116

Total

Short-Term

Securities

—

3.0%

(Cost:

$24,324,468)

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

24,336,441

Total

Investments

—

102.8%

(Cost:

$865,691,758

)

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

825,317,736

Liabilities

in

Excess

of

Other

Assets

—

(2.8)%

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

(22,366,261)

Net

Assets

—

100.0%

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

$

802,951,475

(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.

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/23

Shares

Held

at

03/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

7,685,209

$

15,767,427

(a)

$

—

$

7,940

$

10,749

$

23,471,325

23,464,286

$

117,738

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

1,640,000

—

(774,884)

(a)

—

—

865,116

865,116

30,151

—

$

7,940

$

10,749

$

24,336,441

$

147,889

$

—

—

—

(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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Energy

Select

Sector

Index

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

17

06/16/23

$

1,484

$

36,054

E-Mini

Materials

Select

Sector

Index

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

4

06/16/23

345

16,231

$

52,285

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

North

American

Natural

Resources

ETF

Schedules

of

Investments

33

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

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.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

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)

......

$

—

$

—

$

52,285

$

—

$

—

$

—

$

52,285

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

For

the

period

ended

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

(399,925)

$

—

$

—

$

—

$

(399,925)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

35,114

$

—

$

—

$

—

$

35,114

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

1,652,820

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

800,981,295

$

—

$

—

$

800,981,295

Short-Term

Securities

Money

Market

Funds

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

24,336,441

—

—

24,336,441

$

825,317,736

$

—

$

—

$

825,317,736

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

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

$

52,285

$

—

$

—

$

52,285

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

March

31,

2023

iShares

®

North

American

Tech-Multimedia

Networking

ETF

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Communications

Equipment

—

100.0%

ADTRAN

Holdings,

Inc.

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

219,668

$

3,483,935

Arista

Networks,

Inc.

(a)

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

58,608

9,837,939

Calix,

Inc.

(a)

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

93,159

4,992,391

Cambium

Networks

Corp.

(a)

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

35,296

625,445

Ciena

Corp.

(a)

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

92,915

4,879,896

Cisco

Systems,

Inc.

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

178,490

9,330,565

Clearfield,

Inc.

(a)

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

39,268

1,829,103

CommScope

Holding

Co.,

Inc.

(a)

.........

647,655

4,125,562

Digi

International,

Inc.

(a)(b)

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

111,110

3,742,185

DZS,

Inc.

(a)(b)

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

49,506

390,602

Extreme

Networks,

Inc.

(a)(b)

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

261,765

5,004,947

F5,

Inc.

(a)(b)

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

61,670

8,984,702

Harmonic,

Inc.

(a)

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

341,534

4,982,981

Infinera

Corp.

(a)(b)

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

594,273

4,611,559

Juniper

Networks,

Inc.

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

280,493

9,654,569

Lumentum

Holdings,

Inc.

(a)(b)

...........

87,904

4,747,695

Motorola

Solutions,

Inc.

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

32,854

9,400,515

NETGEAR,

Inc.

(a)(b)

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

89,832

1,662,790

NetScout

Systems,

Inc.

(a)

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

166,329

4,765,326

Ribbon

Communications,

Inc.

(a)

.........

276,983

947,282

Viasat

,

Inc.

(a)(b)

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

130,217

4,406,543

Viavi

Solutions,

Inc.

(a)

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

441,368

4,780,015

Total

Long-Term

Investments

—

100.0%

(Cost:

$113,800,889)

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

107,186,547

Short-Term

Securities

Money

Market

Funds

—

7.5%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(e)

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

8,037,687

8,040,099

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

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

22,921

22,921

Total

Short-Term

Securities

—

7.5%

(Cost:

$8,061,207)

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

8,063,020

Total

Investments

—

107.5%

(Cost:

$121,862,096

)

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

115,249,567

Liabilities

in

Excess

of

Other

Assets

—

(7.5)%

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

(8,044,087)

Net

Assets

—

100.0%

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

$

107,205,480

(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)

March

31,

2023

iShares

®

North

American

Tech-Multimedia

Networking

ETF

Schedules

of

Investments

35

Affiliates 

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

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.

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/23

Shares

Held

at

03/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

4,451,027

$

3,585,879

(a)

$

—

$

2,036

$

1,157

$

8,040,099

8,037,687

$

25,094

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

110,000

—

(87,079)

(a)

—

—

22,921

22,921

4,322

—

$

2,036

$

1,157

$

8,063,020

$

29,416

$

—

—

—

(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.

For

the

period

ended

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(5,222)

$

—

$

—

$

—

$

(5,222)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(2,967)

$

—

$

—

$

—

$

(2,967)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

86,495

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

107,186,547

$

—

$

—

$

107,186,547

Short-Term

Securities

Money

Market

Funds

......................................

8,063,020

—

—

8,063,020

$

115,249,567

$

—

$

—

$

115,249,567

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

March

31,

2023

iShares

®

Semiconductor

ETF

36

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Common

Stocks

Semiconductors

&

Semiconductor

Equipment

—

99.8%

Advanced

Micro

Devices,

Inc.

(a)(b)

........

5,574,247

$

546,331,948

Analog

Devices,

Inc.

.................

1,559,201

307,505,621

Applied

Materials,

Inc.

...............

2,462,907

302,518,867

ASE

Technology

Holding

Co.

Ltd.,

ADR,

NVS

5,525,702

44,039,845

ASML

Holding

NV

(Registered),

ADR,

NVS

(a)

415,334

282,722,007

Broadcom,

Inc.

....................

962,718

617,622,106

Entegris,

Inc.

(a)

....................

1,282,552

105,182,089

Intel

Corp.

.......................

11,474,793

374,881,487

KLA

Corp.

........................

754,035

300,988,151

Lam

Research

Corp.

................

588,603

312,030,222

Lattice

Semiconductor

Corp.

(a)(b)

.........

1,170,040

111,738,820

Marvell

Technology,

Inc.

..............

6,335,917

274,345,206

Microchip

Technology,

Inc.

.............

3,530,379

295,775,153

Micron

Technology,

Inc.

...............

4,947,538

298,534,443

MKS

Instruments,

Inc.

(a)

..............

497,277

44,068,688

Monolithic

Power

Systems,

Inc.

(a)

........

382,930

191,671,782

NVIDIA

Corp.

(a)

....................

2,464,391

684,533,888

NXP

Semiconductors

NV

(a)

............

1,602,791

298,880,452

ON

Semiconductor

Corp.

(a)(b)

...........

3,695,471

304,211,173

Qorvo,

Inc.

(a)(b)

.....................

857,120

87,057,678

QUALCOMM,

Inc.

..................

3,545,896

452,385,412

Silicon

Laboratories,

Inc.

(a)(b)

............

268,788

47,062,091

Skyworks

Solutions,

Inc.

..............

1,368,666

161,475,215

STMicroelectronics

NV,

ADR,

NVS

(a)

......

2,304,148

123,248,876

Synaptics,

Inc.

(a)(b)

..................

335,464

37,286,824

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR,

NVS

.....................

2,946,638

274,096,267

Teradyne,

Inc.

(a)

....................

1,339,765

144,038,135

Texas

Instruments,

Inc.

...............

3,337,025

620,720,020

United

Microelectronics

Corp.,

ADR,

NVS

(a)(b)

6,328,652

55,438,992

Wolfspeed,

Inc.

(a)(b)

..................

1,066,572

69,273,851

Total

Long-Term

Investments

—

99.8%

(Cost:

$8,355,486,034)

...........................

7,769,665,309

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

4.0%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(e)

............

300,162,171

$

300,252,220

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

..................

12,751,014

12,751,014

Total

Short-Term

Securities

—

4.0%

(Cost:

$312,905,332)

.............................

313,003,234

Total

Investments

—

103.8%

(Cost:

$8,668,391,366

)

...........................

8,082,668,543

Liabilities

in

Excess

of

Other

Assets

—

(3.8)%

............

(296,753,466)

Net

Assets

—

100.0%

..............................

$

7,785,915,077

(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.

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/23

Shares

Held

at

03/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

186,623,706

$

113,370,312

(a)

$

—

$

181,572

$

76,630

$

300,252,220

300,162,171

$

2,540,393

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

15,210,000

—

(2,458,986)

(a)

—

—

12,751,014

12,751,014

255,935

7

$

181,572

$

76,630

$

313,003,234

$

2,796,328

$

7

—

—

(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)

March

31,

2023

iShares

®

Semiconductor

ETF

Schedules

of

Investments

37

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Technology

Select

Sector

Index

............................................

80

06/16/23

$

12,286

$

659,593

Russell

2000

E-Mini

Index

....................................................

28

06/16/23

2,539

81,722

$

741,315

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

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)

......

$

—

$

—

$

741,315

$

—

$

—

$

—

$

741,315

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

For

the

period

ended

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(1,584,740)

$

—

$

—

$

—

$

(1,584,740)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(82,579)

$

—

$

—

$

—

$

(82,579)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

12,113,790

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Semiconductor

ETF

38

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

.........................................

$

7,769,665,309

$

—

$

—

$

7,769,665,309

Short-Term

Securities

Money

Market

Funds

......................................

313,003,234

—

—

313,003,234

$

8,082,668,543

$

—

$

—

$

8,082,668,543

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

741,315

$

—

$

—

$

741,315

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

March

31,

2023

39

Financial

Statements

See

notes

to

financial

statements.

iShares

Biotechnology

ETF

iShares

Expanded

Tech

Sector

ETF

iShares

Expanded

Tech-

Software

Sector

ETF

iShares

North

American

Natural

Resources

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................

$

8,019,033,387‌

$

2,798,365,718‌

$

5,383,914,753‌

$

800,981,295‌

Investments,

at

value

—

affiliated

(c)

............................................

860,947,369‌

86,962,933‌

229,604,786‌

24,336,441‌

Cash  

...............................................................

255,061‌

—‌

—‌

—‌

Cash

pledged:

Futures

contracts

......................................................

351,000‌

61,000‌

210,000‌

171,000‌

Foreign

currency,

at

value

(d)

.................................................

—‌

—‌

—‌

179,197‌

Receivables:

–‌

–‌

–‌

–‌

Investments

sold

......................................................

10,045,884‌

93,339‌

—‌

—‌

Securities

lending

income

—

affiliated

........................................

368,993‌

37,085‌

130,988‌

8,884‌

Capital

shares

sold

.....................................................

—‌

21,269‌

64,091‌

—‌

Dividends

—

unaffiliated

.................................................

356,701‌

489,558‌

18,343‌

1,144,119‌

Dividends

—

affiliated

...................................................

37,155‌

11,306‌

25,012‌

4,948‌

Variation

margin

on

futures

contracts

.........................................

77,890‌

14,220‌

50,263‌

14,549‌

Total

assets

...........................................................

8,891,473,440‌

2,886,056,428‌

5,614,018,236‌

826,840,433‌

LIABILITIES

Bank

overdraft

..........................................................

—‌

—‌

—‌

155,866‌

Collateral

on

securities

loaned

...............................................

852,166,471‌

85,431,880‌

224,546,756‌

23,436,406‌

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

..................................................

10,523,251‌

—‌

—‌

—‌

Capital

shares

redeemed

.................................................

33,947‌

16,706‌

31,599‌

15,420‌

Investment

advisory

fees

.................................................

3,043,088‌

923,864‌

1,759,837‌

281,266‌

Total

liabilities

..........................................................

865,766,757‌

86,372,450‌

226,338,192‌

23,888,958‌

NET

ASSETS

..........................................................

$

8,025,706,683‌

$

2,799,683,978‌

$

5,387,680,044‌

$

802,951,475‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

$

13,683,917,511‌

$

2,701,985,336‌

$

7,640,917,518‌

$

1,350,499,638‌

Accumulated

earnings

(loss)

................................................

(5,658,210,828‌)

97,698,642‌

(2,253,237,474‌)

(547,548,163‌)

NET

ASSETS

..........................................................

$

8,025,706,683‌

$

2,799,683,978‌

$

5,387,680,044‌

$

802,951,475‌

NET

ASSET

VALUE

Shares

outstanding

......................................................

62,100,000‌

8,250,000‌

17,700,000‌

20,500,000‌

Net

asset

value

.........................................................

$

129.24‌

$

339.36‌

$

304.39‌

$

39.17‌

Shares

authorized

.......................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.............................................................

None

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

..........................................

$

10,898,441,612‌

$

2,581,490,098‌

$

7,111,607,772‌

$

841,367,290‌

(b)

  Securities

loaned,

at

value

................................................

$

846,002,080‌

$

87,086,537‌

$

230,179,615‌

$

22,843,841‌

(c)

  Investments,

at

cost

—

affiliated

............................................

$

860,493,315‌

$

86,936,344‌

$

229,482,932‌

$

24,324,468‌

(d)

  Foreign

currency,

at

cost

.................................................

$

—‌

$

—‌

$

—‌

$

179,197‌

Statements

of

Assets

and

Liabilities

(continued)

March

31,

2023

2023

iShare

Annual

Report

to

Shareholders

40

See

notes

to

financial

statements.

iShares

North

American

Tech-

Multimedia

Networking

ETF

iShares

Semiconductor

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

........................................................................

$

107,186,547‌

$

7,769,665,309‌

Investments,

at

value

—

affiliated

(c)

...........................................................................

8,063,020‌

313,003,234‌

Cash  

..............................................................................................

—‌

265,893‌

Cash

pledged:

Futures

contracts

.....................................................................................

—‌

943,000‌

Receivables:

–‌

–‌

Securities

lending

income

—

affiliated

.......................................................................

2,175‌

119,309‌

Capital

shares

sold

....................................................................................

—‌

184,509‌

Dividends

—

unaffiliated

................................................................................

31,266‌

3,716,939‌

Dividends

—

affiliated

..................................................................................

485‌

39,282‌

Variation

margin

on

futures

contracts

........................................................................

—‌

222,839‌

Total

assets

..........................................................................................

115,283,493‌

8,088,160,314‌

LIABILITIES

Collateral

on

securities

loaned

..............................................................................

8,040,130‌

300,054,408‌

Payables:

–‌

–‌

Capital

shares

redeemed

................................................................................

635‌

46,328‌

Investment

advisory

fees

................................................................................

37,248‌

2,144,501‌

Total

liabilities

.........................................................................................

8,078,013‌

302,245,237‌

NET

ASSETS

.........................................................................................

$

107,205,480‌

$

7,785,915,077‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

192,261,710‌

$

9,135,123,287‌

Accumulated

loss

......................................................................................

(85,056,230‌)

(1,349,208,210‌)

NET

ASSETS

.........................................................................................

$

107,205,480‌

$

7,785,915,077‌

NET

ASSET

VALUE

Shares

outstanding

.....................................................................................

1,500,000‌

17,500,000‌

Net

asset

value

........................................................................................

$

71.47‌

$

444.91‌

Shares

authorized

......................................................................................

Unlimited

Unlimited

Par

value

............................................................................................

None

None

(a)

  Investments,

at

cost

—

unaffiliated

.........................................................................

$

113,800,889‌

$

8,355,486,034‌

(b)

  Securities

loaned,

at

value

...............................................................................

$

8,008,598‌

$

297,044,231‌

(c)

  Investments,

at

cost

—

affiliated

...........................................................................

$

8,061,207‌

$

312,905,332‌

Statements

of

Operations

Year

Ended

March

31,

2023

41

Financial

Statements

iShares

Biotechnology

ETF

iShares

Expanded

Tech

Sector

ETF

iShares

Expanded

Tech-

Software

Sector

ETF

iShares

North

American

Natural

Resources

ETF

INVESTMENT

INCOME

–

–

–

–

Dividends

—

unaffiliated

.................................................

$

52,890,876‌

$

24,629,592‌

$

18,653,247‌

$

33,340,573‌

Dividends

—

affiliated

...................................................

236,402‌

93,445‌

125,402‌

30,151‌

Securities

lending

income

—

affiliated

—

net

...................................

5,495,522‌

358,017‌

1,629,489‌

117,738‌

Foreign

taxes

withheld

..................................................

(473,943‌)

(52,072‌)

(99,773‌)

(1,170,427‌)

Total

investment

income

...................................................

58,148,857‌

25,028,982‌

20,308,365‌

32,318,035‌

EXPENSES

Investment

advisory

....................................................

36,617,628‌

12,961,118‌

19,045,707‌

3,821,284‌

Total

expenses

.........................................................

36,617,628‌

12,961,118‌

19,045,707‌

3,821,284‌

Net

investment

income

....................................................

21,531,229‌

12,067,864‌

1,262,658‌

28,496,751‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(114,307,210‌)

$

(709,182,787‌)

$

(556,702,287‌)

$

(55,250,675‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................

$

(571,899,264‌)

$

(94,504,946‌)

$

(353,629,185‌)

$

(10,900,316‌)

Investments

—

affiliated

...............................................

41,736‌

47,305‌

32,887‌

7,940‌

Capital

gain

distributions

from

underlying

funds

—

affiliated

........................

3‌

2‌

3‌

—‌

Foreign

currency

transactions

...........................................

—‌

—‌

—‌

(38,917‌)

Futures

contracts

....................................................

(2,201,830‌)

(160,882‌)

(542,312‌)

(399,925‌)

In-kind

redemptions

—

unaffiliated

(a)

.......................................

406,747,890‌

489,193,716‌

19,991,317‌

103,740,052‌

(167,311,465‌)

394,575,195‌

(334,147,290‌)

92,408,834‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................

52,488,850‌

(1,103,771,862‌)

(222,669,047‌)

(147,705,106‌)

Investments

—

affiliated

...............................................

365,781‌

3,612‌

81,929‌

10,749‌

Foreign

currency

translations

............................................

—‌

—‌

—‌

(268‌)

Futures

contracts

....................................................

149,623‌

10,267‌

32,122‌

35,114‌

53,004,254‌

(1,103,757,983‌)

(222,554,996‌)

(147,659,511‌)

Net

realized

and

unrealized

loss

..............................................

(114,307,211‌)

(709,182,788‌)

(556,702,286‌)

(55,250,677‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................

$

(92,775,982‌)

$

(697,114,924‌)

$

(555,439,628‌)

$

(26,753,926‌)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Operations

(continued)

Year

Ended

March

31,

2023

2023

iShares

Annual

Report

to

Shareholders

42

iShares

North

American

Tech-Multimedia

Networking

ETF

iShares

Semiconductor

ETF

INVESTMENT

INCOME

–

–

Dividends

—

unaffiliated

................................................................................

$

809,563‌

$

105,543,979‌

Dividends

—

affiliated

..................................................................................

4,322‌

255,935‌

Securities

lending

income

—

affiliated

—

net

..................................................................

25,094‌

2,540,393‌

Foreign

taxes

withheld

.................................................................................

—‌

(3,161,303‌)

Total

investment

income

..................................................................................

838,979‌

105,179,004‌

EXPENSES

Investment

advisory

...................................................................................

459,340‌

26,548,407‌

Commitment

costs

....................................................................................

—‌

22,323‌

Total

expenses

........................................................................................

459,340‌

26,570,730‌

Net

investment

income

...................................................................................

379,639‌

78,608,274‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(8,964,794‌)

$

(623,173,838‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

............................................................................

$

(7,459,477‌)

$

(500,412,432‌)

Investments

—

affiliated

..............................................................................

2,036‌

181,572‌

Capital

gain

distributions

from

underlying

funds

—

affiliated

.......................................................

—‌

7‌

Futures

contracts

...................................................................................

(5,222‌)

(1,584,740‌)

In-kind

redemptions

—

unaffiliated

(a)

......................................................................

6,845,604‌

309,062,564‌

(617,059‌)

(192,753,029‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

............................................................................

(8,345,925‌)

(430,414,864‌)

Investments

—

affiliated

..............................................................................

1,157‌

76,630‌

Futures

contracts

...................................................................................

(2,967‌)

(82,579‌)

(8,347,735‌)

(430,420,813‌)

Net

realized

and

unrealized

loss

.............................................................................

(8,964,794‌)

(623,173,842‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................

$

(8,585,155‌)

$

(544,565,568‌)

(a)

  See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

43

Financial

Statements

See

notes

to

financial

statements.

iShares

Biotechnology

ETF

iShares

Expanded

Tech

Sector

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/23

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

21,531,229‌

$

20,526,397‌

$

12,067,864‌

$

5,764,193‌

Net

realized

gain

(loss)

....................................................

(167,311,465‌)

622,010,093‌

394,575,195‌

351,991,955‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

53,004,254‌

(1,958,746,176‌)

(1,103,757,983‌)

(25,134,610‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...........................

(92,775,982‌)

(1,316,209,686‌)

(697,114,924‌)

332,621,538‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(22,926,845‌)

(20,365,764‌)

(15,012,645‌)

(6,535,033‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

(465,468,446‌)

94,871,036‌

(969,167,551‌)

945,279,952‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

(581,171,273‌)

(1,241,704,414‌)

(1,681,295,120‌)

1,271,366,457‌

Beginning

of

year

..........................................................

8,606,877,956‌

9,848,582,370‌

4,480,979,098‌

3,209,612,641‌

End

of

year

..............................................................

$

8,025,706,683‌

$

8,606,877,956‌

$

2,799,683,978‌

$

4,480,979,098‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2023

iShares

Annual

Report

to

Shareholders

44

See

notes

to

financial

statements.

iShares

Expanded

Tech-Software

Sector

ETF

iShares

North

American

Natural

Resources

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/23

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

................................................

$

1,262,658‌

$

(8,034,692‌)

$

28,496,751‌

$

14,672,372‌

Net

realized

gain

(loss)

....................................................

(334,147,290‌)

1,245,446,708‌

92,408,834‌

(5,041,185‌)

Net

change

in

unrealized

appreciation

(depreciation)

................................

(222,554,996‌)

(1,376,833,197‌)

(147,659,511‌)

222,174,980‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...........................

(555,439,628‌)

(139,421,181‌)

(26,753,926‌)

231,806,167‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(366,961‌)

—‌

(29,227,112‌)

(15,154,197‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

540,096,149‌

492,759,205‌

(83,209,205‌)

328,467,837‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

(15,710,440‌)

353,338,024‌

(139,190,243‌)

545,119,807‌

Beginning

of

year

..........................................................

5,403,390,484‌

5,050,052,460‌

942,141,718‌

397,021,911‌

End

of

year

..............................................................

$

5,387,680,044‌

$

5,403,390,484‌

$

802,951,475‌

$

942,141,718‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

45

Financial

Statements

See

notes

to

financial

statements.

iShares

North

American

Tech-Multimedia

Networking

ETF

iShares

Semiconductor

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/23

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

379,639‌

$

265,882‌

$

78,608,274‌

$

59,455,111‌

Net

realized

gain

(loss)

....................................................

(617,059‌)

12,218,899‌

(192,753,029‌)

1,557,162,546‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

(8,347,735‌)

(2,027,174‌)

(430,420,813‌)

(982,288,405‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...........................

(8,585,155‌)

10,457,607‌

(544,565,568‌)

634,329,252‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(390,901‌)

(284,071‌)

(78,660,830‌)

(61,257,081‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

(46,790,846‌)

52,044,106‌

(543,707,282‌)

2,060,808,454‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

(55,766,902‌)

62,217,642‌

(1,166,933,680‌)

2,633,880,625‌

Beginning

of

year

..........................................................

162,972,382‌

100,754,740‌

8,952,848,757‌

6,318,968,132‌

End

of

year

..............................................................

$

107,205,480‌

$

162,972,382‌

$

7,785,915,077‌

$

8,952,848,757‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Annual

Report

to

Shareholders

46

iShares

Biotechnology

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

................................

$

130.21

‌

$

150.36

‌

$

107.98

‌

$

111.78

‌

$

106.73

‌

Net

investment

income

(a)

.......................................

0.33

‌

0.31

‌

0.34

‌

0.26

‌

0.16

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.............................

(0.94

)

(20.15

)

42.43

‌

(3.80

)

5.08

‌

Net

increase

(decrease)

from

investment

operations

......................

(0.61

)

(19.84

)

42.77

‌

(3.54

)

5.24

‌

Distributions

from

net

investment

income

(c)

.............................

(0.36

)

(0.31

)

(0.39

)

(0.26

)

(0.19

)

Net

asset

value,

end

of

year

.....................................

$

129.24

‌

$

130.21

‌

$

150.36

‌

$

107.98

‌

$

111.78

‌

Total

Return

(d)

(0.46)%

—

—

—

—

Based

on

net

asset

value

........................................

(0.46

)%

(13.22

)%

39.63

%

(3.17

)%

4.92

%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

...............................................

0.45

%

0.44

%

0.45

%

0.46

%

0.47

%

Net

investment

income

..........................................

0.26

%

0.21

%

0.24

%

0.24

%

0.15

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

8,025,707

‌

$

8,606,878

‌

$

9,848,582

‌

$

6,343,965

‌

$

8,026,142

‌

Portfolio

turnover

rate

(f)

..........................................

13

%

46

%

34

%

29

%

18

%

(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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

47

Financial

Highlights

iShares

Expanded

Tech

Sector

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

.................................

$

387.96

‌

$

360.63

‌

$

212.15

‌

$

206.22

‌

$

179.48

‌

Net

investment

income

(a)

........................................

1.20

‌

0.64

‌

0.86

‌

1.26

‌

1.09

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............................

(48.17

)

27.37

‌

148.55

‌

6.00

‌

26.69

‌

Net

increase

(decrease)

from

investment

operations

.......................

(46.97

)

28.01

‌

149.41

‌

7.26

‌

27.78

‌

Distributions

from

net

investment

income

(c)

..............................

(1.63

)

(0.68

)

(0.93

)

(1.33

)

(1.04

)

Net

asset

value,

end

of

year

......................................

$

339.36

‌

$

387.96

‌

$

360.63

‌

$

212.15

‌

$

206.22

‌

Total

Return

(d)

(12.06)%

—

—

—

—

Based

on

net

asset

value

.........................................

(12.06

)%

7.76

%

70.51

%

3.51

%

15.52

%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

................................................

0.41

%

0.40

%

0.43

%

0.46

%

0.46

%

Net

investment

income

...........................................

0.38

%

0.16

%

0.28

%

0.56

%

0.56

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

2,799,684

‌

$

4,480,979

‌

$

3,209,613

‌

$

1,707,788

‌

$

1,587,932

‌

Portfolio

turnover

rate

(f)

...........................................

9

%

8

%

9

%

10

%

8

%

(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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Annual

Report

to

Shareholders

48

iShares

Expanded

Tech-Software

Sector

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

................................

$

344.16

‌

$

341.22

‌

$

209.77

‌

$

210.77

‌

$

169.69

‌

Net

investment

income

(loss)

(a)

...................................

0.08

‌

(0.56

)

(0.31

)

1.28

(b)

0.24

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.............................

(39.83

)

3.50

‌

131.83

‌

(1.06

)

41.10

‌

Net

increase

(decrease)

from

investment

operations

......................

(39.75

)

2.94

‌

131.52

‌

0.22

‌

41.34

‌

Distributions

from

net

investment

income

(d)

.............................

(0.02

)

—

‌

(0.07

)

(1.22

)

(0.26

)

Net

asset

value,

end

of

year

.....................................

$

304.39

‌

$

344.16

‌

$

341.22

‌

$

209.77

‌

$

210.77

‌

Total

Return

(e)

(11.55)%

—

—

—

—

Based

on

net

asset

value

........................................

(11.55

)%

0.86

%

62.70

%

0.13

%

24.39

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................................

0.41

%

0.40

%

0.43

%

0.46

%

0.46

%

Net

investment

income

(loss)

......................................

0.03

%

(0.15

)%

(0.10

)%

0.57

%

(b)

0.13

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

5,387,680

‌

$

5,403,390

‌

$

5,050,052

‌

$

3,031,151

‌

$

2,729,463

‌

Portfolio

turnover

rate

(g)

..........................................

13

%

15

%

22

%

18

%

18

%

(a)

Based

on

average

shares

outstanding.

(b)

Includes

a

one-time

special

distribution

from

NortonLifeLock

Inc.

Excluding

such

special

distribution,

the

net

investment

income

would

have

been

$(0.07)

per

share

and

(0.03)%

of

average

net

assets.

(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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

49

Financial

Highlights

iShares

North

American

Natural

Resources

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

.................................

$

40.44

‌

$

27.57

‌

$

16.65

‌

$

31.40

‌

$

33.08

‌

Net

investment

income

(a)

........................................

1.22

‌

0.93

‌

0.70

‌

0.78

‌

0.65

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............................

(1.22

)

12.85

‌

11.04

‌

(13.82

)

(1.59

)

Net

increase

(decrease)

from

investment

operations

.......................

0.00

‌

13.78

‌

11.74

‌

(13.04

)

(0.94

)

Distributions

from

net

investment

income

(c)

..............................

(1.27

)

(0.91

)

(0.82

)

(1.71

)

(0.74

)

Net

asset

value,

end

of

year

......................................

$

39.17

‌

$

40.44

‌

$

27.57

‌

$

16.65

‌

$

31.40

‌

Total

Return

(d)

0.19%

—

—

—

—

Based

on

net

asset

value

.........................................

0.19

%

50.84

%

71.57

%

(43.54

)%

(2.87

)%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

................................................

0.41

%

0.40

%

0.43

%

0.46

%

0.46

%

Net

investment

income

...........................................

3.08

%

2.92

%

3.14

%

2.72

%

1.94

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

802,951

‌

$

942,142

‌

$

397,022

‌

$

294,696

‌

$

761,370

‌

Portfolio

turnover

rate

(f)

...........................................

11

%

15

%

14

%

16

%

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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Annual

Report

to

Shareholders

50

iShares

North

American

Tech-Multimedia

Networking

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

.................................

$

74.08

‌

$

67.17

‌

$

43.34

‌

$

56.49

‌

$

51.48

‌

Net

investment

income

(a)

........................................

0.24

‌

0.16

‌

0.29

‌

0.26

‌

0.23

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............................

(2.60

)

6.91

‌

23.83

‌

(13.10

)

5.04

‌

Net

increase

(decrease)

from

investment

operations

.......................

(2.36

)

7.07

‌

24.12

‌

(12.84

)

5.27

‌

Distributions

from

net

investment

income

(c)

..............................

(0.25

)

(0.16

)

(0.29

)

(0.31

)

(0.26

)

Net

asset

value,

end

of

year

......................................

$

71.47

‌

$

74.08

‌

$

67.17

‌

$

43.34

‌

$

56.49

‌

Total

Return

(d)

(3.16)%

—

—

—

—

Based

on

net

asset

value

.........................................

(3.16

)%

10.53

%

55.89

%

(22.80

)%

10.27

%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

................................................

0.41

%

0.40

%

0.43

%

0.46

%

0.46

%

Net

investment

income

...........................................

0.34

%

0.22

%

0.52

%

0.47

%

0.44

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

107,205

‌

$

162,972

‌

$

100,755

‌

$

43,335

‌

$

132,758

‌

Portfolio

turnover

rate

(f)

...........................................

31

%

37

%

38

%

33

%

29

%

(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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

51

Financial

Highlights

iShares

Semiconductor

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

.................................

$

472.45

‌

$

424.09

‌

$

204.97

‌

$

189.61

‌

$

180.13

‌

Net

investment

income

(a)

........................................

4.48

‌

3.56

‌

3.35

‌

3.13

‌

2.66

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............................

(27.46

)

48.37

‌

218.90

‌

15.50

‌

9.12

‌

Net

increase

(decrease)

from

investment

operations

.......................

(22.98

)

51.93

‌

222.25

‌

18.63

‌

11.78

‌

Distributions

from

net

investment

income

(c)

..............................

(4.56

)

(3.57

)

(3.13

)

(3.27

)

(2.30

)

Net

asset

value,

end

of

year

......................................

$

444.91

‌

$

472.45

‌

$

424.09

‌

$

204.97

‌

$

189.61

‌

Total

Return

(d)

(4.67)%

—

—

—

—

Based

on

net

asset

value

.........................................

(4.67

)%

12.23

%

108.93

%

9.80

%

6.61

%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

................................................

0.39

%

0.40

%

0.43

%

0.46

%

0.46

%

Net

investment

income

...........................................

1.17

%

0.76

%

1.02

%

1.42

%

1.50

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

7,785,915

‌

$

8,952,849

‌

$

6,318,968

‌

$

2,141,965

‌

$

1,061,836

‌

Portfolio

turnover

rate

(f)

...........................................

18

%

32

%

23

%

14

%

26

%

(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.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

2023

iShares

Annual

Report

To

Shareholders

52

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. 

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

prevailing

market

rates

as

quoted

by

one

or

more

data

service

providers.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value.

Each

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

Certain

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 

March

31,

2023

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

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.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

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

Biotechnology

.......................................................................................................

Non-diversified

Expanded

Tech

Sector

.................................................................................................

Non-diversified

Expanded

Tech-Software

Sector

...........................................................................................

Non-diversified

North

American

Natural

Resources

.........................................................................................

Diversified

North

American

Tech-Multimedia

Networking

..................................................................................

Non-diversified

Semiconductor

......................................................................................................

Non-diversified

Notes

to

Financial

Statements

(continued)

53

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.

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the Valuation

Committee,

in

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

 Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

To

Shareholders

54

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency. 

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

Biotechnology

Barclays

Bank

PLC

.....................................

$

20,911,810‌

$

(20,911,810‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

5,215,087‌

(5,215,087‌)

–‌

–‌

BNP

Paribas

SA

.......................................

132,300,923‌

(131,716,299‌)

–‌

584,624‌

BofA

Securities,

Inc.

....................................

57,522,872‌

(57,522,872‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

11,152,752‌

(11,152,752‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

42,459,454‌

(42,459,454‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

3,864‌

(3,864‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

66,730,206‌

(66,730,206‌)

–‌

–‌

HSBC

Bank

PLC

......................................

2,305,423‌

(2,305,423‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

265,040,582‌

(265,040,582‌)

–‌

–‌

Jefferies

LLC

.........................................

21,999,839‌

(21,999,839‌)

–‌

–‌

Mizuho

Securities

USA

LLC

...............................

94,640‌

(94,640‌)

–‌

–‌

Morgan

Stanley

.......................................

42,340,256‌

(42,340,256‌)

–‌

–‌

National

Financial

Services

LLC

............................

14,890,059‌

(14,890,059‌)

–‌

–‌

Natixis

SA

...........................................

19,559,126‌

(18,947,600‌)

–‌

611,526‌

Nomura

Securities

International,

Inc.

.........................

58,553‌

(58,553‌)

–‌

–‌

Pershing

LLC

.........................................

11,883,794‌

(11,660,362‌)

–‌

223,432‌

RBC

Capital

Markets

LLC

................................

12,064,033‌

(11,942,642‌)

–‌

121,391‌

Scotia

Capital

(USA),

Inc.

................................

960,943‌

(960,943‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

2,118,041‌

(2,118,041‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

17,595,281‌

(16,929,170‌)

–‌

666,111‌

Toronto-Dominion

Bank

..................................

71,960,510‌

(71,960,510‌)

–‌

–‌

UBS

AG

............................................

13,620,120‌

(13,552,217‌)

–‌

67,903‌

UBS

Securities

LLC

....................................

2,128,352‌

(2,128,352‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

515,573‌

(515,573‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

7,274,328‌

(7,118,261‌)

–‌

156,067‌

Wells

Fargo

Securities

LLC

...............................

3,295,659‌

(3,293,729‌)

–‌

1,930‌

$

846,002,080‌

$

(843,569,096‌)

$

–‌

$

2,432,984‌

Expanded

Tech

Sector

Barclays

Bank

PLC

.....................................

$

4,714,286‌

$

(4,714,286‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

268,742‌

(258,958‌)

–‌

9,784‌

BMO

Capital

Markets

Corp.

...............................

365,407‌

(348,345‌)

–‌

17,062‌

BNP

Paribas

SA

.......................................

15,827,277‌

(15,685,243‌)

–‌

142,034‌

BofA

Securities,

Inc.

....................................

1,015,973‌

(992,312‌)

–‌

23,661‌

Citadel

Clearing

LLC

....................................

313,434‌

(313,434‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

12,317,155‌

(12,097,494‌)

–‌

219,661‌

Goldman

Sachs

&

Co.

LLC

...............................

14,623,599‌

(13,947,699‌)

–‌

675,900‌

HSBC

Bank

PLC

......................................

7,002,136‌

(6,880,758‌)

–‌

121,378‌

J.P.

Morgan

Securities

LLC

...............................

2,739,546‌

(2,739,546‌)

–‌

–‌

Jefferies

LLC

.........................................

37,070‌

(37,054‌)

–‌

16‌

Morgan

Stanley

.......................................

3,135,973‌

(3,079,135‌)

–‌

56,838‌

National

Financial

Services

LLC

............................

789,193‌

(713,322‌)

–‌

75,871‌

RBC

Capital

Markets

LLC

................................

4,196,392‌

(4,098,202‌)

–‌

98,190‌

Scotia

Capital

(USA),

Inc.

................................

3,985,800‌

(3,944,831‌)

–‌

40,969‌

SG

Americas

Securities

LLC

..............................

338,541‌

(333,392‌)

–‌

5,149‌

State

Street

Bank

&

Trust

Co.

..............................

298,786‌

(297,652‌)

–‌

1,134‌

Toronto-Dominion

Bank

..................................

10,511,116‌

(10,428,306‌)

–‌

82,810‌

UBS

AG

............................................

654,807‌

(653,995‌)

–‌

812‌

UBS

Securities

LLC

....................................

1,770,997‌

(1,636,841‌)

–‌

134,156‌

Notes

to

Financial

Statements

(continued)

55

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)

Expanded

Tech

Sector

(continued)

Virtu

Americas

LLC

.....................................

1,342,359‌

(1,329,429‌)

–‌

12,930‌

Wells

Fargo

Bank

N.A.

..................................

545,010‌

(545,010‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

292,938‌

(284,985‌)

–‌

7,953‌

$

87,086,537‌

$

(85,360,229‌)

$

–‌

$

1,726,308‌

Expanded

Tech-Software

Sector

Barclays

Bank

PLC

.....................................

$

15,260,373‌

$

(15,029,108‌)

$

–‌

$

231,265‌

Barclays

Capital,

Inc.

...................................

1,804,376‌

(1,677,647‌)

–‌

126,729‌

BNP

Paribas

SA

.......................................

11,090,572‌

(10,987,533‌)

–‌

103,039‌

BofA

Securities,

Inc.

....................................

8,196,508‌

(7,968,150‌)

–‌

228,358‌

Citadel

Clearing

LLC

....................................

5,600,030‌

(5,600,030‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

1,241,394‌

(1,241,394‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

177,246‌

(175,877‌)

–‌

1,369‌

Goldman

Sachs

&

Co.

LLC

...............................

61,431,596‌

(60,491,407‌)

–‌

940,189‌

HSBC

Bank

PLC

......................................

34,692,281‌

(33,493,203‌)

–‌

1,199,078‌

J.P.

Morgan

Securities

LLC

...............................

33,888,930‌

(33,230,364‌)

–‌

658,566‌

Jefferies

LLC

.........................................

1,208,565‌

(1,149,935‌)

–‌

58,630‌

Morgan

Stanley

.......................................

33,163,522‌

(31,270,427‌)

–‌

1,893,095‌

National

Financial

Services

LLC

............................

4,931,490‌

(4,894,605‌)

–‌

36,885‌

Natixis

SA

...........................................

554,819‌

(522,122‌)

–‌

32,697‌

Nomura

Securities

International,

Inc.

.........................

231,525‌

(231,525‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

212,807‌

(211,454‌)

–‌

1,353‌

Scotia

Capital

(USA),

Inc.

................................

1,267,738‌

(1,267,738‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

15,420‌

(15,420‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

2,990,366‌

(2,990,366‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

4,644,172‌

(4,644,172‌)

–‌

–‌

UBS

AG

............................................

2,213,684‌

(2,071,582‌)

–‌

142,102‌

UBS

Securities

LLC

....................................

2,817,038‌

(2,633,595‌)

–‌

183,443‌

Virtu

Americas

LLC

.....................................

63,543‌

(63,543‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

2,427,838‌

(2,385,125‌)

–‌

42,713‌

Wells

Fargo

Securities

LLC

...............................

53,782‌

(53,782‌)

–‌

–‌

$

230,179,615‌

$

(224,300,104‌)

$

–‌

$

5,879,511‌

North

American

Natural

Resources

Barclays

Bank

PLC

.....................................

$

333,802‌

$

(333,802‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

24,539‌

(24,539‌)

–‌

–‌

BNP

Paribas

SA

.......................................

8,199,919‌

(8,199,919‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

1,078,125‌

(1,078,125‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

825,551‌

(825,551‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

311,740‌

(311,740‌)

–‌

–‌

Deutsche

Bank

Securities,

Inc.

.............................

522‌

(522‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

887,519‌

(887,519‌)

–‌

–‌

HSBC

Bank

PLC

......................................

76,300‌

(76,300‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

473,670‌

(473,670‌)

–‌

–‌

Jefferies

LLC

.........................................

2,659,151‌

(2,659,151‌)

–‌

–‌

Morgan

Stanley

.......................................

602,892‌

(602,892‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

202,272‌

(202,272‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

1,107,000‌

(1,107,000‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

156,644‌

(156,644‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

554,936‌

(554,936‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

725,567‌

(725,567‌)

–‌

–‌

UBS

AG

............................................

749,259‌

(749,259‌)

–‌

–‌

UBS

Securities

LLC

....................................

3,753,304‌

(3,753,304‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

106,569‌

(106,569‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

14,560‌

(14,560‌)

–‌

–‌

$

22,843,841‌

$

(22,843,841‌)

$

–‌

$

–‌

North

American

Tech-Multimedia

Networking

Goldman

Sachs

&

Co.

LLC

...............................

$

1,092,180‌

$

(1,081,977‌)

$

–‌

$

10,203‌

J.P.

Morgan

Securities

LLC

...............................

1,050,643‌

(1,050,643‌)

–‌

–‌

Jefferies

LLC

.........................................

516,282‌

(516,282‌)

–‌

–‌

Morgan

Stanley

.......................................

3,371,310‌

(3,337,424‌)

–‌

33,886‌

Scotia

Capital

(USA),

Inc.

................................

1,552,000‌

(1,552,000‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

413,559‌

(410,623‌)

–‌

2,936‌

Wells

Fargo

Securities

LLC

...............................

12,624‌

(12,624‌)

–‌

–‌

$

8,008,598‌

$

(7,961,573‌)

$

–‌

$

47,025‌

Semiconductor

Barclays

Bank

PLC

.....................................

$

2,018,666‌

$

(2,018,666‌)

$

–‌

$

–‌

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

To

Shareholders

56

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

 Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly owned

by

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(

i

)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to

the iShares

Biotechnology

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

Semiconductor

(continued)

BNP

Paribas

SA

.......................................

2,567,796‌

(2,567,796‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

3,138,513‌

(3,138,513‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

6,486,189‌

(6,486,189‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

122,006‌

(122,006‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

26,186,478‌

(26,186,478‌)

–‌

–‌

HSBC

Bank

PLC

......................................

19,701,382‌

(19,701,382‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

205,902,078‌

(205,902,078‌)

–‌

–‌

Jefferies

LLC

.........................................

563,664‌

(563,664‌)

–‌

–‌

Morgan

Stanley

.......................................

16,047,117‌

(16,047,117‌)

–‌

–‌

National

Financial

Services

LLC

............................

861,984‌

(861,984‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

3,696,159‌

(3,696,159‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

8,816,768‌

(8,816,768‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

5,066‌

(5,066‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

748,781‌

(748,781‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

181,584‌

(181,584‌)

–‌

–‌

$

297,044,231‌

$

(297,044,231‌)

$

–‌

$

–‌

(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

Fund’s

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

March

31,

2023.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$121

billion

..................................................................................................

0.4800%

Over

$121

billion,

up

to

and

including

$181

billion

............................................................................

0.4560

Over

$181

billion,

up

to

and

including

$231

billion

............................................................................

0.4332

Over

$231

billion,

up

to

and

including

$281

billion

............................................................................

0.4116

Over

$281

billion

..................................................................................................

0.3910

Notes

to

Financial

Statements

(continued)

57

Notes

to

Financial

Statements

For

its

investment

advisory

services

to

each

of

the iShares

Expanded

Tech

Sector

ETF,

iShares

Expanded

Tech-Software

Sector

ETF,

iShares

North

American

Natural

Resources

ETF

and

iShares

North

American

Tech-Multimedia

Networking

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on each

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Effective

December

16,

2022,

for

its

investment

advisory

services

to

the iShares

Semiconductor

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Prior

to

December

16,

2022,

for

its

investment

advisory

services

to

the

iShares

Semiconductor

ETF,

BFA

was

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on

the

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.

Prior

to

April

25,

2022,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company. 

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statements

of

Operations.

For

the year ended

March

31,

2023,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$10

billion

...................................................................................................

0.4800%

Over

$10

billion,

up

to

and

including

$20

billion

..............................................................................

0.4300

Over

$20

billion,

up

to

and

including

$30

billion

..............................................................................

0.3800

Over

$30

billion,

up

to

and

including

$40

billion

..............................................................................

0.3420

Over

$40

billion

...................................................................................................

0.3078

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$10

billion

...................................................................................................

0.3500%

Over

$10

billion,

up

to

and

including

$20

billion

..............................................................................

0.3500

Over

$20

billion,

up

to

and

including

$30

billion

..............................................................................

0.3500

Over

$30

billion,

up

to

and

including

$40

billion

..............................................................................

0.3420

Over

$40

billion

...................................................................................................

0.3078

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$10

billion

...................................................................................................

0.4800%

Over

$10

billion,

up

to

and

including

$20

billion

..............................................................................

0.4300

Over

$20

billion,

up

to

and

including

$30

billion

..............................................................................

0.3800

Over

$30

billion,

up

to

and

including

$40

billion

..............................................................................

0.3420

Over

$40

billion

...................................................................................................

0.3078

iShares

ETF

Amounts

Biotechnology

...........................................................................................................

$

1,629,210‌

Expanded

Tech

Sector

.....................................................................................................

127,046‌

Expanded

Tech-Software

Sector

...............................................................................................

487,742‌

North

American

Natural

Resources

.............................................................................................

42,451‌

North

American

Tech-Multimedia

Networking

......................................................................................

8,940‌

Semiconductor

..........................................................................................................

706,021‌

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

To

Shareholders

58

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 March

31,

2023,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the year ended

March

31,

2023,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the year ended

March

31,

2023,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

March

31,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

As

of March

31,

2023,

permanent

differences

attributable

to

net

operating

loss,

distributions

paid

in

excess

of

taxable

income

and

realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

to

the

following

accounts:

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Biotechnology

........................................................................

$

126,743,933‌

$

334,307,187‌

$

(54,993,735‌)

Expanded

Tech

Sector

..................................................................

118,295,981‌

110,550,536‌

(52,019,385‌)

Expanded

Tech-Software

Sector

............................................................

120,884,682‌

130,056,409‌

(91,881,698‌)

North

American

Natural

Resources

..........................................................

13,248,840‌

10,806,443‌

(1,784,368‌)

North

American

Tech-Multimedia

Networking

...................................................

18,754,392‌

12,598,206‌

(1,833,652‌)

Semiconductor

.......................................................................

421,104,362‌

187,591,146‌

(73,441,594‌)

iShares

ETF

Purchases

Sales

Biotechnology

........................................................................................

$

1,079,163,321‌

$

1,084,512,595‌

Expanded

Tech

Sector

..................................................................................

281,362,318‌

287,483,664‌

Expanded

Tech-Software

Sector

............................................................................

635,900,215‌

633,844,113‌

North

American

Natural

Resources

..........................................................................

103,538,102‌

103,942,459‌

North

American

Tech-Multimedia

Networking

...................................................................

35,237,697‌

35,496,297‌

Semiconductor

.......................................................................................

1,229,448,803‌

1,231,981,008‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Biotechnology

........................................................................................

$

5,895,630,521‌

$

6,361,022,712‌

Expanded

Tech

Sector

..................................................................................

291,445,286‌

1,258,469,190‌

Expanded

Tech-Software

Sector

............................................................................

10,522,514,826‌

9,988,575,724‌

North

American

Natural

Resources

..........................................................................

334,212,844‌

417,006,524‌

North

American

Tech-Multimedia

Networking

...................................................................

21,048,907‌

67,470,179‌

Semiconductor

.......................................................................................

9,878,975,079‌

10,421,149,682‌

iShares

ETF

Paid-In

Capital

Accumulated

Earnings

(Loss)

Biotechnology

.............................................................................

$

390,835,754‌

$

(390,835,754‌)

Expanded

Tech

Sector

.......................................................................

488,945,653‌

(488,945,653‌)

Expanded

Tech-Software

Sector

.................................................................

2,843,069‌

(2,843,069‌)

North

American

Natural

Resources

...............................................................

96,198,199‌

(96,198,199‌)

North

American

Tech-Multimedia

Networking

........................................................

6,415,785‌

(6,415,785‌)

Semiconductor

............................................................................

303,545,659‌

(303,545,659‌)

—‌

Notes

to

Financial

Statements

(continued)

59

Notes

to

Financial

Statements

The

tax

character

of

distributions

paid

was

as

follows:

As

of

March

31,

2023,

the

tax

components

of

accumulated

net

earnings

(losses)

were

as

follows:

As

of

March

31,

2023,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Line

of

Credit

The

iShares

Semiconductor

ETF,

along

with

certain

other

iShares

funds

(“Participating

Funds”),

is

a

party

to

a

$800

million

credit

agreement

(“Syndicated

Credit

Agreement”)

with

a

group

of

lenders,

which

expires

on

August

11,

2023.

The

line

of

credit

may

be

used

for

temporary

or

emergency

purposes,

including

redemptions,

settlement

of

trades

and

rebalancing

of

portfolio

holdings

in

certain

target

markets.

The

Funds

may

borrow

up

to

the

aggregate

commitment

amount

subject

to

asset

coverage

and

other

limitations

as

specified in

the

Syndicated Credit

Agreement. The

Syndicated

Credit

Agreement

has

the

following

terms:

a

commitment

fee

of

0.15%

per

annum

on

the

unused

portion

of

the

credit

agreement

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Daily

Simple Secured

Overnight Financing

Rate

(“SOFR”)

plus

0.10%

and

1.00%

per

annum

or (b)

the

U.S.

Federal

Funds

rate plus

1.00%

per

annum

on

amounts

borrowed.

The

commitment

fee

is

generally

allocated

to

each

Participating

Fund

based

on

the

lesser

of

a

Participating

Fund’s

relative

exposure

to

certain

target

markets

or

a

Participating

Fund’s

maximum

borrowing

amount

as

set

forth

by

the

terms

of

the

Syndicated

Credit

Agreement.

During

the

year

ended

March

31,

2023, the

Fund did

not

borrow

under

the Syndicated

Credit

Agreement.

iShares

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Biotechnology

Ordinary

income

...........................................................................................

$

22,926,845‌

$

20,365,764‌

Expanded

Tech

Sector

Ordinary

income

...........................................................................................

$

15,012,645‌

$

6,535,033‌

Expanded

Tech-Software

Sector

Ordinary

income

...........................................................................................

$

366,961‌

$

—‌

North

American

Natural

Resources

Ordinary

income

...........................................................................................

$

29,227,112‌

$

15,154,197‌

North

American

Tech-Multimedia

Networking

Ordinary

income

...........................................................................................

$

390,901‌

$

284,071‌

Semiconductor

Ordinary

income

...........................................................................................

$

78,660,830‌

$

61,257,081‌

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Qualified

Late-Year

Losses

(c)

Total

Biotechnology

.........................................................

$

(2,690,738,576‌)

$

(2,966,863,761‌)

$

(608,491‌)

$

(5,658,210,828‌)

Expanded

Tech

Sector

...................................................

(114,307,739‌)

212,006,381‌

—‌

97,698,642‌

Expanded

Tech-Software

Sector

.............................................

(441,797,378‌)

(1,810,955,022‌)

(485,074‌)

(2,253,237,474‌)

North

American

Natural

Resources

...........................................

(498,272,318‌)

(49,275,845‌)

—‌

(547,548,163‌)

North

American

Tech-Multimedia

Networking

....................................

(78,086,958‌)

(6,969,272‌)

—‌

(85,056,230‌)

Semiconductor

........................................................

(721,302,528‌)

(627,905,682‌)

—‌

(1,349,208,210‌)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

were

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

and

the

characterization

of

corporate

actions.

(c)

The

Fund

has

elected

to

defer

certain

qualified

late-year

losses

and

recognize

such

losses

in

the

next

taxable

year.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Biotechnology

...................................................

$

11,846,844,517‌

$

317,378,722‌

$

(3,284,242,483‌)

$

(2,966,863,761‌)

Expanded

Tech

Sector

..............................................

2,673,322,269‌

452,263,904‌

(240,257,523‌)

212,006,381‌

Expanded

Tech-Software

Sector

.......................................

7,424,474,561‌

70,914,152‌

(1,881,869,174‌)

(1,810,955,022‌)

North

American

Natural

Resources

.....................................

874,594,944‌

65,907,177‌

(115,184,385‌)

(49,277,208‌)

North

American

Tech-Multimedia

Networking

...............................

122,218,839‌

9,851,506‌

(16,820,778‌)

(6,969,272‌)

Semiconductor

...................................................

8,710,574,224‌

342,290,399‌

(970,196,080‌)

(627,905,681‌)

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

To

Shareholders

60

10.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy,

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests.

The

price

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.

Counterparty

Credit

Risk:

 The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Concentration

Risk:

 A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

The

Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

11.

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.

Notes

to

Financial

Statements

(continued)

61

Notes

to

Financial

Statements

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

12.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

03/31/23

Year

Ended

03/31/22

iShares

ETF

Shares

Amount

Shares

Amount

Biotechnology

Shares

sold

47,300,000‌

$

5,905,319,995‌

69,600,000‌

$

10,694,874,817‌

Shares

redeemed

(51,300,000‌)

(6,370,788,441‌)

(69,000,000‌)

(10,600,003,781‌)

(4,000,000‌)

$

(465,468,446‌)

600,000‌

$

94,871,036‌

Expanded

Tech

Sector

Shares

sold

950,000‌

$

292,277,292‌

4,000,000‌

$

1,487,473,141‌

Shares

redeemed

(4,250,000‌)

(1,261,444,843‌)

(1,350,000‌)

(542,193,189‌)

(3,300,000‌)

$

(969,167,551‌)

2,650,000‌

$

945,279,952‌

Expanded

Tech-Software

Sector

Shares

sold

38,550,000‌

$

10,559,918,140‌

41,050,000‌

$

15,779,096,632‌

Shares

redeemed

(36,550,000‌)

(10,019,821,991‌)

(40,150,000‌)

(15,286,337,427‌)

2,000,000‌

$

540,096,149‌

900,000‌

$

492,759,205‌

North

American

Natural

Resources

Shares

sold

8,300,000‌

$

339,579,091‌

11,400,000‌

$

402,445,296‌

Shares

redeemed

(11,100,000‌)

(422,788,296‌)

(2,500,000‌)

(73,977,459‌)

(2,800,000‌)

$

(83,209,205‌)

8,900,000‌

$

328,467,837‌

North

American

Tech-Multimedia

Networking

Shares

sold

300,000‌

$

21,073,892‌

1,450,000‌

$

106,155,183‌

Shares

redeemed

(1,000,000‌)

(67,864,738‌)

(750,000‌)

(54,111,077‌)

(700,000‌)

$

(46,790,846‌)

700,000‌

$

52,044,106‌

Semiconductor

Shares

sold

25,800,000‌

$

9,899,375,994‌

22,350,000‌

$

10,465,399,629‌

Shares

redeemed

(27,250,000‌)

(10,443,083,276‌)

(18,300,000‌)

(8,404,591,175‌)

(1,450,000‌)

$

(543,707,282‌)

4,050,000‌

$

2,060,808,454‌

Report

of

Independent

Registered

Public

Accounting

Firm

2023

ISHARES

ANNUAL

REPORT

TO

SHAREHOLDERS

62

To

the

Board

of

Trustees

of

iShares

Trust

and

Shareholders

of

each

of

the six

funds

listed

in

the

table

below

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed in

the

table

below

(six

of

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

to

as

the “Funds”)

as

of

March

31,

2023,

the

related

statements

of

operations

for

the

year

ended

March

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2023 (collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

March

31,

2023,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2023

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2023 in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2023

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

25,

2023 

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

iShares

Biotechnology

ETF

iShares

Expanded

Tech

Sector

ETF

iShares

Expanded

Tech-Software

Sector

ETF

iShares

North

American

Natural

Resources

ETF

iShares

North

American

Tech-Multimedia

Networking

ETF

iShares

Semiconductor

ETF

Important

Tax

Information

(unaudited)

63

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

March

31,

2023:

The

following

percentages,

or

maximum

percentages

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended March

31,

2023

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

Biotechnology

.....................................................................................................

$

48,768,056‌

Expanded

Tech

Sector

...............................................................................................

27,313,983‌

Expanded

Tech-Software

Sector

.........................................................................................

15,493,110‌

North

American

Natural

Resources

.......................................................................................

33,101,449‌

North

American

Tech-Multimedia

Networking

................................................................................

802,607‌

Semiconductor

....................................................................................................

96,649,128‌

iShares

ETF

Dividends-Received

Deduction

Biotechnology

.......................................................................................................

100.00

%

‌

Expanded

Tech

Sector

.................................................................................................

100.00

‌

North

American

Natural

Resource

s

.........................................................................................

85.52

‌

North

American

Tech-Multimedia

Networking

..................................................................................

100.00

‌

Semiconductor

......................................................................................................

100.00

‌

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

2023

iShares

Annual

Report

to

Shareholders

64

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

Biotechnology

ETF,

iShares

Expanded

Tech

Sector

ETF,

iShares

Expanded

Tech-Software

Sector

ETF,

iShares

North

American

Natural

Resources

ETF,

iShares

North

American

Tech-Multimedia

Networking

ETF

and

iShares

Semiconductor

ETF (the

“Funds”

or

“ETFs”),

each

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Funds,

met

on

December

9,

2022

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Fund

Advisors

(“BlackRock”),

the

investment

adviser

to

the

Funds,

as

the

program

administrator

for

each

Fund’s

Program.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2021

through

September

30,

2022

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing each

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish each

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

extended

market

holidays, the

imposition

of

capital

controls

in

certain

non-U.S.

countries,

Russian

sanctions

and

the

closure

of

the

Russian

securities

market.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing each

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure,

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Derivative

exposure

was

also

considered

in

the

calculation

of

a

fund’s

liquidity

bucketing.

Finally,

a

factor

for

consideration

under

the

Liquidity

Rule

is

a

Fund’s

use

of

borrowings

for

investment

purposes.

However,

the

Funds

do

not

borrow

for

investment

purposes.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

each

ETF’s

reasonably

anticipated

trading

size

(“RATS”).

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements.

The

Committee

considered

that

ETFs

generally

do

not

hold

more

than

de

minimis

amounts

of

cash.

The

Committee

also

considered

that

ETFs

generally

do

not

engage

in

borrowing.

d)

The

relationship

between

an

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants,

including

authorized

participants.

The

Committee

monitored

the

prevailing

bid/ask

spread

and

the

ETF

price

premium

(or

discount)

to

NAV

for

all

ETFs.

However,

there

were

no

ETFs

with

persistent

deviations

of

fund

premium/discount

or

bid/ask

spreads

from

long-term

averages

over

the

Program

Reporting

Period.

e)

The

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

an

ETF’s

portfolio.

In

reviewing

the

linkage

between

the

composition

of

custom

baskets

accepted

by

an

ETF

and

any

significant

change

in

the

liquidity

profile

of

such

ETF,

the

Committee

reviewed

changes

in

the

proportion

of

each

ETF’s

portfolio

comprised

of

less

liquid

and

illiquid

holdings

to

determine

if

applicable

thresholds

were

met

requiring

enhanced

review.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

classification

methodology.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Supplemental

Information

(unaudited)

65

Supplemental

Information

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

each

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

March

31,

2023

Premium/Discount

Information

Information

on

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

be

found

at

iShares.com

.

Regulation

under

the

Alternative

Investment

Fund

Managers

Directive

The

Alternative

Investment

Fund

Managers

Directive,

and

its

United

Kingdom

(“UK”)

equivalent,

(“AIFMD”)

impose

detailed

and

prescriptive

obligations

on

fund

managers

established

in

the

European

Union

(the

“EU”)

and

the

UK.

These

do

not

currently

apply

to

managers

established

outside

of

the

EU

or

UK, such

as

BFA

(the

“Company”). Rather,

the

Company

is

only

required

to

comply

with

certain

disclosure,

reporting

and

transparency

obligations

of

AIFMD

because

it

has

registered

the

iShares

Biotechnology

ETF (the

“Fund”)

to

be

marketed

to

investors

in

the

EU

and/or

UK. 

Report

on

Remuneration

The

Company

is

required

under

AIFMD

to

make

quantitative

disclosures

of

remuneration.

These

disclosures

are

made

in

line

with

BlackRock’s

interpretation

of

currently

available

regulatory

guidance

on

quantitative

remuneration

disclosures.

As

market

or

regulatory

practice

develops

BlackRock

may

consider

it

appropriate

to

make

changes

to

the

way

in

which

quantitative

remuneration

disclosures

are

calculated.

Where

such

changes

are

made,

this

may

result

in

disclosures

in

relation

to

a

fund

not

being

comparable

to

the

disclosures

made

in

the

prior

year,

or

in

relation

to

other

BlackRock

fund

disclosures

in

that

same

year.

Disclosures

are

provided

in

relation

to

(a)

the

staff

of

the

Company;

(b)

staff

who

are

senior

management;

and

(c)

staff

who

have

the

ability

to

materially

affect

the

risk

profile

of

the

Fund.

All

individuals

included

in

the

aggregated

figures

disclosed

are

rewarded

in

line

with

BlackRock’s

remuneration

policy

for

their

responsibilities

across

the

relevant

BlackRock

business

area.

As

all

individuals

have

a

number

of

areas

of

responsibilities,

only

the

portion

of

remuneration

for

those

individuals’

services

attributable

to

the

Fund

is

included

in

the

aggregate

figures

disclosed.

BlackRock

has

a

clear

and

well-defined

pay-for-performance

philosophy,

and

compensation

programs

which

support

that

philosophy.

BlackRock

operates

a

total

compensation

model

for

remuneration

which

includes

a

base

salary,

which

is

contractual,

and

a

discretionary

bonus

scheme.

Although

all

employees

are

eligible

to

receive

a

discretionary

bonus,

there

is

no

contractual

obligation

to

make

a

discretionary

bonus

award

to

any

employees.

For

senior

management

and

staff

who

have

the

ability

to

materially

affect

the

risk

profile

of

the

Fund, a

significant

percentage

of

variable

remuneration

is

deferred

over

time.

All

employees

are

subject

to

a

clawback

policy.

Remuneration

decisions

for

employees

are

made

once

annually

in

January

following

the

end

of

the

performance

year,

based

on

BlackRock’s

full-year

financial

results

and

other

non-financial

goals

and

objectives.

Alongside

financial

performance,

individual

total

compensation

is

also

based

on

strategic

and

operating

results

and

other

considerations

such

as

management

and

leadership

capabilities.

No

set

formulas

are

established

and

no

fixed

benchmarks

are

used

in

determining

annual

incentive

awards.

Annual

incentive

awards

are

paid

from

a

bonus

pool

which

is

reviewed

throughout

the

year

by

BlackRock's

independent

compensation

committee,

taking

into

account

both

actual

and

projected

financial

information

together

with

information

provided

by

the

Enterprise

Risk

and

Regulatory

Compliance

departments

in

relation

to

any

activities,

incidents

or

events

that

warrant

consideration

in

making

compensation

decisions.

Individuals

are

not

involved

in

setting

their

own

remuneration.

Each

of

the

control

functions

(Enterprise

Risk,

Legal

&

Compliance,

and

Internal

Audit)

each

have

their

own

organizational

structures

which

are

independent

of

the

business

units

and

therefore

staff

members

in

control

functions

are

remunerated

independently

of

the

businesses

they

oversee.

Functional

bonus

pools

for

those

control

functions

are

determined

with

reference

to

the

performance

of

each

individual

function

and

the

remuneration

of

the

senior

members

of

control

functions

is

directly

overseen

by

BlackRock's

independent

remuneration

committee.

Total

Cumulative

Distributions

for

the

Fiscal

Year

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Biotechnology

(a)

.......................

$

0.346105‌

$

—‌

$

0.008973‌

$

0.355078‌

97‌%

—‌%

3‌%

100‌%

Expanded

Tech

Sector

(a)

.................

1.267550‌

—‌

0.365287‌

1.632837‌

78‌

—‌

22‌

100‌

Semiconductor

.......................

4.564560‌

—‌

—‌

4.564560‌

100‌

—‌

—‌

100‌

(a)

The

Fund

estimates

that

it

has

distributed

more

than

its

net

investment

income

and

net

realized

capital

gains;

therefore,

a

portion

of

the

distribution

may

be

a

return

of

capital.

A

return

of

capital

may

occur,

for

example,

when

some

or

all

of

the

shareholder’s

investment

in

the

Fund

is

returned

to

the

shareholder.

A

return

of

capital

does

not

necessarily

reflect

the

Fund’s

investment

performance

and

should

not

be

confused

with

“yield”

or

“income”.

When

distributions

exceed

total

return

performance,

the

difference

will

incrementally

reduce

the

Fund’s

net

asset

value

per

share.

Supplemental

Information

(unaudited)

(continued)

2023

iShares

Annual

Report

to

Shareholders

66

Members

of

staff

and

senior

management

of

the

Company

typically

provide

both

AIFMD

and

non-AIFMD

related

services

in

respect

of

multiple

funds,

clients

and

functions

of

the

Company

and

across

the

broader

BlackRock

group.

Conversely,

members

of

staff

and

senior

management

of

the

broader

BlackRock

group

may

provide

both

AIFMD

and

non-AIFMD

related

services

in

respect

of

multiple

funds,

clients

and

functions

of

the

broader

BlackRock

group

and

of

the

Company.

Therefore,

the

figures

disclosed

are

a

sum

of

individuals’

portion

of

remuneration

attributable

to

the

Company

according

to

an

objective

apportionment

methodology

which

acknowledges

the

multiple-service

nature

of

the

Company

and

the

broader

BlackRock

group.

Accordingly,

the

figures

are

not

representative

of

any

individual’s

actual

remuneration

or

their

remuneration

structure.

The

amount

of

the

total

remuneration

awarded

to

the

Company’s

staff

in

respect

of

the

Company’s

financial

year

ending

December

31,

2022

was

USD

4,121

million.

This

figure

is

comprised

of

fixed

remuneration

of

USD

685

million

and

variable

remuneration

of

USD

3,436

million.

There

was

a

total

of

8

beneficiaries

of

the

remuneration

described

above.

The

amount

of

the

aggregate

remuneration

awarded

by

the

Company

in

respect

of

the

Company’s

financial

year

ending

December

31,

2022,

to

its

senior

management

was

USD

2,958

million,

and

to

other

members

of

its

staff

whose

actions

potentially

have

a

material

impact

on

the

risk

profile

of

the

Company

or

its

funds

was

USD

970

million.

These

figures

relate

to

the

entire

Company

and

not

to

the

Fund.

Disclosures

Under

the

EU

Sustainable

Finance

Disclosure

Regulation

The

iShares

Biotechnology

ETF (the

“Fund”)

is

registered

under

the

Alternative

Investment

Fund

Managers

Directive

to

be

marketed

to

European

Union

(“EU”)

investors,

as

noted

above.

As

a

result,

certain

disclosures

are

required

under

the

EU

Sustainable

Finance

Disclosure

Regulation

(“SFDR”).

The

Fund

has

not

been

categorized

under

the

SFDR

as

an

“Article

8”

or

“Article

9”

product.

In

addition,

the Fund’s

investment

strategy

does

not

take

into

account

the

criteria

for

environmentally

sustainable

economic

activities

under

the

EU

sustainable

investment

taxonomy

regulation

or

principal

adverse

impacts

(“PAIs”)

on

sustainability

factors

under

the

SFDR.

PAIs

are

identified

under

the

SFDR

as

the

material

impacts

of

investment

decisions

on

sustainability

factors

relating

to

environmental,

social

and

employee

matters,

respect

for

human

rights,

and

anti-corruption

and

anti-bribery

matters.

Trustee

and

Officer

Information

(unaudited)

67

Trustee

and

Officer

Information

The

Board

of

Trustees

has

responsibility

for

the

overall

management

and

operations

of

the

Funds,

including

general

supervision

of

the

duties

performed

by

BFA

and

other

service

providers.

Each

Trustee

serves

until

he

or

she

resigns,

is

removed,

dies,

retires

or

becomes

incapacitated.

Each

officer

shall

hold

office

until

his

or

her

successor

is

elected

and

qualifies

or

until

his

or

her

death,

resignation

or

removal.

Trustees

who

are

not

“interested

persons”

(as

defined

in

the

1940

Act)

of

the

Trust

are

referred

to

as

independent

trustees

(“Independent

Trustees”).

The

registered

investment

companies

advised

by

BFA

or

its

affiliates

(the

“BlackRock-advised

Funds”)

are

organized

into

one

complex

of

open-end

equity,

multi-asset,

index

and

money

market

funds

and

ETFs

(the

“BlackRock

Multi-Asset

Complex”),

one

complex

of

closed-end

funds

and

open-end

non-index

fixed-income

funds

(including

ETFs)

(the

“BlackRock

Fixed-Income

Complex”)

and

one

complex

of

ETFs

(“Exchange-Traded

Fund

Complex”)

(each,

a

“BlackRock

Fund

Complex”).

Each

Fund

is

included

in

the

Exchange-Traded

Fund

Complex.

Each

Trustee

also

serves

as

a

Director

of

iShares,

Inc.

and

a

Trustee

of

iShares

U.S.

ETF

Trust,

and,

as

a

result,

oversees

all

of

the

funds

within

the

Exchange-Traded

Fund

Complex,

which

consists

of

380

funds

as

of

March

31,

2023.

With

the

exception

of

Robert

S.

Kapito,

Salim

Ramji

and

Charles

Park,

the

address

of

each

Trustee

and

officer

is

c/o

BlackRock,

Inc.,

400

Howard

Street,

San

Francisco,

CA

94105.

The

address

of

Mr.

Kapito,

Mr.

Ramji

and

Mr.

Park

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New York,

NY

10001.

The

Board

has

designated

John

E.

Kerrigan

as

its

Independent

Board

Chair.

Additional

information

about

the

Funds’

Trustees

and

officers

may

be

found

in

the

Funds’

combined

Statement

of

Additional

Information,

which

is

available

without

charge,

upon

request,

by

calling

toll-free

1-800-iShares

(1-800-474-2737).

Interested

Trustees

(a)

Robert

S.

Kapito

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

(b)

Salim

Ramji

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

Independent

Trustees

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Robert

S.

Kapito

(a)

(1957)

Trustee

(since

2009).

President,

BlackRock,

Inc.

(since

2006);

Vice

Chairman

of

BlackRock,

Inc.

and

Head

of

BlackRock’s

Portfolio

Management

Group

(since

its

formation

in

1998)

and

BlackRock,

Inc.’s

predecessor

entities

(since

1988);

Trustee,

University

of

Pennsylvania

(since

2009);

President

of

Board

of

Directors,

Hope

&

Heroes

Children’s

Cancer

Fund

(since

2002).

Director

of

BlackRock,

Inc.

(since

2006);

Director

of

iShares,

Inc.

(since

2009);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Salim

Ramji

(b)

(1970)

Trustee

(since

2019).

Senior

Managing

Director,

BlackRock,

Inc.

(since

2014);

Global

Head

of

BlackRock’s

ETF

and

Index

Investments

Business

(since

2019);

Head

of

BlackRock’s

U.S.

Wealth

Advisory

Business

(2015-2019);

Global

Head

of

Corporate

Strategy,

BlackRock,

Inc.

(2014-2015);

Senior

Partner,

McKinsey

&

Company

(2010-2014).

Director

of

iShares,

Inc.

(since

2019);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2019).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

John

E.

Kerrigan

(1955)

Trustee

(since

2005);

Independent

Board

Chair

(since

2022).

Chief

Investment

Officer,

Santa

Clara

University

(since

2002).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011);

Independent

Board

Chair

of

iShares,

Inc.

and

iShares

U.S.

ETF

Trust

(since

2022).

Jane

D.

Carlin

(1956)

Trustee

(since

2015);

Risk

Committee

Chair

(since

2016).

Consultant

(since

2012);

Member

of

the

Audit

Committee

(2012-2018),

Chair

of

the

Nominating

and

Governance

Committee

(2017-2018)

and

Director

of

PHH

Corporation

(mortgage

solutions)

(2012-2018);

Managing

Director

and

Global

Head

of

Financial

Holding

Company

Governance

&

Assurance

and

the

Global

Head

of

Operational

Risk

Management

of

Morgan

Stanley

(2006-2012).

Director

of

iShares,

Inc.

(since

2015);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2015);

Member

of

the

Audit

Committee

(since

2016),

Chair

of

the

Audit

Committee

(since

2020)

and

Director

of

The

Hanover

Insurance

Group,

Inc.

(since

2016).

Richard

L.

Fagnani

(1954)

Trustee

(since

2017);

Audit

Committee

Chair

(since

2019).

Partner,

KPMG

LLP

(2002-2016);

Director

of

One

Generation

Away

(since

2021).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017).

Cecilia

H.

Herbert

(1949)

Trustee

(since

2005);

Nominating

and

Governance

and

Equity

Plus

Committee

Chairs

(since

2022).

Chair

of

the

Finance

Committee

(since

2019)

and

Trustee

and

Member

of

the

Finance,

Audit

and

Quality

Committees

of

Stanford

Health

Care

(since

2016);

Trustee

of

WNET,

New

York’s

public

media

company

(since

2011)

and

Member

of

the

Audit

Committee

(since

2018),

Investment

Committee

(since

2011)

and

Personnel

Committee

(since

2022);

Chair

(1994-2005)

and

Member

(1992-2021)

of

the

Investment

Committee,

Archdiocese

of

San

Francisco;

Trustee

of

Forward

Funds

(14

portfolios)

(2009-2018);

Trustee

of

Salient

MF

Trust

(4

portfolios)

(2015-2018);

Director

(1998-2013)

and

President

(2007-2011)

of

the

Board

of

Directors,

Catholic

Charities

CYO;

Trustee

(2002-2011)

and

Chair

of

the

Finance

and

Investment

Committee

(2006-2010)

of

the

Thacher

School;

Director

of

the

Senior

Center

of

Jackson

Hole

(since

2020);

Director

of

the

Jackson

Hole

Center

for

the

Arts

(since

2021);

Member

of

the

Wyoming

State

Investment

Funds

Committee

(since

2022).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Trustee

and

Officer

Information

(unaudited)

(continued)

2023

iShares

Annual

Report

to

Shareholders

68

Officers

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Drew

E.

Lawton

(1959)

Trustee

(since

2017);

15(c)

Committee

Chair

(since

2017).

Senior

Managing

Director

of

New

York

Life

Insurance

Company

(2010-2015).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017);

Director

of

Jackson

Financial

Inc.

(since

2021).

John

E.

Martinez

(1961)

Trustee

(since

2003);

Securities

Lending

Committee

Chair

(since

2019).

Director

of

Real

Estate

Equity

Exchange,

Inc.

(since

2005);

Director

of

Cloudera

Foundation

(2017-2020);

and

Director

of

Reading

Partners

(2012-2016).

Director

of

iShares,

Inc.

(since

2003);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Madhav

V.

Rajan

(1964)

Trustee

(since

2011);

Fixed-

Income

Plus

Committee

Chair

(since

2019).

Dean,

and

George

Pratt

Shultz

Professor

of

Accounting,

University

of

Chicago

Booth

School

of

Business

(since

2017);

Advisory

Board

Member

(since

2016)

and

Director

(since

2020)

of

C.M.

Capital

Corporation;

Chair

of

the

Board

for

the

Center

for

Research

in

Security

Prices,

LLC

(since

2020);

Robert

K.

Jaedicke

Professor

of

Accounting,

Stanford

University

Graduate

School

of

Business

(2001-2017);

Professor

of

Law

(by

courtesy),

Stanford

Law

School

(2005-2017);

Senior

Associate

Dean

for

Academic

Affairs

and

Head

of

MBA

Program,

Stanford

University

Graduate

School

of

Business

(2010-2016).

Director

of

iShares,

Inc.

(since

2011);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Dominik

Rohé

(1973)

President

(since

2023).

Managing

Director,

BlackRock,

Inc.

(since

2005);

Head

of

Americas

ETF

and

Index

Investments

(since

2023);

Head

of

Latin

America

(2019-

2023).

Trent

Walker

(1974)

Treasurer

and

Chief

Financial

Officer

(since

2020).

Managing

Director,

BlackRock,

Inc.

(since

September

2019);

Chief

Financial

Officer

of

iShares

Delaware

Trust

Sponsor

LLC,

BlackRock

Funds,

BlackRock

Funds

II,

BlackRock

Funds

IV,

BlackRock

Funds

V

and

BlackRock

Funds

VI

(since

2021);

Executive

Vice

President

of

PIMCO

(2016-2019);

Senior

Vice

President

of

PIMCO

(2008-2015);

Treasurer

(2013-2019)

and

Assistant

Treasurer

(2007-2017)

of

PIMCO

Funds,

PIMCO

Variable

Insurance

Trust,

PIMCO

ETF

Trust,

PIMCO

Equity

Series,

PIMCO

Equity

Series

VIT,

PIMCO

Managed

Accounts

Trust,

2

PIMCO-sponsored

interval

funds

and

21

PIMCO-sponsored

closed-end

funds.

Charles

Park

(1967)

Chief

Compliance

Officer

(since

2006).

Chief

Compliance

Officer

of

BlackRock

Advisors,

LLC

and

the

BlackRock-advised

Funds

in

the

BlackRock

Multi-Asset

Complex

and

the

BlackRock

Fixed-Income

Complex

(since

2014);

Chief

Compliance

Officer

of

BFA

(since

2006).

Marisa

Rolland

(1980)

Secretary

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2023);

Director,

BlackRock,

Inc.

(2018-2022);

Vice

President,

BlackRock,

Inc.

(2010-2017).

Rachel

Aguirre

(1982)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2018);

Director,

BlackRock,

Inc.

(2009-2018);

Head

of

U.S.

iShares

Product

(since

2022);

Head

of

EII

U.S.

Product

Engineering

(since

2021);

Co-Head

of

EII’s

Americas

Portfolio

Engineering

(2020-

2021);

Head

of

Developed

Markets

Portfolio

Engineering

(2016-2019).

Jennifer

Hsui

(1976)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2009);

Co-Head

of

Index

Equity

(since

2022).

James

Mauro

(1970)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2010);

Head

of

Fixed

Income

Index

Investments

in

the

Americas

and

Head

of

San

Francisco

Core

Portfolio

Management

(since

2020).

Effective

June

15,

2022,

Marisa

Rolland

replaced

Deepa

Damre

Smith

as

Secretary.

Effective

March

30,

2023,

Dominik

Rohé

replaced

Armando

Senra

as

President.

Independent

Trustees

(continued)

General

Information

69

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 each

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus. Each

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

2023

iShares

Annual

Report

to

Shareholders

70

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

CVR

Contingent

Value

Rights

NVS

Non-Voting

Shares

S&P

Standard

&

Poor's

iS-AR-313-0323

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

ICE

Data

Indices,

LLC

or

S&P

Dow

Jones

Indices

LLC,

nor

do

these

companies

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

companies

listed

above.

©2023

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

MARCH

31,

2023

2023

Annual

Report

iShares

Trust

iShares

S&P

Mid-Cap

400

Growth

ETF

|

IJK

|

NYSE

Arca

iShares

S&P

Mid-Cap

400

Value

ETF

|

IJJ

|

NYSE

Arca

iShares

S&P

Small-Cap

600

Growth

ETF

|

IJT

|

NASDAQ

Dear

Shareholder,

Significant

economic

headwinds

emerged

during

the

12-month

reporting

period

ended

March

31,

2023,

as

investors

navigated

changing

economic

conditions

and

volatile

markets.

The

U.S.

economy

shrank

in

the

first

half

of

2022

before

returning

to

modest

growth

in

the

second

half

of

the

year,

marking

a

shift

to

a

more

challenging

post-reopening

economic

environment.

Changes

in

consumer

spending

patterns

and

a

tight

labor

market

led

to

elevated

inflation,

which

reached

a

40-year

high

before

beginning

to

moderate.

Equity

prices

fell

as

interest

rates

rose,

particularly

during

the

first

half

of

the

reporting

period.

Both

large-

and

small-capitalization

U.S.

stocks

declined,

although

equities

began

to

recover

in

the

second

half

of

the

period

as

inflation

eased

and

economic

growth

resumed.

Emerging

market

stocks

and

international

equities

from

developed

markets

declined

overall,

pressured

by

rising

interest

rates

and

volatile

commodities

prices.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

fluctuating

inflation

data

and

attempted

to

anticipate

its

impact

on

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

higher

interest

rates

led

to

rising

borrowing

costs

for

corporate

issuers.

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

has

been

more

persistent

than

expected,

raised

interest

rates

eight

times.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

accelerated

the

reduction

of

its

balance

sheet.

Restricted

labor

supply

kept

inflation

elevated

even

as

other

inflation

drivers,

such

as

goods

prices

and

energy

costs,

moderated.

While

economic

growth

slowed

in

the

last

year,

we

believe

that

taming

inflation

requires

a

more

substantial

decline

that

lowers

demand

to

a

level

more

in

line

with

the

economy’s

productive

capacity.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes,

we

believe

that

it

still

seems

determined

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near-term

is

high,

but

the

dimming

economic

outlook

has

not

yet

been

fully

reflected

in

current

market

prices.

We

believe

investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

Turmoil

in

the

banking

sector

late

in

the

period

highlighted

the

potential

for

the

knock-on

effects

of

substantially

higher

interest

rates

to

disrupt

markets

with

little

warning.

While

we

favor

an

overweight

to

equities

in

the

long

term,

we

prefer

an

underweight

stance

on

equities

overall

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

the

possibility

of

a

recession.

Nevertheless,

we

are

overweight

on

emerging

market

stocks

as

we

believe

a

weakening

U.S.

dollar

provides

a

supportive

backdrop.

We

also

see

long-term

opportunities

in

credit,

where

we

believe

that

valuations

are

appealing

and

higher

yields

provide

attractive

income,

although

we

are

neutral

on

credit

in

the

near

term,

as

we’re

concerned

about

tightening

credit

and

financial

conditions.

However,

we

believe

there

are

still

some

strong

opportunities

for

a

six-

to

twelve-month

horizon,

particularly

short-term

U.S.

Treasuries,

global

inflation-linked

bonds,

and

emerging

market

bonds

denominated

in

local

currency.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

March

31,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

15.62

%

(7.73

)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

9.14

(11.61

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

27.27

(1.38

)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

14.04

(10.70

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

1.93

2.52

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

4.38

(6.90

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

4.89

(4.78

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

7.00

0.26

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

7.88

(3.35

)

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Annual

Report:

Market

Overview

.......................................................................................................

4

Fund

Summary

........................................................................................................

5

About

Fund

Performance

..................................................................................................

11

Disclosure

of Expenses

...................................................................................................

11

Schedules

of

Investments

.................................................................................................

12

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

36

Statements

of

Operations

................................................................................................

37

Statements

of

Changes

in

Net

Assets

........................................................................................

38

Financial

Highlights

.....................................................................................................

40

Notes

to

Financial

Statements

...............................................................................................

43

Report

of

Independent

Registered

Public

Accounting

Firm

..............................................................................

52

Important

Tax

Information

.................................................................................................

53

Statement

Regarding

Liquidity

Risk

Management

Program

.............................................................................

54

Supplemental

Information

.................................................................................................

55

Trustee

and

Officer

Information

..............................................................................................

56

General

Information

.....................................................................................................

58

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

59

Market

Overview

2023

iShares

Annual

Report

To

Shareholders

4

iShares

Trust

Domestic

Market

Overview

U.S.

stocks declined

for

the

12

months

ended March

31,

2023

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

-8.58%.

Elevated

inflation

and

rapid

tightening

of

monetary

policy

dampened

growth

and

weighed

on

equities.

Higher

interest

rates

drove

bond

yields

higher

and

increased

borrowing

costs

for

businesses

and

consumers.

Equities

began

to

recover

in

the

second

half

of

the

reporting

period,

as

the

broader

economy

remained

resilient

and

the

pace

of

inflation

declined.

In

March

2023,

two

banks

suddenly

failed,

representing

the

second

and

third

largest

bank

failures

in

U.S.

history

by

asset

value.

This

drove

concern

among

investors

about

the

resiliency

of

the

financial

system

in

the

face

of

rapidly

rising

interest

rates.

However,

government

agencies

acted

swiftly

to

organize

a

sale

of

the

failed

banks’

assets

and

inject

liquidity,

and

equity

prices

recovered.

Inflation

was

a

significant

driver

of

the

economic

outlook.

As

the

reporting

period

began,

the

consumer

price

index,

a

widely

followed

measure

of

inflation,

stood

at

multi-

decade

highs.

Strong

consumer

spending

and

a

tight

labor

market,

along

with

continued

supply

chain

disruptions

in

Asia,

combined

to

drive

prices

higher.

But

the

rate

of

inflation

began

to

decline

as

the

reporting

period

wore

on,

decelerating

for

nine

consecutive

months

beginning

in

July

2022.

Nonetheless,

inflation

remained

elevated

by

historic

standards,

and

higher

prices

negatively

impacted

both

consumers

and

businesses.

The

U.S.

economy

recovered

from

a

decline

in

the

first

half

of

2022

to

post

modest

growth

in

the

third

and

fourth

quarters

of

2022.

Consumers

continued

to

power

the

economy

with

growing

spending,

despite

higher

prices

for

many

consumer

goods

and

services.

The

strong

labor

market

supported

spending,

as

unemployment

remained

very

low,

at

one

point

dropping

to

the

lowest

recorded

level

since

1969.

Furthermore,

the

labor

force

participation

rate—which

measures

the

total

proportion

of

employed

persons

of

working

age—rose,

indicating

that

more

people

were

being

drawn

into

the

labor

force.

Amid

tightening

labor

supply,

wages

rose

significantly,

with

the

largest

gains

at

the

lower

end

of

the

wage

spectrum.

To

contain

inflation,

the

U.S.

Federal

Reserve

(“Fed”)

tightened

monetary

policy

rapidly,

raising

short-term

interest

rates

eight

times

over

the

course

of

the

reporting

period.

The

pace

of

tightening

accelerated

as

the

Fed

twice

stepped

up

the

increment

of

increase

before

reducing

it

again

as

inflation

began

to

subside.

The

Fed

also

started

to

reduce

the

size

of

its

balance

sheet

by

reducing

the

store

of

U.S.

Treasuries

it

had

accumulated

to

stabilize

markets

in

the

early

phases

of

the

coronavirus

pandemic.

While

the

Fed

indicated

that

more

tightening

could

be

needed

to

achieve

its

long-term

inflation

goal,

it

sounded

a

more

cautious

note

about

the

potential

for

further

interest

rate

increases

near

the

end

of

the

reporting

period.

Despite

economic

headwinds,

corporate

profits

remained

robust,

and

many

companies

were

able

to

sufficiently

raise

prices

to

preserve

profit

margins

even

in

the

face

of

rising

labor

and

input

costs.

Nonetheless,

profits

declined

overall

in

the

fourth

quarter

of

2022,

and

the

yield

curve

(a

graphical

representation

of

U.S.

Treasury

rates

at

different

maturities)

inverted,

a

sign

that

markets

were

concerned

about

the

impact

of

higher

borrowing

costs

on

the

economy.

Furthermore,

dwindling

personal

savings

and

rising

household

debt

raised

questions

about

the

sustainability

of

consumer

spending

as

an

engine

of

economic

growth.

Fund

Summary

as

of

March

31,

2023

5

Fund

Summary

iShares

®

S&P

Mid-Cap

400

Growth

ETF

Investment

Objective

The

iShares

S&P

Mid-Cap

400

Growth

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-capitalization

U.S.

equities

that

exhibit

growth

characteristics,

as

represented

by

the

S&P

MidCap

400

Growth

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

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(6.51‌)%

6.58‌%

9.46‌%

(6.51‌)%

37.52‌%

146.82‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(6.37‌)

6.55‌

9.46‌

(6.37‌)

37.35‌

146.83‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(6.41‌)

6.78‌

9.67‌

(6.41‌)

38.82‌

151.61‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,141.50‌

$

0.91‌

$

1,000.00‌

$

1,024.08‌

$

0.86‌

0.17‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2023

(continued)

2023

iShares

Annual

Report

To

Shareholders

6

iShares

®

S&P

Mid-Cap

400

Growth

ETF

Portfolio

Management

Commentary

Growth-oriented

mid-capitalization

U.S.

stocks

declined

for

the

reporting

period,

as

high

inflation

and

tighter

financial

conditions

impeded

economic

growth

and

weighed

on

equities.

Mid-capitalization

growth

stocks,

which

derive

a

significant

portion

of

their

price

from

investors’

expectations

of

future

growth,

faced

significant

headwinds

relative

to

other

equities.

Growth

stocks

are

particularly

sensitive

to

interest

rates,

which

rose

notably

as

the

Fed

sharply

tightened

monetary

policy.

The

healthcare

sector

detracted

the

most

from

the

Index’s

return,

primarily

due

to

weakness

in

the

healthcare

equipment

and

supplies

industry.

Companies

faced

challenges

meeting

demand

for

medical

supplies

and

equipment

amid

a

surge

in

elective

medical

procedures

postponed

earlier

in

the

pandemic.

High

inflation

raised

input

costs

for

device

manufacturers,

and

supply

chain

disruptions

continued

to

constrain

the

industry.

Healthcare

providers

also

declined

amid

staffing

shortages

and

higher

financing

costs.

The

financials

sector

detracted

significantly

from

the

Index’s

performance

amid

tightening

financial

conditions.

The

banking

industry

faced

significant

challenges,

as

the

potential

impact

of

a

slowing

economy

outweighed

the

benefits

of

being

able

to

charge

more

for

loans.

Bank

stocks

were

pressured

late

in

the

reporting

period

after

the

sudden

failure

of

two

regional

banks.

The

real

estate

sector

also

detracted,

as

higher

interest

rates

and

changing

usage

patterns

weighed

on

the

equity

real

estate

investment

trusts

(“REITs”)

industry.

REITs

typically

take

on

substantial

debt

to

finance

the

purchase

of

properties,

and

higher

interest

rates

make

financing

more

expensive

for

REITs.

On

the

upside,

industrials

stocks

contributed

to

the

Index’s

return,

as

the

capital

goods

industry

benefited

from

government

incentives

that

encouraged

investments

in

additional

industrial

capacity.

Increased

demand

for

non-fatal

weapons

for

use

in

policing

supported

the

aerospace

and

defense

industry,

while

the

machinery

industry

benefited

from

increased

efficiency

and

supply

chain

improvements.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

......................................

24.7‌

%

Consumer

Discretionary

............................

13.0‌

Health

Care

....................................

11.4‌

Financials

......................................

11.1‌

Information

Technology

.............................

9.7‌

Materials

......................................

8.4‌

Energy

........................................

6.9‌

Real

Estate

.....................................

4.9‌

Consumer

Staples

................................

4.2‌

Utilities

........................................

3.8‌

Communication

Services

............................

1.9‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Axon

Enterprise,

Inc.

...............................

1.4‌

%

Reliance

Steel

&

Aluminum

Co.

........................

1.4‌

Lattice

Semiconductor

Corp.

..........................

1.2‌

Builders

FirstSource,

Inc.

............................

1.2‌

Hubbell,

Inc.

.....................................

1.2‌

Deckers

Outdoor

Corp.

..............................

1.1‌

Carlisle

Cos.,

Inc.

.................................

1.1‌

Toro

Co.

(The)

....................................

1.1‌

RPM

International,

Inc.

..............................

1.0‌

Watsco,

Inc.

.....................................

1.0‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2023

7

Fund

Summary

iShares

®

S&P

Mid-Cap

400

Value

ETF

Investment

Objective

The

iShares

S&P

Mid-Cap

400

Value

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-capitalization

U.S.

equities

that

exhibit

value

characteristics,

as

represented

by

the

S&P

MidCap

400

Value

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

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(4.14‌)%

7.96‌%

9.36‌%

(4.14‌)%

46.65‌%

144.74‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(4.29‌)

7.95‌

9.36‌

(4.29‌)

46.57‌

144.63‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(4.02‌)

8.17‌

9.59‌

(4.02‌)

48.12‌

149.78‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,155.30‌

$

0.97‌

$

1,000.00‌

$

1,024.03‌

$

0.91‌

0.18‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2023

(continued)

2023

iShares

Annual

Report

To

Shareholders

8

iShares

®

S&P

Mid-Cap

400

Value

ETF

Portfolio

Management

Commentary

Value-oriented

mid-capitalization

U.S.

stocks

declined

for

the

reporting

period,

as

high

inflation

and

tighter

financial

conditions

impeded

economic

growth

and

weighed

on

equities.

Mid-capitalization

growth

stocks,

which

derive

a

significant

portion

of

their

price

from

investors’

expectations

of

future

growth,

faced

significant

headwinds

relative

to

other

equities.

Growth

stocks

are

particularly

sensitive

to

interest

rates,

which

rose

notably

as

the

Fed

sharply

tightened

monetary

policy.

The

real

estate

sector

detracted

the

most

from

the

Index’s

return,

as

higher

interest

rates

and

changing

usage

patterns

weighed

on

equity

real

estate

investment

trusts

(“REITs”).

REITs

typically

take

on

substantial

debt

in

order

to

finance

the

purchase

of

the

properties

they

manage,

and

higher

interest

rates

make

financing

more

expensive

for

REITs.

Furthermore,

higher

interest

rates

also

meant

increased

bond

yields,

making

dividend

yields

from

REITs

comparatively

less

attractive

to

income-oriented

investors,

although

many

REITs

raised

dividends

during

the

reporting

period.

An

ongoing

oversupply

of

office

space

due

to

the

shift

toward

remote

work

and

more

stringent

lending

standards

after

the

failure

of

two

banks

late

in

the

reporting

period

negatively

affected

office

REITs.

In

addition,

analysts’

concerns

about

the

solvency

of

several

large

tenants

of

medical

facilities

negatively

impacted

the

healthcare

REIT

industry.

The

financials

sector

also

detracted

significantly

from

the

Index’s

performance

amid

tightening

financial

conditions.

The

banking

industry

faced

significant

challenges

as

the

potential

impact

of

a

slowing

economy

outweighed

the

benefits

of

being

able

to

charge

more

for

loans.

Bank

stocks

were

further

pressured

late

in

the

reporting

period

after

the

sudden

failure

of

two

regional

banks.

On

the

upside,

the

consumer

staples

sector

contributed

to

the

Index’s

return.

While

high

inflation

raised

costs

for

food

distributors,

their

ability

to

pass

cost

increases

on

to

customers

supported

industry

profits.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

......................................

18.8‌

%

Financials

......................................

18.1‌

Consumer

Discretionary

............................

17.5‌

Information

Technology

.............................

11.1‌

Real

Estate

.....................................

10.5‌

Health

Care

....................................

7.4‌

Materials

......................................

5.4‌

Consumer

Staples

................................

4.5‌

Utilities

........................................

3.9‌

Communication

Services

............................

2.2‌

Energy

........................................

0.6‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Jabil,

Inc.

.......................................

1.1‌

%

Cleveland-Cliffs,

Inc.

...............................

0.9‌

Regal

Rexnord

Corp.

...............................

0.9‌

Reinsurance

Group

of

America,

Inc.

.....................

0.8‌

Lear

Corp.

......................................

0.8‌

Ciena

Corp.

.....................................

0.7‌

Alcoa

Corp.

......................................

0.7‌

Fortune

Brands

Innovations,

Inc.

.......................

0.7‌

Unum

Group

.....................................

0.7‌

Healthcare

Realty

Trust,

Inc.,

Class

A

....................

0.7‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2023

9

Fund

Summary

iShares

®

S&P

Small-Cap

600

Growth

ETF

Investment

Objective

The

iShares

S&P

Small-Cap

600

Growth

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

small-capitalization

U.S.

equities

that

exhibit

growth

characteristics,

as

represented

by

the

S&P

SmallCap

600

Growth

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

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(11.09‌)%

5.80‌%

9.91‌%

(11.09‌)%

32.56‌%

157.23‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(11.10‌)

5.76‌

9.89‌

(11.10‌)

32.34‌

156.81‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(10.91‌)

6.05‌

10.12‌

(10.91‌)

34.16‌

162.22‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,091.50‌

$

0.94‌

$

1,000.00‌

$

1,024.03‌

$

0.91‌

0.18‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2023

(continued)

2023

iShares

Annual

Report

To

Shareholders

10

iShares

®

S&P

Small-Cap

600

Growth

ETF

Portfolio

Management

Commentary

Growth-oriented

small-capitalization

U.S.

stocks

declined

for

the

reporting

period,

as

high

inflation

and

tighter

financial

conditions

impeded

economic

growth

and

weighed

on

equities.

The

financials

sector

detracted

the

most

from

the

Index’s

performance

amid

tightening

financial

conditions.

The

banking

industry

faced

significant

challenges,

as

the

potential

impact

of

a

slowing

economy

outweighed

the

benefits

of

being

able

to

charge

more

for

loans.

While

bank

profitability

is

typically

supported

by

higher

interest

rates,

persistently

high

inflation

led

to

significant

tightening

from

the

Fed,

and

investors

became

concerned

about

the

long-term

effect

of

this

tightening

on

loan

growth

and

credit

losses.

Bank

stocks

were

further

pressured

late

in

the

reporting

period

after

the

sudden

failure

of

two

regional

banks.

Stocks

in

the

healthcare

sector

also

detracted

from

the

Index’s

performance,

primarily

due

to

weakness

in

the

healthcare

providers

industry

amid

labor

market

tightness

and

higher

financing

costs.

Staffing

shortages

reduced

capacity,

as

employee

burnout

restricted

labor

supply

and

an

aging

population

increased

demand

for

services.

Higher

interest

rates

and

more

challenging

market

conditions

weighed

on

the

biotechnology

industry.

Companies

shut

down

less

promising

development

projects

and

engaged

in

layoffs

and

other

cost-cutting

measures

to

conserve

cash.

The

real

estate

sector

also

detracted

significantly,

as

higher

interest

rates

and

changing

usage

patterns

weighed

on

equity

real

estate

investment

trusts

(“REITs”).

REITs

typically

take

on

substantial

debt

to

finance

the

purchase

of

the

properties

they

manage,

and

higher

interest

rates

make

financing

more

expensive

for

REITs.

On

the

upside,

industrials

stocks

contributed

to

the

Index’s

return,

as

the

capital

goods

industry

benefited

from

government

incentives

that

encouraged

investments

in

additional

industrial

capacity.

The

consumer

staples

sector

also

contributed,

driven

by

new

product

development

and

non-traditional

advertising

techniques

among

personal

care

products

companies.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

......................................

19.1‌

%

Information

Technology

.............................

18.2‌

Financials

......................................

14.8‌

Health

Care

....................................

13.3‌

Consumer

Discretionary

............................

8.8‌

Consumer

Staples

................................

6.4‌

Materials

......................................

6.4‌

Energy

........................................

5.5‌

Real

Estate

.....................................

3.3‌

Utilities

........................................

2.6‌

Communication

Services

............................

1.6‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Rambus,

Inc.

....................................

1.2‌

%

SPS

Commerce,

Inc.

...............................

1.2‌

Applied

Industrial

Technologies,

Inc.

.....................

1.2‌

Ensign

Group,

Inc.

(The)

.............................

1.2‌

Comfort

Systems

USA,

Inc.

...........................

1.1‌

Axcelis

Technologies,

Inc.

............................

1.0‌

Onto

Innovation,

Inc.

...............................

0.9‌

Fabrinet

........................................

0.9‌

Aerojet

Rocketdyne

Holdings,

Inc.

......................

0.9‌

Diodes,

Inc.

.....................................

0.9‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

11

About

Fund

Performance

/

Disclosure

of

Expenses

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated.

Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of each

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown (which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

examples also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Funds

and

other

funds, compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples are

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

March

31,

2023

iShares

®

S&P

Mid-Cap

400

Growth

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

2.1%

Axon

Enterprise,

Inc.

(a)

...............

452,250

$

101,688,413

Curtiss-Wright

Corp.

.................

256,364

45,186,719

Mercury

Systems,

Inc.

(a)(b)

.............

225,387

11,521,783

158,396,915

Automobile

Components

—

1.3%

Autoliv,

Inc.

.......................

165,679

15,467,791

Fox

Factory

Holding

Corp.

(a)(b)

..........

282,884

34,333,631

Gentex

Corp.

.....................

720,987

20,209,266

Visteon

Corp.

(a)

....................

188,297

29,530,619

99,541,307

Automobiles

—

0.3%

Harley-Davidson,

Inc.

................

560,236

21,272,161

Banks

—

3.5%

Bank

of

Hawaii

Corp.

................

136,203

7,093,452

Cathay

General

Bancorp

..............

248,836

8,589,819

Columbia

Banking

System,

Inc.

.........

723,311

15,493,322

Commerce

Bancshares,

Inc.

...........

518,035

30,227,342

Cullen/Frost

Bankers,

Inc.

.............

288,580

30,399,017

East

West

Bancorp,

Inc.

..............

481,552

26,726,136

First

Financial

Bankshares,

Inc.

.........

459,912

14,671,193

First

Horizon

Corp.

..................

2,366,322

42,073,205

Fulton

Financial

Corp.

................

548,994

7,587,097

Glacier

Bancorp,

Inc.

................

399,603

16,787,322

Hancock

Whitney

Corp.

..............

281,411

10,243,361

International

Bancshares

Corp.

.........

215,695

9,236,060

SouthState

Corp.

...................

288,286

20,543,260

United

Bankshares,

Inc.

..............

425,550

14,979,360

254,649,946

Beverages

—

0.5%

(a)(b)

Boston

Beer

Co.,

Inc.

(The),

Class

A,

NVS

..

43,620

14,337,894

Celsius

Holdings,

Inc.

................

270,122

25,105,139

39,443,033

Biotechnology

—

3.0%

(a)

Arrowhead

Pharmaceuticals,

Inc.

........

348,700

8,856,980

Exelixis,

Inc.

......................

2,169,168

42,103,551

Halozyme

Therapeutics,

Inc.

(b)

..........

903,416

34,501,457

Neurocrine

Biosciences,

Inc.

...........

646,119

65,400,165

United

Therapeutics

Corp.

(b)

............

304,884

68,281,821

219,143,974

Broadline

Retail

—

0.1%

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)(b)

....

190,228

11,021,810

Building

Products

—

4.6%

Advanced

Drainage

Systems,

Inc.

(b)

......

322,657

27,170,946

Builders

FirstSource,

Inc.

(a)

............

984,523

87,405,952

Carlisle

Cos.,

Inc.

..................

345,951

78,209,143

Lennox

International,

Inc.

.............

133,952

33,659,458

Owens

Corning

....................

337,197

32,303,473

Simpson

Manufacturing

Co.,

Inc.

........

285,047

31,252,553

Trex

Co.,

Inc.

(a)(b)

...................

388,590

18,912,675

UFP

Industries,

Inc.

.................

412,515

32,782,567

341,696,767

Capital

Markets

—

2.2%

Affiliated

Managers

Group,

Inc.

.........

166,234

23,675,046

Evercore,

Inc.,

Class

A

...............

119,224

13,756,065

Federated

Hermes,

Inc.,

Class

B

........

389,446

15,632,363

Interactive

Brokers

Group,

Inc.,

Class

A

....

384,913

31,778,417

Jefferies

Financial

Group,

Inc.

..........

1,211,229

38,444,409

Security

Shares

Shares

Value

Capital

Markets

(continued)

SEI

Investments

Co.

.................

682,531

$

39,279,659

162,565,959

Chemicals

—

3.8%

Ashland,

Inc.

......................

223,682

22,974,378

Axalta

Coating

Systems

Ltd.

(a)(b)

.........

663,274

20,090,570

Cabot

Corp.

......................

376,336

28,842,391

Chemours

Co.

(The)

.................

564,713

16,907,507

Ingevity

Corp.

(a)(b)

...................

234,636

16,781,167

NewMarket

Corp.

...................

24,252

8,851,495

Olin

Corp.

........................

823,424

45,700,032

RPM

International,

Inc.

...............

863,538

75,335,055

Valvoline,

Inc.

.....................

528,344

18,460,339

Westlake

Corp.

....................

230,314

26,711,818

280,654,752

Commercial

Services

&

Supplies

—

1.4%

Brink's

Co.

(The)

...................

146,188

9,765,359

Clean

Harbors,

Inc.

(a)

................

336,540

47,977,142

MSA

Safety,

Inc.

...................

135,390

18,074,565

Tetra

Tech,

Inc.

....................

203,196

29,851,524

105,668,590

Communications

Equipment

—

0.3%

Calix,

Inc.

(a)

.......................

380,389

20,385,047

Construction

&

Engineering

—

1.9%

AECOM

.........................

502,187

42,344,408

EMCOR

Group,

Inc.

.................

318,843

51,840,683

Valmont

Industries,

Inc.

...............

142,759

45,580,094

139,765,185

Construction

Materials

—

0.5%

Eagle

Materials,

Inc.

.................

241,383

35,422,955

Consumer

Finance

—

0.6%

FirstCash

Holdings,

Inc.

..............

250,547

23,894,667

SLM

Corp.

.......................

1,608,225

19,925,908

43,820,575

Consumer

Staples

Distribution

&

Retail

—

2.0%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

......

512,918

39,017,672

Casey's

General

Stores,

Inc.

...........

249,281

53,959,365

Performance

Food

Group

Co.

(a)

.........

469,464

28,327,458

Sprouts

Farmers

Market,

Inc.

(a)(b)

........

383,316

13,427,560

US

Foods

Holding

Corp.

(a)

.............

384,327

14,197,039

148,929,094

Containers

&

Packaging

—

1.0%

AptarGroup,

Inc.

...................

205,001

24,229,068

Silgan

Holdings,

Inc.

.................

559,755

30,042,051

Sonoco

Products

Co.

................

332,273

20,268,653

74,539,772

Diversified

Consumer

Services

—

1.8%

Grand

Canyon

Education,

Inc.

(a)

.........

204,919

23,340,274

H&R

Block,

Inc.

(b)

...................

1,019,382

35,933,215

Service

Corp.

International

............

1,028,874

70,765,954

130,039,443

Diversified

Telecommunication

Services

—

0.7%

Iridium

Communications,

Inc.

...........

840,636

52,060,588

Electric

Utilities

—

1.2%

IDACORP,

Inc.

....................

179,422

19,436,785

OGE

Energy

Corp.

..................

1,339,623

50,450,202

PNM

Resources,

Inc.

................

355,470

17,304,280

87,191,267

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

S&P

Mid-Cap

400

Growth

ETF

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electrical

Equipment

—

2.2%

Acuity

Brands,

Inc.

(b)

.................

107,075

$

19,565,815

Hubbell,

Inc.

......................

358,560

87,241,233

nVent

Electric

plc

...................

1,114,764

47,867,966

SunPower

Corp.

(a)(b)

.................

316,900

4,385,896

Vicor

Corp.

(a)(b)

.....................

64,902

3,046,500

162,107,410

Electronic

Equipment,

Instruments

&

Components

—

2.0%

Belden,

Inc.

(b)

.....................

286,012

24,817,261

Cognex

Corp.

(b)

....................

601,763

29,817,357

Littelfuse,

Inc.

.....................

102,680

27,527,481

National

Instruments

Corp.

............

506,548

26,548,181

Novanta,

Inc.

(a)(b)

...................

238,468

37,937,874

146,648,154

Energy

Equipment

&

Services

—

1.5%

ChampionX

Corp.

(b)

.................

1,329,619

36,072,563

NOV,

Inc.

........................

2,628,418

48,652,017

Valaris

Ltd.

(a)(b)

.....................

402,930

26,214,626

110,939,206

Entertainment

—

0.4%

World

Wrestling

Entertainment,

Inc.,

Class

A

(b)

290,423

26,504,003

Financial

Services

—

1.0%

(a)

Euronet

Worldwide,

Inc.

(b)

.............

154,197

17,254,644

WEX,

Inc.

........................

291,259

53,559,618

70,814,262

Food

Products

—

1.5%

Darling

Ingredients,

Inc.

(a)(b)

............

1,072,125

62,612,100

Flowers

Foods,

Inc.

.................

811,342

22,238,884

Lancaster

Colony

Corp.

..............

132,792

26,940,841

111,791,825

Gas

Utilities

—

1.2%

National

Fuel

Gas

Co.

...............

430,257

24,843,039

New

Jersey

Resources

Corp.

...........

421,984

22,449,549

ONE

Gas,

Inc.

.....................

361,731

28,659,947

Spire,

Inc.

........................

172,541

12,102,026

88,054,561

Ground

Transportation

—

1.8%

Avis

Budget

Group,

Inc.

(a)(b)

............

166,491

32,432,447

Knight-Swift

Transportation

Holdings,

Inc.

..

538,119

30,446,773

Landstar

System,

Inc.

................

240,443

43,101,812

Saia,

Inc.

(a)(b)

......................

100,781

27,420,494

133,401,526

Health

Care

Equipment

&

Supplies

—

3.8%

(a)

Globus

Medical,

Inc.,

Class

A

(b)

.........

521,035

29,511,422

Haemonetics

Corp.

(b)

................

337,469

27,925,560

Inari

Medical,

Inc.

(b)

.................

323,391

19,966,160

Lantheus

Holdings,

Inc.

(b)

.............

460,787

38,042,575

Masimo

Corp.

(b)

....................

203,981

37,642,654

Penumbra,

Inc.

(b)

...................

160,136

44,628,302

QuidelOrtho

Corp.

(b)

.................

196,506

17,506,720

Shockwave

Medical,

Inc.

..............

241,809

52,431,445

STAAR

Surgical

Co.

(b)

................

218,762

13,989,830

281,644,668

Health

Care

Providers

&

Services

—

2.1%

Acadia

Healthcare

Co.,

Inc.

(a)(b)

..........

352,559

25,472,388

Chemed

Corp.

.....................

67,565

36,333,079

Encompass

Health

Corp.

.............

307,114

16,614,867

HealthEquity,

Inc.

(a)(b)

................

565,511

33,201,151

Option

Care

Health,

Inc.

(a)

.............

1,120,176

35,587,991

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

Progyny,

Inc.

(a)(b)

...................

185,609

$

5,961,761

153,171,237

Health

Care

REITs

—

0.3%

Omega

Healthcare

Investors,

Inc.

........

767,279

21,031,117

Hotels,

Restaurants

&

Leisure

—

3.8%

Aramark

.........................

713,644

25,548,455

Boyd

Gaming

Corp.

.................

312,710

20,050,965

Choice

Hotels

International,

Inc.

(b)

........

109,709

12,856,798

Churchill

Downs,

Inc.

(b)

...............

220,215

56,606,266

Hilton

Grand

Vacations,

Inc.

(a)

..........

271,648

12,069,321

Light

&

Wonder,

Inc.,

Class

A

(a)

..........

287,807

17,282,810

Papa

John's

International,

Inc.

(b)

.........

96,741

7,248,803

Texas

Roadhouse,

Inc.

...............

447,764

48,385,378

Wendy's

Co.

(The)

..................

1,138,657

24,799,949

Wingstop,

Inc.

(b)

....................

200,269

36,765,383

Wyndham

Hotels

&

Resorts,

Inc.

........

307,948

20,894,272

282,508,400

Household

Durables

—

0.9%

Tempur

Sealy

International,

Inc.

.........

1,140,375

45,033,409

TopBuild

Corp.

(a)

...................

113,586

23,641,790

68,675,199

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

Ormat

Technologies,

Inc.

(b)

............

206,787

17,529,334

Industrial

REITs

—

1.3%

EastGroup

Properties,

Inc.

............

160,320

26,504,103

First

Industrial

Realty

Trust,

Inc.

.........

450,247

23,953,140

Rexford

Industrial

Realty,

Inc.

..........

721,488

43,036,759

93,494,002

Insurance

—

3.0%

American

Financial

Group,

Inc.

.........

208,631

25,348,666

Hanover

Insurance

Group,

Inc.

(The)

.....

140,318

18,030,863

Kinsale

Capital

Group,

Inc.

(b)

...........

145,189

43,578,478

Primerica,

Inc.

(b)

....................

170,529

29,371,915

RenaissanceRe

Holdings

Ltd.

..........

163,939

32,843,539

RLI

Corp.

(b)

.......................

270,925

36,008,642

Selective

Insurance

Group,

Inc.

.........

403,932

38,506,838

223,688,941

Leisure

Products

—

0.8%

Brunswick

Corp.

...................

286,023

23,453,886

Polaris,

Inc.

(b)

.....................

189,292

20,941,374

YETI

Holdings,

Inc.

(a)(b)

...............

318,179

12,727,160

57,122,420

Life

Sciences

Tools

&

Services

—

1.6%

Bruker

Corp.

(b)

.....................

395,204

31,157,883

Medpace

Holdings,

Inc.

(a)

.............

168,581

31,701,657

Repligen

Corp.

(a)(b)

..................

345,432

58,156,932

121,016,472

Machinery

—

5.1%

AGCO

Corp.

......................

215,113

29,083,278

Chart

Industries,

Inc.

(a)(b)

..............

127,854

16,032,892

Crane

Holdings

Co.

.................

159,712

18,127,312

Donaldson

Co.,

Inc.

.................

521,234

34,057,429

Graco,

Inc.

.......................

732,927

53,511,000

ITT,

Inc.

.........................

255,036

22,009,607

Lincoln

Electric

Holdings,

Inc.

..........

386,234

65,312,169

Middleby

Corp.

(The)

(a)

...............

172,815

25,336,407

Timken

Co.

(The)

...................

217,044

17,736,836

Toro

Co.

(The)

.....................

700,236

77,838,234

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

S&P

Mid-Cap

400

Growth

ETF

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Machinery

(continued)

Watts

Water

Technologies,

Inc.,

Class

A

....

94,832

$

15,962,122

375,007,286

Media

—

0.9%

New

York

Times

Co.

(The),

Class

A

.......

550,013

21,384,506

Nexstar

Media

Group,

Inc.

.............

252,370

43,574,204

64,958,710

Metals

&

Mining

—

2.8%

Commercial

Metals

Co.

...............

438,238

21,429,838

MP

Materials

Corp.,

Class

A

(a)(b)

.........

616,633

17,382,884

Reliance

Steel

&

Aluminum

Co.

.........

392,609

100,798,435

Royal

Gold,

Inc.

....................

439,166

56,964,222

Worthington

Industries,

Inc.

............

99,048

6,403,453

202,978,832

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.8%

Annaly

Capital

Management,

Inc.

........

3,132,749

59,866,833

Multi-Utilities

—

0.2%

Black

Hills

Corp.

...................

225,816

14,248,990

Office

REITs

—

0.1%

Corporate

Office

Properties

Trust

........

391,520

9,282,939

Oil,

Gas

&

Consumable

Fuels

—

5.4%

Antero

Midstream

Corp.

..............

2,239,464

23,491,977

Antero

Resources

Corp.

(a)(b)

............

1,848,136

42,673,460

Chord

Energy

Corp.

.................

211,262

28,435,865

CNX

Resources

Corp.

(a)(b)

.............

1,136,547

18,207,483

DT

Midstream,

Inc.

..................

646,448

31,915,138

Equitrans

Midstream

Corp.

............

1,329,957

7,687,152

HF

Sinclair

Corp.

...................

395,382

19,128,581

Matador

Resources

Co.

..............

751,388

35,803,638

Murphy

Oil

Corp.

...................

978,068

36,168,955

PBF

Energy,

Inc.,

Class

A

.............

764,870

33,164,763

PDC

Energy,

Inc.

...................

616,824

39,587,764

Range

Resources

Corp.

..............

1,617,321

42,810,487

Southwestern

Energy

Co.

(a)

............

7,373,505

36,867,525

395,942,788

Paper

&

Forest

Products

—

0.4%

Louisiana-Pacific

Corp.

...............

480,322

26,038,256

Personal

Care

Products

—

0.2%

BellRing

Brands,

Inc.

(a)

...............

367,111

12,481,774

Pharmaceuticals

—

0.8%

Jazz

Pharmaceuticals

plc

(a)

............

421,207

61,635,220

Professional

Services

—

4.1%

CACI

International,

Inc.,

Class

A

(a)(b)

......

100,529

29,784,732

Concentrix

Corp.

...................

285,785

34,737,167

ExlService

Holdings,

Inc.

(a)

............

221,315

35,815,407

Exponent,

Inc.

.....................

233,593

23,286,886

FTI

Consulting,

Inc.

(a)(b)

...............

230,371

45,463,717

Genpact

Ltd.

......................

640,924

29,623,507

Insperity,

Inc.

......................

237,726

28,895,595

KBR,

Inc.

........................

918,034

50,537,772

Science

Applications

International

Corp.

...

244,559

26,280,310

304,425,093

Retail

REITs

—

1.1%

Agree

Realty

Corp.

.................

408,880

28,053,257

Brixmor

Property

Group,

Inc.

...........

981,884

21,130,143

National

Retail

Properties,

Inc.

..........

642,592

28,370,437

77,553,837

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

—

3.9%

Allegro

MicroSystems,

Inc.

(a)(b)

..........

169,811

$

8,149,230

Amkor

Technology,

Inc.

...............

670,832

17,455,048

Cirrus

Logic,

Inc.

(a)(b)

.................

369,881

40,457,584

Lattice

Semiconductor

Corp.

(a)

..........

916,846

87,558,793

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

(b)

...........................

345,000

24,439,800

Power

Integrations,

Inc.

..............

380,762

32,227,696

Silicon

Laboratories,

Inc.

(a)(b)

............

112,964

19,778,867

SiTime

Corp.

(a)(b)

...................

58,035

8,254,318

Universal

Display

Corp.

..............

183,150

28,412,059

Wolfspeed,

Inc.

(a)(b)

..................

374,984

24,355,211

291,088,606

Software

—

3.1%

(a)

Blackbaud,

Inc.

....................

137,165

9,505,534

CommVault

Systems,

Inc.

.............

200,012

11,348,681

Dynatrace,

Inc.

....................

1,450,274

61,346,590

Envestnet,

Inc.

(b)

...................

174,424

10,233,456

Manhattan

Associates,

Inc.

(b)

...........

242,659

37,575,746

Paylocity

Holding

Corp.

...............

276,142

54,891,507

Qualys,

Inc.

(b)

.....................

231,291

30,072,456

Teradata

Corp.

....................

314,056

12,650,176

227,624,146

Specialized

REITs

—

2.2%

CubeSmart

.......................

810,262

37,450,310

Lamar

Advertising

Co.,

Class

A

.........

326,497

32,613,785

Life

Storage,

Inc.

...................

346,997

45,487,837

National

Storage

Affiliates

Trust

.........

266,287

11,125,471

PotlatchDeltic

Corp.

.................

307,364

15,214,518

Rayonier,

Inc.

.....................

541,106

17,997,185

159,889,106

Specialty

Retail

—

2.1%

AutoNation,

Inc.

(a)(b)

.................

104,981

14,105,247

Dick's

Sporting

Goods,

Inc.

............

199,913

28,365,656

Five

Below,

Inc.

(a)(b)

..................

256,281

52,786,198

Murphy

USA,

Inc.

..................

133,925

34,559,346

Williams-Sonoma,

Inc.

(b)

..............

213,497

25,974,045

155,790,492

Technology

Hardware,

Storage

&

Peripherals

—

0.4%

Super

Micro

Computer,

Inc.

(a)(b)

..........

249,427

26,576,447

Textiles,

Apparel

&

Luxury

Goods

—

1.8%

(a)

Crocs,

Inc.

(b)

......................

413,151

52,238,813

Deckers

Outdoor

Corp.

...............

176,326

79,267,353

131,506,166

Trading

Companies

&

Distributors

—

1.3%

GATX

Corp.

......................

122,756

13,505,615

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

....

158,426

13,307,784

Watsco,

Inc.

(b)

.....................

222,511

70,794,100

97,607,499

Water

Utilities

—

0.9%

Essential

Utilities,

Inc.

................

1,596,665

69,694,427

Total

Long-Term

Investments

—

99.8%

(Cost:

$6,353,744,896)

...........................

7,360,549,324

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

S&P

Mid-Cap

400

Growth

ETF

Schedules

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

6.4%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(e)

............

464,330,432

$

464,469,730

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

..................

8,491,759

8,491,759

Total

Short-Term

Securities

—

6.4%

(Cost:

$472,690,493)

.............................

472,961,489

Total

Investments

—

106.2%

(Cost:

$6,826,435,389

)

...........................

7,833,510,813

Liabilities

in

Excess

of

Other

Assets

—

(6.2)%

............

(457,758,802)

Net

Assets

—

100.0%

..............................

$

7,375,752,011

(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.

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/23

Shares

Held

at

03/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

349,751,835

$

114,419,140

(a)

$

—

$

64,605

$

234,150

$

464,469,730

464,330,432

$

5,239,588

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

8,035,000

456,759

(a)

—

—

—

8,491,759

8,491,759

278,731

6

$

64,605

$

234,150

$

472,961,489

$

5,518,319

$

6

—

—

(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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

.................................................

48

06/16/23

$

12,143

$

295,000

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

S&P

Mid-Cap

400

Growth

ETF

16

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Goldman

Sachs

Bank

USA

(b)

08/19/26

$

198,494

$

20,973

(c)

$

219,895

0.0

%

(d)

Monthly

HSBC

Bank

plc

(e)

02/10/28

490,801

2,761

(f)

493,788

0.0

(d)

Monthly

JPMorgan

Chase

Bank

NA

(g)

05/10/23

70,774

(3,105)

(h)

67,690

0.0

(d)

$

20,629

$

781,373

(b)

(e)

(g)

Range:

40

basis

points

40

basis

points

40

basis

points

Benchmarks:

USD

-

1D

Overnight

Fed

Funds

Effective

Rate

(FEDL01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

(c)

Amount

includes

$(428)

of

net

dividends

and

financing

fees.

(d)

Rounds

to

less

than

0.1%.

(f)

Amount

includes

$(226)

of

net

dividends

and

financing

fees.

(h)

Amount

includes

$(21)

of

net

dividends

and

financing

fees.

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

Goldman

Sachs

Bank

USA,

as

of

period

end,

termination

date

August

19,

2026:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Software

Envestnet,

Inc.

...........

3,748

$

219,895

100.0

%

Net

Value

of

Reference

Entity

—

Goldman

Sachs

Bank

USA

.........................

$

219,895

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

HSBC

Bank

plc,

as

of

period

end,

termination

date

February

10,

2028:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Software

Envestnet,

Inc.

...........

3,089

181,232

36.7

Banks

United

Bankshares,

Inc.

.....

3,443

121,194

24.5

Insurance

American

Financial

Group,

Inc.

1,575

191,362

38.8

Total

Reference

Entity

—

Long

............

493,788

Net

Value

of

Reference

Entity

—

HSBC

Bank

plc

$

493,788

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

period

end,

termination

date

May

10,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

United

Bankshares,

Inc.

.....

1,923

$

67,690

100.0

%

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

..........................

$

67,690

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

S&P

Mid-Cap

400

Growth

ETF

Schedules

of

Investments

17

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

...................................................................

$

—

$

—

$

23,734

$

(3,105)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

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)

......

$

—

$

—

$

295,000

$

—

$

—

$

—

$

295,000

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

—

23,734

—

—

—

23,734

$

—

$

—

$

318,734

$

—

$

—

$

—

$

318,734

Liabilities

—

Derivative

Financial

Instruments

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

—

3,105

—

—

—

3,105

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

For

the

period

ended

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(1,380,345)

$

—

$

—

$

—

$

(1,380,345)

Swaps

..............................

—

—

(128,532)

—

—

—

(128,532)

$

—

$

—

$

(1,508,877)

$

—

$

—

$

—

$

(1,508,877)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(145,682)

$

—

$

—

$

—

$

(145,682)

Swaps

..............................

—

—

3,763

—

—

—

3,763

$

—

$

—

$

(141,919)

$

—

$

—

$

—

$

(141,919)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

11,065,570

Total

return

swaps

Average

notional

value

...............................................................................................

$

573,755

The

Fund’s

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

213,600

$

—

Swaps

—

OTC

(a)

....................................................................................

23,734

3,105

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

237,334

$

3,105

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

(“MNA”)

.........................................

(213,600)

—

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

23,734

$

3,105

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

S&P

Mid-Cap

400

Growth

ETF

18

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)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/(received)

in

the

Statements

of

Assets

and

Liabilities.

The

following

table

presents

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(b)

Goldman

Sachs

Bank

USA

..........................

$

20,973

$

—

$

—

$

—

$

20,973

HSBC

Bank

plc

..................................

2,761

—

—

—

2,761

$

23,734

$

—

$

—

$

—

$

23,734

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(c)

JPMorgan

Chase

Bank

NA

..........................

$

3,105

$

—

$

—

$

—

$ 

3,105

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(c)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

7,360,549,324

$

—

$

—

$

7,360,549,324

Short-Term

Securities

Money

Market

Funds

......................................

472,961,489

—

—

472,961,489

$

7,833,510,813

$

—

$

—

$

7,833,510,813

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

295,000

$

23,734

$

—

$

318,734

Liabilities

Equity

contracts

...........................................

—

(3,105)

—

(3,105)

$

295,000

$

20,629

$

—

$

315,629

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

March

31,

2023

iShares

®

S&P

Mid-Cap

400

Value

ETF

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.2%

Hexcel

Corp.

......................

601,513

$

41,053,262

Mercury

Systems,

Inc.

(a)(b)

.............

174,756

8,933,527

Woodward,

Inc.

....................

426,261

41,505,034

91,491,823

Air

Freight

&

Logistics

—

0.6%

GXO

Logistics,

Inc.

(a)(b)

...............

846,691

42,724,028

Automobile

Components

—

2.5%

Adient

plc

(a)(b)

......................

679,541

27,833,999

Autoliv

,

Inc.

.......................

376,581

35,157,602

Dana,

Inc.

........................

908,335

13,670,442

Gentex

Corp.

.....................

905,116

25,370,402

Goodyear

Tire

&

Rubber

Co.

(The)

(a)(b)

.....

2,015,153

22,206,986

Lear

Corp.

.......................

421,812

58,838,556

183,077,987

Automobiles

—

0.6%

Harley-Davidson,

Inc.

................

350,547

13,310,270

Thor

Industries,

Inc.

.................

382,214

30,439,523

43,749,793

Banks

—

8.8%

Associated

Banc-Corp.

...............

1,071,185

19,259,906

Bank

of

Hawaii

Corp.

................

139,771

7,279,274

Bank

OZK

.......................

784,706

26,836,945

Cadence

Bank

....................

1,198,485

24,880,549

Cathay

General

Bancorp

..............

255,324

8,813,784

Columbia

Banking

System,

Inc.

.........

711,162

15,233,090

Commerce

Bancshares,

Inc.

...........

259,315

15,131,030

Cullen/Frost

Bankers,

Inc.

(a)

............

151,310

15,938,995

East

West

Bancorp,

Inc.

..............

492,023

27,307,277

First

Financial

Bankshares

,

Inc.

.........

434,608

13,863,995

First

Horizon

Corp.

..................

1,299,790

23,110,266

FNB

Corp.

.......................

2,568,053

29,789,415

Fulton

Financial

Corp.

................

612,414

8,463,561

Glacier

Bancorp,

Inc.

................

363,034

15,251,058

Hancock

Whitney

Corp.

..............

311,005

11,320,582

Home

BancShares

,

Inc.

..............

1,347,852

29,261,867

International

Bancshares

Corp.

.........

147,417

6,312,396

New

York

Community

Bancorp,

Inc.

......

4,861,098

43,944,326

Old

National

Bancorp

................

2,086,697

30,090,171

PacWest

Bancorp

(a)

.................

836,910

8,143,134

Pinnacle

Financial

Partners,

Inc.

.........

545,003

30,062,366

Prosperity

Bancshares,

Inc.

............

651,709

40,093,138

SouthState

Corp.

...................

231,886

16,524,196

Synovus

Financial

Corp.

..............

1,038,837

32,027,345

Texas

Capital

Bancshares,

Inc.

(a)(b)

.......

343,583

16,821,824

UMB

Financial

Corp.

................

309,813

17,882,406

United

Bankshares

,

Inc.

..............

500,150

17,605,280

Valley

National

Bancorp

..............

2,994,228

27,666,667

Webster

Financial

Corp.

..............

1,241,499

48,939,891

Wintrust

Financial

Corp.

..............

433,906

31,653,443

659,508,177

Beverages

—

0.3%

Boston

Beer

Co.,

Inc.

(The),

Class

A,

NVS

(a)(b)

20,937

6,881,992

Coca-Cola

Consolidated,

Inc.

...........

32,925

17,617,509

24,499,501

Biotechnology

—

0.1%

Arrowhead

Pharmaceuticals,

Inc.

(a)(b)

......

403,238

10,242,245

Broadline

Retail

—

1.0%

Kohl's

Corp.

......................

787,109

18,528,546

Macy's,

Inc.

......................

1,935,667

33,854,816

Security

Shares

Shares

Value

Broadline

Retail

(continued)

Nordstrom,

Inc.

....................

797,885

$

12,981,589

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)(b)

....

211,268

12,240,868

77,605,819

Building

Products

—

1.8%

Advanced

Drainage

Systems,

Inc.

(a)

......

103,006

8,674,135

Fortune

Brands

Innovations,

Inc.

........

914,894

53,731,725

Lennox

International,

Inc.

.............

87,384

21,957,852

Owens

Corning

....................

307,060

29,416,348

Trex

Co.,

Inc.

(a)(b)

...................

367,444

17,883,499

131,663,559

Capital

Markets

—

1.8%

Affiliated

Managers

Group,

Inc.

.........

91,179

12,985,713

Evercore

,

Inc.,

Class

A

...............

127,275

14,684,989

Federated

Hermes,

Inc.,

Class

B

........

187,648

7,532,191

Interactive

Brokers

Group,

Inc.,

Class

A

(a)

...

322,468

26,622,958

Janus

Henderson

Group

plc

...........

944,143

25,151,970

Stifel

Financial

Corp.

................

751,759

44,421,439

131,399,260

Chemicals

—

2.0%

Ashland,

Inc.

......................

117,231

12,040,796

Avient

Corp.

......................

610,846

25,142,421

Axalta

Coating

Systems

Ltd.

(a)(b)

.........

866,875

26,257,644

Chemours

Co.

(The)

.................

454,252

13,600,305

NewMarket

Corp.

...................

22,055

8,049,634

Scotts

Miracle-

Gro

Co.

(The)

...........

291,011

20,295,107

Sensient

Technologies

Corp.

...........

300,466

23,003,677

Valvoline,

Inc.

.....................

661,445

23,110,888

151,500,472

Commercial

Services

&

Supplies

—

1.1%

Brink's

Co.

(The)

...................

175,121

11,698,083

MSA

Safety,

Inc.

...................

118,126

15,769,821

Ritchie

Bros

Auctioneers,

Inc.

..........

4

225

Stericycle,

Inc.

(b)

...................

656,737

28,640,301

Tetra

Tech,

Inc.

....................

163,054

23,954,263

80,062,693

Communications

Equipment

—

1.1%

(b)

Ciena

Corp.

......................

1,058,758

55,605,970

Lumentum

Holdings,

Inc.

(a)

............

489,403

26,432,656

82,038,626

Construction

&

Engineering

—

2.1%

AECOM

.........................

456,229

38,469,229

Fluor

Corp.

(a)(b)

.....................

1,014,719

31,364,964

MasTec

,

Inc.

(a)(b)

....................

422,889

39,937,637

MDU

Resources

Group,

Inc.

...........

1,451,124

44,230,260

154,002,090

Consumer

Finance

—

0.2%

Navient

Corp.

.....................

721,485

11,536,545

Consumer

Staples

Distribution

&

Retail

—

1.8%

(b)

BJ's

Wholesale

Club

Holdings,

Inc.

.......

411,823

31,327,376

Grocery

Outlet

Holding

Corp.

(a)

..........

630,662

17,822,508

Performance

Food

Group

Co.

(a)

.........

613,042

36,990,954

Sprouts

Farmers

Market,

Inc.

(a)

..........

346,446

12,136,004

US

Foods

Holding

Corp.

(a)

.............

1,051,748

38,851,571

137,128,413

Containers

&

Packaging

—

0.8%

AptarGroup,

Inc.

...................

246,498

29,133,599

Greif,

Inc.,

Class

A,

NVS

..............

182,139

11,542,148

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

S&P

Mid-Cap

400

Value

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Containers

&

Packaging

(continued)

Sonoco

Products

Co.

................

340,402

$

20,764,522

61,440,269

Diversified

Consumer

Services

—

0.2%

Graham

Holdings

Co.,

Class

B

..........

27,341

16,290,861

Diversified

Telecommunication

Services

—

0.5%

Frontier

Communications

Parent,

Inc.

(a)(b)

...

1,591,786

36,244,967

Electric

Utilities

—

1.6%

ALLETE,

Inc.

.....................

407,235

26,213,717

Hawaiian

Electric

Industries,

Inc.

........

781,802

30,021,197

IDACORP,

Inc.

....................

169,977

18,413,609

PNM

Resources,

Inc.

................

232,047

11,296,048

Portland

General

Electric

Co.

...........

637,515

31,168,108

117,112,679

Electrical

Equipment

—

2.0%

Acuity

Brands,

Inc.

(a)

.................

114,166

20,861,553

EnerSys

.........................

291,893

25,359,664

Regal

Rexnord

Corp.

................

471,897

66,410,065

SunPower

Corp.

(a)(b)

.................

270,207

3,739,665

Sunrun

,

Inc.

(a)(b)

....................

1,522,102

30,670,355

Vicor

Corp.

(a)(b)

.....................

90,516

4,248,821

151,290,123

Electronic

Equipment,

Instruments

&

Components

—

5.1%

Arrow

Electronics,

Inc.

(b)

..............

415,832

51,924,942

Avnet,

Inc.

.......................

651,002

29,425,290

Cognex

Corp.

(a)

....................

592,877

29,377,055

Coherent

Corp.

(a)(b)

..................

991,990

37,774,979

IPG

Photonics

Corp.

(a)(b)

..............

229,049

28,244,032

Jabil,

Inc.

(a)

.......................

950,735

83,816,798

Littelfuse

,

Inc.

.....................

67,021

17,967,660

National

Instruments

Corp.

............

390,684

20,475,749

TD

SYNNEX

Corp.

..................

298,947

28,935,080

Vishay

Intertechnology

,

Inc.

............

923,065

20,879,730

Vontier

Corp.

(a)

....................

1,125,573

30,773,166

379,594,481

Financial

Services

—

2.0%

Essent

Group

Ltd.

..................

768,984

30,797,809

Euronet

Worldwide,

Inc.

(a)(b)

............

171,182

19,155,266

MGIC

Investment

Corp.

..............

2,102,004

28,208,894

Voya

Financial,

Inc.

.................

692,086

49,456,465

Western

Union

Co.

(The)

.............

2,096,574

23,376,800

150,995,234

Food

Products

—

1.4%

Flowers

Foods,

Inc.

.................

506,295

13,877,546

Ingredion,

Inc.

.....................

468,735

47,684,411

Pilgrim's

Pride

Corp.

(b)

...............

321,682

7,456,589

Post

Holdings,

Inc.

(a)(b)

................

382,788

34,401,158

103,419,704

Gas

Utilities

—

1.6%

National

Fuel

Gas

Co.

...............

197,168

11,384,480

New

Jersey

Resources

Corp.

(a)

.........

241,588

12,852,482

Southwest

Gas

Holdings,

Inc.

..........

464,080

28,981,796

Spire,

Inc.

........................

190,826

13,384,536

UGI

Corp.

........................

1,495,090

51,969,328

118,572,622

Ground

Transportation

—

2.0%

Hertz

Global

Holdings,

Inc.

(a)(b)

..........

1,148,447

18,708,201

Knight-Swift

Transportation

Holdings,

Inc.

..

573,741

32,462,266

Ryder

System,

Inc.

(a)

................

358,836

32,022,525

Saia,

Inc.

(a)(b)

......................

81,335

22,129,627

Security

Shares

Shares

Value

Ground

Transportation

(continued)

Werner

Enterprises,

Inc.

..............

418,886

$

19,055,124

XPO,

Inc.

(a)(b)

......................

821,637

26,210,220

150,587,963

Health

Care

Equipment

&

Supplies

—

3.4%

(b)

Enovis

Corp.

(a)

.....................

340,866

18,232,922

Envista

Holdings

Corp.

(a)

..............

1,164,523

47,605,700

ICU

Medical,

Inc.

(a)

..................

143,961

23,747,807

Integra

LifeSciences

Holdings

Corp.

(a)

.....

518,962

29,793,609

LivaNova

plc

......................

381,305

16,617,272

Masimo

Corp.

(a)

....................

127,473

23,523,868

Neogen

Corp.

(a)

....................

1,543,863

28,592,343

Omnicell

,

Inc.

(a)

....................

318,096

18,662,692

Penumbra,

Inc.

(a)

...................

100,377

27,974,066

QuidelOrtho

Corp.

..................

171,504

15,279,291

STAAR

Surgical

Co.

.................

110,453

7,063,469

257,093,039

Health

Care

Providers

&

Services

—

2.2%

Acadia

Healthcare

Co.,

Inc.

(b)

...........

272,221

19,667,968

Amedisys

,

Inc.

(a)(b)

..................

231,482

17,025,501

Chemed

Corp.

.....................

33,903

18,231,338

Encompass

Health

Corp.

.............

383,892

20,768,557

Patterson

Cos.,

Inc.

.................

615,461

16,475,891

Progyny

,

Inc.

(a)(b)

...................

337,192

10,830,607

R1

RCM,

Inc.

(a)(b)

...................

978,930

14,683,950

Tenet

Healthcare

Corp.

(b)

..............

771,586

45,847,640

163,531,452

Health

Care

REITs

—

2.1%

Healthcare

Realty

Trust,

Inc.,

Class

A

.....

2,715,121

52,483,289

Medical

Properties

Trust,

Inc.

(a)

..........

4,276,748

35,154,869

Omega

Healthcare

Investors,

Inc.

(a)

.......

851,117

23,329,117

Physicians

Realty

Trust

...............

1,626,173

24,278,763

Sabra

Health

Care

REIT,

Inc.

...........

1,652,071

18,998,816

154,244,854

Hotel

&

Resort

REITs

—

0.3%

Park

Hotels

&

Resorts,

Inc.

............

1,601,824

19,798,545

Hotels,

Restaurants

&

Leisure

—

2.9%

Aramark

.........................

1,097,086

39,275,679

Boyd

Gaming

Corp.

.................

231,699

14,856,540

Choice

Hotels

International,

Inc.

(a)

........

81,385

9,537,508

Hilton

Grand

Vacations,

Inc.

(a)(b)

.........

276,881

12,301,823

Light

&

Wonder,

Inc.,

Class

A

(a)(b)

........

360,372

21,640,339

Marriott

Vacations

Worldwide

Corp.

.......

273,554

36,891,492

Papa

John's

International,

Inc.

(a)

.........

125,722

9,420,349

Penn

Entertainment,

Inc.

(a)(b)

...........

1,107,620

32,852,009

Travel

+

Leisure

Co.

.................

580,993

22,774,926

Wyndham

Hotels

&

Resorts,

Inc.

........

302,034

20,493,007

220,043,672

Household

Durables

—

2.2%

Helen

of

Troy

Ltd.

(a)(b)

................

170,922

16,266,647

KB

Home

........................

581,524

23,365,634

Leggett

&

Platt,

Inc.

(a)

................

947,017

30,190,902

Taylor

Morrison

Home

Corp.

(b)

..........

773,864

29,608,037

Toll

Brothers,

Inc.

...................

733,813

44,050,794

TopBuild

Corp.

(a)(b)

..................

107,053

22,282,011

165,764,025

Household

Products

—

0.2%

Energizer

Holdings,

Inc.

..............

473,238

16,421,359

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

Ormat

Technologies,

Inc.

(a)

............

153,290

12,994,393

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

S&P

Mid-Cap

400

Value

ETF

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Industrial

REITs

—

1.1%

EastGroup

Properties,

Inc.

............

139,700

$

23,095,204

First

Industrial

Realty

Trust,

Inc.

.........

462,676

24,614,363

Rexford

Industrial

Realty,

Inc.

..........

580,612

34,633,506

82,343,073

Insurance

—

4.8%

American

Financial

Group,

Inc.

(a)

........

274,880

33,397,920

Brighthouse

Financial,

Inc.

(b)

...........

486,425

21,456,207

CNO

Financial

Group,

Inc.

.............

814,601

18,075,996

First

American

Financial

Corp.

..........

740,214

41,200,311

Hanover

Insurance

Group,

Inc.

(The)

.....

103,937

13,355,904

Kemper

Corp.

.....................

455,663

24,906,540

Old

Republic

International

Corp.

.........

1,968,120

49,143,956

Primerica,

Inc.

.....................

81,473

14,032,910

Reinsurance

Group

of

America,

Inc.

......

475,642

63,146,232

RenaissanceRe

Holdings

Ltd.

..........

137,049

27,456,397

Unum

Group

......................

1,334,108

52,777,312

358,949,685

Interactive

Media

&

Services

—

0.6%

(b)

TripAdvisor,

Inc.

....................

746,479

14,825,073

Ziff

Davis,

Inc.

(a)

....................

337,163

26,315,572

41,140,645

IT

Services

—

0.3%

Kyndryl

Holdings,

Inc.

(b)

...............

1,458,706

21,530,501

Leisure

Products

—

1.6%

Brunswick

Corp.

...................

211,785

17,366,370

Mattel,

Inc.

(a)(b)

.....................

2,528,980

46,558,522

Polaris,

Inc.

(a)

.....................

186,307

20,611,143

Topgolf

Callaway

Brands

Corp.

(a)(b)

.......

987,669

21,353,404

YETI

Holdings,

Inc.

(a)(b)

...............

276,055

11,042,200

116,931,639

Life

Sciences

Tools

&

Services

—

1.1%

Azenta

,

Inc.

(b)

.....................

494,019

22,043,128

Bruker

Corp.

......................

292,141

23,032,396

Sotera

Health

Co.

(a)(b)

................

702,920

12,589,297

Syneos

Health,

Inc.,

Class

A

(b)

..........

733,108

26,113,307

83,778,128

Machinery

—

4.4%

AGCO

Corp.

(a)

.....................

211,728

28,625,626

Chart

Industries,

Inc.

(a)(b)

..............

166,755

20,911,077

Crane

Holdings

Co.

.................

169,991

19,293,978

Donaldson

Co.,

Inc.

.................

312,091

20,392,026

Esab

Corp.

.......................

369,326

21,816,087

Flowserve

Corp.

...................

933,322

31,732,948

Graco

,

Inc.

.......................

421,246

30,755,170

ITT,

Inc.

(a)

........................

318,153

27,456,604

Middleby

Corp.

(The)

(b)

...............

199,621

29,266,435

Oshkosh

Corp.

....................

466,796

38,828,091

Terex

Corp.

.......................

480,883

23,265,119

Timken

Co.

(The)

...................

240,515

19,654,886

Watts

Water

Technologies,

Inc.,

Class

A

....

93,408

15,722,435

327,720,482

Marine

Transportation

—

0.4%

Kirby

Corp.

(b)

......................

426,710

29,741,687

Media

—

1.1%

Cable

One,

Inc.

(a)

...................

34,347

24,111,594

John

Wiley

&

Sons,

Inc.,

Class

A

........

304,559

11,807,752

New

York

Times

Co.

(The),

Class

A

.......

588,362

22,875,515

TEGNA,

Inc.

......................

1,589,483

26,878,158

85,673,019

Security

Shares

Shares

Value

Metals

&

Mining

—

2.5%

Alcoa

Corp.

.......................

1,262,542

$

53,733,788

Cleveland-Cliffs,

Inc.

(a)(b)

..............

3,675,975

67,380,622

Commercial

Metals

Co.

...............

367,138

17,953,048

United

States

Steel

Corp.

.............

1,617,162

42,207,928

Worthington

Industries,

Inc.

............

110,733

7,158,888

188,434,274

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.5%

Starwood

Property

Trust,

Inc.

...........

2,019,550

35,725,840

Multi-Utilities

—

0.5%

Black

Hills

Corp.

...................

222,474

14,038,109

NorthWestern

Corp.

.................

411,631

23,816,970

37,855,079

Office

REITs

—

1.4%

Corporate

Office

Properties

Trust

........

386,384

9,161,165

Cousins

Properties,

Inc.

..............

1,079,539

23,080,544

Douglas

Emmett,

Inc.

................

1,252,349

15,441,463

Highwoods

Properties,

Inc.

............

749,544

17,381,925

Kilroy

Realty

Corp.

..................

750,734

24,323,782

Vornado

Realty

Trust

................

1,147,890

17,643,069

107,031,948

Oil,

Gas

&

Consumable

Fuels

—

0.6%

Chord

Energy

Corp.

.................

71,496

9,623,362

Equitrans

Midstream

Corp.

............

1,673,955

9,675,460

HF

Sinclair

Corp.

...................

536,551

25,958,337

45,257,159

Passenger

Airlines

—

0.2%

JetBlue

Airways

Corp.

(b)

..............

2,307,368

16,797,639

Personal

Care

Products

—

0.7%

(a)(b)

BellRing

Brands,

Inc.

................

561,441

19,088,994

Coty,

Inc.,

Class

A

..................

2,611,841

31,498,802

50,587,796

Pharmaceuticals

—

0.5%

Perrigo

Co.

plc

....................

961,276

34,480,970

Professional

Services

—

2.1%

ASGN,

Inc.

(b)

......................

355,496

29,388,854

CACI

International,

Inc.,

Class

A

(b)

.......

60,537

17,935,902

Exponent,

Inc.

.....................

112,266

11,191,798

Genpact

Ltd.

......................

515,540

23,828,259

ManpowerGroup

,

Inc.

................

360,178

29,725,490

Maximus,

Inc.

.....................

433,905

34,148,324

Science

Applications

International

Corp.

...

128,383

13,796,037

160,014,664

Real

Estate

Management

&

Development

—

0.7%

Jones

Lang

LaSalle,

Inc.

(a)(b)

............

338,654

49,270,770

Residential

REITs

—

0.9%

Apartment

Income

REIT

Corp.

..........

1,062,514

38,048,626

Independence

Realty

Trust,

Inc.

.........

1,599,378

25,638,030

63,686,656

Retail

REITs

—

2.0%

Agree

Realty

Corp.

.................

195,523

13,414,833

Brixmor

Property

Group,

Inc.

...........

1,089,688

23,450,085

Kite

Realty

Group

Trust

...............

1,560,903

32,654,091

Macerich

Co.

(The)

.................

1,535,528

16,276,597

National

Retail

Properties,

Inc.

..........

607,602

26,825,628

Spirit

Realty

Capital,

Inc.

..............

996,870

39,715,301

152,336,535

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

S&P

Mid-Cap

400

Value

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

—

2.1%

Allegro

MicroSystems

,

Inc.

(a)(b)

..........

282,817

$

13,572,388

MKS

Instruments,

Inc.

...............

408,317

36,185,053

Silicon

Laboratories,

Inc.

(b)

.............

107,234

18,775,601

SiTime

Corp.

(a)(b)

...................

52,975

7,534,634

Synaptics

,

Inc.

(b)

...................

280,667

31,196,137

Universal

Display

Corp.

..............

114,553

17,770,607

Wolfspeed

,

Inc.

(a)(b)

..................

487,503

31,663,320

156,697,740

Software

—

2.2%

(b)

ACI

Worldwide,

Inc.

.................

800,576

21,599,540

Aspen

Technology,

Inc.

(a)

..............

207,984

47,601,298

Blackbaud

,

Inc.

(a)

...................

172,274

11,938,588

CommVault

Systems,

Inc.

(a)

............

105,271

5,973,077

Envestnet

,

Inc.

(a)

...................

167,145

9,806,397

Manhattan

Associates,

Inc.

(a)

...........

187,483

29,031,743

NCR

Corp.

(a)

......................

986,381

23,268,728

Teradata

Corp.

....................

391,629

15,774,816

164,994,187

Specialized

REITs

—

2.1%

CubeSmart

.......................

737,580

34,090,948

EPR

Properties

....................

536,440

20,438,364

Lamar

Advertising

Co.,

Class

A

.........

273,541

27,324,010

Life

Storage,

Inc.

...................

236,734

31,033,460

National

Storage

Affiliates

Trust

.........

318,898

13,323,558

PotlatchDeltic

Corp.

.................

247,229

12,237,836

Rayonier,

Inc.

.....................

472,173

15,704,474

154,152,650

Specialty

Retail

—

3.7%

AutoNation,

Inc.

(a)(b)

.................

131,585

17,679,761

Dick's

Sporting

Goods,

Inc.

............

213,685

30,319,765

Five

Below,

Inc.

(a)(b)

..................

122,605

25,252,952

Foot

Locker,

Inc.

...................

565,106

22,429,057

GameStop

Corp.,

Class

A

(a)(b)

...........

1,804,241

41,533,628

Gap,

Inc.

(The)

....................

1,508,382

15,144,155

Lithia

Motors,

Inc.,

Class

A

(a)

...........

195,094

44,662,869

RH

(a)(b)

..........................

133,388

32,486,647

Victoria's

Secret

&

Co.

(a)(b)

.............

575,823

19,664,355

Williams-Sonoma,

Inc.

...............

247,219

30,076,664

279,249,853

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

Super

Micro

Computer,

Inc.

(a)(b)

..........

66,511

7,086,747

Xerox

Holdings

Corp.

................

798,326

12,294,220

19,380,967

Textiles,

Apparel

&

Luxury

Goods

—

2.6%

Capri

Holdings

Ltd.

(a)(b)

...............

897,170

42,166,990

Carter's,

Inc.

(a)

.....................

271,875

19,553,250

Columbia

Sportswear

Co.

(a)

............

253,062

22,836,315

PVH

Corp.

.......................

452,321

40,328,940

Skechers

USA,

Inc.,

Class

A

(b)

..........

957,728

45,511,235

Under

Armour

,

Inc.,

Class

A

(a)(b)

.........

1,342,835

12,743,504

Under

Armour

,

Inc.,

Class

C,

NVS

(a)(b)

.....

1,357,357

11,578,255

194,718,489

Trading

Companies

&

Distributors

—

0.9%

GATX

Corp.

......................

120,293

13,234,636

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

....

168,499

14,153,916

Univar

Solutions,

Inc.

(b)

...............

1,164,517

40,793,030

68,181,582

Total

Long-Term

Investments

—

99.6%

(Cost:

$7,774,380,966)

...........................

7,434,334,930

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

8.6%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(e)

............

621,085,574

$

621,271,900

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

..................

24,164,805

24,164,805

Total

Short-Term

Securities

—

8.6%

(Cost:

$645,255,446)

.............................

645,436,705

Total

Investments

—

108.2%

(Cost:

$8,419,636,412

)

...........................

8,079,771,635

Liabilities

in

Excess

of

Other

Assets

—

(8.2)%

............

(614,063,645)

Net

Assets

—

100.0%

..............................

$

7,465,707,990

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

S&P

Mid-Cap

400

Value

ETF

Schedules

of

Investments

23

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/23

Shares

Held

at

03/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

216,208,372

$

404,872,250

(a)

$

—

$

(3,711)

$

194,989

$

621,271,900

621,085,574

$

1,971,327

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

18,588,000

5,576,805

(a)

—

—

—

24,164,805

24,164,805

461,225

15

$

(3,711)

$

194,989

$

645,436,705

$

2,432,552

$

15

—

—

(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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

.................................................

61

06/16/23

$

15,431

$

526,181

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Goldman

Sachs

Bank

USA

(b)

08/19/26

$

1,519,144

$

129,243

(c)

$

1,648,426

0.0

%

(d)

Monthly

HSBC

Bank

plc

(e)

02/10/28

4,164,454

233,972

(f)

4,301,887

0.1

Monthly

JPMorgan

Chase

Bank

NA

(g)

04/12/23

8,530,737

(379,304)

(h)

8,136,725

0.1

$

(16,089)

$

14,087,038

(b)

(e)

(g)

Range:

40

basis

points

40

basis

points

40

basis

points

Benchmarks:

USD

-

1D

Overnight

Fed

Funds

Effective

Rate

(FEDL01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

(c)

Amount

includes

$(39)

of

net

dividends

and

financing

fees.

(d)

Rounds

to

less

than

0.1%.

(f)

Amount

includes

$96,539

of

net

dividends

and

financing

fees.

(h)

Amount

includes

$14,708

of

net

dividends

and

financing

fees.

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

S&P

Mid-Cap

400

Value

ETF

24

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

Goldman

Sachs

Bank

USA,

as

of

period

end,

termination

date

August

19,

2026:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

Cadence

Bank

...........

12,558

$

260,704

15.8

%

Software

Envestnet

,

Inc.

...........

23,653

1,387,722

84.2

Total

Reference

Entity

—

Long

............

1,648,426

Net

Value

of

Reference

Entity

—

Goldman

Sachs

Bank

USA

.........................

$

1,648,426

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

HSBC

Bank

plc,

as

of

period

end,

termination

date

February

10,

2028:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

Cadence

Bank

...........

9,937

206,292

4.8

Software

Envestnet

,

Inc.

...........

11,329

664,673

15.4

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Starwood

Property

Trust,

Inc.

.

193,947

3,430,922

79.8

Total

Reference

Entity

—

Long

............

4,301,887

Net

Value

of

Reference

Entity

—

HSBC

Bank

plc

$

4,301,887

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

period

end,

termination

date

April

12,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

Cadence

Bank

...........

85,905

1,783,388

21.9

Financial

Services

Western

Union

Co.

(The)

....

569,806

6,353,337

78.1

Total

Reference

Entity

—

Long

............

8,136,725

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

..........................

$

8,136,725

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

...................................................................

$

—

$

—

$

363,215

$

(379,304)

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

S&P

Mid-Cap

400

Value

ETF

Schedules

of

Investments

25

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

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)

......

$

—

$

—

$

526,181

$

—

$

—

$

—

$

526,181

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

—

363,215

—

—

—

363,215

$

—

$

—

$

889,396

$

—

$

—

$

—

$

889,396

Liabilities

—

Derivative

Financial

Instruments

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

—

379,304

—

—

—

379,304

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

For

the

period

ended

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(2,862,084)

$

—

$

—

$

—

$

(2,862,084)

Swaps

..............................

—

—

(1,042,065)

—

—

—

(1,042,065)

$

—

$

—

$

(3,904,149)

$

—

$

—

$

—

$

(3,904,149)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(173,800)

$

—

$

—

$

—

$

(173,800)

Swaps

..............................

—

—

(88,235)

—

—

—

(88,235)

$

—

$

—

$

(262,035)

$

—

$

—

$

—

$

(262,035)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

15,420,713

Total

return

swaps

Average

notional

value

...............................................................................................

$

9,274,000

The

Fund’s

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

271,468

$

—

Swaps

—

OTC

(a)

....................................................................................

363,215

379,304

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

634,683

$

379,304

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

(“MNA”)

.........................................

(271,468)

—

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

363,215

$

379,304

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/(received)

in

the

Statements

of

Assets

and

Liabilities.

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

S&P

Mid-Cap

400

Value

ETF

26

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

The

following

table

presents

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Received

Cash

Collateral

Received

(

b)

Net

Amount

of

Derivative

Assets

(c

)

Goldman

Sachs

Bank

USA

..........................

$

129,243

$

—

$

—

$

—

$

129,243

HSBC

Bank

plc

..................................

233,972

—

—

—

233,972

$

363,215

$

—

$

—

$

—

$

363,215

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Pledged

Cash

Collateral

Pledged

(b

)

Net

Amount

of

Derivative

Liabilities

JPMorgan

Chase

Bank

NA

..........................

$

379,304

$

—

$

—

$

(379,304)

$

—

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

7,434,334,930

$

—

$

—

$

7,434,334,930

Short-Term

Securities

Money

Market

Funds

......................................

645,436,705

—

—

645,436,705

$

8,079,771,635

$

—

$

—

$

8,079,771,635

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

526,181

$

363,215

$

—

$

889,396

Liabilities

Equity

contracts

...........................................

—

(379,304)

—

(379,304)

$

526,181

$

(16,089)

$

—

$

510,092

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

March

31,

2023

iShares

®

S&P

Small-Cap

600

Growth

ETF

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.8%

Aerojet

Rocketdyne

Holdings,

Inc.

(a)

......

819,991

$

46,058,895

AeroVironment

,

Inc.

(a)(b)

...............

272,105

24,941,144

Moog,

Inc.,

Class

A

.................

189,507

19,092,830

90,092,869

Air

Freight

&

Logistics

—

0.9%

Forward

Air

Corp.

..................

287,494

30,980,354

Hub

Group,

Inc.,

Class

A

(a)(b)

...........

158,796

13,329,336

44,309,690

Automobile

Components

—

1.4%

Dorman

Products,

Inc.

(a)

..............

305,563

26,357,864

Gentherm

,

Inc.

(a)

...................

219,359

13,253,671

LCI

Industries

.....................

137,671

15,125,913

XPEL,

Inc.

(a)(b)(c)

....................

211,953

14,402,206

69,139,654

Automobiles

—

0.2%

Winnebago

Industries,

Inc.

(b)

...........

151,601

8,747,378

Banks

—

10.1%

Ameris

Bancorp

....................

430,088

15,732,619

Atlantic

Union

Bankshares

Corp.

........

253,495

8,885,000

Axos

Financial,

Inc.

(a)

................

311,877

11,514,499

BancFirst

Corp.

....................

188,016

15,624,130

Bancorp,

Inc.

(The)

(a)(b)

...............

602,307

16,774,250

Banner

Corp.

.....................

370,216

20,128,644

Berkshire

Hills

Bancorp,

Inc.

...........

233,265

5,845,621

City

Holding

Co.

...................

160,861

14,619,048

Community

Bank

System,

Inc.

..........

287,431

15,087,253

Customers

Bancorp,

Inc.

(a)

.............

164,780

3,051,726

CVB

Financial

Corp.

.................

1,423,086

23,737,074

Dime

Community

Bancshares,

Inc.

.......

350,271

7,958,157

FB

Financial

Corp.

..................

189,071

5,876,327

First

Bancorp

.....................

251,467

8,932,108

First

BanCorp

.....................

1,978,168

22,590,679

First

Commonwealth

Financial

Corp.

......

585,297

7,275,242

First

Financial

Bancorp

...............

554,740

12,076,690

First

Hawaiian,

Inc.

.................

716,021

14,771,513

Hanmi

Financial

Corp.

...............

328,629

6,102,640

Heritage

Financial

Corp.

..............

376,867

8,064,954

Independent

Bank

Corp.

..............

212,314

13,932,045

Lakeland

Financial

Corp.

..............

274,382

17,187,288

National

Bank

Holdings

Corp.,

Class

A

....

268,272

8,976,381

NBT

Bancorp,

Inc.

..................

463,330

15,618,854

Northfield

Bancorp,

Inc.

..............

245,063

2,886,842

Northwest

Bancshares,

Inc.

............

693,862

8,347,160

OFG

Bancorp

.....................

514,605

12,834,249

Park

National

Corp.

.................

156,565

18,563,912

Pathward

Financial,

Inc.

(b)

.............

215,266

8,931,386

Preferred

Bank

....................

141,770

7,770,414

S&T

Bancorp,

Inc.

..................

290,318

9,130,501

Seacoast

Banking

Corp.

of

Florida

.......

486,335

11,526,139

ServisFirst

Bancshares,

Inc.

...........

528,632

28,879,166

Southside

Bancshares,

Inc.

............

189,272

6,283,830

Stellar

Bancorp,

Inc.

.................

486,488

11,972,470

Tompkins

Financial

Corp.

.............

86,686

5,739,480

Triumph

Financial,

Inc.

(a)(b)

.............

148,249

8,607,337

TrustCo

Bank

Corp.

.................

130,059

4,154,084

Trustmark

Corp.

...................

433,422

10,705,523

United

Community

Banks,

Inc.

..........

763,174

21,460,453

Veritex

Holdings,

Inc.

................

286,333

5,228,441

Washington

Federal,

Inc.

..............

313,830

9,452,560

Security

Shares

Shares

Value

Banks

(continued)

Westamerica

BanCorp

...............

291,074

$

12,894,578

505,731,267

Beverages

—

0.5%

MGP

Ingredients,

Inc.

(b)

...............

166,665

16,119,839

National

Beverage

Corp.

(a)

.............

171,282

9,029,987

25,149,826

Biotechnology

—

3.4%

(a)

Anika

Therapeutics,

Inc.

(b)

.............

81,774

2,348,549

Arcus

Biosciences,

Inc.

(b)

..............

562,735

10,264,286

Avid

Bioservices

,

Inc.

(b)

...............

463,927

8,703,271

Catalyst

Pharmaceuticals,

Inc.

(b)

.........

1,036,228

17,180,660

Coherus

Biosciences,

Inc.

(b)

............

353,257

2,416,278

Cytokinetics,

Inc.

(b)

..................

1,023,553

36,018,830

Dynavax

Technologies

Corp.

(b)

..........

1,285,532

12,611,069

Eagle

Pharmaceuticals,

Inc.

...........

75,069

2,129,708

Enanta

Pharmaceuticals,

Inc.

(b)

.........

82,948

3,354,417

Ironwood

Pharmaceuticals,

Inc.,

Class

A

(b)

..

912,015

9,594,398

iTeos

Therapeutics,

Inc.

..............

267,759

3,644,200

REGENXBIO,

Inc.

..................

408,800

7,730,408

uniQure

NV

(b)

.....................

444,624

8,954,727

Vericel

Corp.

......................

292,102

8,564,431

Vir

Biotechnology,

Inc.

(b)

..............

820,695

19,097,573

Xencor

,

Inc.

(b)

.....................

648,153

18,076,987

170,689,792

Building

Products

—

1.8%

AAON,

Inc.

.......................

454,586

43,953,920

Apogee

Enterprises,

Inc.

..............

136,659

5,910,502

Griffon

Corp.

......................

513,868

16,448,915

Insteel

Industries,

Inc.

(b)

..............

97,058

2,700,154

PGT

Innovations,

Inc.

(a)(b)

..............

647,612

16,261,537

Quanex

Building

Products

Corp.

.........

204,432

4,401,421

89,676,449

Capital

Markets

—

1.5%

Avantax

,

Inc.

(a)

.....................

429,947

11,316,205

B

Riley

Financial,

Inc.

(b)

...............

85,777

2,435,209

Brightsphere

Investment

Group,

Inc.

......

181,244

4,273,733

Donnelley

Financial

Solutions,

Inc.

(a)(b)

.....

135,052

5,518,225

Piper

Sandler

Cos.

..................

148,261

20,550,457

StoneX

Group,

Inc.

(a)

................

189,843

19,654,446

Virtus

Investment

Partners,

Inc.

.........

37,497

7,139,054

WisdomTree

,

Inc.

...................

674,420

3,952,101

74,839,430

Chemicals

—

4.0%

American

Vanguard

Corp.

.............

300,112

6,566,451

Balchem

Corp.

....................

347,580

43,961,918

FutureFuel

Corp.

...................

158,650

1,170,837

Hawkins,

Inc.

.....................

204,507

8,953,316

HB

Fuller

Co.

.....................

371,788

25,448,889

Innospec

,

Inc.

.....................

267,672

27,481,884

Livent

Corp.

(a)(b)

....................

1,940,155

42,140,167

Quaker

Chemical

Corp.

(b)

.............

147,569

29,211,284

Stepan

Co.

.......................

148,405

15,290,167

200,224,913

Commercial

Services

&

Supplies

—

0.7%

Brady

Corp.,

Class

A,

NVS

............

325,002

17,462,357

Liquidity

Services,

Inc.

(a)

..............

142,398

1,875,382

UniFirst

Corp.

.....................

96,349

16,979,584

36,317,323

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

S&P

Small-Cap

600

Growth

ETF

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Communications

Equipment

—

2.1%

ADTRAN

Holdings,

Inc.

..............

526,190

$

8,345,373

Clearfield,

Inc.

(a)(b)

...................

136,387

6,352,906

Digi

International,

Inc.

(a)(b)

.............

386,242

13,008,630

Extreme

Networks,

Inc.

(a)

..............

1,398,613

26,741,481

Harmonic,

Inc.

(a)

....................

1,186,442

17,310,189

NetScout

Systems,

Inc.

(a)(b)

............

729,166

20,890,606

Viavi

Solutions,

Inc.

(a)

................

1,266,031

13,711,116

106,360,301

Construction

&

Engineering

—

2.2%

Arcosa

,

Inc.

......................

345,396

21,797,942

Comfort

Systems

USA,

Inc.

............

386,800

56,457,328

Dycom

Industries,

Inc.

(a)(b)

.............

217,393

20,358,854

MYR

Group,

Inc.

(a)

..................

89,636

11,295,032

109,909,156

Consumer

Staples

Distribution

&

Retail

—

0.3%

Andersons,

Inc.

(The)

................

147,841

6,108,790

Chefs'

Warehouse,

Inc.

(The)

(a)(b)

........

227,908

7,760,268

13,869,058

Containers

&

Packaging

—

0.5%

Myers

Industries,

Inc.

................

393,862

8,440,463

O-I

Glass,

Inc.

(a)

....................

768,533

17,453,384

25,893,847

Diversified

Consumer

Services

—

1.4%

Adtalem

Global

Education,

Inc.

(a)(b)

.......

491,798

18,993,239

Frontdoor

,

Inc.

(a)

....................

457,876

12,765,583

Mister

Car

Wash,

Inc.

(a)(b)

..............

440,733

3,799,118

Perdoceo

Education

Corp.

(a)

...........

456,552

6,131,493

Strategic

Education,

Inc.

..............

137,037

12,310,034

Stride,

Inc.

(a)(b)

.....................

443,191

17,395,247

71,394,714

Diversified

REITs

—

0.1%

Armada

Hoffler

Properties,

Inc.

.........

475,089

5,610,801

Diversified

Telecommunication

Services

—

0.4%

ATN

International,

Inc.

...............

115,671

4,733,257

Cogent

Communications

Holdings,

Inc.

....

272,811

17,383,517

22,116,774

Electric

Utilities

—

0.4%

Otter

Tail

Corp.

....................

274,678

19,850,979

Electrical

Equipment

—

0.7%

Encore

Wire

Corp.

(b)

.................

198,403

36,770,028

Electronic

Equipment,

Instruments

&

Components

—

4.3%

Advanced

Energy

Industries,

Inc.

(b)

.......

404,344

39,625,712

Arlo

Technologies,

Inc.

(a)

..............

477,365

2,892,832

Badger

Meter,

Inc.

..................

316,581

38,565,897

CTS

Corp.

.......................

345,095

17,068,399

ePlus

,

Inc.

(a)(b)

.....................

140,368

6,883,647

Fabrinet

(a)

........................

395,972

47,025,635

Methode

Electronics,

Inc.

.............

202,568

8,888,684

OSI

Systems,

Inc.

(a)

.................

86,270

8,830,597

Plexus

Corp.

(a)

.....................

299,472

29,219,483

Sanmina

Corp.

(a)

...................

290,359

17,708,995

216,709,881

Energy

Equipment

&

Services

—

1.9%

Core

Laboratories

NV

(b)

...............

243,111

5,360,598

Dril

-Quip,

Inc.

(a)(b)

...................

194,019

5,566,405

Helmerich

&

Payne,

Inc.

..............

655,498

23,434,054

Nabors

Industries

Ltd.

(a)

..............

65,941

8,038,867

NexTier

Oilfield

Solutions,

Inc.

(a)(b)

........

775,878

6,168,230

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

Oceaneering

International,

Inc.

(a)

........

779,096

$

13,735,462

Patterson-UTI

Energy,

Inc.

............

1,594,737

18,658,423

RPC,

Inc.

........................

904,086

6,952,421

US

Silica

Holdings,

Inc.

(a)

.............

473,868

5,657,984

93,572,444

Financial

Services

—

1.2%

EVERTEC,

Inc.

....................

458,823

15,485,276

Mr

Cooper

Group,

Inc.

(a)

..............

749,286

30,698,247

NMI

Holdings,

Inc.,

Class

A

(a)

...........

462,299

10,323,137

Payoneer

Global,

Inc.

(a)

...............

928,309

5,829,781

62,336,441

Food

Products

—

3.0%

Cal-Maine

Foods,

Inc.

................

410,774

25,012,029

Hostess

Brands,

Inc.,

Class

A

(a)

.........

1,448,156

36,030,121

J

&

J

Snack

Foods

Corp.

..............

162,022

24,014,901

John

B

Sanfilippo

&

Son,

Inc.

...........

58,831

5,701,901

Simply

Good

Foods

Co.

(The)

(a)

.........

914,702

36,377,699

Tootsie

Roll

Industries,

Inc.

(b)

...........

200,503

9,004,590

TreeHouse

Foods,

Inc.

(a)

..............

256,350

12,927,730

149,068,971

Gas

Utilities

—

0.5%

Chesapeake

Utilities

Corp.

............

105,983

13,564,764

Northwest

Natural

Holding

Co.

..........

242,639

11,539,911

25,104,675

Ground

Transportation

—

0.4%

Heartland

Express,

Inc.

...............

326,863

5,203,659

Marten

Transport

Ltd.

................

623,872

13,070,118

18,273,777

Health

Care

Equipment

&

Supplies

—

2.5%

CONMED

Corp.

(b)

..................

161,238

16,746,179

Cutera

,

Inc.

(a)(b)

....................

136,522

3,224,650

Embecta

Corp.

....................

291,796

8,205,303

Glaukos

Corp.

(a)(b)

...................

345,908

17,329,991

LeMaitre

Vascular,

Inc.

...............

145,121

7,469,378

Merit

Medical

Systems,

Inc.

(a)

...........

615,650

45,527,317

Mesa

Laboratories,

Inc.

(b)

.............

33,626

5,875,471

Tandem

Diabetes

Care,

Inc.

(a)

..........

417,264

16,945,091

Zynex

,

Inc.

(a)

......................

233,617

2,803,404

124,126,784

Health

Care

Providers

&

Services

—

3.2%

AdaptHealth

Corp.

(a)(b)

................

829,256

10,307,652

Addus

HomeCare

Corp.

(a)

.............

174,344

18,612,965

Agiliti

,

Inc.

(a)(b)

.....................

161,395

2,579,092

AMN

Healthcare

Services,

Inc.

(a)

.........

468,733

38,886,090

CorVel

Corp.

(a)

.....................

64,050

12,187,434

Cross

Country

Healthcare,

Inc.

(a)(b)

.......

384,490

8,581,817

Ensign

Group,

Inc.

(The)

(b)

.............

602,811

57,592,563

Fulgent

Genetics,

Inc.

(a)(b)

.............

95,675

2,986,973

US

Physical

Therapy,

Inc.

.............

85,582

8,379,334

160,113,920

Health

Care

REITs

—

0.7%

CareTrust

REIT,

Inc.

.................

668,398

13,087,233

Community

Healthcare

Trust,

Inc.

........

152,316

5,574,766

LTC

Properties,

Inc.

.................

284,184

9,983,384

Universal

Health

Realty

Income

Trust

.....

89,921

4,326,099

32,971,482

Health

Care

Technology

—

1.1%

Certara

,

Inc.

(a)(b)

....................

660,973

15,936,059

Computer

Programs

&

Systems,

Inc.

(a)

.....

81,287

2,454,867

HealthStream

,

Inc.

(a)

.................

166,811

4,520,578

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

S&P

Small-Cap

600

Growth

ETF

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Technology

(continued)

NextGen

Healthcare,

Inc.

(a)(b)

...........

579,901

$

10,096,077

Simulations

Plus,

Inc.

(b)

...............

117,041

5,142,782

Veradigm

,

Inc.

(a)(b)

...................

1,181,406

15,417,348

53,567,711

Hotels,

Restaurants

&

Leisure

—

2.0%

Bloomin

'

Brands,

Inc.

................

551,388

14,143,102

Chuy's

Holdings,

Inc.

(a)

...............

104,870

3,759,589

Dave

&

Buster's

Entertainment,

Inc.

(a)

.....

255,246

9,390,500

Dine

Brands

Global,

Inc.

..............

101,497

6,865,257

Golden

Entertainment,

Inc.

(a)

...........

144,456

6,285,281

Jack

in

the

Box,

Inc.

.................

222,793

19,514,439

Monarch

Casino

&

Resort,

Inc.

..........

143,310

10,626,436

Ruth's

Hospitality

Group,

Inc.

...........

170,088

2,792,845

Sabre

Corp.

(a)(b)

....................

1,347,123

5,779,158

Shake

Shack,

Inc.,

Class

A

(a)(b)

..........

213,636

11,854,662

Six

Flags

Entertainment

Corp.

(a)

.........

343,460

9,173,817

100,185,086

Household

Durables

—

1.3%

Cavco

Industries,

Inc.

(a)

...............

87,383

27,765,074

Ethan

Allen

Interiors,

Inc.

.............

246,170

6,759,828

Green

Brick

Partners,

Inc.

(a)

............

293,218

10,280,223

Installed

Building

Products,

Inc.

.........

167,524

19,102,762

63,907,887

Household

Products

—

0.5%

Central

Garden

&

Pet

Co.

(a)

............

50,056

2,055,299

Central

Garden

&

Pet

Co.,

Class

A,

NVS

(a)

..

213,224

8,330,662

WD-40

Co.

.......................

95,528

17,008,760

27,394,721

Industrial

REITs

—

0.5%

Innovative

Industrial

Properties,

Inc.

......

302,498

22,986,823

Insurance

—

1.6%

American

Equity

Investment

Life

Holding

Co.

389,664

14,218,839

AMERISAFE,

Inc.

..................

113,696

5,565,419

Assured

Guaranty

Ltd.

...............

330,707

16,624,641

Employers

Holdings,

Inc.

..............

135,074

5,631,235

Palomar

Holdings,

Inc.

(a)(b)

.............

272,800

15,058,560

Safety

Insurance

Group,

Inc.

...........

87,457

6,517,296

Trupanion

,

Inc.

(a)(b)

..................

380,562

16,322,304

79,938,294

Interactive

Media

&

Services

—

0.8%

Cars.com,

Inc.

(a)

....................

669,387

12,919,169

QuinStreet

,

Inc.

(a)(b)

..................

286,133

4,540,931

Shutterstock

,

Inc.

...................

124,366

9,028,972

Yelp,

Inc.

(a)

.......................

437,906

13,443,714

39,932,786

IT

Services

—

0.3%

Perficient

,

Inc.

(a)

....................

213,709

15,427,653

Leisure

Products

—

0.3%

Sturm

Ruger

&

Co.,

Inc.

..............

116,299

6,680,215

Vista

Outdoor,

Inc.

(a)(b)

................

274,812

7,615,040

14,295,255

Life

Sciences

Tools

&

Services

—

0.2%

(a)

BioLife

Solutions,

Inc.

(b)

...............

369,310

8,032,492

OmniAb

,

Inc.,

NVS

(d)

.................

153,006

2

8,032,494

Machinery

—

6.6%

Alamo

Group,

Inc.

..................

81,347

14,980,864

Albany

International

Corp.,

Class

A

.......

336,266

30,048,730

Security

Shares

Shares

Value

Machinery

(continued)

Enerpac

Tool

Group

Corp.,

Class

A

(b)

......

407,891

$

10,401,220

EnPro

Industries,

Inc.

................

225,011

23,376,393

ESCO

Technologies,

Inc.

.............

189,910

18,126,909

Federal

Signal

Corp.

................

655,865

35,554,442

Franklin

Electric

Co.,

Inc.

.............

420,838

39,600,856

Hillenbrand,

Inc.

...................

750,616

35,676,778

Lindsay

Corp.

.....................

119,055

17,992,782

Mueller

Industries,

Inc.

(b)

..............

615,066

45,195,050

SPX

Technologies,

Inc.

(a)(b)

.............

303,028

21,387,716

Standex

International

Corp.

............

87,697

10,737,621

Titan

International,

Inc.

(a)

..............

549,325

5,756,926

Trinity

Industries,

Inc.

................

518,933

12,641,208

Wabash

National

Corp.

...............

298,402

7,337,705

328,815,200

Marine

Transportation

—

0.5%

Matson,

Inc.

......................

409,038

24,407,297

Media

—

0.2%

TechTarget

,

Inc.

(a)(b)

.................

289,533

10,457,932

Metals

&

Mining

—

1.6%

ATI,

Inc.

(a)(b)

.......................

867,865

34,245,953

Haynes

International,

Inc.

.............

90,989

4,557,639

Kaiser

Aluminum

Corp.

...............

172,246

12,854,719

Materion

Corp.

....................

126,495

14,673,420

TimkenSteel

Corp.

(a)

.................

183,361

3,362,840

Warrior

Met

Coal,

Inc.

................

312,404

11,468,351

81,162,922

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.2%

ARMOUR

Residential

REIT,

Inc.

.........

1,758,420

9,231,705

Invesco

Mortgage

Capital,

Inc.

..........

171,492

1,901,846

11,133,551

Multi-Utilities

—

0.2%

Unitil

Corp.

.......................

173,940

9,921,538

Oil,

Gas

&

Consumable

Fuels

—

3.6%

Callon

Petroleum

Co.

(a)(b)

..............

276,062

9,231,513

Civitas

Resources,

Inc.

...............

561,555

38,376,669

Comstock

Resources,

Inc.

.............

992,920

10,713,607

CONSOL

Energy,

Inc.

................

353,282

20,585,742

CVR

Energy,

Inc.

...................

173,530

5,688,313

Dorian

LPG

Ltd.

....................

346,378

6,906,777

Northern

Oil

and

Gas,

Inc.

.............

802,817

24,365,496

Ranger

Oil

Corp.,

Class

A

.............

206,364

8,427,906

REX

American

Resources

Corp.

(a)

.......

165,142

4,721,410

SM

Energy

Co.

....................

1,328,193

37,401,915

Talos

Energy,

Inc.

(a)(b)

................

380,121

5,640,996

Vital

Energy,

Inc.

(a)(b)

.................

181,471

8,264,189

180,324,533

Paper

&

Forest

Products

—

0.2%

Mercer

International,

Inc.

..............

186,929

1,827,231

Sylvamo

Corp.

....................

197,597

9,140,837

10,968,068

Passenger

Airlines

—

0.1%

Sun

Country

Airlines

Holdings,

Inc.

(a)

......

351,733

7,210,527

Personal

Care

Products

—

1.9%

Edgewell

Personal

Care

Co.

...........

266,554

11,307,221

elf

Beauty,

Inc.

(a)

...................

547,630

45,097,330

Inter

Parfums

,

Inc.

..................

192,938

27,443,501

Medifast

,

Inc.

.....................

118,386

12,273,077

96,121,129

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

S&P

Small-Cap

600

Growth

ETF

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Pharmaceuticals

—

2.8%

(a)

Amphastar

Pharmaceuticals,

Inc.

........

408,141

$

15,305,288

ANI

Pharmaceuticals,

Inc.

(b)

............

68,561

2,723,243

Cara

Therapeutics,

Inc.

(b)

.............

492,029

2,415,862

Collegium

Pharmaceutical,

Inc.

(b)

........

362,302

8,691,625

Corcept

Therapeutics,

Inc.

(b)

...........

1,034,696

22,411,515

Harmony

Biosciences

Holdings,

Inc.

......

320,228

10,455,444

Innoviva

,

Inc.

(b)

....................

677,708

7,624,215

Ligand

Pharmaceuticals,

Inc.

...........

93,518

6,879,184

Nektar

Therapeutics

.................

972,604

683,643

Pacira

BioSciences

,

Inc.

(b)

.............

496,271

20,252,820

Prestige

Consumer

Healthcare,

Inc.

......

376,488

23,579,444

Supernus

Pharmaceuticals,

Inc.

(b)

........

585,049

21,196,325

142,218,608

Professional

Services

—

1.5%

CSG

Systems

International,

Inc.

.........

325,501

17,479,404

Korn

Ferry

.......................

273,492

14,150,476

NV5

Global,

Inc.

(a)

..................

134,551

13,989,268

TTEC

Holdings,

Inc.

.................

101,914

3,794,258

Verra

Mobility

Corp.,

Class

A

(a)(b)

.........

1,507,620

25,508,930

74,922,336

Real

Estate

Management

&

Development

—

0.6%

Kennedy-Wilson

Holdings,

Inc.

..........

455,566

7,557,840

Marcus

&

Millichap,

Inc.

..............

267,650

8,594,242

St.

Joe

Co.

(The)

...................

366,328

15,242,908

31,394,990

Residential

REITs

—

0.3%

NexPoint

Residential

Trust,

Inc.

.........

130,036

5,678,672

Veris

Residential,

Inc.

(a)

...............

482,230

7,059,847

12,738,519

Retail

REITs

—

0.8%

Getty

Realty

Corp.

(b)

.................

289,134

10,417,498

Saul

Centers,

Inc.

..................

79,370

3,095,430

Tanger

Factory

Outlet

Centers,

Inc.

.......

619,936

12,169,344

Urban

Edge

Properties

...............

646,448

9,735,507

Urstadt

Biddle

Properties,

Inc.,

Class

A

....

178,192

3,130,833

38,548,612

Semiconductors

&

Semiconductor

Equipment

—

6.6%

Alpha

&

Omega

Semiconductor

Ltd.

(a)

.....

241,589

6,510,824

Axcelis

Technologies,

Inc.

(a)(b)

...........

354,503

47,237,525

CEVA,

Inc.

(a)

......................

152,481

4,639,997

Cohu

,

Inc.

(a)

......................

340,529

13,072,908

Diodes,

Inc.

(a)

.....................

491,999

45,637,827

Kulicke

&

Soffa

Industries,

Inc.

(b)

.........

613,038

32,300,972

MaxLinear

,

Inc.

(a)

...................

783,066

27,571,754

Onto

Innovation,

Inc.

(a)

...............

535,588

47,067,473

PDF

Solutions,

Inc.

(a)

................

319,923

13,564,735

Photronics

,

Inc.

(a)

...................

666,705

11,053,969

Rambus,

Inc.

(a)

....................

1,162,553

59,592,468

Ultra

Clean

Holdings,

Inc.

(a)(b)

...........

270,084

8,955,986

Veeco

Instruments,

Inc.

(a)(b)

............

555,495

11,737,609

328,944,047

Software

—

4.5%

8x8,

Inc.

(a)

........................

565,777

2,359,290

A10

Networks,

Inc.

..................

692,410

10,725,431

Agilysys

,

Inc.

(a)(b)

...................

215,407

17,773,232

Alarm.com

Holdings,

Inc.

(a)

............

539,430

27,122,540

Consensus

Cloud

Solutions,

Inc.

(a)(b)

......

129,496

4,414,519

Digital

Turbine,

Inc.

(a)(b)

...............

624,169

7,714,729

DoubleVerify

Holdings,

Inc.

(a)(b)

..........

946,047

28,523,317

InterDigital

,

Inc.

....................

291,206

21,228,917

LivePerson

,

Inc.

(a)

..................

393,115

1,733,637

Security

Shares

Shares

Value

Software

(continued)

LiveRamp

Holdings,

Inc.

(a)

.............

386,327

$

8,472,151

N-able,

Inc.

(a)

......................

491,929

6,493,463

OneSpan

,

Inc.

(a)

....................

186,655

3,266,462

Progress

Software

Corp.

..............

468,478

26,914,061

SPS

Commerce,

Inc.

(a)

...............

389,839

59,372,480

226,114,229

Specialized

REITs

—

0.4%

Four

Corners

Property

Trust,

Inc.

........

608,280

16,338,401

Uniti

Group,

Inc.

...................

1,151,874

4,089,153

20,427,554

Specialty

Retail

—

2.0%

Academy

Sports

&

Outdoors,

Inc.

(b)

.......

397,644

25,946,271

Asbury

Automotive

Group,

Inc.

(a)(b)

........

107,728

22,622,880

Boot

Barn

Holdings,

Inc.

(a)(b)

............

196,631

15,069,800

Buckle,

Inc.

(The)

..................

220,051

7,853,620

Haverty

Furniture

Cos.,

Inc.

............

72,691

2,319,570

Hibbett,

Inc.

......................

72,797

4,293,567

Leslie's,

Inc.

(a)(b)

....................

1,047,793

11,536,201

National

Vision

Holdings,

Inc.

(a)(b)

........

494,063

9,308,147

98,950,056

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

(a)(b)

Avid

Technology,

Inc.

................

211,515

6,764,250

Corsair

Gaming,

Inc.

................

243,032

4,459,637

11,223,887

Textiles,

Apparel

&

Luxury

Goods

—

0.2%

Oxford

Industries,

Inc.

...............

112,387

11,866,943

Tobacco

—

0.2%

Vector

Group

Ltd.

..................

628,824

7,552,176

Trading

Companies

&

Distributors

—

1.7%

Applied

Industrial

Technologies,

Inc.

......

417,507

59,340,270

Boise

Cascade

Co.

.................

426,330

26,965,372

86,305,642

Water

Utilities

—

1.5%

American

States

Water

Co.

(b)

...........

275,848

24,520,128

California

Water

Service

Group

.........

367,654

21,397,463

Middlesex

Water

Co.

................

97,032

7,580,140

SJW

Group

.......................

288,746

21,982,233

75,479,964

Wireless

Telecommunication

Services

—

0.1%

Gogo

,

Inc.

(a)(b)

.....................

458,591

6,649,569

Total

Long-Term

Investments

—

99.2%

(Cost:

$4,643,046,293)

...........................

4,968,501,163

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

S&P

Small-Cap

600

Growth

ETF

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

6.8%

(e)(f)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(g)

............

306,774,594

$

306,866,627

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

..................

32,602,986

32,602,986

Total

Short-Term

Securities

—

6.8%

(Cost:

$339,272,528)

.............................

339,469,613

Total

Investments

—

106.0%

(Cost:

$4,982,318,821

)

...........................

5,307,970,776

Liabilities

in

Excess

of

Other

Assets

—

(6.0)%

............

(302,709,039)

Net

Assets

—

100.0%

..............................

$

5,005,261,737

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/23

Shares

Held

at

03/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

219,232,582

$

87,451,761

(a)

$

—

$

27,656

$

154,628

$

306,866,627

306,774,594

$

1,039,595

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

23,330,000

9,272,986

(a)

—

—

—

32,602,986

32,602,986

1,510,017

109

$

27,656

$

154,628

$

339,469,613

$

2,549,612

$

109

—

—

(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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

168

06/16/23

$

15,233

$

336,301

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

S&P

Small-Cap

600

Growth

ETF

32

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Goldman

Sachs

Bank

USA

(b)

08/19/26

$

3,411,144

$

(22,397)

(c)

$

3,359,882

0.1

%

Monthly

HSBC

Bank

plc

(d)

02/10/28

9,476,645

(88,479)

(e)

9,412,439

0.2

Monthly

JPMorgan

Chase

Bank

NA

(f)

05/10/23

8,047,297

(503,112)

(g)

7,527,372

0.2

$

(613,988)

$

20,299,693

(b)

(d)

(f)

Range:

40

basis

points

40

basis

points

40

basis

points

Benchmarks:

USD

-

1D

Overnight

Fed

Funds

Effective

Rate

(FEDL01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

(c)

Amount

includes

$28,865

of

net

dividends

and

financing

fees.

(e)

Amount

includes

$(24,273)

of

net

dividends

and

financing

fees.

(g)

Amount

includes

$16,813

of

net

dividends

and

financing

fees.

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

S&P

Small-Cap

600

Growth

ETF

Schedules

of

Investments

33

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

Goldman

Sachs

Bank

USA,

as

of

period

end,

termination

date

August

19,

2026:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Retail

REITs

Getty

Realty

Corp.

........

6,376

$

229,727

6.8

%

Banks

Atlantic

Union

Bankshares

Corp.

1,409

49,385

1.5

Berkshire

Hills

Bancorp,

Inc.

..

45,007

1,127,875

33.6

Community

Bank

System,

Inc.

.

13,685

718,326

21.4

First

Financial

Bancorp

.....

9,556

208,034

6.2

Independent

Bank

Corp.

....

4,016

263,530

7.8

Lakeland

Financial

Corp.

....

224

14,031

0.4

Northwest

Bancshares,

Inc.

..

20,998

252,606

7.5

United

Community

Banks,

Inc.

2,404

67,601

2.0

2,701,388

Gas

Utilities

Chesapeake

Utilities

Corp.

...

3,350

428,767

12.8

Total

Reference

Entity

—

Long

............

3,359,882

Net

Value

of

Reference

Entity

—

Goldman

Sachs

Bank

USA

.........................

$

3,359,882

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

HSBC

Bank

plc,

as

of

period

end,

termination

date

February

10,

2028:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Retail

REITs

Getty

Realty

Corp.

........

1,139

41,038

0.4

Banks

Atlantic

Union

Bankshares

Corp.

60,265

2,112,288

22.4

Banner

Corp.

............

396

21,531

0.2

Community

Bank

System,

Inc.

.

1,371

71,964

0.8

Customers

Bancorp,

Inc.

....

216

4,000

0.0

(a)

First

BanCorp

............

12,949

459,949

4.9

First

Commonwealth

Financial

Corp.

...............

26,886

334,193

3.6

Hanmi

Financial

Corp.

......

1,088

20,204

0.2

Independent

Bank

Corp.

....

11,823

775,825

8.2

Northfield

Bancorp,

Inc.

.....

1,237

14,572

0.2

Pathward

Financial,

Inc.

.....

631

26,180

0.3

Southside

Bancshares,

Inc.

..

1,275

42,330

0.5

TrustCo

Bank

Corp.

........

277

8,847

0.1

Trustmark

Corp.

..........

852

21,044

0.2

United

Community

Banks,

Inc.

41,357

1,162,959

12.4

Washington

Federal,

Inc.

....

59,600

1,795,152

19.1

6,871,038

Gas

Utilities

Chesapeake

Utilities

Corp.

...

19,219

2,459,840

26.1

Insurance

Employers

Holdings,

Inc.

....

972

40,523

0.4

Total

Reference

Entity

—

Long

............

9,412,439

Net

Value

of

Reference

Entity

—

HSBC

Bank

plc

$

9,412,439

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

period

end,

termination

date

May

10,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

Ameris

Bancorp

..........

1,352

$

49,456

0.7

%

Axos

Financial,

Inc.

........

44

1,624

0.0

(a)

Bancorp,

Inc.

(The)

........

15

418

0.0

(a)

City

Holding

Co.

..........

5

454

0.0

(a)

Community

Bank

System,

Inc.

.

28,816

1,512,552

20.1

CVB

Financial

Corp.

.......

1,626

27,122

0.4

First

BanCorp

............

2,106

24,051

0.3

Heritage

Financial

Corp.

.....

3,067

65,634

0.9

Independent

Bank

Corp.

....

28,551

1,873,517

24.9

NBT

Bancorp,

Inc.

.........

1,400

47,194

0.6

OFG

Bancorp

............

30

748

0.0

(a)

Preferred

Bank/Los

Angeles

CA

1,174

64,347

0.9

S&T

Bancorp,

Inc.

.........

956

30,066

0.4

Seacoast

Banking

Corp.

of

Florida

..............

3,135

74,299

1.0

Triumph

Financial,

Inc.

......

1,017

59,047

0.8

TrustCo

Bank

Corp.

........

6,014

192,087

2.5

Trustmark

Corp.

..........

20,808

513,958

6.8

Washington

Federal,

Inc.

....

1,597

48,102

0.6

Westamerica

Bancorp

......

1,000

44,300

0.6

4,628,976

Water

Utilities

Middlesex

Water

Co.

.......

25,062

1,957,843

26.0

Insurance

Employers

Holdings,

Inc.

....

16,485

687,260

9.1

Safety

Insurance

Group,

Inc.

..

3,399

253,293

3.4

940,553

Total

Reference

Entity

—

Long

............

7,527,372

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

..........................

$

7,527,372

(a)

Rounds

to

less

than

0.1%.

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

S&P

Small-Cap

600

Growth

ETF

34

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

...................................................................

$

—

$

—

$

—

$

(613,988)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

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)

......

$

—

$

—

$

336,301

$

—

$

—

$

—

$

336,301

Liabilities

—

Derivative

Financial

Instruments

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

—

613,988

—

—

—

613,988

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

For

the

period

ended

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(1,605,914)

$

—

$

—

$

—

$

(1,605,914)

Swaps

..............................

—

—

(6,884,391)

—

—

—

(6,884,391)

$

—

$

—

$

(8,490,305)

$

—

$

—

$

—

$

(8,490,305)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

56,538

$

—

$

—

$

—

$

56,538

Swaps

..............................

—

—

(901,445)

—

—

—

(901,445)

$

—

$

—

$

(844,907)

$

—

$

—

$

—

$

(844,907)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

14,747,265

Total

return

swaps

Average

notional

value

...............................................................................................

$

50,879,199

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

S&P

Small-Cap

600

Growth

ETF

Schedules

of

Investments

35

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

The

Fund’s

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

237,187

$

—

Swaps

—

OTC

(a)

....................................................................................

—

613,988

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

237,187

$

613,988

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

(“MNA”)

.........................................

(237,187)

—

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

—

$

613,988

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/(received)

in

the

Statements

of

Assets

and

Liabilities.

The

following

table

presents

the

Fund's

derivative

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

pledged

by

the

Fund:

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Pledged

Cash

Collateral

Pledged

(b)

Net

Amount

of

Derivative

Liabilities

Goldman

Sachs

Bank

USA

..........................

$

22,397

$

—

$

—

$

(22,397)

$

—

HSBC

Bank

plc

..................................

88,479

—

—

(88,479)

—

JPMorgan

Chase

Bank

NA

..........................

503,112

—

—

(503,112)

—

$

613,988

$

—

$

—

$

(613,988)

$

—

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

4,962,007,698

$

6,493,463

$

2

$

4,968,501,163

Short-Term

Securities

Money

Market

Funds

......................................

339,469,613

—

—

339,469,613

$

5,301,477,311

$

6,493,463

$

2

$

5,307,970,776

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

336,301

$

—

$

—

$

336,301

Liabilities

Equity

contracts

...........................................

—

(613,988)

—

(613,988)

$

336,301

$

(613,988)

$

—

$

(277,687)

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

March

31,

2023

2023

iShares

Annual

Report

to

Shareholders

36

See

notes

to

financial

statements.

iShares

S&P

Mid-Cap

400

Growth

ETF

iShares

S&P

Mid-Cap

400

Value

ETF

iShares

S&P

Small-Cap

600

Growth

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................................

$

7,360,549,324‌

$

7,434,334,930‌

$

4,968,501,163‌

Investments,

at

value

—

affiliated

(c)

............................................................

472,961,489‌

645,436,705‌

339,469,613‌

Cash  

...............................................................................

96,021‌

282,377‌

—‌

Cash

pledged:

Collateral

—

OTC

derivatives

..............................................................

—‌

1,160,000‌

3,960,000‌

Futures

contracts

......................................................................

768,470‌

976,510‌

979,000‌

Receivables:

–‌

–‌

–‌

Investments

sold

......................................................................

—‌

3,143,025‌

8,554,195‌

Securities

lending

income

—

affiliated

........................................................

106,522‌

341,171‌

132,775‌

Dividends

—

unaffiliated

.................................................................

6,385,487‌

11,490,433‌

3,867,127‌

Dividends

—

affiliated

...................................................................

39,998‌

73,250‌

140,085‌

Variation

margin

on

futures

contracts

.........................................................

213,600‌

271,468‌

237,187‌

Unrealized

appreciation

on:

–‌

–‌

–‌

OTC

swaps

..........................................................................

23,734‌

363,215‌

—‌

Total

assets

...........................................................................

7,841,144,645‌

8,097,873,084‌

5,325,841,145‌

LIABILITIES

Bank

overdraft

..........................................................................

—‌

—‌

663,495‌

Collateral

on

securities

loaned

...............................................................

464,310,037‌

621,235,476‌

306,665,740‌

Payables:

–‌

–‌

–‌

Investments

purchased

..................................................................

—‌

8,680,343‌

9,237,482‌

Swaps  

............................................................................

49,551‌

712,311‌

2,631,191‌

Investment

advisory

fees

.................................................................

1,029,941‌

1,157,660‌

767,512‌

Unrealized

depreciation

on:

–‌

–‌

–‌

OTC

swaps

..........................................................................

3,105‌

379,304‌

613,988‌

Total

liabilities

..........................................................................

465,392,634‌

632,165,094‌

320,579,408‌

NET

ASSETS

..........................................................................

$

7,375,752,011‌

$

7,465,707,990‌

$

5,005,261,737‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................................

$

7,245,057,378‌

$

8,661,299,673‌

$

5,376,423,750‌

Accumulated

earnings

(loss)

................................................................

130,694,633‌

(1,195,591,683‌)

(371,162,013‌)

NET

ASSETS

..........................................................................

$

7,375,752,011‌

$

7,465,707,990‌

$

5,005,261,737‌

NET

ASSET

VALUE

Shares

outstanding

......................................................................

103,100,000‌

72,600,000‌

45,450,000‌

Net

asset

value

.........................................................................

$

71.54‌

$

102.83‌

$

110.13‌

Shares

authorized

.......................................................................

Unlimited

Unlimited

Unlimited

Par

value

.............................................................................

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

..........................................................

$

6,353,744,896‌

$

7,774,380,966‌

$

4,643,046,293‌

(b)

  Securities

loaned,

at

value

................................................................

$

461,044,059‌

$

622,210,953‌

$

303,442,306‌

(c)

  Investments,

at

cost

—

affiliated

............................................................

$

472,690,493‌

$

645,255,446‌

$

339,272,528‌

Statements

of

Operations

Year

Ended

March

31,

2023

37

Financial

Statements

See

notes

to

financial

statements.

iShares

S&P

Mid-Cap

400

Growth

ETF

iShares

S&P

Mid-Cap

400

Value

ETF

iShares

S&P

Small-Cap

600

Growth

ETF

INVESTMENT

INCOME

–

–

–

Dividends

—

unaffiliated

.................................................................

$

81,060,013‌

$

149,538,267‌

$

67,133,939‌

Dividends

—

affiliated

...................................................................

278,731‌

461,225‌

1,510,017‌

Securities

lending

income

—

affiliated

—

net

...................................................

5,239,588‌

1,971,327‌

1,039,595‌

Foreign

taxes

withheld

..................................................................

—‌

—‌

(138,772‌)

Total

investment

income

...................................................................

86,578,332‌

151,970,819‌

69,544,779‌

EXPENSES

Investment

advisory

....................................................................

11,718,004‌

13,499,951‌

9,371,600‌

Total

expenses

.........................................................................

11,718,004‌

13,499,951‌

9,371,600‌

Net

investment

income

....................................................................

74,860,328‌

138,470,868‌

60,173,179‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(549,132,114‌)

$

(565,988,191‌)

$

(698,905,777‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................................

$

(530,349,518‌)

$

(466,895,889‌)

$

(403,006,662‌)

Investments

—

affiliated

...............................................................

64,605‌

(3,711‌)

27,656‌

Capital

gain

distributions

from

underlying

funds

—

affiliated

........................................

6‌

15‌

109‌

Futures

contracts

....................................................................

(1,380,345‌)

(2,862,084‌)

(1,605,914‌)

In-kind

redemptions

—

unaffiliated

(a)

.......................................................

119,713,642‌

911,031,659‌

256,614,973‌

Swaps  

..........................................................................

(128,532‌)

(1,042,065‌)

(6,884,391‌)

(412,080,142‌)

440,227,925‌

(154,854,229‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................................

(137,144,203‌)

(1,006,149,069‌)

(543,361,270‌)

Investments

—

affiliated

...............................................................

234,150‌

194,989‌

154,628‌

Futures

contracts

....................................................................

(145,682‌)

(173,800‌)

56,538‌

Swaps  

..........................................................................

3,763‌

(88,235‌)

(901,445‌)

(137,051,972‌)

(1,006,216,115‌)

(544,051,549‌)

Net

realized

and

unrealized

loss

..............................................................

(549,132,114‌)

(565,988,190‌)

(698,905,778‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................................

$

(474,271,786‌)

$

(427,517,322‌)

$

(638,732,599‌)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

Statements

of

Changes

in

Net

Assets

2023

iShares

Annual

Report

to

Shareholders

38

See

notes

to

financial

statements.

iShares

S&P

Mid-Cap

400

Growth

ETF

iShares

S&P

Mid-Cap

400

Value

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/23

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

74,860,328‌

$

46,202,656‌

$

138,470,868‌

$

140,131,066‌

Net

realized

gain

(loss)

....................................................

(412,080,142‌)

820,642,500‌

440,227,925‌

1,238,986,386‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

(137,051,972‌)

(929,840,004‌)

(1,006,216,115‌)

(657,010,902‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...........................

(474,271,786‌)

(62,994,848‌)

(427,517,322‌)

722,106,550‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(78,339,399‌)

(48,128,780‌)

(146,561,202‌)

(146,686,532‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

387,654,126‌

(355,452,658‌)

(366,336,297‌)

(278,917,161‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

(164,957,059‌)

(466,576,286‌)

(940,414,821‌)

296,502,857‌

Beginning

of

year

..........................................................

7,540,709,070‌

8,007,285,356‌

8,406,122,811‌

8,109,619,954‌

End

of

year

..............................................................

$

7,375,752,011‌

$

7,540,709,070‌

$

7,465,707,990‌

$

8,406,122,811‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

39

Financial

Statements

See

notes

to

financial

statements.

iShares

S&P

Small-Cap

600

Growth

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..................................................................................

$

60,173,179‌

$

45,742,922‌

Net

realized

gain

(loss)

..................................................................................

(154,854,229‌)

513,299,340‌

Net

change

in

unrealized

appreciation

(depreciation)

..............................................................

(544,051,549‌)

(630,385,805‌)

Net

decrease

in

net

assets

resulting

from

operations

................................................................

(638,732,599‌)

(71,343,543‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.......................................................

(57,057,739‌)

(43,375,063‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...............................................

62,317,079‌

(438,169,835‌)

NET

ASSETS

Total

decrease

in

net

assets

................................................................................

(633,473,259‌)

(552,888,441‌)

Beginning

of

year

........................................................................................

5,638,734,996‌

6,191,623,437‌

End

of

year

............................................................................................

$

5,005,261,737‌

$

5,638,734,996‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Annual

Report

to

Shareholders

40

iShares

S&P

Mid-Cap

400

Growth

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Year

Ended

03/31/19

(a)

Net

asset

value,

beginning

of

year

................................

$

77.42

‌

$

78.31

‌

$

44.65

‌

$

54.76

‌

$

54.55

‌

Net

investment

income

(b)

.......................................

0.75

‌

0.46

‌

0.44

‌

0.57

‌

0.55

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.............................

(5.85

)

(0.87

)

33.69

‌

(10.05

)

0.24

‌

Net

increase

(decrease)

from

investment

operations

......................

(5.10

)

(0.41

)

34.13

‌

(9.48

)

0.79

‌

Distributions

(d)

–

–

–

–

–

From

net

investment

income

....................................

(0.78

)

(0.48

)

(0.47

)

(0.63

)

(0.56

)

From

net

realized

gain

.........................................

—

‌

—

‌

—

‌

—

‌

(0.02

)

Total

distributions

.............................................

(0.78

)

(0.48

)

(0.47

)

(0.63

)

(0.58

)

Net

asset

value,

end

of

year

.....................................

$

71.54

‌

$

77.42

‌

$

78.31

‌

$

44.65

‌

$

54.76

‌

Total

Return

(e)

(6.51)%

—

—

—

—

Based

on

net

asset

value

........................................

(6.51

)%

(0.54

)%

76.68

%

(17.49

)%

1.45

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................................

0.17

%

0.17

%

0.20

%

0.24

%

0.24

%

Net

investment

income

..........................................

1.08

%

0.57

%

0.70

%

1.01

%

1.01

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

7,375,752

‌

$

7,540,709

‌

$

8,007,285

‌

$

5,260,096

‌

$

7,490,758

‌

Portfolio

turnover

rate

(g)

..........................................

54

%

45

%

50

%

51

%

50

%

(a)

Per

share

amounts

reflect

a

four-for-one

stock

split

effective

after

the

close

of

trading

on

October

16,

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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

41

Financial

Highlights

iShares

S&P

Mid-Cap

400

Value

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Year

Ended

03/31/19

(a)

Net

asset

value,

beginning

of

year

.................................

$

109.53

‌

$

101.82

‌

$

54.92

‌

$

78.47

‌

$

77.19

‌

Net

investment

income

(b)

........................................

1.89

‌

1.73

‌

1.36

‌

1.51

‌

1.31

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............................

(6.56

)

7.80

‌

46.95

‌

(23.42

)

1.31

‌

Net

increase

(decrease)

from

investment

operations

.......................

(4.67

)

9.53

‌

48.31

‌

(21.91

)

2.62

‌

Distributions

from

net

investment

income

(d)

..............................

(2.03

)

(1.82

)

(1.41

)

(1.64

)

(1.34

)

Net

asset

value,

end

of

year

......................................

$

102.83

‌

$

109.53

‌

$

101.82

‌

$

54.92

‌

$

78.47

‌

Total

Return

(e)

(4.14)%

—

—

—

—

Based

on

net

asset

value

.........................................

(4.14

)%

9.42

%

88.83

%

(28.36

)%

3.35

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

................................................

0.18

%

0.18

%

0.21

%

0.25

%

0.25

%

Net

investment

income

...........................................

1.85

%

1.61

%

1.78

%

1.90

%

1.65

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

7,465,708

‌

$

8,406,123

‌

$

8,109,620

‌

$

3,811,032

‌

$

6,355,685

‌

Portfolio

turnover

rate

(g)

...........................................

41

%

38

%

43

%

46

%

44

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

October

16,

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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Annual

Report

to

Shareholders

42

iShares

S&P

Small-Cap

600

Growth

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Year

Ended

03/31/19

(a)

Net

asset

value,

beginning

of

year

................................

$

125.31

‌

$

127.93

‌

$

69.20

‌

$

89.29

‌

$

86.92

‌

Net

investment

income

(b)

.......................................

1.30

‌

0.98

‌

0.72

‌

0.81

‌

0.72

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.............................

(15.24

)

(2.67

)

58.76

‌

(20.00

)

2.40

‌

Net

increase

(decrease)

from

investment

operations

......................

(13.94

)

(1.69

)

59.48

‌

(19.19

)

3.12

‌

Distributions

from

net

investment

income

(d)

.............................

(1.24

)

(0.93

)

(0.75

)

(0.90

)

(0.75

)

Net

asset

value,

end

of

year

.....................................

$

110.13

‌

$

125.31

‌

$

127.93

‌

$

69.20

‌

$

89.29

‌

Total

Return

(e)

(11.09)%

—

—

—

—

Based

on

net

asset

value

........................................

(11.09

)%

(1.35

)%

86.30

%

(21.68

)%

3.59

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................................

0.18

%

0.18

%

0.21

%

0.25

%

0.25

%

Net

investment

income

..........................................

1.16

%

0.75

%

0.73

%

0.89

%

0.77

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

5,005,262

‌

$

5,638,735

‌

$

6,191,623

‌

$

3,515,154

‌

$

5,580,221

‌

Portfolio

turnover

rate

(g)

..........................................

54

%

44

%

52

%

64

%

45

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

October

16,

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.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

43

Notes

to

Financial

Statements

1.

ORGANIZATION

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios. 

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. 

Foreign

Taxes:

Certain

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 

March

31,

2023

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

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.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

 Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees

of

the

Trust

 (the

“Board”)

of each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser, as

the

valuation

designee

for

each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s policies

and

procedures as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

iShares

ETF

Diversification

Classification

S&P

Mid-Cap

400

Growth

...............................................................................................

Diversified

S&P

Mid-Cap

400

Value

................................................................................................

Diversified

S&P

Small-Cap

600

Growth

..............................................................................................

Diversified

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

To

Shareholders

44

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent

pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments.

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the Valuation

Committee,

in

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

 Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

Notes

to

Financial

Statements

(continued)

45

Notes

to

Financial

Statements

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)

S&P

Mid-Cap

400

Growth

Barclays

Bank

PLC

.....................................

$

3,441,235‌

$

(3,441,235‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

4,755,225‌

(4,732,261‌)

–‌

22,964‌

BNP

Paribas

SA

.......................................

46,618,898‌

(46,618,898‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

66,442,390‌

(66,442,390‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

20,744,110‌

(20,744,110‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

4,816,476‌

(4,816,476‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

126,963,893‌

(126,963,893‌)

–‌

–‌

HSBC

Bank

PLC

......................................

861,406‌

(848,210‌)

–‌

13,196‌

J.P.

Morgan

Securities

LLC

...............................

45,105,936‌

(45,105,936‌)

–‌

–‌

Morgan

Stanley

.......................................

39,448,990‌

(39,448,990‌)

–‌

–‌

National

Financial

Services

LLC

............................

918,813‌

(918,813‌)

–‌

–‌

Natixis

SA

...........................................

14,402,301‌

(14,402,301‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

1,947,698‌

(1,947,698‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

10,934,597‌

(10,934,597‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

1,439,956‌

(1,438,549‌)

–‌

1,407‌

State

Street

Bank

&

Trust

Co.

..............................

6,001,450‌

(6,001,450‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

50,877,813‌

(50,877,813‌)

–‌

–‌

UBS

AG

............................................

9,340,255‌

(9,340,255‌)

–‌

–‌

UBS

Securities

LLC

....................................

3,551,181‌

(3,551,181‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

627,088‌

(626,015‌)

–‌

1,073‌

Wells

Fargo

Bank

N.A.

..................................

1,291,800‌

(1,291,800‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

512,548‌

(512,548‌)

–‌

–‌

$

461,044,059‌

$

(461,005,419‌)

$

–‌

$

38,640‌

S&P

Mid-Cap

400

Value

Barclays

Bank

PLC

.....................................

$

28,684,530‌

$

(28,684,530‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

645,890‌

(637,913‌)

–‌

7,977‌

BMO

Capital

Markets

Corp.

...............................

118,640‌

(118,640‌)

–‌

–‌

BNP

Paribas

SA

.......................................

54,683,777‌

(54,519,042‌)

–‌

164,735‌

BofA

Securities,

Inc.

....................................

18,679,273‌

(18,422,125‌)

–‌

257,148‌

Citadel

Clearing

LLC

....................................

15,013,266‌

(15,006,030‌)

–‌

7,236‌

Citigroup

Global

Markets,

Inc.

..............................

58,725,101‌

(58,725,101‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

46,612‌

(46,298‌)

–‌

314‌

Goldman

Sachs

&

Co.

LLC

...............................

132,984,990‌

(132,916,583‌)

–‌

68,407‌

HSBC

Bank

PLC

......................................

10,293,330‌

(10,226,643‌)

–‌

66,687‌

J.P.

Morgan

Securities

LLC

...............................

80,347,373‌

(79,761,481‌)

–‌

585,892‌

Jefferies

LLC

.........................................

1,456,057‌

(1,456,057‌)

–‌

–‌

Morgan

Stanley

.......................................

115,807,678‌

(115,308,651‌)

–‌

499,027‌

National

Financial

Services

LLC

............................

3,296,435‌

(3,284,493‌)

–‌

11,942‌

Natixis

SA

...........................................

9,194,747‌

(9,130,778‌)

–‌

63,969‌

Pershing

LLC

.........................................

457,041‌

(457,041‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

58,804,399‌

(58,804,399‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

22,922‌

(22,686‌)

–‌

236‌

State

Street

Bank

&

Trust

Co.

..............................

4,334,922‌

(4,334,922‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

5,186,011‌

(5,164,527‌)

–‌

21,484‌

UBS

AG

............................................

20,693,725‌

(20,663,627‌)

–‌

30,098‌

UBS

Securities

LLC

....................................

307,612‌

(307,612‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

623,967‌

(623,967‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

1,105,655‌

(1,105,655‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

697,000‌

(694,341‌)

–‌

2,659‌

$

622,210,953‌

$

(620,423,142‌)

$

–‌

$

1,787,811‌

S&P

Small-Cap

600

Growth

Barclays

Bank

PLC

.....................................

$

7,469,553‌

$

(7,469,553‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

1,738,120‌

(1,738,120‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

11,040‌

(10,957‌)

–‌

83‌

BNP

Paribas

SA

.......................................

69,120,562‌

(69,120,562‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

20,939,692‌

(20,939,692‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

7,558,821‌

(7,558,821‌)

–‌

–‌

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

To

Shareholders

46

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

 Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Funds

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statements

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statements

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Funds’

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

Total

return

swaps

are

entered

into by

the iShares

S&P

Mid-Cap

400

Growth

ETF,

iShares

S&P

Mid-Cap

400

Value

ETF

and

iShares

S&P

Small-Cap

600

Growth

ETF to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-

income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

or

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

S&P

Small-Cap

600

Growth

(continued)

Citigroup

Global

Markets,

Inc.

..............................

424,255‌

(415,153‌)

–‌

9,102‌

Goldman

Sachs

&

Co.

LLC

...............................

68,834,337‌

(68,834,337‌)

–‌

–‌

HSBC

Bank

PLC

......................................

6,352,768‌

(6,352,768‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

21,540,024‌

(21,540,024‌)

–‌

–‌

Jefferies

LLC

.........................................

92,125‌

(92,125‌)

–‌

–‌

Morgan

Stanley

.......................................

38,447,569‌

(38,447,569‌)

–‌

–‌

National

Financial

Services

LLC

............................

11,859,985‌

(11,859,985‌)

–‌

–‌

Natixis

SA

...........................................

7,291,436‌

(7,291,436‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

16,262,708‌

(16,262,708‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

5,324,827‌

(5,324,827‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

6,956,106‌

(6,956,106‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

3,697,758‌

(3,697,758‌)

–‌

–‌

UBS

AG

............................................

569,685‌

(569,685‌)

–‌

–‌

UBS

Securities

LLC

....................................

5,040,123‌

(5,040,123‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

3,238,328‌

(3,238,328‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

672,484‌

(672,484‌)

–‌

–‌

$

303,442,306‌

$

(303,433,121‌)

$

–‌

$

9,185‌

(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

Fund’s

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

March

31,

2023.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Notes

to

Financial

Statements

(continued)

47

Notes

to

Financial

Statements

instruments

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Fund

receives

payment

from

or

makes

a

payment

to

the

counterparty.

Certain

total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

the

Fund

and

the

counterparty.

The

amounts

that

are

available

for

cash

settlement

are

recorded

as

realized

gains

or

losses

in

the

Statements

of

Operations.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statements

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

mitigate

its

counterparty

risk,

a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency,

or

other

events.

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement,

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

a

fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from

the

counterparty

are

not

fully

collateralized,

each

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds

have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

of their

agreement

with

such

counterparty,

each

Fund

bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

each

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statements

of

Assets

and

Liabilities.

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly owned

by

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(

i

)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to

the iShares

S&P

Mid-Cap

400

Growth

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$121

billion

..................................................................................................

0.1800%

Over

$121

billion,

up

to

and

including

$181

billion

............................................................................

0.1710

Over

$181

billion,

up

to

and

including

$231

billion

............................................................................

0.1624

Over

$231

billion,

up

to

and

including

$281

billion

............................................................................

0.1543

Over

$281

billion

..................................................................................................

0.1465

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

To

Shareholders

48

For

its

investment

advisory

services

to each of

the

following Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of each

Fund

as

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The Funds

do

not

pay

BRIL

for

ETF

Services.

Prior

to

April

25,

2022,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company. 

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statements

of

Operations.

For

the year ended

March

31,

2023,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the year ended March

31,

2023,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

iShares

ETF

Investment

Advisory

Fees

S&P

Mid-Cap

400

Value

.............................................................................................

0.18‌

%

S&P

Small-Cap

600

Growth

...........................................................................................

0.18‌

iShares

ETF

Amounts

S&P

Mid-Cap

400

Growth

...................................................................................................

$

1,438,343‌

S&P

Mid-Cap

400

Value

....................................................................................................

624,119‌

S&P

Small-Cap

600

Growth

..................................................................................................

386,702‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

S&P

Mid-Cap

400

Growth

................................................................

$

2,042,018,279‌

$

1,893,131,980‌

$

(547,193,213‌)

S&P

Mid-Cap

400

Value

.................................................................

1,733,984,926‌

2,302,170,855‌

(307,182,323‌)

S&P

Small-Cap

600

Growth

...............................................................

1,629,463,715‌

1,176,779,355‌

(211,094,896‌)

Notes

to

Financial

Statements

(continued)

49

Notes

to

Financial

Statements

7.

Purchases

and

Sales

For

the year ended

March

31,

2023,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the year ended

March

31,

2023,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

March

31,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

As

of

March

31,

2023,

permanent

differences

attributable

to

distributions

paid

in

excess

of

taxable

income

and

realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows:

As

of

March

31,

2023,

the

tax

components

of

accumulated

net

earnings

(losses)

were

as

follows:

iShares

ETF

Purchases

Sales

S&P

Mid-Cap

400

Growth

................................................................................

$

3,773,885,848‌

$

3,768,218,751‌

S&P

Mid-Cap

400

Value

.................................................................................

3,216,850,817‌

3,172,303,242‌

S&P

Small-Cap

600

Growth

...............................................................................

2,781,465,036‌

2,789,978,262‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

S&P

Mid-Cap

400

Growth

................................................................................

$

853,899,308‌

$

468,652,925‌

S&P

Mid-Cap

400

Value

.................................................................................

5,501,536,651‌

5,909,282,311‌

S&P

Small-Cap

600

Growth

...............................................................................

1,018,676,771‌

958,341,129‌

iShares

ETF

Paid-In

Capital

Accumulated

Earnings

(Loss)

S&P

Mid-Cap

400

Growth

.....................................................................

$

116,063,810‌

$

(116,063,810‌)

S&P

Mid-Cap

400

Value

......................................................................

877,510,634‌

(877,510,634‌)

S&P

Small-Cap

600

Growth

....................................................................

254,481,814‌

(254,481,814‌)

—‌

iShares

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

S&P

Mid-Cap

400

Growth

Ordinary

income

...........................................................................................

$

78,339,399‌

$

48,128,780‌

S&P

Mid-Cap

400

Value

Ordinary

income

...........................................................................................

$

146,561,202‌

$

146,686,532‌

S&P

Small-Cap

600

Growth

Ordinary

income

...........................................................................................

$

57,057,739‌

$

43,375,063‌

iShares

ETF

Undistributed

Ordinary

Income

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Qualified

Late-Year

Losses

(c)

Total

S&P

Mid-Cap

400

Growth

...................................

$

3,667,796‌

$

(840,254,575‌)

$

967,281,412‌

$

—‌

$

130,694,633‌

S&P

Mid-Cap

400

Value

....................................

—‌

(779,295,226‌)

(416,296,457‌)

—‌

(1,195,591,683‌)

S&P

Small-Cap

600

Growth

..................................

—‌

(659,211,964‌)

291,915,835‌

(3,865,884‌)

(371,162,013‌)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

were

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

accounting

for

swap

agreements

and

the

characterization

of

corporate

actions.

(c)

The

Fund

has

elected

to

defer

certain

qualified

late-year

losses

and

recognize

such

losses

in

the

next

taxable

year.

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

To

Shareholders

50

As

of

March

31,

2023,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy,

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests.

The

price

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.

Counterparty

Credit

Risk:

 The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Concentration

Risk:

 A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

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.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

S&P

Mid-Cap

400

Growth

...........................................

$

6,866,229,401‌

$

1,267,019,482‌

$

(299,738,070‌)

$

967,281,412‌

S&P

Mid-Cap

400

Value

.............................................

8,496,068,092‌

418,470,113‌

(834,766,570‌)

(416,296,457‌)

S&P

Small-Cap

600

Growth

..........................................

5,016,054,941‌

707,779,135‌

(415,863,300‌)

291,915,835‌

Notes

to

Financial

Statements

(continued)

51

Notes

to

Financial

Statements

10.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

03/31/23

Year

Ended

03/31/22

iShares

ETF

Shares

Amount

Shares

Amount

S&P

Mid-Cap

400

Growth

Shares

sold

12,450,000‌

$

859,514,551‌

21,850,000‌

$

1,790,788,361‌

Shares

redeemed

(6,750,000‌)

(471,860,425‌)

(26,700,000‌)

(2,146,241,019‌)

5,700,000‌

$

387,654,126‌

(4,850,000‌)

$

(355,452,658‌)

S&P

Mid-Cap

400

Value

Shares

sold

54,750,000‌

$

5,605,015,121‌

29,700,000‌

$

3,198,148,426‌

Shares

redeemed

(58,900,000‌)

(5,971,351,418‌)

(32,600,000‌)

(3,477,065,587‌)

(4,150,000‌)

$

(366,336,297‌)

(2,900,000‌)

$

(278,917,161‌)

S&P

Small-Cap

600

Growth

Shares

sold

10,100,000‌

$

1,134,905,279‌

8,450,000‌

$

1,117,417,618‌

Shares

redeemed

(9,650,000‌)

(1,072,588,200‌)

(11,850,000‌)

(1,555,587,453‌)

450,000‌

$

62,317,079‌

(3,400,000‌)

$

(438,169,835‌)

Report

of

Independent

Registered

Public

Accounting

Firm

2023

ISHARES

ANNUAL

REPORT

TO

SHAREHOLDERS

52

To

the

Board

of

Trustees

of

iShares

Trust

and

Shareholders

of

each

of

the three

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

(three

of

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

to

as

the “Funds”)

as

of

March

31,

2023,

the

related

statements

of

operations

for

the

year

ended

March

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2023 (collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

March

31,

2023,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2023

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2023 in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2023

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

25,

2023 

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

iShares

S&P

Mid-Cap

400

Growth

ETF

iShares

S&P

Mid-Cap

400

Value

ETF

iShares

S&P

Small-Cap

600

Growth

ETF

Important

Tax

Information

53

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

March

31,

2023:

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified business

income

for

individuals

for

the

fiscal

year

ended

March

31,

2023:

The

following

percentages,

or

maximum

percentages

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended March

31,

2023

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

S&P

Mid-Cap

400

Growth

.............................................................................................

$

71,849,763‌

S&P

Mid-Cap

400

Value

..............................................................................................

115,291,124‌

S&P

Small-Cap

600

Growth

............................................................................................

52,404,337‌

iShares

ETF

Qualified

Business

Income

S&P

Mid-Cap

400

Growth

.............................................................................................

$

7,265,094‌

S&P

Mid-Cap

400

Value

..............................................................................................

13,879,827‌

S&P

Small-Cap

600

Growth

............................................................................................

6,846,957‌

iShares

ETF

Dividends-Received

Deduction

S&P

Mid-Cap

400

Growth

...............................................................................................

86.90

%

‌

S&P

Mid-Cap

400

Value

................................................................................................

78.06

‌

S&P

Small-Cap

600

Growth

..............................................................................................

93.31

‌

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

2023

iShares

Annual

Report

to

Shareholders

54

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

S&P

Mid-Cap

400

Growth

ETF,

iShares

S&P

Mid-Cap

400

Value

ETF

and

iShares

S&P

Small-Cap

600

Growth

ETF (the

“Funds”

or

“ETFs”),

each

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Funds,

met

on

December

9,

2022

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Fund

Advisors

(“BlackRock”),

the

investment

adviser

to

the

Funds,

as

the

program

administrator

for

each

Fund’s

Program.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2021

through

September

30,

2022

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing each

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish each

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

extended

market

holidays, the

imposition

of

capital

controls

in

certain

non-U.S.

countries,

Russian

sanctions

and

the

closure

of

the

Russian

securities

market.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing each

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure,

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Derivative

exposure

was

also

considered

in

the

calculation

of

a

fund’s

liquidity

bucketing.

Finally,

a

factor

for

consideration

under

the

Liquidity

Rule

is

a

Fund’s

use

of

borrowings

for

investment

purposes.

However,

the

Funds

do

not

borrow

for

investment

purposes.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

each

ETF’s

reasonably

anticipated

trading

size

(“RATS”).

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements.

The

Committee

considered

that

ETFs

generally

do

not

hold

more

than

de

minimis

amounts

of

cash.

The

Committee

also

considered

that

ETFs

generally

do

not

engage

in

borrowing.

d)

The

relationship

between

an

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants,

including

authorized

participants.

The

Committee

monitored

the

prevailing

bid/ask

spread

and

the

ETF

price

premium

(or

discount)

to

NAV

for

all

ETFs.

However,

there

were

no

ETFs

with

persistent

deviations

of

fund

premium/discount

or

bid/ask

spreads

from

long-term

averages

over

the

Program

Reporting

Period.

e)

The

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

an

ETF’s

portfolio.

In

reviewing

the

linkage

between

the

composition

of

custom

baskets

accepted

by

an

ETF

and

any

significant

change

in

the

liquidity

profile

of

such

ETF,

the

Committee

reviewed

changes

in

the

proportion

of

each

ETF’s

portfolio

comprised

of

less

liquid

and

illiquid

holdings

to

determine

if

applicable

thresholds

were

met

requiring

enhanced

review.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

classification

methodology.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Supplemental

Information

(unaudited)

55

Supplemental

Information

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

each

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

March

31,

2023

Premium/Discount

Information

Information

on

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

be

found

at

iShares.com

.

Total

Cumulative

Distributions

for

the

Fiscal

Year

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

S&P

Mid-Cap

400

Growth

................

$

0.784578‌

$

—‌

$

—‌

$

0.784578‌

100‌%

—‌%

—‌%

100‌%

S&P

Mid-Cap

400

Value

.................

2.030310‌

—‌

—‌

2.030310‌

100‌

—‌

—‌

100‌

S&P

Small-Cap

600

Growth

...............

1.241723‌

—‌

—‌

1.241723‌

100‌

—‌

—‌

100‌

Trustee

and

Officer

Information

(unaudited)

2023

iShares

Annual

Report

to

Shareholders

56

The

Board

of

Trustees

has

responsibility

for

the

overall

management

and

operations

of

the

Funds,

including

general

supervision

of

the

duties

performed

by

BFA

and

other

service

providers.

Each

Trustee

serves

until

he

or

she

resigns,

is

removed,

dies,

retires

or

becomes

incapacitated.

Each

officer

shall

hold

office

until

his

or

her

successor

is

elected

and

qualifies

or

until

his

or

her

death,

resignation

or

removal.

Trustees

who

are

not

“interested

persons”

(as

defined

in

the

1940

Act)

of

the

Trust

are

referred

to

as

independent

trustees

(“Independent

Trustees”).

The

registered

investment

companies

advised

by

BFA

or

its

affiliates

(the

“BlackRock-advised

Funds”)

are

organized

into

one

complex

of

open-end

equity,

multi-asset,

index

and

money

market

funds

and

ETFs

(the

“BlackRock

Multi-Asset

Complex”),

one

complex

of

closed-end

funds

and

open-end

non-index

fixed-income

funds

(including

ETFs)

(the

“BlackRock

Fixed-Income

Complex”)

and

one

complex

of

ETFs

(“Exchange-Traded

Fund

Complex”)

(each,

a

“BlackRock

Fund

Complex”).

Each

Fund

is

included

in

the

Exchange-Traded

Fund

Complex.

Each

Trustee

also

serves

as

a

Director

of

iShares,

Inc.

and

a

Trustee

of

iShares

U.S.

ETF

Trust,

and,

as

a

result,

oversees

all

of

the

funds

within

the

Exchange-Traded

Fund

Complex,

which

consists

of

380

funds

as

of

March

31,

2023.

With

the

exception

of

Robert

S.

Kapito,

Salim

Ramji

and

Charles

Park,

the

address

of

each

Trustee

and

officer

is

c/o

BlackRock,

Inc.,

400

Howard

Street,

San

Francisco,

CA

94105.

The

address

of

Mr.

Kapito,

Mr.

Ramji

and

Mr.

Park

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New York,

NY

10001.

The

Board

has

designated

John

E.

Kerrigan

as

its

Independent

Board

Chair.

Additional

information

about

the

Funds’

Trustees

and

officers

may

be

found

in

the

Funds’

combined

Statement

of

Additional

Information,

which

is

available

without

charge,

upon

request,

by

calling

toll-free

1-800-iShares

(1-800-474-2737).

Interested

Trustees

(a)

Robert

S.

Kapito

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

(b)

Salim

Ramji

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

Independent

Trustees

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Robert

S.

Kapito

(a)

(1957)

Trustee

(since

2009).

President,

BlackRock,

Inc.

(since

2006);

Vice

Chairman

of

BlackRock,

Inc.

and

Head

of

BlackRock’s

Portfolio

Management

Group

(since

its

formation

in

1998)

and

BlackRock,

Inc.’s

predecessor

entities

(since

1988);

Trustee,

University

of

Pennsylvania

(since

2009);

President

of

Board

of

Directors,

Hope

&

Heroes

Children’s

Cancer

Fund

(since

2002).

Director

of

BlackRock,

Inc.

(since

2006);

Director

of

iShares,

Inc.

(since

2009);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Salim

Ramji

(b)

(1970)

Trustee

(since

2019).

Senior

Managing

Director,

BlackRock,

Inc.

(since

2014);

Global

Head

of

BlackRock’s

ETF

and

Index

Investments

Business

(since

2019);

Head

of

BlackRock’s

U.S.

Wealth

Advisory

Business

(2015-2019);

Global

Head

of

Corporate

Strategy,

BlackRock,

Inc.

(2014-2015);

Senior

Partner,

McKinsey

&

Company

(2010-2014).

Director

of

iShares,

Inc.

(since

2019);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2019).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

John

E.

Kerrigan

(1955)

Trustee

(since

2005);

Independent

Board

Chair

(since

2022).

Chief

Investment

Officer,

Santa

Clara

University

(since

2002).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011);

Independent

Board

Chair

of

iShares,

Inc.

and

iShares

U.S.

ETF

Trust

(since

2022).

Jane

D.

Carlin

(1956)

Trustee

(since

2015);

Risk

Committee

Chair

(since

2016).

Consultant

(since

2012);

Member

of

the

Audit

Committee

(2012-2018),

Chair

of

the

Nominating

and

Governance

Committee

(2017-2018)

and

Director

of

PHH

Corporation

(mortgage

solutions)

(2012-2018);

Managing

Director

and

Global

Head

of

Financial

Holding

Company

Governance

&

Assurance

and

the

Global

Head

of

Operational

Risk

Management

of

Morgan

Stanley

(2006-2012).

Director

of

iShares,

Inc.

(since

2015);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2015);

Member

of

the

Audit

Committee

(since

2016),

Chair

of

the

Audit

Committee

(since

2020)

and

Director

of

The

Hanover

Insurance

Group,

Inc.

(since

2016).

Richard

L.

Fagnani

(1954)

Trustee

(since

2017);

Audit

Committee

Chair

(since

2019).

Partner,

KPMG

LLP

(2002-2016);

Director

of

One

Generation

Away

(since

2021).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017).

Cecilia

H.

Herbert

(1949)

Trustee

(since

2005);

Nominating

and

Governance

and

Equity

Plus

Committee

Chairs

(since

2022).

Chair

of

the

Finance

Committee

(since

2019)

and

Trustee

and

Member

of

the

Finance,

Audit

and

Quality

Committees

of

Stanford

Health

Care

(since

2016);

Trustee

of

WNET,

New

York’s

public

media

company

(since

2011)

and

Member

of

the

Audit

Committee

(since

2018),

Investment

Committee

(since

2011)

and

Personnel

Committee

(since

2022);

Chair

(1994-2005)

and

Member

(1992-2021)

of

the

Investment

Committee,

Archdiocese

of

San

Francisco;

Trustee

of

Forward

Funds

(14

portfolios)

(2009-2018);

Trustee

of

Salient

MF

Trust

(4

portfolios)

(2015-2018);

Director

(1998-2013)

and

President

(2007-2011)

of

the

Board

of

Directors,

Catholic

Charities

CYO;

Trustee

(2002-2011)

and

Chair

of

the

Finance

and

Investment

Committee

(2006-2010)

of

the

Thacher

School;

Director

of

the

Senior

Center

of

Jackson

Hole

(since

2020);

Director

of

the

Jackson

Hole

Center

for

the

Arts

(since

2021);

Member

of

the

Wyoming

State

Investment

Funds

Committee

(since

2022).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Trustee

and

Officer

Information

(unaudited)

(continued)

57

Trustee

and

Officer

Information

Officers

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Drew

E.

Lawton

(1959)

Trustee

(since

2017);

15(c)

Committee

Chair

(since

2017).

Senior

Managing

Director

of

New

York

Life

Insurance

Company

(2010-2015).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017);

Director

of

Jackson

Financial

Inc.

(since

2021).

John

E.

Martinez

(1961)

Trustee

(since

2003);

Securities

Lending

Committee

Chair

(since

2019).

Director

of

Real

Estate

Equity

Exchange,

Inc.

(since

2005);

Director

of

Cloudera

Foundation

(2017-2020);

and

Director

of

Reading

Partners

(2012-2016).

Director

of

iShares,

Inc.

(since

2003);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Madhav

V.

Rajan

(1964)

Trustee

(since

2011);

Fixed-

Income

Plus

Committee

Chair

(since

2019).

Dean,

and

George

Pratt

Shultz

Professor

of

Accounting,

University

of

Chicago

Booth

School

of

Business

(since

2017);

Advisory

Board

Member

(since

2016)

and

Director

(since

2020)

of

C.M.

Capital

Corporation;

Chair

of

the

Board

for

the

Center

for

Research

in

Security

Prices,

LLC

(since

2020);

Robert

K.

Jaedicke

Professor

of

Accounting,

Stanford

University

Graduate

School

of

Business

(2001-2017);

Professor

of

Law

(by

courtesy),

Stanford

Law

School

(2005-2017);

Senior

Associate

Dean

for

Academic

Affairs

and

Head

of

MBA

Program,

Stanford

University

Graduate

School

of

Business

(2010-2016).

Director

of

iShares,

Inc.

(since

2011);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Dominik

Rohé

(1973)

President

(since

2023).

Managing

Director,

BlackRock,

Inc.

(since

2005);

Head

of

Americas

ETF

and

Index

Investments

(since

2023);

Head

of

Latin

America

(2019-

2023).

Trent

Walker

(1974)

Treasurer

and

Chief

Financial

Officer

(since

2020).

Managing

Director,

BlackRock,

Inc.

(since

September

2019);

Chief

Financial

Officer

of

iShares

Delaware

Trust

Sponsor

LLC,

BlackRock

Funds,

BlackRock

Funds

II,

BlackRock

Funds

IV,

BlackRock

Funds

V

and

BlackRock

Funds

VI

(since

2021);

Executive

Vice

President

of

PIMCO

(2016-2019);

Senior

Vice

President

of

PIMCO

(2008-2015);

Treasurer

(2013-2019)

and

Assistant

Treasurer

(2007-2017)

of

PIMCO

Funds,

PIMCO

Variable

Insurance

Trust,

PIMCO

ETF

Trust,

PIMCO

Equity

Series,

PIMCO

Equity

Series

VIT,

PIMCO

Managed

Accounts

Trust,

2

PIMCO-sponsored

interval

funds

and

21

PIMCO-sponsored

closed-end

funds.

Charles

Park

(1967)

Chief

Compliance

Officer

(since

2006).

Chief

Compliance

Officer

of

BlackRock

Advisors,

LLC

and

the

BlackRock-advised

Funds

in

the

BlackRock

Multi-Asset

Complex

and

the

BlackRock

Fixed-Income

Complex

(since

2014);

Chief

Compliance

Officer

of

BFA

(since

2006).

Marisa

Rolland

(1980)

Secretary

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2023);

Director,

BlackRock,

Inc.

(2018-2022);

Vice

President,

BlackRock,

Inc.

(2010-2017).

Rachel

Aguirre

(1982)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2018);

Director,

BlackRock,

Inc.

(2009-2018);

Head

of

U.S.

iShares

Product

(since

2022);

Head

of

EII

U.S.

Product

Engineering

(since

2021);

Co-Head

of

EII’s

Americas

Portfolio

Engineering

(2020-

2021);

Head

of

Developed

Markets

Portfolio

Engineering

(2016-2019).

Jennifer

Hsui

(1976)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2009);

Co-Head

of

Index

Equity

(since

2022).

James

Mauro

(1970)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2010);

Head

of

Fixed

Income

Index

Investments

in

the

Americas

and

Head

of

San

Francisco

Core

Portfolio

Management

(since

2020).

Effective

June

15,

2022,

Marisa

Rolland

replaced

Deepa

Damre

Smith

as

Secretary.

Effective

March

30,

2023,

Dominik

Rohé

replaced

Armando

Senra

as

President.

Independent

Trustees

(continued)

General

Information

2023

iShares

Annual

Report

to

Shareholders

58

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 each

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus. Each

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets

at

iShares.com

.

Glossary

of

Terms

Used

in

this

Report

59

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

USD

United

States

Dollar

Portfolio

Abbreviation

NVS

Non-Voting

Shares

OTC

Over-the-counter

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

iS-AR-321-0323

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 S&P

Dow

Jones

Indices

LLC,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2023

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

MARCH

31,

2023

2023

Annual

Report

iShares

Trust

iShares

Core

S&P

500

ETF

|

IVV

|

NYSE

Arca

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

|

ITOT

|

NYSE

Arca

Dear

Shareholder,

Significant

economic

headwinds

emerged

during

the

12-month

reporting

period

ended

March

31,

2023,

as

investors

navigated

changing

economic

conditions

and

volatile

markets.

The

U.S.

economy

shrank

in

the

first

half

of

2022

before

returning

to

modest

growth

in

the

second

half

of

the

year,

marking

a

shift

to

a

more

challenging

post-reopening

economic

environment.

Changes

in

consumer

spending

patterns

and

a

tight

labor

market

led

to

elevated

inflation,

which

reached

a

40-year

high

before

beginning

to

moderate.

Equity

prices

fell

as

interest

rates

rose,

particularly

during

the

first

half

of

the

reporting

period.

Both

large-

and

small-capitalization

U.S.

stocks

declined,

although

equities

began

to

recover

in

the

second

half

of

the

period

as

inflation

eased

and

economic

growth

resumed.

Emerging

market

stocks

and

international

equities

from

developed

markets

declined

overall,

pressured

by

rising

interest

rates

and

volatile

commodities

prices.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

fluctuating

inflation

data

and

attempted

to

anticipate

its

impact

on

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

higher

interest

rates

led

to

rising

borrowing

costs

for

corporate

issuers.

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

has

been

more

persistent

than

expected,

raised

interest

rates

eight

times.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

accelerated

the

reduction

of

its

balance

sheet.

Restricted

labor

supply

kept

inflation

elevated

even

as

other

inflation

drivers,

such

as

goods

prices

and

energy

costs,

moderated.

While

economic

growth

slowed

in

the

last

year,

we

believe

that

taming

inflation

requires

a

more

substantial

decline

that

lowers

demand

to

a

level

more

in

line

with

the

economy’s

productive

capacity.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes,

we

believe

that

it

still

seems

determined

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near-term

is

high,

but

the

dimming

economic

outlook

has

not

yet

been

fully

reflected

in

current

market

prices.

We

believe

investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

Turmoil

in

the

banking

sector

late

in

the

period

highlighted

the

potential

for

the

knock-on

effects

of

substantially

higher

interest

rates

to

disrupt

markets

with

little

warning.

While

we

favor

an

overweight

to

equities

in

the

long

term,

we

prefer

an

underweight

stance

on

equities

overall

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

the

possibility

of

a

recession.

Nevertheless,

we

are

overweight

on

emerging

market

stocks

as

we

believe

a

weakening

U.S.

dollar

provides

a

supportive

backdrop.

We

also

see

long-term

opportunities

in

credit,

where

we

believe

that

valuations

are

appealing

and

higher

yields

provide

attractive

income,

although

we

are

neutral

on

credit

in

the

near

term,

as

we’re

concerned

about

tightening

credit

and

financial

conditions.

However,

we

believe

there

are

still

some

strong

opportunities

for

a

six-

to

twelve-month

horizon,

particularly

short-term

U.S.

Treasuries,

global

inflation-linked

bonds,

and

emerging

market

bonds

denominated

in

local

currency.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

March

31,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

15.62

%

(7.73

)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

9.14

(11.61

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

27.27

(1.38

)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

14.04

(10.70

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

1.93

2.52

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

4.38

(6.90

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

4.89

(4.78

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

7.00

0.26

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

7.88

(3.35

)

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Annual

Report:

Market

Overview

.......................................................................................................

4

Fund

Summary

........................................................................................................

5

About

Fund

Performance

..................................................................................................

9

Disclosure

of Expenses

...................................................................................................

9

Schedules

of

Investments

.................................................................................................

10

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

48

Statements

of

Operations

................................................................................................

49

Statements

of

Changes

in

Net

Assets

........................................................................................

50

Financial

Highlights

.....................................................................................................

51

Notes

to

Financial

Statements

...............................................................................................

53

Report

of

Independent

Registered

Public

Accounting

Firm

..............................................................................

61

Important

Tax

Information

.................................................................................................

62

Statement

Regarding

Liquidity

Risk

Management

Program

.............................................................................

63

Supplemental

Information

.................................................................................................

64

Trustee

and

Officer

Information

..............................................................................................

66

General

Information

.....................................................................................................

68

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

69

Market

Overview

2023

iShares

Annual

Report

To

Shareholders

4

iShares

Trust

Domestic

Market

Overview

U.S.

stocks declined

for

the

12

months

ended March

31,

2023

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

-8.58%.

Elevated

inflation

and

rapid

tightening

of

monetary

policy

dampened

growth

and

weighed

on

equities.

Higher

interest

rates

drove

bond

yields

higher

and

increased

borrowing

costs

for

businesses

and

consumers.

Equities

began

to

recover

in

the

second

half

of

the

reporting

period,

as

the

broader

economy

remained

resilient

and

the

pace

of

inflation

declined.

In

March

2023,

two

banks

suddenly

failed,

representing

the

second

and

third

largest

bank

failures

in

U.S.

history

by

asset

value.

This

drove

concern

among

investors

about

the

resiliency

of

the

financial

system

in

the

face

of

rapidly

rising

interest

rates.

However,

government

agencies

acted

swiftly

to

organize

a

sale

of

the

failed

banks’

assets

and

inject

liquidity,

and

equity

prices

recovered.

Inflation

was

a

significant

driver

of

the

economic

outlook.

As

the

reporting

period

began,

the

consumer

price

index,

a

widely

followed

measure

of

inflation,

stood

at

multi-

decade

highs.

Strong

consumer

spending

and

a

tight

labor

market,

along

with

continued

supply

chain

disruptions

in

Asia,

combined

to

drive

prices

higher.

But

the

rate

of

inflation

began

to

decline

as

the

reporting

period

wore

on,

decelerating

for

nine

consecutive

months

beginning

in

July

2022.

Nonetheless,

inflation

remained

elevated

by

historic

standards,

and

higher

prices

negatively

impacted

both

consumers

and

businesses.

The

U.S.

economy

recovered

from

a

decline

in

the

first

half

of

2022

to

post

modest

growth

in

the

third

and

fourth

quarters

of

2022.

Consumers

continued

to

power

the

economy

with

growing

spending,

despite

higher

prices

for

many

consumer

goods

and

services.

The

strong

labor

market

supported

spending,

as

unemployment

remained

very

low,

at

one

point

dropping

to

the

lowest

recorded

level

since

1969.

Furthermore,

the

labor

force

participation

rate—which

measures

the

total

proportion

of

employed

persons

of

working

age—rose,

indicating

that

more

people

were

being

drawn

into

the

labor

force.

Amid

tightening

labor

supply,

wages

rose

significantly,

with

the

largest

gains

at

the

lower

end

of

the

wage

spectrum.

To

contain

inflation,

the

U.S.

Federal

Reserve

(“Fed”)

tightened

monetary

policy

rapidly,

raising

short-term

interest

rates

eight

times

over

the

course

of

the

reporting

period.

The

pace

of

tightening

accelerated

as

the

Fed

twice

stepped

up

the

increment

of

increase

before

reducing

it

again

as

inflation

began

to

subside.

The

Fed

also

started

to

reduce

the

size

of

its

balance

sheet

by

reducing

the

store

of

U.S.

Treasuries

it

had

accumulated

to

stabilize

markets

in

the

early

phases

of

the

coronavirus

pandemic.

While

the

Fed

indicated

that

more

tightening

could

be

needed

to

achieve

its

long-term

inflation

goal,

it

sounded

a

more

cautious

note

about

the

potential

for

further

interest

rate

increases

near

the

end

of

the

reporting

period.

Despite

economic

headwinds,

corporate

profits

remained

robust,

and

many

companies

were

able

to

sufficiently

raise

prices

to

preserve

profit

margins

even

in

the

face

of

rising

labor

and

input

costs.

Nonetheless,

profits

declined

overall

in

the

fourth

quarter

of

2022,

and

the

yield

curve

(a

graphical

representation

of

U.S.

Treasury

rates

at

different

maturities)

inverted,

a

sign

that

markets

were

concerned

about

the

impact

of

higher

borrowing

costs

on

the

economy.

Furthermore,

dwindling

personal

savings

and

rising

household

debt

raised

questions

about

the

sustainability

of

consumer

spending

as

an

engine

of

economic

growth.

Fund

Summary

as

of

March

31,

2023

5

Fund

Summary

iShares

®

Core

S&P

500

ETF

Investment

Objective

The

iShares

Core

S&P

500

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

large-capitalization

U.S.

equities,

as

represented

by

the

S&P

500

®

(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

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(7.76‌)%

11.15‌%

12.20‌%

(7.76‌)%

69.67‌%

216.10‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(7.86‌)

11.14‌

12.20‌

(7.86‌)

69.55‌

216.24‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(7.73‌)

11.19‌

12.24‌

(7.73‌)

69.94‌

217.36‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,156.10‌

$

0.16‌

$

1,000.00‌

$

1,024.78‌

$

0.15‌

0.03‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2023

(continued)

2023

iShares

Annual

Report

to

Shareholders

6

iShares

®

Core

S&P

500

ETF

Portfolio

Management

Commentary

Large-capitalization

U.S.

stocks

declined

for

the

reporting

period,

as

high

inflation

and

tighter

financial

conditions

impeded

economic

growth

and

weighed

on

equities.

The

consumer

discretionary

sector

detracted

the

most

from

the

Index’s

return,

led

by

the

internet

and

direct

marketing

retail

industry.

The

sharp

rise

in

e-commerce

that

boosted

the

industry

early

in

the

pandemic

waned

as

more

workers

returned

to

the

office

and

brick-and-mortar

retailers

gained

market

share.

Excess

warehouse

capacity

and

slowing

revenue

growth

from

data

cloud

services

further

pressured

the

industry’s

profitability.

The

automobiles

industry

also

declined

amid

concerns

about

the

market

for

electric

vehicles

(“EVs”)

in

the

weakening

economy.

Additionally,

while

EV

sales

continued

to

grow,

production

did

not

meet

analysts’

expectations.

The

communication

services

sector

also

detracted

from

the

Index’s

performance,

as

the

rising

interest

rate

environment

negatively

impacted

the

interactive

media

and

services

industry.

Demand

for

online

advertisements

slowed,

as

businesses

cut

back

on

marketing

expenditures

in

a

more

challenging

economic

environment.

Stiff

competition

among

companies

producing

disruptive

new

artificial

intelligence

products

also

pressured

the

industry,

as

analysts

attempted

to

chart

the

potential

impact

of

the

new

technologies.

The

financials

sector

also

detracted

amid

tightening

financial

conditions.

The

banking

industry

declined,

as

the

potential

impact

of

a

slowing

economy

outweighed

the

benefits

of

being

able

to

charge

more

for

loans,

and

two

regional

banks

failed

suddenly

late

in

the

reporting

period.

The

financial

services

industry

also

faced

headwinds

due

to

weak

economic

growth,

declining

prices

for

stocks

and

bonds,

and

concerns

about

the

balance

sheet

liquidity

of

a

large

discount

broker.

On

the

upside,

energy

sector

stocks

contributed

to

the

Index’s

return.

Relatively

high

average

prices

of

energy

commodities

following

Russia’s

invasion

of

Ukraine

supported

profitability

in

the

oil,

gas,

and

consumable

fuels

industry.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Information

Technology

.............................

26.1‌

%

Health

Care

....................................

14.2‌

Financials

......................................

12.9‌

Consumer

Discretionary

............................

10.1‌

Industrials

......................................

8.7‌

Communication

Services

............................

8.1‌

Consumer

Staples

................................

7.2‌

Energy

........................................

4.6‌

Utilities

........................................

2.9‌

Materials

......................................

2.6‌

Real

Estate

.....................................

2.6‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Apple,

Inc.

......................................

7.1‌

%

Microsoft

Corp.

...................................

6.2‌

Amazon.com,

Inc.

.................................

2.7‌

NVIDIA

Corp.

....................................

2.0‌

Alphabet,

Inc.,

Class

A

..............................

1.8‌

Tesla,

Inc.

.......................................

1.6‌

Berkshire

Hathaway,

Inc.,

Class

B

......................

1.6‌

Alphabet,

Inc.,

Class

C,

NVS

..........................

1.6‌

Meta

Platforms,

Inc.,

Class

A

..........................

1.4‌

Exxon

Mobil

Corp.

.................................

1.3‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2023

7

Fund

Summary

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Investment

Objective

The

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

a

broad-based

index

composed

of

U.S.

equities,

as

represented

by

the

S&P

Total

Market

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)

Index

performance

through

December

20,

2015

reflects

the

performance

of

the

S&P

Composite

1500

®

.

Index

performance

beginning

on

December

21,

2015

reflects

the

performance

of

the

S&P

Total

Market

Index

TM

.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(8.76‌)%

10.31‌%

11.71‌%

(8.76‌)%

63.35‌%

202.61‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(8.79‌)

10.30‌

11.71‌

(8.79‌)

63.27‌

202.71‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(8.77‌)

10.32‌

11.73‌

(8.77‌)

63.37‌

203.22‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,149.40‌

$

0.16‌

$

1,000.00‌

$

1,024.78‌

$

0.15‌

0.03‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2023

(continued)

2023

iShares

Annual

Report

To

Shareholders

8

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Portfolio

Management

Commentary

U.S.

stocks

declined

for

the

reporting

period,

as

high

inflation

and

tighter

financial

conditions

impeded

economic

growth

and

weighed

on

equities.

The

consumer

discretionary

sector

detracted

the

most

from

the

Index’s

return,

primarily

due

to

weakness

in

the

internet

and

direct

marketing

retail

industry.

The

pandemic-related

rise

in

e-commerce

waned,

as

more

workers

returned

to

the

office

and

brick-and-mortar

retailers

gained

market

share.

Excess

warehouse

capacity

weighed

on

industry

cash

flow.

Slowing

revenue

growth

from

data

cloud

services

further

pressured

the

industry’s

profitability,

as

business

customers

tried

to

reduce

expenditures

amid

economic

uncertainty.

Stocks

in

the

automobiles

industry

also

declined

amid

concerns

about

the

market

for

electric

vehicles

(“EVs”)

in

the

weakening

economy.

While

EV

sales

continued

to

grow,

production

did

not

meet

analysts’

expectations,

and

price

discounts

on

some

new

models

negatively

impacted

revenues.

The

information

technology

sector

detracted

significantly

from

the

Index’s

return,

as

sharply

higher

interest

rates

lowered

the

current

value

of

future

earnings.

The

software

and

services

industry

declined,

as

cuts

to

corporate

information

technology

budgets

reduced

revenue

growth.

Slowing

growth

in

cloud-based

software

sales,

which

provide

software

companies

with

steady

revenue

streams,

further

constrained

earnings.

Changing

consumer

behavior

patterns

pressured

the

IT

services

industry,

as

a

return

to

in-

person

spending

meant

slowing

revenue

growth

for

companies

that

provide

online

payment

platforms.

The

communication

services

sector

also

declined,

as

the

rising

interest

rate

environment

negatively

impacted

the

interactive

media

and

services

industry,

particularly

high-

valuation

stocks

with

growth

prospects.

Demand

for

online

advertisements

slowed

during

the

reporting

period,

as

businesses

cut

back

on

marketing

expenditures

in

a

more

challenging

economic

environment.

Stiff

competition

among

companies

producing

disruptive

new

artificial

intelligence

products

also

pressured

the

industry,

as

analysts

attempted

to

chart

the

potential

impact

of

the

new

technologies.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Information

Technology

.............................

24.8‌

%

Health

Care

....................................

14.0‌

Financials

......................................

13.4‌

Consumer

Discretionary

............................

10.4‌

Industrials

......................................

9.9‌

Communication

Services

............................

7.5‌

Consumer

Staples

................................

6.6‌

Energy

........................................

4.6‌

Real

Estate

.....................................

3.1‌

Materials

......................................

2.9‌

Utilities

........................................

2.8‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Apple,

Inc.

......................................

6.1‌

%

Microsoft

Corp.

...................................

5.3‌

Amazon.com,

Inc.

.................................

2.3‌

NVIDIA

Corp.

....................................

1.7‌

Alphabet,

Inc.,

Class

A

..............................

1.5‌

Tesla,

Inc.

.......................................

1.4‌

Berkshire

Hathaway,

Inc.,

Class

B

......................

1.4‌

Alphabet,

Inc.,

Class

C,

NVS

..........................

1.3‌

Meta

Platforms,

Inc.,

Class

A

..........................

1.2‌

Exxon

Mobil

Corp.

.................................

1.1‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

9

About

Fund

Performance

/

Disclosure

of

Expenses

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated.

Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of each

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown (which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

examples also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Funds

and

other

funds, compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples are

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

March

31,

2023

iShares

®

Core

S&P

500

ETF

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.7%

Boeing

Co.

(The)

(a)(b)

.................

4,992,067

$

1,060,464,793

General

Dynamics

Corp.

..............

1,997,683

455,891,237

Howmet

Aerospace,

Inc.

(a)

.............

3,268,620

138,491,429

Huntington

Ingalls

Industries,

Inc.

........

353,457

73,172,668

L3Harris

Technologies,

Inc.

............

1,690,241

331,692,894

Lockheed

Martin

Corp.

...............

2,017,024

953,507,756

Northrop

Grumman

Corp.

.............

1,277,166

589,693,086

Raytheon

Technologies

Corp.

..........

13,004,743

1,273,554,482

Textron,

Inc.

(a)

.....................

1,853,296

130,898,296

TransDigm

Group,

Inc.

...............

460,446

339,371,724

5,346,738,365

Air

Freight

&

Logistics

—

0.6%

CH

Robinson

Worldwide,

Inc.

(a)

.........

1,044,953

103,836,980

Expeditors

International

of

Washington,

Inc.

(a)

1,412,695

155,565,973

FedEx

Corp.

......................

2,061,328

470,992,835

United

Parcel

Service,

Inc.,

Class

B

......

6,478,792

1,256,820,860

1,987,216,648

Automobile

Components

—

0.1%

Aptiv

plc

(a)(b)

.......................

2,405,284

269,848,812

BorgWarner,

Inc.

...................

2,078,433

102,071,845

371,920,657

Automobiles

—

1.9%

Ford

Motor

Co.

....................

34,757,308

437,942,081

General

Motors

Co.

.................

12,380,512

454,117,180

Tesla,

Inc.

(a)(b)

.....................

23,875,218

4,953,152,726

5,845,211,987

Banks

—

3.1%

Bank

of

America

Corp.

...............

61,958,809

1,772,021,937

Citigroup,

Inc.

.....................

17,193,881

806,221,080

Citizens

Financial

Group,

Inc.

..........

4,371,966

132,776,607

Comerica,

Inc.

.....................

1,162,627

50,481,264

Fifth

Third

Bancorp

.................

6,066,577

161,613,611

First

Republic

Bank

(a)

................

1,655,227

23,156,626

Huntington

Bancshares,

Inc.

...........

12,810,442

143,476,950

JPMorgan

Chase

&

Co.

..............

26,038,735

3,393,107,558

KeyCorp

.........................

8,285,369

103,732,820

M&T

Bank

Corp.

...................

1,502,794

179,689,079

PNC

Financial

Services

Group,

Inc.

(The)

..

3,559,798

452,450,326

Regions

Financial

Corp.

..............

8,291,324

153,886,973

Truist

Financial

Corp.

................

11,778,593

401,650,021

US

Bancorp

......................

12,367,853

445,861,101

Wells

Fargo

&

Co.

..................

33,826,602

1,264,438,383

Zions

Bancorp

NA

..................

1,330,435

39,819,920

9,524,384,256

Beverages

—

1.8%

Brown-Forman

Corp.,

Class

B,

NVS

......

1,623,398

104,335,789

Coca-Cola

Co.

(The)

................

34,550,755

2,143,183,333

Constellation

Brands,

Inc.,

Class

A

.......

1,441,295

325,574,128

Keurig

Dr

Pepper,

Inc.

...............

7,543,462

266,133,339

Molson

Coors

Beverage

Co.,

Class

B

.....

1,668,872

86,247,305

Monster

Beverage

Corp.

(a)(b)

............

6,762,173

365,224,964

PepsiCo,

Inc.

.....................

12,226,210

2,228,838,083

5,519,536,941

Biotechnology

—

2.3%

AbbVie,

Inc.

......................

15,699,226

2,501,985,648

Amgen,

Inc.

......................

4,740,226

1,145,949,635

Biogen,

Inc.

(b)

.....................

1,278,335

355,415,480

Gilead

Sciences,

Inc.

................

11,069,904

918,469,935

Incyte

Corp.

(a)(b)

....................

1,642,806

118,725,590

Security

Shares

Shares

Value

Biotechnology

(continued)

Moderna,

Inc.

(a)(b)

...................

2,933,007

$

450,451,215

Regeneron

Pharmaceuticals,

Inc.

(b)

.......

954,381

784,186,236

Vertex

Pharmaceuticals,

Inc.

(a)(b)

.........

2,282,237

719,064,412

6,994,248,151

Broadline

Retail

—

2.8%

Amazon.com,

Inc.

(b)

.................

79,141,586

8,174,534,418

eBay,

Inc.

........................

4,817,319

213,744,444

Etsy,

Inc.

(a)(b)

......................

1,115,770

124,218,674

8,512,497,536

Building

Products

—

0.4%

Allegion

plc

.......................

779,836

83,231,896

AO

Smith

Corp.

....................

1,126,245

77,879,842

Carrier

Global

Corp.

.................

7,405,290

338,792,018

Johnson

Controls

International

plc

.......

6,100,728

367,385,840

Masco

Corp.

......................

1,999,202

99,400,323

Trane

Technologies

plc

...............

2,033,548

374,132,161

1,340,822,080

Capital

Markets

—

2.8%

Ameriprise

Financial,

Inc.

.............

934,769

286,506,698

Bank

of

New

York

Mellon

Corp.

(The)

.....

6,529,524

296,701,571

BlackRock,

Inc.

(c)

...................

1,329,436

889,552,216

Cboe

Global

Markets,

Inc.

.............

941,725

126,417,164

Charles

Schwab

Corp.

(The)

...........

13,540,539

709,253,433

CME

Group,

Inc.,

Class

A

.............

3,193,349

611,590,200

FactSet

Research

Systems,

Inc.

.........

339,564

140,949,621

Franklin

Resources,

Inc.

..............

2,531,837

68,207,689

Goldman

Sachs

Group,

Inc.

(The)

.......

3,006,152

983,342,381

Intercontinental

Exchange,

Inc.

.........

4,961,039

517,386,757

Invesco

Ltd.

......................

4,037,341

66,212,392

MarketAxess

Holdings,

Inc.

............

334,127

130,740,554

Moody's

Corp.

.....................

1,398,637

428,010,895

Morgan

Stanley

....................

11,598,119

1,018,314,848

MSCI,

Inc.

.......................

709,811

397,274,119

Nasdaq,

Inc.

......................

3,009,256

164,516,026

Northern

Trust

Corp.

.................

1,850,285

163,065,617

Raymond

James

Financial,

Inc.

.........

1,720,548

160,475,512

S&P

Global,

Inc.

...................

2,922,372

1,007,546,194

State

Street

Corp.

..................

3,098,391

234,517,215

T.

Rowe

Price

Group,

Inc.

(a)

............

1,991,168

224,802,867

8,625,383,969

Chemicals

—

1.8%

Air

Products

&

Chemicals,

Inc.

..........

1,971,467

566,225,037

Albemarle

Corp.

(a)

..................

1,039,996

229,880,716

Celanese

Corp.

....................

885,514

96,423,620

CF

Industries

Holdings,

Inc.

............

1,741,617

126,249,816

Corteva,

Inc.

......................

6,327,871

381,633,900

Dow,

Inc.

........................

6,257,390

343,030,120

DuPont

de

Nemours,

Inc.

.............

4,066,849

291,877,753

Eastman

Chemical

Co.

...............

1,054,616

88,946,313

Ecolab,

Inc.

......................

2,199,774

364,128,590

FMC

Corp.

.......................

1,118,232

136,569,674

International

Flavors

&

Fragrances,

Inc.

....

2,263,367

208,139,229

Linde

plc

........................

4,372,341

1,554,104,885

LyondellBasell

Industries

NV,

Class

A

.....

2,254,689

211,692,750

Mosaic

Co.

(The)

...................

3,022,546

138,674,411

PPG

Industries,

Inc.

.................

2,086,404

278,701,846

Sherwin-Williams

Co.

(The)

............

2,093,428

470,539,812

5,486,818,472

Commercial

Services

&

Supplies

—

0.5%

Cintas

Corp.

......................

766,766

354,767,293

Copart,

Inc.

(a)(b)

....................

3,805,403

286,204,359

Republic

Services,

Inc.

...............

1,823,376

246,556,903

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

500

ETF

Schedules

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

(continued)

Rollins,

Inc.

(a)

.....................

2,054,747

$

77,114,655

Waste

Management,

Inc.

..............

3,297,153

537,996,455

1,502,639,665

Communications

Equipment

—

0.9%

Arista

Networks,

Inc.

(b)

...............

2,197,238

368,828,371

Cisco

Systems,

Inc.

.................

36,468,613

1,906,396,744

F5,

Inc.

(a)(b)

.......................

533,704

77,755,336

Juniper

Networks,

Inc.

...............

2,875,893

98,988,237

Motorola

Solutions,

Inc.

..............

1,484,297

424,701,901

2,876,670,589

Construction

&

Engineering

—

0.1%

Quanta

Services,

Inc.

(a)

...............

1,268,576

211,395,505

Construction

Materials

—

0.1%

(a)

Martin

Marietta

Materials,

Inc.

..........

551,204

195,710,492

Vulcan

Materials

Co.

................

1,179,858

202,416,439

398,126,931

Consumer

Finance

—

0.5%

American

Express

Co.

...............

5,285,077

871,773,451

Capital

One

Financial

Corp.

............

3,384,885

325,490,542

Discover

Financial

Services

............

2,370,243

234,274,818

Synchrony

Financial

.................

3,879,661

112,820,542

1,544,359,353

Consumer

Staples

Distribution

&

Retail

—

2.0%

Costco

Wholesale

Corp.

..............

3,939,085

1,957,213,164

Dollar

General

Corp.

................

1,984,706

417,701,225

Dollar

Tree,

Inc.

(a)(b)

.................

1,845,694

264,949,374

Kroger

Co.

(The)

...................

5,782,620

285,487,949

Sysco

Corp.

......................

4,506,130

348,008,420

Target

Corp.

......................

4,086,273

676,809,397

Walgreens

Boots

Alliance,

Inc.

..........

6,354,999

219,755,865

Walmart,

Inc.

......................

12,448,895

1,835,589,568

6,005,514,962

Containers

&

Packaging

—

0.3%

Amcor

plc

........................

13,189,624

150,097,921

Avery

Dennison

Corp.

................

718,806

128,615,958

Ball

Corp.

(a)

.......................

2,786,766

153,578,674

International

Paper

Co.

...............

3,157,387

113,855,375

Packaging

Corp.

of

America

...........

821,465

114,043,986

Sealed

Air

Corp.

...................

1,284,176

58,956,520

WestRock

Co.

.....................

2,260,603

68,880,574

788,029,008

Distributors

—

0.1%

Genuine

Parts

Co.

..................

1,251,369

209,366,547

LKQ

Corp.

.......................

2,253,169

127,889,873

Pool

Corp.

(a)

......................

346,686

118,719,154

455,975,574

Diversified

Telecommunication

Services

—

0.9%

AT&T,

Inc.

........................

63,276,923

1,218,080,768

Verizon

Communications,

Inc.

..........

37,283,357

1,449,949,753

2,668,030,521

Electric

Utilities

—

1.9%

Alliant

Energy

Corp.

.................

2,228,384

118,995,706

American

Electric

Power

Co.,

Inc.

........

4,561,685

415,067,718

Constellation

Energy

Corp.

............

2,903,029

227,887,777

Duke

Energy

Corp.

.................

6,835,455

659,416,344

Edison

International

.................

3,389,994

239,299,676

Entergy

Corp.

.....................

1,806,352

194,616,364

Evergy,

Inc.

.......................

2,037,642

124,540,679

Eversource

Energy

.................

3,091,999

241,979,842

Security

Shares

Shares

Value

Electric

Utilities

(continued)

Exelon

Corp.

......................

8,821,696

$

369,540,845

FirstEnergy

Corp.

..................

4,821,816

193,161,949

NextEra

Energy,

Inc.

................

17,640,509

1,359,730,434

NRG

Energy,

Inc.

...................

2,045,155

70,128,365

PG&E

Corp.

(a)(b)

....................

14,292,709

231,113,105

Pinnacle

West

Capital

Corp.

...........

1,004,347

79,584,456

PPL

Corp.

.......................

6,536,460

181,648,223

Southern

Co.

(The)

.................

9,664,421

672,450,413

Xcel

Energy,

Inc.

...................

4,858,040

327,626,218

5,706,788,114

Electrical

Equipment

—

0.6%

AMETEK,

Inc.

(a)

....................

2,038,694

296,283,399

Eaton

Corp.

plc

....................

3,530,459

604,908,845

Emerson

Electric

Co.

................

5,072,470

442,015,036

Generac

Holdings,

Inc.

(a)(b)

.............

562,243

60,727,867

Rockwell

Automation,

Inc.

.............

1,018,923

299,002,954

1,702,938,101

Electronic

Equipment,

Instruments

&

Components

—

0.6%

Amphenol

Corp.,

Class

A

.............

5,278,459

431,355,669

CDW

Corp.

.......................

1,201,893

234,236,927

Corning,

Inc.

......................

6,757,602

238,408,199

Keysight

Technologies,

Inc.

(b)

...........

1,583,177

255,651,422

TE

Connectivity

Ltd.

.................

2,809,257

368,434,056

Teledyne

Technologies,

Inc.

(a)(b)

.........

416,086

186,140,233

Trimble,

Inc.

(a)(b)

....................

2,189,358

114,766,146

Zebra

Technologies

Corp.,

Class

A

(a)(b)

.....

458,323

145,746,714

1,974,739,366

Energy

Equipment

&

Services

—

0.4%

Baker

Hughes

Co.,

Class

A

............

8,930,487

257,733,855

Halliburton

Co.

....................

8,025,733

253,934,192

Schlumberger

NV

..................

12,607,351

619,020,934

1,130,688,981

Entertainment

—

1.4%

Activision

Blizzard,

Inc.

...............

6,322,279

541,123,860

Electronic

Arts,

Inc.

.................

2,312,650

278,558,692

Live

Nation

Entertainment,

Inc.

(a)(b)

.......

1,265,503

88,585,210

Netflix,

Inc.

(b)

......................

3,953,447

1,365,836,870

Take-Two

Interactive

Software,

Inc.

(a)(b)

....

1,407,512

167,916,182

Walt

Disney

Co.

(The)

(b)

..............

16,216,991

1,623,807,309

Warner

Bros

Discovery,

Inc.

(a)(b)

.........

19,617,265

296,220,701

4,362,048,824

Financial

Services

—

4.3%

Berkshire

Hathaway,

Inc.,

Class

B

(b)

......

15,994,292

4,938,557,541

Fidelity

National

Information

Services,

Inc.

..

5,267,576

286,187,404

Fiserv,

Inc.

(a)(b)

.....................

5,637,297

637,183,680

FleetCor

Technologies,

Inc.

(a)(b)

..........

654,719

138,047,501

Global

Payments,

Inc.

...............

2,335,441

245,781,811

Jack

Henry

&

Associates,

Inc.

..........

647,935

97,656,763

Mastercard,

Inc.,

Class

A

..............

7,489,889

2,721,900,562

PayPal

Holdings,

Inc.

(b)

...............

10,043,449

762,699,517

Visa,

Inc.,

Class

A

(a)

.................

14,425,116

3,252,286,653

13,080,301,432

Food

Products

—

1.2%

Archer-Daniels-Midland

Co.

............

4,856,453

386,865,046

Bunge

Ltd.

.......................

1,329,827

127,025,075

Campbell

Soup

Co.

.................

1,781,156

97,927,957

Conagra

Brands,

Inc.

................

4,231,072

158,919,064

General

Mills,

Inc.

..................

5,234,127

447,308,494

Hershey

Co.

(The)

..................

1,304,669

331,920,840

Hormel

Foods

Corp.

.................

2,570,880

102,526,695

JM

Smucker

Co.

(The)

...............

946,644

148,973,366

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

500

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Food

Products

(continued)

Kellogg

Co.

.......................

2,272,224

$

152,148,119

Kraft

Heinz

Co.

(The)

................

7,068,120

273,324,200

Lamb

Weston

Holdings,

Inc.

...........

1,277,177

133,490,540

McCormick

&

Co.,

Inc.,

NVS

...........

2,225,701

185,200,580

Mondelez

International,

Inc.,

Class

A

......

12,102,405

843,779,677

Tyson

Foods,

Inc.,

Class

A

............

2,535,463

150,403,665

3,539,813,318

Gas

Utilities

—

0.0%

Atmos

Energy

Corp.

.................

1,270,911

142,799,560

Ground

Transportation

—

0.8%

CSX

Corp.

.......................

18,663,559

558,786,957

JB

Hunt

Transport

Services,

Inc.

........

736,737

129,267,874

Norfolk

Southern

Corp.

...............

2,022,068

428,678,416

Old

Dominion

Freight

Line,

Inc.

(a)

........

804,245

274,118,866

Union

Pacific

Corp.

.................

5,431,755

1,093,195,011

2,484,047,124

Health

Care

Equipment

&

Supplies

—

2.9%

Abbott

Laboratories

.................

15,478,127

1,567,315,140

Align

Technology,

Inc.

(a)(b)

..............

644,889

215,483,210

Baxter

International,

Inc.

..............

4,480,117

181,713,546

Becton

Dickinson

&

Co.

..............

2,520,246

623,861,695

Boston

Scientific

Corp.

(a)(b)

.............

12,714,985

636,130,700

Cooper

Cos.,

Inc.

(The)

(a)

.............

438,142

163,584,697

Dentsply

Sirona,

Inc.

................

1,907,837

74,939,837

Dexcom,

Inc.

(a)(b)

...................

3,430,270

398,528,769

Edwards

Lifesciences

Corp.

(b)

..........

5,488,442

454,058,807

GE

HealthCare

Technologies,

Inc.

(a)(b)

.....

3,223,275

264,405,248

Hologic,

Inc.

(a)(b)

....................

2,188,725

176,630,108

IDEXX

Laboratories,

Inc.

(b)

.............

735,201

367,659,316

Insulet

Corp.

(a)(b)

....................

616,531

196,648,728

Intuitive

Surgical,

Inc.

(b)

...............

3,110,506

794,640,968

Medtronic

plc

.....................

11,808,341

951,988,451

ResMed,

Inc.

.....................

1,304,134

285,592,305

STERIS

plc

.......................

881,373

168,589,027

Stryker

Corp.

.....................

2,993,062

854,429,409

Teleflex,

Inc.

(a)

.....................

416,398

105,477,777

Zimmer

Biomet

Holdings,

Inc.

..........

1,862,917

240,688,876

8,722,366,614

Health

Care

Providers

&

Services

—

3.0%

AmerisourceBergen

Corp.

.............

1,436,376

229,978,161

Cardinal

Health,

Inc.

.................

2,287,122

172,677,711

Centene

Corp.

(a)(b)

..................

4,889,170

309,044,436

Cigna

Group

(The)

..................

2,651,435

677,521,185

CVS

Health

Corp.

..................

11,399,351

847,085,773

DaVita,

Inc.

(a)(b)

....................

486,879

39,490,756

Elevance

Health,

Inc.

................

2,120,118

974,851,458

HCA

Healthcare,

Inc.

................

1,882,293

496,323,018

Henry

Schein,

Inc.

(a)(b)

................

1,203,293

98,116,511

Humana,

Inc.

.....................

1,109,414

538,576,120

Laboratory

Corp.

of

America

Holdings

.....

786,521

180,443,648

McKesson

Corp.

...................

1,215,631

432,825,418

Molina

Healthcare,

Inc.

(a)(b)

.............

518,425

138,673,503

Quest

Diagnostics,

Inc.

...............

985,379

139,411,421

UnitedHealth

Group,

Inc.

..............

8,294,435

3,919,867,037

Universal

Health

Services,

Inc.,

Class

B

(a)

..

569,558

72,390,822

9,267,276,978

Health

Care

REITs

—

0.2%

Healthpeak

Properties,

Inc.

............

4,853,895

106,640,073

Ventas,

Inc.

......................

3,550,831

153,928,524

Welltower,

Inc.

.....................

4,194,692

300,717,469

561,286,066

Security

Shares

Shares

Value

Hotel

&

Resort

REITs

—

0.0%

Host

Hotels

&

Resorts,

Inc.

............

6,347,465

$

104,669,698

Hotels,

Restaurants

&

Leisure

—

2.1%

Booking

Holdings,

Inc.

(b)

..............

344,351

913,360,036

Caesars

Entertainment,

Inc.

(b)

..........

1,904,753

92,970,994

Carnival

Corp.

(a)(b)

...................

8,896,177

90,296,196

Chipotle

Mexican

Grill,

Inc.

(a)(b)

..........

245,223

418,911,999

Darden

Restaurants,

Inc.

.............

1,080,388

167,633,002

Domino's

Pizza,

Inc.

.................

314,255

103,663,297

Expedia

Group,

Inc.

(a)(b)

...............

1,312,284

127,330,916

Hilton

Worldwide

Holdings,

Inc.

.........

2,365,349

333,206,714

Las

Vegas

Sands

Corp.

(b)

.............

2,917,403

167,604,802

Marriott

International,

Inc.,

Class

A

.......

2,388,489

396,584,713

McDonald's

Corp.

..................

6,501,918

1,818,001,292

MGM

Resorts

International

............

2,793,149

124,071,678

Norwegian

Cruise

Line

Holdings

Ltd.

(a)(b)

...

3,745,697

50,379,625

Royal

Caribbean

Cruises

Ltd.

(a)(b)

........

1,948,599

127,243,515

Starbucks

Corp.

....................

10,202,620

1,062,398,821

Wynn

Resorts

Ltd.

(b)

.................

915,360

102,437,938

Yum!

Brands,

Inc.

..................

2,485,633

328,302,407

6,424,397,945

Household

Durables

—

0.3%

DR

Horton,

Inc.

(a)

...................

2,774,013

270,993,330

Garmin

Ltd.

.......................

1,361,136

137,365,845

Lennar

Corp.,

Class

A

................

2,250,744

236,575,702

Mohawk

Industries,

Inc.

(a)(b)

............

468,523

46,955,375

Newell

Brands,

Inc.

.................

3,337,429

41,517,617

NVR,

Inc.

(a)(b)

......................

26,849

149,607,729

PulteGroup,

Inc.

...................

2,002,668

116,715,491

Whirlpool

Corp.

....................

483,801

63,871,408

1,063,602,497

Household

Products

—

1.5%

Church

&

Dwight

Co.,

Inc.

.............

2,164,859

191,395,184

Clorox

Co.

(The)

...................

1,096,550

173,518,072

Colgate-Palmolive

Co.

...............

7,414,374

557,190,206

Kimberly-Clark

Corp.

................

2,996,113

402,138,287

Procter

&

Gamble

Co.

(The)

...........

20,942,668

3,113,965,305

4,438,207,054

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

AES

Corp.

(The)

...................

5,929,550

142,783,564

Industrial

Conglomerates

—

0.8%

3M

Co.

..........................

4,886,906

513,662,690

General

Electric

Co.

(a)

................

9,669,832

924,435,939

Honeywell

International,

Inc.

...........

5,931,243

1,133,579,162

2,571,677,791

Industrial

REITs

—

0.3%

Prologis,

Inc.

......................

8,194,405

1,022,415,912

Insurance

—

2.2%

Aflac,

Inc.

........................

4,970,222

320,678,723

Allstate

Corp.

(The)

.................

2,334,710

258,709,215

American

International

Group,

Inc.

.......

6,595,600

332,154,416

Aon

plc,

Class

A

...................

1,823,370

574,890,327

Arch

Capital

Group

Ltd.

(a)(b)

............

3,283,439

222,847,005

Arthur

J

Gallagher

&

Co.

..............

1,882,795

360,197,511

Assurant,

Inc.

.....................

471,293

56,588,151

Brown

&

Brown,

Inc.

.................

2,086,663

119,816,190

Chubb

Ltd.

.......................

3,684,486

715,453,492

Cincinnati

Financial

Corp.

.............

1,395,357

156,391,613

Everest

Re

Group

Ltd.

...............

347,702

124,484,270

Globe

Life,

Inc.

....................

802,791

88,323,066

Hartford

Financial

Services

Group,

Inc.

(The)

2,797,222

194,938,401

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

500

ETF

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

(continued)

Lincoln

National

Corp.

...............

1,366,186

$

30,698,199

Loews

Corp.

(a)

.....................

1,731,510

100,462,210

Marsh

&

McLennan

Cos.,

Inc.

..........

4,394,208

731,855,342

MetLife,

Inc.

......................

5,850,692

338,989,095

Principal

Financial

Group,

Inc.

..........

2,020,063

150,131,082

Progressive

Corp.

(The)

..............

5,192,301

742,810,581

Prudential

Financial,

Inc.

(a)

.............

3,266,805

270,295,446

Travelers

Cos.,

Inc.

(The)

.............

2,051,522

351,651,386

Willis

Towers

Watson

plc

..............

947,687

220,223,505

WR

Berkley

Corp.

..................

1,808,282

112,583,637

6,575,172,863

Interactive

Media

&

Services

—

4.8%

(b)

Alphabet,

Inc.,

Class

A

...............

52,872,800

5,484,495,544

Alphabet,

Inc.,

Class

C,

NVS

...........

46,092,009

4,793,568,936

Match

Group,

Inc.

(a)

.................

2,479,462

95,186,546

Meta

Platforms,

Inc.,

Class

A

...........

19,758,631

4,187,644,254

14,560,895,280

IT

Services

—

1.2%

Accenture

plc,

Class

A

...............

5,590,360

1,597,780,792

Akamai

Technologies,

Inc.

(a)(b)

...........

1,395,874

109,296,934

Cognizant

Technology

Solutions

Corp.,

Class

A

4,518,512

275,312,936

DXC

Technology

Co.

(a)(b)

..............

2,020,191

51,636,082

EPAM

Systems,

Inc.

(a)(b)

..............

510,580

152,663,420

Gartner,

Inc.

(a)(b)

....................

701,529

228,537,102

International

Business

Machines

Corp.

....

8,026,134

1,052,145,906

VeriSign,

Inc.

(a)(b)

...................

813,238

171,861,587

3,639,234,759

Leisure

Products

—

0.0%

Hasbro,

Inc.

......................

1,153,716

61,943,012

Life

Sciences

Tools

&

Services

—

1.8%

Agilent

Technologies,

Inc.

.............

2,626,409

363,337,421

Bio-Rad

Laboratories,

Inc.,

Class

A

(b)

......

191,133

91,556,530

Bio-Techne

Corp.

...................

1,396,168

103,581,704

Charles

River

Laboratories

International,

Inc.

(a)

(b)

...........................

451,690

91,160,076

Danaher

Corp.

....................

5,818,779

1,466,565,059

Illumina,

Inc.

(a)(b)

....................

1,396,391

324,730,727

IQVIA

Holdings,

Inc.

(a)(b)

...............

1,648,503

327,870,762

Mettler-Toledo

International,

Inc.

(a)(b)

......

196,253

300,308,303

PerkinElmer,

Inc.

...................

1,121,352

149,431,367

Thermo

Fisher

Scientific,

Inc.

...........

3,481,627

2,006,705,354

Waters

Corp.

(a)(b)

...................

527,394

163,297,004

West

Pharmaceutical

Services,

Inc.

......

657,224

227,708,399

5,616,252,706

Machinery

—

1.8%

Caterpillar,

Inc.

....................

4,619,781

1,057,190,684

Cummins,

Inc.

.....................

1,254,366

299,642,950

Deere

&

Co.

......................

2,400,542

991,135,781

Dover

Corp.

......................

1,240,281

188,448,295

Fortive

Corp.

(a)

.....................

3,132,757

213,560,045

IDEX

Corp.

(a)

......................

669,535

154,682,671

Illinois

Tool

Works,

Inc.

...............

2,464,422

599,963,536

Ingersoll

Rand,

Inc.

(a)

................

3,594,610

209,134,410

Nordson

Corp.

.....................

477,144

106,050,026

Otis

Worldwide

Corp.

................

3,682,873

310,834,481

PACCAR,

Inc.

.....................

4,633,902

339,201,626

Parker-Hannifin

Corp.

................

1,138,627

382,703,921

Pentair

plc

.......................

1,460,292

80,710,339

Snap-on,

Inc.

.....................

471,490

116,406,166

Stanley

Black

&

Decker,

Inc.

...........

1,313,327

105,827,890

Westinghouse

Air

Brake

Technologies

Corp.

.

1,614,467

163,158,035

Security

Shares

Shares

Value

Machinery

(continued)

Xylem,

Inc.

.......................

1,600,159

$

167,536,647

5,486,187,503

Media

—

0.8%

Charter

Communications,

Inc.,

Class

A

(a)(b)

..

935,029

334,375,721

Comcast

Corp.,

Class

A

..............

37,343,093

1,415,676,656

DISH

Network

Corp.,

Class

A

(a)(b)

........

2,226,837

20,776,389

Fox

Corp.,

Class

A,

NVS

(a)

.............

2,635,816

89,749,535

Fox

Corp.,

Class

B

..................

1,221,604

38,248,421

Interpublic

Group

of

Cos.,

Inc.

(The)

......

3,449,027

128,441,765

News

Corp.,

Class

A,

NVS

(a)

...........

3,398,155

58,686,137

News

Corp.,

Class

B

................

1,043,873

18,194,706

Omnicom

Group,

Inc.

................

1,799,542

169,768,792

Paramount

Global,

Class

B,

NVS

........

4,483,247

100,021,241

2,373,939,363

Metals

&

Mining

—

0.5%

Freeport-McMoRan,

Inc.

..............

12,688,447

519,084,367

Newmont

Corp.

....................

7,046,204

345,404,920

Nucor

Corp.

......................

2,245,939

346,930,197

Steel

Dynamics,

Inc.

.................

1,480,637

167,400,819

1,378,820,303

Multi-Utilities

—

0.8%

Ameren

Corp.

.....................

2,294,977

198,263,063

CenterPoint

Energy,

Inc.

..............

5,588,542

164,638,447

CMS

Energy

Corp.

..................

2,585,609

158,704,681

Consolidated

Edison,

Inc.

.............

3,150,194

301,379,060

Dominion

Energy,

Inc.

................

7,397,167

413,575,607

DTE

Energy

Co.

...................

1,719,881

188,395,765

NiSource,

Inc.

.....................

3,605,332

100,805,083

Public

Service

Enterprise

Group,

Inc.

.....

4,429,296

276,609,535

Sempra

Energy

....................

2,790,401

421,797,015

WEC

Energy

Group,

Inc.

..............

2,800,209

265,431,811

2,489,600,067

Office

REITs

—

0.1%

Alexandria

Real

Estate

Equities,

Inc.

......

1,398,255

175,606,846

Boston

Properties,

Inc.

...............

1,266,352

68,534,970

244,141,816

Oil,

Gas

&

Consumable

Fuels

—

4.2%

APA

Corp.

.......................

2,853,996

102,915,096

Chevron

Corp.

.....................

15,792,159

2,576,648,662

ConocoPhillips

....................

10,864,444

1,077,861,489

Coterra

Energy,

Inc.

.................

6,999,394

171,765,129

Devon

Energy

Corp.

.................

5,803,063

293,693,018

Diamondback

Energy,

Inc.

.............

1,631,440

220,521,745

EOG

Resources,

Inc.

................

5,214,381

597,724,494

EQT

Corp.

.......................

3,258,362

103,974,331

Exxon

Mobil

Corp.

..................

36,556,466

4,008,782,062

Hess

Corp.

(a)

......................

2,463,222

325,982,799

Kinder

Morgan,

Inc.

.................

17,561,337

307,499,011

Marathon

Oil

Corp.

..................

5,637,654

135,078,190

Marathon

Petroleum

Corp.

............

4,030,272

543,401,574

Occidental

Petroleum

Corp.

(a)

...........

6,454,922

402,980,780

ONEOK,

Inc.

......................

3,967,710

252,108,293

Phillips

66

........................

4,136,810

419,389,798

Pioneer

Natural

Resources

Co.

.........

2,109,224

430,787,910

Targa

Resources

Corp.

...............

2,009,588

146,599,445

Valero

Energy

Corp.

.................

3,438,976

480,081,050

Williams

Cos.,

Inc.

(The)

..............

10,812,490

322,860,951

12,920,655,827

Passenger

Airlines

—

0.2%

Alaska

Air

Group,

Inc.

(a)(b)

.............

1,131,317

47,470,061

American

Airlines

Group,

Inc.

(a)(b)

........

5,775,881

85,194,245

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

500

ETF

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Passenger

Airlines

(continued)

Delta

Air

Lines,

Inc.

(b)

................

5,692,432

$

198,779,725

Southwest

Airlines

Co.

...............

5,275,624

171,668,805

United

Airlines

Holdings,

Inc.

(a)(b)

.........

2,902,227

128,423,545

631,536,381

Personal

Care

Products

—

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

....

2,056,674

506,887,874

Pharmaceuticals

—

4.2%

Bristol-Myers

Squibb

Co.

..............

18,874,414

1,308,185,634

Catalent,

Inc.

(a)(b)

...................

1,598,679

105,049,197

Eli

Lilly

&

Co.

.....................

7,001,005

2,404,285,137

Johnson

&

Johnson

.................

23,209,404

3,597,457,620

Merck

&

Co.,

Inc.

...................

22,507,305

2,394,552,179

Organon

&

Co.

....................

2,260,429

53,165,290

Pfizer,

Inc.

.......................

49,830,731

2,033,093,825

Viatris,

Inc.

.......................

10,765,296

103,562,148

Zoetis,

Inc.,

Class

A

.................

4,137,451

688,637,344

12,687,988,374

Professional

Services

—

0.8%

Automatic

Data

Processing,

Inc.

.........

3,678,326

818,905,717

Broadridge

Financial

Solutions,

Inc.

......

1,044,794

153,135,457

CoStar

Group,

Inc.

(a)(b)

................

3,610,273

248,567,296

Equifax,

Inc.

(a)

.....................

1,087,475

220,583,429

Jacobs

Solutions,

Inc.

................

1,124,854

132,181,593

Leidos

Holdings,

Inc.

................

1,213,411

111,706,617

Paychex,

Inc.

.....................

2,847,941

326,345,559

Robert

Half

International,

Inc.

...........

956,068

77,030,399

Verisk

Analytics,

Inc.

(a)

...............

1,388,307

266,360,581

2,354,816,648

Real

Estate

Management

&

Development

—

0.1%

CBRE

Group,

Inc.,

Class

A

(a)(b)

..........

2,804,745

204,213,483

Residential

REITs

—

0.3%

AvalonBay

Communities,

Inc.

..........

1,241,875

208,709,512

Camden

Property

Trust

...............

977,684

102,500,391

Equity

Residential

..................

3,023,491

181,409,460

Essex

Property

Trust,

Inc.

.............

573,490

119,939,699

Invitation

Homes,

Inc.

................

5,156,245

161,029,531

Mid-America

Apartment

Communities,

Inc.

..

1,025,145

154,837,901

UDR,

Inc.

........................

2,745,306

112,722,264

1,041,148,758

Retail

REITs

—

0.3%

Federal

Realty

Investment

Trust

.........

649,956

64,235,152

Kimco

Realty

Corp.

.................

5,490,439

107,228,274

Realty

Income

Corp.

.................

5,567,370

352,525,868

Regency

Centers

Corp.

..............

1,367,193

83,644,868

Simon

Property

Group,

Inc.

............

2,902,387

324,980,272

932,614,434

Semiconductors

&

Semiconductor

Equipment

—

6.4%

Advanced

Micro

Devices,

Inc.

(a)(b)

........

14,313,263

1,402,842,907

Analog

Devices,

Inc.

.................

4,499,462

887,383,896

Applied

Materials,

Inc.

...............

7,484,228

919,287,725

Broadcom,

Inc.

....................

3,709,659

2,379,894,635

Enphase

Energy,

Inc.

(a)(b)

..............

1,206,645

253,733,311

First

Solar,

Inc.

(a)(b)

..................

880,137

191,429,798

Intel

Corp.

.......................

36,725,093

1,199,808,788

KLA

Corp.

........................

1,229,306

490,702,076

Lam

Research

Corp.

................

1,197,837

634,997,350

Microchip

Technology,

Inc.

.............

4,862,925

407,415,856

Micron

Technology,

Inc.

...............

9,686,618

584,490,530

Monolithic

Power

Systems,

Inc.

.........

397,255

198,842,018

NVIDIA

Corp.

.....................

21,838,008

6,065,943,482

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

NXP

Semiconductors

NV

(a)

............

2,300,396

$

428,966,344

ON

Semiconductor

Corp.

(a)(b)

...........

3,834,678

315,670,693

Qorvo,

Inc.

(b)

......................

886,720

90,064,150

QUALCOMM,

Inc.

..................

9,898,115

1,262,801,512

Skyworks

Solutions,

Inc.

..............

1,411,251

166,499,393

SolarEdge

Technologies,

Inc.

(a)(b)

........

496,203

150,820,902

Teradyne,

Inc.

(a)

....................

1,382,689

148,652,894

Texas

Instruments,

Inc.

...............

8,044,614

1,496,378,650

19,676,626,910

Software

—

9.4%

Adobe,

Inc.

(b)

......................

4,064,022

1,566,152,158

ANSYS,

Inc.

(a)(b)

....................

773,318

257,360,231

Autodesk,

Inc.

(a)(b)

...................

1,915,413

398,712,370

Cadence

Design

Systems,

Inc.

(b)

........

2,435,166

511,604,025

Ceridian

HCM

Holding,

Inc.

(a)(b)

..........

1,365,823

100,005,560

Fair

Isaac

Corp.

(a)(b)

.................

223,309

156,917,001

Fortinet,

Inc.

(a)(b)

....................

5,756,234

382,559,312

Gen

Digital,

Inc.

....................

5,049,576

86,650,724

Intuit,

Inc.

........................

2,493,832

1,111,825,121

Microsoft

Corp.

....................

66,080,421

19,050,985,374

Oracle

Corp.

......................

13,643,097

1,267,716,573

Paycom

Software,

Inc.

(a)(b)

.............

428,029

130,125,096

PTC,

Inc.

(a)(b)

......................

944,840

121,156,833

Roper

Technologies,

Inc.

..............

941,457

414,890,685

Salesforce,

Inc.

(b)

...................

8,877,249

1,773,496,805

ServiceNow,

Inc.

(a)(b)

.................

1,802,084

837,464,477

Synopsys,

Inc.

(a)(b)

..................

1,353,048

522,614,790

Tyler

Technologies,

Inc.

(a)(b)

............

369,641

131,089,484

28,821,326,619

Specialized

REITs

—

1.2%

American

Tower

Corp.

...............

4,133,297

844,597,909

Crown

Castle,

Inc.

..................

3,843,816

514,456,333

Digital

Realty

Trust,

Inc.

..............

2,552,392

250,925,658

Equinix,

Inc.

......................

821,501

592,335,081

Extra

Space

Storage,

Inc.

.............

1,188,860

193,700,960

Iron

Mountain,

Inc.

(a)

.................

2,580,722

136,546,001

Public

Storage

.....................

1,403,276

423,985,811

SBA

Communications

Corp.,

Class

A

......

958,457

250,224,369

VICI

Properties,

Inc.

.................

8,910,012

290,644,591

Weyerhaeuser

Co.

..................

6,505,170

196,000,772

3,693,417,485

Specialty

Retail

—

2.2%

Advance

Auto

Parts,

Inc.

..............

526,022

63,969,536

AutoZone,

Inc.

(b)

...................

166,604

409,537,623

Bath

&

Body

Works,

Inc.

..............

2,027,711

74,173,669

Best

Buy

Co.,

Inc.

..................

1,748,131

136,826,213

CarMax,

Inc.

(a)(b)

....................

1,402,820

90,173,270

Home

Depot,

Inc.

(The)

..............

9,047,535

2,670,108,529

Lowe's

Cos.,

Inc.

...................

5,368,103

1,073,459,557

O'Reilly

Automotive,

Inc.

(a)(b)

............

553,539

469,943,540

Ross

Stores,

Inc.

...................

3,057,053

324,445,035

TJX

Cos.,

Inc.

(The)

.................

10,257,676

803,791,491

Tractor

Supply

Co.

..................

980,608

230,482,104

Ulta

Beauty,

Inc.

(b)

..................

451,708

246,483,504

6,593,394,071

Technology

Hardware,

Storage

&

Peripherals

—

7.4%

Apple,

Inc.

.......................

132,027,812

21,771,386,198

Hewlett

Packard

Enterprise

Co.

.........

11,379,017

181,267,741

HP,

Inc.

.........................

7,672,499

225,187,846

NetApp,

Inc.

......................

1,913,683

122,188,659

Seagate

Technology

Holdings

plc

........

1,704,683

112,713,640

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

500

ETF

Schedules

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Technology

Hardware,

Storage

&

Peripherals

(continued)

Western

Digital

Corp.

(b)

...............

2,834,689

$

106,782,734

22,519,526,818

Textiles,

Apparel

&

Luxury

Goods

—

0.5%

NIKE,

Inc.,

Class

B

.................

11,058,059

1,356,160,355

Ralph

Lauren

Corp.,

Class

A

...........

365,852

42,683,953

Tapestry,

Inc.

......................

2,095,709

90,346,015

VF

Corp.

........................

2,929,067

67,104,925

1,556,295,248

Tobacco

—

0.7%

Altria

Group,

Inc.

...................

15,850,621

707,254,709

Philip

Morris

International,

Inc.

..........

13,761,775

1,338,332,619

2,045,587,328

Trading

Companies

&

Distributors

—

0.3%

Fastenal

Co.

......................

5,067,425

273,336,905

United

Rentals,

Inc.

(a)

................

615,738

243,684,471

WW

Grainger,

Inc.

..................

399,209

274,979,151

792,000,527

Water

Utilities

—

0.1%

American

Water

Works

Co.,

Inc.

.........

1,713,019

250,940,153

Security

Shares

Shares

Value

Wireless

Telecommunication

Services

—

0.2%

T-Mobile

US,

Inc.

(a)(b)

.................

5,257,980

$

761,565,823

Total

Long-Term

Investments

—

99.7%

(Cost:

$289,750,787,893)

..........................

304,865,100,542

Short-Term

Securities

Money

Market

Funds

—

1.0%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(e)

............

2,492,468,387

2,493,216,128

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

..................

528,291,394

528,291,394

Total

Short-Term

Securities

—

1.0%

(Cost:

$3,019,922,809)

...........................

3,021,507,522

Total

Investments

—

100.7%

(Cost:

$292,770,710,702

)

..........................

307,886,608,064

Liabilities

in

Excess

of

Other

Assets

—

(0.7)%

............

(2,231,062,577)

Net

Assets

—

100.0%

..............................

$

305,655,545,487

(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.

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/23

Shares

Held

at

03/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

1,352,577,512

$

1,138,942,280

(a)

$

—

$

554,401

$

1,141,935

$

2,493,216,128

2,492,468,387

$

7,369,118

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

533,120,000

—

(4,828,606)

(a)

—

—

528,291,394

528,291,394

14,606,759

341

BlackRock,

Inc.

............

944,757,890

251,028,574

(195,248,413)

50,060,693

(161,046,528)

889,552,216

1,329,436

25,533,844

—

$

50,615,094

$

(159,904,593)

$

3,911,059,738

$

47,509,721

$

341

—

—

(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.

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

500

ETF

16

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

.......................................................

3,768

06/16/23

$

779,552

$

41,059,134

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

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)

......

$

—

$

—

$

41,059,134

$

—

$

—

$

—

$

41,059,134

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

For

the

period

ended

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(121,340,034)

$

—

$

—

$

—

$

(121,340,034)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(1,773,908)

$

—

$

—

$

—

$

(1,773,908)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

704,979,575

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

500

ETF

Schedules

of

Investments

17

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

.........................................

$

304,865,100,542

$

—

$

—

$

304,865,100,542

Short-Term

Securities

Money

Market

Funds

......................................

3,021,507,522

—

—

3,021,507,522

$

307,886,608,064

$

—

$

—

$

307,886,608,064

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

41,059,134

$

—

$

—

$

41,059,134

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.7%

AAR

Corp.

(a)

......................

35,578

$

1,940,780

Aerojet

Rocketdyne

Holdings,

Inc.

(a)

......

73,330

4,118,946

AeroVironment,

Inc.

(a)

................

27,912

2,558,414

Air

Industries

Group

(a)

................

2

8

Archer

Aviation,

Inc.,

Class

A

(a)(b)

.........

164,497

470,461

Astra

Space,

Inc.,

Class

A

(a)(b)

...........

154,629

65,717

Astronics

Corp.

(a)

...................

37,481

500,746

Axon

Enterprise,

Inc.

(a)

...............

68,498

15,401,775

Boeing

Co.

(The)

(a)

..................

573,193

121,763,389

BWX

Technologies,

Inc.

..............

89,212

5,623,924

Byrna

Technologies,

Inc.

(a)(b)

............

34,871

264,671

Cadre

Holdings,

Inc.

.................

15,387

331,436

Curtiss-Wright

Corp.

.................

38,837

6,845,410

Ducommun,

Inc.

(a)(b)

.................

9,273

507,326

General

Dynamics

Corp.

..............

227,026

51,809,603

HEICO

Corp.

(b)

....................

38,696

6,618,564

HEICO

Corp.,

Class

A

................

72,179

9,809,126

Hexcel

Corp.

......................

85,251

5,818,381

Howmet

Aerospace,

Inc.

..............

370,661

15,704,907

Huntington

Ingalls

Industries,

Inc.

........

40,463

8,376,650

Kaman

Corp.

.....................

26,989

616,969

Kratos

Defense

&

Security

Solutions,

Inc.

(a)(b)

126,055

1,699,221

L3Harris

Technologies,

Inc.

............

193,856

38,042,301

Lockheed

Martin

Corp.

...............

230,634

109,027,611

Maxar

Technologies,

Inc.

..............

74,968

3,827,866

Mercury

Systems,

Inc.

(a)

..............

63,675

3,255,066

Momentus,

Inc.,

Class

A

(a)

.............

90

53

Moog,

Inc.,

Class

A

.................

29,035

2,925,276

National

Presto

Industries,

Inc.

..........

8,224

592,868

Northrop

Grumman

Corp.

.............

146,183

67,495,615

Parsons

Corp.

(a)

....................

29,258

1,309,003

Raytheon

Technologies

Corp.

..........

1,487,323

145,653,541

Rocket

Lab

USA,

Inc.

(a)(b)

..............

259,223

1,047,261

SIFCO

Industries,

Inc.

(a)(b)

.............

614

1,846

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

..

107,348

3,706,726

Textron,

Inc.

(b)

.....................

210,736

14,884,284

TransDigm

Group,

Inc.

...............

52,680

38,827,794

Triumph

Group,

Inc.

(a)

................

85,267

988,245

V2X,

Inc.

(a)

.......................

9,290

368,999

Virgin

Galactic

Holdings,

Inc.

(a)(b)

.........

291,896

1,182,179

VirTra,

Inc.

(a)

......................

9

36

Woodward,

Inc.

....................

63,495

6,182,508

700,165,502

Air

Freight

&

Logistics

—

0.6%

Air

T,

Inc.

(a)(b)

......................

379

9,172

Air

Transport

Services

Group,

Inc.

(a)

......

57,094

1,189,268

CH

Robinson

Worldwide,

Inc.

..........

119,359

11,860,704

Expeditors

International

of

Washington,

Inc.

.

160,474

17,671,397

FedEx

Corp.

......................

236,245

53,979,620

Forward

Air

Corp.

..................

27,983

3,015,448

GXO

Logistics,

Inc.

(a)

................

121,985

6,155,363

Hub

Group,

Inc.,

Class

A

(a)

.............

32,973

2,767,753

United

Parcel

Service,

Inc.,

Class

B

......

743,701

144,270,557

240,919,282

Automobile

Components

—

0.3%

Adient

plc

(a)(b)

......................

95,962

3,930,604

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

108,089

844,175

Aptiv

plc

(a)

........................

276,333

31,001,799

Autoliv,

Inc.

.......................

79,218

7,395,793

BorgWarner,

Inc.

...................

237,431

11,660,236

Cooper-Standard

Holdings,

Inc.

(a)(b)

.......

15,930

226,843

Dana,

Inc.

........................

137,796

2,073,830

Security

Shares

Shares

Value

Automobile

Components

(continued)

Dorman

Products,

Inc.

(a)

..............

27,709

$

2,390,178

Fox

Factory

Holding

Corp.

(a)

............

43,491

5,278,503

Garrett

Motion,

Inc.

(a)(b)

...............

70,933

543,347

Gentex

Corp.

.....................

237,699

6,662,703

Gentherm,

Inc.

(a)

...................

33,577

2,028,722

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

......

296,916

3,272,014

Holley,

Inc.

(a)(b)

.....................

72

197

LCI

Industries

.....................

26,892

2,954,624

Lear

Corp.

.......................

61,517

8,581,006

Luminar

Technologies,

Inc.,

Class

A

(a)(b)

....

254,688

1,652,925

Mobileye

Global,

Inc.,

Class

A

(a)(b)

........

47,081

2,037,195

Modine

Manufacturing

Co.

(a)

...........

62,827

1,448,162

Motorcar

Parts

of

America,

Inc.

(a)

........

36

268

Patrick

Industries,

Inc.

(b)

..............

26,085

1,794,909

QuantumScape

Corp.,

Class

A

(a)(b)

.......

267,801

2,190,612

Solid

Power,

Inc.,

Class

A

(a)(b)

...........

110,842

333,635

Spruce

Power

Holding

Corp.,

Class

A

(a)(b)

...

94,134

77,190

Standard

Motor

Products,

Inc.

..........

25,271

932,753

Stoneridge,

Inc.

(a)

...................

27,111

506,976

Superior

Industries

International,

Inc.

(a)

....

71,776

355,291

Visteon

Corp.

(a)

....................

28,529

4,474,203

XPEL,

Inc.

(a)(c)

.....................

22,788

1,548,445

106,197,138

Automobiles

—

1.7%

Arcimoto,

Inc.

(a)

....................

45

63

Canoo,

Inc.,

Class

A

(a)(b)

..............

259,139

169,114

Faraday

Future

Intelligent

Electric,

Inc.

(a)(b)

..

108,670

38,480

Fisker,

Inc.,

Class

A

(a)(b)

...............

155,713

956,078

Ford

Motor

Co.

....................

4,009,110

50,514,786

General

Motors

Co.

.................

1,425,093

52,272,411

Harley-Davidson,

Inc.

................

132,727

5,039,644

Lordstown

Motors

Corp.,

Class

A

(a)(b)

......

243

161

Lucid

Group,

Inc.

(a)(b)

.................

664,135

5,339,645

Mullen

Automotive,

Inc.

(a)(b)

............

356,686

46,833

Rivian

Automotive,

Inc.,

Class

A

(a)(b)

.......

555,887

8,605,131

Tesla,

Inc.

(a)

.......................

2,737,728

567,969,051

Thor

Industries,

Inc.

.................

53,354

4,249,113

Winnebago

Industries,

Inc.

............

30,977

1,787,373

Workhorse

Group,

Inc.

(a)(b)

.............

131,290

174,616

697,162,499

Banks

—

3.4%

1895

Bancorp

of

Wisconsin,

Inc.

(a)(b)

......

2,115

17,005

1st

Source

Corp.

...................

18,826

812,342

Affinity

Bancshares,

Inc.

(a)

.............

2,365

33,867

Amalgamated

Financial

Corp.

..........

17,917

316,952

Amerant

Bancorp,

Inc.,

Class

A

.........

29,462

641,093

American

National

Bankshares,

Inc.

......

19,169

607,657

Ameris

Bancorp

....................

45,805

1,675,547

Arrow

Financial

Corp.

................

17,895

445,764

Associated

Banc-Corp.

...............

151,242

2,719,331

Atlantic

Union

Bankshares

Corp.

........

76,721

2,689,071

Auburn

National

BanCorp,

Inc.

..........

595

13,483

Axos

Financial,

Inc.

(a)

................

54,417

2,009,076

Banc

of

California,

Inc.

...............

59,743

748,580

BancFirst

Corp.

....................

18,673

1,551,726

Bancorp,

Inc.

(The)

(a)

................

33,568

934,869

Bank

First

Corp.

(b)

..................

9,103

669,799

Bank

of

America

Corp.

...............

7,123,776

203,739,994

Bank

of

Hawaii

Corp.

................

40,686

2,118,927

Bank

of

Marin

Bancorp

...............

22,394

490,205

Bank

of

South

Carolina

Corp.

...........

960

15,187

Bank

of

the

James

Financial

Group,

Inc.

...

852

8,955

Bank

OZK

.......................

118,370

4,048,254

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

BankFinancial

Corp.

.................

8,258

$

72,257

BankUnited,

Inc.

...................

54,708

1,235,307

Bankwell

Financial

Group,

Inc.

..........

9,368

232,888

Banner

Corp.

.....................

19,279

1,048,199

Bar

Harbor

Bankshares

..............

17,492

462,663

BayCom

Corp.

....................

26,388

450,707

BCB

Bancorp,

Inc.

..................

11,564

151,835

Berkshire

Hills

Bancorp,

Inc.

...........

41,358

1,036,431

Blue

Ridge

Bankshares,

Inc.

...........

50,313

513,193

BOK

Financial

Corp.

.................

29,810

2,516,262

Bridgewater

Bancshares,

Inc.

(a)

.........

24,929

270,230

Broadway

Financial

Corp.

(a)(b)

...........

15,957

16,755

Brookline

Bancorp,

Inc.

(b)

..............

55,340

581,070

Business

First

Bancshares,

Inc.

.........

24,936

427,154

Byline

Bancorp,

Inc.

.................

28,995

626,872

C&F

Financial

Corp.

.................

11,253

581,893

Cadence

Bank

....................

126,467

2,625,455

Cambridge

Bancorp

.................

8,041

521,137

Camden

National

Corp.

..............

26,152

946,441

Capital

City

Bank

Group,

Inc.

...........

15,424

452,077

Capitol

Federal

Financial,

Inc.

..........

134,257

903,550

Capstar

Financial

Holdings,

Inc.

.........

36,552

553,763

Carter

Bankshares,

Inc.

(a)

.............

24,309

340,326

Cathay

General

Bancorp

..............

75,710

2,613,509

CB

Financial

Services,

Inc.

............

33,776

733,277

CF

Bankshares,

Inc.

(b)

................

1,726

33,657

Citigroup,

Inc.

.....................

1,970,817

92,411,609

Citizens

&

Northern

Corp.

.............

11,097

237,254

Citizens

Community

Bancorp,

Inc.

.......

799

8,477

Citizens

Financial

Group,

Inc.

..........

509,392

15,470,235

Citizens

Holding

Co.

.................

828

10,002

City

Holding

Co.

...................

12,074

1,097,285

Civista

Bancshares,

Inc.

..............

11,159

188,364

CNB

Financial

Corp.

.................

20,075

385,440

Coastal

Financial

Corp.

(a)(b)

............

10,415

375,044

Codorus

Valley

Bancorp,

Inc.

...........

11,630

241,323

Colony

Bankcorp,

Inc.

...............

66,707

680,411

Columbia

Banking

System,

Inc.

.........

224,739

4,813,909

Columbia

Financial,

Inc.

(a)(b)

............

33,413

610,790

Comerica,

Inc.

.....................

137,041

5,950,320

Commerce

Bancshares,

Inc.

...........

115,681

6,749,986

Community

Bank

System,

Inc.

..........

43,616

2,289,404

Community

Trust

Bancorp,

Inc.

.........

18,988

720,595

Community

West

Bancshares

..........

8,450

106,892

ConnectOne

Bancorp,

Inc.

............

34,439

608,882

CrossFirst

Bankshares,

Inc.

(a)(b)

.........

70,986

743,933

Cullen/Frost

Bankers,

Inc.

.............

69,629

7,334,719

Customers

Bancorp,

Inc.

(a)

.............

20,514

379,919

CVB

Financial

Corp.

.................

110,929

1,850,296

Dime

Community

Bancshares,

Inc.

.......

42,589

967,622

Eagle

Bancorp

Montana,

Inc.

...........

43,889

619,274

Eagle

Bancorp,

Inc.

.................

21,612

723,354

East

West

Bancorp,

Inc.

..............

145,057

8,050,663

Eastern

Bankshares,

Inc.

.............

163,280

2,060,594

Enterprise

Financial

Services

Corp.

......

37,523

1,673,151

Equity

Bancshares,

Inc.,

Class

A

........

16,023

390,481

Esquire

Financial

Holdings,

Inc.

.........

21,851

854,374

Evans

Bancorp,

Inc.

.................

22,887

768,202

Farmers

&

Merchants

Bancorp,

Inc.

......

20,044

487,470

Farmers

National

Banc

Corp.

...........

84,847

1,072,464

FB

Financial

Corp.

..................

34,884

1,084,195

Fidelity

D&D

Bancorp,

Inc.

(b)

...........

8,567

391,169

Fifth

Third

Bancorp

.................

707,562

18,849,452

Financial

Institutions,

Inc.

.............

13,481

259,914

First

Bancorp

.....................

50,031

1,777,101

Security

Shares

Shares

Value

Banks

(continued)

First

BanCorp

.....................

130,725

$

1,492,879

First

Bancshares,

Inc.

(The)

............

30,564

789,468

First

Busey

Corp.

...................

57,952

1,178,744

First

Business

Financial

Services,

Inc.

.....

9,973

304,276

First

Capital,

Inc.

...................

978

25,086

First

Citizens

BancShares,

Inc.,

Class

A

....

12,110

11,784,241

First

Commonwealth

Financial

Corp.

......

43,678

542,918

First

Community

Bankshares,

Inc.

.......

17,571

440,154

First

Financial

Bancorp

...............

65,509

1,426,131

First

Financial

Bankshares,

Inc.

.........

131,801

4,204,452

First

Financial

Corp.

.................

10,385

389,230

First

Foundation,

Inc.

................

64,182

478,156

First

Hawaiian,

Inc.

.................

134,598

2,776,757

First

Horizon

Corp.

..................

543,428

9,662,150

First

Internet

Bancorp

................

22,322

371,661

First

Interstate

BancSystem,

Inc.,

Class

A

..

89,918

2,684,951

First

Merchants

Corp.

................

60,295

1,986,720

First

Mid

Bancshares,

Inc.

.............

24,998

680,446

First

National

Corp.

.................

3,235

51,145

First

of

Long

Island

Corp.

(The)

.........

28,741

388,003

First

Republic

Bank

(b)

................

188,350

2,635,016

First

Savings

Financial

Group,

Inc.

.......

31,356

504,518

First

Seacoast

Bancorp

(b)

.............

1,794

15,464

First

US

Bancshares,

Inc.

.............

9

67

First

Western

Financial,

Inc.

(a)

..........

25,364

502,207

Flushing

Financial

Corp.

..............

29,716

442,471

FNB

Corp.

.......................

377,542

4,379,487

Franklin

Financial

Services

Corp.

........

26,384

782,022

Fulton

Financial

Corp.

................

169,021

2,335,870

German

American

Bancorp,

Inc.

.........

28,150

939,365

Glacier

Bancorp,

Inc.

(b)

...............

124,981

5,250,452

Glen

Burnie

Bancorp

................

598

4,330

Great

Southern

Bancorp,

Inc.

...........

9,161

464,279

Greene

County

Bancorp,

Inc.

(b)

..........

20,620

467,662

Hancock

Whitney

Corp.

..............

83,194

3,028,262

HarborOne

Bancorp,

Inc.

.............

66,209

807,750

Hawthorn

Bancshares,

Inc.

............

9

210

Heartland

Financial

USA,

Inc.

..........

45,844

1,758,576

Heritage

Commerce

Corp.

.............

76,593

638,020

Heritage

Financial

Corp.

..............

21,867

467,954

Hilltop

Holdings,

Inc.

.................

44,348

1,315,805

Hingham

Institution

for

Savings

(The)

.....

1,507

351,794

HMN

Financial,

Inc.

.................

848

16,341

Home

BancShares,

Inc.

..............

190,871

4,143,809

Home

Federal

Bancorp,

Inc.

of

Louisiana

...

506

8,637

HomeTrust

Bancshares,

Inc.

...........

17,928

440,850

Hope

Bancorp,

Inc.

.................

84,149

826,343

Horizon

Bancorp,

Inc.

................

39,870

440,962

Huntington

Bancshares,

Inc.

...........

1,489,452

16,681,862

HV

Bancorp,

Inc.

(a)

..................

1,371

41,171

IF

Bancorp,

Inc.

....................

697

10,831

Independent

Bank

Corp.

..............

57,896

2,744,282

Independent

Bank

Group,

Inc.

..........

35,848

1,661,555

International

Bancshares

Corp.

.........

53,480

2,290,014

John

Marshall

Bancorp,

Inc.

...........

24,836

536,458

JPMorgan

Chase

&

Co.

..............

2,984,956

388,969,616

Kearny

Financial

Corp.

...............

81,627

662,811

Kentucky

First

Federal

Bancorp

.........

844

5,275

KeyCorp

.........................

959,880

12,017,698

Lake

Shore

Bancorp,

Inc.

.............

652

6,579

Lakeland

Bancorp,

Inc.

...............

65,863

1,030,097

Lakeland

Financial

Corp.

(b)

............

24,660

1,544,702

Landmark

Bancorp,

Inc.

..............

904

18,677

Limestone

Bancorp,

Inc.

..............

457

10,196

Live

Oak

Bancshares,

Inc.

.............

36,261

883,681

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

M&T

Bank

Corp.

...................

174,270

$

20,837,464

Macatawa

Bank

Corp.

...............

30,240

309,053

Magyar

Bancorp,

Inc.

................

871

9,233

Malvern

Bancorp,

Inc.

(a)(b)

.............

8,417

127,896

Mercantile

Bank

Corp.

...............

17,638

539,370

Meridian

Corp.

....................

54,504

686,750

Metropolitan

Bank

Holding

Corp.

(a)

.......

11,545

391,260

Mid

Penn

Bancorp,

Inc.

...............

13,164

337,130

Midland

States

Bancorp,

Inc.

...........

24,972

534,900

Mid-Southern

Bancorp,

Inc.

............

2,439

27,707

MidWestOne

Financial

Group,

Inc.

.......

15,873

387,619

MVB

Financial

Corp.

(b)

...............

11,023

227,515

National

Bank

Holdings

Corp.,

Class

A

....

37,993

1,271,246

National

Bankshares,

Inc.

.............

9,738

306,357

NBT

Bancorp,

Inc.

..................

36,179

1,219,594

New

York

Community

Bancorp,

Inc.

......

690,397

6,241,189

Nicolet

Bankshares,

Inc.

(a)(b)

............

13,838

872,486

Northeast

Bank

(b)

...................

22,098

743,819

Northeast

Community

Bancorp,

Inc.,

NVS

(b)

.

63,711

835,888

Northfield

Bancorp,

Inc.

..............

34,171

402,534

Northrim

BanCorp,

Inc.

...............

9,329

440,142

Northwest

Bancshares,

Inc.

............

93,733

1,127,608

Norwood

Financial

Corp.

..............

28,646

842,765

Oak

Valley

Bancorp

.................

8,420

199,217

OceanFirst

Financial

Corp.

............

60,034

1,109,428

Oconee

Federal

Financial

Corp.

.........

212

3,922

OFG

Bancorp

.....................

34,848

869,109

Ohio

Valley

Banc

Corp.

...............

29,341

686,873

Old

National

Bancorp

................

295,208

4,256,899

Old

Point

Financial

Corp.

.............

28,506

678,728

Old

Second

Bancorp,

Inc.

.............

41,883

588,875

Origin

Bancorp,

Inc.

.................

36,170

1,162,866

Orrstown

Financial

Services,

Inc.

........

12,146

241,220

Pacific

Premier

Bancorp,

Inc.

...........

80,724

1,938,990

PacWest

Bancorp

..................

119,516

1,162,891

Park

National

Corp.

.................

14,723

1,745,706

Pathfinder

Bancorp,

Inc.

..............

713

12,314

Pathward

Financial,

Inc.

..............

26,264

1,089,693

Patriot

National

Bancorp,

Inc.

(a)

.........

59

520

PCB

Bancorp

.....................

38,959

564,516

Peapack-Gladstone

Financial

Corp.

......

13,689

405,468

Penns

Woods

Bancorp,

Inc.

............

11,180

258,258

Peoples

Bancorp

of

North

Carolina,

Inc.

...

26,485

841,428

Peoples

Bancorp,

Inc.

...............

26,725

688,169

Peoples

Financial

Services

Corp.

........

9

390

Pinnacle

Financial

Partners,

Inc.

.........

80,983

4,467,022

Plumas

Bancorp

...................

8,257

281,233

PNC

Financial

Services

Group,

Inc.

(The)

..

412,226

52,393,925

Ponce

Financial

Group,

Inc.

(a)

..........

79,890

627,137

Popular,

Inc.

......................

73,736

4,233,184

Premier

Financial

Corp.

..............

43,227

896,096

Primis

Financial

Corp.

................

21,894

210,839

Princeton

Bancorp,

Inc.

...............

18,082

573,561

Prosperity

Bancshares,

Inc.

............

94,092

5,788,540

Provident

Financial

Services,

Inc.

........

61,828

1,185,861

QCR

Holdings,

Inc.

.................

24,212

1,063,149

RBB

Bancorp

.....................

27,575

427,413

Red

River

Bancshares,

Inc.

............

14,051

675,994

Regions

Financial

Corp.

..............

1,001,555

18,588,861

Renasant

Corp.

....................

43,757

1,338,089

Republic

First

Bancorp,

Inc.

(a)(b)

.........

38,894

52,896

S&T

Bancorp,

Inc.

..................

19,099

600,664

Salisbury

Bancorp,

Inc.

...............

31,625

762,162

Sandy

Spring

Bancorp,

Inc.

............

52,318

1,359,222

Seacoast

Banking

Corp.

of

Florida

.......

87,834

2,081,666

Security

Shares

Shares

Value

Banks

(continued)

ServisFirst

Bancshares,

Inc.

...........

48,644

$

2,657,422

Shore

Bancshares,

Inc.

...............

20,930

298,880

Simmons

First

National

Corp.,

Class

A

....

111,564

1,951,254

SmartFinancial,

Inc.

.................

17,022

393,889

Sound

Financial

Bancorp,

Inc.

..........

15,695

580,872

South

Plains

Financial,

Inc.

............

35,067

750,784

Southern

First

Bancshares,

Inc.

(a)

........

9,159

281,181

Southern

Missouri

Bancorp,

Inc.

.........

8,336

311,850

Southside

Bancshares,

Inc.

............

22,706

753,839

SouthState

Corp.

...................

78,574

5,599,183

Stellar

Bancorp,

Inc.

.................

43,106

1,060,839

Sterling

Bancorp,

Inc.

(a)

...............

61,242

346,630

Stock

Yards

Bancorp,

Inc.

.............

30,843

1,700,683

Summit

State

Bank

.................

954

13,232

Synovus

Financial

Corp.

..............

155,205

4,784,970

Territorial

Bancorp,

Inc.

...............

17,230

332,711

Texas

Capital

Bancshares,

Inc.

(a)

........

55,580

2,721,197

Tompkins

Financial

Corp.

.............

12,689

840,139

Towne

Bank

......................

77,707

2,070,892

TriCo

Bancshares

..................

36,153

1,503,603

Triumph

Financial,

Inc.

(a)(b)

.............

21,017

1,220,247

Truist

Financial

Corp.

................

1,354,174

46,177,333

Trustmark

Corp.

(b)

..................

60,524

1,494,943

UMB

Financial

Corp.

................

44,802

2,585,971

Union

Bankshares,

Inc.

(b)

..............

808

17,865

United

Bancorp,

Inc.

.................

9

131

United

Bankshares,

Inc.

..............

137,151

4,827,715

United

Community

Banks,

Inc.

..........

95,674

2,690,353

Univest

Financial

Corp.

...............

32,210

764,665

US

Bancorp

......................

1,434,188

51,702,477

Valley

National

Bancorp

..............

434,032

4,010,456

Veritex

Holdings,

Inc.

................

32,479

593,067

Village

Bank

and

Trust

Financial

Corp.

....

113

6,414

Virginia

National

Bankshares

Corp.

.......

25,072

901,589

Washington

Federal,

Inc.

..............

66,416

2,000,450

Washington

Trust

Bancorp,

Inc.

.........

23,992

831,563

Webster

Financial

Corp.

..............

176,487

6,957,118

Wells

Fargo

&

Co.

..................

3,891,576

145,467,111

WesBanco,

Inc.

....................

64,029

1,965,690

Westamerica

BanCorp

...............

18,425

816,227

Western

Alliance

Bancorp

(b)

............

110,976

3,944,087

Wintrust

Financial

Corp.

..............

73,670

5,374,226

WSFS

Financial

Corp.

...............

60,818

2,287,365

Zions

Bancorp

NA

..................

156,677

4,689,343

1,408,403,732

Beverages

—

1.6%

Alkaline

Water

Co.,

Inc.

(The)

(a)(b)

........

189

30

Boston

Beer

Co.,

Inc.

(The),

Class

A,

NVS

(a)(b)

9,282

3,050,993

Brown-Forman

Corp.,

Class

A

..........

55,480

3,616,741

Brown-Forman

Corp.,

Class

B,

NVS

......

188,989

12,146,323

Celsius

Holdings,

Inc.

(a)(b)

..............

40,413

3,755,984

Coca-Cola

Co.

(The)

................

3,947,241

244,847,359

Coca-Cola

Consolidated,

Inc.

...........

4,737

2,534,674

Constellation

Brands,

Inc.,

Class

A

.......

166,362

37,579,512

Duckhorn

Portfolio,

Inc.

(The)

(a)(b)

........

36,690

583,371

Eastside

Distilling,

Inc.

(a)(b)

.............

8,489

2,971

Keurig

Dr

Pepper,

Inc.

...............

856,895

30,231,256

MGP

Ingredients,

Inc.

(b)

...............

15,535

1,502,545

Molson

Coors

Beverage

Co.,

Class

B

(b)

....

190,788

9,859,924

Monster

Beverage

Corp.

(a)

.............

776,353

41,930,826

National

Beverage

Corp.

(a)

.............

23,575

1,242,874

PepsiCo,

Inc.

.....................

1,398,316

254,913,007

Vita

Coco

Co.,

Inc.

(The)

(a)(b)

...........

24,190

474,608

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Beverages

(continued)

Willamette

Valley

Vineyards,

Inc.

(a)

.......

794

$

4,891

648,277,889

Biotechnology

—

2.8%

2seventy

bio,

Inc.

(a)

.................

30,591

312,028

4D

Molecular

Therapeutics,

Inc.

(a)

........

42,185

725,160

89bio,

Inc.

(a)

......................

24,260

369,480

Aadi

Bioscience,

Inc.

(a)(b)

..............

18

130

AbbVie,

Inc.

......................

1,799,591

286,800,818

Abeona

Therapeutics,

Inc.

(a)(b)

..........

1,142

3,220

ACADIA

Pharmaceuticals,

Inc.

(a)

.........

119,119

2,241,820

Aceragen,

Inc.

(a)

....................

9

21

Achieve

Life

Sciences,

Inc.

(a)

...........

154

1,047

Acorda

Therapeutics,

Inc.

(a)(b)

...........

7,725

4,527

Actinium

Pharmaceuticals,

Inc.

(a)(b)

.......

12,452

117,671

Adicet

Bio,

Inc.

(a)(b)

..................

63,326

364,758

ADMA

Biologics,

Inc.

(a)

...............

303,119

1,003,324

Adverum

Biotechnologies,

Inc.

(a)(b)

........

108

77

Aeglea

BioTherapeutics,

Inc.

(a)

..........

33,552

9,730

Agenus,

Inc.

(a)

.....................

238,294

362,207

AgeX

Therapeutics,

Inc.

(a)(b)

............

7,511

4,980

Agios

Pharmaceuticals,

Inc.

(a)(b)

.........

55,279

1,269,759

AIM

ImmunoTech,

Inc.

(a)

..............

9,167

3,942

Akebia

Therapeutics,

Inc.

(a)

............

225

126

Akero

Therapeutics,

Inc.

(a)

.............

30,493

1,166,662

Alaunos

Therapeutics,

Inc.

(a)

...........

279

176

Aldeyra

Therapeutics,

Inc.

(a)(b)

...........

79,537

789,802

Alector,

Inc.

(a)(b)

....................

92,480

572,451

Alkermes

plc

(a)

.....................

166,488

4,693,297

Allakos,

Inc.

(a)(b)

....................

94,033

418,447

Allogene

Therapeutics,

Inc.

(a)(b)

..........

81,960

404,882

Allovir,

Inc.

(a)

......................

54

213

Alnylam

Pharmaceuticals,

Inc.

(a)(b)

........

125,503

25,140,761

Alpine

Immune

Sciences,

Inc.

(a)

.........

53,683

414,433

Altimmune,

Inc.

(a)(b)

..................

51,152

215,861

ALX

Oncology

Holdings,

Inc.

(a)

..........

36

163

Amgen,

Inc.

......................

543,230

131,325,853

Amicus

Therapeutics,

Inc.

(a)

............

276,421

3,065,509

AnaptysBio,

Inc.

(a)

..................

24,905

541,933

Anavex

Life

Sciences

Corp.

(a)(b)

.........

107,875

924,489

Anika

Therapeutics,

Inc.

(a)(b)

............

17,407

499,929

Anixa

Biosciences,

Inc.

(a)

..............

150,974

649,188

Annexon,

Inc.

(a)(b)

...................

40,374

155,440

Annovis

Bio,

Inc.

(a)

..................

9

139

Apellis

Pharmaceuticals,

Inc.

(a)(b)

.........

96,121

6,340,141

Applied

Molecular

Transport,

Inc.

(a)

.......

16,500

5,280

Applied

Therapeutics,

Inc.

(a)(b)

...........

9,735

7,896

Aprea

Therapeutics,

Inc.

(a)

.............

726

3,231

Aptevo

Therapeutics,

Inc.

(a)(b)

...........

1,033

2,107

Aptinyx,

Inc.

(a)

.....................

57,034

7,118

AquaBounty

Technologies,

Inc.

(a)(b)

.......

108

64

Aravive,

Inc.

(a)(b)

....................

1,635

3,270

Arbutus

Biopharma

Corp.

(a)

............

113,530

343,996

ARCA

biopharma,

Inc.

(a)(b)

.............

48

96

Arcellx,

Inc.

(a)(b)

....................

27,368

843,208

Arcturus

Therapeutics

Holdings,

Inc.

(a)(b)

....

23,757

569,455

Arcus

Biosciences,

Inc.

(a)

..............

62,944

1,148,099

Arcutis

Biotherapeutics,

Inc.

(a)(b)

.........

40,721

447,931

Ardelyx,

Inc.

(a)

.....................

244,688

1,172,056

Aridis

Pharmaceuticals,

Inc.

(a)

..........

72

23

Armata

Pharmaceuticals,

Inc.

(a)(b)

........

5

8

Arrowhead

Pharmaceuticals,

Inc.

(a)

.......

117,748

2,990,799

ARS

Pharmaceuticals,

Inc.

(a)(b)

..........

30,212

196,680

Assembly

Biosciences,

Inc.

(a)

...........

54

45

Astria

Therapeutics,

Inc.

(a)(b)

............

3,402

45,247

Security

Shares

Shares

Value

Biotechnology

(continued)

Atara

Biotherapeutics,

Inc.

(a)

...........

93,926

$

272,385

Athenex,

Inc.

(a)(b)

...................

4,454

5,924

Athersys,

Inc.

(a)(b)

...................

360,393

443,283

Atreca,

Inc.,

Class

A

(a)

................

45

51

aTyr

Pharma,

Inc.

(a)(b)

................

7,383

15,504

Avalo

Therapeutics,

Inc.

(a)(b)

............

4,739

8,293

Avid

Bioservices,

Inc.

(a)

...............

76,484

1,434,840

Avidity

Biosciences,

Inc.

(a)

.............

70,390

1,080,486

Avita

Medical,

Inc.

(a)(b)

................

25,146

351,290

Avrobio,

Inc.

(a)(b)

....................

45

45

Beam

Therapeutics,

Inc.

(a)(b)

............

61,280

1,876,394

Bellicum

Pharmaceuticals,

Inc.

(a)(b)

.......

6,790

2,241

BioAtla,

Inc.

(a)(b)

....................

45

121

Biocept,

Inc.

(a)

.....................

189

64

BioCryst

Pharmaceuticals,

Inc.

(a)(b)

.......

180,189

1,502,776

Biogen,

Inc.

(a)

.....................

146,572

40,751,413

Biohaven

Ltd.

(a)

....................

65,110

889,403

BioMarin

Pharmaceutical,

Inc.

(a)

.........

191,134

18,585,870

Bio-Path

Holdings,

Inc.

(a)(b)

.............

260

361

Bioxcel

Therapeutics,

Inc.

(a)(b)

...........

21,577

402,627

Black

Diamond

Therapeutics,

Inc.

(a)(b)

.....

20,261

38,293

Bluebird

Bio,

Inc.

(a)(b)

.................

86,361

274,628

Blueprint

Medicines

Corp.

(a)

............

64,983

2,923,585

Bolt

Biotherapeutics,

Inc.

(a)(b)

...........

25,293

35,157

BrainStorm

Cell

Therapeutics,

Inc.

(a)(b)

.....

18,317

60,446

Bridgebio

Pharma,

Inc.

(a)(b)

.............

112,936

1,872,479

C4

Therapeutics,

Inc.

(a)(b)

..............

39,117

122,827

Cabaletta

Bio,

Inc.

(a)(b)

................

7,568

62,587

Calyxt,

Inc.

(a)

......................

63

22

Capricor

Therapeutics,

Inc.

(a)(b)

..........

91,426

385,818

Cardiff

Oncology,

Inc.

(a)

...............

37,986

62,677

CareDx,

Inc.

(a)

.....................

48,333

441,764

Caribou

Biosciences,

Inc.

(a)(b)

...........

40,608

215,628

Carisma

Therapeutics,

Inc.

(b)

...........

8,447

26,186

Catalyst

Biosciences,

Inc.

.............

7,670

1,588

Catalyst

Pharmaceuticals,

Inc.

(a)(b)

........

101,096

1,676,172

Celldex

Therapeutics,

Inc.

(a)(b)

...........

47,747

1,717,937

Cellectar

Biosciences,

Inc.

(a)

...........

5

7

CEL-SCI

Corp.

(a)(b)

..................

63

146

Cerevel

Therapeutics

Holdings,

Inc.

(a)(b)

....

64,908

1,583,106

Checkpoint

Therapeutics,

Inc.

(a)(b)

........

12,035

27,079

Chimerix,

Inc.

(a)

....................

84,090

105,953

Chinook

Therapeutics,

Inc.

(a)

...........

45,459

1,052,376

Cidara

Therapeutics,

Inc.

(a)(b)

...........

9,662

12,271

Cogent

Biosciences,

Inc.

(a)

.............

90,602

977,596

Cohbar,

Inc.

(a)(c)

....................

9

16

Coherus

Biosciences,

Inc.

(a)

............

88,768

607,173

Compass

Therapeutics,

Inc.

(a)(b)

.........

121,284

396,599

ContraFect

Corp.

(a)(b)

.................

208

381

Corbus

Pharmaceuticals

Holdings,

Inc.

(a)

...

9

65

Corvus

Pharmaceuticals,

Inc.

(a)

.........

8,636

7,859

Crinetics

Pharmaceuticals,

Inc.

(a)(b)

.......

44,462

714,060

CRISPR

Therapeutics

AG

(a)(b)

...........

82,930

3,750,924

CTI

BioPharma

Corp.

(a)

...............

92,329

387,782

Cue

Biopharma,

Inc.

(a)

...............

30,128

107,557

Cullinan

Oncology,

Inc.

(a)

..............

22,786

233,101

Curis,

Inc.

(a)(b)

.....................

98,033

58,428

Cyclacel

Pharmaceuticals,

Inc.

(a)

.........

4,308

2,472

Cyclerion

Therapeutics,

Inc.

(a)

..........

16,590

7,198

Cytokinetics,

Inc.

(a)(b)

.................

96,621

3,400,093

CytomX

Therapeutics,

Inc.

(a)

...........

180

272

Day

One

Biopharmaceuticals,

Inc.

(a)

......

34,221

457,535

Deciphera

Pharmaceuticals,

Inc.

(a)

.......

54,802

846,691

Denali

Therapeutics,

Inc.

(a)

............

111,450

2,567,808

DermTech,

Inc.

(a)

...................

36

132

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

DiaMedica

Therapeutics,

Inc.

(a)

..........

8,877

$

13,582

Disc

Medicine,

Inc.

(a)

.................

9

191

Dominari

Holdings,

Inc.

(a)(b)

............

2,453

7,899

Dyadic

International,

Inc.

(a)(b)

...........

10,838

19,292

Dynavax

Technologies

Corp.

(a)(b)

.........

137,663

1,350,474

Dyne

Therapeutics,

Inc.

(a)

.............

42,382

488,241

Eagle

Pharmaceuticals,

Inc.

(a)

..........

8,748

248,181

Editas

Medicine,

Inc.

(a)(b)

..............

70,562

511,575

Eiger

BioPharmaceuticals,

Inc.

(a)(b)

.......

26,945

24,167

Eledon

Pharmaceuticals,

Inc.

(a)

..........

17

40

Emergent

BioSolutions,

Inc.

(a)(b)

.........

45,151

467,764

Enanta

Pharmaceuticals,

Inc.

(a)

.........

25,126

1,016,095

Entrada

Therapeutics,

Inc.

(a)(b)

..........

17,391

252,170

EQRx,

Inc.

(a)(b)

.....................

225,180

436,849

Equillium,

Inc.

(a)

....................

5,869

4,284

Erasca,

Inc.

(a)(b)

....................

133,136

400,739

Eterna

Therapeutics,

Inc.

(a)(b)

...........

958

3,353

Exact

Sciences

Corp.

(a)(b)

..............

180,017

12,206,953

Exagen,

Inc.

(a)(b)

....................

5,835

14,179

Exelixis,

Inc.

(a)

.....................

339,566

6,590,976

Exicure,

Inc.

(a)

.....................

7,115

6,196

Fate

Therapeutics,

Inc.

(a)

..............

100,005

570,028

FibroGen,

Inc.

(a)(b)

...................

90,658

1,691,678

First

Wave

BioPharma,

Inc.

(a)(b)

..........

376

1,008

Forte

Biosciences,

Inc.

(a)

..............

7,158

7,230

Fortress

Biotech,

Inc.

(a)(b)

..............

100,422

82,346

Frequency

Therapeutics,

Inc.

(a)

..........

38,221

19,225

Fresh

Tracks

Therapeutics,

Inc.

(a)

........

21

14

G1

Therapeutics,

Inc.

(a)

...............

38,479

103,124

Galectin

Therapeutics,

Inc.

(a)(b)

..........

35,593

74,745

Galera

Therapeutics,

Inc.

(a)(b)

...........

11,725

30,016

Generation

Bio

Co.

(a)

................

54

232

Geron

Corp.

(a)

.....................

375,501

814,837

Gilead

Sciences,

Inc.

................

1,267,963

105,202,890

GlycoMimetics,

Inc.

(a)

................

43,559

54,884

Gossamer

Bio,

Inc.

(a)

................

72,217

90,993

GreenLight

Biosciences

Holdings

PBC

(a)

...

88,166

38,123

Gritstone

bio,

Inc.

(a)(b)

................

77,669

215,920

Halozyme

Therapeutics,

Inc.

(a)

..........

137,097

5,235,734

Harpoon

Therapeutics,

Inc.

(a)(b)

..........

27

20

Heron

Therapeutics,

Inc.

(a)(b)

............

96,849

146,242

Histogen,

Inc.

(a)

....................

67

81

Homology

Medicines,

Inc.

(a)(b)

...........

54

56

Hookipa

Pharma,

Inc.

(a)

...............

11,465

8,438

Horizon

Therapeutics

plc

(a)

............

230,370

25,142,582

Humanigen,

Inc.

(a)(b)

.................

108,374

15,552

iBio,

Inc.

(a)

........................

126

262

Icosavax,

Inc.

(a)(b)

...................

27

157

Ideaya

Biosciences,

Inc.

(a)

.............

36,253

497,754

IGM

Biosciences,

Inc.

(a)

...............

9

124

ImmuCell

Corp.

(a)

...................

736

3,790

Immunic,

Inc.

(a)(b)

...................

11,579

17,253

ImmunityBio,

Inc.

(a)(b)

.................

105,186

191,439

ImmunoGen,

Inc.

(a)

..................

197,990

760,282

Immunovant,

Inc.

(a)

..................

51,440

797,834

Imunon,

Inc.

(a)(b)

....................

8,529

10,661

Incyte

Corp.

(a)

.....................

191,688

13,853,292

Infinity

Pharmaceuticals,

Inc.

(a)

..........

72,764

11,642

Inhibrx,

Inc.

(a)

.....................

25,818

487,186

Inmune

Bio,

Inc.

(a)(b)

.................

5,111

33,017

Inovio

Pharmaceuticals,

Inc.

(a)(b)

.........

245,993

201,714

Insmed,

Inc.

(a)(b)

....................

157,350

2,682,817

Intellia

Therapeutics,

Inc.

(a)

............

83,023

3,094,267

Intercept

Pharmaceuticals,

Inc.

(a)

........

30,110

404,377

Invivyd,

Inc.

(a)(b)

....................

201,009

241,211

Security

Shares

Shares

Value

Biotechnology

(continued)

Ionis

Pharmaceuticals,

Inc.

(a)(b)

..........

145,734

$

5,208,533

Iovance

Biotherapeutics,

Inc.

(a)

..........

140,034

855,608

Ironwood

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

.

156,090

1,642,067

iTeos

Therapeutics,

Inc.

(a)

.............

33,370

454,166

IVERIC

bio,

Inc.

(a)

...................

128,985

3,138,205

Janux

Therapeutics,

Inc.

(a)(b)

............

29,701

359,382

Jounce

Therapeutics,

Inc.

(a)

............

22,587

41,786

KalVista

Pharmaceuticals,

Inc.

(a)

.........

18

141

Karuna

Therapeutics,

Inc.

(a)

............

29,220

5,307,521

Karyopharm

Therapeutics,

Inc.

(a)(b)

.......

81,852

318,404

Keros

Therapeutics,

Inc.

(a)

.............

26,172

1,117,544

Kezar

Life

Sciences,

Inc.

(a)

.............

48,035

150,350

Kineta,

Inc.

(b)

......................

46

152

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

(a)

....

27

291

Kinnate

Biopharma,

Inc.

(a)

.............

18

112

Kodiak

Sciences,

Inc.

(a)

...............

36

223

Kronos

Bio,

Inc.

(a)

...................

63

92

Krystal

Biotech,

Inc.

(a)(b)

...............

21,953

1,757,557

Kura

Oncology,

Inc.

(a)

................

66,021

807,437

Kymera

Therapeutics,

Inc.

(a)(b)

..........

48,660

1,441,796

Larimar

Therapeutics,

Inc.

(a)(b)

...........

1,212

5,490

Lexicon

Pharmaceuticals,

Inc.

(a)(b)

........

254,276

617,891

Lineage

Cell

Therapeutics,

Inc.

(a)(b)

.......

108,483

162,725

Lisata

Therapeutics,

Inc.

(a)(b)

............

556

1,807

Lumos

Pharma,

Inc.

(a)(b)

...............

2,356

7,987

Lyell

Immunopharma,

Inc.

(a)(b)

...........

141,602

334,181

MacroGenics,

Inc.

(a)

.................

66,293

475,321

Madrigal

Pharmaceuticals,

Inc.

(a)

........

13,094

3,172,152

Magenta

Therapeutics,

Inc.

(a)(b)

..........

19,778

15,718

MannKind

Corp.

(a)(b)

.................

291,155

1,193,736

Marker

Therapeutics,

Inc.

(a)

............

9

6

Matinas

BioPharma

Holdings,

Inc.

(a)

......

243

114

MediciNova,

Inc.

(a)(b)

.................

29,927

64,642

MEI

Pharma,

Inc.

(a)

..................

189

43

Merrimack

Pharmaceuticals,

Inc.

(a)(b)

......

9,961

122,421

Mersana

Therapeutics,

Inc.

(a)

...........

79,621

327,242

MiMedx

Group,

Inc.

(a)

................

83,992

286,413

Minerva

Neurosciences,

Inc.

(a)

..........

2,258

3,613

Mirati

Therapeutics,

Inc.

(a)(b)

............

52,651

1,957,564

Mirum

Pharmaceuticals,

Inc.

(a)

..........

24,818

596,128

Moderna,

Inc.

(a)

....................

335,728

51,561,106

Molecular

Templates,

Inc.

(a)

............

63

24

Moleculin

Biotech,

Inc.

(a)

..............

7,240

6,950

Monte

Rosa

Therapeutics,

Inc.

(a)(b)

.......

30,794

239,885

Morphic

Holding,

Inc.

(a)

...............

38,607

1,453,167

Mustang

Bio,

Inc.

(a)

..................

99

36

Myriad

Genetics,

Inc.

(a)

...............

93,967

2,182,853

NanoViricides,

Inc.

(a)

.................

1,651

1,935

Natera,

Inc.

(a)

.....................

112,455

6,243,502

Navidea

Biopharmaceuticals,

Inc.

(a)

.......

7,522

1,956

Neoleukin

Therapeutics,

Inc.

(a)

..........

54

38

NeuBase

Therapeutics,

Inc.

(a)

...........

7,078

1,309

Neurocrine

Biosciences,

Inc.

(a)

..........

99,528

10,074,224

NextCure,

Inc.

(a)

....................

19,819

29,332

NightHawk

Biosciences,

Inc.

(a)(b)

.........

12,274

10,735

Nkarta,

Inc.

(a)(b)

....................

35,888

127,402

Novavax,

Inc.

(a)(b)

...................

79,663

552,065

Nurix

Therapeutics,

Inc.

(a)(b)

............

44,732

397,220

Nuvalent,

Inc.,

Class

A

(a)(b)

.............

24,699

644,397

Ocugen,

Inc.

(a)(b)

....................

206,426

176,102

Olema

Pharmaceuticals,

Inc.

(a)(b)

.........

36

125

OncoSec

Medical,

Inc.

(a)

..............

56

144

Oncternal

Therapeutics,

Inc.

(a)

..........

90

71

Oragenics,

Inc.

(a)(b)

..................

994

3,270

Organogenesis

Holdings,

Inc.,

Class

A

(a)

...

69,024

147,021

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Organovo

Holdings,

Inc.

(a)(b)

............

5,007

$

10,965

Orgenesis,

Inc.

(a)(b)

..................

11,825

13,954

ORIC

Pharmaceuticals,

Inc.

(a)(b)

.........

190,870

1,087,959

Ovid

therapeutics,

Inc.

(a)(b)

.............

35,946

92,741

Palatin

Technologies,

Inc.

(a)(b)

...........

126,575

348,081

Passage

Bio,

Inc.

(a)

.................

24,922

23,868

PDL

BioPharma,

Inc.

(a)(d)

..............

135,868

85,597

PDS

Biotechnology

Corp.

(a)(b)

...........

20,319

124,962

Perspective

Therapeutics,

Inc.

(a)(b)

........

805,395

513,842

Pieris

Pharmaceuticals,

Inc.

(a)

..........

108

105

Plus

Therapeutics,

Inc.

(a)

..............

9

3

PMV

Pharmaceuticals,

Inc.

(a)

...........

45

215

Point

Biopharma

Global,

Inc.

(a)(b)

.........

96,848

704,085

PolarityTE,

Inc.

(a)

...................

1,977

949

Poseida

Therapeutics,

Inc.

(a)(b)

..........

51,918

159,907

Praxis

Precision

Medicines,

Inc.

(a)

........

351

284

Precigen,

Inc.

(a)(b)

...................

108,222

114,715

Precision

BioSciences,

Inc.

(a)

...........

92,362

69,604

Prelude

Therapeutics,

Inc.

(a)

............

9

51

Prometheus

Biosciences,

Inc.

(a)

.........

35,692

3,830,465

Protagonist

Therapeutics,

Inc.

(a)

.........

50,081

1,151,863

Protara

Therapeutics,

Inc.

(a)

............

3,853

11,944

Prothena

Corp.

plc

(a)

.................

41,339

2,003,701

PTC

Therapeutics,

Inc.

(a)

..............

75,061

3,635,955

Puma

Biotechnology,

Inc.

(a)

............

30,679

94,798

Qualigen

Therapeutics,

Inc.

(a)(b)

..........

57

53

Quince

Therapeutics,

Inc.

(a)

............

27

42

RAPT

Therapeutics,

Inc.

(a)

.............

30,897

566,960

Recursion

Pharmaceuticals,

Inc.,

Class

A

(a)

.

132,399

883,101

Regeneron

Pharmaceuticals,

Inc.

(a)

.......

109,362

89,859,475

REGENXBIO,

Inc.

(a)

.................

52,473

992,264

Regulus

Therapeutics,

Inc.

(a)

...........

45

38

Relay

Therapeutics,

Inc.

(a)(b)

............

92,678

1,526,407

Replimune

Group,

Inc.

(a)

..............

56,442

996,766

REVOLUTION

Medicines,

Inc.

(a)(b)

........

99,105

2,146,614

Rhythm

Pharmaceuticals,

Inc.

(a)(b)

........

42,280

754,275

Rigel

Pharmaceuticals,

Inc.

(a)

...........

207

273

Rocket

Pharmaceuticals,

Inc.

(a)(b)

........

58,842

1,007,963

Roivant

Sciences

Ltd.

(a)(b)

.............

110,086

812,435

Sage

Therapeutics,

Inc.

(a)(b)

............

52,561

2,205,460

Salarius

Pharmaceuticals,

Inc.

(a)

.........

32

61

Sana

Biotechnology,

Inc.

(a)(b)

...........

82,824

270,834

Sangamo

Therapeutics,

Inc.

(a)

..........

114,562

201,629

Sarepta

Therapeutics,

Inc.

(a)(b)

..........

90,333

12,450,597

Savara,

Inc.

(a)(b)

....................

29,402

57,334

Scholar

Rock

Holding

Corp.

(a)(b)

.........

28,569

228,552

Seagen,

Inc.

(a)

.....................

139,524

28,249,424

Selecta

Biosciences,

Inc.

(a)(b)

...........

217,829

302,782

SELLAS

Life

Sciences

Group,

Inc.

(a)(b)

.....

2

3

Seres

Therapeutics,

Inc.

(a)(b)

............

93,231

528,620

Shattuck

Labs,

Inc.

(a)(b)

...............

20,534

60,370

Soleno

Therapeutics,

Inc.

(a)

............

39

83

Solid

Biosciences,

Inc.

(a)

..............

4,310

20,429

Soligenix,

Inc.

(a)(b)

...................

1,115

2,197

Sonnet

BioTherapeutics

Holdings,

Inc.

(a)

...

2

1

Spectrum

Pharmaceuticals,

Inc.

(a)

........

145,164

108,873

Spero

Therapeutics,

Inc.

(a)(b)

............

37,266

54,036

SpringWorks

Therapeutics,

Inc.

(a)(b)

.......

44,774

1,152,483

Stoke

Therapeutics,

Inc.

(a)

.............

22,702

189,108

Sutro

Biopharma,

Inc.

(a)

...............

72

333

Syndax

Pharmaceuticals,

Inc.

(a)

.........

84,656

1,787,935

Synlogic,

Inc.

(a)(b)

...................

3,734

2,360

Syros

Pharmaceuticals,

Inc.

(a)

..........

18

48

T2

Biosystems,

Inc.

(a)(b)

...............

1,498

689

Tango

Therapeutics,

Inc.

(a)(b)

............

63

249

Security

Shares

Shares

Value

Biotechnology

(continued)

Taysha

Gene

Therapies,

Inc.

(a)

..........

90

$

72

TCR2

Therapeutics,

Inc.

(a)

.............

36,026

54,039

Tempest

Therapeutics,

Inc.

(a)

...........

88

204

TG

Therapeutics,

Inc.

(a)(b)

..............

148,189

2,228,763

Theriva

Biologics,

Inc.

(a)(b)

.............

109

76

Tonix

Pharmaceuticals

Holding

Corp.

(a)(b)

...

38,947

23,022

Tracon

Pharmaceuticals,

Inc.

(a)(b)

.........

6,425

12,143

Travere

Therapeutics,

Inc.

(a)

............

63,531

1,428,812

Trevena,

Inc.

(a)

.....................

4,088

2,862

Twist

Bioscience

Corp.

(a)(b)

.............

52,782

795,953

Ultragenyx

Pharmaceutical,

Inc.

(a)

........

70,988

2,846,619

uniQure

NV

(a)(b)

....................

37,850

762,299

United

Therapeutics

Corp.

(a)

............

45,296

10,144,492

Vaccinex,

Inc.

(a)(b)

...................

2,566

1,025

Vanda

Pharmaceuticals,

Inc.

(a)

..........

64,695

439,279

Vaxart,

Inc.

(a)(b)

.....................

119,379

90,334

Vaxcyte,

Inc.

(a)

.....................

63,983

2,398,083

VBI

Vaccines,

Inc.

(a)

.................

297

90

Veracyte,

Inc.

(a)(b)

...................

75,881

1,692,146

Verastem,

Inc.

(a)(b)

...................

124,251

51,589

Vericel

Corp.

(a)

.....................

45,616

1,337,461

Vertex

Pharmaceuticals,

Inc.

(a)

..........

262,868

82,821,821

Verve

Therapeutics,

Inc.

(a)(b)

............

42,525

613,211

Viking

Therapeutics,

Inc.

(a)

.............

82,146

1,367,731

Vir

Biotechnology,

Inc.

(a)

..............

74,924

1,743,481

Viracta

Therapeutics,

Inc.

(a)

............

149,304

237,393

Viridian

Therapeutics,

Inc.

(a)

............

45,181

1,149,405

VistaGen

Therapeutics,

Inc.

(a)(b)

.........

181,599

22,645

Vor

BioPharma,

Inc.

(a)(b)

...............

25,888

139,277

Voyager

Therapeutics,

Inc.

(a)(b)

..........

28,374

218,764

vTv

Therapeutics,

Inc.,

Class

A

(a)(b)

.......

8,839

7,140

Vyant

Bio,

Inc.

(a)

....................

51

30

X4

Pharmaceuticals,

Inc.

(a)

............

19,833

17,255

XBiotech,

Inc.

(a)

....................

8,798

30,353

Xencor,

Inc.

(a)

.....................

57,314

1,598,487

Yield10

Bioscience,

Inc.

(a)(b)

............

7

19

Y-mAbs

Therapeutics,

Inc.

(a)

............

33,157

166,117

Zentalis

Pharmaceuticals,

Inc.

(a)(b)

........

40,534

697,185

1,142,888,201

Broadline

Retail

—

2.4%

Amazon.com,

Inc.

(a)

.................

9,076,197

937,480,388

Big

Lots,

Inc.

......................

38,379

420,634

ContextLogic,

Inc.,

Class

A

(a)(b)

..........

1,051,122

468,590

Dillard's,

Inc.,

Class

A

(b)

...............

3,515

1,081,495

eBay,

Inc.

........................

555,660

24,654,634

Etsy,

Inc.

(a)(b)

......................

128,066

14,257,588

Groupon,

Inc.

(a)

....................

27

114

iMedia

Brands,

Inc.,

Class

A

(a)(b)

.........

2,509

1,279

Kohl's

Corp.

......................

119,378

2,810,158

Macy's,

Inc.

......................

276,391

4,834,079

Nordstrom,

Inc.

....................

121,764

1,981,100

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)(b)

....

60,958

3,531,906

Qurate

Retail,

Inc.

(a)

.................

366,013

361,548

991,883,513

Building

Products

—

0.6%

AAON,

Inc.

.......................

42,525

4,111,742

Advanced

Drainage

Systems,

Inc.

(b)

......

62,746

5,283,841

Allegion

plc

.......................

88,965

9,495,234

American

Woodmark

Corp.

(a)

...........

17,758

924,659

AO

Smith

Corp.

....................

130,510

9,024,767

Apogee

Enterprises,

Inc.

..............

26,044

1,126,403

Armstrong

World

Industries,

Inc.

.........

44,611

3,178,088

AZEK

Co.,

Inc.

(The),

Class

A

(a)(b)

........

111,523

2,625,251

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Building

Products

(continued)

AZZ,

Inc.

........................

48,088

$

1,983,149

Builders

FirstSource,

Inc.

(a)

............

146,919

13,043,469

Carlisle

Cos.,

Inc.

..................

52,443

11,855,789

Carrier

Global

Corp.

.................

849,286

38,854,834

CSW

Industrials,

Inc.

................

18,157

2,522,552

Fortune

Brands

Innovations,

Inc.

........

131,455

7,720,352

Gibraltar

Industries,

Inc.

(a)

.............

37,595

1,823,358

Griffon

Corp.

......................

44,852

1,435,713

Hayward

Holdings,

Inc.

(a)(b)

.............

116,467

1,364,993

Insteel

Industries,

Inc.

................

27,728

771,393

Janus

International

Group,

Inc.

(a)

........

66,380

654,507

JELD-WEN

Holding,

Inc.

(a)

.............

81,734

1,034,752

Jewett-Cameron

Trading

Co.

Ltd.

(a)

.......

566

3,260

Johnson

Controls

International

plc

.......

697,747

42,018,324

Lennox

International,

Inc.

.............

32,226

8,097,749

Masco

Corp.

......................

226,486

11,260,884

Masonite

International

Corp.

(a)(b)

.........

25,180

2,285,589

Masterbrand,

Inc.

(a)

.................

134,872

1,084,371

Owens

Corning

....................

94,792

9,081,074

PGT

Innovations,

Inc.

(a)

...............

74,439

1,869,163

Quanex

Building

Products

Corp.

.........

35,711

768,858

Resideo

Technologies,

Inc.

(a)

...........

143,782

2,628,335

Simpson

Manufacturing

Co.,

Inc.

........

45,438

4,981,822

Tecnoglass,

Inc.

....................

20,416

856,655

Trane

Technologies

plc

...............

231,771

42,641,229

Trex

Co.,

Inc.

(a)(b)

...................

111,794

5,441,014

UFP

Industries,

Inc.

.................

61,967

4,924,517

View,

Inc.,

Class

A

(a)(b)

................

92,878

46,439

Zurn

Elkay

Water

Solutions

Corp.

........

150,966

3,224,634

260,048,763

Capital

Markets

—

3.0%

Affiliated

Managers

Group,

Inc.

.........

36,863

5,250,028

Ameriprise

Financial,

Inc.

.............

106,735

32,714,278

Ares

Management

Corp.,

Class

A

........

158,072

13,189,528

Artisan

Partners

Asset

Management,

Inc.,

Class

A

.......................

66,794

2,136,072

Ashford,

Inc.

(a)

.....................

329

4,175

AssetMark

Financial

Holdings,

Inc.

(a)

......

21,453

674,697

Avantax,

Inc.

(a)

.....................

53,659

1,412,305

B

Riley

Financial,

Inc.

................

17,043

483,851

Bank

of

New

York

Mellon

Corp.

(The)

.....

750,142

34,086,453

BGC

Partners,

Inc.,

Class

A

............

379,449

1,984,518

BlackRock,

Inc.

(e)

...................

152,397

101,971,881

Blackstone,

Inc.,

Class

A

..............

724,251

63,618,208

Blue

Owl

Capital,

Inc.,

Class

A

..........

389,118

4,311,427

Bridge

Investment

Group

Holdings,

Inc.,

Class

A

...........................

27,102

307,066

Brightsphere

Investment

Group,

Inc.

......

51,907

1,223,967

Carlyle

Group,

Inc.

(The)

..............

219,767

6,825,963

Cboe

Global

Markets,

Inc.

.............

107,439

14,422,611

Charles

Schwab

Corp.

(The)

...........

1,554,470

81,423,139

CME

Group,

Inc.,

Class

A

.............

366,114

70,118,153

Cohen

&

Steers,

Inc.

................

30,458

1,948,094

Coinbase

Global,

Inc.,

Class

A

(a)(b)

........

162,551

10,983,571

Diamond

Hill

Investment

Group,

Inc.

......

2,611

429,718

Donnelley

Financial

Solutions,

Inc.

(a)

......

26,980

1,102,403

Evercore,

Inc.,

Class

A

...............

36,261

4,183,794

FactSet

Research

Systems,

Inc.

.........

38,653

16,044,474

Federated

Hermes,

Inc.,

Class

B

........

85,364

3,426,511

Focus

Financial

Partners,

Inc.,

Class

A

(a)

...

58,877

3,053,950

Forge

Global

Holdings,

Inc.

(a)(b)

..........

102,307

179,037

Franklin

Resources,

Inc.

..............

289,675

7,803,845

GCM

Grosvenor,

Inc.,

Class

A

..........

64,587

504,425

Goldman

Sachs

Group,

Inc.

(The)

.......

343,869

112,482,989

Security

Shares

Shares

Value

Capital

Markets

(continued)

Hamilton

Lane,

Inc.,

Class

A

...........

39,715

$

2,938,116

Houlihan

Lokey,

Inc.,

Class

A

...........

50,970

4,459,365

Interactive

Brokers

Group,

Inc.,

Class

A

....

103,665

8,558,582

Intercontinental

Exchange,

Inc.

.........

569,608

59,404,418

Invesco

Ltd.

......................

460,751

7,556,316

Janus

Henderson

Group

plc

...........

134,473

3,582,361

Jefferies

Financial

Group,

Inc.

..........

187,104

5,938,681

KKR

&

Co.,

Inc.

....................

588,750

30,921,150

Lazard

Ltd.,

Class

A

.................

116,400

3,854,004

LPL

Financial

Holdings,

Inc.

............

81,050

16,404,520

MarketAxess

Holdings,

Inc.

............

38,396

15,023,971

Moelis

&

Co.,

Class

A

................

66,379

2,551,609

Moody's

Corp.

.....................

160,303

49,055,924

Morgan

Stanley

....................

1,326,760

116,489,528

Morningstar,

Inc.

...................

25,316

5,139,908

MSCI,

Inc.

.......................

81,406

45,562,124

Nasdaq,

Inc.

......................

345,597

18,893,788

Northern

Trust

Corp.

.................

212,825

18,756,267

Open

Lending

Corp.,

Class

A

(a)(b)

........

98,497

693,419

Oppenheimer

Holdings,

Inc.,

Class

A,

NVS

.

7,314

286,343

P10,

Inc.,

Class

A

..................

69,809

705,769

Perella

Weinberg

Partners,

Class

A

.......

66,424

604,458

Piper

Sandler

Cos.

..................

14,304

1,982,677

PJT

Partners,

Inc.,

Class

A

............

26,934

1,944,365

Raymond

James

Financial,

Inc.

.........

198,945

18,555,600

Robinhood

Markets,

Inc.,

Class

A

(a)(b)

......

518,036

5,030,130

S&P

Global,

Inc.

...................

335,313

115,605,863

Safeguard

Scientifics,

Inc.

(a)

............

11,136

19,154

Sculptor

Capital

Management,

Inc.,

Class

A

.

27

232

SEI

Investments

Co.

.................

103,871

5,977,776

Siebert

Financial

Corp.

(a)(b)

.............

45

86

Star

Holdings

(a)

....................

17,326

301,294

State

Street

Corp.

..................

358,402

27,127,447

StepStone

Group,

Inc.,

Class

A

.........

51,467

1,249,104

Stifel

Financial

Corp.

................

107,653

6,361,216

StoneX

Group,

Inc.

(a)

................

17,514

1,813,224

T.

Rowe

Price

Group,

Inc.

.............

229,878

25,953,226

TPG,

Inc.,

Class

A

..................

55,279

1,621,333

Tradeweb

Markets,

Inc.,

Class

A

.........

114,364

9,037,043

Victory

Capital

Holdings,

Inc.,

Class

A

.....

27,054

791,871

Virtu

Financial,

Inc.,

Class

A

............

91,715

1,733,414

Virtus

Investment

Partners,

Inc.

.........

7,943

1,512,268

WisdomTree,

Inc.

...................

83,886

491,572

1,242,790,647

Chemicals

—

1.8%

AdvanSix,

Inc.

.....................

27,950

1,069,647

Air

Products

&

Chemicals,

Inc.

..........

225,545

64,778,779

Albemarle

Corp.

...................

119,593

26,434,837

American

Vanguard

Corp.

.............

26,726

584,765

Amyris,

Inc.

(a)(b)

....................

243,131

330,658

Ashland,

Inc.

......................

50,404

5,176,995

Aspen

Aerogels,

Inc.

(a)

...............

66,635

496,431

Avient

Corp.

......................

93,509

3,848,830

Axalta

Coating

Systems

Ltd.

(a)(b)

.........

216,665

6,562,783

Balchem

Corp.

....................

33,980

4,297,790

Cabot

Corp.

......................

57,020

4,370,013

Celanese

Corp.

....................

102,523

11,163,729

CF

Industries

Holdings,

Inc.

............

200,791

14,555,340

Chase

Corp.

......................

8,809

922,567

Chemours

Co.

(The)

.................

153,003

4,580,910

Corteva,

Inc.

......................

725,249

43,739,767

Danimer

Scientific,

Inc.,

Class

A

(a)(b)

.......

71,980

248,331

Diversey

Holdings

Ltd.

(a)(b)

.............

47,515

384,396

Dow,

Inc.

........................

717,176

39,315,588

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Chemicals

(continued)

DuPont

de

Nemours,

Inc.

.............

468,550

$

33,627,834

Eastman

Chemical

Co.

...............

123,199

10,390,604

Ecolab,

Inc.

......................

253,116

41,898,292

Ecovyst,

Inc.

(a)

.....................

58,943

651,320

Element

Solutions,

Inc.

...............

228,071

4,404,051

Flotek

Industries,

Inc.

(a)(b)

..............

64,534

44,528

FMC

Corp.

.......................

127,526

15,574,750

Ginkgo

Bioworks

Holdings,

Inc.,

Class

A

(a)(b)

.

1,258,665

1,674,024

Hawkins,

Inc.

.....................

18,290

800,736

HB

Fuller

Co.

.....................

58,004

3,970,374

Huntsman

Corp.

...................

189,993

5,198,209

Ingevity

Corp.

(a)(b)

...................

35,656

2,550,117

Innospec,

Inc.

.....................

26,513

2,722,090

International

Flavors

&

Fragrances,

Inc.

....

259,575

23,870,517

Intrepid

Potash,

Inc.

(a)(b)

...............

9

248

Koppers

Holdings,

Inc.

...............

18,465

645,721

Linde

plc

........................

500,080

177,748,435

Livent

Corp.

(a)(b)

....................

185,027

4,018,786

LSB

Industries,

Inc.

(a)(b)

...............

65,050

671,967

LyondellBasell

Industries

NV,

Class

A

.....

257,429

24,170,009

Mativ

Holdings,

Inc.

.................

52,342

1,123,783

Minerals

Technologies,

Inc.

............

36,058

2,178,624

Mosaic

Co.

(The)

...................

344,123

15,788,363

NewMarket

Corp.

...................

6,892

2,515,442

Northern

Technologies

International

Corp.

..

1,726

20,419

Olin

Corp.

........................

123,835

6,872,843

Origin

Materials,

Inc.,

Class

A

(a)(b)

........

128,850

550,190

Orion

Engineered

Carbons

SA

..........

62,323

1,626,007

Perimeter

Solutions

SA

(a)(b)

............

149,689

1,209,487

PPG

Industries,

Inc.

.................

239,028

31,929,360

PureCycle

Technologies,

Inc.

(a)(b)

.........

120,921

846,447

Quaker

Chemical

Corp.

(b)

.............

14,637

2,897,394

Rayonier

Advanced

Materials,

Inc.

(a)

......

64,171

402,352

RPM

International,

Inc.

...............

131,541

11,475,637

Scotts

Miracle-Gro

Co.

(The)

...........

44,146

3,078,742

Sensient

Technologies

Corp.

...........

45,333

3,470,695

Sherwin-Williams

Co.

(The)

............

240,140

53,976,268

Stepan

Co.

.......................

25,014

2,577,192

Trinseo

plc

.......................

34,040

709,734

Tronox

Holdings

plc,

Class

A

...........

140,087

2,014,451

Valvoline,

Inc.

.....................

179,453

6,270,088

Westlake

Corp.

....................

34,233

3,970,343

742,998,629

Commercial

Services

&

Supplies

—

0.6%

ABM

Industries,

Inc.

.................

70,726

3,178,426

ACCO

Brands

Corp.

.................

101,012

537,384

ACV

Auctions,

Inc.,

Class

A

(a)(b)

..........

112,897

1,457,500

Aqua

Metals,

Inc.

(a)(b)

................

81

81

Aris

Water

Solutions,

Inc.,

Class

A

.......

36

280

Aurora

Innovation,

Inc.,

Class

A

(a)(b)

.......

293,855

408,459

Brady

Corp.,

Class

A,

NVS

............

41,723

2,241,777

Brink's

Co.

(The)

...................

47,085

3,145,278

Casella

Waste

Systems,

Inc.,

Class

A

(a)

....

51,647

4,269,141

CECO

Environmental

Corp.

(a)

...........

29,366

410,830

Charah

Solutions,

Inc.

(a)(b)

.............

885

1,850

Cimpress

plc

(a)(b)

...................

18,346

803,922

Cintas

Corp.

......................

87,486

40,478,023

Clean

Harbors,

Inc.

(a)

................

49,240

7,019,654

CompX

International,

Inc.

(b)

............

257

4,647

Copart,

Inc.

(a)

.....................

432,406

32,521,255

CoreCivic,

Inc.

(a)

...................

136,192

1,252,966

Deluxe

Corp.

......................

46,097

737,552

Driven

Brands

Holdings,

Inc.

(a)(b)

.........

64,052

1,941,416

DSS,

Inc.

(a)(b)

......................

90

19

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

(continued)

Ennis,

Inc.

.......................

26,749

$

564,136

Fuel

Tech,

Inc.

(a)

...................

18,160

23,245

GEO

Group,

Inc.

(The)

(a)

..............

144,555

1,140,539

Harsco

Corp.

(a)

....................

81,826

558,872

Healthcare

Services

Group,

Inc.

.........

73,272

1,016,283

Heritage-Crystal

Clean,

Inc.

(a)

...........

17,539

624,564

HNI

Corp.

........................

42,017

1,169,753

Interface,

Inc.

.....................

54,399

441,720

JanOne,

Inc.

(a)

.....................

173

197

KAR

Auction

Services,

Inc.

(a)

...........

120,513

1,648,618

Kimball

International,

Inc.,

Class

B

.......

43,966

545,178

Liquidity

Services,

Inc.

(a)

..............

27

356

Matthews

International

Corp.,

Class

A

.....

36,788

1,326,575

MillerKnoll,

Inc.

....................

76,820

1,570,969

Montrose

Environmental

Group,

Inc.

(a)(b)

....

26,454

943,614

MSA

Safety,

Inc.

...................

37,138

4,957,923

Odyssey

Marine

Exploration,

Inc.

(a)

.......

8,475

27,544

Performant

Financial

Corp.

(a)(b)

..........

49,338

167,749

Perma-Fix

Environmental

Services,

Inc.

(a)(b)

.

9,842

115,939

Quad/Graphics,

Inc.,

Class

A

(a)(b)

.........

26,519

113,767

Quest

Resource

Holding

Corp.

(a)(b)

.......

9,552

58,649

Republic

Services,

Inc.

...............

206,892

27,975,936

Rollins,

Inc.

.......................

235,877

8,852,464

SP

Plus

Corp.

(a)

....................

18,133

621,781

Steelcase,

Inc.,

Class

A

..............

99,075

834,212

Stericycle,

Inc.

(a)

...................

99,304

4,330,647

Team,

Inc.

(a)(b)

.....................

2,791

15,294

Tetra

Tech,

Inc.

....................

55,321

8,127,208

UniFirst

Corp.

.....................

14,548

2,563,794

Viad

Corp.

(a)

......................

18,408

383,623

VSE

Corp.

.......................

10,589

475,446

Waste

Management,

Inc.

..............

375,065

61,199,356

232,806,411

Communications

Equipment

—

0.9%

ADTRAN

Holdings,

Inc.

..............

76,932

1,220,141

Applied

Optoelectronics,

Inc.

(a)(b)

.........

21,114

46,662

Arista

Networks,

Inc.

(a)

...............

250,636

42,071,759

Aviat

Networks,

Inc.

(a)(b)

...............

14,922

514,212

BK

Technologies

Corp.

...............

18

51

Calix,

Inc.

(a)(b)

......................

57,774

3,096,109

Cambium

Networks

Corp.

(a)

............

10,461

185,369

Casa

Systems,

Inc.

(a)(b)

...............

27,958

35,507

Ciena

Corp.

(a)

.....................

150,176

7,887,243

Cisco

Systems,

Inc.

.................

4,198,413

219,472,040

Clearfield,

Inc.

(a)

....................

11,847

551,833

ClearOne,

Inc.

(a)

....................

9

14

CommScope

Holding

Co.,

Inc.

(a)

.........

206,926

1,318,119

Comtech

Telecommunications

Corp.

......

25,754

321,410

Digi

International,

Inc.

(a)(b)

.............

35,709

1,202,679

DZS,

Inc.

(a)

.......................

14,658

115,652

EMCORE

Corp.

(a)(b)

.................

23,564

27,099

Extreme

Networks,

Inc.

(a)

..............

144,507

2,762,974

F5,

Inc.

(a)

........................

62,286

9,074,447

Genasys,

Inc.

(a)(b)

...................

31,258

92,211

Harmonic,

Inc.

(a)(b)

..................

125,020

1,824,042

Infinera

Corp.

(a)(b)

...................

219,631

1,704,336

Inseego

Corp.

(a)(b)

...................

76,460

44,530

Juniper

Networks,

Inc.

...............

328,888

11,320,325

KVH

Industries,

Inc.

(a)

................

18

205

Lantronix,

Inc.

(a)(b)

...................

104,259

452,484

Lumentum

Holdings,

Inc.

(a)

............

69,564

3,757,152

Motorola

Solutions,

Inc.

..............

169,075

48,377,430

NETGEAR,

Inc.

(a)

...................

35,920

664,879

NetScout

Systems,

Inc.

(a)

.............

70,960

2,033,004

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Communications

Equipment

(continued)

Optical

Cable

Corp.

(a)

................

9

$

39

Ribbon

Communications,

Inc.

(a)

.........

139,231

476,170

Ubiquiti,

Inc.

......................

4,586

1,245,970

Viasat,

Inc.

(a)(b)

.....................

82,784

2,801,410

Viavi

Solutions,

Inc.

(a)

................

228,811

2,478,023

Vislink

Technologies,

Inc.

(a)(b)

...........

4

1

367,175,531

Construction

&

Engineering

—

0.3%

AECOM

.........................

139,165

11,734,393

Ameresco,

Inc.,

Class

A

(a)(b)

............

33,099

1,629,133

API

Group

Corp.

(a)

..................

210,810

4,739,009

Arcosa,

Inc.

......................

47,311

2,985,797

Argan,

Inc.

.......................

12,085

489,080

Comfort

Systems

USA,

Inc.

............

36,027

5,258,501

Construction

Partners,

Inc.,

Class

A

(a)

.....

46,594

1,255,242

Dycom

Industries,

Inc.

(a)(b)

.............

29,077

2,723,061

EMCOR

Group,

Inc.

.................

49,033

7,972,276

Fluor

Corp.

(a)

......................

144,121

4,454,780

Granite

Construction,

Inc.

.............

44,539

1,829,662

Great

Lakes

Dredge

&

Dock

Corp.

(a)(b)

.....

54,994

298,617

MasTec,

Inc.

(a)

.....................

59,683

5,636,463

Matrix

Service

Co.

(a)

.................

27,156

146,642

MDU

Resources

Group,

Inc.

...........

208,651

6,359,683

MYR

Group,

Inc.

(a)

..................

18,507

2,332,067

Northwest

Pipe

Co.

(a)

................

10,010

312,612

Orbital

Infrastructure

Group,

Inc.

(a)(b)

......

43,518

6,349

Orion

Group

Holdings,

Inc.

(a)(b)

..........

27,357

70,855

Primoris

Services

Corp.

..............

60,080

1,481,573

Quanta

Services,

Inc.

................

144,363

24,056,650

Sterling

Infrastructure,

Inc.

(a)

...........

30,700

1,162,916

Tutor

Perini

Corp.

(a)

.................

42,494

262,188

Valmont

Industries,

Inc.

...............

20,976

6,697,217

WillScot

Mobile

Mini

Holdings

Corp.

(a)

.....

211,834

9,930,778

103,825,544

Construction

Materials

—

0.1%

Eagle

Materials,

Inc.

.................

37,302

5,474,069

Martin

Marietta

Materials,

Inc.

..........

63,624

22,590,337

Summit

Materials,

Inc.,

Class

A

(a)(b)

.......

121,452

3,460,167

Vulcan

Materials

Co.

................

135,443

23,236,601

54,761,174

Consumer

Finance

—

0.5%

Ally

Financial,

Inc.

..................

302,859

7,719,876

American

Express

Co.

...............

606,294

100,008,195

Atlanticus

Holdings

Corp.

(a)

............

9

244

Bread

Financial

Holdings,

Inc.

..........

48,318

1,465,002

Capital

One

Financial

Corp.

............

386,113

37,128,626

Credit

Acceptance

Corp.

(a)(b)

............

6,086

2,653,739

Discover

Financial

Services

............

275,634

27,243,665

Encore

Capital

Group,

Inc.

(a)(b)

..........

23,655

1,193,395

Enova

International,

Inc.

(a)

.............

30,163

1,340,142

EZCORP,

Inc.,

Class

A,

NVS

(a)

..........

54,160

465,776

FirstCash

Holdings,

Inc.

..............

38,088

3,632,453

Green

Dot

Corp.,

Class

A

(a)(b)

...........

39,318

675,483

LendingClub

Corp.

(a)

.................

112,826

813,475

LendingTree,

Inc.

(a)

..................

10,677

284,649

Navient

Corp.

.....................

107,533

1,719,453

Nelnet,

Inc.,

Class

A

.................

18,220

1,674,236

NerdWallet,

Inc.,

Class

A

(a)

.............

32,174

520,575

OneMain

Holdings,

Inc.

...............

123,733

4,588,020

Oportun

Financial

Corp.

(a)

.............

153

591

PRA

Group,

Inc.

(a)

..................

45,270

1,763,719

PROG

Holdings,

Inc.

(a)(b)

..............

61,242

1,456,947

SLM

Corp.

.......................

255,116

3,160,887

Security

Shares

Shares

Value

Consumer

Finance

(continued)

SoFi

Technologies,

Inc.

(a)(b)

............

827,328

$

5,021,881

Synchrony

Financial

.................

443,233

12,889,216

Upstart

Holdings,

Inc.

(a)(b)

..............

77,995

1,239,340

World

Acceptance

Corp.

(a)

.............

5,759

479,667

219,139,252

Consumer

Staples

Distribution

&

Retail

—

1.8%

Albertsons

Cos.,

Inc.,

Class

A

..........

162,569

3,378,184

Andersons,

Inc.

(The)

................

37,323

1,542,186

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

......

134,546

10,234,914

Casey's

General

Stores,

Inc.

...........

38,378

8,307,302

Chefs'

Warehouse,

Inc.

(The)

(a)

.........

34,455

1,173,193

Costco

Wholesale

Corp.

..............

453,504

225,332,533

Dollar

General

Corp.

................

227,469

47,873,126

Dollar

Tree,

Inc.

(a)(b)

.................

211,097

30,302,974

Fresh

Market,

Inc.

(The),

NVS

(a)(d)

........

7,280

—

Grocery

Outlet

Holding

Corp.

(a)(b)

.........

97,415

2,752,948

HF

Foods

Group,

Inc.

(a)

...............

34,445

135,024

Ingles

Markets,

Inc.,

Class

A

...........

14,492

1,285,440

Kroger

Co.

(The)

...................

661,557

32,661,069

MedAvail

Holdings,

Inc.

(a)(b)

............

25

7

Performance

Food

Group

Co.

(a)

.........

157,790

9,521,049

PriceSmart,

Inc.

....................

29,421

2,103,013

Rite

Aid

Corp.

(a)(b)

...................

59,424

133,110

SpartanNash

Co.

...................

42,676

1,058,365

Sprouts

Farmers

Market,

Inc.

(a)(b)

........

107,328

3,759,700

Sysco

Corp.

......................

517,789

39,988,844

Target

Corp.

......................

470,946

78,002,786

United

Natural

Foods,

Inc.

(a)

............

59,019

1,555,151

US

Foods

Holding

Corp.

(a)

.............

207,460

7,663,572

Walgreens

Boots

Alliance,

Inc.

..........

729,338

25,220,508

Walmart,

Inc.

......................

1,433,270

211,335,662

Weis

Markets,

Inc.

..................

16,939

1,434,225

746,754,885

Containers

&

Packaging

—

0.4%

Amcor

plc

........................

1,537,671

17,498,696

AptarGroup,

Inc.

...................

66,178

7,821,578

Avery

Dennison

Corp.

................

82,063

14,683,533

Ball

Corp.

........................

325,996

17,965,639

Berry

Global

Group,

Inc.

..............

126,730

7,464,397

Crown

Holdings,

Inc.

................

122,959

10,169,939

Cryptyde,

Inc.

(a)

....................

20,097

1,672

Graphic

Packaging

Holding

Co.

.........

301,783

7,692,449

Greif,

Inc.,

Class

A,

NVS

..............

20,259

1,283,813

Greif,

Inc.,

Class

B

..................

9,030

690,975

International

Paper

Co.

...............

360,510

12,999,991

Myers

Industries,

Inc.

................

52,609

1,127,411

O-I

Glass,

Inc.

(a)

....................

155,025

3,520,618

Packaging

Corp.

of

America

...........

94,233

13,082,367

Pactiv

Evergreen,

Inc.

...............

45

360

Ranpak

Holdings

Corp.,

Class

A

(a)(b)

......

37,385

195,150

Sealed

Air

Corp.

...................

146,583

6,729,625

Silgan

Holdings,

Inc.

.................

84,804

4,551,431

Sonoco

Products

Co.

................

101,288

6,178,568

TriMas

Corp.

......................

45,337

1,263,089

WestRock

Co.

.....................

265,597

8,092,740

143,014,041

Distributors

—

0.1%

Educational

Development

Corp.

(a)

........

1,390

4,086

Funko,

Inc.,

Class

A

(a)

................

27,176

256,270

Genuine

Parts

Co.

..................

142,796

23,891,199

Greenlane

Holdings,

Inc.,

Class

A

(a)

......

365

133

LKQ

Corp.

.......................

257,367

14,608,151

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Distributors

(continued)

Pool

Corp.

.......................

39,650

$

13,577,746

52,337,585

Diversified

Consumer

Services

—

0.1%

2U,

Inc.

(a)(b)

.......................

81,619

559,090

ADT,

Inc.

........................

231,957

1,677,049

Adtalem

Global

Education,

Inc.

(a)

........

49,354

1,906,051

American

Public

Education,

Inc.

(a)

........

17,927

97,164

Beachbody

Co.,

Inc.

(The),

Class

A

(a)(b)

....

147,877

71,306

Bright

Horizons

Family

Solutions,

Inc.

(a)

....

61,614

4,743,662

Carriage

Services,

Inc.

...............

17,968

548,383

Chegg,

Inc.

(a)(b)

....................

126,386

2,060,092

Coursera,

Inc.

(a)

....................

80,456

926,853

Duolingo,

Inc.,

Class

A

(a)(b)

.............

26,349

3,757,104

European

Wax

Center,

Inc.,

Class

A

......

35,037

665,703

Frontdoor,

Inc.

(a)

....................

88,468

2,466,488

Graham

Holdings

Co.,

Class

B

..........

3,708

2,209,375

Grand

Canyon

Education,

Inc.

(a)

.........

29,675

3,379,982

H&R

Block,

Inc.

(b)

...................

157,693

5,558,678

Laureate

Education,

Inc.,

Class

A

........

129,614

1,524,261

Mister

Car

Wash,

Inc.

(a)(b)

..............

80,040

689,945

OneSpaWorld

Holdings

Ltd.

(a)(b)

.........

85,942

1,030,445

Perdoceo

Education

Corp.

(a)

...........

64,090

860,729

Regis

Corp.

(a)

.....................

36

40

Rover

Group,

Inc.,

Class

A

(a)

...........

75,438

341,734

Service

Corp.

International

............

145,867

10,032,732

Strategic

Education,

Inc.

(b)

.............

24,383

2,190,325

Stride,

Inc.

(a)

......................

40,635

1,594,924

Udemy,

Inc.

(a)

.....................

63,112

557,279

Universal

Technical

Institute,

Inc.

(a)

.......

110,963

818,907

WW

International,

Inc.

(a)

..............

103,875

427,965

XWELL,

Inc.

(a)

.....................

72

26

50,696,292

Diversified

REITs

—

0.1%

Alexander

&

Baldwin,

Inc.

.............

63,442

1,199,688

American

Assets

Trust,

Inc.

............

52,860

982,667

Armada

Hoffler

Properties,

Inc.

.........

63,631

751,482

Broadstone

Net

Lease,

Inc.

............

184,177

3,132,851

CTO

Realty

Growth,

Inc.

..............

29,595

510,810

Empire

State

Realty

Trust,

Inc.,

Class

A

(b)

...

126,343

819,966

Essential

Properties

Realty

Trust,

Inc.

.....

155,525

3,864,796

Gladstone

Commercial

Corp.

...........

52,976

669,087

Global

Net

Lease,

Inc.

...............

105,401

1,355,457

One

Liberty

Properties,

Inc.

............

17,559

402,628

Safehold,

Inc.

.....................

38,736

1,137,688

WP

Carey,

Inc.

....................

211,829

16,406,156

31,233,276

Diversified

Telecommunication

Services

—

0.8%

Anterix,

Inc.

(a)(b)

....................

26,826

886,331

AST

SpaceMobile,

Inc.,

Class

A

(a)(b)

.......

80,163

407,228

AT&T,

Inc.

........................

7,249,928

139,561,114

ATN

International,

Inc.

...............

9,282

379,819

Bandwidth,

Inc.,

Class

A

(a)

.............

28,401

431,695

Charge

Enterprises,

Inc.

(a)(b)

............

144

158

Cogent

Communications

Holdings,

Inc.

....

43,407

2,765,894

Consolidated

Communications

Holdings,

Inc.

(a)

73,468

189,548

EchoStar

Corp.,

Class

A

(a)(b)

............

45,474

831,720

Frontier

Communications

Parent,

Inc.

(a)

....

225,844

5,142,468

Globalstar,

Inc.

(a)(b)

..................

627,140

727,482

IDT

Corp.,

Class

B

(a)

.................

20,799

708,830

Iridium

Communications,

Inc.

...........

127,283

7,882,636

Liberty

Global

plc,

Class

A

(a)

............

176,476

3,441,282

Liberty

Global

plc,

Class

C,

NVS

(a)

.......

259,334

5,285,227

Liberty

Latin

America

Ltd.,

Class

A

(a)

......

53,688

446,147

Security

Shares

Shares

Value

Diversified

Telecommunication

Services

(continued)

Liberty

Latin

America

Ltd.,

Class

C,

NVS

(a)

..

152,726

$

1,261,517

Lumen

Technologies,

Inc.

.............

959,250

2,542,013

Ooma,

Inc.

(a)

......................

20,600

257,706

Radius

Global

Infrastructure,

Inc.,

Class

A

(a)

.

80,490

1,180,788

Verizon

Communications,

Inc.

..........

4,271,970

166,136,913

340,466,516

Electric

Utilities

—

1.7%

ALLETE,

Inc.

.....................

62,505

4,023,447

Alliant

Energy

Corp.

.................

257,797

13,766,360

American

Electric

Power

Co.,

Inc.

........

522,993

47,587,133

Avangrid,

Inc.

(b)

....................

74,270

2,961,888

Constellation

Energy

Corp.

............

331,968

26,059,488

Duke

Energy

Corp.

.................

780,588

75,303,324

Edison

International

.................

389,471

27,492,758

Entergy

Corp.

.....................

206,955

22,297,332

Evergy,

Inc.

.......................

234,315

14,321,333

Eversource

Energy

.................

352,944

27,621,397

Exelon

Corp.

......................

1,008,702

42,254,527

FirstEnergy

Corp.

..................

556,184

22,280,731

Genie

Energy

Ltd.,

Class

B

............

18,070

249,727

Hawaiian

Electric

Industries,

Inc.

........

108,678

4,173,235

IDACORP,

Inc.

....................

52,889

5,729,465

MGE

Energy,

Inc.

...................

34,652

2,691,421

NextEra

Energy,

Inc.

................

2,022,523

155,896,073

NRG

Energy,

Inc.

...................

235,051

8,059,899

OGE

Energy

Corp.

..................

202,994

7,644,754

Otter

Tail

Corp.

(b)

...................

42,542

3,074,510

PG&E

Corp.

(a)

.....................

1,651,924

26,711,611

Pinnacle

West

Capital

Corp.

...........

117,145

9,282,570

PNM

Resources,

Inc.

................

78,999

3,845,671

Portland

General

Electric

Co.

...........

90,405

4,419,900

PPL

Corp.

.......................

759,564

21,108,284

Southern

Co.

(The)

.................

1,109,275

77,183,355

Xcel

Energy,

Inc.

...................

554,496

37,395,210

693,435,403

Electrical

Equipment

—

0.7%

Acuity

Brands,

Inc.

(b)

.................

33,368

6,097,335

Advent

Technologies

Holdings,

Inc.

(a)(b)

....

72

76

Allied

Motion

Technologies,

Inc.

.........

12,119

468,399

American

Superconductor

Corp.

(a)(b)

......

45

221

AMETEK,

Inc.

.....................

230,745

33,534,171

Array

Technologies,

Inc.

(a)(b)

............

144,501

3,161,682

Atkore,

Inc.

(a)(b)

.....................

38,706

5,437,419

Babcock

&

Wilcox

Enterprises,

Inc.

(a)(b)

.....

60,256

365,151

Beam

Global

(a)(b)

...................

7,872

125,243

Blink

Charging

Co.

(a)(b)

................

36,438

315,189

Bloom

Energy

Corp.,

Class

A

(a)(b)

........

181,688

3,621,042

Broadwind,

Inc.

(a)(b)

..................

18,088

69,458

Capstone

Green

Energy

Corp.

(a)(b)

........

1,371

1,823

ChargePoint

Holdings,

Inc.,

Class

A

(a)(b)

....

273,056

2,858,896

Eaton

Corp.

plc

....................

403,039

69,056,702

Emerson

Electric

Co.

................

578,905

50,445,782

Encore

Wire

Corp.

(b)

.................

18,794

3,483,092

Energous

Corp.

(a)

...................

53,351

28,809

Energy

Focus,

Inc.

(a)

.................

18

10

Energy

Vault

Holdings,

Inc.

(a)

...........

81

173

EnerSys

.........................

42,543

3,696,136

Enovix

Corp.

(a)(b)

....................

124,219

1,852,105

Eos

Energy

Enterprises,

Inc.,

Class

A

(a)(b)

...

90

231

Espey

Mfg.

&

Electronics

Corp.

.........

612

12,393

Fluence

Energy,

Inc.,

Class

A

(a)(b)

........

43,395

878,749

FuelCell

Energy,

Inc.

(a)(b)

..............

419,782

1,196,379

Generac

Holdings,

Inc.

(a)(b)

.............

63,988

6,911,344

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electrical

Equipment

(continued)

GrafTech

International

Ltd.

............

258,643

$

1,257,005

Heliogen,

Inc.

(a)

....................

261

63

Hubbell,

Inc.

......................

54,054

13,151,879

Ideal

Power,

Inc.

(a)

..................

636

6,646

LSI

Industries,

Inc.

..................

27,988

389,873

NEXTracker,

Inc.,

Class

A

(a)(b)

...........

33,769

1,224,464

nVent

Electric

plc

...................

169,363

7,272,447

Ocean

Power

Technologies,

Inc.

(a)(b)

......

15

8

Orion

Energy

Systems,

Inc.

(a)(b)

..........

27,585

55,998

Pineapple

Energy,

Inc.

(a)

..............

18

29

Pioneer

Power

Solutions,

Inc.

(a)

.........

9

32

Plug

Power,

Inc.

(a)(b)

.................

533,038

6,247,205

Powell

Industries,

Inc.

................

9,139

389,230

Preformed

Line

Products

Co.

...........

3,377

432,391

Regal

Rexnord

Corp.

................

67,171

9,452,975

Rockwell

Automation,

Inc.

.............

116,110

34,072,479

Sensata

Technologies

Holding

plc

........

155,085

7,757,352

Servotronics,

Inc.

(a)

..................

113

1,198

SES

AI

Corp.,

Class

A

(a)(b)

.............

149,167

440,043

Shoals

Technologies

Group,

Inc.,

Class

A

(a)(b)

134,434

3,063,751

Stem,

Inc.

(a)(b)

.....................

150,532

853,516

SunPower

Corp.

(a)(b)

.................

82,317

1,139,267

Sunrun,

Inc.

(a)(b)

....................

219,418

4,421,273

Sunworks,

Inc.

(a)(b)

..................

45

65

Thermon

Group

Holdings,

Inc.

(a)

.........

53,269

1,327,463

TPI

Composites,

Inc.

(a)(b)

..............

38,780

506,079

Ultralife

Corp.

(a)

....................

9

36

Vertiv

Holdings

Co.,

Class

A

...........

313,593

4,487,516

Vicor

Corp.

(a)

......................

24,721

1,160,404

Westwater

Resources,

Inc.

(a)

...........

23,663

26,266

292,754,963

Electronic

Equipment,

Instruments

&

Components

—

0.9%

908

Devices,

Inc.

(a)(b)

.................

18,198

156,503

ADDvantage

Technologies

Group,

Inc.

(a)

...

9

10

Advanced

Energy

Industries,

Inc.

(b)

.......

36,842

3,610,516

Aeva

Technologies,

Inc.

(a)

.............

91,828

109,275

AEye,

Inc.,

Class

A

(a)

................

252

79

Akoustis

Technologies,

Inc.

(a)(b)

..........

52,885

162,886

Amphenol

Corp.,

Class

A

.............

598,837

48,936,960

Arlo

Technologies,

Inc.

(a)

..............

76,204

461,796

Arrow

Electronics,

Inc.

(a)

..............

55,957

6,987,351

Astrotech

Corp.

(a)

...................

48

512

Avnet,

Inc.

.......................

90,221

4,077,989

Badger

Meter,

Inc.

..................

29,732

3,621,952

Bel

Fuse,

Inc.,

Class

A

...............

246

8,935

Bel

Fuse,

Inc.,

Class

B,

NVS

...........

10,030

376,927

Belden,

Inc.

......................

44,778

3,885,387

Benchmark

Electronics,

Inc.

...........

46,337

1,097,724

CDW

Corp.

.......................

136,743

26,649,843

Cemtrex,

Inc.

(a)(b)

...................

23

190

ClearSign

Technologies

Corp.

(a)

.........

7,116

5,679

Coda

Octopus

Group,

Inc.

(a)(b)

..........

44,926

325,713

Cognex

Corp.

.....................

174,472

8,645,088

Coherent

Corp.

(a)(b)

..................

140,527

5,351,268

Corning,

Inc.

......................

776,171

27,383,313

CTS

Corp.

.......................

38,713

1,914,745

Data

I/O

Corp.

(a)

....................

9

45

Digital

Ally,

Inc.

(a)(b)

..................

75,560

349,087

ePlus,

Inc.

(a)

......................

27,214

1,334,575

Fabrinet

(a)

........................

36,468

4,330,940

FARO

Technologies,

Inc.

(a)

.............

18,066

444,604

Frequency

Electronics,

Inc.

............

9

62

Identiv,

Inc.

(a)(b)

.....................

22,259

136,670

Insight

Enterprises,

Inc.

(a)(b)

............

29,341

4,194,589

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

IPG

Photonics

Corp.

(a)

...............

34,828

$

4,294,641

Iteris,

Inc.

(a)

.......................

27,122

127,202

Itron,

Inc.

(a)

.......................

54,655

3,030,620

Jabil,

Inc.

(b)

.......................

136,401

12,025,112

Keysight

Technologies,

Inc.

(a)

...........

181,053

29,236,438

Kimball

Electronics,

Inc.

(a)(b)

............

20,879

503,184

Knowles

Corp.

(a)(b)

..................

92,460

1,571,820

LGL

Group,

Inc.

(The)

(a)(b)

.............

449

1,922

LightPath

Technologies,

Inc.,

Class

A

(a)

....

9,920

13,987

Lightwave

Logic,

Inc.

(a)(b)

..............

118,117

617,752

Littelfuse,

Inc.

.....................

25,667

6,881,066

Methode

Electronics,

Inc.

.............

36,582

1,605,218

MicroVision,

Inc.

(a)(b)

.................

148,135

395,520

Mirion

Technologies,

Inc.,

Class

A

(a)(b)

.....

165,399

1,412,507

M-Tron

Industries,

Inc.

(a)(b)

.............

224

2,408

Napco

Security

Technologies,

Inc.

(a)

......

37,701

1,416,804

National

Instruments

Corp.

............

129,586

6,791,602

Neonode,

Inc.

(a)(b)

...................

2,003

15,243

nLight,

Inc.

(a)

......................

42,556

433,220

Novanta,

Inc.

(a)(b)

...................

35,790

5,693,831

OSI

Systems,

Inc.

(a)

.................

16,257

1,664,066

Ouster,

Inc.,

Class

A

(a)(b)

..............

246,236

206,026

PAR

Technology

Corp.

(a)(b)

.............

38,833

1,318,769

PC

Connection,

Inc.

.................

16,321

733,792

Plexus

Corp.

(a)

.....................

27,077

2,641,903

Powerfleet,

Inc.

(a)(b)

..................

18,032

61,850

Research

Frontiers,

Inc.

(a)(b)

............

18,351

31,380

Rogers

Corp.

(a)

....................

18,013

2,943,865

Sanmina

Corp.

(a)

...................

57,330

3,496,557

ScanSource,

Inc.

(a)

..................

28,676

872,897

SmartRent,

Inc.,

Class

A

(a)(b)

............

154,118

393,001

TD

SYNNEX

Corp.

..................

43,015

4,163,422

TE

Connectivity

Ltd.

.................

320,175

41,990,951

Teledyne

Technologies,

Inc.

(a)

...........

48,072

21,505,490

Tingo

Group,

Inc.

(a)(b)

.................

51,903

54,498

Trimble,

Inc.

(a)(b)

....................

254,179

13,324,063

TTM

Technologies,

Inc.

(a)

..............

102,586

1,383,885

Vishay

Intertechnology,

Inc.

............

128,399

2,904,385

Vishay

Precision

Group,

Inc.

(a)

..........

9,860

411,754

Vontier

Corp.

......................

163,141

4,460,275

Wireless

Telecom

Group,

Inc.

(a)

.........

18

33

Zebra

Technologies

Corp.,

Class

A

(a)

......

53,565

17,033,670

352,227,842

Energy

Equipment

&

Services

—

0.5%

Archrock,

Inc.

.....................

136,668

1,335,246

Baker

Hughes

Co.,

Class

A

............

1,024,592

29,569,725

Bristow

Group,

Inc.

(a)

................

34,830

780,192

Cactus,

Inc.,

Class

A

................

65,542

2,702,297

ChampionX

Corp.

..................

202,005

5,480,396

Core

Laboratories

NV

(b)

...............

45,280

998,424

Diamond

Offshore

Drilling,

Inc.

(a)

.........

94,792

1,141,296

DMC

Global,

Inc.

(a)(b)

.................

15,954

350,509

Dril-Quip,

Inc.

(a)

....................

34,797

998,326

ENGlobal

Corp.

(a)(b)

..................

17,556

8,418

Enservco

Corp.

(a)(b)

..................

36

17

Expro

Group

Holdings

NV

(a)

............

81,171

1,490,300

Geospace

Technologies

Corp.

(a)

.........

18

127

Gulf

Island

Fabrication,

Inc.

(a)(b)

..........

10,004

37,015

Halliburton

Co.

....................

931,388

29,469,116

Helix

Energy

Solutions

Group,

Inc.

(a)

......

138,151

1,069,289

Helmerich

&

Payne,

Inc.

..............

108,844

3,891,173

Independence

Contract

Drilling,

Inc.

(a)

.....

1,071

3,492

KLX

Energy

Services

Holdings,

Inc.

(a)

.....

18

210

Liberty

Energy,

Inc.,

Class

A

...........

158,836

2,034,689

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

Mammoth

Energy

Services,

Inc.

(a)

........

27

$

114

MIND

Technology,

Inc.

(a)

..............

9,773

5,017

Nabors

Industries

Ltd.

(a)

..............

11,352

1,383,922

Natural

Gas

Services

Group,

Inc.

(a)(b)

......

60,222

620,889

Newpark

Resources,

Inc.

(a)

............

90

347

NexTier

Oilfield

Solutions,

Inc.

(a)(b)

........

166,302

1,322,101

Nine

Energy

Service,

Inc.

(a)(b)

...........

18

100

Noble

Corp.

plc

(a)(b)

..................

96,766

3,819,354

NOV,

Inc.

........................

413,338

7,650,886

Oceaneering

International,

Inc.

(a)

........

108,340

1,910,034

Oil

States

International,

Inc.

(a)

...........

70,822

589,947

Patterson-UTI

Energy,

Inc.

............

225,093

2,633,588

ProFrac

Holding

Corp.,

Class

A

(a)(b)

.......

35,322

447,530

ProPetro

Holding

Corp.

(a)

..............

83,458

600,063

Ranger

Energy

Services,

Inc.

(a)

.........

5,768

58,776

RPC,

Inc.

........................

84,177

647,321

Schlumberger

NV

..................

1,446,876

71,041,612

SEACOR

Marine

Holdings,

Inc.

(a)

........

45,984

349,938

Select

Energy

Services,

Inc.,

Class

A

.....

175,578

1,222,023

Smart

Sand,

Inc.

(a)

..................

144

253

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

..

36

307

Superior

Drilling

Products,

Inc.

(a)(b)

........

9

8

TechnipFMC

plc

(a)

..................

456,702

6,233,982

Tidewater,

Inc.

(a)(b)

..................

50,664

2,233,269

Transocean

Ltd.

(a)(b)

.................

672,654

4,278,079

US

Silica

Holdings,

Inc.

(a)

.............

71,059

848,444

Valaris

Ltd.

(a)(b)

.....................

62,052

4,037,103

Weatherford

International

plc

(a)

..........

65,259

3,873,122

197,168,386

Entertainment

—

1.4%

Activision

Blizzard,

Inc.

...............

723,737

61,944,650

AMC

Entertainment

Holdings,

Inc.,

Class

A

(a)(b)

507,680

2,543,477

Chicken

Soup

For

The

Soul

Entertainment,

Inc.

(a)

.........................

4,116

8,232

Cinedigm

Corp.,

Class

A

(a)(b)

............

90,074

37,831

Cinemark

Holdings,

Inc.

(a)(b)

............

108,927

1,611,030

CuriosityStream,

Inc.,

Class

A

(a)

.........

63

85

Electronic

Arts,

Inc.

.................

263,378

31,723,880

Endeavor

Group

Holdings,

Inc.,

Class

A

(a)(b)

.

177,232

4,241,162

Gaia,

Inc.,

Class

A

(a)(b)

................

18

50

Genius

Brands

International,

Inc.

(a)

.......

45

123

Liberty

Media

Corp.-Liberty

Braves,

Class

A

(a)(b)

19,699

681,191

Liberty

Media

Corp.-Liberty

Braves,

Class

C,

NVS

(a)

........................

35,861

1,208,157

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A

(a)

......................

24,227

1,635,323

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C,

NVS

(a)

..................

211,410

15,819,810

Lions

Gate

Entertainment

Corp.,

Class

A

(a)(b)

.

57,423

635,673

Lions

Gate

Entertainment

Corp.,

Class

B,

NVS

(a)

........................

116,121

1,205,336

Live

Nation

Entertainment,

Inc.

(a)

........

144,764

10,133,480

LiveOne,

Inc.

(a)(b)

...................

90

103

Madison

Square

Garden

Entertainment

Corp.

(a)

(b)

...........................

26,037

1,538,005

Madison

Square

Garden

Sports

Corp.

.....

17,818

3,471,837

Marcus

Corp.

(The)

(b)

................

29,340

469,440

Netflix,

Inc.

(a)

......................

453,768

156,767,769

Playtika

Holding

Corp.

(a)

..............

103,466

1,165,027

ROBLOX

Corp.,

Class

A

(a)(b)

............

371,547

16,712,184

Roku,

Inc.,

Class

A

(a)(b)

...............

126,038

8,295,821

Sciplay

Corp.,

Class

A

(a)(b)

.............

35,258

597,976

Skillz,

Inc.,

Class

A

(a)(b)

...............

278,692

165,320

Take-Two

Interactive

Software,

Inc.

(a)

......

161,877

19,311,926

Security

Shares

Shares

Value

Entertainment

(continued)

Walt

Disney

Co.

(The)

(a)

..............

1,862,068

$

186,448,869

Warner

Bros

Discovery,

Inc.

(a)(b)

.........

2,262,063

34,157,151

Warner

Music

Group

Corp.,

Class

A

......

118,081

3,940,363

World

Wrestling

Entertainment,

Inc.,

Class

A

41,710

3,806,455

570,277,736

Financial

Services

—

4.0%

Acacia

Research

Corp.

(a)(b)

.............

30,005

115,819

Affirm

Holdings,

Inc.,

Class

A

(a)(b)

.........

221,210

2,493,037

Alerus

Financial

Corp.

...............

17,004

272,914

A-Mark

Precious

Metals,

Inc.

...........

20,718

717,879

Apollo

Global

Management,

Inc.

.........

447,759

28,280,458

AvidXchange

Holdings,

Inc.

(a)

...........

161,725

1,261,455

Berkshire

Hathaway,

Inc.,

Class

B

(a)

......

1,833,826

566,230,454

Block,

Inc.,

Class

A

(a)(b)

...............

550,248

37,774,525

Cannae

Holdings,

Inc.

(a)

..............

82,087

1,656,516

Cantaloupe,

Inc.

(a)

..................

85,352

486,506

Cass

Information

Systems,

Inc.

.........

10,607

459,389

Enact

Holdings,

Inc.

.................

29,551

675,536

Equitable

Holdings,

Inc.

..............

349,288

8,868,422

Essent

Group

Ltd.

..................

109,105

4,369,655

Euronet

Worldwide,

Inc.

(a)(b)

............

50,790

5,683,401

EVERTEC,

Inc.

....................

63,526

2,144,003

Federal

Agricultural

Mortgage

Corp.,

Class

C,

NVS

.........................

9,137

1,216,957

Fidelity

National

Information

Services,

Inc.

..

605,558

32,899,966

Fiserv,

Inc.

(a)

......................

647,116

73,143,522

FleetCor

Technologies,

Inc.

(a)(b)

..........

76,410

16,111,049

FlexShopper,

Inc.

(a)

.................

9

8

Flywire

Corp.

(a)

....................

63,832

1,874,108

Global

Payments,

Inc.

...............

269,137

28,323,978

I3

Verticals,

Inc.,

Class

A

(a)(b)

...........

33,851

830,365

Impac

Mortgage

Holdings,

Inc.

(a)

.........

9

3

International

Money

Express,

Inc.

(a)

.......

39,239

1,011,581

Jack

Henry

&

Associates,

Inc.

..........

74,738

11,264,511

Jackson

Financial,

Inc.,

Class

A

.........

59,755

2,235,435

LM

Funding

America,

Inc.

(a)

............

2,949

2,301

Marqeta,

Inc.,

Class

A

(a)

..............

446,667

2,041,268

Mastercard,

Inc.,

Class

A

..............

858,183

311,872,284

Merchants

Bancorp

.................

30,760

800,990

MGIC

Investment

Corp.

..............

300,606

4,034,133

MoneyGram

International,

Inc.

(a)(b)

........

91,493

953,357

Mr

Cooper

Group,

Inc.

(a)

..............

71,567

2,932,100

NMI

Holdings,

Inc.,

Class

A

(a)

...........

80,148

1,789,705

Payoneer

Global,

Inc.

(a)

...............

192,400

1,208,272

PayPal

Holdings,

Inc.

(a)

...............

1,157,247

87,881,337

Paysign,

Inc.

(a)(b)

....................

36

131

PennyMac

Financial

Services,

Inc.

.......

29,291

1,746,037

Radian

Group,

Inc.

..................

165,839

3,665,042

Remitly

Global,

Inc.

(a)(b)

...............

94,895

1,608,470

Repay

Holdings

Corp.,

Class

A

(a)

........

90,961

597,614

Rocket

Cos.,

Inc.,

Class

A

(a)(b)

...........

148,012

1,340,989

Shift4

Payments,

Inc.,

Class

A

(a)(b)

........

53,503

4,055,527

TFS

Financial

Corp.

.................

63,927

807,398

Toast,

Inc.,

Class

A

(a)(b)

...............

325,159

5,771,572

Usio,

Inc.

(a)

.......................

7,698

13,395

UWM

Holdings

Corp.,

Class

A

(b)

.........

92,585

454,592

Velocity

Financial,

Inc.

(a)

..............

72,198

651,948

Visa,

Inc.,

Class

A

..................

1,651,714

372,395,438

Voya

Financial,

Inc.

.................

96,181

6,873,094

Walker

&

Dunlop,

Inc.

................

31,191

2,375,819

Waterstone

Financial,

Inc.

.............

29,663

448,801

Western

Union

Co.

(The)

.............

352,566

3,931,111

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Financial

Services

(continued)

WEX,

Inc.

(a)

.......................

43,961

$

8,083,988

1,658,738,165

Food

Products

—

1.1%

Alico,

Inc.

........................

16,389

396,614

AppHarvest,

Inc.

(a)

..................

61,020

37,363

Arcadia

Biosciences,

Inc.

(a)

............

2

15

Archer-Daniels-Midland

Co.

............

554,297

44,155,299

B&G

Foods,

Inc.

(b)

..................

80,181

1,245,211

Benson

Hill,

Inc.

(a)

..................

217,551

250,184

Beyond

Meat,

Inc.

(a)(b)

................

60,528

982,369

Bunge

Ltd.

.......................

152,929

14,607,778

Calavo

Growers,

Inc.

................

19,608

564,122

Cal-Maine

Foods,

Inc.

................

36,041

2,194,536

Campbell

Soup

Co.

.................

196,284

10,791,694

Conagra

Brands,

Inc.

................

485,854

18,248,676

Darling

Ingredients,

Inc.

(a)(b)

............

163,925

9,573,220

Farmer

Bros

Co.

(a)(b)

.................

6,760

26,094

Flowers

Foods,

Inc.

.................

207,489

5,687,273

Fresh

Del

Monte

Produce,

Inc.

..........

33,556

1,010,371

Freshpet,

Inc.

(a)(b)

...................

48,971

3,241,390

General

Mills,

Inc.

..................

597,990

51,104,225

Hain

Celestial

Group,

Inc.

(The)

(a)(b)

.......

91,259

1,565,092

Hershey

Co.

(The)

..................

147,660

37,566,181

Hormel

Foods

Corp.

.................

299,287

11,935,566

Hostess

Brands,

Inc.,

Class

A

(a)

.........

135,803

3,378,779

Ingredion,

Inc.

.....................

65,913

6,705,329

J

&

J

Snack

Foods

Corp.

..............

16,827

2,494,098

JM

Smucker

Co.

(The)

...............

109,336

17,206,206

John

B

Sanfilippo

&

Son,

Inc.

...........

10,990

1,065,151

Kellogg

Co.

(b)

.....................

256,180

17,153,813

Kraft

Heinz

Co.

(The)

................

805,845

31,162,026

Lamb

Weston

Holdings,

Inc.

...........

143,346

14,982,524

Lancaster

Colony

Corp.

..............

20,528

4,164,721

Limoneira

Co.

.....................

9,777

162,885

McCormick

&

Co.,

Inc.,

NVS

...........

260,115

21,644,169

Mission

Produce,

Inc.

(a)

...............

51,740

574,831

Mondelez

International,

Inc.,

Class

A

......

1,377,532

96,041,531

Pilgrim's

Pride

Corp.

(a)

...............

36,421

844,239

Post

Holdings,

Inc.

(a)

.................

53,123

4,774,164

RiceBran

Technologies

(a)

..............

915

851

Rocky

Mountain

Chocolate

Factory,

Inc.

(a)

..

9

48

S&W

Seed

Co.

(a)

...................

45

65

Seaboard

Corp.

....................

260

980,203

Seneca

Foods

Corp.,

Class

A

(a)

.........

8,402

439,173

Simply

Good

Foods

Co.

(The)

(a)

.........

84,869

3,375,240

Sovos

Brands,

Inc.

(a)(b)

...............

53,676

895,316

Tattooed

Chef,

Inc.,

Class

A

(a)(b)

.........

72

102

Tootsie

Roll

Industries,

Inc.

............

18,490

830,386

TreeHouse

Foods,

Inc.

(a)

..............

51,004

2,572,132

Tyson

Foods,

Inc.,

Class

A

............

290,031

17,204,639

Utz

Brands,

Inc.,

Class

A

(b)

............

87,061

1,433,895

Vital

Farms,

Inc.

(a)

..................

20,634

315,700

Whole

Earth

Brands,

Inc.,

Class

A

(a)

......

63

161

465,585,650

Gas

Utilities

—

0.1%

Atmos

Energy

Corp.

.................

143,051

16,073,210

Chesapeake

Utilities

Corp.

............

16,100

2,060,639

National

Fuel

Gas

Co.

...............

94,020

5,428,715

New

Jersey

Resources

Corp.

...........

97,458

5,184,766

Northwest

Natural

Holding

Co.

..........

51,127

2,431,600

ONE

Gas,

Inc.

.....................

54,001

4,278,499

Southwest

Gas

Holdings,

Inc.

..........

64,458

4,025,402

Spire,

Inc.

........................

52,899

3,710,336

Security

Shares

Shares

Value

Gas

Utilities

(continued)

UGI

Corp.

........................

216,169

$

7,514,034

50,707,201

Ground

Transportation

—

1.0%

ArcBest

Corp.

.....................

26,586

2,457,078

Avis

Budget

Group,

Inc.

(a)

.............

25,205

4,909,934

Covenant

Logistics

Group,

Inc.,

Class

A

....

8,412

297,953

CSX

Corp.

.......................

2,129,276

63,750,523

Daseke,

Inc.

(a)

.....................

111,571

862,444

FTAI

Infrastructure,

Inc.

...............

100,116

300,348

Heartland

Express,

Inc.

...............

47,435

755,165

Hertz

Global

Holdings,

Inc.

(a)(b)

..........

174,689

2,845,684

JB

Hunt

Transport

Services,

Inc.

........

84,332

14,796,893

Knight-Swift

Transportation

Holdings,

Inc.

..

166,231

9,405,350

Landstar

System,

Inc.

(b)

...............

37,730

6,763,480

Lyft,

Inc.,

Class

A

(a)

..................

337,162

3,125,492

Marten

Transport

Ltd.

................

66,157

1,385,989

Norfolk

Southern

Corp.

...............

231,053

48,983,236

Old

Dominion

Freight

Line,

Inc.

.........

91,828

31,298,655

RXO,

Inc.

(a)(b)

......................

116,601

2,290,044

Ryder

System,

Inc.

..................

48,782

4,353,306

Saia,

Inc.

(a)(b)

......................

26,658

7,253,109

Schneider

National,

Inc.,

Class

B

........

45,788

1,224,829

TuSimple

Holdings,

Inc.,

Class

A

(a)(b)

......

143,715

211,261

Uber

Technologies,

Inc.

(a)(b)

............

2,039,550

64,653,735

U-Haul

Holding

Co.

.................

96,943

5,077,561

Union

Pacific

Corp.

.................

621,234

125,029,555

Werner

Enterprises,

Inc.

..............

58,154

2,645,425

XPO,

Inc.

(a)

.......................

114,300

3,646,170

408,323,219

Health

Care

Equipment

&

Supplies

—

2.8%

Abbott

Laboratories

.................

1,779,630

180,205,334

Accelerate

Diagnostics,

Inc.

(a)(b)

.........

28,134

19,694

Acutus

Medical,

Inc.

(a)

................

19,259

14,521

Aethlon

Medical,

Inc.

(a)

...............

415

160

Align

Technology,

Inc.

(a)

...............

74,028

24,735,716

Alphatec

Holdings,

Inc.

(a)

..............

70,340

1,097,304

AngioDynamics,

Inc.

(a)

...............

49,293

509,690

Apollo

Endosurgery,

Inc.

(a)

.............

36

357

Apyx

Medical

Corp.

(a)(b)

...............

31,222

89,919

Artivion,

Inc.

(a)

.....................

54,220

710,282

Asensus

Surgical,

Inc.

(a)(b)

.............

228,256

150,192

Aspira

Women's

Health,

Inc.

(a)(b)

.........

42,731

15,640

AtriCure,

Inc.

(a)

....................

47,429

1,965,932

Atrion

Corp.

......................

1,560

979,540

Avanos

Medical,

Inc.

(a)

...............

51,328

1,526,495

AxoGen,

Inc.

(a)

.....................

44,374

419,334

Axonics,

Inc.

(a)

.....................

55,662

3,036,919

Baxter

International,

Inc.

..............

520,477

21,110,547

Becton

Dickinson

&

Co.

..............

288,003

71,292,263

Beyond

Air,

Inc.

(a)(b)

..................

18,517

124,990

Biolase,

Inc.

(a)

.....................

81

23

Biomerica,

Inc.

(a)(b)

..................

8,043

15,040

Bioventus,

Inc.,

Class

A

(a)

.............

117

125

Boston

Scientific

Corp.

(a)

..............

1,449,056

72,496,272

Butterfly

Network,

Inc.,

Class

A

(a)(b)

.......

134,988

253,777

Cardiovascular

Systems,

Inc.

(a)

..........

42,517

844,388

Cerus

Corp.

(a)(b)

....................

216,358

642,583

Chembio

Diagnostics,

Inc.

(a)(b)

..........

8,950

3,958

ClearPoint

Neuro,

Inc.

(a)(b)

.............

77,291

652,336

Co-Diagnostics,

Inc.

(a)(b)

...............

36

53

Conformis,

Inc.

(a)

...................

3,179

5,086

CONMED

Corp.

....................

30,911

3,210,416

Cooper

Cos.,

Inc.

(The)

..............

50,975

19,032,026

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Cutera,

Inc.

(a)

.....................

18,034

$

425,963

CytoSorbents

Corp.

(a)(b)

...............

26,348

88,793

Dentsply

Sirona,

Inc.

................

218,125

8,567,950

Dexcom,

Inc.

(a)

....................

394,356

45,816,280

Eargo,

Inc.

(a)

......................

9

42

Edwards

Lifesciences

Corp.

(a)

..........

629,747

52,098,969

Ekso

Bionics

Holdings,

Inc.

(a)

...........

18

30

ElectroCore,

Inc.

(a)(b)

.................

2,221

12,216

Electromed,

Inc.

(a)

..................

9

94

Embecta

Corp.

....................

56,884

1,599,578

Enovis

Corp.

(a)(b)

....................

53,417

2,857,275

Envista

Holdings

Corp.

(a)(b)

.............

163,564

6,686,496

Figs,

Inc.,

Class

A

(a)(b)

................

133,223

824,650

GE

HealthCare

Technologies,

Inc.

(a)

......

369,640

30,321,569

Glaukos

Corp.

(a)(b)

...................

55,048

2,757,905

Globus

Medical,

Inc.,

Class

A

(a)

.........

78,496

4,446,013

Haemonetics

Corp.

(a)

................

53,135

4,396,921

Helius

Medical

Technologies,

Inc.

(a)(b)

......

1,941

503

Heska

Corp.

(a)

.....................

9,576

934,809

Hologic,

Inc.

(a)

.....................

248,104

20,021,993

ICU

Medical,

Inc.

(a)(b)

.................

20,118

3,318,665

IDEXX

Laboratories,

Inc.

(a)

.............

84,598

42,305,768

Inari

Medical,

Inc.

(a)

.................

49,453

3,053,228

Inogen,

Inc.

(a)

.....................

18,378

229,357

Inspire

Medical

Systems,

Inc.

(a)

.........

29,292

6,856,378

Insulet

Corp.

(a)(b)

....................

70,375

22,446,810

Integer

Holdings

Corp.

(a)(b)

.............

36,734

2,846,885

Integra

LifeSciences

Holdings

Corp.

(a)

.....

72,020

4,134,668

Intuitive

Surgical,

Inc.

(a)

...............

357,200

91,253,884

InVivo

Therapeutics

Holdings

Corp.

(a)

.....

1

1

iRhythm

Technologies,

Inc.

(a)

...........

31,715

3,933,611

IRIDEX

Corp.

(a)

....................

9,632

20,035

Kewaunee

Scientific

Corp.

(a)

...........

262

4,121

KORU

Medical

Systems,

Inc.

(a)

..........

17,394

73,403

Lantheus

Holdings,

Inc.

(a)

.............

70,384

5,810,903

LeMaitre

Vascular,

Inc.

...............

25,172

1,295,603

LENSAR,

Inc.

(a)

....................

9

22

LivaNova

plc

(a)

.....................

55,648

2,425,140

LogicMark,

Inc.

(a)

...................

25

4

Masimo

Corp.

(a)(b)

...................

49,039

9,049,657

Medtronic

plc

.....................

1,353,603

109,127,474

Merit

Medical

Systems,

Inc.

(a)

...........

57,703

4,267,137

Mesa

Laboratories,

Inc.

..............

5,009

875,223

Microbot

Medical,

Inc.

(a)(b)

.............

17

35

Milestone

Scientific,

Inc.

(a)(b)

............

9,820

8,838

Motus

GI

Holdings,

Inc.

(a)(b)

............

530

514

Neogen

Corp.

(a)

....................

225,784

4,181,520

NeuroMetrix,

Inc.

(a)

..................

10

15

Neuronetics,

Inc.

(a)(b)

.................

36

105

Nevro

Corp.

(a)

.....................

38,039

1,375,110

Novocure

Ltd.

(a)(b)

...................

93,112

5,599,756

NuVasive,

Inc.

(a)

....................

53,072

2,192,404

Omnicell,

Inc.

(a)(b)

...................

43,863

2,573,442

OraSure

Technologies,

Inc.

(a)

...........

65,213

394,539

Orthofix

Medical,

Inc.

(a)(b)

..............

41,173

689,648

OrthoPediatrics

Corp.

(a)

...............

15,814

700,402

Outset

Medical,

Inc.

(a)(b)

...............

48,921

900,146

Owlet,

Inc.,

Class

A

(a)

................

171

55

Paragon

28,

Inc.

(a)

..................

25,620

437,333

PAVmed,

Inc.

(a)

....................

126

47

Penumbra,

Inc.

(a)(b)

..................

39,666

11,054,518

Predictive

Oncology,

Inc.

(a)

.............

6

2

PROCEPT

BioRobotics

Corp.

(a)(b)

........

41,545

1,179,878

Pro-Dex,

Inc.

(a)(b)

...................

613

10,145

Pulmonx

Corp.

(a)

...................

39,450

441,051

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

QuidelOrtho

Corp.

(a)

.................

54,515

$

4,856,741

ResMed,

Inc.

.....................

149,165

32,665,643

Rockwell

Medical,

Inc.

(a)(b)

.............

5,817

10,529

Senseonics

Holdings,

Inc.

(a)(b)

...........

421,429

299,215

Shockwave

Medical,

Inc.

(a)(b)

...........

36,631

7,942,700

SI-BONE,

Inc.

(a)

....................

33,820

665,239

Sientra,

Inc.

(a)(b)

....................

11,315

17,425

Sight

Sciences,

Inc.

(a)(b)

...............

27,397

239,450

Silk

Road

Medical,

Inc.

(a)

..............

43,321

1,695,151

SiNtx

Technologies,

Inc.

(a)

.............

1

2

SmileDirectClub,

Inc.,

Class

A

(a)(b)

........

76,192

32,763

STAAR

Surgical

Co.

(a)(b)

...............

50,765

3,246,422

Stereotaxis,

Inc.

(a)(b)

.................

41,977

85,633

STERIS

plc

.......................

102,348

19,577,125

Strata

Skin

Sciences,

Inc.

(a)(b)

...........

1,191

1,310

Stryker

Corp.

.....................

342,801

97,859,402

Surgalign

Holdings,

Inc.

(a)(b)

............

1,805

2,888

Surmodics,

Inc.

(a)

...................

14,074

320,606

Tactile

Systems

Technology,

Inc.

(a)

.......

17,892

293,787

Tandem

Diabetes

Care,

Inc.

(a)(b)

.........

68,471

2,780,607

Tela

Bio,

Inc.

(a)(b)

....................

3,109

33,080

Teleflex,

Inc.

......................

48,766

12,352,915

ThermoGenesis

Holdings,

Inc.

(a)

.........

1

3

TransMedics

Group,

Inc.

(a)(b)

............

33,010

2,499,847

Treace

Medical

Concepts,

Inc.

(a)

.........

46,259

1,165,264

UFP

Technologies,

Inc.

(a)(b)

.............

8,451

1,097,278

Vapotherm,

Inc.

(a)(b)

..................

45

30

Varex

Imaging

Corp.

(a)

...............

37,255

677,668

Venus

Concept,

Inc.

(a)(b)

...............

15,783

3,460

ViewRay,

Inc.

(a)

....................

140,576

486,393

Vivani

Medical,

Inc.

(a)(b)

...............

293,596

293,596

VolitionRX

Ltd.

(a)(b)

..................

9,812

18,741

Xtant

Medical

Holdings,

Inc.

(a)

..........

143

91

Zimmer

Biomet

Holdings,

Inc.

..........

213,157

27,539,884

Zimvie,

Inc.

(a)

......................

20,949

151,461

Zomedica

Corp.

(a)(b)

.................

1,026

217

Zynex,

Inc.

(a)

......................

16,642

199,704

1,151,198,711

Health

Care

Providers

&

Services

—

2.8%

23andMe

Holding

Co.,

Class

A

(a)(b)

.......

373,291

851,103

Acadia

Healthcare

Co.,

Inc.

(a)

...........

96,335

6,960,204

Accolade,

Inc.

(a)(b)

...................

57,402

825,441

AdaptHealth

Corp.

(a)(b)

................

77,291

960,727

Addus

HomeCare

Corp.

(a)(b)

............

16,501

1,761,647

Agiliti,

Inc.

(a)(b)

.....................

36,116

577,134

agilon

health,

Inc.

(a)(b)

................

199,315

4,733,731

Alignment

Healthcare,

Inc.

(a)

...........

83,724

532,485

Amedisys,

Inc.

(a)

...................

34,448

2,533,650

AmerisourceBergen

Corp.

.............

164,141

26,280,616

AMN

Healthcare

Services,

Inc.

(a)

.........

45,918

3,809,357

Apollo

Medical

Holdings,

Inc.

(a)(b)

.........

37,630

1,372,366

Brookdale

Senior

Living,

Inc.

(a)(b)

.........

236,744

698,395

Cano

Health,

Inc.,

Class

A

(a)(b)

..........

234

213

Cardinal

Health,

Inc.

.................

263,026

19,858,463

CareMax,

Inc.,

Class

A

(a)

..............

99

264

Castle

Biosciences,

Inc.

(a)

.............

27,608

627,254

Centene

Corp.

(a)

...................

566,554

35,811,878

Chemed

Corp.

.....................

15,109

8,124,865

Cigna

Group

(The)

..................

303,632

77,587,085

Clover

Health

Investments

Corp.

(a)(b)

......

275,962

233,215

Community

Health

Systems,

Inc.

(a)

.......

126,188

618,321

CorVel

Corp.

(a)

.....................

9,243

1,758,758

Cross

Country

Healthcare,

Inc.

(a)

........

35,556

793,610

CVS

Health

Corp.

..................

1,307,836

97,185,293

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

DaVita,

Inc.

(a)(b)

....................

56,863

$

4,612,158

DocGo,

Inc.

(a)

.....................

99,133

857,500

Elevance

Health,

Inc.

................

242,906

111,690,608

Encompass

Health

Corp.

.............

101,519

5,492,178

Enhabit,

Inc.

(a)(b)

....................

50,451

701,773

Ensign

Group,

Inc.

(The)

..............

58,298

5,569,791

Enzo

Biochem,

Inc.

(a)(b)

...............

37,350

90,760

Fulgent

Genetics,

Inc.

(a)(b)

.............

17,914

559,275

GeneDx

Holdings

Corp.,

Class

A

(a)(b)

......

954,826

348,511

Great

Elm

Group,

Inc.

(a)

..............

6,972

15,826

Guardant

Health,

Inc.

(a)

...............

111,929

2,623,616

HCA

Healthcare,

Inc.

................

215,376

56,790,344

HealthEquity,

Inc.

(a)

..................

84,703

4,972,913

Henry

Schein,

Inc.

(a)(b)

................

136,612

11,139,342

Hims

&

Hers

Health,

Inc.,

Class

A

(a)

.......

125,457

1,244,533

Humana,

Inc.

.....................

127,371

61,833,526

Invitae

Corp.

(a)(b)

....................

214,696

289,840

Laboratory

Corp.

of

America

Holdings

.....

90,480

20,757,922

LifeStance

Health

Group,

Inc.

(a)(b)

........

74,785

555,653

McKesson

Corp.

...................

138,996

49,489,526

ModivCare,

Inc.

(a)

...................

13,854

1,164,844

Molina

Healthcare,

Inc.

(a)

..............

59,283

15,857,610

National

HealthCare

Corp.

.............

12,847

746,025

National

Research

Corp.

..............

19,506

848,706

NeoGenomics,

Inc.

(a)

................

123,884

2,156,820

Oak

Street

Health,

Inc.

(a)(b)

.............

118,285

4,575,264

Ontrak,

Inc.

(a)(b)

....................

18

9

OPKO

Health,

Inc.

(a)(b)

................

425,508

621,242

Option

Care

Health,

Inc.

(a)

.............

169,452

5,383,490

Owens

&

Minor,

Inc.

(a)

................

83,629

1,216,802

Patterson

Cos.,

Inc.

.................

91,912

2,460,484

Pediatrix

Medical

Group,

Inc.

(a)

..........

91,441

1,363,385

Pennant

Group,

Inc.

(The)

(a)

............

25,218

360,113

PetIQ,

Inc.,

Class

A

(a)(b)

...............

19,962

228,365

Premier,

Inc.,

Class

A

................

122,267

3,957,783

Privia

Health

Group,

Inc.

(a)(b)

............

47,555

1,312,994

Progyny,

Inc.

(a)

.....................

80,932

2,599,536

Psychemedics

Corp.

................

9

47

Quest

Diagnostics,

Inc.

...............

112,393

15,901,362

R1

RCM,

Inc.

(a)

....................

133,748

2,006,220

RadNet,

Inc.

(a)

.....................

54,826

1,372,295

Regional

Health

Properties,

Inc.

(a)

........

885

3,018

Select

Medical

Holdings

Corp.

..........

102,715

2,655,183

Star

Equity

Holdings,

Inc.

(a)(b)

...........

1,268

1,179

Surgery

Partners,

Inc.

(a)(b)

.............

72,458

2,497,627

Talkspace,

Inc.

(a)(b)

..................

198

138

Tenet

Healthcare

Corp.

(a)

..............

112,406

6,679,165

UnitedHealth

Group,

Inc.

..............

953,434

450,583,374

Universal

Health

Services,

Inc.,

Class

B

...

65,918

8,378,178

US

Physical

Therapy,

Inc.

.............

16,215

1,587,611

1,170,650,539

Health

Care

REITs

—

0.3%

CareTrust

REIT,

Inc.

.................

98,218

1,923,108

Community

Healthcare

Trust,

Inc.

........

46,312

1,695,019

Diversified

Healthcare

Trust

............

329,412

444,706

Global

Medical

REIT,

Inc.

.............

54,268

494,382

Healthcare

Realty

Trust,

Inc.,

Class

A

.....

384,527

7,432,907

Healthpeak

Properties,

Inc.

............

575,965

12,653,951

LTC

Properties,

Inc.

.................

57,467

2,018,816

Medical

Properties

Trust,

Inc.

(b)

..........

618,887

5,087,251

National

Health

Investors,

Inc.

..........

44,832

2,312,435

Omega

Healthcare

Investors,

Inc.

........

237,040

6,497,266

Physicians

Realty

Trust

...............

227,628

3,398,486

Sabra

Health

Care

REIT,

Inc.

...........

253,402

2,914,123

Security

Shares

Shares

Value

Health

Care

REITs

(continued)

Universal

Health

Realty

Income

Trust

.....

12,290

$

591,272

Ventas,

Inc.

......................

408,096

17,690,962

Welltower,

Inc.

.....................

481,964

34,551,999

99,706,683

Health

Care

Technology

—

0.1%

American

Well

Corp.,

Class

A

(a)(b)

........

388,422

916,676

CareCloud,

Inc.

(a)

...................

6,982

23,390

Certara,

Inc.

(a)(b)

....................

102,299

2,466,429

Computer

Programs

&

Systems,

Inc.

(a)

.....

9,275

280,105

Definitive

Healthcare

Corp.,

Class

A

(a)(b)

....

40,240

415,679

Doximity,

Inc.,

Class

A

(a)(b)

.............

121,191

3,924,165

Evolent

Health,

Inc.,

Class

A

(a)

..........

93,283

3,027,033

GoodRx

Holdings,

Inc.,

Class

A

(a)

........

63,622

397,638

Health

Catalyst,

Inc.

(a)

................

67,037

782,322

HealthStream,

Inc.

(a)

.................

26,548

719,451

HTG

Molecular

Diagnostics,

Inc.

(a)

.......

9

24

iCAD,

Inc.

(a)(b)

.....................

24,060

29,834

Multiplan

Corp.,

Class

A

(a)

.............

261

277

NextGen

Healthcare,

Inc.

(a)

............

80,097

1,394,489

OptimizeRx

Corp.

(a)

.................

27

395

Phreesia,

Inc.

(a)

....................

54,129

1,747,825

Schrodinger,

Inc.

(a)(b)

.................

63,570

1,673,798

SCWorx

Corp.

(a)

....................

5,712

1,999

Sharecare,

Inc.,

Class

A

(a)(b)

............

284,393

403,838

Simulations

Plus,

Inc.

................

19,525

857,929

Streamline

Health

Solutions,

Inc.

(a)(b)

......

19,135

34,443

Tabula

Rasa

HealthCare,

Inc.

(a)

.........

27

151

Teladoc

Health,

Inc.

(a)(b)

...............

176,080

4,560,472

Veeva

Systems,

Inc.,

Class

A

(a)(b)

........

143,347

26,345,745

Veradigm,

Inc.

(a)

....................

127,428

1,662,935

51,667,042

Hotel

&

Resort

REITs

—

0.1%

Apple

Hospitality

REIT,

Inc.

............

215,431

3,343,489

Ashford

Hospitality

Trust,

Inc.

(a)

.........

27,234

87,421

Braemar

Hotels

&

Resorts,

Inc.

.........

133,180

514,075

Chatham

Lodging

Trust

...............

93,937

985,399

DiamondRock

Hospitality

Co.

...........

195,296

1,587,756

Hersha

Hospitality

Trust,

Class

A

........

45

302

Host

Hotels

&

Resorts,

Inc.

............

728,272

12,009,205

Park

Hotels

&

Resorts,

Inc.

............

244,727

3,024,826

Pebblebrook

Hotel

Trust

(b)

.............

134,721

1,891,483

RLJ

Lodging

Trust

..................

172,691

1,830,525

Ryman

Hospitality

Properties,

Inc.

.......

56,449

5,065,169

Service

Properties

Trust

..............

150,750

1,501,470

Sotherly

Hotels,

Inc.

(a)

................

9

18

Summit

Hotel

Properties,

Inc.

...........

101,798

712,586

Sunstone

Hotel

Investors,

Inc.

..........

226,531

2,238,126

Xenia

Hotels

&

Resorts,

Inc.

...........

103,750

1,358,088

36,149,938

Hotels,

Restaurants

&

Leisure

—

2.3%

Accel

Entertainment,

Inc.,

Class

A

(a)(b)

.....

63,136

575,169

Airbnb,

Inc.,

Class

A

(a)(b)

...............

404,269

50,291,064

Allied

Gaming

&

Entertainment,

Inc.

(a)

.....

9

11

Aramark

.........................

270,324

9,677,599

Ark

Restaurants

Corp.

...............

295

5,103

Bally's

Corp.

(a)(b)

....................

25,638

500,454

BJ's

Restaurants,

Inc.

(a)

...............

26,536

773,259

Bloomin'

Brands,

Inc.

................

89,360

2,292,084

Booking

Holdings,

Inc.

(a)

..............

39,483

104,725,104

Bowlero

Corp.

(a)(b)

...................

34,768

589,318

Boyd

Gaming

Corp.

.................

80,450

5,158,454

Brinker

International,

Inc.

(a)(b)

...........

42,142

1,601,396

Caesars

Entertainment,

Inc.

(a)

..........

225,707

11,016,759

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Canterbury

Park

Holding

Corp.

..........

598

$

14,642

Carnival

Corp.

(a)(b)

...................

1,014,656

10,298,758

Cheesecake

Factory,

Inc.

(The)

.........

61,627

2,160,026

Chipotle

Mexican

Grill,

Inc.

(a)

...........

28,068

47,948,284

Choice

Hotels

International,

Inc.

.........

25,928

3,038,502

Churchill

Downs,

Inc.

(b)

...............

33,371

8,578,016

Chuy's

Holdings,

Inc.

(a)(b)

..............

17,947

643,400

Cracker

Barrel

Old

Country

Store,

Inc.

.....

24,676

2,803,194

Darden

Restaurants,

Inc.

.............

124,366

19,296,629

Dave

&

Buster's

Entertainment,

Inc.

(a)

.....

46,243

1,701,280

Denny's

Corp.

(a)(b)

...................

81,263

906,895

Dine

Brands

Global,

Inc.

..............

17,957

1,214,611

Domino's

Pizza,

Inc.

.................

36,273

11,965,374

DoorDash,

Inc.,

Class

A

(a)

.............

268,851

17,088,170

DraftKings,

Inc.,

Class

A

(a)(b)

............

463,886

8,980,833

Dutch

Bros,

Inc.,

Class

A

(a)(b)

...........

34,894

1,103,697

Everi

Holdings,

Inc.

(a)

................

108,167

1,855,064

Expedia

Group,

Inc.

(a)

................

151,677

14,717,219

Fiesta

Restaurant

Group,

Inc.

(a)

.........

35,989

295,830

Flanigan's

Enterprises,

Inc.

............

198

5,599

Full

House

Resorts,

Inc.

(a)

.............

21,333

154,238

GAN

Ltd.

(a)

.......................

63

81

Golden

Entertainment,

Inc.

(a)

...........

33,446

1,455,235

Hilton

Grand

Vacations,

Inc.

(a)

..........

80,511

3,577,104

Hilton

Worldwide

Holdings,

Inc.

.........

271,518

38,248,741

Hyatt

Hotels

Corp.,

Class

A

(a)(b)

..........

48,822

5,457,811

Inspired

Entertainment,

Inc.

(a)

...........

24,199

309,505

Jack

in

the

Box,

Inc.

.................

21,326

1,867,944

Krispy

Kreme,

Inc.

..................

67,504

1,049,687

Kura

Sushi

USA,

Inc.,

Class

A

(a)(b)

........

3,208

211,215

Las

Vegas

Sands

Corp.

(a)

.............

334,419

19,212,372

Life

Time

Group

Holdings,

Inc.

(a)(b)

........

56,643

904,022

Light

&

Wonder,

Inc.,

Class

A

(a)

..........

94,835

5,694,842

Lindblad

Expeditions

Holdings,

Inc.

(a)(b)

....

24,664

235,788

Marriott

International,

Inc.,

Class

A

.......

274,009

45,496,454

Marriott

Vacations

Worldwide

Corp.

.......

38,348

5,171,611

McDonald's

Corp.

..................

742,889

207,719,193

MGM

Resorts

International

............

323,185

14,355,878

Monarch

Casino

&

Resort,

Inc.

..........

13,540

1,003,991

Noodles

&

Co.,

Class

A

(a)

.............

18,534

89,890

Norwegian

Cruise

Line

Holdings

Ltd.

(a)(b)

...

427,250

5,746,512

ONE

Group

Hospitality,

Inc.

(The)

(a)

.......

17,529

141,985

Papa

John's

International,

Inc.

..........

34,201

2,562,681

Penn

Entertainment,

Inc.

(a)(b)

...........

156,220

4,633,485

Planet

Fitness,

Inc.,

Class

A

(a)

..........

84,187

6,538,804

Playa

Hotels

&

Resorts

NV

(a)(b)

..........

170,081

1,632,778

Portillo's,

Inc.,

Class

A

(a)

..............

48,970

1,046,489

Rave

Restaurant

Group,

Inc.

(a)

..........

3,285

4,796

RCI

Hospitality

Holdings,

Inc.

...........

9,244

722,603

Red

Robin

Gourmet

Burgers,

Inc.

(a)(b)

......

18

258

Red

Rock

Resorts,

Inc.,

Class

A

.........

49,597

2,210,538

Royal

Caribbean

Cruises

Ltd.

(a)

.........

225,561

14,729,133

Rush

Street

Interactive,

Inc.,

Class

A

(a)

....

66,060

205,447

Ruth's

Hospitality

Group,

Inc.

...........

35,830

588,329

Sabre

Corp.

(a)(b)

....................

326,630

1,401,243

SeaWorld

Entertainment,

Inc.

(a)(b)

........

39,986

2,451,542

Shake

Shack,

Inc.,

Class

A

(a)

...........

39,365

2,184,364

Six

Flags

Entertainment

Corp.

(a)

.........

74,419

1,987,731

Soho

House

&

Co.,

Inc.,

Class

A

(a)(b)

......

65,728

429,861

Starbucks

Corp.

....................

1,168,197

121,644,354

Sweetgreen,

Inc.,

Class

A

(a)(b)

...........

71,310

559,070

Target

Hospitality

Corp.

(a)

.............

16,966

222,933

Texas

Roadhouse,

Inc.

...............

67,839

7,330,682

Travel

+

Leisure

Co.

.................

90,965

3,565,828

Vacasa,

Inc.,

Class

A

(a)(b)

..............

135

130

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Vail

Resorts,

Inc.

...................

40,985

$

9,577,375

Wendy's

Co.

(The)

..................

172,834

3,764,325

Wingstop,

Inc.

.....................

30,335

5,568,899

Wyndham

Hotels

&

Resorts,

Inc.

........

92,731

6,291,798

Wynn

Resorts

Ltd.

(a)

.................

105,570

11,814,339

Xponential

Fitness,

Inc.,

Class

A

(a)

.......

25,730

781,935

Yum!

Brands,

Inc.

..................

276,962

36,581,141

950,958,787

Household

Durables

—

0.5%

Aterian,

Inc.

(a)(b)

....................

40,683

34,991

Bassett

Furniture

Industries,

Inc.

........

19,049

339,072

Beazer

Homes

USA,

Inc.

(a)(b)

...........

29,262

464,681

Cavco

Industries,

Inc.

(a)

...............

8,960

2,846,950

Century

Communities,

Inc.

............

28,778

1,839,490

Cricut,

Inc.,

Class

A

(b)

................

28,320

288,864

DR

Horton,

Inc.

....................

317,273

30,994,399

Emerson

Radio

Corp.

(a)

...............

18

10

Ethan

Allen

Interiors,

Inc.

.............

29,158

800,679

Flexsteel

Industries,

Inc.

..............

39,568

762,080

Garmin

Ltd.

.......................

153,797

15,521,193

GoPro,

Inc.,

Class

A

(a)

................

116,683

586,915

Green

Brick

Partners,

Inc.

(a)

............

28,801

1,009,763

Hamilton

Beach

Brands

Holding

Co.,

Class

A

28

287

Helen

of

Troy

Ltd.

(a)(b)

................

23,951

2,279,417

Hooker

Furnishings

Corp.

.............

9,822

178,662

Hovnanian

Enterprises,

Inc.,

Class

A

(a)

.....

6,224

422,236

Installed

Building

Products,

Inc.

.........

23,508

2,680,617

iRobot

Corp.

(a)

.....................

27,469

1,198,747

KB

Home

........................

83,083

3,338,275

La-Z-Boy,

Inc.

.....................

46,292

1,346,171

Leggett

&

Platt,

Inc.

.................

136,753

4,359,686

Lennar

Corp.,

Class

A

................

256,019

26,910,157

Lennar

Corp.,

Class

B

...............

16,241

1,450,484

LGI

Homes,

Inc.

(a)(b)

.................

19,521

2,225,980

Lovesac

Co.

(The)

(a)(b)

................

19,714

569,735

M/I

Homes,

Inc.

(a)(b)

..................

27,746

1,750,495

MDC

Holdings,

Inc.

.................

55,455

2,155,536

Meritage

Homes

Corp.

...............

36,370

4,246,561

Mohawk

Industries,

Inc.

(a)

.............

53,456

5,357,360

Nephros,

Inc.

(a)

....................

4,131

4,503

Newell

Brands,

Inc.

.................

381,286

4,743,198

Nova

Lifestyle,

Inc.

(a)

................

2,790

1,682

NVR,

Inc.

(a)

.......................

3,061

17,056,474

PulteGroup,

Inc.

...................

230,952

13,459,883

Purple

Innovation,

Inc.

(a)(b)

.............

54,591

144,120

Skyline

Champion

Corp.

(a)

.............

52,180

3,925,501

Sonos,

Inc.

(a)(b)

.....................

125,146

2,455,365

Taylor

Morrison

Home

Corp.

(a)

..........

109,925

4,205,730

Tempur

Sealy

International,

Inc.

.........

167,580

6,617,734

Toll

Brothers,

Inc.

...................

106,864

6,415,046

TopBuild

Corp.

(a)

...................

33,126

6,894,846

Traeger,

Inc.

(a)(b)

....................

40,484

166,389

Tri

Pointe

Homes,

Inc.

(a)

..............

106,189

2,688,705

Tupperware

Brands

Corp.

(a)(b)

...........

45

113

Vizio

Holding

Corp.,

Class

A

(a)(b)

.........

81,884

751,695

Vuzix

Corp.

(a)(b)

....................

61,651

255,235

Whirlpool

Corp.

....................

55,353

7,307,703

Yunhong

CTI

Ltd.

(a)

.................

230

366

193,053,781

Household

Products

—

1.3%

Central

Garden

&

Pet

Co.

(a)

............

9

369

Central

Garden

&

Pet

Co.,

Class

A,

NVS

(a)(b)

.

44,857

1,752,563

Church

&

Dwight

Co.,

Inc.

.............

248,625

21,980,936

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Household

Products

(continued)

Clorox

Co.

(The)

...................

124,912

$

19,766,075

Colgate-Palmolive

Co.

...............

840,237

63,143,811

Energizer

Holdings,

Inc.

..............

65,954

2,288,604

Kimberly-Clark

Corp.

................

341,974

45,899,750

Procter

&

Gamble

Co.

(The)

...........

2,408,118

358,063,065

Reynolds

Consumer

Products,

Inc.

.......

49,036

1,348,490

Spectrum

Brands

Holdings,

Inc.

.........

45,513

3,013,871

WD-40

Co.

.......................

16,137

2,873,193

520,130,727

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

AES

Corp.

(The)

...................

681,266

16,404,885

Clearway

Energy,

Inc.,

Class

A

..........

35,780

1,074,474

Clearway

Energy,

Inc.,

Class

C

.........

88,658

2,777,655

Montauk

Renewables,

Inc.

(a)

...........

79,425

625,075

Ormat

Technologies,

Inc.

..............

50,252

4,259,862

Sunnova

Energy

International,

Inc.

(a)(b)

.....

96,157

1,501,972

Vistra

Corp.

......................

379,224

9,101,376

35,745,299

Industrial

Conglomerates

—

0.7%

3M

Co.

..........................

559,275

58,785,395

General

Electric

Co.

(b)

................

1,108,112

105,935,507

Honeywell

International,

Inc.

...........

682,981

130,531,329

295,252,231

Industrial

REITs

—

0.4%

Americold

Realty

Trust,

Inc.

............

271,803

7,732,795

EastGroup

Properties,

Inc.

............

42,876

7,088,260

First

Industrial

Realty

Trust,

Inc.

.........

133,517

7,103,104

Indus

Realty

Trust,

Inc.

(b)

..............

8,639

572,679

Industrial

Logistics

Properties

Trust

.......

81

249

Innovative

Industrial

Properties,

Inc.

......

28,695

2,180,533

LXP

Industrial

Trust

.................

266,266

2,745,202

Plymouth

Industrial

REIT,

Inc.

..........

36,878

774,807

Prologis,

Inc.

......................

941,044

117,414,060

Rexford

Industrial

Realty,

Inc.

..........

189,381

11,296,577

STAG

Industrial,

Inc.

................

175,402

5,932,096

Terreno

Realty

Corp.

................

71,141

4,595,709

167,436,071

Insurance

—

2.2%

Aflac,

Inc.

........................

569,138

36,720,784

Allstate

Corp.

(The)

.................

268,167

29,715,585

Ambac

Financial

Group,

Inc.

(a)

..........

43,855

678,875

American

Equity

Investment

Life

Holding

Co.

70,400

2,568,896

American

Financial

Group,

Inc.

.........

71,678

8,708,877

American

International

Group,

Inc.

.......

756,192

38,081,829

AMERISAFE,

Inc.

..................

19,477

953,399

Aon

plc,

Class

A

...................

209,700

66,116,313

Arch

Capital

Group

Ltd.

(a)

.............

377,476

25,619,296

Argo

Group

International

Holdings

Ltd.

....

38,174

1,118,116

Arthur

J

Gallagher

&

Co.

..............

215,525

41,232,088

Assurant,

Inc.

.....................

54,324

6,522,683

Assured

Guaranty

Ltd.

...............

63,032

3,168,619

Atlantic

American

Corp.

(b)

.............

749

1,835

Axis

Capital

Holdings

Ltd.

.............

80,117

4,367,979

Brighthouse

Financial,

Inc.

(a)

...........

73,900

3,259,729

Brown

&

Brown,

Inc.

.................

239,406

13,746,692

BRP

Group,

Inc.,

Class

A

(a)(b)

...........

75,501

1,922,255

Chubb

Ltd.

.......................

421,688

81,883,376

Cincinnati

Financial

Corp.

.............

161,255

18,073,460

CNA

Financial

Corp.

.................

27,208

1,061,928

CNO

Financial

Group,

Inc.

.............

129,440

2,872,274

Conifer

Holdings,

Inc.

(a)

...............

833

1,283

Donegal

Group,

Inc.,

Class

A

...........

10,734

164,015

Security

Shares

Shares

Value

Insurance

(continued)

eHealth,

Inc.

(a)

.....................

26,009

$

243,444

Employers

Holdings,

Inc.

..............

20,555

856,938

Enstar

Group

Ltd.

(a)

.................

14,344

3,324,796

Erie

Indemnity

Co.,

Class

A,

NVS

........

25,918

6,004,164

Everest

Re

Group

Ltd.

...............

39,880

14,277,838

F&G

Annuities

&

Life,

Inc.

.............

18,993

344,153

FG

Financial

Group,

Inc.,

NVS

(a)

.........

9

24

Fidelity

National

Financial,

Inc.

..........

275,130

9,610,291

First

American

Financial

Corp.

..........

105,352

5,863,892

Genworth

Financial,

Inc.,

Class

A

(a)

.......

438,516

2,201,350

Globe

Life,

Inc.

....................

91,686

10,087,294

GoHealth,

Inc.,

Class

A

(a)(b)

............

3,681

59,927

Goosehead

Insurance,

Inc.,

Class

A

(a)

.....

23,410

1,222,002

Hagerty,

Inc.,

Class

A

(a)(b)

..............

69,286

605,560

Hanover

Insurance

Group,

Inc.

(The)

.....

36,389

4,675,986

Hartford

Financial

Services

Group,

Inc.

(The)

321,733

22,421,573

HCI

Group,

Inc.

....................

8,056

431,802

Hippo

Holdings,

Inc.

(a)(b)

...............

15,262

247,702

Horace

Mann

Educators

Corp.

..........

20,403

683,092

ICC

Holdings,

Inc.

(a)(b)

................

1,139

17,928

James

River

Group

Holdings

Ltd.

........

23,359

482,363

Kemper

Corp.

.....................

64,117

3,504,635

Kingstone

Cos.,

Inc.

.................

8,340

11,426

Kinsale

Capital

Group,

Inc.

............

21,914

6,577,487

Lemonade,

Inc.

(a)(b)

..................

41,608

593,330

Lincoln

National

Corp.

...............

154,978

3,482,356

Loews

Corp.

......................

199,835

11,594,427

Markel

Corp.

(a)

.....................

13,919

17,780,270

Marsh

&

McLennan

Cos.,

Inc.

..........

502,851

83,749,834

MBIA,

Inc.

(a)(b)

.....................

72,546

671,776

Mercury

General

Corp.

...............

29,527

937,187

MetLife,

Inc.

......................

677,334

39,244,732

National

Western

Life

Group,

Inc.,

Class

A

(b)

.

2,907

705,296

Old

Republic

International

Corp.

.........

284,129

7,094,701

Oscar

Health,

Inc.,

Class

A

(a)

...........

181,145

1,184,688

Palomar

Holdings,

Inc.

(a)(b)

.............

24,933

1,376,302

Primerica,

Inc.

(b)

....................

37,116

6,392,860

Principal

Financial

Group,

Inc.

..........

231,993

17,241,720

ProAssurance

Corp.

.................

36,192

668,828

Progressive

Corp.

(The)

..............

595,081

85,132,288

Prudential

Financial,

Inc.

..............

376,855

31,180,983

Reinsurance

Group

of

America,

Inc.

......

68,563

9,102,424

RenaissanceRe

Holdings

Ltd.

..........

44,286

8,872,257

RLI

Corp.

........................

40,983

5,447,050

Root,

Inc.,

Class

A

(a)(b)

................

3,123

14,085

Ryan

Specialty

Holdings,

Inc.,

Class

A

(a)(b)

..

84,552

3,402,372

Safety

Insurance

Group,

Inc.

...........

11,476

855,191

Selective

Insurance

Group,

Inc.

.........

61,914

5,902,262

Selectquote,

Inc.

(a)

..................

124,757

270,723

SiriusPoint

Ltd.

(a)

...................

83,394

677,993

Stewart

Information

Services

Corp.

.......

16,242

655,365

Tiptree,

Inc.

......................

35,619

518,969

Travelers

Cos.,

Inc.

(The)

.............

235,729

40,406,308

Trupanion,

Inc.

(a)(b)

..................

34,372

1,474,215

Unico

American

Corp.

(a)

..............

619

644

United

Fire

Group,

Inc.

...............

20,329

539,735

United

Insurance

Holdings

Corp.

(a)

.......

10,388

29,294

Universal

Insurance

Holdings,

Inc.

.......

26,597

484,597

Unum

Group

......................

192,198

7,603,353

White

Mountains

Insurance

Group

Ltd.

....

2,585

3,560,812

Willis

Towers

Watson

plc

..............

109,941

25,548,090

WR

Berkley

Corp.

..................

207,110

12,894,669

919,607,839

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Interactive

Media

&

Services

—

4.2%

Alphabet,

Inc.,

Class

A

(a)

..............

6,070,359

$

629,678,339

Alphabet,

Inc.,

Class

C,

NVS

(a)

..........

5,274,037

548,499,848

Angi,

Inc.,

Class

A

(a)(b)

................

70,630

160,330

Bumble,

Inc.,

Class

A

(a)

...............

96,183

1,880,378

Cargurus,

Inc.,

Class

A

(a)(b)

.............

101,718

1,900,092

Cars.com,

Inc.

(a)(b)

..................

72,557

1,400,350

DHI

Group,

Inc.

(a)(b)

..................

37,353

144,930

Eventbrite,

Inc.,

Class

A

(a)(b)

............

81,488

699,167

EverQuote,

Inc.,

Class

A

(a)

.............

17,928

249,199

fuboTV,

Inc.

(a)(b)

....................

195,236

236,236

IAC,

Inc.

(a)

........................

85,337

4,403,389

IZEA

Worldwide,

Inc.

(a)(b)

..............

39,446

25,676

Liberty

TripAdvisor

Holdings,

Inc.,

Class

A

(a)

.

72

62

Match

Group,

Inc.

(a)

.................

289,027

11,095,747

MediaAlpha,

Inc.,

Class

A

(a)

............

18,680

279,826

Meta

Platforms,

Inc.,

Class

A

(a)

..........

2,265,274

480,102,172

Pinterest,

Inc.,

Class

A

(a)

..............

606,715

16,545,118

QuinStreet,

Inc.

(a)(b)

..................

46,208

733,321

Rumble,

Inc.

(a)(b)

....................

94,192

941,920

Shutterstock,

Inc.

...................

24,249

1,760,477

Snap,

Inc.,

Class

A,

NVS

(a)(b)

...........

1,001,921

11,231,535

Super

League

Gaming,

Inc.

(a)(b)

..........

24,386

13,529

Travelzoo

(a)(b)

......................

9

54

TripAdvisor,

Inc.

(a)

..................

106,072

2,106,590

TrueCar,

Inc.

(a)

.....................

82,243

189,159

Vimeo,

Inc.

(a)

......................

160,567

614,972

Vinco

Ventures,

Inc.

(a)(b)

...............

567

182

Yelp,

Inc.

(a)

.......................

73,876

2,267,993

Zedge,

Inc.,

Class

B

(a)(b)

...............

10,012

19,523

Ziff

Davis,

Inc.

(a)(b)

...................

46,079

3,596,466

ZipRecruiter,

Inc.,

Class

A

(a)(b)

...........

69,281

1,104,339

ZoomInfo

Technologies,

Inc.

(a)(b)

.........

274,458

6,781,857

1,728,662,776

IT

Services

—

1.3%

Accenture

plc,

Class

A

...............

640,252

182,990,424

Akamai

Technologies,

Inc.

(a)(b)

...........

159,343

12,476,557

BigCommerce

Holdings,

Inc.

(a)

..........

59,549

532,368

Brightcove,

Inc.

(a)(b)

..................

35,668

158,723

Cloudflare,

Inc.,

Class

A

(a)(b)

............

294,980

18,188,467

Cognizant

Technology

Solutions

Corp.,

Class

A

521,562

31,778,773

CSP,

Inc.

........................

681

9,241

DigitalOcean

Holdings,

Inc.

(a)(b)

..........

61,408

2,405,351

DXC

Technology

Co.

(a)

...............

231,406

5,914,737

Edgio,

Inc.

(a)

......................

162

128

EPAM

Systems,

Inc.

(a)

................

58,346

17,445,454

Fastly,

Inc.,

Class

A

(a)(b)

...............

115,604

2,053,127

Gartner,

Inc.

(a)

.....................

80,461

26,211,780

GoDaddy,

Inc.,

Class

A

(a)

..............

157,632

12,251,159

Grid

Dynamics

Holdings,

Inc.,

Class

A

(a)

....

47,490

544,235

Hackett

Group,

Inc.

(The)

.............

26,642

492,344

Inpixon

(a)

........................

1

—

International

Business

Machines

Corp.

....

918,798

120,445,230

Kyndryl

Holdings,

Inc.

(a)

...............

223,551

3,299,613

MongoDB,

Inc.,

Class

A

(a)(b)

............

70,659

16,472,026

Okta,

Inc.,

Class

A

(a)

.................

155,114

13,377,031

Perficient,

Inc.

(a)

....................

36,193

2,612,773

PFSweb,

Inc.

.....................

17,379

73,687

Rackspace

Technology,

Inc.

(a)(b)

.........

54,453

102,372

Snowflake,

Inc.,

Class

A

(a)(b)

............

292,770

45,171,483

Squarespace,

Inc.,

Class

A

(a)(b)

..........

47,869

1,520,798

Thoughtworks

Holding,

Inc.

(a)(b)

..........

50,433

371,187

Tucows,

Inc.,

Class

A

(a)(b)

..............

9

175

Twilio,

Inc.,

Class

A

(a)

................

180,612

12,034,178

Unisys

Corp.

(a)

.....................

68,993

267,693

Security

Shares

Shares

Value

IT

Services

(continued)

VeriSign,

Inc.

(a)

....................

92,494

$

19,546,757

548,747,871

Leisure

Products

—

0.1%

Acushnet

Holdings

Corp.

(b)

............

32,770

1,669,304

American

Outdoor

Brands,

Inc.

(a)(b)

.......

12,608

124,063

AMMO,

Inc.

(a)(b)

....................

117

230

Brunswick

Corp.

...................

73,545

6,030,690

Hasbro,

Inc.

......................

140,179

7,526,210

JAKKS

Pacific,

Inc.

(a)

................

36

623

Johnson

Outdoors,

Inc.,

Class

A

.........

8,420

530,544

Latham

Group,

Inc.

(a)(b)

...............

30,116

86,132

Malibu

Boats,

Inc.,

Class

A

(a)

...........

18,166

1,025,471

Marine

Products

Corp.

...............

29,115

384,027

MasterCraft

Boat

Holdings,

Inc.

(a)

........

17,932

545,671

Mattel,

Inc.

(a)

......................

354,992

6,535,403

Nautilus,

Inc.

(a)(b)

...................

27,430

36,756

Peloton

Interactive,

Inc.,

Class

A

(a)(b)

......

338,910

3,843,239

Polaris,

Inc.

(b)

.....................

54,167

5,992,495

Smith

&

Wesson

Brands,

Inc.

...........

54,243

667,731

Sturm

Ruger

&

Co.,

Inc.

..............

16,049

921,855

Topgolf

Callaway

Brands

Corp.

(a)

........

140,416

3,035,794

Vista

Outdoor,

Inc.

(a)(b)

................

54,848

1,519,838

YETI

Holdings,

Inc.

(a)(b)

...............

87,953

3,518,120

43,994,196

Life

Sciences

Tools

&

Services

—

1.7%

10X

Genomics,

Inc.,

Class

A

(a)(b)

.........

99,879

5,572,249

Adaptive

Biotechnologies

Corp.

(a)(b)

.......

108,736

960,139

Agilent

Technologies,

Inc.

.............

304,195

42,082,336

Applied

DNA

Sciences,

Inc.

(a)

...........

366

414

Avantor,

Inc.

(a)

.....................

684,974

14,480,350

Azenta,

Inc.

(a)

.....................

72,629

3,240,706

BioLife

Solutions,

Inc.

(a)

...............

29,213

635,383

Bionano

Genomics,

Inc.

(a)(b)

............

282,720

313,819

Bio-Rad

Laboratories,

Inc.,

Class

A

(a)(b)

....

21,782

10,434,014

Bio-Techne

Corp.

...................

161,196

11,959,131

Bruker

Corp.

......................

101,373

7,992,247

Champions

Oncology,

Inc.

(a)

............

9

36

Charles

River

Laboratories

International,

Inc.

(a)

51,554

10,404,628

ChromaDex

Corp.

(a)(b)

................

81

124

Codexis,

Inc.

(a)

.....................

72

298

CryoPort,

Inc.

(a)(b)

...................

50,648

1,215,552

Cytek

Biosciences,

Inc.

(a)(b)

............

94,944

872,535

Danaher

Corp.

....................

665,736

167,792,102

Illumina,

Inc.

(a)

.....................

161,538

37,565,662

Inotiv,

Inc.

(a)(b)

.....................

10,927

47,314

IQVIA

Holdings,

Inc.

(a)

................

190,041

37,797,255

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(a)

(b)

...........................

119,639

1,676,142

MaxCyte,

Inc.

(a)

....................

150,345

744,208

Medpace

Holdings,

Inc.

(a)

.............

25,902

4,870,871

Mettler-Toledo

International,

Inc.

(a)

.......

22,564

34,527,658

NanoString

Technologies,

Inc.

(a)

.........

51,384

508,702

Nautilus

Biotechnology,

Inc.

(a)(b)

.........

130,518

361,535

OmniAb,

Inc.

(a)

.....................

104,141

383,239

OmniAb,

Inc.,

NVS

(a)(d)

...............

14,200

—

Pacific

Biosciences

of

California,

Inc.

(a)(b)

...

235,148

2,723,014

PerkinElmer,

Inc.

...................

127,931

17,048,085

Personalis,

Inc.

(a)(b)

..................

33,963

93,738

PhenomeX,

Inc.

(a)

...................

90

104

Quanterix

Corp.

(a)

...................

33,030

372,248

Quantum-Si,

Inc.,

Class

A

(a)

............

108

190

Repligen

Corp.

(a)(b)

..................

52,763

8,883,179

Seer,

Inc.,

Class

A

(a)

.................

54

209

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

SomaLogic,

Inc.,

Class

A

(a)(b)

...........

147,488

$

376,094

Sotera

Health

Co.

(a)(b)

................

110,324

1,975,903

Standard

BioTools,

Inc.

(a)(b)

.............

62,371

121,624

Syneos

Health,

Inc.,

Class

A

(a)

..........

102,145

3,638,405

Thermo

Fisher

Scientific,

Inc.

...........

398,641

229,764,713

Waters

Corp.

(a)

....................

60,433

18,711,870

West

Pharmaceutical

Services,

Inc.

......

75,586

26,188,281

706,336,306

Machinery

—

2.0%

3D

Systems

Corp.

(a)(b)

................

125,021

1,340,225

AGCO

Corp.

......................

63,016

8,519,763

AgEagle

Aerial

Systems,

Inc.

(a)(b)

.........

103,676

46,654

Alamo

Group,

Inc.

..................

10,436

1,921,894

Albany

International

Corp.,

Class

A

.......

35,212

3,146,544

Allison

Transmission

Holdings,

Inc.

.......

92,314

4,176,285

Astec

Industries,

Inc.

................

22,202

915,832

Barnes

Group,

Inc.

..................

76,509

3,081,783

Blue

Bird

Corp.

(a)

...................

23,633

482,822

Caterpillar,

Inc.

....................

529,214

121,105,332

Chart

Industries,

Inc.

(a)(b)

..............

43,950

5,511,330

CIRCOR

International,

Inc.

(a)

...........

18,826

585,865

Columbus

McKinnon

Corp.

............

36,466

1,355,077

Crane

Holdings

Co.

.................

48,437

5,497,599

Cummins,

Inc.

.....................

143,414

34,258,736

Deere

&

Co.

......................

274,804

113,461,076

Desktop

Metal,

Inc.,

Class

A

(a)(b)

.........

218,914

503,502

Donaldson

Co.,

Inc.

.................

128,624

8,404,292

Douglas

Dynamics,

Inc.

..............

19,393

618,443

Dover

Corp.

......................

141,596

21,514,096

Energy

Recovery,

Inc.

(a)

..............

64,960

1,497,328

Enerpac

Tool

Group

Corp.,

Class

A

.......

57,766

1,473,033

EnPro

Industries,

Inc.

................

25,150

2,612,833

Esab

Corp.

.......................

52,241

3,085,876

ESCO

Technologies,

Inc.

.............

27,263

2,602,253

Evoqua

Water

Technologies

Corp.

(a)

......

118,883

5,910,863

Federal

Signal

Corp.

................

63,056

3,418,266

Flowserve

Corp.

...................

138,387

4,705,158

Fortive

Corp.

......................

356,534

24,304,923

Franklin

Electric

Co.,

Inc.

.............

38,817

3,652,680

FreightCar

America,

Inc.

(a)(b)

............

9,839

30,698

Gates

Industrial

Corp.

plc

(a)(b)

...........

97,723

1,357,372

Gorman-Rupp

Co.

(The)

..............

18,268

456,700

Graco,

Inc.

.......................

174,856

12,766,237

Graham

Corp.

(a)

....................

10,324

135,038

Greenbrier

Cos.,

Inc.

(The)

............

35,929

1,155,836

Helios

Technologies,

Inc.

(b)

............

36,472

2,385,269

Hillenbrand,

Inc.

...................

73,405

3,488,940

Hillman

Solutions

Corp.

(a)

.............

203,810

1,716,080

Hydrofarm

Holdings

Group,

Inc.

(a)

........

35,738

61,827

Hyliion

Holdings

Corp.,

Class

A

(a)

........

112,576

222,900

Hyster-Yale

Materials

Handling,

Inc.

......

9,148

456,394

Hyzon

Motors,

Inc.,

Class

A

(a)(b)

.........

91,818

74,841

IDEX

Corp.

.......................

75,558

17,456,165

Illinois

Tool

Works,

Inc.

...............

278,679

67,844,403

Ingersoll

Rand,

Inc.

.................

414,246

24,100,832

ITT,

Inc.

.........................

83,826

7,234,184

John

Bean

Technologies

Corp.

..........

33,814

3,695,532

Kadant,

Inc.

(b)

.....................

13,253

2,763,516

Kennametal,

Inc.

...................

82,282

2,269,338

Lincoln

Electric

Holdings,

Inc.

..........

57,340

9,696,194

Lindsay

Corp.

.....................

12,877

1,946,101

LiqTech

International,

Inc.

(a)(b)

...........

11,586

5,444

Luxfer

Holdings

plc

.................

48,551

820,512

Manitowoc

Co.,

Inc.

(The)

(a)

............

44,461

759,838

Security

Shares

Shares

Value

Machinery

(continued)

Markforged

Holding

Corp.

(a)

............

117

$

112

Microvast

Holdings,

Inc.

(a)

.............

234

290

Middleby

Corp.

(The)

(a)

...............

56,618

8,300,765

Miller

Industries,

Inc.

................

11,188

395,496

Mueller

Industries,

Inc.

...............

54,328

3,992,021

Mueller

Water

Products,

Inc.,

Class

A

.....

163,264

2,275,900

Nikola

Corp.

(a)(b)

....................

322,689

390,454

NN,

Inc.

(a)(b)

.......................

29,634

31,708

Nordson

Corp.

.....................

54,328

12,074,941

Omega

Flex,

Inc.

(b)

..................

4,919

548,173

Oshkosh

Corp.

....................

67,093

5,580,796

Otis

Worldwide

Corp.

................

418,771

35,344,272

PACCAR,

Inc.

.....................

526,401

38,532,553

Parker-Hannifin

Corp.

................

129,937

43,673,125

Pentair

plc

.......................

167,296

9,246,450

Proterra,

Inc.

(a)(b)

...................

179,088

272,214

Proto

Labs,

Inc.

(a)(b)

..................

27,123

899,127

RBC

Bearings,

Inc.

(a)(b)

...............

30,677

7,139,458

REV

Group,

Inc.

...................

25,335

303,767

Shyft

Group,

Inc.

(The)

...............

36,137

822,117

Snap-on,

Inc.

.....................

52,553

12,974,810

SPX

Technologies,

Inc.

(a)

..............

45,855

3,236,446

Standex

International

Corp.

............

20,574

2,519,081

Stanley

Black

&

Decker,

Inc.

...........

152,162

12,261,214

Symbotic,

Inc.

(a)

....................

23,464

535,918

Taylor

Devices,

Inc.

(a)

................

702

14,068

Tennant

Co.

......................

19,346

1,325,781

Terex

Corp.

.......................

68,364

3,307,450

Timken

Co.

(The)

...................

63,926

5,224,033

Titan

International,

Inc.

(a)

..............

45,311

474,859

Toro

Co.

(The)

.....................

105,592

11,737,607

Trinity

Industries,

Inc.

................

102,379

2,493,952

Twin

Disc,

Inc.

(a)

....................

9,196

88,466

Wabash

National

Corp.

...............

55,600

1,367,204

Watts

Water

Technologies,

Inc.,

Class

A

....

27,337

4,601,364

Westinghouse

Air

Brake

Technologies

Corp.

.

182,293

18,422,531

Xylem,

Inc.

.......................

183,330

19,194,651

822,213,728

Marine

Transportation

—

0.0%

Eagle

Bulk

Shipping,

Inc.

.............

9,765

444,307

Genco

Shipping

&

Trading

Ltd.

..........

50,433

789,781

Kirby

Corp.

(a)

......................

62,302

4,342,449

Matson,

Inc.

......................

38,004

2,267,699

7,844,236

Media

—

0.9%

Altice

USA,

Inc.,

Class

A

(a)(b)

............

220,963

755,694

AMC

Networks,

Inc.,

Class

A

(a)

..........

33,199

583,638

Boston

Omaha

Corp.,

Class

A

(a)(b)

........

20,846

493,425

Cable

One,

Inc.

....................

5,385

3,780,270

Cardlytics,

Inc.

(a)

...................

34,094

115,749

Charter

Communications,

Inc.,

Class

A

(a)(b)

..

107,503

38,444,148

Clear

Channel

Outdoor

Holdings,

Inc.

(a)(b)

...

423,983

508,780

Comcast

Corp.,

Class

A

..............

4,281,829

162,324,137

comScore,

Inc.

(a)(b)

..................

47,001

57,811

Cumulus

Media,

Inc.,

Class

A

(a)

.........

45

166

Daily

Journal

Corp.

(a)

................

3,356

956,326

DallasNews

Corp.

..................

5,103

22,555

DISH

Network

Corp.,

Class

A

(a)(b)

........

254,634

2,375,735

Entravision

Communications

Corp.,

Class

A

.

54,768

331,346

EW

Scripps

Co.

(The),

Class

A,

NVS

(a)(b)

...

53,999

508,131

Fox

Corp.,

Class

A,

NVS

(b)

.............

306,601

10,439,764

Fox

Corp.,

Class

B

..................

136,079

4,260,634

Gannett

Co.,

Inc.

(a)(b)

.................

144,268

269,781

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Media

(continued)

Gray

Television,

Inc.

.................

84,094

$

733,300

iHeartMedia,

Inc.,

Class

A

(a)(b)

...........

112,084

437,128

Integral

Ad

Science

Holding

Corp.

(a)(b)

.....

37,198

530,815

Interpublic

Group

of

Cos.,

Inc.

(The)

......

399,476

14,876,486

John

Wiley

&

Sons,

Inc.,

Class

A

........

45,472

1,762,949

Liberty

Broadband

Corp.,

Class

A

(a)

.......

18,239

1,497,787

Liberty

Broadband

Corp.,

Class

C,

NVS

(a)(b)

.

121,344

9,913,805

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

A

(a)

75,684

2,125,963

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

C,

NVS

(a)

........................

160,618

4,495,698

Magnite,

Inc.

(a)(b)

....................

112,940

1,045,824

Marchex,

Inc.,

Class

B

(a)

..............

27,423

49,910

Mediaco

Holding,

Inc.,

Class

A

(a)

.........

858

1,012

National

CineMedia,

Inc.

..............

90,926

12,011

New

York

Times

Co.

(The),

Class

A

.......

171,522

6,668,775

News

Corp.,

Class

A,

NVS

............

388,116

6,702,763

News

Corp.,

Class

B

................

117,364

2,045,655

Nexstar

Media

Group,

Inc.

.............

37,396

6,456,793

Omnicom

Group,

Inc.

................

206,527

19,483,757

Paramount

Global,

Class

B,

NVS

........

535,631

11,949,928

PubMatic,

Inc.,

Class

A

(a)(b)

.............

37,236

514,602

Quotient

Technology,

Inc.

(a)(b)

...........

176,727

579,665

Saga

Communications,

Inc.,

Class

A

......

9

200

Scholastic

Corp.,

NVS

...............

36,044

1,233,426

Sinclair

Broadcast

Group,

Inc.,

Class

A

....

44,580

764,993

Sirius

XM

Holdings,

Inc.

(b)

.............

710,184

2,819,431

Stagwell,

Inc.,

Class

A

(a)

..............

113,067

838,957

TechTarget,

Inc.

(a)(b)

.................

28,375

1,024,905

TEGNA,

Inc.

......................

238,902

4,039,833

Thryv

Holdings,

Inc.

(a)(b)

...............

31,362

723,208

Trade

Desk,

Inc.

(The),

Class

A

(a)(b)

.......

455,823

27,764,179

Urban

One,

Inc.,

Class

A

(a)(b)

...........

233

1,759

WideOpenWest,

Inc.

(a)(b)

..............

71,415

759,141

358,082,748

Metals

&

Mining

—

0.6%

5E

Advanced

Materials,

Inc.

(a)

..........

36

195

Alcoa

Corp.

.......................

183,071

7,791,502

Alpha

Metallurgical

Resources,

Inc.

......

14,576

2,273,856

Ampco-Pittsburgh

Corp.

(a)

.............

9,038

22,143

Arconic

Corp.

(a)

....................

96,557

2,532,690

ATI,

Inc.

(a)

........................

134,204

5,295,690

Carpenter

Technology

Corp.

...........

52,087

2,331,414

Century

Aluminum

Co.

(a)

..............

55,693

556,930

Cleveland-Cliffs,

Inc.

(a)(b)

..............

522,053

9,569,231

Coeur

Mining,

Inc.

(a)(b)

................

300,536

1,199,139

Commercial

Metals

Co.

...............

118,986

5,818,415

Compass

Minerals

International,

Inc.

......

36,862

1,263,998

Freeport-McMoRan,

Inc.

..............

1,453,487

59,462,153

Gatos

Silver,

Inc.

(a)

..................

63

411

Gold

Resource

Corp.

................

69,440

72,912

Golden

Minerals

Co.

(a)(b)

..............

91,934

18,663

Haynes

International,

Inc.

.............

10,797

540,822

Hecla

Mining

Co.

(b)

..................

591,466

3,743,980

Hycroft

Mining

Holding

Corp.,

Class

A

(a)(b)

...

83,010

35,894

Kaiser

Aluminum

Corp.

...............

18,926

1,412,447

Materion

Corp.

....................

22,160

2,570,560

McEwen

Mining,

Inc.

(a)(b)

..............

31,128

263,654

MP

Materials

Corp.,

Class

A

(a)(b)

.........

94,633

2,667,704

Newmont

Corp.

....................

812,211

39,814,583

Nucor

Corp.

......................

256,329

39,595,141

Olympic

Steel,

Inc.

..................

9,648

503,722

Paramount

Gold

Nevada

Corp.

(a)

........

153

53

Piedmont

Lithium,

Inc.

(a)(b)

.............

17,566

1,054,838

Ramaco

Resources,

Inc.

..............

8,354

73,599

Security

Shares

Shares

Value

Metals

&

Mining

(continued)

Reliance

Steel

&

Aluminum

Co.

.........

59,463

$

15,266,531

Royal

Gold,

Inc.

....................

66,250

8,593,288

Ryerson

Holding

Corp.

...............

17,504

636,796

Schnitzer

Steel

Industries,

Inc.,

Class

A

....

27,182

845,360

Solitario

Zinc

Corp.

(a)(b)

...............

36,240

23,987

Steel

Dynamics,

Inc.

.................

169,025

19,109,967

SunCoke

Energy,

Inc.

................

100,307

900,757

TimkenSteel

Corp.

(a)

.................

36,615

671,519

United

States

Antimony

Corp.

(a)(b)

........

72,286

27,281

United

States

Steel

Corp.

(b)

............

232,994

6,081,143

Warrior

Met

Coal,

Inc.

................

54,952

2,017,288

Worthington

Industries,

Inc.

............

35,674

2,306,324

246,966,580

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.1%

AG

Mortgage

Investment

Trust,

Inc.

......

18,240

104,880

AGNC

Investment

Corp.

..............

578,932

5,835,635

Annaly

Capital

Management,

Inc.

........

473,852

9,055,312

Apollo

Commercial

Real

Estate

Finance,

Inc.

129,838

1,208,792

Arbor

Realty

Trust,

Inc.

...............

189,625

2,178,791

Ares

Commercial

Real

Estate

Corp.

......

55,013

500,068

Arlington

Asset

Investment

Corp.,

Class

A

(a)

.

110,503

316,039

ARMOUR

Residential

REIT,

Inc.

.........

344,041

1,806,215

Blackstone

Mortgage

Trust,

Inc.,

Class

A

...

171,759

3,065,898

BrightSpire

Capital,

Inc.,

Class

A

........

117,556

693,580

Broadmark

Realty

Capital,

Inc.

..........

134,095

630,246

Cherry

Hill

Mortgage

Investment

Corp.

(b)

...

17,280

95,386

Chimera

Investment

Corp.

.............

258,268

1,456,631

Claros

Mortgage

Trust,

Inc.

............

123,227

1,435,595

Dynex

Capital,

Inc.

..................

47,253

572,706

Ellington

Financial,

Inc.

...............

54,592

666,568

Ellington

Residential

Mortgage

REIT

......

11,216

81,877

Franklin

BSP

Realty

Trust,

Inc.

..........

91,530

1,091,953

Granite

Point

Mortgage

Trust,

Inc.

.......

54

268

Great

Ajax

Corp.

...................

20,528

135,074

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

....................

91,883

2,627,854

Invesco

Mortgage

Capital,

Inc.

..........

39,634

439,541

KKR

Real

Estate

Finance

Trust,

Inc.

......

66,332

755,521

Ladder

Capital

Corp.,

Class

A

..........

114,422

1,081,288

Manhattan

Bridge

Capital,

Inc.

..........

879

4,553

MFA

Financial,

Inc.

..................

96,639

958,659

New

York

Mortgage

Trust,

Inc.

..........

94,261

938,840

Orchid

Island

Capital,

Inc.

.............

81,386

873,272

PennyMac

Mortgage

Investment

Trust

.....

88,294

1,088,665

Ready

Capital

Corp.

.................

99,570

1,012,627

Redwood

Trust,

Inc.

.................

111,430

751,038

Rithm

Capital

Corp.

.................

479,932

3,839,456

Starwood

Property

Trust,

Inc.

...........

322,795

5,710,244

TPG

RE

Finance

Trust,

Inc.

............

70,866

514,487

Two

Harbors

Investment

Corp.

..........

108,800

1,600,448

Western

Asset

Mortgage

Capital

Corp.

....

5,028

45,906

53,173,913

Multi-Utilities

—

0.7%

Ameren

Corp.

.....................

261,947

22,629,601

Avista

Corp.

......................

69,253

2,939,790

Black

Hills

Corp.

...................

66,470

4,194,257

CenterPoint

Energy,

Inc.

..............

641,490

18,898,295

CMS

Energy

Corp.

..................

294,185

18,057,075

Consolidated

Edison,

Inc.

.............

361,668

34,600,778

Dominion

Energy,

Inc.

................

852,739

47,676,638

DTE

Energy

Co.

...................

197,092

21,589,458

NiSource,

Inc.

.....................

408,964

11,434,633

NorthWestern

Corp.

.................

57,091

3,303,285

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Multi-Utilities

(continued)

Public

Service

Enterprise

Group,

Inc.

.....

507,737

$

31,708,176

Sempra

Energy

....................

318,731

48,179,378

Unitil

Corp.

.......................

16,115

919,200

WEC

Energy

Group,

Inc.

..............

319,613

30,296,116

296,426,680

Office

REITs

—

0.1%

Alexandria

Real

Estate

Equities,

Inc.

......

162,143

20,363,539

Boston

Properties,

Inc.

...............

158,337

8,569,198

Brandywine

Realty

Trust

..............

180,927

855,785

City

Office

REIT,

Inc.

................

64,092

442,235

Corporate

Office

Properties

Trust

........

106,997

2,536,899

Cousins

Properties,

Inc.

..............

147,700

3,157,826

Douglas

Emmett,

Inc.

................

170,645

2,104,053

Easterly

Government

Properties,

Inc.

(b)

....

92,339

1,268,738

Equity

Commonwealth

...............

110,858

2,295,869

Highwoods

Properties,

Inc.

............

108,968

2,526,968

Hudson

Pacific

Properties,

Inc.

..........

153,920

1,023,568

JBG

SMITH

Properties

...............

119,034

1,792,652

Kilroy

Realty

Corp.

..................

109,602

3,551,105

Office

Properties

Income

Trust

..........

43,377

533,537

Orion

Office

REIT,

Inc.

...............

55,333

370,731

Paramount

Group,

Inc.

...............

192,078

875,876

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

..

125,553

916,537

Postal

Realty

Trust,

Inc.,

Class

A

........

59,828

910,582

SL

Green

Realty

Corp.

(b)

..............

70,846

1,666,298

Vornado

Realty

Trust

................

164,824

2,533,345

58,295,341

Oil,

Gas

&

Consumable

Fuels

—

4.1%

Aemetis,

Inc.

(a)(b)

...................

63

146

Amplify

Energy

Corp.

(a)

...............

70,753

486,073

Antero

Midstream

Corp.

..............

318,584

3,341,946

Antero

Resources

Corp.

(a)

.............

287,231

6,632,164

APA

Corp.

.......................

325,900

11,751,954

Arch

Resources,

Inc.,

Class

A

..........

19,213

2,525,741

Barnwell

Industries,

Inc.

..............

9

20

Berry

Corp.

.......................

47,755

374,877

California

Resources

Corp.

(b)

...........

76,530

2,946,405

Callon

Petroleum

Co.

(a)(b)

..............

55,373

1,851,673

Camber

Energy,

Inc.

(a)

...............

1

2

Cheniere

Energy,

Inc.

................

253,361

39,929,694

Chesapeake

Energy

Corp.

............

108,565

8,255,283

Chevron

Corp.

.....................

1,809,639

295,260,699

Chord

Energy

Corp.

.................

40,995

5,517,927

Civitas

Resources,

Inc.

...............

51,105

3,492,516

Clean

Energy

Fuels

Corp.

(a)(b)

...........

232,447

1,013,469

CNX

Resources

Corp.

(a)(b)

.............

183,081

2,932,958

Comstock

Resources,

Inc.

.............

94,508

1,019,741

ConocoPhillips

....................

1,247,119

123,726,676

CONSOL

Energy,

Inc.

................

32,934

1,919,064

Coterra

Energy,

Inc.

.................

809,551

19,866,381

Crescent

Energy

Co,

Class

A

...........

37,979

429,542

CVR

Energy,

Inc.

...................

27,198

891,550

Delek

US

Holdings,

Inc.

..............

74,045

1,699,333

Denbury,

Inc.

(a)

....................

51,503

4,513,208

Devon

Energy

Corp.

.................

666,548

33,733,994

Diamondback

Energy,

Inc.

.............

186,104

25,155,678

Dorian

LPG

Ltd.

....................

41,465

826,812

DT

Midstream,

Inc.

..................

99,414

4,908,069

Earthstone

Energy,

Inc.,

Class

A

(a)(b)

......

35,599

463,143

Enviva,

Inc.

.......................

30,446

879,280

EOG

Resources,

Inc.

................

598,594

68,616,830

EQT

Corp.

.......................

371,778

11,863,436

Equitrans

Midstream

Corp.

............

420,633

2,431,259

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Evolution

Petroleum

Corp.

.............

30,741

$

193,976

Excelerate

Energy,

Inc.,

Class

A

(b)

........

31,675

701,284

Exxon

Mobil

Corp.

..................

4,186,828

459,127,558

Gevo,

Inc.

(a)(b)

.....................

274,232

422,317

Green

Plains,

Inc.

(a)

.................

22,860

708,431

Gulfport

Energy

Corp.

(a)(b)

.............

14,583

1,166,640

Hallador

Energy

Co.

(a)(b)

...............

20,677

190,022

Harvest

Natural

Resources,

Inc.,

NVS

(a)(d)

...

8,626

3,019

Hess

Corp.

.......................

281,758

37,287,854

HF

Sinclair

Corp.

...................

136,417

6,599,854

HighPeak

Energy,

Inc.

(b)

..............

18,576

427,248

Houston

American

Energy

Corp.

(a)

.......

18

47

International

Seaways,

Inc.

............

40,983

1,708,171

Kinder

Morgan,

Inc.

.................

2,032,654

35,591,771

Kinetik

Holdings,

Inc.,

Class

A

..........

20,916

654,671

Kosmos

Energy

Ltd.

(a)

................

478,597

3,560,762

Lightbridge

Corp.

(a)(b)

.................

12,065

49,225

Magnolia

Oil

&

Gas

Corp.,

Class

A

.......

164,699

3,603,614

Marathon

Oil

Corp.

..................

643,910

15,428,084

Marathon

Petroleum

Corp.

............

456,024

61,485,716

Matador

Resources

Co.

..............

113,766

5,420,950

Murphy

Oil

Corp.

...................

155,927

5,766,180

NACCO

Industries,

Inc.,

Class

A

.........

15,497

558,977

New

Fortress

Energy,

Inc.,

Class

A

.......

50,662

1,490,983

NextDecade

Corp.

(a)(b)

................

105,248

523,082

Northern

Oil

and

Gas,

Inc.

.............

76,716

2,328,331

Occidental

Petroleum

Corp.

............

737,317

46,030,700

ONEOK,

Inc.

......................

464,181

29,494,061

Overseas

Shipholding

Group,

Inc.,

Class

A

(a)

212,148

827,377

Ovintiv,

Inc.

.......................

249,961

9,018,593

Par

Pacific

Holdings,

Inc.

(a)

............

55,003

1,606,088

PBF

Energy,

Inc.,

Class

A

.............

115,713

5,017,316

PDC

Energy,

Inc.

...................

93,017

5,969,831

Peabody

Energy

Corp.

(a)(b)

.............

118,855

3,042,688

Permian

Resources

Corp.,

Class

A

.......

213,341

2,240,080

Phillips

66

........................

472,286

47,880,355

Pioneer

Natural

Resources

Co.

.........

242,145

49,455,695

Range

Resources

Corp.

..............

250,153

6,621,550

Ranger

Oil

Corp.,

Class

A

.............

26,444

1,079,973

REX

American

Resources

Corp.

(a)

.......

26,577

759,836

SandRidge

Energy,

Inc.

(a)

.............

25,931

373,666

SilverBow

Resources,

Inc.

(a)(b)

..........

19,099

436,412

Sitio

Royalties

Corp.,

Class

A

...........

80,123

1,810,780

SM

Energy

Co.

....................

134,080

3,775,693

Southwestern

Energy

Co.

(a)

............

1,116,100

5,580,500

Talos

Energy,

Inc.

(a)

.................

62,067

921,074

Targa

Resources

Corp.

...............

229,497

16,741,806

Tellurian,

Inc.

(a)(b)

...................

602,770

741,407

Texas

Pacific

Land

Corp.

..............

6,232

10,600,757

Uranium

Energy

Corp.

(a)(b)

.............

394,586

1,136,408

US

Energy

Corp.

...................

18

32

VAALCO

Energy,

Inc.

................

90,769

411,184

Valero

Energy

Corp.

.................

390,983

54,581,227

Vertex

Energy,

Inc.

(a)(b)

...............

86,552

855,134

Vital

Energy,

Inc.

(a)(b)

.................

18,054

822,179

Vitesse

Energy,

Inc.

.................

22,016

418,964

W&T

Offshore,

Inc.

(a)(b)

...............

93,121

473,055

Williams

Cos.,

Inc.

(The)

..............

1,249,415

37,307,532

World

Fuel

Services

Corp.

.............

73,671

1,882,294

1,682,170,557

Paper

&

Forest

Products

—

0.0%

Clearwater

Paper

Corp.

(a)

.............

18,095

604,735

Louisiana-Pacific

Corp.

...............

71,980

3,902,036

Mercer

International,

Inc.

..............

44,794

437,861

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Paper

&

Forest

Products

(continued)

Sylvamo

Corp.

....................

36,166

$

1,673,039

6,617,671

Passenger

Airlines

—

0.2%

Alaska

Air

Group,

Inc.

(a)

...............

127,331

5,342,809

Allegiant

Travel

Co.

(a)

................

16,526

1,520,062

American

Airlines

Group,

Inc.

(a)

..........

654,115

9,648,196

Blade

Air

Mobility,

Inc.,

Class

A

(a)(b)

.......

78,961

266,888

Delta

Air

Lines,

Inc.

(a)

................

647,313

22,604,170

Frontier

Group

Holdings,

Inc.

(a)

..........

47,173

464,182

Hawaiian

Holdings,

Inc.

(a)(b)

............

66,312

607,418

JetBlue

Airways

Corp.

(a)

..............

436,673

3,178,979

Joby

Aviation,

Inc.,

Class

A

(a)(b)

..........

266,254

1,155,542

SkyWest,

Inc.

(a)

....................

55,157

1,222,831

Southwest

Airlines

Co.

...............

605,633

19,707,298

Spirit

Airlines,

Inc.

..................

110,525

1,897,714

Sun

Country

Airlines

Holdings,

Inc.

(a)

......

27,389

561,475

United

Airlines

Holdings,

Inc.

(a)

..........

331,360

14,662,680

Wheels

Up

Experience,

Inc.,

Class

A

(a)(b)

...

189

120

82,840,364

Personal

Care

Products

—

0.2%

Beauty

Health

Co.

(The),

Class

A

(a)(b)

......

107,158

1,353,406

BellRing

Brands,

Inc.

(a)

...............

140,342

4,771,628

Coty,

Inc.,

Class

A

(a)(b)

................

371,235

4,477,094

Edgewell

Personal

Care

Co.

...........

54,981

2,332,294

elf

Beauty,

Inc.

(a)

...................

51,172

4,214,014

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

....

235,886

58,136,464

Herbalife

Nutrition

Ltd.

(a)(b)

.............

109,403

1,761,388

Honest

Co.,

Inc.

(The)

(a)(b)

.............

49,462

89,032

Inter

Parfums,

Inc.

..................

18,027

2,564,160

LifeMD,

Inc.

(a)(b)

....................

45

77

Mannatech,

Inc.

....................

256

4,288

Medifast,

Inc.

.....................

12,194

1,264,152

Natural

Alternatives

International,

Inc.

(a)(b)

...

880

8,122

Nature's

Sunshine

Products,

Inc.

(a)

.......

9,069

92,594

Nu

Skin

Enterprises,

Inc.,

Class

A

........

48,074

1,889,789

Olaplex

Holdings,

Inc.

(a)

..............

57,934

247,378

United-Guardian,

Inc.

................

18

167

USANA

Health

Sciences,

Inc.

(a)

.........

11,387

716,242

Veru,

Inc.

(a)(b)

......................

52,366

60,745

83,983,034

Pharmaceuticals

—

3.7%

9

Meters

Biopharma,

Inc.

(a)(b)

...........

4,804

6,678

AcelRx

Pharmaceuticals,

Inc.

(a)(b)

........

9

6

Acer

Therapeutics,

Inc.

(a)(b)

.............

18

14

Aclaris

Therapeutics,

Inc.

(a)(b)

...........

57,971

468,985

Adamis

Pharmaceuticals

Corp.

(a)

........

55,409

6,422

Agile

Therapeutics,

Inc.

(a)

.............

14,758

3,306

Amphastar

Pharmaceuticals,

Inc.

(a)

.......

43,087

1,615,762

Amylyx

Pharmaceuticals,

Inc.

(a)

.........

40,310

1,182,695

ANI

Pharmaceuticals,

Inc.

(a)

............

12,347

490,423

Aquestive

Therapeutics,

Inc.

(a)(b)

.........

9,458

10,782

Arvinas,

Inc.

(a)

.....................

48,126

1,314,802

Assertio

Holdings,

Inc.

(a)(b)

.............

31,224

198,897

Atea

Pharmaceuticals,

Inc.

(a)(b)

..........

115,544

387,072

Athira

Pharma,

Inc.

(a)

................

45

112

Avenue

Therapeutics,

Inc.

(a)(b)

...........

513

600

Axsome

Therapeutics,

Inc.

(a)(b)

..........

34,966

2,156,703

Aytu

BioPharma,

Inc.

(a)(b)

..............

1,266

2,848

Baudax

Bio,

Inc.

(a)

..................

2

3

Bristol-Myers

Squibb

Co.

..............

2,164,073

149,991,900

Cara

Therapeutics,

Inc.

(a)

.............

54

265

CASI

Pharmaceuticals

Holdings,

Inc.

(a)(b)

...

2,669

6,139

Cassava

Sciences,

Inc.

(a)(b)

............

42,810

1,032,577

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Catalent,

Inc.

(a)

....................

182,184

$

11,971,311

cbdMD,

Inc.

(a)

.....................

117

23

Citius

Pharmaceuticals,

Inc.

(a)(b)

.........

263,997

308,876

Clearside

Biomedical,

Inc.

(a)(b)

...........

44,328

46,101

Collegium

Pharmaceutical,

Inc.

(a)

........

35,735

857,283

Corcept

Therapeutics,

Inc.

(a)(b)

..........

108,374

2,347,381

CorMedix,

Inc.

(a)(b)

..................

34,275

141,898

Cumberland

Pharmaceuticals,

Inc.

(a)

......

9

18

Cymabay

Therapeutics,

Inc.

(a)(b)

.........

108,554

946,591

Dare

Bioscience,

Inc.

(a)

...............

99

103

DICE

Therapeutics,

Inc.

(a)(b)

............

37,646

1,078,558

Durect

Corp.

(a)(b)

....................

13,889

62,917

Edgewise

Therapeutics,

Inc.

(a)

..........

40,802

272,149

Elanco

Animal

Health,

Inc.

(a)

............

482,616

4,536,590

Eli

Lilly

&

Co.

.....................

804,843

276,399,183

Eloxx

Pharmaceuticals,

Inc.

(a)(b)

.........

1,131

2,839

Esperion

Therapeutics,

Inc.

(a)(b)

..........

66,086

105,077

Eton

Pharmaceuticals,

Inc.

(a)(b)

..........

10,690

41,156

Evoke

Pharma,

Inc.

(a)

................

9

17

Evolus,

Inc.

(a)(b)

....................

35,336

298,943

Eyenovia,

Inc.

(a)(b)

...................

10,910

38,512

EyePoint

Pharmaceuticals,

Inc.

(a)

........

108

318

Fulcrum

Therapeutics,

Inc.

(a)(b)

..........

38,052

108,448

Harmony

Biosciences

Holdings,

Inc.

(a)

.....

30,073

981,883

Harrow

Health,

Inc.

(a)(b)

...............

39,913

844,559

Hepion

Pharmaceuticals,

Inc.

(a)(b)

........

55,958

43,451

Hoth

Therapeutics,

Inc.

(a)

..............

1

2

Innoviva,

Inc.

(a)(b)

...................

82,267

925,504

Intra-Cellular

Therapies,

Inc.

(a)

..........

87,777

4,753,125

Jaguar

Health,

Inc.

(a)(b)

...............

9

6

Jazz

Pharmaceuticals

plc

(a)

............

65,239

9,546,423

Johnson

&

Johnson

.................

2,655,488

411,600,640

Kala

Pharmaceuticals,

Inc.

(a)(b)

..........

9

135

Kiora

Pharmaceuticals,

Inc.

(a)

...........

1

3

Lannett

Co.,

Inc.

(a)(b)

.................

9

16

Ligand

Pharmaceuticals,

Inc.

(a)

..........

18,707

1,376,087

Lipocine,

Inc.

(a)

....................

119

38

Liquidia

Corp.

(a)

....................

48,105

332,406

Marinus

Pharmaceuticals,

Inc.

(a)(b)

........

28,661

197,761

Merck

&

Co.,

Inc.

...................

2,578,320

274,307,465

MyMD

Pharmaceuticals,

Inc.

(a)(b)

.........

2

3

Nektar

Therapeutics

(a)

................

180,278

126,717

NGM

Biopharmaceuticals,

Inc.

(a)

.........

54

220

NovaBay

Pharmaceuticals,

Inc.

(a)

........

20

34

Novan,

Inc.

(a)(b)

.....................

15,248

19,822

Nuvation

Bio,

Inc.,

Class

A

(a)

...........

153

254

Ocular

Therapeutix,

Inc.

(a)

.............

80,903

426,359

Ocuphire

Pharma,

Inc.

(a)

..............

27

101

Omeros

Corp.

(a)(b)

...................

56,227

261,456

Onconova

Therapeutics,

Inc.

(a)

..........

3

2

Organon

&

Co.

....................

256,353

6,029,423

Pacira

BioSciences,

Inc.

(a)

.............

46,279

1,888,646

Paratek

Pharmaceuticals,

Inc.

(a)(b)

........

306,562

778,667

Perrigo

Co.

plc

....................

138,364

4,963,117

Pfizer,

Inc.

.......................

5,713,048

233,092,358

Phathom

Pharmaceuticals,

Inc.

(a)(b)

.......

15,068

107,586

Phibro

Animal

Health

Corp.,

Class

A

......

26,913

412,307

Pliant

Therapeutics,

Inc.

(a)(b)

............

44,420

1,181,572

PLx

Pharma,

Inc.

(a)(b)

.................

30,251

3,936

Prestige

Consumer

Healthcare,

Inc.

(a)

.....

54,491

3,412,771

ProPhase

Labs,

Inc.

.................

49,481

377,045

Provention

Bio,

Inc.

(a)

................

81,128

1,955,185

Pulmatrix,

Inc.

(a)

....................

1

3

Reata

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

...

28,165

2,560,762

Relmada

Therapeutics,

Inc.

(a)

...........

22,221

50,219

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Revance

Therapeutics,

Inc.

(a)(b)

..........

83,336

$

2,684,253

Royalty

Pharma

plc,

Class

A

...........

397,909

14,336,661

RVL

Pharmaceuticals

plc

(a)

............

12,458

14,202

Satsuma

Pharmaceuticals,

Inc.

(a)

........

13,119

9,164

Scilex

Holding

Co.(Acquired

01/06/23,

cost

$526,994)

(a)(b)(f)

..................

50,286

407,647

scPharmaceuticals,

Inc.

(a)(b)

............

2,486

22,548

SCYNEXIS,

Inc.

(a)

..................

45

135

Seelos

Therapeutics,

Inc.

(a)(b)

...........

117

81

SIGA

Technologies,

Inc.

..............

63

362

Societal

CDMO,

Inc.

(a)(b)

..............

18,588

22,120

Sonoma

Pharmaceuticals,

Inc.

(a)

.........

609

595

Supernus

Pharmaceuticals,

Inc.

(a)

........

54,129

1,961,094

Terns

Pharmaceuticals,

Inc.

(a)(b)

.........

50,964

603,414

TFF

Pharmaceuticals,

Inc.

(a)

............

17,742

12,159

Theravance

Biopharma,

Inc.

(a)(b)

.........

52,823

573,130

Titan

Pharmaceuticals,

Inc.

(a)

...........

60

50

Trevi

Therapeutics,

Inc.

(a)(b)

............

6,402

11,844

Ventyx

Biosciences,

Inc.

(a)(b)

............

28,075

940,512

Viatris,

Inc.

.......................

1,227,913

11,812,523

VYNE

Therapeutics,

Inc.

(a)(b)

............

4,103

12,637

WaVe

Life

Sciences

Ltd.

(a)

.............

59,182

256,258

Xeris

Biopharma

Holdings,

Inc.

(a)(b)

.......

129,978

211,864

Zevra

Therapeutics,

Inc.

(a)(b)

............

58,215

320,182

Zoetis,

Inc.,

Class

A

.................

474,815

79,028,209

Zynerba

Pharmaceuticals,

Inc.

(a)

.........

33,840

14,551

1,534,255,547

Professional

Services

—

1.0%

Alight,

Inc.,

Class

A

(a)

................

341,920

3,149,083

ASGN,

Inc.

(a)

......................

52,426

4,334,057

Atlas

Technical

Consultants,

Inc.

(a)

.......

31,086

378,938

Automatic

Data

Processing,

Inc.

.........

420,787

93,679,810

Barrett

Business

Services,

Inc.

..........

8,818

781,628

BGSF,

Inc.

.......................

24,674

262,778

Booz

Allen

Hamilton

Holding

Corp.

.......

133,210

12,347,235

Broadridge

Financial

Solutions,

Inc.

......

119,615

17,531,971

CACI

International,

Inc.,

Class

A

(a)(b)

......

23,670

7,012,948

CBIZ,

Inc.

(a)

.......................

50,470

2,497,760

Clarivate

plc

(a)(b)

....................

454,306

4,265,933

Concentrix

Corp.

(b)

..................

43,015

5,228,473

Conduent,

Inc.

(a)

...................

180,645

619,612

CoStar

Group,

Inc.

(a)

.................

414,676

28,550,443

CRA

International,

Inc.

...............

9,064

977,281

CSG

Systems

International,

Inc.

.........

30,740

1,650,738

Dun

&

Bradstreet

Holdings,

Inc.

.........

220,651

2,590,443

Equifax,

Inc.

(b)

.....................

124,766

25,307,535

Exela

Technologies,

Inc.

(a)(b)

............

32,172

1,252

ExlService

Holdings,

Inc.

(a)

............

33,829

5,474,547

Exponent,

Inc.

.....................

53,948

5,378,076

First

Advantage

Corp.

(a)(b)

.............

83,105

1,160,146

Forrester

Research,

Inc.

(a)

.............

10,599

342,878

Franklin

Covey

Co.

(a)

................

17,421

670,186

FTI

Consulting,

Inc.

(a)(b)

...............

34,862

6,880,016

GEE

Group,

Inc.

(a)(b)

.................

802

333

Genpact

Ltd.

......................

170,808

7,894,746

Heidrick

&

Struggles

International,

Inc.

....

18,052

548,059

HireRight

Holdings

Corp.

(a)

............

30,476

323,350

Hudson

Global,

Inc.

(a)

................

2,027

45,222

Huron

Consulting

Group,

Inc.

(a)

..........

19,505

1,567,617

ICF

International,

Inc.

................

18,285

2,005,865

Insperity,

Inc.

......................

34,022

4,135,374

Jacobs

Solutions,

Inc.

................

129,763

15,248,450

KBR,

Inc.

........................

137,438

7,565,962

Kelly

Services,

Inc.,

Class

A,

NVS

.......

27,585

457,635

Security

Shares

Shares

Value

Professional

Services

(continued)

Kforce,

Inc.

.......................

22,323

$

1,411,707

Korn

Ferry

.......................

55,009

2,846,166

Legalzoom.com,

Inc.

(a)(b)

..............

109,664

1,028,648

Leidos

Holdings,

Inc.

................

138,546

12,754,545

ManpowerGroup,

Inc.

................

51,722

4,268,617

Maximus,

Inc.

.....................

61,129

4,810,852

NV5

Global,

Inc.

(a)

..................

12,725

1,323,018

Paychex,

Inc.

.....................

326,887

37,457,981

Planet

Labs

PBC

(a)(b)

.................

185,316

728,292

Red

Violet,

Inc.

(a)

...................

38,129

671,070

Resources

Connection,

Inc.

............

36,400

620,984

Robert

Half

International,

Inc.

...........

109,611

8,831,358

Science

Applications

International

Corp.

...

54,678

5,875,698

SS&C

Technologies

Holdings,

Inc.

.......

224,903

12,700,272

Sterling

Check

Corp.

(a)(b)

..............

27

301

TaskUS,

Inc.,

Class

A

(a)(b)

..............

41,178

594,610

TransUnion

.......................

199,652

12,406,375

TriNet

Group,

Inc.

(a)(b)

................

37,008

2,983,215

TrueBlue,

Inc.

(a)

....................

37,328

664,438

TTEC

Holdings,

Inc.

.................

17,645

656,923

Upwork,

Inc.

(a)

.....................

120,252

1,361,253

Verisk

Analytics,

Inc.

(b)

...............

158,384

30,387,554

Verra

Mobility

Corp.,

Class

A

(a)

..........

141,077

2,387,023

Willdan

Group,

Inc.

(a)(b)

...............

8,824

137,831

417,775,111

Real

Estate

Management

&

Development

—

0.2%

Altisource

Portfolio

Solutions

SA

(a)

.......

18

83

AMREP

Corp.

(a)(b)

...................

692

9,681

Anywhere

Real

Estate,

Inc.

(a)(b)

..........

116,004

612,501

Avalon

GloboCare

Corp.

(a)(b)

............

2,501

4,952

CBRE

Group,

Inc.,

Class

A

(a)

...........

320,333

23,323,446

Compass,

Inc.,

Class

A

(a)(b)

............

261,055

843,208

Comstock

Holding

Cos.,

Inc.,

Class

A

(a)(b)

...

285

1,442

Cushman

&

Wakefield

plc

(a)(b)

...........

163,287

1,721,045

DigitalBridge

Group,

Inc.,

Class

A

........

164,891

1,977,043

Doma

Holdings,

Inc.

(a)(b)

...............

180

73

Douglas

Elliman,

Inc.

................

109,385

340,187

eXp

World

Holdings,

Inc.

..............

102,691

1,303,149

Forestar

Group,

Inc.

(a)

................

35,086

545,938

FRP

Holdings,

Inc.

(a)

.................

8,408

486,655

Howard

Hughes

Corp.

(The)

(a)(b)

.........

34,665

2,773,200

InterGroup

Corp.

(The)

(a)

..............

126

5,667

Jones

Lang

LaSalle,

Inc.

(a)

.............

48,956

7,122,608

JW

Mays,

Inc.

(a)

....................

106

4,812

Kennedy-Wilson

Holdings,

Inc.

..........

135,666

2,250,699

Marcus

&

Millichap,

Inc.

..............

26,659

856,020

Newmark

Group,

Inc.,

Class

A

..........

160,659

1,137,466

Opendoor

Technologies,

Inc.

(a)(b)

.........

643,685

1,132,886

RE/MAX

Holdings,

Inc.,

Class

A

.........

18,381

344,828

Redfin

Corp.

(a)

.....................

107,592

974,784

RMR

Group,

Inc.

(The),

Class

A

.........

11,112

291,579

Seritage

Growth

Properties,

Class

A

(a)

.....

36,577

287,861

St.

Joe

Co.

(The)

(b)

..................

39,551

1,645,717

Tejon

Ranch

Co.

(a)

..................

13,327

243,484

WeWork,

Inc.,

Class

A

(a)(b)

.............

240,858

187,219

Zillow

Group,

Inc.,

Class

A

(a)

...........

58,892

2,573,581

Zillow

Group,

Inc.,

Class

C,

NVS

(a)(b)

......

165,343

7,352,803

60,354,617

Residential

REITs

—

0.4%

ACRE

Realty

Investors,

Inc.,

NVS

(a)(d)

.....

2,715

—

American

Homes

4

Rent,

Class

A

........

311,040

9,782,208

Apartment

Income

REIT

Corp.

..........

152,839

5,473,165

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Residential

REITs

(continued)

Apartment

Investment

and

Management

Co.,

Class

A

.......................

153,060

$

1,177,031

AvalonBay

Communities,

Inc.

..........

143,519

24,119,803

Bluerock

Homes

Trust,

Inc.,

Class

A

(a)

.....

2,821

55,912

Camden

Property

Trust

...............

113,815

11,932,365

Centerspace

......................

17,212

940,291

Clipper

Realty,

Inc.

..................

44,349

254,563

Elme

Communities

..................

88,314

1,577,288

Equity

LifeStyle

Properties,

Inc.

.........

177,328

11,904,029

Equity

Residential

..................

350,101

21,006,060

Essex

Property

Trust,

Inc.

.............

66,149

13,834,402

Independence

Realty

Trust,

Inc.

.........

222,420

3,565,393

Invitation

Homes,

Inc.

................

596,871

18,640,281

Mid-America

Apartment

Communities,

Inc.

..

116,678

17,623,045

NexPoint

Residential

Trust,

Inc.

.........

28,821

1,258,613

Sun

Communities,

Inc.

...............

125,498

17,680,158

UDR,

Inc.

........................

316,426

12,992,452

UMH

Properties,

Inc.

................

49,452

731,395

Veris

Residential,

Inc.

(a)

...............

91,072

1,333,294

175,881,748

Retail

REITs

—

0.4%

Acadia

Realty

Trust

.................

71,655

999,587

Agree

Realty

Corp.

(b)

................

86,733

5,950,751

Alexander's,

Inc.

...................

1,605

310,969

Brixmor

Property

Group,

Inc.

...........

302,433

6,508,358

CBL

&

Associates

Properties,

Inc.

........

34,914

895,195

Federal

Realty

Investment

Trust

.........

71,970

7,112,795

Getty

Realty

Corp.

..................

43,403

1,563,810

InvenTrust

Properties

Corp.

............

65,787

1,539,416

Kimco

Realty

Corp.

.................

626,694

12,239,334

Kite

Realty

Group

Trust

...............

235,072

4,917,706

Macerich

Co.

(The)

.................

217,473

2,305,214

National

Retail

Properties,

Inc.

..........

179,150

7,909,472

Necessity

Retail

REIT,

Inc.

(The),

Class

A

..

109,427

687,202

NETSTREIT

Corp.

..................

55,846

1,020,865

Phillips

Edison

&

Co.,

Inc.

.............

112,160

3,658,659

Realty

Income

Corp.

.................

634,861

40,199,398

Regency

Centers

Corp.

..............

157,911

9,660,995

Retail

Opportunity

Investments

Corp.

.....

124,516

1,738,243

RPT

Realty

.......................

86,877

826,200

Saul

Centers,

Inc.

..................

10,412

406,068

Simon

Property

Group,

Inc.

............

332,915

37,276,493

SITE

Centers

Corp.

.................

187,195

2,298,755

Spirit

Realty

Capital,

Inc.

..............

141,290

5,628,994

Tanger

Factory

Outlet

Centers,

Inc.

.......

123,652

2,427,289

Urban

Edge

Properties

...............

116,322

1,751,809

Urstadt

Biddle

Properties,

Inc.,

Class

A

....

32,941

578,773

Wheeler

REIT,

Inc.

(a)

.................

736

935

Whitestone

REIT

...................

33,239

305,799

160,719,084

Semiconductors

&

Semiconductor

Equipment

—

5.9%

ACM

Research,

Inc.,

Class

A

(a)

..........

33,918

396,841

Advanced

Micro

Devices,

Inc.

(a)

.........

1,641,700

160,903,017

Aehr

Test

Systems

(a)

.................

23,441

727,140

Allegro

MicroSystems,

Inc.

(a)

...........

65,052

3,121,845

Alpha

&

Omega

Semiconductor

Ltd.

(a)

.....

27,602

743,874

Ambarella,

Inc.

(a)

...................

39,973

3,094,710

Amkor

Technology,

Inc.

...............

107,065

2,785,831

Amtech

Systems,

Inc.

(a)

...............

9,262

88,359

Analog

Devices,

Inc.

.................

512,660

101,106,805

Applied

Materials,

Inc.

...............

856,112

105,156,237

Atomera,

Inc.

(a)(b)

...................

23,471

149,510

Axcelis

Technologies,

Inc.

(a)

............

33,221

4,426,698

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

AXT,

Inc.

(a)(b)

......................

36,237

$

144,223

Broadcom,

Inc.

....................

424,323

272,220,177

CEVA,

Inc.

(a)

......................

30,785

936,788

Cirrus

Logic,

Inc.

(a)

..................

55,866

6,110,623

Cohu,

Inc.

(a)

......................

62,822

2,411,737

Credo

Technology

Group

Holding

Ltd.

(a)(b)

...

93,650

882,183

Diodes,

Inc.

(a)

.....................

47,470

4,403,317

eMagin

Corp.

(a)(b)

...................

29,902

62,196

Enphase

Energy,

Inc.

(a)(b)

..............

138,056

29,030,416

Entegris,

Inc.

......................

154,142

12,641,185

First

Solar,

Inc.

(a)

...................

100,515

21,862,012

FormFactor,

Inc.

(a)

..................

75,328

2,399,197

GSI

Technology,

Inc.

(a)(b)

..............

18,341

31,546

Ichor

Holdings

Ltd.

(a)

.................

24,084

788,510

Impinj,

Inc.

(a)(b)

.....................

21,820

2,957,046

indie

Semiconductor,

Inc.,

Class

A

(a)(b)

.....

90,665

956,516

Intel

Corp.

.......................

4,212,898

137,635,378

KLA

Corp.

........................

140,386

56,037,880

Kopin

Corp.

(a)

.....................

135

147

Kulicke

&

Soffa

Industries,

Inc.

..........

57,620

3,035,998

Lam

Research

Corp.

................

137,807

73,054,247

Lattice

Semiconductor

Corp.

(a)

..........

138,977

13,272,303

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

53,536

3,792,490

Marvell

Technology,

Inc.

..............

875,736

37,919,369

MaxLinear,

Inc.

(a)

...................

71,633

2,522,198

Meta

Materials,

Inc.

(a)

................

432

176

Microchip

Technology,

Inc.

.............

555,349

46,527,139

Micron

Technology,

Inc.

...............

1,108,335

66,876,934

MKS

Instruments,

Inc.

...............

58,302

5,166,723

Monolithic

Power

Systems,

Inc.

.........

45,562

22,805,603

Navitas

Semiconductor

Corp.

(a)(b)

........

86,868

635,005

NVE

Corp.

.......................

8,852

734,627

NVIDIA

Corp.

.....................

2,503,665

695,443,027

NXP

Semiconductors

NV

.............

263,772

49,186,884

ON

Semiconductor

Corp.

(a)

............

439,378

36,169,597

Onto

Innovation,

Inc.

(a)

...............

50,558

4,443,037

PDF

Solutions,

Inc.

(a)

................

37,779

1,601,830

Peraso,

Inc.

(a)

.....................

293

160

Photronics,

Inc.

(a)

...................

61,303

1,016,404

Pixelworks,

Inc.

(a)(b)

..................

27,120

40,138

Power

Integrations,

Inc.

..............

60,423

5,114,203

Qorvo,

Inc.

(a)

......................

102,682

10,429,411

QUALCOMM,

Inc.

..................

1,133,263

144,581,693

QuickLogic

Corp.

(a)(b)

.................

3,444

20,526

Rambus,

Inc.

(a)

....................

110,620

5,670,381

Rigetti

Computing,

Inc.

(a)(b)

.............

171

124

Semtech

Corp.

(a)

...................

62,740

1,514,544

Silicon

Laboratories,

Inc.

(a)(b)

............

32,585

5,705,308

SiTime

Corp.

(a)(b)

...................

17,368

2,470,251

Skyworks

Solutions,

Inc.

..............

162,082

19,122,434

SMART

Global

Holdings,

Inc.

(a)(b)

........

70,058

1,207,800

SolarEdge

Technologies,

Inc.

(a)(b)

........

57,166

17,375,606

Synaptics,

Inc.

(a)

...................

44,340

4,928,391

Teradyne,

Inc.

.....................

158,416

17,031,304

Texas

Instruments,

Inc.

...............

924,696

172,002,703

Trio-Tech

International

(a)

..............

311

1,462

Ultra

Clean

Holdings,

Inc.

(a)(b)

...........

46,058

1,527,283

Universal

Display

Corp.

..............

44,836

6,955,409

Veeco

Instruments,

Inc.

(a)

.............

52,758

1,114,777

Wolfspeed,

Inc.

(a)(b)

..................

128,488

8,345,296

2,423,574,739

Software

—

9.5%

8x8,

Inc.

(a)(b)

.......................

118,071

492,356

A10

Networks,

Inc.

..................

71,017

1,100,053

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

ACI

Worldwide,

Inc.

(a)

................

117,684

$

3,175,114

Adeia,

Inc.

.......................

107,626

953,566

Adobe,

Inc.

(a)

......................

466,073

179,610,552

Agilysys,

Inc.

(a)

....................

20,544

1,695,085

Akerna

Corp.

(a)

....................

605

472

Alarm.com

Holdings,

Inc.

(a)

............

55,099

2,770,378

Alkami

Technology,

Inc.

(a)

.............

36,865

466,711

Altair

Engineering,

Inc.,

Class

A

(a)(b)

.......

52,488

3,784,910

Alteryx,

Inc.,

Class

A

(a)

...............

63,594

3,741,871

American

Software,

Inc.,

Class

A

........

32,619

411,326

Amplitude,

Inc.,

Class

A

(a)

.............

52,686

655,414

ANSYS,

Inc.

(a)

.....................

88,315

29,391,232

Appfolio,

Inc.,

Class

A

(a)

..............

19,217

2,392,132

Appian

Corp.,

Class

A

(a)(b)

.............

39,165

1,738,143

AppLovin

Corp.,

Class

A

(a)

.............

120,236

1,893,717

Asana,

Inc.,

Class

A

(a)(b)

...............

78,579

1,660,374

Aspen

Technology,

Inc.

(a)(b)

.............

29,446

6,739,306

Asure

Software,

Inc.

(a)(b)

...............

7,306

105,937

Atlassian

Corp.,

Class

A

(a)(b)

............

152,769

26,149,470

AudioEye,

Inc.

(a)

....................

2,856

20,278

Autodesk,

Inc.

(a)

....................

219,488

45,688,622

AvePoint,

Inc.,

Class

A

(a)(b)

.............

93,609

385,669

Aware,

Inc.

(a)

......................

18

31

Bentley

Systems,

Inc.,

Class

B

(b)

.........

199,058

8,557,503

BILL

Holdings,

Inc.

(a)(b)

................

98,215

7,969,165

Black

Knight,

Inc.

(a)

..................

160,020

9,210,751

Blackbaud,

Inc.

(a)

...................

47,316

3,278,999

Blackline,

Inc.

(a)

....................

56,513

3,794,848

Box,

Inc.,

Class

A

(a)(b)

................

148,895

3,988,897

Braze,

Inc.,

Class

A

(a)(b)

...............

32,800

1,133,896

BSQUARE

Corp.

(a)

..................

9,417

10,453

C3.ai,

Inc.,

Class

A

(a)(b)

...............

86,277

2,896,319

Cadence

Design

Systems,

Inc.

(a)

........

278,347

58,477,921

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)(b)

..

130,155

1,167,490

Cerence,

Inc.

(a)

....................

37,216

1,045,397

Ceridian

HCM

Holding,

Inc.

(a)

...........

160,390

11,743,756

Cleanspark,

Inc.

(a)

..................

25,812

71,757

Clear

Secure,

Inc.,

Class

A

(b)

...........

82,507

2,159,208

Clearwater

Analytics

Holdings,

Inc.,

Class

A

(a)(b)

61,279

978,013

CommVault

Systems,

Inc.

(a)

............

48,860

2,772,316

Confluent,

Inc.,

Class

A

(a)(b)

............

158,336

3,811,148

Consensus

Cloud

Solutions,

Inc.

(a)

.......

15,562

530,509

CoreCard

Corp.

(a)(b)

.................

9

271

Couchbase,

Inc.

(a)

..................

24,785

348,477

Crowdstrike

Holdings,

Inc.,

Class

A

(a)

......

223,140

30,628,196

Cvent

Holding

Corp.

(a)(b)

...............

90,260

754,574

Datadog,

Inc.,

Class

A

(a)

..............

253,447

18,415,459

Digimarc

Corp.

(a)(b)

..................

13,205

259,478

Digital

Turbine,

Inc.

(a)(b)

...............

90,188

1,114,724

DocuSign,

Inc.

(a)(b)

..................

206,280

12,026,124

Dolby

Laboratories,

Inc.,

Class

A

........

59,339

5,068,737

Domo,

Inc.,

Class

B

(a)

................

29,652

420,762

DoubleVerify

Holdings,

Inc.

(a)(b)

..........

74,773

2,254,406

Dropbox,

Inc.,

Class

A

(a)

..............

263,265

5,691,789

Dynatrace,

Inc.

(a)

...................

227,005

9,602,312

E2open

Parent

Holdings,

Inc.,

Class

A

(a)(b)

..

202,047

1,175,914

Ebix,

Inc.

........................

27

356

eGain

Corp.

(a)

.....................

18,205

138,176

Elastic

NV

(a)

......................

78,036

4,518,284

EngageSmart,

Inc.

(a)

.................

30,035

578,174

Envestnet,

Inc.

(a)

...................

47,342

2,777,555

Everbridge,

Inc.

(a)

...................

39,411

1,366,379

Expensify,

Inc.,

Class

A

(a)

.............

44,894

365,886

Fair

Isaac

Corp.

(a)

...................

25,378

17,832,867

Five9,

Inc.

(a)(b)

.....................

71,394

5,161,072

Security

Shares

Shares

Value

Software

(continued)

ForgeRock,

Inc.,

Class

A

(a)

.............

39,597

$

815,698

Fortinet,

Inc.

(a)

.....................

660,572

43,901,615

Freshworks,

Inc.,

Class

A

(a)(b)

...........

157,674

2,421,873

Gen

Digital,

Inc.

....................

586,527

10,064,803

Gitlab,

Inc.,

Class

A

(a)(b)

...............

65,774

2,255,390

Greenidge

Generation

Holdings,

Inc.

(a)(b)

...

6,833

3,089

Guidewire

Software,

Inc.

(a)

.............

85,160

6,987,378

HashiCorp,

Inc.,

Class

A

(a)(b)

............

90,198

2,641,899

HubSpot,

Inc.

(a)

....................

49,986

21,431,498

Informatica,

Inc.,

Class

A

(a)(b)

...........

40,544

664,922

Instructure

Holdings,

Inc.

(a)

............

17,215

445,869

Intapp,

Inc.

(a)(b)

.....................

15,199

681,523

Intellicheck,

Inc.

(a)(b)

.................

12,262

30,655

InterDigital,

Inc.

(b)

...................

28,109

2,049,146

Intrusion,

Inc.

(a)(b)

...................

215,194

253,929

Intuit,

Inc.

........................

286,518

127,738,320

Inuvo,

Inc.

(a)(b)

.....................

19,143

5,584

Issuer

Direct

Corp.

(a)(b)

................

318

6,686

Jamf

Holding

Corp.

(a)(b)

...............

43,763

849,877

Latch,

Inc.

(a)(b)

.....................

90,688

69,113

LivePerson,

Inc.

(a)

..................

62,703

276,520

LiveRamp

Holdings,

Inc.

(a)

.............

66,932

1,467,819

Manhattan

Associates,

Inc.

(a)

...........

63,959

9,904,051

Marathon

Digital

Holdings,

Inc.

(a)(b)

.......

124,867

1,088,840

Marin

Software,

Inc.

(a)(b)

...............

3,737

3,403

Matterport,

Inc.,

Class

A

(a)

.............

209,953

573,172

Microsoft

Corp.

....................

7,573,591

2,183,466,285

MicroStrategy,

Inc.,

Class

A

(a)(b)

..........

9,891

2,891,337

Mitek

Systems,

Inc.

(a)

................

65,769

630,725

Model

N,

Inc.

(a)(b)

...................

33,885

1,134,131

Momentive

Global,

Inc.

(a)

..............

132,186

1,231,974

N-able,

Inc.

(a)(b)

....................

84,720

1,118,304

nCino,

Inc.

(a)(b)

.....................

82,114

2,034,785

NCR

Corp.

(a)

......................

135,521

3,196,940

New

Relic,

Inc.

(a)

...................

61,657

4,642,156

Nutanix,

Inc.,

Class

A

(a)

...............

237,254

6,166,231

Oblong,

Inc.

(a)

.....................

75

123

Olo,

Inc.,

Class

A

(a)(b)

.................

135,073

1,102,196

ON24,

Inc.

(a)

......................

37,352

327,204

OneSpan,

Inc.

(a)

....................

30,782

538,685

Oracle

Corp.

......................

1,562,809

145,216,212

PagerDuty,

Inc.

(a)(b)

..................

94,585

3,308,583

Palantir

Technologies,

Inc.,

Class

A

(a)(b)

....

1,815,881

15,344,194

Palo

Alto

Networks,

Inc.

(a)(b)

............

308,325

61,584,836

Paycom

Software,

Inc.

(a)

..............

48,844

14,849,064

Paycor

HCM,

Inc.

(a)(b)

................

48,023

1,273,570

Paylocity

Holding

Corp.

(a)

.............

42,107

8,370,030

Pegasystems,

Inc.

..................

43,350

2,101,608

Phunware,

Inc.

(a)(b)

..................

69,254

49,170

Porch

Group,

Inc.

(a)(b)

................

84,917

121,431

PowerSchool

Holdings,

Inc.,

Class

A

(a)

.....

39,618

785,229

Procore

Technologies,

Inc.

(a)(b)

..........

72,040

4,511,865

Progress

Software

Corp.

..............

46,298

2,659,820

PROS

Holdings,

Inc.

(a)

...............

38,122

1,044,543

PTC,

Inc.

(a)

.......................

109,533

14,045,417

Q2

Holdings,

Inc.

(a)

..................

71,871

1,769,464

Qualtrics

International,

Inc.,

Class

A

(a)(b)

....

120,290

2,144,771

Qualys,

Inc.

(a)(b)

....................

36,246

4,712,705

Rapid7,

Inc.

(a)

.....................

64,446

2,958,716

Rekor

Systems,

Inc.

(a)

................

54

68

Remark

Holdings,

Inc.

(a)(b)

.............

5,193

7,114

Rimini

Street,

Inc.

(a)(b)

................

129,361

532,967

RingCentral,

Inc.,

Class

A

(a)

............

82,473

2,529,447

Riot

Platforms,

Inc.

(a)(b)

...............

191,287

1,910,957

Roper

Technologies,

Inc.

..............

107,314

47,292,207

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

Salesforce,

Inc.

(a)

...................

1,018,268

$

203,429,581

Samsara,

Inc.,

Class

A

(a)

..............

116,845

2,304,183

SeaChange

International,

Inc.

(a)

.........

32,736

11,913

SecureWorks

Corp.,

Class

A

(a)

..........

9,243

79,213

SEMrush

Holdings,

Inc.,

Class

A

(a)

.......

67,873

682,124

SentinelOne,

Inc.,

Class

A

(a)(b)

..........

220,702

3,610,685

ServiceNow,

Inc.

(a)

..................

207,106

96,246,300

ShotSpotter,

Inc.

(a)(b)

.................

8,070

317,312

Smartsheet,

Inc.,

Class

A

(a)

............

136,528

6,526,038

Smith

Micro

Software,

Inc.

(a)(b)

..........

15,943

18,494

SolarWinds

Corp.

(a)

.................

38,021

326,981

SoundHound

AI,

Inc.,

Class

A

(a)(b)

........

279

770

Splunk,

Inc.

(a)

.....................

155,991

14,956,417

Sprinklr,

Inc.,

Class

A

(a)(b)

..............

74,381

963,978

Sprout

Social,

Inc.,

Class

A

(a)(b)

..........

50,075

3,048,566

SPS

Commerce,

Inc.

(a)

...............

36,216

5,515,697

SRAX,

Inc.,

NVS

(a)(b)

.................

10,903

654

Sumo

Logic,

Inc.

(a)(b)

.................

123,576

1,480,441

Synchronoss

Technologies,

Inc.

(a)(b)

.......

56,984

53,565

Synopsys,

Inc.

(a)

...................

155,182

59,939,048

Telos

Corp.

(a)

......................

63

159

Tenable

Holdings,

Inc.

(a)

..............

113,312

5,383,453

Teradata

Corp.

(a)

...................

101,137

4,073,798

Terawulf,

Inc.

(a)(b)

...................

17,238

16,166

Tyler

Technologies,

Inc.

(a)

.............

42,471

15,061,915

UiPath,

Inc.,

Class

A

(a)

...............

371,661

6,526,367

Unity

Software,

Inc.

(a)(b)

...............

246,968

8,011,642

Upland

Software,

Inc.

(a)

...............

22,787

97,984

Varonis

Systems,

Inc.

(a)

...............

113,074

2,941,055

Verb

Technology

Co.,

Inc.

(a)

............

121,989

14,627

Verint

Systems,

Inc.

(a)

................

64,426

2,399,224

Veritone,

Inc.

(a)(b)

...................

31,801

185,400

Vertex,

Inc.,

Class

A

(a)(b)

...............

34,760

719,184

Viant

Technology,

Inc.,

Class

A

(a)

.........

18

78

VirnetX

Holding

Corp.

(a)

...............

54,222

71,031

VMware,

Inc.,

Class

A

(a)

..............

212,243

26,498,539

WM

Technology,

Inc.,

Class

A

(a)(b)

........

69,487

59,008

Workday,

Inc.,

Class

A

(a)(b)

.............

205,859

42,518,118

Workiva,

Inc.,

Class

A

(a)(b)

.............

45,464

4,655,968

Xperi,

Inc.

(a)(b)

.....................

42,982

469,793

Yext,

Inc.

(a)

.......................

114,289

1,098,317

Zeta

Global

Holdings

Corp.,

Class

A

(a)(b)

....

143,176

1,550,596

Zoom

Video

Communications,

Inc.,

Class

A

(a)

221,033

16,321,077

Zscaler,

Inc.

(a)(b)

....................

87,534

10,226,597

Zuora,

Inc.,

Class

A

(a)(b)

...............

133,302

1,317,024

3,893,087,853

Specialized

REITs

—

1.2%

American

Tower

Corp.

...............

473,859

96,828,348

Crown

Castle,

Inc.

..................

441,774

59,127,032

CubeSmart

.......................

222,210

10,270,546

Digital

Realty

Trust,

Inc.

..............

293,530

28,856,934

EPR

Properties

....................

82,107

3,128,277

Equinix,

Inc.

......................

93,893

67,700,609

Extra

Space

Storage,

Inc.

.............

135,377

22,056,975

Farmland

Partners,

Inc.

..............

116,496

1,246,507

Four

Corners

Property

Trust,

Inc.

........

84,923

2,281,032

Gaming

and

Leisure

Properties,

Inc.

......

260,811

13,577,821

Gladstone

Land

Corp.

(b)

..............

45,780

762,237

Iron

Mountain,

Inc.

..................

294,038

15,557,551

Lamar

Advertising

Co.,

Class

A

.........

90,341

9,024,162

Life

Storage,

Inc.

...................

85,704

11,234,937

National

Storage

Affiliates

Trust

.........

90,366

3,775,491

Outfront

Media,

Inc.

.................

145,487

2,361,254

PotlatchDeltic

Corp.

.................

81,811

4,049,644

Security

Shares

Shares

Value

Specialized

REITs

(continued)

Power

REIT

(a)

.....................

239

$

893

Public

Storage

.....................

159,661

48,239,974

Rayonier,

Inc.

.....................

147,241

4,897,236

SBA

Communications

Corp.,

Class

A

......

110,160

28,759,471

Uniti

Group,

Inc.

...................

262,072

930,356

VICI

Properties,

Inc.

.................

982,714

32,056,131

Weyerhaeuser

Co.

..................

742,776

22,379,841

489,103,259

Specialty

Retail

—

2.2%

1-800-Flowers.com,

Inc.,

Class

A

(a)

.......

52,753

606,659

Abercrombie

&

Fitch

Co.,

Class

A

(a)

.......

54,277

1,506,187

Academy

Sports

&

Outdoors,

Inc.

........

80,864

5,276,376

Advance

Auto

Parts,

Inc.

..............

59,938

7,289,060

American

Eagle

Outfitters,

Inc.

..........

176,367

2,370,372

America's

Car-Mart,

Inc.

(a)(b)

............

9,730

770,713

Arko

Corp.

.......................

85,515

726,022

Asbury

Automotive

Group,

Inc.

(a)

.........

22,289

4,680,690

AutoNation,

Inc.

(a)(b)

.................

33,165

4,456,049

AutoZone,

Inc.

(a)

...................

18,951

46,584,401

Barnes

&

Noble

Education,

Inc.

(a)

........

37,852

57,535

Bath

&

Body

Works,

Inc.

..............

237,989

8,705,638

Bed

Bath

&

Beyond,

Inc.

(a)(b)

............

94,726

40,486

Best

Buy

Co.,

Inc.

..................

201,370

15,761,230

Big

5

Sporting

Goods

Corp.

(b)

...........

16,489

126,800

Boot

Barn

Holdings,

Inc.

(a)(b)

............

30,059

2,303,722

Buckle,

Inc.

(The)

..................

25,845

922,408

Build-A-Bear

Workshop,

Inc.

...........

12,996

302,027

Burlington

Stores,

Inc.

(a)

..............

66,512

13,442,075

Caleres,

Inc.

......................

46,491

1,005,600

Camping

World

Holdings,

Inc.,

Class

A

....

39,493

824,219

CarMax,

Inc.

(a)(b)

....................

161,121

10,356,858

CarParts.com,

Inc.

(a)(b)

................

34,147

182,345

Carvana

Co.,

Class

A

(a)(b)

..............

110,788

1,084,615

Cato

Corp.

(The),

Class

A

.............

36,692

324,357

Chewy,

Inc.,

Class

A

(a)(b)

..............

93,887

3,509,496

Chico's

FAS,

Inc.

(a)(b)

.................

135,072

742,896

Children's

Place,

Inc.

(The)

(a)

...........

18,512

745,108

Conn's,

Inc.

(a)(b)

....................

27

164

Designer

Brands,

Inc.,

Class

A

..........

70,369

615,025

Destination

XL

Group,

Inc.

(a)(b)

..........

54,745

301,645

Dick's

Sporting

Goods,

Inc.

............

60,166

8,536,954

EVgo,

Inc.,

Class

A

(a)(b)

...............

86,086

670,610

Five

Below,

Inc.

(a)(b)

..................

57,423

11,827,415

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)(b)

...

110,265

10,830,228

Foot

Locker,

Inc.

...................

79,866

3,169,882

Franchise

Group,

Inc.

................

34,755

947,074

GameStop

Corp.,

Class

A

(a)(b)

...........

259,637

5,976,844

Gap,

Inc.

(The)

....................

219,620

2,204,985

Genesco,

Inc.

(a)

....................

12,544

462,623

Group

1

Automotive,

Inc.

(b)

.............

14,761

3,342,186

GrowGeneration

Corp.

(a)(b)

.............

64,222

219,639

Guess?,

Inc.

......................

37,806

735,705

Haverty

Furniture

Cos.,

Inc.

............

16,639

530,950

Hibbett,

Inc.

......................

16,435

969,336

Home

Depot,

Inc.

(The)

..............

1,035,688

305,652,243

Kirkland's,

Inc.

(a)

...................

18

51

Lazydays

Holdings,

Inc.

(a)(b)

............

3,257

38,009

Leslie's,

Inc.

(a)(b)

....................

150,158

1,653,240

Lithia

Motors,

Inc.,

Class

A

............

27,546

6,306,106

Lowe's

Cos.,

Inc.

...................

614,744

122,930,358

MarineMax,

Inc.

(a)(b)

.................

19,783

568,761

Monro,

Inc.

.......................

35,577

1,758,571

Murphy

USA,

Inc.

..................

19,052

4,916,369

National

Vision

Holdings,

Inc.

(a)(b)

........

81,637

1,538,041

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Specialty

Retail

(continued)

ODP

Corp.

(The)

(a)(b)

.................

40,982

$

1,843,370

OneWater

Marine,

Inc.,

Class

A

(a)

........

19,565

547,233

O'Reilly

Automotive,

Inc.

(a)

.............

63,175

53,634,312

Overstock.com,

Inc.

(a)(b)

...............

45,686

926,055

Penske

Automotive

Group,

Inc.

(b)

........

24,269

3,441,587

Petco

Health

&

Wellness

Co.,

Inc.

(a)(b)

.....

89,431

804,879

PetMed

Express,

Inc.

................

25,501

414,136

RealReal,

Inc.

(The)

(a)(b)

...............

33,458

42,157

Revolve

Group,

Inc.,

Class

A

(a)(b)

.........

40,042

1,053,105

RH

(a)

...........................

19,484

4,745,328

Ross

Stores,

Inc.

...................

349,808

37,125,123

Sally

Beauty

Holdings,

Inc.

(a)

...........

108,234

1,686,286

Shift

Technologies,

Inc.

(a)(b)

.............

18

20

Shoe

Carnival,

Inc.

..................

17,640

452,466

Signet

Jewelers

Ltd.

.................

46,932

3,650,371

Sleep

Number

Corp.

(a)

...............

24,575

747,326

Sonic

Automotive,

Inc.,

Class

A

.........

16,968

922,041

Sportsman's

Warehouse

Holdings,

Inc.

(a)

...

36

305

Stitch

Fix,

Inc.,

Class

A

(a)(b)

.............

72,887

372,453

ThredUp,

Inc.,

Class

A

(a)(b)

.............

76,055

192,419

TJX

Cos.,

Inc.

(The)

.................

1,174,045

91,998,166

Tractor

Supply

Co.

..................

112,152

26,360,206

TravelCenters

of

America,

Inc.

(a)

.........

12,719

1,100,193

Ulta

Beauty,

Inc.

(a)

..................

51,582

28,146,750

Upbound

Group,

Inc.

................

53,355

1,307,731

Urban

Outfitters,

Inc.

(a)

...............

62,086

1,721,024

Victoria's

Secret

&

Co.

(a)(b)

.............

86,472

2,953,019

Vroom,

Inc.

(a)(b)

.....................

100,797

90,586

Warby

Parker,

Inc.,

Class

A

(a)(b)

..........

57,290

606,701

Wayfair,

Inc.,

Class

A

(a)(b)

..............

77,942

2,676,528

Williams-Sonoma,

Inc.

...............

67,023

8,154,018

Winmark

Corp.

....................

3,469

1,111,572

Xcel

Brands,

Inc.

(a)

..................

315

193

Zumiez,

Inc.

(a)(b)

....................

27,733

511,397

910,746,014

Technology

Hardware,

Storage

&

Peripherals

—

6.3%

Apple,

Inc.

.......................

15,132,468

2,495,343,973

Avid

Technology,

Inc.

(a)(b)

..............

39,424

1,260,780

Corsair

Gaming,

Inc.

(a)(b)

..............

44,378

814,336

Dell

Technologies,

Inc.,

Class

C

.........

248,191

9,979,760

Eastman

Kodak

Co.

(a)(b)

...............

61,984

254,135

Hewlett

Packard

Enterprise

Co.

.........

1,304,031

20,773,214

HP,

Inc.

.........................

883,220

25,922,507

Immersion

Corp.

...................

30,028

268,450

Intevac,

Inc.

(a)

.....................

18,942

138,845

IonQ,

Inc.

(a)(b)

......................

139,428

857,482

NetApp,

Inc.

......................

220,366

14,070,369

One

Stop

Systems,

Inc.

(a)

.............

10,021

24,852

Pure

Storage,

Inc.,

Class

A

(a)

...........

296,230

7,556,827

Quantum

Corp.

(a)(b)

..................

108

124

Seagate

Technology

Holdings

plc

........

194,724

12,875,151

Super

Micro

Computer,

Inc.

(a)

...........

46,517

4,956,386

TransAct

Technologies,

Inc.

(a)(b)

..........

8,969

55,518

Turtle

Beach

Corp.

(a)(b)

................

30,051

301,111

Western

Digital

Corp.

(a)

...............

331,274

12,479,092

Xerox

Holdings

Corp.

................

118,639

1,827,041

2,609,759,953

Textiles,

Apparel

&

Luxury

Goods

—

0.7%

Allbirds,

Inc.,

Class

A

(a)

...............

162

194

Capri

Holdings

Ltd.

(a)

................

126,076

5,925,572

Carter's,

Inc.

......................

40,056

2,880,828

Columbia

Sportswear

Co.

.............

37,245

3,360,989

Crocs,

Inc.

(a)

......................

62,653

7,921,845

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Culp,

Inc.

........................

13

$

68

Deckers

Outdoor

Corp.

(a)

..............

26,822

12,057,830

G-III

Apparel

Group

Ltd.

(a)

.............

37,069

576,423

Hanesbrands,

Inc.

..................

365,088

1,920,363

Jerash

Holdings

US,

Inc.

(b)

.............

1,955

9,228

Kontoor

Brands,

Inc.

.................

46,522

2,251,200

Levi

Strauss

&

Co.,

Class

A

............

97,972

1,786,030

Lululemon

Athletica,

Inc.

(a)

.............

118,001

42,974,784

Movado

Group,

Inc.

.................

11,771

338,652

NIKE,

Inc.,

Class

B

.................

1,265,959

155,257,212

Oxford

Industries,

Inc.

...............

15,860

1,674,657

PLBY

Group,

Inc.

(a)(b)

................

23,849

47,221

PVH

Corp.

.......................

65,177

5,811,181

Ralph

Lauren

Corp.,

Class

A

...........

41,627

4,856,622

Skechers

USA,

Inc.,

Class

A

(a)

..........

133,999

6,367,632

Steven

Madden

Ltd.

.................

82,008

2,952,288

Tapestry,

Inc.

......................

240,668

10,375,197

Under

Armour,

Inc.,

Class

A

(a)

...........

191,433

1,816,699

Under

Armour,

Inc.,

Class

C,

NVS

(a)

......

198,016

1,689,077

VF

Corp.

........................

333,400

7,638,194

Vince

Holding

Corp.

(a)

................

896

6,209

Wolverine

World

Wide,

Inc.

............

83,463

1,423,044

281,919,239

Tobacco

—

0.6%

22nd

Century

Group,

Inc.

(a)(b)

...........

152,359

117,164

Altria

Group,

Inc.

...................

1,814,353

80,956,431

Philip

Morris

International,

Inc.

..........

1,573,253

152,998,854

Turning

Point

Brands,

Inc.

.............

12,141

254,961

Universal

Corp.

....................

24,931

1,318,600

Vector

Group

Ltd.

..................

125,374

1,505,742

237,151,752

Trading

Companies

&

Distributors

—

0.5%

Air

Lease

Corp.,

Class

A

..............

108,717

4,280,188

Alta

Equipment

Group,

Inc.,

Class

A

......

33,248

526,981

Applied

Industrial

Technologies,

Inc.

......

39,106

5,558,136

Beacon

Roofing

Supply,

Inc.

(a)(b)

.........

51,474

3,029,245

BlueLinx

Holdings,

Inc.

(a)

..............

8,800

598,048

Boise

Cascade

Co.

.................

39,873

2,521,967

Core

&

Main,

Inc.,

Class

A

(a)(b)

..........

67,864

1,567,658

Custom

Truck

One

Source,

Inc.

(a)(b)

.......

99,119

673,018

Distribution

Solutions

Group,

Inc.

(a)

.......

15,255

693,492

DXP

Enterprises,

Inc.

(a)

...............

11,477

308,961

Fastenal

Co.

......................

576,137

31,076,830

Ferguson

plc

......................

207,903

27,807,026

FTAI

Aviation

Ltd.

...................

100,108

2,799,020

GATX

Corp.

......................

36,529

4,018,921

Global

Industrial

Co.

.................

12,805

343,686

GMS,

Inc.

(a)

.......................

45,493

2,633,590

H&E

Equipment

Services,

Inc.

..........

34,157

1,510,764

Herc

Holdings,

Inc.

..................

25,195

2,869,710

Hudson

Technologies,

Inc.

(a)(b)

..........

27,482

239,918

IGC

Pharma,

Inc.

(a)(b)

................

37,978

12,894

McGrath

RentCorp

..................

27,833

2,597,097

MRC

Global,

Inc.

(a)

..................

84,248

818,891

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

....

48,403

4,065,852

NOW,

Inc.

(a)

......................

108,636

1,211,291

Rush

Enterprises,

Inc.,

Class

A

.........

39,878

2,177,339

Rush

Enterprises,

Inc.,

Class

B

.........

14,639

876,729

SiteOne

Landscape

Supply,

Inc.

(a)(b)

.......

45,801

6,268,783

Titan

Machinery,

Inc.

(a)

...............

18,040

549,318

Transcat,

Inc.

(a)

....................

8,837

789,939

Triton

International

Ltd.

...............

57,663

3,645,455

United

Rentals,

Inc.

(b)

................

70,237

27,796,995

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Trading

Companies

&

Distributors

(continued)

Univar

Solutions,

Inc.

(a)

...............

165,490

$

5,797,115

Veritiv

Corp.

......................

14,883

2,011,289

Watsco,

Inc.

(b)

.....................

34,040

10,830,166

WESCO

International,

Inc.

.............

44,596

6,891,866

Willis

Lease

Finance

Corp.

(a)(b)

..........

8,341

456,920

WW

Grainger,

Inc.

..................

45,578

31,394,582

Xometry,

Inc.,

Class

A

(a)(b)

.............

30,477

456,241

201,705,921

Water

Utilities

—

0.1%

American

States

Water

Co.

............

37,316

3,317,019

American

Water

Works

Co.,

Inc.

.........

199,366

29,205,125

Artesian

Resources

Corp.,

Class

A,

NVS

...

8,810

487,722

Cadiz,

Inc.

(a)

......................

30,624

123,721

California

Water

Service

Group

.........

55,987

3,258,444

Essential

Utilities,

Inc.

................

241,833

10,556,011

Middlesex

Water

Co.

................

16,133

1,260,310

Pure

Cycle

Corp.

(a)

..................

18,772

177,395

SJW

Group

.......................

28,902

2,200,309

York

Water

Co.

(The)

................

16,322

729,593

51,315,649

Wireless

Telecommunication

Services

—

0.2%

Gogo,

Inc.

(a)

......................

58,473

847,858

Shenandoah

Telecommunications

Co.

(b)

....

48,097

914,805

Spok

Holdings,

Inc.

.................

27

274

Telephone

and

Data

Systems,

Inc.

.......

107,137

1,126,010

T-Mobile

US,

Inc.

(a)(b)

.................

604,974

87,624,434

United

States

Cellular

Corp.

(a)

..........

25,588

530,439

91,043,820

Total

Common

Stocks

—

99.7%

(Cost:

$34,806,166,997)

...........................

41,069,472,822

Rights

Banks

—

0.0%

Contra

CVR

Bioblast

PH,

CVR

(a)(b)(d)

......

167,980

2

Biotechnology

—

0.0%

(a)(d)

Catalyst

Biosciences,

Inc.,

CVR

.........

7,839

—

Contra

Aduro

Biotech

I,

CVR

...........

4,142

10,517

Contra

Miragen

Therape,

CVR

..........

119

—

Disc

Medicine,

Inc.,

CVR

(b)

............

47,740

—

Oncternal

Therapeutics,

Inc.,

CVR

(b)

......

722

740

Progenics

Pharmaceuticals,

Inc.,

CVR

(b)

...

10,240

11,776

Qualigen

Therapeutics,

Inc.,

CVR

(b)

.......

14,465

978

Sting

Agonist,

CVR

.................

11,084

3,768

Sting

Antagonist,

CVR

...............

11,084

4,434

32,213

Chemicals

—

0.0%

Ikonics

Corp.,

CVR

(a)

................

237

462

Diversified

Telecommunication

Services

—

0.0%

Contra

Communications,

CVR

(a)(d)

........

2,058

—

Financial

Services

—

0.0%

Contra

Costa

County

Board

of

Education,

CVR

(a)(d)

.......................

266

37

Security

Shares

Shares

Value

Pharmaceuticals

—

0.0%

(a)

Contran

Corp.,

CVR

(b)

................

97

$

3

Seelos

Therapeutics,

Inc.,

CVR

(d)

........

43

23

26

Total

Rights

—

0.0%

(Cost:

$2,458)

.................................

32,740

Warrants

Biotechnology

—

0.0%

Salarius

Pharmaceuticals,

Inc.

(Issued/

Exercisable

07/02/21,

1

Share

for

1

Warrant,

Expires

01/20/25,

Strike

Price

USD

15.17)

(a)

(b)(d)

..........................

19,965

—

Total

Warrants

—

0.0%

(Cost:

$—)

....................................

—

Total

Long-Term

Investments

—

99.7%

(Cost:

$34,806,169,455)

...........................

41,069,505,562

Short-Term

Securities

Money

Market

Funds

—

2.7%

(e)(g)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(h)

............

1,046,918,621

1,047,232,697

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

..................

84,512,098

84,512,098

Total

Short-Term

Securities

—

2.7%

(Cost:

$1,131,151,765)

...........................

1,131,744,795

Total

Investments

—

102.4%

(Cost:

$35,937,321,220

)

...........................

42,201,250,357

Liabilities

in

Excess

of

Other

Assets

—

(2.4)%

............

(1,007,780,786)

Net

Assets

—

100.0%

..............................

$

41,193,469,571

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Affiliate

of

the

Fund.

(f)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$407,647,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$526,994.

(g)

Annualized

7-day

yield

as

of

period

end.

(h)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

46

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/23

Shares

Held

at

03/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

780,950,442

$

265,746,895

(a)

$

—

$

50,000

$

485,360

$

1,047,232,697

1,046,918,621

$

10,446,398

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

77,230,000

7,282,098

(a)

—

—

—

84,512,098

84,512,098

2,006,702

26

BlackRock,

Inc.

............

105,831,432

26,305,749

(18,062,656)

6,546,387

(18,649,031)

101,971,881

152,397

2,898,647

—

$

6,596,387

$

(18,163,671)

$

1,233,716,676

$

15,351,747

$

26

—

—

(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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

.......................................................

518

06/16/23

$

107,168

$

5,550,799

S&P

Midcap

400

E-Mini

Index

.................................................

39

06/16/23

9,866

239,545

$

5,790,344

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

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)

......

$

—

$

—

$

5,790,344

$

—

$

—

$

—

$

5,790,344

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

For

the

period

ended

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(14,912,412)

$

—

$

—

$

—

$

(14,912,412)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

1,047,097

$

—

$

—

$

—

$

1,047,097

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

47

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.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

103,666,988

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

41,068,975,905

$

408,301

$

88,616

$

41,069,472,822

Rights

................................................

—

465

32,275

32,740

Warrants

..............................................

—

—

—

—

Short-Term

Securities

Money

Market

Funds

......................................

1,131,744,795

—

—

1,131,744,795

$

42,200,720,700

$

408,766

$

120,891

$

42,201,250,357

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

5,790,344

$

—

$

—

$

5,790,344

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

March

31,

2023

2023

iShares

Annual

Report

to

Shareholders

48

See

notes

to

financial

statements.

iShares

Core

S&P

500

ETF

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

........................................................................

$

303,975,548,326‌

$

40,967,533,681‌

Investments,

at

value

—

affiliated

(c)

...........................................................................

3,911,059,738‌

1,233,716,676‌

Cash  

..............................................................................................

565,222‌

—‌

Cash

pledged:

Futures

contracts

.....................................................................................

42,624,800‌

7,069,790‌

Receivables:

–‌

–‌

Investments

sold

.....................................................................................

—‌

401,610‌

Securities

lending

income

—

affiliated

.......................................................................

680,366‌

1,023,558‌

Capital

shares

sold

....................................................................................

2,492,441‌

165,088‌

Dividends

—

unaffiliated

................................................................................

220,002,148‌

30,769,961‌

Dividends

—

affiliated

..................................................................................

2,502,619‌

300,424‌

Variation

margin

on

futures

contracts

........................................................................

10,886,285‌

1,669,277‌

Total

assets

..........................................................................................

308,166,361,945‌

42,242,650,065‌

LIABILITIES

Bank

overdraft

.........................................................................................

—‌

1,080,794‌

Collateral

on

securities

loaned

..............................................................................

2,491,112,508‌

1,047,086,440‌

Payables:

–‌

–‌

Capital

shares

redeemed

................................................................................

12,155,072‌

—‌

Investment

advisory

fees

................................................................................

7,548,878‌

1,013,260‌

Total

liabilities

.........................................................................................

2,510,816,458‌

1,049,180,494‌

NET

ASSETS

.........................................................................................

$

305,655,545,487‌

$

41,193,469,571‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

299,294,581,592‌

$

35,777,418,635‌

Accumulated

earnings

...................................................................................

6,360,963,895‌

5,416,050,936‌

NET

ASSETS

.........................................................................................

$

305,655,545,487‌

$

41,193,469,571‌

NET

ASSET

VALUE

Shares

outstanding

.....................................................................................

743,250,000‌

454,900,000‌

Net

asset

value

........................................................................................

$

411.24‌

$

90.56‌

Shares

authorized

......................................................................................

Unlimited

Unlimited

Par

value

............................................................................................

None

None

(a)

  Investments,

at

cost

—

unaffiliated

.........................................................................

$

288,849,401,440‌

$

34,717,948,399‌

(b)

  Securities

loaned,

at

value

...............................................................................

$

2,486,211,992‌

$

1,044,055,354‌

(c)

  Investments,

at

cost

—

affiliated

...........................................................................

$

3,921,309,262‌

$

1,219,372,821‌

Statements

of

Operations

Year

Ended

March

31,

2023

49

Financial

Statements

See

notes

to

financial

statements.

iShares

Core

S&P

500

ETF

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

INVESTMENT

INCOME

–

–

Dividends

—

unaffiliated

................................................................................

$

4,993,156,724‌

$

659,671,692‌

Dividends

—

affiliated

..................................................................................

40,140,603‌

4,905,349‌

Securities

lending

income

—

affiliated

—

net

..................................................................

7,369,118‌

10,446,398‌

Foreign

taxes

withheld

.................................................................................

(1,245,652‌)

(169,041‌)

Total

investment

income

..................................................................................

5,039,420,793‌

674,854,398‌

EXPENSES

Investment

advisory

...................................................................................

89,077,676‌

12,169,788‌

Total

expenses

........................................................................................

89,077,676‌

12,169,788‌

Net

investment

income

...................................................................................

4,950,343,117‌

662,684,610‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(30,190,616,618‌)

$

(4,462,401,968‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

............................................................................

(2,640,860,969‌)

(448,044,470‌)

Investments

—

affiliated

..............................................................................

(594,906‌)

(31,879‌)

Capital

gain

distributions

from

underlying

funds

—

affiliated

.......................................................

341‌

26‌

Futures

contracts

...................................................................................

(121,340,034‌)

(14,912,412‌)

In-kind

redemptions

—

unaffiliated

(a)

......................................................................

22,113,568,384‌

3,145,198,361‌

In-kind

redemptions

—

affiliated

(a)

........................................................................

51,210,000‌

6,628,266‌

19,401,982,816‌

2,688,837,892‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

............................................................................

(49,430,920,932‌)

(7,134,123,287‌)

Investments

—

affiliated

..............................................................................

(159,904,593‌)

(18,163,671‌)

Futures

contracts

...................................................................................

(1,773,908‌)

1,047,097‌

(49,592,599,433‌)

(7,151,239,861‌)

Net

realized

and

unrealized

loss

.............................................................................

(30,190,616,617‌)

(4,462,401,969‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................

$

(25,240,273,500‌)

$

(3,799,717,359‌)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

Statements

of

Changes

in

Net

Assets

2023

iShares

Annual

Report

to

Shareholders

50

See

notes

to

financial

statements.

iShares

Core

S&P

500

ETF

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/23

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

......................................

$

4,950,343,117‌

$

4,095,945,590‌

$

662,684,610‌

$

545,410,098‌

Net

realized

gain

..........................................

19,401,982,816‌

30,797,260,452‌

2,688,837,892‌

1,039,334,103‌

Net

change

in

unrealized

appreciation

(depreciation)

..................

(49,592,599,433‌)

6,431,314,059‌

(7,151,239,861‌)

2,713,687,958‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.............

(25,240,273,500‌)

41,324,520,101‌

(3,799,717,359‌)

4,298,432,159‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...........

(4,916,354,006‌)

(4,093,331,529‌)

(664,521,474‌)

(551,777,171‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

...........

2,846,350,227‌

33,794,619,676‌

915,103,627‌

4,930,473,507‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.............................

(27,310,277,279‌)

71,025,808,248‌

(3,549,135,206‌)

8,677,128,495‌

Beginning

of

year

............................................

332,965,822,766‌

261,940,014,518‌

44,742,604,777‌

36,065,476,282‌

End

of

year

................................................

$

305,655,545,487‌

$

332,965,822,766‌

$

41,193,469,571‌

$

44,742,604,777‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

51

Financial

Highlights

iShares

Core

S&P

500

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

.................................

$

453.38

‌

$

397.36

‌

$

258.44

‌

$

284.57

‌

$

265.21

‌

Net

investment

income

(a)

........................................

6.66

‌

5.98

‌

5.60

‌

5.90

‌

5.38

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............................

(42.24

)

55.94

‌

139.01

‌

(25.20

)

19.43

‌

Net

increase

(decrease)

from

investment

operations

.......................

(35.58

)

61.92

‌

144.61

‌

(19.30

)

24.81

‌

Distributions

from

net

investment

income

(c)

..............................

(6.56

)

(5.90

)

(5.69

)

(6.83

)

(5.45

)

Net

asset

value,

end

of

year

......................................

$

411.24

‌

$

453.38

‌

$

397.36

‌

$

258.44

‌

$

284.57

‌

Total

Return

(d)

(7.76)%

—

—

—

—

Based

on

net

asset

value

.........................................

(7.76

)%

15.61

%

56.31

%

(7.01

)%

9.46

%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

................................................

0.03

%

0.03

%

0.03

%

0.04

%

0.04

%

Net

investment

income

...........................................

1.67

%

1.35

%

1.64

%

1.96

%

1.95

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

305,655,545

‌

$

332,965,823

‌

$

261,940,015

‌

$

162,018,956

‌

$

169,347,166

‌

Portfolio

turnover

rate

(f)

...........................................

3

%

3

%

5

%

4

%

5

%

(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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Annual

Report

to

Shareholders

52

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

.................................

$

100.92

‌

$

91.51

‌

$

57.19

‌

$

64.40

‌

$

60.42

‌

Net

investment

income

(a)

........................................

1.43

‌

1.29

‌

1.20

‌

1.27

‌

1.19

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............................

(10.35

)

9.41

‌

34.37

‌

(7.09

)

4.00

‌

Net

increase

(decrease)

from

investment

operations

.......................

(8.92

)

10.70

‌

35.57

‌

(5.82

)

5.19

‌

Distributions

from

net

investment

income

(c)

..............................

(1.44

)

(1.29

)

(1.25

)

(1.39

)

(1.21

)

Net

asset

value,

end

of

year

......................................

$

90.56

‌

$

100.92

‌

$

91.51

‌

$

57.19

‌

$

64.40

‌

Total

Return

(d)

(8.76)%

—

—

—

—

Based

on

net

asset

value

.........................................

(8.76

)%

11.70

%

62.58

%

(9.28

)%

8.68

%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

................................................

0.03

%

0.03

%

0.03

%

0.03

%

0.03

%

Net

investment

income

...........................................

1.62

%

1.29

%

1.54

%

1.88

%

1.90

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

41,193,470

‌

$

44,742,605

‌

$

36,065,476

‌

$

21,439,033

‌

$

18,750,686

‌

Portfolio

turnover

rate

(f)

...........................................

4

%

4

%

5

%

4

%

6

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

53

Notes

to

Financial

Statements

1.

ORGANIZATION

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios. 

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. 

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

March

31,

2023

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. 

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.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

 Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees

of

the

Trust

 (the

“Board”)

of each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser, as

the

valuation

designee

for

each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s policies

and

procedures as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

assets

and

liabilities:

iShares

ETF

Diversification

Classification

Core

S&P

500

.......................................................................................................

Diversified

Core

S&P

Total

U.S.

Stock

Market

.........................................................................................

Diversified

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

to

Shareholders

54

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.

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

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

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock.

Securities

Lending:

 Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(continued)

55

Notes

to

Financial

Statements

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)

Core

S&P

500

Barclays

Bank

PLC

.....................................

$

91,779,766‌

$

(91,779,766‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

7,263,586‌

(7,263,586‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

328,900‌

(328,900‌)

–‌

–‌

BNP

Paribas

SA

.......................................

120,727,518‌

(120,727,518‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

171,922,344‌

(171,922,344‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

28,981,158‌

(28,981,158‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

77,725,682‌

(77,725,682‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

169,547‌

(169,547‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

471,580,241‌

(471,580,241‌)

–‌

–‌

HSBC

Bank

PLC

......................................

123,228,670‌

(123,228,670‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

248,721,812‌

(247,578,686‌)

–‌

1,143,126‌

Jefferies

LLC

.........................................

11,404,357‌

(11,250,333‌)

–‌

154,024‌

Morgan

Stanley

.......................................

236,226,189‌

(236,226,189‌)

–‌

–‌

National

Financial

Services

LLC

............................

45,710,000‌

(45,710,000‌)

–‌

–‌

Natixis

SA

...........................................

707,893‌

(707,893‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

665,840‌

(665,840‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

358,463,591‌

(353,578,804‌)

–‌

4,884,787‌

Scotia

Capital

(USA),

Inc.

................................

14,347,446‌

(14,347,446‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

35,838,186‌

(35,838,186‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

341,730,830‌

(341,644,764‌)

–‌

86,066‌

UBS

AG

............................................

78,462,170‌

(78,462,170‌)

–‌

–‌

UBS

Securities

LLC

....................................

5,830,476‌

(5,830,476‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

3,524,574‌

(3,524,574‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

7,339,802‌

(7,339,802‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

3,531,414‌

(3,531,414‌)

–‌

–‌

$

2,486,211,992‌

$

(2,479,943,989‌)

$

–‌

$

6,268,003‌

Core

S&P

Total

U.S.

Stock

Market

Barclays

Bank

PLC

.....................................

$

69,049,699‌

$

(69,049,699‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

6,018,738‌

(5,792,869‌)

–‌

225,869‌

BMO

Capital

Markets

Corp.

...............................

584,069‌

(576,094‌)

–‌

7,975‌

BNP

Paribas

SA

.......................................

110,951,384‌

(109,962,459‌)

–‌

988,925‌

BofA

Securities,

Inc.

....................................

30,641,379‌

(30,641,379‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

15,803,278‌

(15,771,328‌)

–‌

31,950‌

Citigroup

Global

Markets,

Inc.

..............................

75,033,083‌

(74,188,196‌)

–‌

844,887‌

Credit

Suisse

Securities

(USA)

LLC

..........................

1,277,914‌

(1,277,914‌)

–‌

–‌

Deutsche

Bank

Securities,

Inc.

.............................

5,488‌

(5,488‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

200,641,004‌

(200,127,665‌)

–‌

513,339‌

HSBC

Bank

PLC

......................................

35,068,357‌

(35,068,357‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

119‌

(119‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

103,947,173‌

(103,947,173‌)

–‌

–‌

Jefferies

LLC

.........................................

18,361,007‌

(18,351,999‌)

–‌

9,008‌

Morgan

Stanley

.......................................

110,523,197‌

(110,523,197‌)

–‌

–‌

National

Financial

Services

LLC

............................

9,856,359‌

(9,856,359‌)

–‌

–‌

Natixis

SA

...........................................

29,825,091‌

(29,577,145‌)

–‌

247,946‌

Nomura

Securities

International,

Inc.

.........................

201,326‌

(201,326‌)

–‌

–‌

Pershing

LLC

.........................................

753,948‌

(753,948‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

16,460,789‌

(16,372,657‌)

–‌

88,132‌

Scotia

Capital

(USA),

Inc.

................................

68,407,780‌

(68,407,780‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

4,032,035‌

(4,032,035‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

10,596,243‌

(10,596,243‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

61,265,929‌

(61,265,929‌)

–‌

–‌

UBS

AG

............................................

19,500,772‌

(19,500,772‌)

–‌

–‌

UBS

Securities

LLC

....................................

22,750,404‌

(22,626,861‌)

–‌

123,543‌

Virtu

Americas

LLC

.....................................

4,635,482‌

(4,625,927‌)

–‌

9,555‌

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

to

Shareholders

56

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

 Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly owned

by

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to each of

the

following Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of each

Fund

as

follows:

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.

Prior

to

April

25,

2022,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company. 

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

Core

S&P

Total

U.S.

Stock

Market

(continued)

Wells

Fargo

Bank

N.A.

..................................

7,412,387‌

(7,411,948‌)

–‌

439‌

Wells

Fargo

Securities

LLC

...............................

10,450,920‌

(10,450,920‌)

–‌

–‌

$

1,044,055,354‌

$

(1,040,963,786‌)

$

–‌

$

3,091,568‌

(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

Fund’s

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

March

31,

2023.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

iShares

ETF

Investment

Advisory

Fees

Core

S&P

500

....................................................................................................

0.03‌

%

Core

S&P

Total

U.S.

Stock

Market

......................................................................................

0.03‌

Notes

to

Financial

Statements

(continued)

57

Notes

to

Financial

Statements

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statements

of

Operations.

For

the year ended

March

31,

2023,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the year ended March

31,

2023,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the year ended

March

31,

2023,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the year ended

March

31,

2023,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

March

31,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

As

of March

31,

2023,

permanent

differences

attributable

to

realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

to

the

following

accounts:

iShares

ETF

Amounts

Core

S&P

500

...........................................................................................................

$

2,816,248‌

Core

S&P

Total

U.S.

Stock

Market

.............................................................................................

2,897,380‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Core

S&P

500

........................................................................

$

2,869,023,891‌

$

1,200,809,905‌

$

(633,222,236‌)

Core

S&P

Total

U.S.

Stock

Market

..........................................................

244,213,752‌

266,832,805‌

(86,255,862‌)

iShares

ETF

Purchases

Sales

Core

S&P

500

........................................................................................

$

9,886,046,465‌

$

9,889,391,559‌

Core

S&P

Total

U.S.

Stock

Market

..........................................................................

1,826,580,726‌

1,824,945,910‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Core

S&P

500

........................................................................................

$

65,770,405,444‌

$

62,929,927,361‌

Core

S&P

Total

U.S.

Stock

Market

..........................................................................

8,096,461,444‌

7,189,525,308‌

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

to

Shareholders

58

The

tax

character

of

distributions

paid

was

as

follows:

As

of

March

31,

2023,

the

tax

components

of

accumulated

net

earnings

(losses)

were

as

follows:

A

fund

may

own

shares

in

certain

foreign

investment

entities,

referred

to,

under

U.S.

tax

law,

as

“passive

foreign

investment

companies.”

Such

fund

may

elect

to

mark-to-

market

annually

the

shares

of

each

passive

foreign

investment

company

and

would

be

required

to

distribute

to

shareholders

any

such

marked-to-market

gains.

As

of

March

31,

2023,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy,

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests.

iShares

ETF

Paid-In

Capital

Accumulated

Earnings

(Loss)

Core

S&P

500

.............................................................................

$

21,940,484,161‌

$

(21,940,484,161‌)

Core

S&P

Total

U.S.

Stock

Market

...............................................................

3,136,702,567‌

(3,136,702,567‌)

—‌

iShares

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Core

S&P

500

Ordinary

income

...........................................................................................

$

4,916,354,006‌

$

4,093,331,529‌

Core

S&P

Total

U.S.

Stock

Market

Ordinary

income

...........................................................................................

$

664,521,474‌

$

551,777,171‌

iShares

ETF

Undistributed

Ordinary

Income

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

Core

S&P

500

.........................................................

$

36,603,274‌

$

(7,049,586,471‌)

$

13,373,947,092‌

$

6,360,963,895‌

Core

S&P

Total

U.S.

Stock

Market

...........................................

7,231,107‌

(662,909,533‌)

6,071,729,362‌

5,416,050,936‌

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

were

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.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Core

S&P

500

...................................................

$

294,512,660,972‌

$

37,226,932,795‌

$

(23,852,985,703‌)

$

13,373,947,092‌

Core

S&P

Total

U.S.

Stock

Market

......................................

36,129,520,995‌

9,133,396,422‌

(3,061,667,060‌)

6,071,729,362‌

Notes

to

Financial

Statements

(continued)

59

Notes

to

Financial

Statements

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.

Counterparty

Credit

Risk:

 The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Concentration

Risk:

 A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

10.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

Year

Ended

03/31/23

Year

Ended

03/31/22

iShares

ETF

Shares

Amount

Shares

Amount

Core

S&P

500

Shares

sold

165,050,000‌

$

66,040,882,304‌

233,500,000‌

$

104,876,081,561‌

Shares

redeemed

(156,200,000‌)

(63,194,532,077‌)

(158,300,000‌)

(71,081,461,885‌)

8,850,000‌

$

2,846,350,227‌

75,200,000‌

$

33,794,619,676‌

Core

S&P

Total

U.S.

Stock

Market

Shares

sold

96,250,000‌

$

8,153,486,233‌

67,200,000‌

$

6,724,020,212‌

Shares

redeemed

(84,700,000‌)

(7,238,382,606‌)

(17,950,000‌)

(1,793,546,705‌)

11,550,000‌

$

915,103,627‌

49,250,000‌

$

4,930,473,507‌

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

to

Shareholders

60

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.

Report

of

Independent

Registered

Public

Accounting

Firm

61

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

iShares

Trust

and

Shareholders

of

each

of

the two

funds

listed

in

the

table

below

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed in

the

table

below

(two

of

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

to

as

the “Funds”)

as

of

March

31,

2023,

the

related

statements

of

operations

for

the

year

ended

March

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2023 (collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

March

31,

2023,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2023

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2023 in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2023

by

correspondence

with

the

custodian,

transfer

agent

and

brokers.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

25,

2023 

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

iShares

Core

S&P

500

ETF

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

Important

Tax

Information

(unaudited)

2023

iShares

Annual

Report

to

Shareholders

62

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

March

31,

2023:

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified business

income

for

individuals

for

the

fiscal

year

ended

March

31,

2023:

The

following

percentages,

or

maximum

percentages

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended March

31,

2023

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

Core

S&P

500

.....................................................................................................

$

4,775,408,065‌

Core

S&P

Total

U.S.

Stock

Market

.......................................................................................

616,729,632‌

iShares

ETF

Qualified

Business

Income

Core

S&P

500

.....................................................................................................

$

149,948,822‌

Core

S&P

Total

U.S.

Stock

Market

.......................................................................................

27,298,504‌

iShares

ETF

Dividends-Received

Deduction

Core

S&P

500

.......................................................................................................

92.78

%

‌

Core

S&P

Total

U.S.

Stock

Market

.........................................................................................

89.14

‌

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

63

Statement

Regarding

Liquidity

Risk

Management

Program

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

Core

S&P

500

ETF

and

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF (the

“Funds”

or

“ETFs”),

each

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Funds,

met

on

December

9,

2022

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Fund

Advisors

(“BlackRock”),

the

investment

adviser

to

the

Funds,

as

the

program

administrator

for

each

Fund’s

Program.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2021

through

September

30,

2022

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing each

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish each

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

extended

market

holidays, the

imposition

of

capital

controls

in

certain

non-U.S.

countries,

Russian

sanctions

and

the

closure

of

the

Russian

securities

market.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing each

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure,

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Derivative

exposure

was

also

considered

in

the

calculation

of

a

fund’s

liquidity

bucketing.

Finally,

a

factor

for

consideration

under

the

Liquidity

Rule

is

a

Fund’s

use

of

borrowings

for

investment

purposes.

However,

the

Funds

do

not

borrow

for

investment

purposes.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

each

ETF’s

reasonably

anticipated

trading

size

(“RATS”).

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements.

The

Committee

considered

that

ETFs

generally

do

not

hold

more

than

de

minimis

amounts

of

cash.

The

Committee

also

considered

that

ETFs

generally

do

not

engage

in

borrowing.

d)

The

relationship

between

an

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants,

including

authorized

participants.

The

Committee

monitored

the

prevailing

bid/ask

spread

and

the

ETF

price

premium

(or

discount)

to

NAV

for

all

ETFs.

However,

there

were

no

ETFs

with

persistent

deviations

of

fund

premium/discount

or

bid/ask

spreads

from

long-term

averages

over

the

Program

Reporting

Period.

e)

The

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

an

ETF’s

portfolio.

In

reviewing

the

linkage

between

the

composition

of

custom

baskets

accepted

by

an

ETF

and

any

significant

change

in

the

liquidity

profile

of

such

ETF,

the

Committee

reviewed

changes

in

the

proportion

of

each

ETF’s

portfolio

comprised

of

less

liquid

and

illiquid

holdings

to

determine

if

applicable

thresholds

were

met

requiring

enhanced

review.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

classification

methodology.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Supplemental

Information

(unaudited)

2023

iShares

Annual

Report

to

Shareholders

64

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

each

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

March

31,

2023

Premium/Discount

Information

Information

on

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

be

found

at

iShares.com

.

Regulation

under

the

Alternative

Investment

Fund

Managers

Directive

The

Alternative

Investment

Fund

Managers

Directive,

and

its

United

Kingdom

(“UK”)

equivalent,

(“AIFMD”)

impose

detailed

and

prescriptive

obligations

on

fund

managers

established

in

the

European

Union

(the

“EU”)

and

the

UK.

These

do

not

currently

apply

to

managers

established

outside

of

the

EU

or

UK, such

as

BFA

(the

“Company”). Rather,

the

Company

is

only

required

to

comply

with

certain

disclosure,

reporting

and

transparency

obligations

of

AIFMD

because

it

has

registered

the

iShares

Core

S&P

500

ETF (the

“Fund”)

to

be

marketed

to

investors

in

the

EU

and/or

UK. 

Report

on

Remuneration

The

Company

is

required

under

AIFMD

to

make

quantitative

disclosures

of

remuneration.

These

disclosures

are

made

in

line

with

BlackRock’s

interpretation

of

currently

available

regulatory

guidance

on

quantitative

remuneration

disclosures.

As

market

or

regulatory

practice

develops

BlackRock

may

consider

it

appropriate

to

make

changes

to

the

way

in

which

quantitative

remuneration

disclosures

are

calculated.

Where

such

changes

are

made,

this

may

result

in

disclosures

in

relation

to

a

fund

not

being

comparable

to

the

disclosures

made

in

the

prior

year,

or

in

relation

to

other

BlackRock

fund

disclosures

in

that

same

year.

Disclosures

are

provided

in

relation

to

(a)

the

staff

of

the

Company;

(b)

staff

who

are

senior

management;

and

(c)

staff

who

have

the

ability

to

materially

affect

the

risk

profile

of

the

Fund.

All

individuals

included

in

the

aggregated

figures

disclosed

are

rewarded

in

line

with

BlackRock’s

remuneration

policy

for

their

responsibilities

across

the

relevant

BlackRock

business

area.

As

all

individuals

have

a

number

of

areas

of

responsibilities,

only

the

portion

of

remuneration

for

those

individuals’

services

attributable

to

the

Fund

is

included

in

the

aggregate

figures

disclosed.

BlackRock

has

a

clear

and

well-defined

pay-for-performance

philosophy,

and

compensation

programs

which

support

that

philosophy.

BlackRock

operates

a

total

compensation

model

for

remuneration

which

includes

a

base

salary,

which

is

contractual,

and

a

discretionary

bonus

scheme.

Although

all

employees

are

eligible

to

receive

a

discretionary

bonus,

there

is

no

contractual

obligation

to

make

a

discretionary

bonus

award

to

any

employees.

For

senior

management

and

staff

who

have

the

ability

to

materially

affect

the

risk

profile

of

the

Fund, a

significant

percentage

of

variable

remuneration

is

deferred

over

time.

All

employees

are

subject

to

a

clawback

policy.

Remuneration

decisions

for

employees

are

made

once

annually

in

January

following

the

end

of

the

performance

year,

based

on

BlackRock’s

full-year

financial

results

and

other

non-financial

goals

and

objectives.

Alongside

financial

performance,

individual

total

compensation

is

also

based

on

strategic

and

operating

results

and

other

considerations

such

as

management

and

leadership

capabilities.

No

set

formulas

are

established

and

no

fixed

benchmarks

are

used

in

determining

annual

incentive

awards.

Annual

incentive

awards

are

paid

from

a

bonus

pool

which

is

reviewed

throughout

the

year

by

BlackRock's

independent

compensation

committee,

taking

into

account

both

actual

and

projected

financial

information

together

with

information

provided

by

the

Enterprise

Risk

and

Regulatory

Compliance

departments

in

relation

to

any

activities,

incidents

or

events

that

warrant

consideration

in

making

compensation

decisions.

Individuals

are

not

involved

in

setting

their

own

remuneration.

Each

of

the

control

functions

(Enterprise

Risk,

Legal

&

Compliance,

and

Internal

Audit)

each

have

their

own

organizational

structures

which

are

independent

of

the

business

units

and

therefore

staff

members

in

control

functions

are

remunerated

independently

of

the

businesses

they

oversee.

Functional

bonus

pools

for

those

control

functions

are

determined

with

reference

to

the

performance

of

each

individual

function

and

the

remuneration

of

the

senior

members

of

control

functions

is

directly

overseen

by

BlackRock's

independent

remuneration

committee.

Members

of

staff

and

senior

management

of

the

Company

typically

provide

both

AIFMD

and

non-AIFMD

related

services

in

respect

of

multiple

funds,

clients

and

functions

of

the

Company

and

across

the

broader

BlackRock

group.

Conversely,

members

of

staff

and

senior

management

of

the

broader

BlackRock

group

may

provide

both

AIFMD

and

non-AIFMD

related

services

in

respect

of

multiple

funds,

clients

and

functions

of

the

broader

BlackRock

group

and

of

the

Company.

Therefore,

the

figures

disclosed

are

a

sum

of

individuals’

portion

of

remuneration

attributable

to

the

Company

according

to

an

objective

apportionment

methodology

which

acknowledges

the

multiple-service

nature

of

the

Company

and

the

broader

BlackRock

group.

Accordingly,

the

figures

are

not

representative

of

any

individual’s

actual

remuneration

or

their

remuneration

structure.

Total

Cumulative

Distributions

for

the

Fiscal

Year

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Core

S&P

500

........................

$

6.560103‌

$

—‌

$

—‌

$

6.560103‌

100‌%

—‌%

—‌%

100‌%

Core

S&P

Total

U.S.

Stock

Market

..........

1.435031‌

—‌

—‌

1.435031‌

100‌

—‌

—‌

100‌

Supplemental

Information

(unaudited)

(continued)

65

Supplemental

Information

The

amount

of

the

total

remuneration

awarded

to

the

Company’s

staff

in

respect

of

the

Company’s

financial

year

ending

December

31,

2022

was

USD

4,121

million.

This

figure

is

comprised

of

fixed

remuneration

of

USD

685

million

and

variable

remuneration

of

USD

3,436

million.

There

was

a

total

of

8

beneficiaries

of

the

remuneration

described

above.

The

amount

of

the

aggregate

remuneration

awarded

by

the

Company

in

respect

of

the

Company’s

financial

year

ending

December

31,

2022,

to

its

senior

management

was

USD

2,958

million,

and

to

other

members

of

its

staff

whose

actions

potentially

have

a

material

impact

on

the

risk

profile

of

the

Company

or

its

funds

was

USD

970

million.

These

figures

relate

to

the

entire

Company

and

not

to

the

Fund.

Disclosures

Under

the

EU

Sustainable

Finance

Disclosure

Regulation

The

iShares

Core

S&P

500

ETF (the

“Fund”)

is

registered

under

the

Alternative

Investment

Fund

Managers

Directive

to

be

marketed

to

European

Union

(“EU”)

investors,

as

noted

above.

As

a

result,

certain

disclosures

are

required

under

the

EU

Sustainable

Finance

Disclosure

Regulation

(“SFDR”).

The

Fund

has

not

been

categorized

under

the

SFDR

as

an

“Article

8”

or

“Article

9”

product.

In

addition,

the Fund’s

investment

strategy

does

not

take

into

account

the

criteria

for

environmentally

sustainable

economic

activities

under

the

EU

sustainable

investment

taxonomy

regulation

or

principal

adverse

impacts

(“PAIs”)

on

sustainability

factors

under

the

SFDR.

PAIs

are

identified

under

the

SFDR

as

the

material

impacts

of

investment

decisions

on

sustainability

factors

relating

to

environmental,

social

and

employee

matters,

respect

for

human

rights,

and

anti-corruption

and

anti-bribery

matters.

Trustee

and

Officer

Information

2023

iShares

Annual

Report

to

Shareholders

66

The

Board

of

Trustees

has

responsibility

for

the

overall

management

and

operations

of

the

Funds,

including

general

supervision

of

the

duties

performed

by

BFA

and

other

service

providers.

Each

Trustee

serves

until

he

or

she

resigns,

is

removed,

dies,

retires

or

becomes

incapacitated.

Each

officer

shall

hold

office

until

his

or

her

successor

is

elected

and

qualifies

or

until

his

or

her

death,

resignation

or

removal.

Trustees

who

are

not

“interested

persons”

(as

defined

in

the

1940

Act)

of

the

Trust

are

referred

to

as

independent

trustees

(“Independent

Trustees”).

The

registered

investment

companies

advised

by

BFA

or

its

affiliates

(the

“BlackRock-advised

Funds”)

are

organized

into

one

complex

of

open-end

equity,

multi-asset,

index

and

money

market

funds

and

ETFs

(the

“BlackRock

Multi-Asset

Complex”),

one

complex

of

closed-end

funds

and

open-end

non-index

fixed-income

funds

(including

ETFs)

(the

“BlackRock

Fixed-Income

Complex”)

and

one

complex

of

ETFs

(“Exchange-Traded

Fund

Complex”)

(each,

a

“BlackRock

Fund

Complex”).

Each

Fund

is

included

in

the

Exchange-Traded

Fund

Complex.

Each

Trustee

also

serves

as

a

Director

of

iShares,

Inc.

and

a

Trustee

of

iShares

U.S.

ETF

Trust,

and,

as

a

result,

oversees

all

of

the

funds

within

the

Exchange-Traded

Fund

Complex,

which

consists

of

380

funds

as

of

March

31,

2023.

With

the

exception

of

Robert

S.

Kapito,

Salim

Ramji

and

Charles

Park,

the

address

of

each

Trustee

and

officer

is

c/o

BlackRock,

Inc.,

400

Howard

Street,

San

Francisco,

CA

94105.

The

address

of

Mr.

Kapito,

Mr.

Ramji

and

Mr.

Park

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New York,

NY

10001.

The

Board

has

designated

John

E.

Kerrigan

as

its

Independent

Board

Chair.

Additional

information

about

the

Funds’

Trustees

and

officers

may

be

found

in

the

Funds’

combined

Statement

of

Additional

Information,

which

is

available

without

charge,

upon

request,

by

calling

toll-free

1-800-iShares

(1-800-474-2737).

Interested

Trustees

(a)

Robert

S.

Kapito

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

(b)

Salim

Ramji

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

Independent

Trustees

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Robert

S.

Kapito

(a)

(1957)

Trustee

(since

2009).

President,

BlackRock,

Inc.

(since

2006);

Vice

Chairman

of

BlackRock,

Inc.

and

Head

of

BlackRock’s

Portfolio

Management

Group

(since

its

formation

in

1998)

and

BlackRock,

Inc.’s

predecessor

entities

(since

1988);

Trustee,

University

of

Pennsylvania

(since

2009);

President

of

Board

of

Directors,

Hope

&

Heroes

Children’s

Cancer

Fund

(since

2002).

Director

of

BlackRock,

Inc.

(since

2006);

Director

of

iShares,

Inc.

(since

2009);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Salim

Ramji

(b)

(1970)

Trustee

(since

2019).

Senior

Managing

Director,

BlackRock,

Inc.

(since

2014);

Global

Head

of

BlackRock’s

ETF

and

Index

Investments

Business

(since

2019);

Head

of

BlackRock’s

U.S.

Wealth

Advisory

Business

(2015-2019);

Global

Head

of

Corporate

Strategy,

BlackRock,

Inc.

(2014-2015);

Senior

Partner,

McKinsey

&

Company

(2010-2014).

Director

of

iShares,

Inc.

(since

2019);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2019).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

John

E.

Kerrigan

(1955)

Trustee

(since

2005);

Independent

Board

Chair

(since

2022).

Chief

Investment

Officer,

Santa

Clara

University

(since

2002).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011);

Independent

Board

Chair

of

iShares,

Inc.

and

iShares

U.S.

ETF

Trust

(since

2022).

Jane

D.

Carlin

(1956)

Trustee

(since

2015);

Risk

Committee

Chair

(since

2016).

Consultant

(since

2012);

Member

of

the

Audit

Committee

(2012-2018),

Chair

of

the

Nominating

and

Governance

Committee

(2017-2018)

and

Director

of

PHH

Corporation

(mortgage

solutions)

(2012-2018);

Managing

Director

and

Global

Head

of

Financial

Holding

Company

Governance

&

Assurance

and

the

Global

Head

of

Operational

Risk

Management

of

Morgan

Stanley

(2006-2012).

Director

of

iShares,

Inc.

(since

2015);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2015);

Member

of

the

Audit

Committee

(since

2016),

Chair

of

the

Audit

Committee

(since

2020)

and

Director

of

The

Hanover

Insurance

Group,

Inc.

(since

2016).

Richard

L.

Fagnani

(1954)

Trustee

(since

2017);

Audit

Committee

Chair

(since

2019).

Partner,

KPMG

LLP

(2002-2016);

Director

of

One

Generation

Away

(since

2021).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017).

Cecilia

H.

Herbert

(1949)

Trustee

(since

2005);

Nominating

and

Governance

and

Equity

Plus

Committee

Chairs

(since

2022).

Chair

of

the

Finance

Committee

(since

2019)

and

Trustee

and

Member

of

the

Finance,

Audit

and

Quality

Committees

of

Stanford

Health

Care

(since

2016);

Trustee

of

WNET,

New

York’s

public

media

company

(since

2011)

and

Member

of

the

Audit

Committee

(since

2018),

Investment

Committee

(since

2011)

and

Personnel

Committee

(since

2022);

Chair

(1994-2005)

and

Member

(1992-2021)

of

the

Investment

Committee,

Archdiocese

of

San

Francisco;

Trustee

of

Forward

Funds

(14

portfolios)

(2009-2018);

Trustee

of

Salient

MF

Trust

(4

portfolios)

(2015-2018);

Director

(1998-2013)

and

President

(2007-2011)

of

the

Board

of

Directors,

Catholic

Charities

CYO;

Trustee

(2002-2011)

and

Chair

of

the

Finance

and

Investment

Committee

(2006-2010)

of

the

Thacher

School;

Director

of

the

Senior

Center

of

Jackson

Hole

(since

2020);

Director

of

the

Jackson

Hole

Center

for

the

Arts

(since

2021);

Member

of

the

Wyoming

State

Investment

Funds

Committee

(since

2022).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Trustee

and

Officer

Information

(continued)

67

Trustee

and

Officer

Information

Officers

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Drew

E.

Lawton

(1959)

Trustee

(since

2017);

15(c)

Committee

Chair

(since

2017).

Senior

Managing

Director

of

New

York

Life

Insurance

Company

(2010-2015).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017);

Director

of

Jackson

Financial

Inc.

(since

2021).

John

E.

Martinez

(1961)

Trustee

(since

2003);

Securities

Lending

Committee

Chair

(since

2019).

Director

of

Real

Estate

Equity

Exchange,

Inc.

(since

2005);

Director

of

Cloudera

Foundation

(2017-2020);

and

Director

of

Reading

Partners

(2012-2016).

Director

of

iShares,

Inc.

(since

2003);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Madhav

V.

Rajan

(1964)

Trustee

(since

2011);

Fixed-

Income

Plus

Committee

Chair

(since

2019).

Dean,

and

George

Pratt

Shultz

Professor

of

Accounting,

University

of

Chicago

Booth

School

of

Business

(since

2017);

Advisory

Board

Member

(since

2016)

and

Director

(since

2020)

of

C.M.

Capital

Corporation;

Chair

of

the

Board

for

the

Center

for

Research

in

Security

Prices,

LLC

(since

2020);

Robert

K.

Jaedicke

Professor

of

Accounting,

Stanford

University

Graduate

School

of

Business

(2001-2017);

Professor

of

Law

(by

courtesy),

Stanford

Law

School

(2005-2017);

Senior

Associate

Dean

for

Academic

Affairs

and

Head

of

MBA

Program,

Stanford

University

Graduate

School

of

Business

(2010-2016).

Director

of

iShares,

Inc.

(since

2011);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Dominik

Rohé

(1973)

President

(since

2023).

Managing

Director,

BlackRock,

Inc.

(since

2005);

Head

of

Americas

ETF

and

Index

Investments

(since

2023);

Head

of

Latin

America

(2019-

2023).

Trent

Walker

(1974)

Treasurer

and

Chief

Financial

Officer

(since

2020).

Managing

Director,

BlackRock,

Inc.

(since

September

2019);

Chief

Financial

Officer

of

iShares

Delaware

Trust

Sponsor

LLC,

BlackRock

Funds,

BlackRock

Funds

II,

BlackRock

Funds

IV,

BlackRock

Funds

V

and

BlackRock

Funds

VI

(since

2021);

Executive

Vice

President

of

PIMCO

(2016-2019);

Senior

Vice

President

of

PIMCO

(2008-2015);

Treasurer

(2013-2019)

and

Assistant

Treasurer

(2007-2017)

of

PIMCO

Funds,

PIMCO

Variable

Insurance

Trust,

PIMCO

ETF

Trust,

PIMCO

Equity

Series,

PIMCO

Equity

Series

VIT,

PIMCO

Managed

Accounts

Trust,

2

PIMCO-sponsored

interval

funds

and

21

PIMCO-sponsored

closed-end

funds.

Charles

Park

(1967)

Chief

Compliance

Officer

(since

2006).

Chief

Compliance

Officer

of

BlackRock

Advisors,

LLC

and

the

BlackRock-advised

Funds

in

the

BlackRock

Multi-Asset

Complex

and

the

BlackRock

Fixed-Income

Complex

(since

2014);

Chief

Compliance

Officer

of

BFA

(since

2006).

Marisa

Rolland

(1980)

Secretary

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2023);

Director,

BlackRock,

Inc.

(2018-2022);

Vice

President,

BlackRock,

Inc.

(2010-2017).

Rachel

Aguirre

(1982)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2018);

Director,

BlackRock,

Inc.

(2009-2018);

Head

of

U.S.

iShares

Product

(since

2022);

Head

of

EII

U.S.

Product

Engineering

(since

2021);

Co-Head

of

EII’s

Americas

Portfolio

Engineering

(2020-

2021);

Head

of

Developed

Markets

Portfolio

Engineering

(2016-2019).

Jennifer

Hsui

(1976)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2009);

Co-Head

of

Index

Equity

(since

2022).

James

Mauro

(1970)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2010);

Head

of

Fixed

Income

Index

Investments

in

the

Americas

and

Head

of

San

Francisco

Core

Portfolio

Management

(since

2020).

Effective

June

15,

2022,

Marisa

Rolland

replaced

Deepa

Damre

Smith

as

Secretary.

Effective

March

30,

2023,

Dominik

Rohé

replaced

Armando

Senra

as

President.

Independent

Trustees

(continued)

General

Information

2023

iShares

Annual

Report

to

Shareholders

68

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 each

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus. Each

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

69

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

USD

United

States

Dollar

Portfolio

Abbreviation

CVR

Contingent

Value

Rights

MSCI

Morgan

Stanley

Capital

International

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

iS-AR-319-0323

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 S&P

Dow

Jones

Indices

LLC

and

S&P

Dow

Jones

Indices

LLC,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2023

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

MARCH

31,

2023

2023

Annual

Report

iShares

Trust

iShares

Russell

2000

ETF

|

IWM

|

NYSE

Arca

iShares

Russell

2000

Growth

ETF

|

IWO

|

NYSE

Arca

iShares

Russell

2000

Value

ETF

|

IWN

|

NYSE

Arca

Dear

Shareholder,

Significant

economic

headwinds

emerged

during

the

12-month

reporting

period

ended

March

31,

2023,

as

investors

navigated

changing

economic

conditions

and

volatile

markets.

The

U.S.

economy

shrank

in

the

first

half

of

2022

before

returning

to

modest

growth

in

the

second

half

of

the

year,

marking

a

shift

to

a

more

challenging

post-reopening

economic

environment.

Changes

in

consumer

spending

patterns

and

a

tight

labor

market

led

to

elevated

inflation,

which

reached

a

40-year

high

before

beginning

to

moderate.

Equity

prices

fell

as

interest

rates

rose,

particularly

during

the

first

half

of

the

reporting

period.

Both

large-

and

small-capitalization

U.S.

stocks

declined,

although

equities

began

to

recover

in

the

second

half

of

the

period

as

inflation

eased

and

economic

growth

resumed.

Emerging

market

stocks

and

international

equities

from

developed

markets

declined

overall,

pressured

by

rising

interest

rates

and

volatile

commodities

prices.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

fluctuating

inflation

data

and

attempted

to

anticipate

its

impact

on

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

higher

interest

rates

led

to

rising

borrowing

costs

for

corporate

issuers.

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

has

been

more

persistent

than

expected,

raised

interest

rates

eight

times.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

accelerated

the

reduction

of

its

balance

sheet.

Restricted

labor

supply

kept

inflation

elevated

even

as

other

inflation

drivers,

such

as

goods

prices

and

energy

costs,

moderated.

While

economic

growth

slowed

in

the

last

year,

we

believe

that

taming

inflation

requires

a

more

substantial

decline

that

lowers

demand

to

a

level

more

in

line

with

the

economy’s

productive

capacity.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes,

we

believe

that

it

still

seems

determined

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near-term

is

high,

but

the

dimming

economic

outlook

has

not

yet

been

fully

reflected

in

current

market

prices.

We

believe

investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

Turmoil

in

the

banking

sector

late

in

the

period

highlighted

the

potential

for

the

knock-on

effects

of

substantially

higher

interest

rates

to

disrupt

markets

with

little

warning.

While

we

favor

an

overweight

to

equities

in

the

long

term,

we

prefer

an

underweight

stance

on

equities

overall

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

the

possibility

of

a

recession.

Nevertheless,

we

are

overweight

on

emerging

market

stocks

as

we

believe

a

weakening

U.S.

dollar

provides

a

supportive

backdrop.

We

also

see

long-term

opportunities

in

credit,

where

we

believe

that

valuations

are

appealing

and

higher

yields

provide

attractive

income,

although

we

are

neutral

on

credit

in

the

near

term,

as

we’re

concerned

about

tightening

credit

and

financial

conditions.

However,

we

believe

there

are

still

some

strong

opportunities

for

a

six-

to

twelve-month

horizon,

particularly

short-term

U.S.

Treasuries,

global

inflation-linked

bonds,

and

emerging

market

bonds

denominated

in

local

currency.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

March

31,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

15.62

%

(7.73

)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

9.14

(11.61

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

27.27

(1.38

)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

14.04

(10.70

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

1.93

2.52

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

4.38

(6.90

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

4.89

(4.78

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

7.00

0.26

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

7.88

(3.35

)

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Annual

Report:

Market

Overview

.......................................................................................................

4

Fund

Summary

........................................................................................................

5

About

Fund

Performance

..................................................................................................

11

Disclosure

of Expenses

...................................................................................................

11

Schedules

of

Investments

.................................................................................................

12

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

59

Statements

of

Operations

................................................................................................

60

Statements

of

Changes

in

Net

Assets

........................................................................................

61

Financial

Highlights

.....................................................................................................

63

Notes

to

Financial

Statements

...............................................................................................

66

Report

of

Independent

Registered

Public

Accounting

Firm

..............................................................................

75

Important

Tax

Information

.................................................................................................

76

Statement

Regarding

Liquidity

Risk

Management

Program

.............................................................................

77

Supplemental

Information

.................................................................................................

78

Trustee

and

Officer

Information

..............................................................................................

80

General

Information

.....................................................................................................

82

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

83

Market

Overview

2023

iShares

Annual

Report

To

Shareholders

4

iShares

Trust

Domestic

Market

Overview

U.S.

stocks declined

for

the

12

months

ended March

31,

2023

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

-8.58%.

Elevated

inflation

and

rapid

tightening

of

monetary

policy

dampened

growth

and

weighed

on

equities.

Higher

interest

rates

drove

bond

yields

higher

and

increased

borrowing

costs

for

businesses

and

consumers.

Equities

began

to

recover

in

the

second

half

of

the

reporting

period,

as

the

broader

economy

remained

resilient

and

the

pace

of

inflation

declined.

In

March

2023,

two

banks

suddenly

failed,

representing

the

second

and

third

largest

bank

failures

in

U.S.

history

by

asset

value.

This

drove

concern

among

investors

about

the

resiliency

of

the

financial

system

in

the

face

of

rapidly

rising

interest

rates.

However,

government

agencies

acted

swiftly

to

organize

a

sale

of

the

failed

banks’

assets

and

inject

liquidity,

and

equity

prices

recovered.

Inflation

was

a

significant

driver

of

the

economic

outlook.

As

the

reporting

period

began,

the

consumer

price

index,

a

widely

followed

measure

of

inflation,

stood

at

multi-

decade

highs.

Strong

consumer

spending

and

a

tight

labor

market,

along

with

continued

supply

chain

disruptions

in

Asia,

combined

to

drive

prices

higher.

But

the

rate

of

inflation

began

to

decline

as

the

reporting

period

wore

on,

decelerating

for

nine

consecutive

months

beginning

in

July

2022.

Nonetheless,

inflation

remained

elevated

by

historic

standards,

and

higher

prices

negatively

impacted

both

consumers

and

businesses.

The

U.S.

economy

recovered

from

a

decline

in

the

first

half

of

2022

to

post

modest

growth

in

the

third

and

fourth

quarters

of

2022.

Consumers

continued

to

power

the

economy

with

growing

spending,

despite

higher

prices

for

many

consumer

goods

and

services.

The

strong

labor

market

supported

spending,

as

unemployment

remained

very

low,

at

one

point

dropping

to

the

lowest

recorded

level

since

1969.

Furthermore,

the

labor

force

participation

rate—which

measures

the

total

proportion

of

employed

persons

of

working

age—rose,

indicating

that

more

people

were

being

drawn

into

the

labor

force.

Amid

tightening

labor

supply,

wages

rose

significantly,

with

the

largest

gains

at

the

lower

end

of

the

wage

spectrum.

To

contain

inflation,

the

U.S.

Federal

Reserve

(“Fed”)

tightened

monetary

policy

rapidly,

raising

short-term

interest

rates

eight

times

over

the

course

of

the

reporting

period.

The

pace

of

tightening

accelerated

as

the

Fed

twice

stepped

up

the

increment

of

increase

before

reducing

it

again

as

inflation

began

to

subside.

The

Fed

also

started

to

reduce

the

size

of

its

balance

sheet

by

reducing

the

store

of

U.S.

Treasuries

it

had

accumulated

to

stabilize

markets

in

the

early

phases

of

the

coronavirus

pandemic.

While

the

Fed

indicated

that

more

tightening

could

be

needed

to

achieve

its

long-term

inflation

goal,

it

sounded

a

more

cautious

note

about

the

potential

for

further

interest

rate

increases

near

the

end

of

the

reporting

period.

Despite

economic

headwinds,

corporate

profits

remained

robust,

and

many

companies

were

able

to

sufficiently

raise

prices

to

preserve

profit

margins

even

in

the

face

of

rising

labor

and

input

costs.

Nonetheless,

profits

declined

overall

in

the

fourth

quarter

of

2022,

and

the

yield

curve

(a

graphical

representation

of

U.S.

Treasury

rates

at

different

maturities)

inverted,

a

sign

that

markets

were

concerned

about

the

impact

of

higher

borrowing

costs

on

the

economy.

Furthermore,

dwindling

personal

savings

and

rising

household

debt

raised

questions

about

the

sustainability

of

consumer

spending

as

an

engine

of

economic

growth.

Fund

Summary

as

of

March

31,

2023

5

Fund

Summary

iShares

®

Russell

2000

ETF

Investment

Objective

The 

iShares

Russell

2000

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

small-capitalization

U.S.

equities,

as

represented

by

the

Russell

2000

®

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

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(11.63‌)%

4.63‌%

8.02‌%

(11.63‌)%

25.42‌%

116.28‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(11.67‌)

4.62‌

8.02‌

(11.67‌)

25.36‌

116.24‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(11.61‌)

4.71‌

8.04‌

(11.61‌)

25.87‌

116.61‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,091.40‌

$

0.99‌

$

1,000.00‌

$

1,023.98‌

$

0.96‌

0.19‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2023

(continued)

2023

iShares

Annual

Report

To

Shareholders

6

iShares

®

Russell

2000

ETF

Portfolio

Management

Commentary

Small-capitalization

U.S.

stocks

declined

for

the

reporting

period,

as

high

inflation

and

tighter

financial

conditions

impeded

economic

growth

and

weighed

on

equities.

Stocks

in

the

healthcare

sector

detracted

the

most

from

the

Index’s

return,

primarily

due

to

weakness

in

the

biotechnology

industry.

Higher

interest

rates

weighed

on

the

industry,

as

biotechnology

companies

typically

depend

on

financing

for

development

of

new

drugs.

Companies

shut

down

less

promising

development

projects

and

engaged

in

layoffs

and

other

cost-cutting

measures

to

conserve

cash.

Companies

in

the

healthcare

equipment

and

supplies

industry

declined

amid

challenges

in

meeting

demand.

Higher

input

costs,

a

tight

labor

market,

and

supply

chain

disruptions

weighed

on

the

industry.

Labor

market

tightness,

along

with

higher

financing

costs,

also

weighed

on

healthcare

providers.

Staffing

shortages

reduced

capacity,

while

an

aging

population

increased

demand

for

services.

The

financials

sector

detracted

notably

from

the

Index’s

performance

amid

tightening

financial

conditions.

The

banking

industry

faced

significant

challenges

as

the

potential

impact

of

a

slowing

economy

outweighed

the

benefits

of

being

able

to

charge

more

for

loans.

Persistently

high

inflation

led

to

significant

tightening

from

the

Fed,

and

investors

became

concerned

about

the

long-term

effect

on

loan

growth

and

credit

losses.

Bank

stocks

were

further

pressured

late

in

the

reporting

period

after

the

failure

of

several

banks

serving

technology

startup

and

cryptocurrency

companies.

The

real

estate

sector

also

detracted,

as

higher

interest

rates

and

changing

usage

patterns

weighed

on

equity

real

estate

investment

trusts

(“REITs”).

REITs

typically

take

on

substantial

debt

to

finance

the

purchase

of

the

properties

they

manage,

and

higher

interest

rates

make

financing

more

expensive

for

REITs.

Higher

interest

rates

also

meant

increased

bond

yields,

making

dividend

yields

from

REITs

comparatively

less

attractive

to

income-oriented

investors.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

......................................

17.1‌

%

Financials

......................................

16.1‌

Health

Care

....................................

16.0‌

Information

Technology

.............................

12.4‌

Consumer

Discretionary

............................

11.3‌

Energy

........................................

6.5‌

Real

Estate

.....................................

6.3‌

Materials

......................................

4.5‌

Consumer

Staples

................................

3.8‌

Utilities

........................................

3.3‌

Communication

Services

............................

2.7‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Iridium

Communications,

Inc.

..........................

0.3‌

%

Shockwave

Medical,

Inc.

.............................

0.3‌

EMCOR

Group,

Inc.

................................

0.3‌

Crocs,

Inc.

......................................

0.3‌

Texas

Roadhouse,

Inc.

..............................

0.3‌

Saia,

Inc.

.......................................

0.3‌

Inspire

Medical

Systems,

Inc.

..........................

0.3‌

RBC

Bearings,

Inc.

................................

0.3‌

Kinsale

Capital

Group,

Inc.

...........................

0.3‌

Apellis

Pharmaceuticals,

Inc.

..........................

0.3‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2023

7

Fund

Summary

iShares

®

Russell

2000

Growth

ETF

Investment

Objective

The 

iShares

Russell

2000

Growth

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

small-capitalization

U.S.

equities

that

exhibit

growth

characteristics, as

represented

by

the

Russell

2000

®

Growth

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

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

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(10.55‌)%

4.22‌%

8.53‌%

(10.55‌)%

22.93‌%

126.76‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(10.54‌)

4.20‌

8.53‌

(10.54‌)

22.87‌

126.73‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(10.60‌)

4.26‌

8.49‌

(10.60‌)

23.19‌

125.92‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,104.60‌

$

1.26‌

$

1,000.00‌

$

1,023.73‌

$

1.21‌

0.24‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2023

(continued)

2023

iShares

Annual

Report

To

Shareholders

8

iShares

®

Russell

2000

Growth

ETF

Portfolio

Management

Commentary

Growth-oriented

small-capitalization

U.S.

stocks

declined

for

the

reporting

period,

as

high

inflation

and

tighter

financial

conditions

impeded

economic

growth

and

weighed

on

equities.

The

healthcare

sector

detracted

the

most

from

the

Index’s

return,

primarily

due

to

weakness

in

the

healthcare

equipment

and

supplies

industry.

Medical

device

makers

faced

challenges

in

meeting

generally

high

demand

for

medical

supplies

and

equipment

amid

higher

input

costs,

a

tight

labor

market,

and

supply

chain

disruptions.

Labor

market

tightness,

along

with

higher

financing

costs,

also

weighed

on

healthcare

providers.

Staffing

shortages

reduced

capacity,

while

an

aging

population

increased

demand

for

services.

Significant

debt

in

the

industry

posed

additional

challenges.

The

biotechnology

industry

also

declined.

Higher

interest

rates

and

more

challenging

market

conditions

weighed

on

the

industry.

Companies

shut

down

less

promising

development

projects

and

engaged

in

layoffs

and

other

cost-cutting

measures

to

conserve

cash.

The

passage

of

a

new

law

that

authorized

Medicare

to

negotiate

some

prescription

drug

prices

also

increased

uncertainty

in

the

industry,

as

the

extent

of

potential

discounts

remained

unknown.

The

information

technology

sector

detracted

significantly

from

the

Index’s

return.

Interest

rates

rose

sharply

during

the

reporting

period,

which

reduced

the

current

value

of

future

earnings.

Furthermore,

increased

concerns

about

economic

growth

worked

against

investors’

growth

expectations

for

the

sector.

Since

consumers

and

businesses

often

seek

to

reduce

spending

on

technology

products

and

services

during

a

downturn,

high

inflation

and

slow

growth

weighed

on

the

sector.

The

software

and

services

industry

was

the

primary

source

of

weakness

in

the

sector,

as

cuts

to

corporate

advertising

and

information

technology

budgets

reduced

revenue

growth.

The

failure

of

a

bank

that

served

a

large

number

of

software

and

technology

companies

also

worked

against

the

industry,

particularly

smaller

companies

that

faced

potentially

tighter

financing.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Health

Care

....................................

21.6‌

%

Industrials

......................................

19.8‌

Information

Technology

.............................

18.4‌

Consumer

Discretionary

............................

11.4‌

Financials

......................................

6.6‌

Energy

........................................

6.5‌

Materials

......................................

4.7‌

Consumer

Staples

................................

4.7‌

Communication

Services

............................

2.5‌

Real

Estate

.....................................

2.2‌

Utilities

........................................

1.6‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Iridium

Communications,

Inc.

..........................

0.6‌

%

Shockwave

Medical,

Inc.

.............................

0.6‌

EMCOR

Group,

Inc.

................................

0.6‌

Crocs,

Inc.

......................................

0.6‌

Texas

Roadhouse,

Inc.

..............................

0.6‌

Saia,

Inc.

.......................................

0.6‌

Inspire

Medical

Systems,

Inc.

..........................

0.6‌

Kinsale

Capital

Group,

Inc.

...........................

0.5‌

Apellis

Pharmaceuticals,

Inc.

..........................

0.5‌

Karuna

Therapeutics,

Inc.

............................

0.5‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2023

9

Fund

Summary

iShares

®

Russell

2000

Value

ETF

Investment

Objective

The

iShares

Russell

2000

Value

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

small-capitalization

U.S.

equities

that

exhibit value

characteristics, as

represented

by

the

Russell

2000

®

 Value

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

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

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(13.04‌)%

4.38‌%

7.08‌%

(13.04‌)%

23.88‌%

98.27‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(13.16‌)

4.36‌

7.07‌

(13.16‌)

23.79‌

98.08‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(12.96‌)

4.55‌

7.22‌

(12.96‌)

24.90‌

100.76‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,077.00‌

$

1.24‌

$

1,000.00‌

$

1,023.73‌

$

1.21‌

0.24‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2023

(continued)

2023

iShares

Annual

Report

To

Shareholders

10

iShares

®

Russell

2000

Value

ETF

Portfolio

Management

Commentary

Value-oriented

small-capitalization

U.S.

stocks

declined

for

the

reporting

period,

as

high

inflation

and

tighter

financial

conditions

impeded

economic

growth

and

weighed

on

equities.

The

financials

sector

detracted

the

most

from

the

Index’s

performance

amid

tightening

financial

conditions.

The

banking

industry

faced

significant

challenges,

as

the

potential

impact

of

a

slowing

economy

outweighed

the

benefits

of

being

able

to

charge

more

for

loans.

While

bank

profitability

is

typically

supported

by

higher

interest

rates,

persistently

high

inflation

led

to

significant

tightening

from

the

Fed,

and

investors

became

concerned

about

the

long-term

effect

of

this

tightening

on

loan

growth

and

credit

losses.

Bank

stocks

were

further

pressured

late

in

the

reporting

period

after

the

sudden

failure

of

two

regional

banks

led

to

government

intervention

to

cover

depositors

and

prevent

a

contagion

effect.

Despite

government

actions,

these

bank

failures

weighed

heavily

on

the

industry,

as

markets

digested

the

long-term

implications

of

the

disruption,

including

a

potential

slowdown

in

lending

activity.

The

real

estate

sector

detracted

significantly

from

the

Index’s

return,

as

higher

interest

rates

and

changing

usage

patterns

weighed

on

equity

real

estate

investment

trusts

(“REITs”).

REITs

typically

take

on

substantial

debt

to

finance

the

purchase

of

properties

they

manage,

and

higher

interest

rates

make

financing

more

expensive.

Furthermore,

higher

interest

rates

meant

increased

bond

yields,

making

dividend

yields

from

REITs

comparatively

less

attractive

to

income-oriented

investors.

Stocks

in

the

healthcare

sector

also

detracted,

primarily

due

to

weakness

in

the

biotechnology

industry.

Amid

higher

financing

costs

and

challenging

market

conditions,

companies

shut

down

less

promising

development

projects

and

engaged

in

layoffs

to

conserve

cash.

The

passage

of

a

new

law

that

authorized

Medicare

to

negotiate

some

prescription

drug

prices

also

increased

uncertainty

in

the

industry,

as

the

extent

of

potential

discounts

remained

unknown.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Financials

......................................

26.2‌

%

Industrials

......................................

14.1‌

Consumer

Discretionary

............................

11.3‌

Real

Estate

.....................................

10.9‌

Health

Care

....................................

9.9‌

Energy

........................................

6.4‌

Information

Technology

.............................

5.9‌

Utilities

........................................

5.1‌

Materials

......................................

4.4‌

Communication

Services

............................

3.0‌

Consumer

Staples

................................

2.8‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

STAG

Industrial,

Inc.

...............................

0.6‌

%

Agree

Realty

Corp.

................................

0.5‌

Selective

Insurance

Group,

Inc.

........................

0.5‌

RBC

Bearings,

Inc.

................................

0.5‌

Light

&

Wonder,

Inc.,

Class

A

..........................

0.5‌

SouthState

Corp.

..................................

0.5‌

Terreno

Realty

Corp.

...............................

0.5‌

Civitas

Resources,

Inc.

..............................

0.5‌

Academy

Sports

&

Outdoors,

Inc.

.......................

0.4‌

Ryman

Hospitality

Properties,

Inc.

......................

0.4‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

11

About

Fund

Performance

/

Disclosure

of

Expenses

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated.

Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of each

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown (which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

examples also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Funds

and

other

funds, compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples are

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

March

31,

2023

iShares

®

Russell

2000

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.1%

AAR

Corp.

(a)

......................

719,531

$

39,250,416

Aerojet

Rocketdyne

Holdings,

Inc.

(a)(b)

.....

1,695,542

95,238,594

AeroVironment,

Inc.

(a)(b)

...............

526,506

48,259,540

AerSale

Corp.

(a)(b)

...................

529,287

9,114,322

Archer

Aviation,

Inc.,

Class

A

(a)(b)

.........

3,145,550

8,996,273

Astra

Space,

Inc.,

Class

A

(a)(b)

...........

3,339,951

1,419,479

Astronics

Corp.

(a)(b)

..................

543,203

7,257,192

Cadre

Holdings,

Inc.

(b)

................

410,114

8,833,856

Ducommun,

Inc.

(a)(b)

.................

237,187

12,976,501

Kaman

Corp.

.....................

592,181

13,537,258

Kratos

Defense

&

Security

Solutions,

Inc.

(a)(b)

2,643,357

35,632,452

Maxar

Technologies,

Inc.

(b)

............

1,572,226

80,277,860

Momentus,

Inc.,

Class

A

(a)(b)

............

1,372,391

802,849

Moog,

Inc.,

Class

A

.................

604,822

60,935,817

National

Presto

Industries,

Inc.

..........

110,745

7,983,607

Park

Aerospace

Corp.

................

414,348

5,572,981

Parsons

Corp.

(a)(b)

...................

732,814

32,786,098

Redwire

Corp.

(a)(b)

...................

365,372

1,107,077

Rocket

Lab

USA,

Inc.

(a)(b)

..............

4,615,651

18,647,230

Terran

Orbital

Corp.

(a)(b)

...............

870,704

1,602,095

Triumph

Group,

Inc.

(a)(b)

...............

1,373,246

15,915,921

V2X,

Inc.

(a)(b)

......................

256,747

10,197,991

Virgin

Galactic

Holdings,

Inc.

(a)(b)

.........

5,202,167

21,068,776

537,414,185

Air

Freight

&

Logistics

—

0.3%

Air

Transport

Services

Group,

Inc.

(a)(b)

.....

1,251,449

26,067,683

Forward

Air

Corp.

(b)

.................

575,227

61,986,462

Hub

Group,

Inc.,

Class

A

(a)

.............

688,259

57,772,460

Radiant

Logistics,

Inc.

(a)

..............

815,070

5,346,859

151,173,464

Automobile

Components

—

1.5%

Adient

plc

(a)(b)

......................

2,034,481

83,332,342

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

(b)

...........................

2,410,133

18,823,139

Dana,

Inc.

........................

2,770,642

41,698,162

Dorman

Products,

Inc.

(a)(b)

.............

563,690

48,623,899

Fox

Factory

Holding

Corp.

(a)(b)

..........

905,784

109,935,004

Gentherm,

Inc.

(a)

...................

708,951

42,834,819

Goodyear

Tire

&

Rubber

Co.

(The)

(a)(b)

.....

6,014,093

66,275,305

Holley,

Inc.

(a)(b)

.....................

1,059,036

2,901,759

LCI

Industries

.....................

531,390

58,383,819

Luminar

Technologies,

Inc.,

Class

A

(a)(b)

....

5,370,832

34,856,700

Modine

Manufacturing

Co.

(a)

...........

1,060,353

24,441,137

Motorcar

Parts

of

America,

Inc.

(a)(b)

.......

409,444

3,046,263

Patrick

Industries,

Inc.

...............

463,818

31,915,316

Solid

Power,

Inc.,

Class

A

(a)(b)

...........

2,876,364

8,657,856

Standard

Motor

Products,

Inc.

..........

436,954

16,127,972

Stoneridge,

Inc.

(a)(b)

..................

569,651

10,652,474

Visteon

Corp.

(a)

....................

595,002

93,314,164

XPEL,

Inc.

(a)(b)(c)

....................

459,171

31,200,669

727,020,799

Automobiles

—

0.2%

(b)

Canoo,

Inc.,

Class

A

(a)

................

5,994,486

3,912,001

Cenntro

Electric

Group

Ltd.

(a)

...........

4,044,259

1,867,639

Faraday

Future

Intelligent

Electric,

Inc.

(a)

...

10,766,593

3,812,451

Fisker,

Inc.,

Class

A

(a)

................

3,801,989

23,344,212

Lordstown

Motors

Corp.,

Class

A

(a)

.......

3,738,804

2,479,201

Mullen

Automotive,

Inc.

(a)

..............

21,794,472

2,861,614

Winnebago

Industries,

Inc.

............

638,668

36,851,144

Workhorse

Group,

Inc.

(a)

..............

3,271,580

4,351,201

79,479,463

Security

Shares

Shares

Value

Banks

—

8.6%

1st

Source

Corp.

...................

354,664

$

15,303,752

ACNB

Corp.

......................

180,229

5,866,454

Amalgamated

Financial

Corp.

(b)

.........

394,021

6,970,231

Amerant

Bancorp,

Inc.,

Class

A

.........

605,976

13,186,038

American

National

Bankshares,

Inc.

......

240,308

7,617,764

Ameris

Bancorp

....................

1,453,457

53,167,457

Arrow

Financial

Corp.

................

314,052

7,823,035

Associated

Banc-Corp.

...............

3,241,719

58,286,108

Atlantic

Union

Bankshares

Corp.

........

1,650,515

57,850,551

Axos

Financial,

Inc.

(a)(b)

...............

1,252,210

46,231,593

Banc

of

California,

Inc.

...............

1,172,996

14,697,640

BancFirst

Corp.

....................

423,634

35,203,985

Bancorp,

Inc.

(The)

(a)(b)

...............

1,188,212

33,091,704

Bank

First

Corp.

(b)

..................

162,684

11,970,289

Bank

of

Marin

Bancorp

...............

366,912

8,031,704

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

....

1,080,348

29,169,396

BankUnited,

Inc.

...................

1,643,696

37,114,656

Bankwell

Financial

Group,

Inc.

..........

140,982

3,504,813

Banner

Corp.

.....................

688,510

37,434,289

Bar

Harbor

Bankshares

..............

329,213

8,707,684

BayCom

Corp.

(b)

...................

275,758

4,709,947

BCB

Bancorp,

Inc.

..................

331,206

4,348,735

Berkshire

Hills

Bancorp,

Inc.

...........

938,965

23,530,463

Blue

Foundry

Bancorp

(a)(b)

.............

569,518

5,421,811

Blue

Ridge

Bankshares,

Inc.

...........

375,704

3,832,181

Bridgewater

Bancshares,

Inc.

(a)(b)

........

471,883

5,115,212

Brookline

Bancorp,

Inc.

(b)

..............

1,907,376

20,027,448

Business

First

Bancshares,

Inc.

.........

530,278

9,083,662

Byline

Bancorp,

Inc.

(b)

................

559,852

12,104,000

Cadence

Bank

....................

3,760,243

78,062,645

Cambridge

Bancorp

.................

154,737

10,028,505

Camden

National

Corp.

..............

327,287

11,844,517

Capital

Bancorp,

Inc.

................

199,682

3,322,708

Capital

City

Bank

Group,

Inc.

...........

306,243

8,975,982

Capitol

Federal

Financial,

Inc.

..........

2,812,546

18,928,435

Capstar

Financial

Holdings,

Inc.

.........

464,785

7,041,493

Carter

Bankshares,

Inc.

(a)(b)

............

539,788

7,557,032

Cathay

General

Bancorp

..............

1,517,778

52,393,697

Central

Pacific

Financial

Corp.

..........

550,458

9,853,198

Citizens

&

Northern

Corp.

.............

345,650

7,389,997

City

Holding

Co.

...................

319,645

29,049,338

Civista

Bancshares,

Inc.

..............

342,421

5,780,066

CNB

Financial

Corp.

.................

438,045

8,410,464

Coastal

Financial

Corp.

(a)(b)

............

232,974

8,389,394

Colony

Bankcorp,

Inc.

...............

377,449

3,849,980

Columbia

Financial,

Inc.

(a)(b)

............

733,656

13,411,232

Community

Bank

System,

Inc.

..........

1,154,356

60,592,146

Community

Trust

Bancorp,

Inc.

.........

347,885

13,202,236

ConnectOne

Bancorp,

Inc.

............

826,388

14,610,540

CrossFirst

Bankshares,

Inc.

(a)(b)

.........

1,000,134

10,481,404

Customers

Bancorp,

Inc.

(a)

.............

674,293

12,487,906

CVB

Financial

Corp.

.................

2,884,920

48,120,466

Dime

Community

Bancshares,

Inc.

.......

705,478

16,028,460

Eagle

Bancorp,

Inc.

.................

681,632

22,814,223

Eastern

Bankshares,

Inc.

.............

3,356,534

42,359,459

Enterprise

Bancorp,

Inc.

..............

200,714

6,314,462

Enterprise

Financial

Services

Corp.

......

774,754

34,546,281

Equity

Bancshares,

Inc.,

Class

A

........

332,728

8,108,581

Esquire

Financial

Holdings,

Inc.

.........

153,040

5,983,864

Farmers

&

Merchants

Bancorp,

Inc.

......

262,563

6,385,532

Farmers

National

Banc

Corp.

...........

747,376

9,446,833

FB

Financial

Corp.

..................

792,267

24,623,658

Financial

Institutions,

Inc.

.............

353,936

6,823,886

First

Bancorp

.....................

825,077

29,306,735

First

BanCorp

.....................

3,942,070

45,018,439

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

ETF

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

First

Bancorp,

Inc.

(The)

..............

228,132

$

5,906,337

First

Bancshares,

Inc.

(The)

............

510,795

13,193,835

First

Bank

........................

334,249

3,375,915

First

Busey

Corp.

...................

1,118,752

22,755,416

First

Business

Financial

Services,

Inc.

.....

177,826

5,425,471

First

Commonwealth

Financial

Corp.

......

2,074,608

25,787,377

First

Community

Bankshares,

Inc.

.......

367,420

9,203,871

First

Financial

Bancorp

...............

2,038,212

44,371,875

First

Financial

Bankshares,

Inc.

.........

2,799,270

89,296,713

First

Financial

Corp.

.................

249,482

9,350,585

First

Foundation,

Inc.

................

1,148,773

8,558,359

First

Guaranty

Bancshares,

Inc.

.........

102,940

1,613,070

First

Internet

Bancorp

................

192,079

3,198,115

First

Interstate

BancSystem,

Inc.,

Class

A

..

1,933,661

57,739,117

First

Merchants

Corp.

(b)

...............

1,250,416

41,201,207

First

Mid

Bancshares,

Inc.

.............

403,962

10,995,846

First

of

Long

Island

Corp.

(The)

.........

497,276

6,713,226

First

Western

Financial,

Inc.

(a)(b)

.........

170,414

3,374,197

Five

Star

Bancorp

..................

260,799

5,565,451

Flushing

Financial

Corp.

..............

640,960

9,543,894

Fulton

Financial

Corp.

................

3,531,889

48,810,706

FVCBankcorp,

Inc.

(a)(b)

...............

337,281

3,592,045

German

American

Bancorp,

Inc.

.........

619,713

20,679,823

Glacier

Bancorp,

Inc.

(b)

...............

2,397,772

100,730,402

Great

Southern

Bancorp,

Inc.

(b)

.........

208,748

10,579,349

Greene

County

Bancorp,

Inc.

(b)

..........

146,272

3,317,449

Guaranty

Bancshares,

Inc.

(b)

...........

184,796

5,150,264

Hancock

Whitney

Corp.

..............

1,840,159

66,981,788

Hanmi

Financial

Corp.

...............

640,061

11,885,933

HarborOne

Bancorp,

Inc.

.............

990,659

12,086,040

HBT

Financial,

Inc.

..................

229,519

4,526,115

Heartland

Financial

USA,

Inc.

..........

901,928

34,597,958

Heritage

Commerce

Corp.

.............

1,332,851

11,102,649

Heritage

Financial

Corp.

..............

762,866

16,325,332

Hilltop

Holdings,

Inc.

.................

1,093,934

32,457,022

Hingham

Institution

for

Savings

(The)

(b)

....

32,687

7,630,453

Home

Bancorp,

Inc.

.................

168,387

5,561,823

Home

BancShares,

Inc.

(b)

.............

4,062,420

88,195,138

HomeStreet,

Inc.

...................

396,143

7,126,613

HomeTrust

Bancshares,

Inc.

...........

346,878

8,529,730

Hope

Bancorp,

Inc.

.................

2,553,370

25,074,093

Horizon

Bancorp,

Inc.

................

898,897

9,941,801

Independent

Bank

Corp.

..............

1,440,474

72,947,908

Independent

Bank

Group,

Inc.

..........

765,370

35,474,899

International

Bancshares

Corp.

.........

1,163,268

49,811,136

John

Marshall

Bancorp,

Inc.

...........

242,692

5,242,147

Kearny

Financial

Corp.

...............

1,329,216

10,793,234

Lakeland

Bancorp,

Inc.

...............

1,390,028

21,740,038

Lakeland

Financial

Corp.

..............

537,748

33,684,535

Live

Oak

Bancshares,

Inc.

(b)

............

711,835

17,347,419

Luther

Burbank

Corp.

................

371,216

3,519,128

Macatawa

Bank

Corp.

...............

601,858

6,150,989

Mercantile

Bank

Corp.

...............

348,819

10,666,885

Metrocity

Bankshares,

Inc.

............

413,469

7,066,185

Metropolitan

Bank

Holding

Corp.

(a)

.......

229,889

7,790,938

Mid

Penn

Bancorp,

Inc.

(b)

.............

324,761

8,317,129

Midland

States

Bancorp,

Inc.

...........

470,354

10,074,983

MidWestOne

Financial

Group,

Inc.

.......

319,536

7,803,069

MVB

Financial

Corp.

................

233,011

4,809,347

National

Bank

Holdings

Corp.,

Class

A

....

651,171

21,788,182

NBT

Bancorp,

Inc.

..................

919,347

30,991,187

Nicolet

Bankshares,

Inc.

(a)(b)

............

269,306

16,979,743

Northeast

Bank

(b)

...................

142,229

4,787,428

Northfield

Bancorp,

Inc.

..............

960,585

11,315,691

Northwest

Bancshares,

Inc.

............

2,643,639

31,802,977

Security

Shares

Shares

Value

Banks

(continued)

OceanFirst

Financial

Corp.

............

1,288,518

$

23,811,813

OFG

Bancorp

.....................

1,022,354

25,497,509

Old

National

Bancorp

................

6,333,820

91,333,684

Old

Second

Bancorp,

Inc.

.............

926,531

13,027,026

Origin

Bancorp,

Inc.

.................

503,610

16,191,061

Orrstown

Financial

Services,

Inc.

........

236,544

4,697,764

Pacific

Premier

Bancorp,

Inc.

...........

2,030,659

48,776,429

Park

National

Corp.

(b)

................

307,160

36,419,961

Parke

Bancorp,

Inc.

(b)

................

237,200

4,217,416

Pathward

Financial,

Inc.

..............

593,553

24,626,514

PCB

Bancorp

.....................

249,452

3,614,559

Peapack-Gladstone

Financial

Corp.

......

394,484

11,684,616

Peoples

Bancorp,

Inc.

...............

609,962

15,706,521

Peoples

Financial

Services

Corp.

........

154,683

6,705,508

Pioneer

Bancorp,

Inc.

(a)(b)

..............

244,759

2,413,324

Preferred

Bank

....................

212,051

11,622,515

Premier

Financial

Corp.

..............

787,747

16,329,995

Primis

Financial

Corp.

................

560,285

5,395,545

Provident

Bancorp,

Inc.

(b)

.............

304,579

2,083,320

Provident

Financial

Services,

Inc.

........

1,595,424

30,600,232

QCR

Holdings,

Inc.

(b)

................

353,408

15,518,145

RBB

Bancorp

.....................

320,434

4,966,727

Red

River

Bancshares,

Inc.

............

97,405

4,686,155

Renasant

Corp.

....................

1,180,886

36,111,494

Republic

Bancorp,

Inc.,

Class

A

.........

191,918

8,143,081

Republic

First

Bancorp,

Inc.

(a)(b)

.........

1,108,399

1,507,423

S&T

Bancorp,

Inc.

..................

796,303

25,043,729

Sandy

Spring

Bancorp,

Inc.

............

967,518

25,136,118

Seacoast

Banking

Corp.

of

Florida

.......

1,595,171

37,805,553

ServisFirst

Bancshares,

Inc.

...........

1,071,214

58,520,421

Shore

Bancshares,

Inc.

...............

383,831

5,481,107

Sierra

Bancorp

....................

320,116

5,512,397

Simmons

First

National

Corp.,

Class

A

....

2,663,598

46,586,329

SmartFinancial,

Inc.

.................

342,579

7,927,278

South

Plains

Financial,

Inc.

............

236,529

5,064,086

Southern

First

Bancshares,

Inc.

(a)(b)

.......

169,618

5,207,273

Southern

Missouri

Bancorp,

Inc.

.........

176,749

6,612,180

Southside

Bancshares,

Inc.

............

669,339

22,222,055

SouthState

Corp.

...................

1,615,708

115,135,352

Stellar

Bancorp,

Inc.

.................

980,042

24,118,834

Sterling

Bancorp,

Inc.

(a)(b)

..............

350,565

1,984,198

Stock

Yards

Bancorp,

Inc.

.............

620,448

34,211,503

Summit

Financial

Group,

Inc.

...........

249,815

5,183,661

Texas

Capital

Bancshares,

Inc.

(a)(b)

.......

1,051,019

51,457,890

Third

Coast

Bancshares,

Inc.

(a)(b)

.........

275,547

4,328,843

Tompkins

Financial

Corp.

.............

303,878

20,119,762

Towne

Bank

......................

1,461,595

38,951,507

TriCo

Bancshares

..................

683,292

28,418,114

Triumph

Financial,

Inc.

(a)(b)

.............

495,160

28,748,990

TrustCo

Bank

Corp.

.................

411,892

13,155,830

Trustmark

Corp.

...................

1,341,665

33,139,125

UMB

Financial

Corp.

................

956,825

55,227,939

United

Bankshares,

Inc.

..............

2,861,140

100,712,128

United

Community

Banks,

Inc.

..........

2,337,148

65,720,602

Unity

Bancorp,

Inc.

..................

163,061

3,719,421

Univest

Financial

Corp.

...............

654,298

15,533,035

USCB

Financial

Holdings,

Inc.,

Class

A

(a)(b)

..

220,331

2,179,074

Valley

National

Bancorp

..............

9,311,296

86,036,375

Veritex

Holdings,

Inc.

................

1,124,669

20,536,456

Washington

Federal,

Inc.

..............

1,425,715

42,942,536

Washington

Trust

Bancorp,

Inc.

.........

388,426

13,462,845

WesBanco,

Inc.

....................

1,226,343

37,648,730

West

BanCorp,

Inc.

.................

354,435

6,475,527

Westamerica

BanCorp

...............

572,622

25,367,155

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

ETF

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

WSFS

Financial

Corp.

...............

1,332,780

$

50,125,856

4,265,352,127

Beverages

—

0.6%

Celsius

Holdings,

Inc.

(a)(b)

..............

1,189,214

110,525,549

Coca-Cola

Consolidated,

Inc.

...........

100,672

53,867,574

Duckhorn

Portfolio,

Inc.

(The)

(a)(b)

........

903,814

14,370,643

MGP

Ingredients,

Inc.

(b)

...............

300,320

29,046,950

National

Beverage

Corp.

(a)

.............

504,167

26,579,684

Primo

Water

Corp.

(b)

.................

3,372,917

51,774,276

Vintage

Wine

Estates,

Inc.

(a)(b)

..........

628,004

671,964

Vita

Coco

Co.,

Inc.

(The)

(a)(b)

...........

593,903

11,652,377

298,489,017

Biotechnology

—

6.6%

(a)

2seventy

bio,

Inc.

(b)

.................

798,787

8,147,627

4D

Molecular

Therapeutics,

Inc.

(b)

........

643,521

11,062,126

Aadi

Bioscience,

Inc.

(b)

...............

315,457

2,283,909

Absci

Corp.

(b)

.....................

1,119,443

1,959,025

ACADIA

Pharmaceuticals,

Inc.

(b)

.........

2,574,161

48,445,710

Acrivon

Therapeutics,

Inc.

(b)

............

153,483

1,947,699

Adicet

Bio,

Inc.

(b)

...................

658,004

3,790,103

ADMA

Biologics,

Inc.

(b)

...............

4,433,845

14,676,027

Aerovate

Therapeutics,

Inc.

(b)

...........

199,358

4,021,051

Affimed

NV

(b)

......................

3,175,220

2,367,444

Agenus,

Inc.

(b)

.....................

6,560,212

9,971,522

Agios

Pharmaceuticals,

Inc.

(b)

..........

1,168,455

26,839,411

Akero

Therapeutics,

Inc.

(b)

.............

746,924

28,577,312

Alector,

Inc.

(b)

.....................

1,350,491

8,359,539

Alkermes

plc

......................

3,490,560

98,398,886

Allogene

Therapeutics,

Inc.

(b)

...........

1,727,438

8,533,544

Allovir,

Inc.

(b)

......................

670,999

2,643,736

Alpine

Immune

Sciences,

Inc.

(b)

.........

457,495

3,531,861

ALX

Oncology

Holdings,

Inc.

(b)

..........

460,826

2,082,934

Amicus

Therapeutics,

Inc.

(b)

............

5,892,139

65,343,822

AnaptysBio,

Inc.

...................

433,457

9,432,024

Anavex

Life

Sciences

Corp.

(b)

...........

1,486,006

12,735,071

Anika

Therapeutics,

Inc.

(b)

.............

312,179

8,965,781

Apellis

Pharmaceuticals,

Inc.

(b)

..........

2,006,006

132,316,156

Arbutus

Biopharma

Corp.

(b)

............

2,403,276

7,281,926

Arcellx,

Inc.

(b)

.....................

631,329

19,451,246

Arcturus

Therapeutics

Holdings,

Inc.

(b)

.....

504,441

12,091,451

Arcus

Biosciences,

Inc.

(b)

..............

1,099,286

20,050,977

Arcutis

Biotherapeutics,

Inc.

(b)

..........

892,782

9,820,602

Arrowhead

Pharmaceuticals,

Inc.

(b)

.......

2,207,935

56,081,549

Atara

Biotherapeutics,

Inc.

(b)

...........

2,014,393

5,841,740

Aura

Biosciences,

Inc.

...............

474,177

4,400,363

Aurinia

Pharmaceuticals,

Inc.

(b)

..........

2,861,615

31,363,300

Avid

Bioservices,

Inc.

(b)

...............

1,303,513

24,453,904

Avidity

Biosciences,

Inc.

(b)

.............

1,398,835

21,472,117

Beam

Therapeutics,

Inc.

(b)

.............

1,362,655

41,724,496

BioCryst

Pharmaceuticals,

Inc.

(b)

.........

3,954,456

32,980,163

Biohaven

Ltd.

(b)

....................

1,353,179

18,484,425

Bioxcel

Therapeutics,

Inc.

(b)

............

418,787

7,814,565

Bluebird

Bio,

Inc.

(b)

..................

2,192,347

6,971,663

Blueprint

Medicines

Corp.

(b)

............

1,276,775

57,442,107

Bridgebio

Pharma,

Inc.

(b)

..............

2,269,100

37,621,678

C4

Therapeutics,

Inc.

(b)

...............

921,650

2,893,981

CareDx,

Inc.

(b)

.....................

1,089,632

9,959,236

Caribou

Biosciences,

Inc.

(b)

............

1,189,987

6,318,831

Catalyst

Pharmaceuticals,

Inc.

(b)

.........

2,069,526

34,312,741

Celldex

Therapeutics,

Inc.

(b)

............

980,383

35,274,180

Celularity,

Inc.,

Class

A

(b)

..............

1,263,205

782,808

Century

Therapeutics,

Inc.

.............

405,479

1,407,012

Cerevel

Therapeutics

Holdings,

Inc.

(b)

.....

1,234,211

30,102,406

Security

Shares

Shares

Value

Biotechnology

(continued)

Chimerix,

Inc.

.....................

1,767,507

$

2,227,059

Chinook

Therapeutics,

Inc.

(b)

...........

1,085,541

25,130,274

Cogent

Biosciences,

Inc.

(b)

.............

1,371,907

14,802,877

Coherus

Biosciences,

Inc.

(b)

............

1,579,580

10,804,327

Crinetics

Pharmaceuticals,

Inc.

(b)

........

1,131,111

18,165,643

CTI

BioPharma

Corp.

(b)

...............

2,130,459

8,947,928

Cullinan

Oncology,

Inc.

(b)

..............

564,707

5,776,953

Cytokinetics,

Inc.

(b)

..................

1,756,749

61,819,997

Day

One

Biopharmaceuticals,

Inc.

(b)

......

590,609

7,896,442

Deciphera

Pharmaceuticals,

Inc.

(b)

.......

1,100,964

17,009,894

Denali

Therapeutics,

Inc.

(b)

............

2,334,771

53,793,124

Design

Therapeutics,

Inc.

(b)

............

723,338

4,173,660

Dynavax

Technologies

Corp.

(b)

..........

2,563,711

25,150,005

Dyne

Therapeutics,

Inc.

(b)

.............

678,492

7,816,228

Eagle

Pharmaceuticals,

Inc.

...........

224,813

6,377,945

Editas

Medicine,

Inc.

(b)

...............

1,472,900

10,678,525

Eiger

BioPharmaceuticals,

Inc.

(b)

.........

873,186

783,161

Emergent

BioSolutions,

Inc.

(b)

..........

1,085,415

11,244,899

Enanta

Pharmaceuticals,

Inc.

(b)

.........

426,000

17,227,440

Enochian

Biosciences,

Inc.

(b)

...........

526,263

481,583

EQRx,

Inc.

(b)

......................

4,285,735

8,314,326

Erasca,

Inc.

(b)

.....................

1,524,989

4,590,217

Fate

Therapeutics,

Inc.

(b)

..............

1,811,789

10,327,197

FibroGen,

Inc.

(b)

....................

1,870,859

34,910,229

Foghorn

Therapeutics,

Inc.

(b)

...........

449,226

2,785,201

Generation

Bio

Co.

(b)

................

1,010,942

4,347,051

Geron

Corp.

(b)

.....................

9,178,331

19,916,978

Gossamer

Bio,

Inc.

(b)

................

1,335,330

1,682,516

GreenLight

Biosciences

Holdings

PBC

(b)

...

1,589,967

687,502

Halozyme

Therapeutics,

Inc.

...........

2,845,411

108,666,246

Heron

Therapeutics,

Inc.

(b)

.............

2,266,119

3,421,840

HilleVax,

Inc.

(b)

.....................

357,815

5,914,682

Humacyte,

Inc.

(b)

...................

1,175,878

3,633,463

Icosavax,

Inc.

(b)

....................

478,976

2,778,061

Ideaya

Biosciences,

Inc.

(b)

.............

948,215

13,018,992

IGM

Biosciences,

Inc.

(b)

...............

233,391

3,206,792

ImmunityBio,

Inc.

(b)

..................

1,814,873

3,303,069

ImmunoGen,

Inc.

(b)

..................

4,596,227

17,649,512

Immunovant,

Inc.

(b)

..................

954,547

14,805,024

Inhibrx,

Inc.

(b)

.....................

694,576

13,106,649

Inovio

Pharmaceuticals,

Inc.

(b)

..........

5,396,585

4,425,200

Insmed,

Inc.

(b)

.....................

2,878,944

49,085,995

Instil

Bio,

Inc.

(b)

....................

1,438,393

950,490

Intellia

Therapeutics,

Inc.

(b)

............

1,776,256

66,201,061

Intercept

Pharmaceuticals,

Inc.

(b)

........

525,857

7,062,260

Invivyd,

Inc.

(b)

.....................

1,086,879

1,304,255

Iovance

Biotherapeutics,

Inc.

...........

3,249,063

19,851,775

Ironwood

Pharmaceuticals,

Inc.,

Class

A

(b)

..

2,909,515

30,608,098

iTeos

Therapeutics,

Inc.

..............

505,652

6,881,924

IVERIC

bio,

Inc.

(b)

...................

2,921,910

71,090,070

Janux

Therapeutics,

Inc.

(b)

.............

364,064

4,405,174

Jounce

Therapeutics,

Inc.

(b)

............

857,752

1,586,841

KalVista

Pharmaceuticals,

Inc.

(b)

.........

534,069

4,197,782

Karuna

Therapeutics,

Inc.

(b)

............

693,468

125,961,528

Karyopharm

Therapeutics,

Inc.

(b)

........

1,661,482

6,463,165

Keros

Therapeutics,

Inc.

..............

414,660

17,705,982

Kezar

Life

Sciences,

Inc.

(b)

.............

1,174,170

3,675,152

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

(b)

....

671,390

7,224,156

Kinnate

Biopharma,

Inc.

(b)

.............

619,783

3,873,644

Kodiak

Sciences,

Inc.

(b)

...............

700,032

4,340,198

Kronos

Bio,

Inc.

(b)

...................

815,432

1,190,531

Krystal

Biotech,

Inc.

(b)

................

457,192

36,602,792

Kura

Oncology,

Inc.

(b)

................

1,386,639

16,958,595

Kymera

Therapeutics,

Inc.

(b)

............

812,202

24,065,545

Lexicon

Pharmaceuticals,

Inc.

(b)

.........

1,714,099

4,165,261

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

ETF

Schedules

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Lyell

Immunopharma,

Inc.

(b)

............

3,704,469

$

8,742,547

MacroGenics,

Inc.

(b)

.................

1,294,126

9,278,883

Madrigal

Pharmaceuticals,

Inc.

(b)

........

272,622

66,045,406

MannKind

Corp.

(b)

..................

5,462,379

22,395,754

MeiraGTx

Holdings

plc

(b)

..............

676,254

3,496,233

Mersana

Therapeutics,

Inc.

(b)

...........

1,977,020

8,125,552

MiMedx

Group,

Inc.

.................

2,445,238

8,338,262

Mineralys

Therapeutics,

Inc.

...........

247,663

3,878,403

Mirum

Pharmaceuticals,

Inc.

...........

397,998

9,559,912

Monte

Rosa

Therapeutics,

Inc.

(b)

.........

608,969

4,743,869

Morphic

Holding,

Inc.

(b)

...............

550,817

20,732,752

Myriad

Genetics,

Inc.

(b)

...............

1,704,406

39,593,351

Nkarta,

Inc.

(b)

......................

733,606

2,604,301

Nurix

Therapeutics,

Inc.

(b)

.............

991,633

8,805,701

Nuvalent,

Inc.,

Class

A

(b)

..............

432,319

11,279,203

Ocugen,

Inc.

(b)

.....................

4,714,281

4,021,753

Organogenesis

Holdings,

Inc.,

Class

A

....

1,510,883

3,218,181

Outlook

Therapeutics,

Inc.

(b)

............

2,892,019

3,152,301

Pardes

Biosciences,

Inc.

(b)

.............

670,961

885,669

PDL

BioPharma,

Inc.

(d)

...............

11,853

7,467

PepGen,

Inc.

(b)

....................

300,436

3,674,332

PMV

Pharmaceuticals,

Inc.

(b)

...........

807,435

3,851,465

Point

Biopharma

Global,

Inc.

(b)

..........

1,856,074

13,493,658

Praxis

Precision

Medicines,

Inc.

(b)

........

1,049,983

849,436

Precigen,

Inc.

(b)

....................

2,679,400

2,840,164

Prime

Medicine,

Inc.

(b)

................

224,603

2,762,617

Prometheus

Biosciences,

Inc.

..........

744,881

79,940,629

Protagonist

Therapeutics,

Inc.

(b)

.........

999,203

22,981,669

Prothena

Corp.

plc

(b)

.................

835,876

40,514,910

PTC

Therapeutics,

Inc.

(b)

..............

1,503,948

72,851,241

Rallybio

Corp.

(b)

....................

377,801

2,157,244

RAPT

Therapeutics,

Inc.

(b)

.............

636,016

11,670,894

Recursion

Pharmaceuticals,

Inc.,

Class

A

(b)

.

2,923,401

19,499,085

REGENXBIO,

Inc.

..................

865,484

16,366,302

Relay

Therapeutics,

Inc.

(b)

.............

1,824,926

30,056,531

Replimune

Group,

Inc.

(b)

..............

992,798

17,532,813

REVOLUTION

Medicines,

Inc.

(b)

.........

1,863,820

40,370,341

Rigel

Pharmaceuticals,

Inc.

............

3,694,596

4,876,867

Rocket

Pharmaceuticals,

Inc.

(b)

..........

1,193,948

20,452,329

Sage

Therapeutics,

Inc.

(b)

.............

1,114,538

46,766,014

Sana

Biotechnology,

Inc.

(b)

.............

1,903,039

6,222,938

Sangamo

Therapeutics,

Inc.

(b)

..........

2,919,415

5,138,170

Seres

Therapeutics,

Inc.

(b)

.............

1,498,342

8,495,599

SpringWorks

Therapeutics,

Inc.

(b)

........

773,983

19,922,322

Stoke

Therapeutics,

Inc.

..............

491,096

4,090,830

Sutro

Biopharma,

Inc.

................

1,143,746

5,284,107

Syndax

Pharmaceuticals,

Inc.

..........

1,288,037

27,203,341

Talaris

Therapeutics,

Inc.

(b)

............

496,526

933,469

Tango

Therapeutics,

Inc.

(b)

.............

1,001,293

3,955,107

Tenaya

Therapeutics,

Inc.

(b)

............

818,439

2,332,551

TG

Therapeutics,

Inc.

(b)

...............

2,847,343

42,824,039

Travere

Therapeutics,

Inc.

(b)

............

1,311,022

29,484,885

Twist

Bioscience

Corp.

(b)

..............

1,220,260

18,401,521

Tyra

Biosciences,

Inc.

(b)

..............

262,024

4,210,726

Vanda

Pharmaceuticals,

Inc.

...........

1,194,907

8,113,419

Vaxart,

Inc.

(b)

......................

2,835,397

2,145,545

Vaxcyte,

Inc.

(b)

.....................

1,535,824

57,562,684

VBI

Vaccines,

Inc.

(b)

.................

3,942,613

1,194,612

Vera

Therapeutics,

Inc.,

Class

A

(b)

........

469,341

3,642,086

Veracyte,

Inc.

(b)

....................

1,531,838

34,159,987

Vericel

Corp.

(b)

.....................

1,013,068

29,703,154

Verve

Therapeutics,

Inc.

(b)

.............

1,007,232

14,524,285

Vir

Biotechnology,

Inc.

...............

1,551,804

36,110,479

Viridian

Therapeutics,

Inc.

.............

818,826

20,830,933

VistaGen

Therapeutics,

Inc.

(b)

...........

4,250,169

529,996

Security

Shares

Shares

Value

Biotechnology

(continued)

Xencor,

Inc.

(b)

.....................

1,233,504

$

34,402,427

Y-mAbs

Therapeutics,

Inc.

(b)

............

823,664

4,126,557

Zentalis

Pharmaceuticals,

Inc.

(b)

.........

1,010,192

17,375,302

3,295,417,884

Broadline

Retail

—

0.1%

1stdibs.com,

Inc.

(a)(b)

.................

489,373

1,942,811

Big

Lots,

Inc.

(b)

.....................

609,325

6,678,202

ContextLogic,

Inc.,

Class

A

(a)(b)

..........

12,534,276

5,587,780

Dillard's,

Inc.,

Class

A

(b)

...............

85,232

26,224,182

Groupon,

Inc.

(a)(b)

...................

483,592

2,035,922

Qurate

Retail,

Inc.

(a)

.................

7,649,046

7,555,728

50,024,625

Building

Products

—

1.4%

AAON,

Inc.

.......................

936,155

90,516,827

American

Woodmark

Corp.

(a)(b)

..........

353,945

18,429,916

Apogee

Enterprises,

Inc.

..............

476,024

20,588,038

AZZ,

Inc.

........................

519,832

21,437,872

Caesarstone

Ltd.

...................

490,007

2,023,729

CSW

Industrials,

Inc.

(b)

...............

312,569

43,425,211

Gibraltar

Industries,

Inc.

(a)(b)

............

667,513

32,374,380

Griffon

Corp.

......................

933,306

29,875,125

Insteel

Industries,

Inc.

(b)

..............

403,596

11,228,041

Janus

International

Group,

Inc.

(a)

........

1,741,161

17,167,847

JELD-WEN

Holding,

Inc.

(a)(b)

............

1,802,091

22,814,472

Masonite

International

Corp.

(a)(b)

.........

477,648

43,356,109

PGT

Innovations,

Inc.

(a)

...............

1,235,438

31,021,848

Quanex

Building

Products

Corp.

.........

709,311

15,271,466

Resideo

Technologies,

Inc.

(a)(b)

..........

3,103,403

56,730,207

Simpson

Manufacturing

Co.,

Inc.

........

913,668

100,174,560

UFP

Industries,

Inc.

.................

1,281,240

101,820,143

View,

Inc.,

Class

A

(a)(b)

................

2,577,042

1,288,521

Zurn

Elkay

Water

Solutions

Corp.

........

2,658,094

56,776,888

716,321,200

Capital

Markets

—

1.7%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

.......................

1,297,125

41,482,057

AssetMark

Financial

Holdings,

Inc.

(a)(b)

.....

451,392

14,196,278

Associated

Capital

Group,

Inc.,

Class

A

(b)

...

35,538

1,313,129

Avantax,

Inc.

(a)

.....................

1,021,697

26,891,065

B

Riley

Financial,

Inc.

(b)

...............

444,900

12,630,711

Bakkt

Holdings,

Inc.,

Class

A

(a)(b)

.........

1,375,176

2,365,303

BGC

Partners,

Inc.,

Class

A

............

6,761,120

35,360,658

Brightsphere

Investment

Group,

Inc.

......

700,291

16,512,862

Cohen

&

Steers,

Inc.

................

546,679

34,965,589

Diamond

Hill

Investment

Group,

Inc.

......

63,988

10,531,145

Donnelley

Financial

Solutions,

Inc.

(a)(b)

.....

546,480

22,329,173

Federated

Hermes,

Inc.,

Class

B

........

1,833,561

73,599,138

Focus

Financial

Partners,

Inc.,

Class

A

(a)(b)

..

1,241,579

64,400,703

GCM

Grosvenor,

Inc.,

Class

A

..........

887,807

6,933,773

Hamilton

Lane,

Inc.,

Class

A

...........

770,947

57,034,659

Houlihan

Lokey,

Inc.,

Class

A

...........

1,087,537

95,148,612

MarketWise,

Inc.,

Class

A

(a)(b)

...........

275,222

509,161

Moelis

&

Co.,

Class

A

................

1,370,160

52,668,950

Open

Lending

Corp.,

Class

A

(a)(b)

........

2,258,871

15,902,452

Oppenheimer

Holdings,

Inc.,

Class

A,

NVS

(b)

169,804

6,647,827

Perella

Weinberg

Partners,

Class

A

.......

811,731

7,386,752

Piper

Sandler

Cos.

..................

372,141

51,582,464

PJT

Partners,

Inc.,

Class

A

............

504,779

36,439,996

Sculptor

Capital

Management,

Inc.,

Class

A

.

525,370

4,523,436

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

(b)

......................

203,118

3,692,685

Star

Holdings

(a)

....................

280,698

4,881,337

StepStone

Group,

Inc.,

Class

A

.........

1,171,534

28,433,130

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

ETF

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Capital

Markets

(continued)

StoneX

Group,

Inc.

(a)

................

377,180

$

39,049,445

Value

Line,

Inc.

....................

23,843

1,152,332

Victory

Capital

Holdings,

Inc.,

Class

A

.....

349,901

10,241,602

Virtus

Investment

Partners,

Inc.

.........

154,408

29,397,739

WisdomTree,

Inc.

...................

3,043,617

17,835,596

826,039,759

Chemicals

—

2.2%

AdvanSix,

Inc.

.....................

571,884

21,886,001

American

Vanguard

Corp.

.............

594,014

12,997,026

Amyris,

Inc.

(a)(b)

....................

4,333,124

5,893,049

Aspen

Aerogels,

Inc.

(a)(b)

..............

1,081,275

8,055,499

Avient

Corp.

......................

1,944,728

80,045,004

Balchem

Corp.

....................

681,202

86,158,429

Cabot

Corp.

......................

1,190,848

91,266,591

Chase

Corp.

......................

156,503

16,390,559

Danimer

Scientific,

Inc.,

Class

A

(a)(b)

.......

1,906,354

6,576,921

Diversey

Holdings

Ltd.

(a)(b)

.............

1,672,613

13,531,439

Ecovyst,

Inc.

(a)

.....................

1,807,739

19,975,516

FutureFuel

Corp.

...................

624,407

4,608,124

Hawkins,

Inc.

.....................

411,950

18,035,171

HB

Fuller

Co.

.....................

1,146,370

78,469,026

Ingevity

Corp.

(a)(b)

...................

802,575

57,400,164

Innospec,

Inc.

.....................

531,554

54,574,649

Intrepid

Potash,

Inc.

(a)(b)

...............

240,078

6,626,153

Koppers

Holdings,

Inc.

...............

433,439

15,157,362

Kronos

Worldwide,

Inc.

...............

495,448

4,563,076

Livent

Corp.

(a)(b)

....................

3,470,137

75,371,376

LSB

Industries,

Inc.

(a)(b)

...............

1,579,465

16,315,873

Mativ

Holdings,

Inc.

.................

1,166,104

25,036,253

Minerals

Technologies,

Inc.

(b)

...........

695,854

42,043,499

Origin

Materials,

Inc.,

Class

A

(a)(b)

........

2,248,220

9,599,899

Orion

Engineered

Carbons

SA

(b)

.........

1,293,427

33,745,510

Perimeter

Solutions

SA

(a)(b)

............

2,511,774

20,295,134

PureCycle

Technologies,

Inc.

(a)(b)

.........

2,284,969

15,994,783

Quaker

Chemical

Corp.

(b)

.............

290,510

57,506,454

Rayonier

Advanced

Materials,

Inc.

(a)(b)

.....

1,342,973

8,420,441

Sensient

Technologies

Corp.

...........

899,361

68,855,078

Stepan

Co.

.......................

458,355

47,224,316

Trinseo

plc

.......................

755,087

15,743,564

Tronox

Holdings

plc,

Class

A

...........

2,521,395

36,257,660

Valhi,

Inc.

(b)

.......................

51,280

892,785

1,075,512,384

Commercial

Services

&

Supplies

—

1.5%

ABM

Industries,

Inc.

.................

1,423,081

63,953,260

ACCO

Brands

Corp.

.................

1,972,613

10,494,301

ACV

Auctions,

Inc.,

Class

A

(a)(b)

..........

2,524,208

32,587,525

Aris

Water

Solutions,

Inc.,

Class

A

(b)

......

486,447

3,789,422

Brady

Corp.,

Class

A,

NVS

............

971,168

52,180,857

BrightView

Holdings,

Inc.

(a)(b)

...........

926,017

5,204,216

Brink's

Co.

(The)

...................

967,473

64,627,196

Casella

Waste

Systems,

Inc.,

Class

A

(a)(b)

...

1,065,858

88,103,822

Cimpress

plc

(a)(b)

...................

381,035

16,696,954

CompX

International,

Inc.

(b)

............

37,274

673,914

CoreCivic,

Inc.

(a)

...................

2,451,801

22,556,569

Deluxe

Corp.

......................

942,429

15,078,864

Ennis,

Inc.

.......................

541,288

11,415,764

GEO

Group,

Inc.

(The)

(a)

..............

2,543,992

20,072,097

Harsco

Corp.

(a)(b)

...................

1,702,302

11,626,723

Healthcare

Services

Group,

Inc.

.........

1,600,784

22,202,874

Heritage-Crystal

Clean,

Inc.

(a)(b)

.........

334,382

11,907,343

HNI

Corp.

........................

898,723

25,020,448

Interface,

Inc.

.....................

1,236,711

10,042,093

KAR

Auction

Services,

Inc.

(a)(b)

..........

2,324,690

31,801,759

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

(continued)

Kimball

International,

Inc.,

Class

B

.......

763,629

$

9,469,000

Li-Cycle

Holdings

Corp.

(a)(b)

............

2,909,091

16,378,182

Liquidity

Services,

Inc.

(a)(b)

.............

525,520

6,921,098

Matthews

International

Corp.,

Class

A

.....

641,475

23,131,588

MillerKnoll,

Inc.

....................

1,633,599

33,407,100

Montrose

Environmental

Group,

Inc.

(a)(b)

....

588,081

20,976,849

NL

Industries,

Inc.

..................

189,393

1,147,722

Pitney

Bowes,

Inc.

..................

2,823,565

10,983,668

Quad/Graphics,

Inc.,

Class

A

(a)(b)

.........

647,608

2,778,238

SP

Plus

Corp.

(a)(b)

...................

431,840

14,807,794

Steelcase,

Inc.,

Class

A

..............

1,881,633

15,843,350

UniFirst

Corp.

(b)

....................

320,173

56,424,088

Viad

Corp.

(a)(b)

.....................

435,710

9,080,196

VSE

Corp.

(b)

......................

230,984

10,371,182

751,756,056

Communications

Equipment

—

0.8%

ADTRAN

Holdings,

Inc.

..............

1,650,291

26,173,615

Aviat

Networks,

Inc.

(a)(b)

...............

180,767

6,229,231

Calix,

Inc.

(a)

.......................

1,230,718

65,954,178

Cambium

Networks

Corp.

(a)(b)

...........

252,318

4,471,075

Casa

Systems,

Inc.

(a)(b)

...............

756,162

960,326

Clearfield,

Inc.

(a)(b)

...................

274,027

12,764,178

CommScope

Holding

Co.,

Inc.

(a)(b)

........

4,392,130

27,977,868

Comtech

Telecommunications

Corp.

......

570,484

7,119,640

Digi

International,

Inc.

(a)(b)

.............

746,903

25,155,693

DZS,

Inc.

(a)(b)

......................

423,680

3,342,835

Extreme

Networks,

Inc.

(a)

..............

2,694,357

51,516,106

Harmonic,

Inc.

(a)(b)

..................

1,983,089

28,933,268

Infinera

Corp.

(a)(b)

...................

4,132,747

32,070,117

Inseego

Corp.

(a)(b)

...................

1,761,156

1,025,697

NETGEAR,

Inc.

(a)

...................

614,556

11,375,431

NetScout

Systems,

Inc.

(a)

.............

1,467,916

42,055,793

Ondas

Holdings,

Inc.

(a)(b)

..............

910,497

983,337

Ribbon

Communications,

Inc.

(a)(b)

........

1,557,290

5,325,932

Viavi

Solutions,

Inc.

(a)

................

4,809,806

52,090,199

405,524,519

Construction

&

Engineering

—

1.7%

Ameresco,

Inc.,

Class

A

(a)(b)

............

681,901

33,563,167

API

Group

Corp.

(a)(b)

.................

4,417,236

99,299,465

Arcosa,

Inc.

......................

1,034,991

65,318,282

Argan,

Inc.

.......................

278,556

11,273,161

Comfort

Systems

USA,

Inc.

............

756,489

110,417,135

Concrete

Pumping

Holdings,

Inc.

(a)(b)

......

531,537

3,614,452

Construction

Partners,

Inc.,

Class

A

(a)(b)

....

854,345

23,016,054

Dycom

Industries,

Inc.

(a)(b)

.............

618,114

57,886,376

EMCOR

Group,

Inc.

.................

1,010,213

164,250,532

Fluor

Corp.

(a)(b)

.....................

3,049,268

94,252,874

Granite

Construction,

Inc.

.............

949,289

38,996,792

Great

Lakes

Dredge

&

Dock

Corp.

(a)(b)

.....

1,404,040

7,623,937

IES

Holdings,

Inc.

(a)

.................

181,436

7,818,077

MYR

Group,

Inc.

(a)

..................

350,627

44,182,508

Northwest

Pipe

Co.

(a)(b)

...............

202,616

6,327,698

Primoris

Services

Corp.

..............

1,129,444

27,852,089

Sterling

Infrastructure,

Inc.

(a)(b)

..........

625,272

23,685,304

Tutor

Perini

Corp.

(a)

.................

919,123

5,670,989

825,048,892

Construction

Materials

—

0.2%

(b)

Summit

Materials,

Inc.,

Class

A

(a)

........

2,551,914

72,704,028

United

States

Lime

&

Minerals,

Inc.

.......

43,753

6,680,646

79,384,674

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

ETF

Schedules

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Consumer

Finance

—

0.7%

Atlanticus

Holdings

Corp.

(a)(b)

...........

103,639

$

2,811,726

Bread

Financial

Holdings,

Inc.

..........

642,741

19,487,907

Consumer

Portfolio

Services,

Inc.

(a)(b)

......

225,548

2,411,108

Curo

Group

Holdings

Corp.

............

450,726

779,756

Encore

Capital

Group,

Inc.

(a)(b)

..........

501,519

25,301,634

Enova

International,

Inc.

(a)(b)

............

655,263

29,113,335

EZCORP,

Inc.,

Class

A,

NVS

(a)(b)

.........

1,066,854

9,174,945

FirstCash

Holdings,

Inc.

..............

806,254

76,892,444

Green

Dot

Corp.,

Class

A

(a)(b)

...........

1,045,524

17,962,102

LendingClub

Corp.

(a)(b)

................

2,264,862

16,329,655

LendingTree,

Inc.

(a)

..................

227,447

6,063,737

Moneylion,

Inc.,

Class

A

(a)(b)

............

2,858,689

1,623,164

Navient

Corp.

.....................

2,195,568

35,107,132

Nelnet,

Inc.,

Class

A

.................

311,456

28,619,692

NerdWallet,

Inc.,

Class

A

(a)(b)

...........

562,227

9,096,833

Oportun

Financial

Corp.

(a)(b)

............

608,858

2,350,192

OppFi,

Inc.,

Class

A

(a)(b)

...............

224,217

459,645

PRA

Group,

Inc.

(a)(b)

.................

825,448

32,159,454

PROG

Holdings,

Inc.

(a)(b)

..............

1,073,670

25,542,609

Regional

Management

Corp.

...........

162,859

4,248,991

Sunlight

Financial

Holdings,

Inc.

(a)(b)

......

826,072

257,982

World

Acceptance

Corp.

(a)(b)

............

85,126

7,090,145

352,884,188

Consumer

Staples

Distribution

&

Retail

—

0.6%

Andersons,

Inc.

(The)

................

688,877

28,464,398

Boxed,

Inc.

(a)(b)

.....................

13,187

2,503

Chefs'

Warehouse,

Inc.

(The)

(a)(b)

........

733,289

24,968,490

Fresh

Market,

Inc.

(The),

NVS

(a)(d)

........

673,064

7

HF

Foods

Group,

Inc.

(a)(b)

..............

696,513

2,730,331

Ingles

Markets,

Inc.,

Class

A

...........

306,076

27,148,941

Natural

Grocers

by

Vitamin

Cottage,

Inc.

...

180,166

2,116,950

PriceSmart,

Inc.

....................

543,305

38,835,441

Rite

Aid

Corp.

(a)(b)

...................

1,217,237

2,726,611

SpartanNash

Co.

...................

755,662

18,740,418

Sprouts

Farmers

Market,

Inc.

(a)(b)

........

2,270,172

79,524,125

United

Natural

Foods,

Inc.

(a)

............

1,279,566

33,716,564

Village

Super

Market,

Inc.,

Class

A

.......

172,726

3,951,971

Weis

Markets,

Inc.

(b)

.................

351,803

29,787,160

292,713,910

Containers

&

Packaging

—

0.3%

Cryptyde,

Inc.

(a)(b)

...................

376,151

31,296

Greif,

Inc.,

Class

A,

NVS

..............

533,037

33,778,555

Greif,

Inc.,

Class

B

..................

117,230

8,970,439

Myers

Industries,

Inc.

................

780,172

16,719,086

O-I

Glass,

Inc.

(a)

....................

3,297,536

74,887,043

Pactiv

Evergreen,

Inc.

...............

929,948

7,439,584

Ranpak

Holdings

Corp.,

Class

A

(a)(b)

......

950,031

4,959,162

TriMas

Corp.

(b)

.....................

898,882

25,042,852

171,828,017

Distributors

—

0.0%

(b)

Funko,

Inc.,

Class

A

(a)

................

691,042

6,516,526

Weyco

Group,

Inc.

..................

120,570

3,050,421

9,566,947

Diversified

Consumer

Services

—

1.0%

2U,

Inc.

(a)(b)

.......................

1,639,244

11,228,821

Adtalem

Global

Education,

Inc.

(a)(b)

.......

959,698

37,063,537

American

Public

Education,

Inc.

(a)

........

390,276

2,115,296

Beachbody

Co.,

Inc.

(The),

Class

A

(a)(b)

....

1,966,514

948,253

Carriage

Services,

Inc.

...............

286,359

8,739,677

Chegg,

Inc.

(a)(b)

....................

2,659,909

43,356,517

Coursera,

Inc.

(a)(b)

...................

2,453,366

28,262,776

Duolingo,

Inc.,

Class

A

(a)(b)

.............

514,769

73,400,912

Security

Shares

Shares

Value

Diversified

Consumer

Services

(continued)

European

Wax

Center,

Inc.,

Class

A

(b)

.....

517,196

$

9,826,724

Frontdoor,

Inc.

(a)

....................

1,763,248

49,159,354

Graham

Holdings

Co.,

Class

B

(b)

.........

78,812

46,959,342

Laureate

Education,

Inc.,

Class

A

........

2,874,811

33,807,777

Nerdy,

Inc.,

Class

A

(a)(b)

...............

1,221,114

5,104,256

OneSpaWorld

Holdings

Ltd.

(a)(b)

.........

1,415,763

16,974,998

Perdoceo

Education

Corp.

(a)(b)

..........

1,429,861

19,203,033

Rover

Group,

Inc.,

Class

A

(a)(b)

..........

2,000,518

9,062,347

Strategic

Education,

Inc.

(b)

.............

486,195

43,674,897

Stride,

Inc.

(a)

......................

898,119

35,251,171

Udemy,

Inc.

(a)(b)

....................

1,569,560

13,859,215

Universal

Technical

Institute,

Inc.

(a)

.......

689,012

5,084,909

WW

International,

Inc.

(a)(b)

.............

1,171,358

4,825,995

497,909,807

Diversified

REITs

—

0.6%

Alexander

&

Baldwin,

Inc.

.............

1,565,160

29,597,176

American

Assets

Trust,

Inc.

............

1,078,556

20,050,356

Armada

Hoffler

Properties,

Inc.

.........

1,432,077

16,912,829

Broadstone

Net

Lease,

Inc.

............

3,699,030

62,920,500

CTO

Realty

Growth,

Inc.

..............

438,158

7,562,607

Empire

State

Realty

Trust,

Inc.,

Class

A

(b)

...

2,846,614

18,474,525

Essential

Properties

Realty

Trust,

Inc.

.....

3,019,527

75,035,246

Gladstone

Commercial

Corp.

...........

843,856

10,657,901

Global

Net

Lease,

Inc.

...............

2,245,423

28,876,140

One

Liberty

Properties,

Inc.

............

336,844

7,723,833

Safehold,

Inc.

.....................

870,115

25,555,287

303,366,400

Diversified

Telecommunication

Services

—

0.7%

Anterix,

Inc.

(a)(b)

....................

395,562

13,069,369

ATN

International,

Inc.

...............

233,139

9,540,048

Bandwidth,

Inc.,

Class

A

(a)(b)

............

499,800

7,596,960

Charge

Enterprises,

Inc.

(a)(b)

............

2,675,035

2,942,539

Cogent

Communications

Holdings,

Inc.

....

915,433

58,331,391

Consolidated

Communications

Holdings,

Inc.

(a)

1,605,323

4,141,733

EchoStar

Corp.,

Class

A

(a)(b)

............

736,591

13,472,249

Globalstar,

Inc.

(a)(b)

..................

14,739,205

17,097,478

IDT

Corp.,

Class

B

(a)

.................

334,447

11,397,954

Iridium

Communications,

Inc.

(b)

..........

2,670,036

165,355,329

Liberty

Latin

America

Ltd.,

Class

A

(a)(b)

.....

903,597

7,508,891

Liberty

Latin

America

Ltd.,

Class

C,

NVS

(a)(b)

.

3,031,777

25,042,478

Ooma,

Inc.

(a)(b)

.....................

500,059

6,255,738

Radius

Global

Infrastructure,

Inc.,

Class

A

(a)(b)

1,633,212

23,959,220

365,711,377

Electric

Utilities

—

0.8%

ALLETE,

Inc.

.....................

1,231,543

79,274,423

MGE

Energy,

Inc.

...................

786,833

61,113,319

Otter

Tail

Corp.

(b)

...................

879,652

63,572,450

PNM

Resources,

Inc.

................

1,829,302

89,050,421

Portland

General

Electric

Co.

...........

1,928,816

94,299,814

Via

Renewables,

Inc.

................

53,209

977,982

388,288,409

Electrical

Equipment

—

1.5%

Allied

Motion

Technologies,

Inc.

(b)

........

283,051

10,939,921

Array

Technologies,

Inc.

(a)(b)

............

3,226,934

70,605,316

Atkore,

Inc.

(a)(b)

.....................

842,456

118,348,219

Babcock

&

Wilcox

Enterprises,

Inc.

(a)(b)

.....

1,311,042

7,944,914

Blink

Charging

Co.

(a)(b)

................

897,599

7,764,231

Bloom

Energy

Corp.,

Class

A

(a)(b)

........

3,854,076

76,811,735

Encore

Wire

Corp.

(b)

.................

378,823

70,207,267

Energy

Vault

Holdings,

Inc.

(a)(b)

..........

1,791,533

3,833,881

EnerSys

(b)

........................

874,458

75,972,911

Enovix

Corp.

(a)(b)

....................

2,321,877

34,619,186

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electrical

Equipment

(continued)

ESS

Tech,

Inc.

(a)(b)

..................

1,710,979

$

2,378,261

Fluence

Energy,

Inc.,

Class

A

(a)(b)

........

786,383

15,924,256

FTC

Solar,

Inc.

(a)(b)

..................

920,771

2,071,735

FuelCell

Energy,

Inc.

(a)(b)

..............

8,782,995

25,031,536

GrafTech

International

Ltd.

(b)

...........

4,154,394

20,190,355

Heliogen,

Inc.

(a)(b)

...................

2,984,318

716,833

NEXTracker,

Inc.,

Class

A

(a)(b)

...........

658,011

23,859,479

NuScale

Power

Corp.,

Class

A

(a)(b)

........

689,792

6,270,209

Powell

Industries,

Inc.

(b)

..............

198,023

8,433,799

Preformed

Line

Products

Co.

...........

54,372

6,961,791

Shoals

Technologies

Group,

Inc.,

Class

A

(a)(b)

3,486,121

79,448,698

Stem,

Inc.

(a)(b)

.....................

3,104,641

17,603,314

SunPower

Corp.

(a)(b)

.................

1,755,378

24,294,431

Thermon

Group

Holdings,

Inc.

(a)

.........

703,169

17,522,971

TPI

Composites,

Inc.

(a)(b)

..............

783,714

10,227,468

Vicor

Corp.

(a)(b)

.....................

472,973

22,201,353

760,184,070

Electronic

Equipment,

Instruments

&

Components

—

2.6%

908

Devices,

Inc.

(a)(b)

.................

479,050

4,119,830

Advanced

Energy

Industries,

Inc.

(b)

.......

802,823

78,676,654

Aeva

Technologies,

Inc.

(a)(b)

............

2,200,319

2,618,380

AEye,

Inc.,

Class

A

(a)(b)

...............

1,581,446

497,839

Akoustis

Technologies,

Inc.

(a)(b)

..........

1,434,847

4,419,329

Arlo

Technologies,

Inc.

(a)

..............

1,845,372

11,182,954

Badger

Meter,

Inc.

..................

626,202

76,283,928

Belden,

Inc.

......................

910,148

78,973,542

Benchmark

Electronics,

Inc.

...........

759,752

17,998,525

Cepton,

Inc.

(a)(b)

....................

1,223,274

568,088

CTS

Corp.

(b)

......................

677,820

33,524,977

ePlus,

Inc.

(a)(b)

.....................

572,634

28,081,971

Evolv

Technologies

Holdings,

Inc.,

Class

A

(a)(b)

1,795,684

5,602,534

Fabrinet

(a)

........................

789,448

93,754,845

FARO

Technologies,

Inc.

(a)(b)

...........

402,383

9,902,646

Focus

Universal,

Inc.

(a)(b)

..............

561,139

1,402,848

Identiv,

Inc.

(a)

......................

448,063

2,751,107

Insight

Enterprises,

Inc.

(a)(b)

............

675,592

96,582,632

Itron,

Inc.

(a)(b)

......................

969,891

53,780,456

Kimball

Electronics,

Inc.

(a)(b)

............

506,429

12,204,939

Knowles

Corp.

(a)(b)

..................

1,939,782

32,976,294

Lightwave

Logic,

Inc.

(a)(b)

..............

2,410,954

12,609,289

Methode

Electronics,

Inc.

.............

760,189

33,357,093

MicroVision,

Inc.

(a)(b)

.................

3,626,275

9,682,154

Mirion

Technologies,

Inc.,

Class

A

(a)(b)

.....

2,935,717

25,071,023

Napco

Security

Technologies,

Inc.

(a)(b)

.....

666,777

25,057,480

nLight,

Inc.

(a)(b)

.....................

960,678

9,779,702

Novanta,

Inc.

(a)(b)

...................

759,595

120,843,969

OSI

Systems,

Inc.

(a)(b)

................

344,729

35,286,460

Ouster,

Inc.,

Class

A

(a)(b)

..............

6,266,547

5,243,220

PAR

Technology

Corp.

(a)(b)

.............

569,508

19,340,492

PC

Connection,

Inc.

.................

247,937

11,147,248

Plexus

Corp.

(a)(b)

....................

586,810

57,255,052

Rogers

Corp.

(a)(b)

...................

408,689

66,792,043

Sanmina

Corp.

(a)(b)

..................

1,218,055

74,289,174

ScanSource,

Inc.

(a)(b)

.................

568,567

17,307,180

SmartRent,

Inc.,

Class

A

(a)(b)

............

2,660,819

6,785,088

TTM

Technologies,

Inc.

(a)(b)

............

2,175,651

29,349,532

Vishay

Intertechnology,

Inc.

............

2,775,083

62,772,377

Vishay

Precision

Group,

Inc.

(a)(b)

.........

265,776

11,098,806

1,278,971,700

Energy

Equipment

&

Services

—

2.0%

Archrock,

Inc.

.....................

2,883,733

28,174,071

Borr

Drilling

Ltd.

(a)(b)

.................

4,317,087

32,723,519

Bristow

Group,

Inc.

(a)(b)

...............

496,785

11,127,984

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

Cactus,

Inc.,

Class

A

................

1,333,210

$

54,968,248

ChampionX

Corp.

(b)

.................

4,282,244

116,177,280

Diamond

Offshore

Drilling,

Inc.

(a)(b)

.......

2,174,548

26,181,558

DMC

Global,

Inc.

(a)

..................

403,562

8,866,257

Dril-Quip,

Inc.

(a)(b)

...................

718,174

20,604,412

Expro

Group

Holdings

NV

(a)(b)

...........

1,840,628

33,793,930

Helix

Energy

Solutions

Group,

Inc.

(a)(b)

.....

3,061,093

23,692,860

Helmerich

&

Payne,

Inc.

..............

2,203,117

78,761,433

Liberty

Energy,

Inc.,

Class

A

...........

2,884,443

36,949,715

Nabors

Industries

Ltd.

(a)

..............

194,931

23,764,038

National

Energy

Services

Reunited

Corp.

(a)(b)

788,946

4,149,856

Newpark

Resources,

Inc.

(a)(b)

...........

1,854,056

7,138,116

NexTier

Oilfield

Solutions,

Inc.

(a)(b)

........

3,763,664

29,921,129

Noble

Corp.

plc

(a)(b)

..................

1,804,533

71,224,918

Oceaneering

International,

Inc.

(a)

........

2,147,098

37,853,338

Oil

States

International,

Inc.

(a)

...........

1,351,779

11,260,319

Patterson-UTI

Energy,

Inc.

............

4,593,355

53,742,253

ProFrac

Holding

Corp.,

Class

A

(a)(b)

.......

504,075

6,386,630

ProPetro

Holding

Corp.

(a)(b)

............

1,892,706

13,608,556

RPC,

Inc.

(b)

.......................

1,593,759

12,256,007

Select

Energy

Services,

Inc.,

Class

A

.....

1,565,420

10,895,323

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

..

655,967

5,601,958

TETRA

Technologies,

Inc.

(a)(b)

...........

2,632,313

6,975,629

Tidewater,

Inc.

(a)(b)

..................

995,346

43,874,852

US

Silica

Holdings,

Inc.

(a)

.............

1,588,602

18,967,908

Valaris

Ltd.

(a)(b)

.....................

1,304,011

84,838,956

Weatherford

International

plc

(a)(b)

.........

1,512,159

89,746,637

1,004,227,690

Entertainment

—

0.4%

(b)

Cinemark

Holdings,

Inc.

(a)

.............

2,326,769

34,412,914

IMAX

Corp.

(a)

.....................

1,014,347

19,455,175

Liberty

Media

Corp.-Liberty

Braves,

Class

A

(a)

209,765

7,253,674

Liberty

Media

Corp.-Liberty

Braves,

Class

C,

NVS

(a)

........................

806,019

27,154,780

Lions

Gate

Entertainment

Corp.,

Class

A

(a)

..

1,289,478

14,274,522

Lions

Gate

Entertainment

Corp.,

Class

B,

NVS

(a)

........................

2,444,440

25,373,287

Madison

Square

Garden

Entertainment

Corp.

(a)

560,591

33,114,110

Marcus

Corp.

(The)

.................

519,296

8,308,736

Playstudios,

Inc.,

Class

A

(a)

............

1,656,835

6,113,721

Reservoir

Media,

Inc.

(a)

...............

396,108

2,582,624

Skillz,

Inc.,

Class

A

(a)

................

6,932,732

4,112,497

Vivid

Seats,

Inc.,

Class

A

(a)

............

557,978

4,257,372

186,413,412

Financial

Services

—

1.9%

Alerus

Financial

Corp.

...............

338,165

5,427,548

A-Mark

Precious

Metals,

Inc.

...........

397,256

13,764,920

AvidXchange

Holdings,

Inc.

(a)(b)

..........

3,150,280

24,572,184

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

....................

600,750

10,441,035

Cannae

Holdings,

Inc.

(a)

..............

1,500,065

30,271,312

Cantaloupe,

Inc.

(a)(b)

.................

1,260,814

7,186,640

Cass

Information

Systems,

Inc.

.........

299,556

12,973,770

Compass

Diversified

Holdings

..........

1,327,516

25,329,005

Enact

Holdings,

Inc.

.................

642,544

14,688,556

Essent

Group

Ltd.

..................

2,279,256

91,284,203

EVERTEC,

Inc.

....................

1,309,534

44,196,773

Federal

Agricultural

Mortgage

Corp.,

Class

C,

NVS

.........................

194,373

25,888,540

Finance

of

America

Cos.,

Inc.,

Class

A

(a)

...

491,571

609,548

Flywire

Corp.

(a)

....................

1,223,244

35,914,444

Home

Point

Capital,

Inc.

(b)

.............

271,725

524,429

I3

Verticals,

Inc.,

Class

A

(a)(b)

...........

492,139

12,072,170

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

ETF

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Financial

Services

(continued)

International

Money

Express,

Inc.

(a)(b)

......

676,398

$

17,437,540

Jackson

Financial,

Inc.,

Class

A

.........

1,603,388

59,982,745

Marqeta,

Inc.,

Class

A

(a)(b)

.............

9,316,665

42,577,159

Merchants

Bancorp

.................

348,039

9,062,936

MoneyGram

International,

Inc.

(a)(b)

........

2,067,452

21,542,850

Mr

Cooper

Group,

Inc.

(a)(b)

.............

1,484,633

60,825,414

NMI

Holdings,

Inc.,

Class

A

(a)(b)

..........

1,754,868

39,186,202

Payoneer

Global,

Inc.

(a)

...............

4,698,674

29,507,673

Paysafe

Ltd.

(a)

.....................

611,185

10,555,165

PennyMac

Financial

Services,

Inc.

(b)

......

572,571

34,130,957

Priority

Technology

Holdings,

Inc.

(a)(b)

......

259,624

932,050

Radian

Group,

Inc.

..................

3,459,522

76,455,436

Remitly

Global,

Inc.

(a)(b)

...............

2,142,194

36,310,188

Repay

Holdings

Corp.,

Class

A

(a)(b)

.......

1,892,024

12,430,598

StoneCo

Ltd.,

Class

A

(a)(b)

.............

5,940,087

56,668,430

SWK

Holdings

Corp.

(a)(b)

..............

36,164

645,889

Velocity

Financial,

Inc.

(a)

..............

181,657

1,640,363

Walker

&

Dunlop,

Inc.

................

664,212

50,593,028

Waterstone

Financial,

Inc.

.............

428,173

6,478,258

922,107,958

Food

Products

—

1.2%

Alico,

Inc.

........................

140,619

3,402,980

AppHarvest,

Inc.

(a)(b)

.................

2,092,046

1,280,960

B&G

Foods,

Inc.

(b)

..................

1,517,837

23,572,009

Benson

Hill,

Inc.

(a)(b)

.................

3,578,696

4,115,500

Beyond

Meat,

Inc.

(a)(b)

................

1,313,091

21,311,467

BRC,

Inc.,

Class

A

(a)(b)

................

570,682

2,933,306

Calavo

Growers,

Inc.

................

378,630

10,893,185

Cal-Maine

Foods,

Inc.

................

812,213

49,455,650

Fresh

Del

Monte

Produce,

Inc.

..........

660,074

19,874,828

Hain

Celestial

Group,

Inc.

(The)

(a)(b)

.......

1,928,648

33,076,313

Hostess

Brands,

Inc.,

Class

A

(a)(b)

........

2,854,553

71,021,279

J

&

J

Snack

Foods

Corp.

(b)

............

325,251

48,208,703

John

B

Sanfilippo

&

Son,

Inc.

...........

191,446

18,554,946

Lancaster

Colony

Corp.

..............

416,082

84,414,716

Lifecore

Biomedical,

Inc.

(a)(b)

............

528,629

1,995,574

Local

Bounti

Corp.

(a)(b)

................

1,613,368

1,286,016

Mission

Produce,

Inc.

(a)(b)

..............

837,963

9,309,769

Seneca

Foods

Corp.,

Class

A

(a)(b)

........

112,338

5,871,907

Simply

Good

Foods

Co.

(The)

(a)

.........

1,900,198

75,570,874

Sovos

Brands,

Inc.

(a)(b)

...............

812,251

13,548,347

SunOpta,

Inc.

(a)(b)

...................

2,084,496

16,050,619

Tattooed

Chef,

Inc.,

Class

A

(a)(b)

.........

1,066,828

1,514,896

Tootsie

Roll

Industries,

Inc.

(b)

...........

343,399

15,422,057

TreeHouse

Foods,

Inc.

(a)(b)

.............

1,089,193

54,928,003

Utz

Brands,

Inc.,

Class

A

(b)

............

1,397,258

23,012,839

Vital

Farms,

Inc.

(a)

..................

643,522

9,845,887

Whole

Earth

Brands,

Inc.,

Class

A

(a)(b)

.....

851,624

2,180,157

622,652,787

Gas

Utilities

—

1.1%

Brookfield

Infrastructure

Corp.,

Class

A

(b)

...

2,096,601

96,569,442

Chesapeake

Utilities

Corp.

............

376,592

48,200,010

New

Jersey

Resources

Corp.

...........

2,068,101

110,022,973

Northwest

Natural

Holding

Co.

..........

751,276

35,730,687

ONE

Gas,

Inc.

.....................

1,158,515

91,789,143

Southwest

Gas

Holdings,

Inc.

(b)

.........

1,438,657

89,844,130

Spire,

Inc.

........................

1,096,321

76,895,955

549,052,340

Ground

Transportation

—

0.7%

ArcBest

Corp.

.....................

520,180

48,075,035

Bird

Global,

Inc.,

Class

A

(a)

............

40,935

11,458

Covenant

Logistics

Group,

Inc.,

Class

A

....

197,929

7,010,645

Daseke,

Inc.

(a)

.....................

881,692

6,815,479

Security

Shares

Shares

Value

Ground

Transportation

(continued)

Heartland

Express,

Inc.

(b)

.............

974,602

$

15,515,664

Marten

Transport

Ltd.

................

1,241,024

25,999,453

PAM

Transportation

Services,

Inc.

(a)(b)

.....

147,606

4,225,960

Saia,

Inc.

(a)(b)

......................

568,655

154,719,652

TuSimple

Holdings,

Inc.,

Class

A

(a)(b)

......

3,092,689

4,546,253

Universal

Logistics

Holdings,

Inc.

........

159,591

4,652,078

Werner

Enterprises,

Inc.

..............

1,354,471

61,614,886

333,186,563

Health

Care

Equipment

&

Supplies

—

3.9%

Alphatec

Holdings,

Inc.

(a)(b)

.............

1,541,472

24,046,963

AngioDynamics,

Inc.

(a)

...............

796,178

8,232,480

Artivion,

Inc.

(a)(b)

....................

821,210

10,757,851

AtriCure,

Inc.

(a)(b)

...................

979,198

40,587,757

Atrion

Corp.

......................

28,763

18,060,575

Avanos

Medical,

Inc.

(a)(b)

..............

996,780

29,644,237

AxoGen,

Inc.

(a)(b)

...................

862,424

8,149,907

Axonics,

Inc.

(a)(b)

....................

1,047,300

57,140,688

Bioventus,

Inc.,

Class

A

(a)(b)

............

643,407

688,445

Butterfly

Network,

Inc.,

Class

A

(a)(b)

.......

2,838,204

5,335,824

Cardiovascular

Systems,

Inc.

(a)(b)

........

868,199

17,242,432

Cerus

Corp.

(a)(b)

....................

3,687,869

10,952,971

CONMED

Corp.

(b)

..................

621,892

64,589,703

Cue

Health,

Inc.

(a)(b)

.................

2,272,771

4,136,443

Cutera,

Inc.

(a)(b)

....................

355,770

8,403,287

Embecta

Corp.

....................

1,229,045

34,560,745

Figs,

Inc.,

Class

A

(a)(b)

................

2,739,282

16,956,156

Glaukos

Corp.

(a)(b)

...................

980,579

49,127,008

Haemonetics

Corp.

(a)(b)

...............

1,071,734

88,685,988

Heska

Corp.

(a)(b)

....................

206,138

20,123,192

Inari

Medical,

Inc.

(a)(b)

................

1,032,620

63,753,959

Inogen,

Inc.

(a)

.....................

495,771

6,187,222

Inspire

Medical

Systems,

Inc.

(a)(b)

........

611,984

143,247,095

Integer

Holdings

Corp.

(a)(b)

.............

704,196

54,575,190

iRadimed

Corp.

....................

143,871

5,661,324

iRhythm

Technologies,

Inc.

(a)(b)

..........

644,553

79,943,909

Lantheus

Holdings,

Inc.

(a)(b)

............

1,459,637

120,507,631

LeMaitre

Vascular,

Inc.

(b)

..............

413,710

21,293,654

LivaNova

plc

(a)

.....................

1,149,656

50,102,008

Merit

Medical

Systems,

Inc.

(a)

...........

1,198,406

88,622,124

Mesa

Laboratories,

Inc.

(b)

.............

109,407

19,116,685

Nano-X

Imaging

Ltd.

(a)(b)

..............

980,415

5,656,995

Neogen

Corp.

(a)(b)

...................

4,648,122

86,083,219

Nevro

Corp.

(a)(b)

....................

751,222

27,156,675

NuVasive,

Inc.

(a)(b)

...................

1,118,824

46,218,619

Omnicell,

Inc.

(a)

....................

948,484

55,647,556

OraSure

Technologies,

Inc.

(a)

...........

1,548,270

9,367,033

Orthofix

Medical,

Inc.

(a)

...............

737,253

12,348,988

OrthoPediatrics

Corp.

(a)(b)

..............

324,695

14,380,742

Outset

Medical,

Inc.

(a)(b)

...............

1,044,036

19,210,262

Paragon

28,

Inc.

(a)(b)

.................

1,034,128

17,652,565

PROCEPT

BioRobotics

Corp.

(a)(b)

........

558,945

15,874,038

Pulmonx

Corp.

(a)(b)

..................

736,798

8,237,402

RxSight,

Inc.

(a)(b)

....................

506,591

8,449,938

Senseonics

Holdings,

Inc.

(a)(b)

...........

10,264,664

7,287,911

Shockwave

Medical,

Inc.

(a)(b)

...........

761,459

165,107,155

SI-BONE,

Inc.

(a)(b)

...................

726,327

14,286,852

Sight

Sciences,

Inc.

(a)(b)

...............

459,105

4,012,578

Silk

Road

Medical,

Inc.

(a)(b)

.............

800,543

31,325,248

STAAR

Surgical

Co.

(a)(b)

...............

1,026,324

65,633,420

Surmodics,

Inc.

(a)(b)

..................

293,150

6,677,957

Tactile

Systems

Technology,

Inc.

(a)

.......

416,195

6,833,922

TransMedics

Group,

Inc.

(a)(b)

............

651,769

49,358,466

Treace

Medical

Concepts,

Inc.

(a)

.........

785,130

19,777,425

UFP

Technologies,

Inc.

(a)(b)

.............

145,066

18,835,369

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Utah

Medical

Products,

Inc.

............

70,505

$

6,681,759

Varex

Imaging

Corp.

(a)(b)

..............

825,048

15,007,623

Vicarious

Surgical,

Inc.,

Class

A

(a)(b)

.......

1,130,663

2,566,605

ViewRay,

Inc.

(a)(b)

...................

3,179,147

10,999,849

Zimvie,

Inc.

(a)(b)

....................

453,078

3,275,754

Zynex,

Inc.

(a)(b)

.....................

460,665

5,527,980

1,929,913,358

Health

Care

Providers

&

Services

—

2.5%

23andMe

Holding

Co.,

Class

A

(a)(b)

.......

5,567,342

12,693,540

Accolade,

Inc.

(a)(b)

...................

1,422,128

20,450,201

AdaptHealth

Corp.

(a)(b)

................

1,540,549

19,149,024

Addus

HomeCare

Corp.

(a)(b)

............

330,882

35,324,962

Agiliti,

Inc.

(a)(b)

.....................

596,838

9,537,471

AirSculpt

Technologies,

Inc.

(b)

...........

282,450

1,423,548

Alignment

Healthcare,

Inc.

(a)(b)

..........

2,095,606

13,328,054

AMN

Healthcare

Services,

Inc.

(a)(b)

.......

926,176

76,835,561

Apollo

Medical

Holdings,

Inc.

(a)(b)

.........

831,488

30,324,367

ATI

Physical

Therapy,

Inc.,

Class

A

(a)(b)

.....

2,052,358

521,709

Aveanna

Healthcare

Holdings,

Inc.

(a)(b)

.....

811,443

843,901

Brookdale

Senior

Living,

Inc.

(a)(b)

.........

3,992,984

11,779,303

Cano

Health,

Inc.,

Class

A

(a)(b)

..........

3,444,805

3,134,773

CareMax,

Inc.,

Class

A

(a)(b)

.............

1,221,768

3,262,121

Castle

Biosciences,

Inc.

(a)(b)

............

530,698

12,057,459

Clover

Health

Investments

Corp.

(a)(b)

......

8,302,397

7,016,356

Community

Health

Systems,

Inc.

(a)

.......

2,693,193

13,196,646

CorVel

Corp.

(a)(b)

....................

186,447

35,477,135

Cross

Country

Healthcare,

Inc.

(a)

........

762,111

17,010,318

DocGo,

Inc.

(a)(b)

....................

1,767,229

15,286,531

Ensign

Group,

Inc.

(The)

..............

1,149,350

109,808,899

Fulgent

Genetics,

Inc.

(a)(b)

.............

451,523

14,096,548

GeneDx

Holdings

Corp.,

Class

A

(a)(b)

......

5,604,143

2,045,512

HealthEquity,

Inc.

(a)(b)

................

1,775,918

104,264,146

Hims

&

Hers

Health,

Inc.,

Class

A

(a)(b)

.....

2,596,984

25,762,081

Innovage

Holding

Corp.

(a)(b)

............

417,591

3,332,376

Invitae

Corp.

(a)(b)

....................

5,271,155

7,116,059

Joint

Corp.

(The)

(a)

..................

302,555

5,092,001

LifeStance

Health

Group,

Inc.

(a)(b)

........

1,532,950

11,389,818

ModivCare,

Inc.

(a)(b)

..................

272,341

22,898,431

National

HealthCare

Corp.

.............

265,660

15,426,876

National

Research

Corp.

(b)

.............

292,548

12,728,763

NeoGenomics,

Inc.

(a)

................

2,687,775

46,794,163

Oncology

Institute,

Inc.

(The)

(a)(b)

.........

7,944

5,385

OPKO

Health,

Inc.

(a)(b)

................

8,658,013

12,640,699

Option

Care

Health,

Inc.

(a)(b)

............

3,569,546

113,404,476

Owens

&

Minor,

Inc.

(a)

................

1,586,934

23,089,890

P3

Health

Partners,

Inc.,

Class

A

(a)(b)

......

653,660

692,880

Patterson

Cos.,

Inc.

.................

1,880,231

50,333,784

Pediatrix

Medical

Group,

Inc.

(a)

..........

1,760,557

26,249,905

Pennant

Group,

Inc.

(The)

(a)(b)

..........

553,889

7,909,535

PetIQ,

Inc.,

Class

A

(a)(b)

...............

577,780

6,609,803

Privia

Health

Group,

Inc.

(a)(b)

............

1,098,034

30,316,719

Progyny,

Inc.

(a)(b)

...................

1,611,376

51,757,397

R1

RCM,

Inc.

(a)(b)

...................

3,214,893

48,223,395

RadNet,

Inc.

(a)

.....................

1,062,611

26,597,153

Select

Medical

Holdings

Corp.

(b)

.........

2,225,527

57,529,873

Surgery

Partners,

Inc.

(a)(b)

.............

1,100,158

37,922,446

US

Physical

Therapy,

Inc.

(b)

............

275,488

26,973,030

1,239,665,023

Health

Care

REITs

—

0.6%

CareTrust

REIT,

Inc.

.................

2,116,908

41,449,059

Community

Healthcare

Trust,

Inc.

........

507,540

18,575,964

Diversified

Healthcare

Trust

............

5,097,303

6,881,359

Global

Medical

REIT,

Inc.

.............

1,320,128

12,026,366

Security

Shares

Shares

Value

Health

Care

REITs

(continued)

LTC

Properties,

Inc.

.................

858,636

$

30,163,883

National

Health

Investors,

Inc.

..........

898,938

46,367,222

Physicians

Realty

Trust

...............

4,884,188

72,920,927

Sabra

Health

Care

REIT,

Inc.

...........

4,950,500

56,930,750

Universal

Health

Realty

Income

Trust

.....

272,286

13,099,679

298,415,209

Health

Care

Technology

—

0.5%

American

Well

Corp.,

Class

A

(a)(b)

........

4,976,756

11,745,144

Babylon

Holdings

Ltd.,

Class

A

(a)(b)

.......

77,915

396,587

Computer

Programs

&

Systems,

Inc.

(a)

.....

302,228

9,127,286

Evolent

Health,

Inc.,

Class

A

(a)(b)

.........

1,754,038

56,918,533

Health

Catalyst,

Inc.

(a)(b)

...............

1,184,567

13,823,897

HealthStream,

Inc.

(a)

.................

526,892

14,278,773

Multiplan

Corp.,

Class

A

(a)(b)

............

8,096,788

8,582,595

NextGen

Healthcare,

Inc.

(a)

............

1,208,890

21,046,775

Nutex

Health,

Inc.

(a)(b)

................

5,459,578

5,514,174

OptimizeRx

Corp.

(a)(b)

................

364,603

5,334,142

Pear

Therapeutics,

Inc.,

Class

A

(a)(b)

......

1,212,773

309,257

Phreesia,

Inc.

(a)

....................

1,067,325

34,463,924

Schrodinger,

Inc.

(a)(b)

.................

1,158,462

30,502,305

Sharecare,

Inc.,

Class

A

(a)(b)

............

6,430,718

9,131,620

Simulations

Plus,

Inc.

(b)

...............

333,934

14,673,060

Veradigm,

Inc.

(a)(b)

...................

2,300,208

30,017,714

265,865,786

Hotel

&

Resort

REITs

—

0.9%

Apple

Hospitality

REIT,

Inc.

............

4,609,451

71,538,679

Ashford

Hospitality

Trust,

Inc.

(a)(b)

........

766,417

2,460,199

Braemar

Hotels

&

Resorts,

Inc.

.........

1,419,100

5,477,726

Chatham

Lodging

Trust

(b)

.............

1,075,024

11,277,002

DiamondRock

Hospitality

Co.

...........

4,460,908

36,267,182

Hersha

Hospitality

Trust,

Class

A

........

679,998

4,569,586

Pebblebrook

Hotel

Trust

(b)

.............

2,883,940

40,490,518

RLJ

Lodging

Trust

..................

3,472,604

36,809,602

Ryman

Hospitality

Properties,

Inc.

.......

1,150,868

103,267,386

Service

Properties

Trust

..............

3,520,619

35,065,365

Summit

Hotel

Properties,

Inc.

...........

2,234,762

15,643,334

Sunstone

Hotel

Investors,

Inc.

..........

4,520,780

44,665,306

Xenia

Hotels

&

Resorts,

Inc.

...........

2,501,964

32,750,709

440,282,594

Hotels,

Restaurants

&

Leisure

—

2.7%

Accel

Entertainment,

Inc.,

Class

A

(a)(b)

.....

1,175,135

10,705,480

Bally's

Corp.

(a)(b)

....................

775,591

15,139,536

Biglari

Holdings,

Inc.,

Class

B,

NVS

(a)

.....

17,084

2,890,613

BJ's

Restaurants,

Inc.

(a)(b)

.............

486,156

14,166,586

Bloomin'

Brands,

Inc.

................

1,874,356

48,077,231

Bluegreen

Vacations

Holding

Corp.

.......

211,065

5,778,960

Bowlero

Corp.

(a)(b)

...................

632,563

10,721,943

Brinker

International,

Inc.

(a)(b)

...........

932,863

35,448,794

Century

Casinos,

Inc.

(a)

...............

557,831

4,088,901

Cheesecake

Factory,

Inc.

(The)

(b)

........

1,038,821

36,410,676

Chuy's

Holdings,

Inc.

(a)(b)

..............

384,270

13,776,079

Cracker

Barrel

Old

Country

Store,

Inc.

.....

473,363

53,774,037

Dave

&

Buster's

Entertainment,

Inc.

(a)

.....

921,146

33,888,961

Denny's

Corp.

(a)(b)

...................

1,200,700

13,399,812

Dine

Brands

Global,

Inc.

..............

315,692

21,353,407

El

Pollo

Loco

Holdings,

Inc.

............

418,739

4,015,707

Everi

Holdings,

Inc.

(a)(b)

...............

1,843,226

31,611,326

F45

Training

Holdings,

Inc.

(a)(b)

..........

715,551

830,039

First

Watch

Restaurant

Group,

Inc.

(a)(b)

.....

319,880

5,137,273

Full

House

Resorts,

Inc.

(a)(b)

............

693,599

5,014,721

Golden

Entertainment,

Inc.

(a)

...........

431,334

18,767,342

Hilton

Grand

Vacations,

Inc.

(a)(b)

.........

1,841,305

81,809,181

Inspirato,

Inc.,

Class

A

(a)(b)

.............

569,616

546,205

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

ETF

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Inspired

Entertainment,

Inc.

(a)(b)

..........

462,611

$

5,916,795

International

Game

Technology

plc

.......

2,099,442

56,265,046

Jack

in

the

Box,

Inc.

.................

440,437

38,577,877

Krispy

Kreme,

Inc.

(b)

.................

1,526,326

23,734,369

Kura

Sushi

USA,

Inc.,

Class

A

(a)(b)

........

99,324

6,539,492

Life

Time

Group

Holdings,

Inc.

(a)(b)

........

904,503

14,435,868

Light

&

Wonder,

Inc.,

Class

A

(a)(b)

........

2,016,834

121,110,882

Lindblad

Expeditions

Holdings,

Inc.

(a)(b)

....

715,182

6,837,140

Monarch

Casino

&

Resort,

Inc.

..........

286,625

21,253,244

NeoGames

SA

(a)

...................

284,476

4,324,035

Noodles

&

Co.,

Class

A

(a)

.............

853,160

4,137,826

ONE

Group

Hospitality,

Inc.

(The)

(a)(b)

.....

454,321

3,680,000

Papa

John's

International,

Inc.

(b)

.........

696,485

52,187,621

Portillo's,

Inc.,

Class

A

(a)(b)

.............

675,415

14,433,619

RCI

Hospitality

Holdings,

Inc.

(b)

..........

184,184

14,397,663

Red

Rock

Resorts,

Inc.,

Class

A

.........

1,080,622

48,163,323

Rush

Street

Interactive,

Inc.,

Class

A

(a)(b)

...

1,282,964

3,990,018

Ruth's

Hospitality

Group,

Inc.

...........

670,634

11,011,810

Sabre

Corp.

(a)(b)

....................

6,995,146

30,009,176

SeaWorld

Entertainment,

Inc.

(a)(b)

........

850,126

52,121,225

Shake

Shack,

Inc.,

Class

A

(a)(b)

..........

804,824

44,659,684

Sonder

Holdings,

Inc.,

Class

A

(a)(b)

........

4,007,295

3,033,923

Sweetgreen,

Inc.,

Class

A

(a)(b)

...........

1,917,561

15,033,678

Target

Hospitality

Corp.

(a)

.............

627,041

8,239,319

Texas

Roadhouse,

Inc.

...............

1,435,183

155,085,875

Vacasa,

Inc.,

Class

A

(a)(b)

..............

2,449,600

2,357,005

Wingstop,

Inc.

(b)

....................

640,952

117,665,968

Xponential

Fitness,

Inc.,

Class

A

(a)(b)

......

430,752

13,090,553

1,359,645,844

Household

Durables

—

1.9%

Aterian,

Inc.

(a)(b)

....................

1,424,441

1,225,162

Beazer

Homes

USA,

Inc.

(a)(b)

...........

631,334

10,025,584

Cavco

Industries,

Inc.

(a)(b)

..............

186,588

59,286,471

Century

Communities,

Inc.

(b)

...........

604,503

38,639,832

Dream

Finders

Homes,

Inc.,

Class

A

(a)(b)

....

426,791

5,654,981

Ethan

Allen

Interiors,

Inc.

.............

486,886

13,369,890

GoPro,

Inc.,

Class

A

(a)(b)

...............

2,806,215

14,115,261

Green

Brick

Partners,

Inc.

(a)

............

575,479

20,176,294

Helen

of

Troy

Ltd.

(a)(b)

................

509,315

48,471,509

Hovnanian

Enterprises,

Inc.,

Class

A

(a)(b)

...

103,428

7,016,556

Installed

Building

Products,

Inc.

.........

508,357

57,967,949

iRobot

Corp.

(a)(b)

....................

576,959

25,178,491

KB

Home

........................

1,630,169

65,500,190

Landsea

Homes

Corp.

(a)

..............

223,562

1,354,786

La-Z-Boy,

Inc.

.....................

921,679

26,802,425

Legacy

Housing

Corp.

(a)(b)

.............

170,765

3,886,611

LGI

Homes,

Inc.

(a)(b)

.................

438,849

50,041,951

Lifetime

Brands,

Inc.

.................

269,799

1,586,418

Lovesac

Co.

(The)

(a)(b)

................

300,857

8,694,767

M/I

Homes,

Inc.

(a)

...................

569,042

35,900,860

MDC

Holdings,

Inc.

.................

1,237,818

48,113,986

Meritage

Homes

Corp.

...............

777,193

90,745,055

Purple

Innovation,

Inc.

(a)(b)

.............

1,324,330

3,496,231

Skyline

Champion

Corp.

(a)(b)

............

1,142,313

85,936,207

Snap

One

Holdings

Corp.

(a)(b)

...........

392,032

3,665,499

Sonos,

Inc.

(a)(b)

.....................

2,738,895

53,737,120

Taylor

Morrison

Home

Corp.

(a)(b)

.........

2,239,855

85,696,852

Traeger,

Inc.

(a)(b)

....................

734,812

3,020,077

Tri

Pointe

Homes,

Inc.

(a)

..............

2,144,933

54,309,704

Tupperware

Brands

Corp.

(a)(b)

...........

946,877

2,367,192

Universal

Electronics,

Inc.

(a)(b)

...........

270,762

2,745,527

Vizio

Holding

Corp.,

Class

A

(a)(b)

.........

1,460,636

13,408,638

Security

Shares

Shares

Value

Household

Durables

(continued)

Vuzix

Corp.

(a)(b)

....................

1,299,681

$

5,380,679

947,518,755

Household

Products

—

0.3%

Central

Garden

&

Pet

Co.

(a)(b)

...........

204,427

8,393,772

Central

Garden

&

Pet

Co.,

Class

A,

NVS

(a)(b)

.

861,583

33,662,048

Energizer

Holdings,

Inc.

..............

1,513,637

52,523,204

WD-40

Co.

(b)

......................

292,040

51,997,722

146,576,746

Independent

Power

and

Renewable

Electricity

Producers

—

0.5%

Altus

Power,

Inc.,

Class

A

(a)(b)

...........

1,945,795

10,662,957

Clearway

Energy,

Inc.,

Class

A

..........

753,056

22,614,272

Clearway

Energy,

Inc.,

Class

C

.........

1,750,449

54,841,567

Montauk

Renewables,

Inc.

(a)(b)

..........

1,380,970

10,868,234

Ormat

Technologies,

Inc.

(b)

............

1,118,739

94,835,505

Sunnova

Energy

International,

Inc.

(a)(b)

.....

2,128,294

33,243,952

227,066,487

Industrial

Conglomerates

—

0.0%

Brookfield

Business

Corp.,

Class

A

(b)

......

542,372

10,749,813

Industrial

REITs

—

0.8%

Indus

Realty

Trust,

Inc.

(b)

..............

112,736

7,473,269

Industrial

Logistics

Properties

Trust

.......

1,371,051

4,209,127

Innovative

Industrial

Properties,

Inc.

......

595,071

45,219,445

LXP

Industrial

Trust

.................

5,820,575

60,010,128

Plymouth

Industrial

REIT,

Inc.

..........

810,477

17,028,122

STAG

Industrial,

Inc.

................

3,864,222

130,687,988

Terreno

Realty

Corp.

................

1,711,893

110,588,288

375,216,367

Insurance

—

2.2%

Ambac

Financial

Group,

Inc.

(a)

..........

963,314

14,912,101

American

Equity

Investment

Life

Holding

Co.

1,522,784

55,566,388

AMERISAFE,

Inc.

..................

418,784

20,499,477

Argo

Group

International

Holdings

Ltd.

....

685,039

20,064,792

Bright

Health

Group,

Inc.

(a)(b)

...........

4,360,341

960,583

BRP

Group,

Inc.,

Class

A

(a)(b)

...........

1,307,661

33,293,049

CNO

Financial

Group,

Inc.

.............

2,461,204

54,614,117

Crawford

&

Co.,

Class

A,

NVS

..........

343,482

2,871,509

Donegal

Group,

Inc.,

Class

A

...........

324,041

4,951,346

eHealth,

Inc.

(a)(b)

....................

542,788

5,080,496

Employers

Holdings,

Inc.

..............

595,115

24,810,344

Enstar

Group

Ltd.

(a)(b)

................

242,096

56,115,432

Genworth

Financial,

Inc.,

Class

A

(a)

.......

10,932,709

54,882,199

Goosehead

Insurance,

Inc.,

Class

A

(a)

.....

408,532

21,325,370

Greenlight

Capital

Re

Ltd.,

Class

A

(a)(b)

.....

562,029

5,277,452

HCI

Group,

Inc.

....................

135,821

7,280,006

Hippo

Holdings,

Inc.

(a)(b)

...............

374,003

6,070,069

Horace

Mann

Educators

Corp.

..........

897,256

30,040,131

Investors

Title

Co.

..................

27,217

4,109,767

James

River

Group

Holdings

Ltd.

(b)

.......

796,590

16,449,583

Kinsale

Capital

Group,

Inc.

(b)

...........

463,639

139,161,246

Lemonade,

Inc.

(a)(b)

..................

1,019,666

14,540,437

MBIA,

Inc.

(a)(b)

.....................

1,036,779

9,600,573

Mercury

General

Corp.

...............

586,892

18,627,952

National

Western

Life

Group,

Inc.,

Class

A

(b)

.

48,481

11,762,460

NI

Holdings,

Inc.

(a)(b)

.................

186,462

2,424,006

Oscar

Health,

Inc.,

Class

A

(a)(b)

..........

2,586,864

16,918,091

Palomar

Holdings,

Inc.

(a)

..............

520,188

28,714,378

ProAssurance

Corp.

.................

1,159,638

21,430,110

RLI

Corp.

(b)

.......................

835,553

111,053,349

Root,

Inc.,

Class

A

(a)(b)

................

153,262

691,212

Safety

Insurance

Group,

Inc.

...........

308,961

23,023,774

Selective

Insurance

Group,

Inc.

.........

1,279,972

122,019,731

Selectquote,

Inc.

(a)(b)

.................

2,943,093

6,386,512

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

(continued)

SiriusPoint

Ltd.

(a)(b)

..................

1,990,728

$

16,184,619

Skyward

Specialty

Insurance

Group,

Inc.

(a)

..

187,572

4,102,200

Stewart

Information

Services

Corp.

.......

583,144

23,529,860

Tiptree,

Inc.

......................

514,452

7,495,566

Trean

Insurance

Group,

Inc.

(a)(b)

.........

474,579

2,904,423

Trupanion,

Inc.

(a)(b)

..................

836,062

35,858,699

United

Fire

Group,

Inc.

...............

481,383

12,780,719

Universal

Insurance

Holdings,

Inc.

.......

567,068

10,331,979

1,078,716,107

Interactive

Media

&

Services

—

0.7%

Arena

Group

Holdings,

Inc.

(The)

(a)(b)

......

227,625

967,406

Bumble,

Inc.,

Class

A

(a)(b)

..............

2,147,487

41,983,371

Cargurus,

Inc.,

Class

A

(a)(b)

.............

2,175,120

40,631,242

Cars.com,

Inc.

(a)(b)

..................

1,416,962

27,347,367

DHI

Group,

Inc.

(a)(b)

..................

894,806

3,471,847

Eventbrite,

Inc.,

Class

A

(a)(b)

............

1,668,163

14,312,839

EverQuote,

Inc.,

Class

A

(a)(b)

............

424,098

5,894,962

fuboTV,

Inc.

(a)(b)

....................

4,064,788

4,918,393

MediaAlpha,

Inc.,

Class

A

(a)(b)

...........

527,735

7,905,470

Outbrain,

Inc.

(a)(b)

...................

796,528

3,289,661

QuinStreet,

Inc.

(a)(b)

..................

1,090,568

17,307,314

Shutterstock,

Inc.

(b)

..................

511,329

37,122,485

TrueCar,

Inc.

(a)(b)

....................

1,905,535

4,382,731

Vimeo,

Inc.

(a)

......................

3,254,526

12,464,835

Vinco

Ventures,

Inc.

(a)(b)

...............

5,076,789

1,631,172

Wejo

Group

Ltd.

(a)(b)

.................

1,406,500

693,404

Yelp,

Inc.

(a)(b)

......................

1,451,919

44,573,913

Ziff

Davis,

Inc.

(a)(b)

...................

977,375

76,284,119

ZipRecruiter,

Inc.,

Class

A

(a)(b)

...........

1,556,984

24,818,325

370,000,856

IT

Services

—

0.5%

BigCommerce

Holdings,

Inc.

(a)(b)

.........

1,406,458

12,573,734

Brightcove,

Inc.

(a)

...................

845,322

3,761,683

Cerberus

Cyber

Sentinel

Corp.

(a)(b)

.......

11,070

3,742

Cyxtera

Technologies,

Inc.,

Class

A

(a)(b)

....

824,324

251,748

DigitalOcean

Holdings,

Inc.

(a)(b)

..........

1,493,979

58,519,157

Edgio,

Inc.

(a)(b)

.....................

3,007,611

2,379,321

Fastly,

Inc.,

Class

A

(a)(b)

...............

2,434,717

43,240,574

Grid

Dynamics

Holdings,

Inc.,

Class

A

(a)(b)

..

1,147,026

13,144,918

Hackett

Group,

Inc.

(The)

.............

503,508

9,304,828

Information

Services

Group,

Inc.

.........

748,655

3,810,654

Perficient,

Inc.

(a)(b)

...................

735,862

53,121,878

PFSweb,

Inc.

.....................

373,817

1,584,984

Rackspace

Technology,

Inc.

(a)(b)

.........

1,328,274

2,497,155

Squarespace,

Inc.,

Class

A

(a)(b)

..........

650,353

20,661,715

Tucows,

Inc.,

Class

A

(a)(b)

..............

213,648

4,155,454

Unisys

Corp.

(a)(b)

....................

1,448,137

5,618,772

234,630,317

Leisure

Products

—

0.5%

Acushnet

Holdings

Corp.

(b)

............

707,655

36,047,946

AMMO,

Inc.

(a)(b)

....................

1,918,710

3,779,859

Clarus

Corp.

(b)

.....................

642,070

6,067,561

Johnson

Outdoors,

Inc.,

Class

A

.........

113,881

7,175,642

Latham

Group,

Inc.

(a)(b)

...............

986,918

2,822,585

Malibu

Boats,

Inc.,

Class

A

(a)(b)

..........

431,207

24,341,635

Marine

Products

Corp.

...............

172,705

2,277,979

MasterCraft

Boat

Holdings,

Inc.

(a)

........

373,739

11,372,878

Smith

&

Wesson

Brands,

Inc.

...........

962,162

11,844,214

Solo

Brands,

Inc.,

Class

A

(a)(b)

...........

445,072

3,195,617

Sturm

Ruger

&

Co.,

Inc.

..............

365,339

20,985,072

Topgolf

Callaway

Brands

Corp.

(a)(b)

.......

2,992,796

64,704,250

Security

Shares

Shares

Value

Leisure

Products

(continued)

Vista

Outdoor,

Inc.

(a)(b)

................

1,200,250

$

33,258,927

227,874,165

Life

Sciences

Tools

&

Services

—

0.7%

(a)

AbCellera

Biologics,

Inc.

(b)

.............

4,443,271

33,502,263

Adaptive

Biotechnologies

Corp.

(b)

........

2,397,472

21,169,678

Akoya

Biosciences,

Inc.

(b)

.............

337,521

2,760,922

Alpha

Teknova,

Inc.

(b)

................

145,510

430,710

BioLife

Solutions,

Inc.

(b)

...............

720,411

15,668,939

Bionano

Genomics,

Inc.

(b)

.............

6,480,233

7,193,059

Codexis,

Inc.

(b)

.....................

1,325,305

5,486,763

CryoPort,

Inc.

(b)

....................

948,927

22,774,248

Cytek

Biosciences,

Inc.

(b)

..............

2,443,667

22,457,300

Inotiv,

Inc.

(b)

.......................

451,457

1,954,809

MaxCyte,

Inc.

.....................

1,894,872

9,379,616

Medpace

Holdings,

Inc.

(b)

.............

542,805

102,074,480

NanoString

Technologies,

Inc.

(b)

.........

998,992

9,890,021

Nautilus

Biotechnology,

Inc.

(b)

...........

873,242

2,418,880

OmniAb,

Inc.

(b)

.....................

1,682,824

6,192,793

OmniAb,

Inc.,

NVS

(d)

.................

261,352

2

Pacific

Biosciences

of

California,

Inc.

(b)

....

5,287,656

61,231,056

PhenomeX,

Inc.

(b)

...................

1,319,786

1,530,952

Quanterix

Corp.

(b)

...................

729,085

8,216,788

Quantum-Si,

Inc.,

Class

A

(b)

............

1,965,951

3,460,074

Science

37

Holdings,

Inc.

(b)

............

2,013,196

566,916

Seer,

Inc.,

Class

A

(b)

.................

1,091,249

4,212,221

Singular

Genomics

Systems,

Inc.

(b)

.......

1,153,469

1,395,697

SomaLogic,

Inc.,

Class

A

(b)

............

3,242,271

8,267,791

352,235,978

Machinery

—

4.0%

3D

Systems

Corp.

(a)(b)

................

2,737,176

29,342,527

Alamo

Group,

Inc.

..................

214,799

39,557,384

Albany

International

Corp.,

Class

A

.......

670,171

59,886,481

Astec

Industries,

Inc.

................

490,467

20,231,764

Barnes

Group,

Inc.

..................

1,050,110

42,298,431

Berkshire

Grey,

Inc.,

Class

A

(a)(b)

.........

1,060,822

1,463,934

Blue

Bird

Corp.

(a)(b)

..................

374,486

7,650,749

Chart

Industries,

Inc.

(a)(b)

..............

912,989

114,488,821

CIRCOR

International,

Inc.

(a)(b)

..........

403,121

12,545,126

Columbus

McKinnon

Corp.

............

600,555

22,316,624

Desktop

Metal,

Inc.,

Class

A

(a)(b)

.........

5,808,090

13,358,607

Douglas

Dynamics,

Inc.

..............

475,750

15,171,667

Energy

Recovery,

Inc.

(a)(b)

.............

1,176,143

27,110,096

Enerpac

Tool

Group

Corp.,

Class

A

(b)

......

1,222,756

31,180,278

EnPro

Industries,

Inc.

................

446,539

46,390,937

ESCO

Technologies,

Inc.

.............

552,373

52,724,003

Evoqua

Water

Technologies

Corp.

(a)(b)

.....

2,511,667

124,880,083

Federal

Signal

Corp.

................

1,275,692

69,155,263

Franklin

Electric

Co.,

Inc.

.............

983,180

92,517,238

Gorman-Rupp

Co.

(The)

..............

471,511

11,787,775

Greenbrier

Cos.,

Inc.

(The)

............

687,226

22,108,060

Helios

Technologies,

Inc.

(b)

............

695,794

45,504,928

Hillenbrand,

Inc.

...................

1,479,114

70,302,288

Hillman

Solutions

Corp.

(a)(b)

............

2,872,180

24,183,756

Hydrofarm

Holdings

Group,

Inc.

(a)(b)

.......

930,426

1,609,637

Hyliion

Holdings

Corp.,

Class

A

(a)(b)

.......

2,919,421

5,780,454

Hyster-Yale

Materials

Handling,

Inc.

......

232,086

11,578,771

Hyzon

Motors,

Inc.,

Class

A

(a)(b)

.........

1,928,630

1,572,026

John

Bean

Technologies

Corp.

(b)

.........

676,035

73,883,865

Kadant,

Inc.

(b)

.....................

248,136

51,741,319

Kennametal,

Inc.

...................

1,749,494

48,251,044

Lightning

eMotors,

Inc.

(a)(b)

.............

756,113

216,626

Lindsay

Corp.

.....................

235,660

35,615,296

Luxfer

Holdings

plc

.................

571,620

9,660,378

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

ETF

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Machinery

(continued)

Manitowoc

Co.,

Inc.

(The)

(a)

............

746,951

$

12,765,393

Markforged

Holding

Corp.

(a)(b)

...........

2,343,757

2,247,194

Microvast

Holdings,

Inc.

(a)(b)

............

3,790,065

4,699,681

Miller

Industries,

Inc.

................

230,988

8,165,426

Mueller

Industries,

Inc.

...............

1,195,894

87,874,291

Mueller

Water

Products,

Inc.,

Class

A

.....

3,331,220

46,437,207

Nikola

Corp.

(a)(b)

....................

7,332,754

8,872,632

Omega

Flex,

Inc.

(b)

..................

68,917

7,680,110

Proterra,

Inc.

(a)(b)

...................

4,785,381

7,273,779

Proto

Labs,

Inc.

(a)(b)

..................

580,611

19,247,255

RBC

Bearings,

Inc.

(a)(b)

...............

609,495

141,847,771

REV

Group,

Inc.

...................

695,395

8,337,786

Sarcos

Technology

&

Robotics

Corp.

(a)(b)

...

2,161,958

1,026,281

Shyft

Group,

Inc.

(The)

(b)

..............

737,889

16,786,975

SPX

Technologies,

Inc.

(a)(b)

.............

937,535

66,171,220

Standex

International

Corp.

............

255,261

31,254,157

Tennant

Co.

......................

393,923

26,995,543

Terex

Corp.

.......................

1,429,383

69,153,550

Titan

International,

Inc.

(a)

..............

1,096,130

11,487,442

Trinity

Industries,

Inc.

................

1,754,465

42,738,767

Velo3D,

Inc.

(a)(b)

....................

1,221,663

2,773,175

Wabash

National

Corp.

(b)

..............

1,019,755

25,075,775

Watts

Water

Technologies,

Inc.,

Class

A

....

585,349

98,525,944

Xos,

Inc.

(a)(b)

......................

984,769

517,004

1,984,020,594

Marine

Transportation

—

0.2%

Costamare,

Inc.

....................

1,132,205

10,654,049

Eagle

Bulk

Shipping,

Inc.

.............

287,718

13,091,169

Eneti,

Inc.

........................

498,560

4,661,536

Genco

Shipping

&

Trading

Ltd.

..........

787,182

12,327,270

Golden

Ocean

Group

Ltd.

(b)

............

2,639,756

25,130,477

Matson,

Inc.

......................

802,738

47,899,377

Safe

Bulkers,

Inc.

..................

1,561,776

5,762,953

119,526,831

Media

—

0.7%

AdTheorent

Holding

Co.,

Inc.

(a)(b)

.........

711,626

1,202,648

Advantage

Solutions,

Inc.,

Class

A

(a)(b)

.....

1,713,625

2,707,527

AMC

Networks,

Inc.,

Class

A

(a)

..........

652,075

11,463,478

Audacy,

Inc.,

Class

A

(a)

...............

30,874

4,159

Boston

Omaha

Corp.,

Class

A

(a)(b)

........

466,143

11,033,605

Cardlytics,

Inc.

(a)(b)

..................

728,442

2,473,061

Clear

Channel

Outdoor

Holdings,

Inc.

(a)(b)

...

7,971,596

9,565,915

Cumulus

Media,

Inc.,

Class

A

(a)(b)

........

347,392

1,281,876

Daily

Journal

Corp.

(a)(b)

...............

25,406

7,239,694

Entravision

Communications

Corp.,

Class

A

.

1,277,400

7,728,270

EW

Scripps

Co.

(The),

Class

A,

NVS

(a)(b)

...

1,271,824

11,967,864

Gambling.com

Group

Ltd.

(a)

............

173,871

1,723,062

Gannett

Co.,

Inc.

(a)(b)

.................

3,118,962

5,832,459

Gray

Television,

Inc.

.................

1,781,051

15,530,765

iHeartMedia,

Inc.,

Class

A

(a)(b)

...........

2,607,574

10,169,539

Innovid

Corp.

(a)(b)

...................

1,527,955

2,154,416

Integral

Ad

Science

Holding

Corp.

(a)(b)

.....

826,040

11,787,591

John

Wiley

&

Sons,

Inc.,

Class

A

........

923,100

35,788,587

Magnite,

Inc.

(a)(b)

....................

2,840,419

26,302,280

PubMatic,

Inc.,

Class

A

(a)(b)

.............

928,962

12,838,255

Quotient

Technology,

Inc.

(a)(b)

...........

2,003,021

6,569,909

Scholastic

Corp.,

NVS

...............

636,097

21,767,239

Sinclair

Broadcast

Group,

Inc.,

Class

A

....

877,596

15,059,547

Stagwell,

Inc.,

Class

A

(a)(b)

.............

1,655,913

12,286,874

TechTarget,

Inc.

(a)(b)

.................

580,391

20,963,723

TEGNA,

Inc.

......................

4,776,959

80,778,377

Thryv

Holdings,

Inc.

(a)(b)

...............

552,736

12,746,092

Urban

One,

Inc.,

Class

A

(a)(b)

...........

213,933

1,615,194

Security

Shares

Shares

Value

Media

(continued)

Urban

One,

Inc.,

Class

D,

NVS

(a)(b)

.......

151,321

$

832,266

WideOpenWest,

Inc.

(a)(b)

..............

1,149,207

12,216,070

373,630,342

Metals

&

Mining

—

1.8%

5E

Advanced

Materials,

Inc.

(a)(b)

.........

820,987

4,449,750

Alpha

Metallurgical

Resources,

Inc.

......

326,691

50,963,796

Arconic

Corp.

(a)(b)

...................

2,236,552

58,664,759

ATI,

Inc.

(a)(b)

.......................

2,649,970

104,567,816

Carpenter

Technology

Corp.

...........

1,023,890

45,829,316

Century

Aluminum

Co.

(a)(b)

.............

1,121,970

11,219,700

Coeur

Mining,

Inc.

(a)(b)

................

5,989,097

23,896,497

Commercial

Metals

Co.

...............

2,501,526

122,324,621

Compass

Minerals

International,

Inc.

......

732,871

25,130,147

Constellium

SE,

Class

A

(a)(b)

............

2,702,834

41,299,304

Dakota

Gold

Corp.

(a)(b)

................

1,072,839

3,883,677

Haynes

International,

Inc.

.............

262,031

13,125,133

Hecla

Mining

Co.

(b)

..................

11,827,798

74,869,961

Hycroft

Mining

Holding

Corp.,

Class

A

(a)(b)

...

3,010,608

1,301,787

Ivanhoe

Electric,

Inc.

(a)(b)

..............

972,052

11,810,432

Kaiser

Aluminum

Corp.

...............

341,216

25,464,950

Materion

Corp.

....................

437,502

50,750,232

Novagold

Resources,

Inc.

(a)(b)

...........

5,132,387

31,923,447

Olympic

Steel,

Inc.

(b)

.................

203,888

10,644,993

Piedmont

Lithium,

Inc.

(a)(b)

.............

371,764

22,324,428

PolyMet

Mining

Corp.

(a)(b)

..............

607,947

1,307,086

Ramaco

Resources,

Inc.

..............

486,530

4,286,329

Ryerson

Holding

Corp.

...............

415,919

15,131,133

Schnitzer

Steel

Industries,

Inc.,

Class

A

....

548,492

17,058,101

SunCoke

Energy,

Inc.

................

1,825,176

16,390,080

TimkenSteel

Corp.

(a)(b)

................

949,973

17,422,505

Tredegar

Corp.

....................

560,054

5,113,293

Warrior

Met

Coal,

Inc.

................

1,103,408

40,506,108

Worthington

Industries,

Inc.

............

669,948

43,312,138

894,971,519

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

1.1%

AFC

Gamma,

Inc.

..................

367,857

4,473,141

Angel

Oak

Mortgage

REIT,

Inc.

.........

264,770

1,932,821

Apollo

Commercial

Real

Estate

Finance,

Inc.

3,006,794

27,993,252

Arbor

Realty

Trust,

Inc.

...............

3,527,639

40,532,572

Ares

Commercial

Real

Estate

Corp.

......

1,099,043

9,990,301

ARMOUR

Residential

REIT,

Inc.

.........

3,417,403

17,941,366

Blackstone

Mortgage

Trust,

Inc.,

Class

A

...

3,678,565

65,662,385

BrightSpire

Capital,

Inc.,

Class

A

........

2,009,876

11,858,268

Broadmark

Realty

Capital,

Inc.

..........

2,779,344

13,062,917

Chicago

Atlantic

Real

Estate

Finance,

Inc.

..

91,836

1,240,704

Chimera

Investment

Corp.

.............

5,029,198

28,364,677

Claros

Mortgage

Trust,

Inc.

............

1,963,310

22,872,561

Dynex

Capital,

Inc.

..................

1,075,746

13,038,042

Ellington

Financial,

Inc.

...............

1,309,313

15,986,712

Franklin

BSP

Realty

Trust,

Inc.

..........

1,769,953

21,115,539

Granite

Point

Mortgage

Trust,

Inc.

.......

1,132,204

5,615,732

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

....................

1,869,392

53,464,611

Invesco

Mortgage

Capital,

Inc.

..........

765,300

8,487,177

KKR

Real

Estate

Finance

Trust,

Inc.

......

1,206,115

13,737,650

Ladder

Capital

Corp.,

Class

A

..........

2,415,739

22,828,734

MFA

Financial,

Inc.

..................

2,200,953

21,833,454

New

York

Mortgage

Trust,

Inc.

(b)

.........

1,998,351

19,903,576

Nexpoint

Real

Estate

Finance,

Inc.

.......

139,033

2,178,647

Orchid

Island

Capital,

Inc.

(b)

............

789,818

8,474,747

PennyMac

Mortgage

Investment

Trust

.....

1,890,227

23,306,499

Ready

Capital

Corp.

.................

1,542,904

15,691,334

Redwood

Trust,

Inc.

(b)

................

2,427,261

16,359,739

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

TPG

RE

Finance

Trust,

Inc.

............

1,472,481

$

10,690,212

Two

Harbors

Investment

Corp.

..........

2,058,404

30,279,123

548,916,493

Multi-Utilities

—

0.5%

Avista

Corp.

......................

1,553,286

65,936,991

Black

Hills

Corp.

...................

1,403,751

88,576,688

NorthWestern

Corp.

.................

1,252,664

72,479,139

Unitil

Corp.

.......................

339,969

19,391,832

246,384,650

Office

REITs

—

0.4%

Brandywine

Realty

Trust

..............

3,833,455

18,132,242

City

Office

REIT,

Inc.

................

873,110

6,024,459

Corporate

Office

Properties

Trust

........

2,417,727

57,324,307

Easterly

Government

Properties,

Inc.

(b)

....

1,940,104

26,657,029

Equity

Commonwealth

...............

2,267,551

46,960,981

Franklin

Street

Properties

Corp.

.........

2,186,514

3,432,827

Office

Properties

Income

Trust

..........

1,016,558

12,503,663

Orion

Office

REIT,

Inc.

...............

1,203,975

8,066,633

Paramount

Group,

Inc.

...............

4,089,166

18,646,597

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

..

2,719,950

19,855,635

Postal

Realty

Trust,

Inc.,

Class

A

........

362,978

5,524,525

223,128,898

Oil,

Gas

&

Consumable

Fuels

—

4.4%

Aemetis,

Inc.

(a)(b)

...................

743,713

1,725,414

Alto

Ingredients,

Inc.

(a)(b)

..............

1,817,514

2,726,271

Amplify

Energy

Corp.

(a)(b)

..............

770,919

5,296,214

Arch

Resources,

Inc.,

Class

A

..........

317,151

41,692,670

Ardmore

Shipping

Corp.

..............

876,658

13,035,904

Battalion

Oil

Corp.

(a)(b)

................

365

2,398

Berry

Corp.

.......................

1,643,795

12,903,791

California

Resources

Corp.

(b)

...........

1,592,125

61,296,813

Callon

Petroleum

Co.

(a)(b)

..............

1,063,051

35,548,425

Centrus

Energy

Corp.,

Class

A

(a)(b)

.......

237,650

7,652,330

Chord

Energy

Corp.

.................

890,919

119,917,697

Civitas

Resources,

Inc.

...............

1,578,429

107,869,838

Clean

Energy

Fuels

Corp.

(a)(b)

...........

3,636,459

15,854,961

CNX

Resources

Corp.

(a)(b)

.............

3,605,439

57,759,133

Comstock

Resources,

Inc.

(b)

............

1,978,744

21,350,648

CONSOL

Energy,

Inc.

................

733,797

42,758,351

Crescent

Energy

Co,

Class

A

...........

859,968

9,726,238

CVR

Energy,

Inc.

...................

661,923

21,697,836

Delek

US

Holdings,

Inc.

..............

1,527,953

35,066,521

Denbury,

Inc.

(a)(b)

...................

1,074,200

94,132,146

DHT

Holdings,

Inc.

..................

2,930,946

31,683,526

Dorian

LPG

Ltd.

....................

659,551

13,151,447

Earthstone

Energy,

Inc.,

Class

A

(a)(b)

......

940,984

12,242,202

Empire

Petroleum

Corp.

(a)(b)

............

207,373

2,573,499

Energy

Fuels,

Inc.

(a)(b)

................

3,347,829

18,680,886

Equitrans

Midstream

Corp.

............

8,824,862

51,007,702

Excelerate

Energy,

Inc.,

Class

A

.........

400,418

8,865,255

FLEX

LNG

Ltd.

(b)

...................

619,636

20,807,377

Frontline

plc

......................

2,661,567

44,075,550

Gevo,

Inc.

(a)(b)

.....................

4,686,492

7,217,198

Golar

LNG

Ltd.

(a)(b)

..................

2,236,686

48,312,418

Green

Plains,

Inc.

(a)(b)

................

800,530

24,808,425

Gulfport

Energy

Corp.

(a)(b)

.............

235,027

18,802,160

HighPeak

Energy,

Inc.

(b)

..............

148,124

3,406,852

International

Seaways,

Inc.

............

1,045,665

43,583,317

Kinetik

Holdings,

Inc.,

Class

A

..........

359,038

11,237,889

Kosmos

Energy

Ltd.

(a)(b)

...............

9,671,389

71,955,134

Magnolia

Oil

&

Gas

Corp.,

Class

A

(b)

......

3,756,425

82,190,579

Matador

Resources

Co.

..............

2,413,297

114,993,602

Murphy

Oil

Corp.

...................

3,168,544

117,172,757

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

NACCO

Industries,

Inc.,

Class

A

.........

80,119

$

2,889,892

NextDecade

Corp.

(a)(b)

................

817,285

4,061,906

Nordic

American

Tankers

Ltd.

..........

4,403,798

17,439,040

Northern

Oil

and

Gas,

Inc.

.............

1,419,688

43,087,531

Par

Pacific

Holdings,

Inc.

(a)(b)

...........

1,081,590

31,582,428

PBF

Energy,

Inc.,

Class

A

.............

2,535,056

109,920,028

Peabody

Energy

Corp.

(a)(b)

.............

2,524,164

64,618,598

Permian

Resources

Corp.,

Class

A

.......

5,048,496

53,009,208

Petrocorp,

Inc.,

NVS

(a)(d)

..............

26,106

—

Ranger

Oil

Corp.,

Class

A

(b)

............

413,279

16,878,314

REX

American

Resources

Corp.

(a)(b)

......

365,940

10,462,225

Riley

Exploration

Permian,

Inc.

..........

228,836

8,709,498

Ring

Energy,

Inc.

(a)(b)

.................

2,085,589

3,962,619

SandRidge

Energy,

Inc.

(a)(b)

............

483,005

6,960,102

Scorpio

Tankers,

Inc.

................

1,008,372

56,781,427

SFL

Corp.

Ltd.

.....................

2,446,282

23,239,679

SilverBow

Resources,

Inc.

(a)(b)

..........

253,277

5,787,379

Sitio

Royalties

Corp.,

Class

A

...........

1,529,160

34,559,016

SM

Energy

Co.

....................

2,601,893

73,269,307

Talos

Energy,

Inc.

(a)(b)

................

1,506,977

22,363,539

Teekay

Corp.

(a)(b)

...................

1,495,794

9,244,007

Teekay

Tankers

Ltd.,

Class

A

(a)

..........

491,464

21,098,550

Tellurian,

Inc.

(a)(b)

...................

11,000,594

13,530,731

Uranium

Energy

Corp.

(a)(b)

.............

7,676,107

22,107,188

Ur-Energy,

Inc.

(a)(b)

..................

4,332,925

4,592,901

VAALCO

Energy,

Inc.

................

2,299,456

10,416,536

Vertex

Energy,

Inc.

(a)(b)

...............

1,152,187

11,383,608

Vital

Energy,

Inc.

(a)(b)

.................

359,354

16,364,981

W&T

Offshore,

Inc.

(a)(b)

...............

2,015,950

10,241,026

World

Fuel

Services

Corp.

.............

1,320,141

33,729,603

2,197,072,241

Paper

&

Forest

Products

—

0.1%

Clearwater

Paper

Corp.

(a)

.............

359,416

12,011,683

Glatfelter

Corp.

....................

992,625

3,166,474

Sylvamo

Corp.

....................

733,568

33,934,855

49,113,012

Passenger

Airlines

—

0.3%

Allegiant

Travel

Co.

(a)(b)

...............

337,143

31,010,413

Blade

Air

Mobility,

Inc.,

Class

A

(a)(b)

.......

1,221,136

4,127,440

Frontier

Group

Holdings,

Inc.

(a)(b)

.........

803,689

7,908,300

Hawaiian

Holdings,

Inc.

(a)(b)

............

1,087,112

9,957,946

Joby

Aviation,

Inc.,

Class

A

(a)(b)

..........

5,552,055

24,095,919

SkyWest,

Inc.

(a)

....................

1,072,158

23,769,743

Spirit

Airlines,

Inc.

..................

2,335,829

40,106,184

Sun

Country

Airlines

Holdings,

Inc.

(a)(b)

.....

711,207

14,579,743

Wheels

Up

Experience,

Inc.,

Class

A

(a)(b)

...

3,459,797

2,189,359

157,745,047

Personal

Care

Products

—

0.9%

Beauty

Health

Co.

(The),

Class

A

(a)(b)

......

1,867,790

23,590,188

BellRing

Brands,

Inc.

(a)(b)

..............

2,858,075

97,174,550

Edgewell

Personal

Care

Co.

...........

1,104,257

46,842,582

elf

Beauty,

Inc.

(a)

...................

1,049,219

86,403,185

Herbalife

Nutrition

Ltd.

(a)(b)

.............

2,095,626

33,739,579

Honest

Co.,

Inc.

(The)

(a)(b)

.............

1,478,535

2,661,363

Inter

Parfums,

Inc.

..................

383,158

54,500,394

Medifast,

Inc.

.....................

233,731

24,230,893

Nature's

Sunshine

Products,

Inc.

(a)

.......

254,901

2,602,539

Nu

Skin

Enterprises,

Inc.,

Class

A

........

1,058,440

41,607,276

Thorne

HealthTech,

Inc.

(a)(b)

............

247,028

1,141,269

USANA

Health

Sciences,

Inc.

(a)(b)

........

243,617

15,323,509

Veru,

Inc.

(a)(b)

......................

1,457,246

1,690,405

431,507,732

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

ETF

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Pharmaceuticals

—

1.7%

Aclaris

Therapeutics,

Inc.

(a)(b)

...........

1,379,706

$

11,161,822

Amneal

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

..

2,212,525

3,075,410

Amphastar

Pharmaceuticals,

Inc.

(a)

.......

820,140

30,755,250

Amylyx

Pharmaceuticals,

Inc.

(a)(b)

........

1,077,009

31,599,444

AN2

Therapeutics,

Inc.

(a)(b)

.............

203,131

2,004,903

ANI

Pharmaceuticals,

Inc.

(a)(b)

...........

269,942

10,722,096

Arvinas,

Inc.

(a)(b)

....................

1,044,927

28,547,406

Atea

Pharmaceuticals,

Inc.

(a)(b)

..........

1,634,637

5,476,034

Athira

Pharma,

Inc.

(a)(b)

...............

756,442

1,891,105

Axsome

Therapeutics,

Inc.

(a)(b)

..........

687,671

42,415,547

Cara

Therapeutics,

Inc.

(a)(b)

............

956,376

4,695,806

Cassava

Sciences,

Inc.

(a)(b)

............

816,907

19,703,797

Collegium

Pharmaceutical,

Inc.

(a)(b)

.......

717,271

17,207,331

Corcept

Therapeutics,

Inc.

(a)(b)

..........

1,847,495

40,016,742

DICE

Therapeutics,

Inc.

(a)(b)

............

762,106

21,834,337

Edgewise

Therapeutics,

Inc.

(a)(b)

.........

796,768

5,314,443

Esperion

Therapeutics,

Inc.

(a)(b)

..........

1,573,793

2,502,331

Evolus,

Inc.

(a)(b)

....................

757,929

6,412,079

EyePoint

Pharmaceuticals,

Inc.

(a)(b)

.......

508,251

1,494,258

Fulcrum

Therapeutics,

Inc.

(a)(b)

..........

1,095,920

3,123,372

Harmony

Biosciences

Holdings,

Inc.

(a)

.....

560,516

18,300,847

Innoviva,

Inc.

(a)(b)

...................

1,359,409

15,293,351

Intra-Cellular

Therapies,

Inc.

(a)(b)

.........

1,960,506

106,161,400

Ligand

Pharmaceuticals,

Inc.

(a)(b)

.........

323,787

23,817,772

Liquidia

Corp.

(a)(b)

...................

1,029,774

7,115,738

Nektar

Therapeutics

(a)(b)

...............

3,929,652

2,762,152

NGM

Biopharmaceuticals,

Inc.

(a)(b)

........

860,385

3,510,371

Nuvation

Bio,

Inc.,

Class

A

(a)

...........

2,573,438

4,271,907

Ocular

Therapeutix,

Inc.

(a)(b)

............

1,663,797

8,768,210

Pacira

BioSciences,

Inc.

(a)(b)

............

966,126

39,427,602

Phathom

Pharmaceuticals,

Inc.

(a)(b)

.......

522,187

3,728,415

Phibro

Animal

Health

Corp.,

Class

A

......

443,397

6,792,842

Prestige

Consumer

Healthcare,

Inc.

(a)(b)

....

1,062,920

66,570,680

Provention

Bio,

Inc.

(a)

................

1,346,929

32,460,989

Reata

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

...

592,191

53,842,006

Relmada

Therapeutics,

Inc.

(a)(b)

..........

582,117

1,315,584

Revance

Therapeutics,

Inc.

(a)(b)

..........

1,722,596

55,484,817

Scilex

Holding

Co.(Acquired

01/06/23,

cost

$14,991,359)

(a)(b)(e)

................

1,430,473

11,596,290

SIGA

Technologies,

Inc.

..............

1,001,998

5,761,488

Supernus

Pharmaceuticals,

Inc.

(a)(b)

.......

1,061,160

38,445,827

Tarsus

Pharmaceuticals,

Inc.

(a)

..........

375,084

4,714,806

Theravance

Biopharma,

Inc.

(a)(b)

.........

1,394,582

15,131,215

Theseus

Pharmaceuticals,

Inc.

(a)(b)

.......

353,932

3,142,916

Third

Harmonic

Bio,

Inc.

(a)(b)

............

234,072

964,377

Ventyx

Biosciences,

Inc.

(a)

.............

533,794

17,882,099

Xeris

Biopharma

Holdings,

Inc.

(a)(b)

.......

2,849,559

4,644,781

841,861,995

Professional

Services

—

2.4%

Alight,

Inc.,

Class

A

(a)

................

8,247,533

75,959,779

ASGN,

Inc.

(a)(b)

.....................

1,054,532

87,178,160

Atlas

Technical

Consultants,

Inc.

(a)(b)

......

409,993

4,997,815

Barrett

Business

Services,

Inc.

..........

146,164

12,955,977

CBIZ,

Inc.

(a)(b)

......................

1,016,168

50,290,154

Conduent,

Inc.

(a)

...................

3,736,960

12,817,773

CRA

International,

Inc.

...............

149,095

16,075,423

CSG

Systems

International,

Inc.

.........

673,739

36,179,784

ExlService

Holdings,

Inc.

(a)(b)

...........

692,986

112,145,924

Exponent,

Inc.

.....................

1,087,336

108,396,526

First

Advantage

Corp.

(a)(b)

.............

1,258,143

17,563,676

Forrester

Research,

Inc.

(a)

.............

242,489

7,844,519

Franklin

Covey

Co.

(a)(b)

...............

260,231

10,011,087

Heidrick

&

Struggles

International,

Inc.

....

414,803

12,593,419

HireRight

Holdings

Corp.

(a)(b)

...........

458,412

4,863,751

Security

Shares

Shares

Value

Professional

Services

(continued)

Huron

Consulting

Group,

Inc.

(a)

..........

422,249

$

33,936,152

IBEX

Holdings

Ltd.

(a)

.................

189,035

4,612,454

ICF

International,

Inc.

(b)

...............

393,688

43,187,574

Insperity,

Inc.

......................

766,762

93,199,921

Kelly

Services,

Inc.,

Class

A,

NVS

.......

720,253

11,948,997

Kforce,

Inc.

.......................

425,952

26,937,204

Korn

Ferry

.......................

1,126,755

58,298,304

Legalzoom.com,

Inc.

(a)(b)

..............

2,049,091

19,220,474

Maximus,

Inc.

.....................

1,296,691

102,049,582

NV5

Global,

Inc.

(a)

..................

289,768

30,127,179

Planet

Labs

PBC

(a)(b)

.................

4,153,903

16,324,839

Red

Violet,

Inc.

(a)(b)

..................

203,320

3,578,432

Resources

Connection,

Inc.

............

696,106

11,875,568

Skillsoft

Corp.,

Class

A

(a)(b)

.............

1,776,547

3,553,094

Spire

Global,

Inc.,

Class

A

(a)(b)

..........

2,719,673

1,816,742

Sterling

Check

Corp.

(a)(b)

..............

512,848

5,718,255

TriNet

Group,

Inc.

(a)(b)

................

802,166

64,662,601

TrueBlue,

Inc.

(a)

....................

698,952

12,441,346

TTEC

Holdings,

Inc.

.................

412,107

15,342,744

Upwork,

Inc.

(a)(b)

....................

2,615,799

29,610,845

Verra

Mobility

Corp.,

Class

A

(a)(b)

.........

2,998,716

50,738,275

Willdan

Group,

Inc.

(a)(b)

...............

230,999

3,608,204

1,212,662,553

Real

Estate

Management

&

Development

—

0.6%

American

Realty

Investors,

Inc.

(a)

........

17,080

449,546

Anywhere

Real

Estate,

Inc.

(a)(b)

..........

2,326,443

12,283,619

Compass,

Inc.,

Class

A

(a)(b)

............

5,961,433

19,255,429

Cushman

&

Wakefield

plc

(a)(b)

...........

3,542,516

37,338,119

DigitalBridge

Group,

Inc.,

Class

A

(b)

.......

3,393,043

40,682,586

Doma

Holdings,

Inc.

(a)(b)

...............

2,613,972

1,065,194

Douglas

Elliman,

Inc.

................

1,603,529

4,986,975

eXp

World

Holdings,

Inc.

(b)

.............

1,502,573

19,067,651

Forestar

Group,

Inc.

(a)(b)

...............

376,381

5,856,488

FRP

Holdings,

Inc.

(a)

.................

143,976

8,333,331

Kennedy-Wilson

Holdings,

Inc.

..........

2,530,317

41,977,959

Marcus

&

Millichap,

Inc.

(b)

.............

547,771

17,588,927

Newmark

Group,

Inc.,

Class

A

..........

2,934,522

20,776,416

Offerpad

Solutions,

Inc.,

Class

A

(a)(b)

......

1,329,982

700,900

RE/MAX

Holdings,

Inc.,

Class

A

.........

398,024

7,466,930

Redfin

Corp.

(a)(b)

....................

2,287,001

20,720,229

RMR

Group,

Inc.

(The),

Class

A

.........

326,559

8,568,908

St.

Joe

Co.

(The)

(b)

..................

741,693

30,861,846

Stratus

Properties,

Inc.

...............

120,457

2,409,140

Tejon

Ranch

Co.

(a)(b)

.................

425,639

7,776,424

Transcontinental

Realty

Investors,

Inc.

(a)

...

13,157

557,725

308,724,342

Residential

REITs

—

0.5%

Apartment

Investment

and

Management

Co.,

Class

A

.......................

3,199,752

24,606,093

Bluerock

Homes

Trust,

Inc.,

Class

A

(a)(b)

....

74,283

1,472,289

BRT

Apartments

Corp.

...............

245,593

4,843,094

Centerspace

......................

319,610

17,460,294

Clipper

Realty,

Inc.

..................

255,917

1,468,963

Elme

Communities

..................

1,925,424

34,388,073

Independence

Realty

Trust,

Inc.

.........

4,811,025

77,120,731

NexPoint

Residential

Trust,

Inc.

.........

485,984

21,222,921

UMH

Properties,

Inc.

................

1,129,797

16,709,698

Veris

Residential,

Inc.

(a)

...............

1,845,102

27,012,293

226,304,449

Retail

REITs

—

1.5%

Acadia

Realty

Trust

.................

2,009,684

28,035,092

Agree

Realty

Corp.

(b)

................

1,875,679

128,690,336

Alexander's,

Inc.

...................

45,602

8,835,388

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

ETF

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Retail

REITs

(continued)

CBL

&

Associates

Properties,

Inc.

(b)

.......

573,186

$

14,696,489

Getty

Realty

Corp.

..................

930,208

33,515,394

InvenTrust

Properties

Corp.

............

1,448,766

33,901,125

Kite

Realty

Group

Trust

...............

4,667,297

97,639,853

Macerich

Co.

(The)

(b)

................

4,661,022

49,406,833

Necessity

Retail

REIT,

Inc.

(The),

Class

A

..

2,874,394

18,051,194

NETSTREIT

Corp.

..................

1,174,544

21,470,664

Phillips

Edison

&

Co.,

Inc.

(b)

............

2,511,973

81,940,559

Retail

Opportunity

Investments

Corp.

.....

2,613,334

36,482,143

RPT

Realty

.......................

1,884,238

17,919,103

Saul

Centers,

Inc.

(b)

.................

245,540

9,576,060

SITE

Centers

Corp.

.................

4,152,622

50,994,198

Tanger

Factory

Outlet

Centers,

Inc.

.......

2,177,679

42,747,839

Urban

Edge

Properties

...............

2,496,156

37,592,109

Urstadt

Biddle

Properties,

Inc.,

Class

A

....

626,713

11,011,348

Whitestone

REIT

...................

967,586

8,901,791

731,407,518

Semiconductors

&

Semiconductor

Equipment

—

3.0%

ACM

Research,

Inc.,

Class

A

(a)

..........

1,027,507

12,021,832

Alpha

&

Omega

Semiconductor

Ltd.

(a)(b)

....

477,548

12,869,919

Ambarella,

Inc.

(a)

...................

793,148

61,405,518

Amkor

Technology,

Inc.

...............

2,170,603

56,479,090

Atomera,

Inc.

(a)(b)

...................

425,800

2,712,346

Axcelis

Technologies,

Inc.

(a)(b)

...........

698,093

93,020,892

AXT,

Inc.

(a)(b)

......................

873,682

3,477,254

CEVA,

Inc.

(a)(b)

.....................

491,784

14,964,987

Cohu,

Inc.

(a)(b)

.....................

1,007,395

38,673,894

Credo

Technology

Group

Holding

Ltd.

(a)(b)

...

2,106,719

19,845,293

Diodes,

Inc.

(a)(b)

....................

953,117

88,411,133

FormFactor,

Inc.

(a)

..................

1,649,658

52,541,607

Ichor

Holdings

Ltd.

(a)(b)

................

603,742

19,766,513

Impinj,

Inc.

(a)(b)

.....................

458,079

62,078,866

indie

Semiconductor,

Inc.,

Class

A

(a)(b)

.....

2,273,583

23,986,301

Kulicke

&

Soffa

Industries,

Inc.

(b)

.........

1,190,524

62,728,710

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

(b)

...........................

1,153,660

81,725,274

MaxLinear,

Inc.

(a)(b)

..................

1,561,151

54,968,127

Onto

Innovation,

Inc.

(a)

...............

1,057,801

92,959,552

PDF

Solutions,

Inc.

(a)(b)

...............

639,710

27,123,704

Photronics,

Inc.

(a)

...................

1,288,828

21,368,768

Power

Integrations,

Inc.

..............

1,211,152

102,511,905

Rambus,

Inc.

(a)(b)

...................

2,292,006

117,488,228

Rigetti

Computing,

Inc.

(a)(b)

.............

1,546,796

1,118,952

Semtech

Corp.

(a)

...................

1,353,908

32,683,339

Silicon

Laboratories,

Inc.

(a)(b)

............

676,675

118,479,026

SiTime

Corp.

(a)(b)

...................

347,198

49,381,972

SkyWater

Technology,

Inc.

(a)(b)

..........

261,111

2,971,443

SMART

Global

Holdings,

Inc.

(a)(b)

........

1,043,922

17,997,215

Synaptics,

Inc.

(a)(b)

..................

850,841

94,570,977

Transphorm,

Inc.

(a)(b)

.................

427,976

1,707,624

Ultra

Clean

Holdings,

Inc.

(a)(b)

...........

969,097

32,135,257

Veeco

Instruments,

Inc.

(a)(b)

............

1,077,223

22,761,722

1,496,937,240

Software

—

5.1%

8x8,

Inc.

(a)(b)

.......................

2,408,155

10,042,006

A10

Networks,

Inc.

..................

1,372,574

21,261,171

ACI

Worldwide,

Inc.

(a)(b)

...............

2,415,819

65,178,797

Adeia,

Inc.

.......................

2,250,494

19,939,377

Agilysys,

Inc.

(a)

....................

425,616

35,117,576

Alarm.com

Holdings,

Inc.

(a)

............

1,031,734

51,875,586

Alkami

Technology,

Inc.

(a)(b)

............

780,865

9,885,751

Altair

Engineering,

Inc.,

Class

A

(a)(b)

.......

1,114,767

80,385,848

American

Software,

Inc.,

Class

A

........

704,127

8,879,041

Security

Shares

Shares

Value

Software

(continued)

Amplitude,

Inc.,

Class

A

(a)(b)

............

1,203,112

$

14,966,713

Appfolio,

Inc.,

Class

A

(a)(b)

.............

420,602

52,356,537

Appian

Corp.,

Class

A

(a)(b)

.............

861,659

38,240,426

Applied

Digital

Corp.

(a)(b)

..............

1,482,758

3,321,378

Arteris,

Inc.

(a)

......................

363,365

1,537,034

Asana,

Inc.,

Class

A

(a)(b)

...............

1,579,859

33,382,421

AvePoint,

Inc.,

Class

A

(a)(b)

.............

2,781,460

11,459,615

Blackbaud,

Inc.

(a)(b)

..................

998,433

69,191,407

Blackline,

Inc.

(a)(b)

...................

1,181,529

79,339,672

Blend

Labs,

Inc.,

Class

A

(a)(b)

...........

4,014,725

3,999,469

Box,

Inc.,

Class

A

(a)(b)

................

2,991,865

80,152,063

C3.ai,

Inc.,

Class

A

(a)(b)

...............

1,280,495

42,986,217

Cerence,

Inc.

(a)(b)

...................

865,215

24,303,889

Cipher

Mining,

Inc.

(a)(b)

................

872,925

2,033,915

Cleanspark,

Inc.

(a)(b)

.................

1,599,277

4,445,990

Clear

Secure,

Inc.,

Class

A

(b)

...........

1,389,986

36,375,934

CommVault

Systems,

Inc.

(a)

............

956,128

54,250,703

Consensus

Cloud

Solutions,

Inc.

(a)(b)

......

407,805

13,902,072

Couchbase,

Inc.

(a)(b)

.................

615,538

8,654,464

CS

Disco,

Inc.

(a)(b)

...................

498,958

3,313,081

Cvent

Holding

Corp.

(a)(b)

...............

996,771

8,333,006

Digimarc

Corp.

(a)(b)

..................

288,204

5,663,209

Digital

Turbine,

Inc.

(a)(b)

...............

2,008,289

24,822,452

Domo,

Inc.,

Class

B

(a)

................

670,594

9,515,729

E2open

Parent

Holdings,

Inc.,

Class

A

(a)(b)

..

4,295,556

25,000,136

Ebix,

Inc.

(b)

.......................

570,745

7,528,127

eGain

Corp.

(a)

.....................

429,735

3,261,689

Enfusion,

Inc.,

Class

A

(a)(b)

.............

568,858

5,973,009

EngageSmart,

Inc.

(a)

.................

773,117

14,882,502

Envestnet,

Inc.

(a)(b)

..................

1,145,633

67,214,288

Everbridge,

Inc.

(a)(b)

..................

860,059

29,818,246

EverCommerce,

Inc.

(a)(b)

..............

517,369

5,473,764

ForgeRock,

Inc.,

Class

A

(a)(b)

...........

935,484

19,270,970

Greenidge

Generation

Holdings,

Inc.

(a)(b)

...

193,061

87,264

Instructure

Holdings,

Inc.

(a)(b)

...........

368,035

9,532,106

Intapp,

Inc.

(a)(b)

.....................

309,996

13,900,221

InterDigital,

Inc.

....................

635,613

46,336,188

IronNet,

Inc.

(a)(b)

....................

1,911,033

671,919

Kaleyra,

Inc.

(a)(b)

....................

236,964

390,991

Latch,

Inc.

(a)(b)

.....................

2,110,569

1,608,465

LivePerson,

Inc.

(a)

..................

1,516,414

6,687,386

LiveRamp

Holdings,

Inc.

(a)(b)

............

1,378,761

30,236,229

LiveVox

Holdings,

Inc.,

Class

A

(a)(b)

.......

403,636

1,247,235

Marathon

Digital

Holdings,

Inc.

(a)(b)

.......

2,507,509

21,865,478

Matterport,

Inc.,

Class

A

(a)(b)

............

4,860,107

13,268,092

MeridianLink,

Inc.

(a)(b)

................

489,399

8,466,603

MicroStrategy,

Inc.,

Class

A

(a)(b)

..........

206,937

60,491,824

Mitek

Systems,

Inc.

(a)(b)

...............

913,773

8,763,083

Model

N,

Inc.

(a)(b)

...................

800,341

26,787,413

Momentive

Global,

Inc.

(a)

..............

2,792,046

26,021,869

N-able,

Inc.

(a)(b)

....................

1,465,036

19,338,475

NextNav,

Inc.

(a)(b)

...................

1,304,637

2,648,413

Olo,

Inc.,

Class

A

(a)(b)

.................

1,925,986

15,716,046

ON24,

Inc.

(a)(b)

.....................

898,553

7,871,324

OneSpan,

Inc.

(a)

....................

852,098

14,911,715

PagerDuty,

Inc.

(a)(b)

..................

1,855,465

64,904,166

Porch

Group,

Inc.

(a)(b)

................

1,804,616

2,580,601

PowerSchool

Holdings,

Inc.,

Class

A

(a)(b)

...

978,583

19,395,515

Progress

Software

Corp.

(b)

.............

918,994

52,796,205

PROS

Holdings,

Inc.

(a)

...............

887,113

24,306,896

Q2

Holdings,

Inc.

(a)

..................

1,198,316

29,502,540

Qualys,

Inc.

(a)(b)

....................

826,248

107,428,765

Rapid7,

Inc.

(a)

.....................

1,265,294

58,089,648

Rimini

Street,

Inc.

(a)(b)

................

1,008,505

4,155,041

Riot

Platforms,

Inc.

(a)(b)

...............

3,401,632

33,982,304

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

ETF

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

Sapiens

International

Corp.

NV

.........

687,840

$

14,939,885

SecureWorks

Corp.,

Class

A

(a)(b)

.........

212,820

1,823,867

ShotSpotter,

Inc.

(a)(b)

.................

182,918

7,192,336

SolarWinds

Corp.

(a)

.................

1,072,370

9,222,382

Sprout

Social,

Inc.,

Class

A

(a)(b)

..........

1,003,370

61,085,166

SPS

Commerce,

Inc.

(a)(b)

..............

776,439

118,251,660

Sumo

Logic,

Inc.

(a)(b)

.................

2,520,300

30,193,194

Telos

Corp.

(a)(b)

.....................

1,190,111

3,010,981

Tenable

Holdings,

Inc.

(a)(b)

.............

2,392,182

113,652,567

Terawulf,

Inc.

(a)(b)

...................

1,207,537

1,132,428

Upland

Software,

Inc.

(a)

...............

647,173

2,782,844

Varonis

Systems,

Inc.

(a)

...............

2,290,071

59,564,747

Verint

Systems,

Inc.

(a)

................

1,388,252

51,698,504

Veritone,

Inc.

(a)(b)

...................

708,624

4,131,278

Viant

Technology,

Inc.,

Class

A

(a)(b)

.......

239,619

1,042,343

Weave

Communications,

Inc.

(a)(b)

........

679,116

3,375,206

WM

Technology,

Inc.,

Class

A

(a)(b)

........

1,603,832

1,361,974

Workiva,

Inc.,

Class

A

(a)(b)

.............

1,019,584

104,415,597

Xperi,

Inc.

(a)(b)

.....................

905,082

9,892,546

Yext,

Inc.

(a)(b)

......................

2,418,644

23,243,169

Zeta

Global

Holdings

Corp.,

Class

A

(a)(b)

....

2,373,911

25,709,456

Zuora,

Inc.,

Class

A

(a)(b)

...............

2,682,058

26,498,733

2,515,746,163

Specialized

REITs

—

0.4%

Farmland

Partners,

Inc.

..............

1,088,208

11,643,826

Four

Corners

Property

Trust,

Inc.

........

1,783,340

47,900,512

Gladstone

Land

Corp.

(b)

..............

693,616

11,548,706

Outfront

Media,

Inc.

.................

3,173,962

51,513,403

PotlatchDeltic

Corp.

.................

1,704,000

84,348,000

Uniti

Group,

Inc.

...................

5,111,594

18,146,159

225,100,606

Specialty

Retail

—

2.7%

1-800-Flowers.com,

Inc.,

Class

A

(a)(b)

......

563,559

6,480,928

Aaron's

Co.,

Inc.

(The)

...............

658,390

6,360,047

Abercrombie

&

Fitch

Co.,

Class

A

(a)(b)

......

1,042,448

28,927,932

Academy

Sports

&

Outdoors,

Inc.

(b)

.......

1,622,982

105,899,575

aka

Brands

Holding

Corp.

(a)(b)

...........

742,835

404,622

American

Eagle

Outfitters,

Inc.

..........

3,307,903

44,458,216

America's

Car-Mart,

Inc.

(a)(b)

............

125,922

9,974,282

Arko

Corp.

(b)

......................

1,777,762

15,093,199

Asbury

Automotive

Group,

Inc.

(a)(b)

........

473,955

99,530,550

BARK,

Inc.

(a)(b)

.....................

2,339,205

3,391,847

Bed

Bath

&

Beyond,

Inc.

(a)(b)

............

1,954,831

835,495

Big

5

Sporting

Goods

Corp.

(b)

...........

464,387

3,571,136

Boot

Barn

Holdings,

Inc.

(a)(b)

............

632,133

48,446,673

Buckle,

Inc.

(The)

..................

648,432

23,142,538

Build-A-Bear

Workshop,

Inc.

...........

283,882

6,597,418

Caleres,

Inc.

......................

738,358

15,970,684

Camping

World

Holdings,

Inc.,

Class

A

....

835,773

17,442,583

CarParts.com,

Inc.

(a)(b)

................

1,093,323

5,838,345

Cato

Corp.

(The),

Class

A

.............

418,479

3,699,354

Chico's

FAS,

Inc.

(a)(b)

.................

2,596,454

14,280,497

Children's

Place,

Inc.

(The)

(a)(b)

..........

258,968

10,423,462

Citi

Trends,

Inc.

(a)(b)

..................

178,247

3,390,258

Conn's,

Inc.

(a)(b)

....................

281,283

1,704,575

Container

Store

Group,

Inc.

(The)

(a)(b)

.....

677,005

2,322,127

Designer

Brands,

Inc.,

Class

A

(b)

.........

1,074,290

9,389,295

Destination

XL

Group,

Inc.

(a)(b)

..........

1,261,640

6,951,636

Duluth

Holdings,

Inc.,

Class

B

(a)(b)

........

254,553

1,624,048

EVgo,

Inc.,

Class

A

(a)(b)

...............

1,462,705

11,394,472

Express,

Inc.

(a)(b)

...................

1,417,440

1,117,368

Foot

Locker,

Inc.

...................

1,724,529

68,446,556

Franchise

Group,

Inc.

................

559,373

15,242,914

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Genesco,

Inc.

(a)(b)

...................

264,650

$

9,760,292

Group

1

Automotive,

Inc.

(b)

.............

301,959

68,369,557

GrowGeneration

Corp.

(a)(b)

.............

1,244,328

4,255,602

Guess?,

Inc.

......................

661,805

12,878,725

Haverty

Furniture

Cos.,

Inc.

............

310,341

9,902,981

Hibbett,

Inc.

......................

272,873

16,094,050

JOANN,

Inc.

(b)

.....................

252,530

401,523

Lands'

End,

Inc.

(a)(b)

.................

303,451

2,949,544

LL

Flooring

Holdings,

Inc.

(a)(b)

...........

634,400

2,410,720

Lulu's

Fashion

Lounge

Holdings,

Inc.

(a)(b)

...

294,507

700,927

MarineMax,

Inc.

(a)(b)

.................

464,333

13,349,574

Monro,

Inc.

(b)

......................

667,054

32,972,479

Murphy

USA,

Inc.

..................

430,108

110,989,369

National

Vision

Holdings,

Inc.

(a)(b)

........

1,678,207

31,617,420

ODP

Corp.

(The)

(a)(b)

.................

858,507

38,615,645

OneWater

Marine,

Inc.,

Class

A

(a)

........

239,086

6,687,235

Overstock.com,

Inc.

(a)(b)

...............

914,342

18,533,712

PetMed

Express,

Inc.

................

442,522

7,186,557

RealReal,

Inc.

(The)

(a)(b)

...............

1,931,162

2,433,264

Rent

the

Runway,

Inc.,

Class

A

(a)(b)

.......

1,001,501

2,854,278

Revolve

Group,

Inc.,

Class

A

(a)(b)

.........

873,563

22,974,707

RumbleON,

Inc.,

Class

B

(a)(b)

...........

221,304

1,341,102

Sally

Beauty

Holdings,

Inc.

(a)(b)

..........

2,291,710

35,704,842

Shoe

Carnival,

Inc.

(b)

................

363,239

9,317,080

Signet

Jewelers

Ltd.

(b)

................

955,455

74,315,290

Sleep

Number

Corp.

(a)(b)

..............

457,875

13,923,979

Sonic

Automotive,

Inc.,

Class

A

.........

384,905

20,915,738

Sportsman's

Warehouse

Holdings,

Inc.

(a)(b)

..

800,924

6,791,836

Stitch

Fix,

Inc.,

Class

A

(a)(b)

.............

1,801,709

9,206,733

ThredUp,

Inc.,

Class

A

(a)(b)

.............

1,287,522

3,257,431

Tile

Shop

Holdings,

Inc.

(a)

.............

715,543

3,355,897

Tilly's,

Inc.,

Class

A

(a)

................

467,885

3,607,393

Torrid

Holdings,

Inc.

(a)(b)

...............

357,707

1,559,603

TravelCenters

of

America,

Inc.

(a)(b)

........

269,905

23,346,782

Upbound

Group,

Inc.

................

1,066,427

26,138,126

Urban

Outfitters,

Inc.

(a)(b)

..............

1,365,740

37,858,313

Warby

Parker,

Inc.,

Class

A

(a)(b)

..........

1,795,004

19,009,092

Winmark

Corp.

....................

58,328

18,690,041

Zumiez,

Inc.

(a)(b)

....................

352,524

6,500,543

1,323,130,614

Technology

Hardware,

Storage

&

Peripherals

—

0.4%

Avid

Technology,

Inc.

(a)(b)

..............

747,440

23,903,131

CompoSecure,

Inc.,

Class

A

(a)(b)

.........

147,473

1,085,401

Corsair

Gaming,

Inc.

(a)(b)

..............

865,508

15,882,072

Diebold

Nixdorf,

Inc.

(a)(b)

...............

1,618,215

1,941,858

Eastman

Kodak

Co.

(a)(b)

...............

1,248,229

5,117,739

IonQ,

Inc.

(a)(b)

......................

2,577,030

15,848,734

Super

Micro

Computer,

Inc.

(a)(b)

..........

1,004,725

107,053,449

Turtle

Beach

Corp.

(a)(b)

................

342,875

3,435,608

Xerox

Holdings

Corp.

................

2,495,542

38,431,347

212,699,339

Textiles,

Apparel

&

Luxury

Goods

—

0.8%

Allbirds,

Inc.,

Class

A

(a)(b)

..............

2,087,486

2,504,983

Crocs,

Inc.

(a)

......................

1,297,327

164,034,026

Ermenegildo

Zegna

NV

(b)

.............

1,266,993

17,281,785

Fossil

Group,

Inc.

(a)

.................

1,020,973

3,267,114

G-III

Apparel

Group

Ltd.

(a)(b)

............

928,240

14,434,132

Kontoor

Brands,

Inc.

.................

1,184,369

57,311,616

Movado

Group,

Inc.

.................

323,571

9,309,138

Oxford

Industries,

Inc.

...............

321,124

33,907,483

PLBY

Group,

Inc.

(a)(b)

................

980,175

1,940,746

Rocky

Brands,

Inc.

..................

139,746

3,223,940

Steven

Madden

Ltd.

.................

1,643,543

59,167,548

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

ETF

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Superior

Group

of

Cos.,

Inc.

...........

242,235

$

1,906,389

Unifi,

Inc.

(a)(b)

......................

304,020

2,483,843

Wolverine

World

Wide,

Inc.

............

1,651,135

28,151,852

398,924,595

Tobacco

—

0.1%

22nd

Century

Group,

Inc.

(a)(b)

...........

3,754,607

2,887,293

Turning

Point

Brands,

Inc.

.............

313,784

6,589,464

Universal

Corp.

....................

521,700

27,592,713

Vector

Group

Ltd.

..................

3,058,437

36,731,828

73,801,298

Trading

Companies

&

Distributors

—

1.7%

Alta

Equipment

Group,

Inc.,

Class

A

......

436,863

6,924,279

Applied

Industrial

Technologies,

Inc.

......

819,032

116,409,018

Beacon

Roofing

Supply,

Inc.

(a)(b)

.........

1,099,255

64,691,157

BlueLinx

Holdings,

Inc.

(a)

..............

187,878

12,768,189

Boise

Cascade

Co.

.................

846,502

53,541,251

Custom

Truck

One

Source,

Inc.

(a)(b)

.......

1,253,059

8,508,271

Distribution

Solutions

Group,

Inc.

(a)(b)

......

102,216

4,646,739

DXP

Enterprises,

Inc.

(a)(b)

..............

320,042

8,615,531

GATX

Corp.

(b)

.....................

747,806

82,273,616

Global

Industrial

Co.

.................

271,161

7,277,961

GMS,

Inc.

(a)(b)

......................

894,901

51,805,819

H&E

Equipment

Services,

Inc.

..........

684,039

30,255,045

Herc

Holdings,

Inc.

..................

537,992

61,277,289

Hudson

Technologies,

Inc.

(a)(b)

..........

928,585

8,106,547

Karat

Packaging,

Inc.

................

96,288

1,283,519

McGrath

RentCorp

..................

517,845

48,320,117

MRC

Global,

Inc.

(a)

..................

1,769,901

17,203,438

NOW,

Inc.

(a)

......................

2,362,736

26,344,506

Rush

Enterprises,

Inc.,

Class

A

.........

888,610

48,518,106

Rush

Enterprises,

Inc.,

Class

B

.........

137,963

8,262,604

Textainer

Group

Holdings

Ltd.

..........

930,690

29,884,456

Titan

Machinery,

Inc.

(a)(b)

..............

428,881

13,059,426

Transcat,

Inc.

(a)(b)

...................

153,004

13,677,028

Triton

International

Ltd.

...............

1,245,093

78,714,779

Veritiv

Corp.

(b)

.....................

280,308

37,880,823

Xometry,

Inc.,

Class

A

(a)(b)

.............

735,847

11,015,630

851,265,144

Water

Utilities

—

0.5%

American

States

Water

Co.

(b)

...........

793,643

70,546,926

Artesian

Resources

Corp.,

Class

A,

NVS

...

184,518

10,214,916

California

Water

Service

Group

.........

1,160,620

67,548,084

Global

Water

Resources,

Inc.

...........

265,133

3,295,603

Middlesex

Water

Co.

................

377,518

29,491,706

Pure

Cycle

Corp.

(a)(b)

.................

403,544

3,813,491

SJW

Group

(b)

.....................

582,291

44,329,814

York

Water

Co.

(The)

................

298,875

13,359,713

242,600,253

Wireless

Telecommunication

Services

—

0.1%

Gogo,

Inc.

(a)(b)

.....................

1,048,516

15,203,482

KORE

Group

Holdings,

Inc.

(a)(b)

..........

688,488

839,955

Shenandoah

Telecommunications

Co.

(b)

....

1,035,590

19,696,922

Telephone

and

Data

Systems,

Inc.

.......

2,164,537

22,749,284

United

States

Cellular

Corp.

(a)(b)

.........

318,274

6,597,820

65,087,463

Total

Common

Stocks

—

99.7%

(Cost:

$73,307,024,142)

...........................

49,579,668,959

Security

Shares

Shares

Value

Rights

Biotechnology

—

0.0%

(a)(b)(d)

Contra

Aduro

Biotech

I,

CVR

...........

272,340

$

691,468

Oncternal

Therapeutics,

Inc.,

CVR

.......

13,273

13,605

705,073

Metals

&

Mining

—

0.0%

PolyMet

Mining

Corp.(Expires

04/04/23,

Strike

Price

USD

2.11)

(a)(b)

...............

627,022

1,693

Total

Rights

—

0.0%

(Cost:

$27,207)

................................

706,766

Warrants

Oil,

Gas

&

Consumable

Fuels

—

0.0%

(a)

Chord

Energy

Corp.

(Issued/Exercisable

09/01/20,

1

Share

for

1

Warrant,

Expires

09/01/24,

Strike

Price

USD

116.37)

.....

92,645

1,647,228

Chord

Energy

Corp.

(Issued/Exercisable

09/01/20,

1

Share

for

1

Warrant,

Expires

09/01/25,

Strike

Price

USD

133.70)

(b)

...

46,322

657,772

Total

Warrants

—

0.0%

(Cost:

$11,350,881)

..............................

2,305,000

Total

Long-Term

Investments

—

99.7%

(Cost:

$73,318,402,230)

...........................

49,582,680,725

Short-Term

Securities

Money

Market

Funds

—

12.7%

(f)(g)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(h)

............

6,228,843,582

6,230,712,235

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

..................

83,779,266

83,779,266

Total

Short-Term

Securities

—

12.7%

(Cost:

$6,311,322,729)

...........................

6,314,491,501

Total

Investments

—

112.4%

(Cost:

$79,629,724,959

)

...........................

55,897,172,226

Liabilities

in

Excess

of

Other

Assets

—

(12.4)%

...........

(6,188,597,191)

Net

Assets

—

100.0%

..............................

$

49,708,575,035

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$11,596,290,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$14,991,359.

(f)

Affiliate

of

the

Fund.

(g)

Annualized

7-day

yield

as

of

period

end.

(h)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

ETF

Schedules

of

Investments

29

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/23

Shares

Held

at

03/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

5,977,476,546

$

249,669,078

(a)

$

—

$

327,288

$

3,239,323

$

6,230,712,235

6,228,843,582

$

90,472,512

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

60,200,000

23,579,266

(a)

—

—

—

83,779,266

83,779,266

2,991,638

65

$

327,288

$

3,239,323

$

6,314,491,501

$

93,464,150

$

65

—

—

(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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

1,538

06/16/23

$

139,458

$

5,046,661

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

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)

......

$

—

$

—

$

5,046,661

$

—

$

—

$

—

$

5,046,661

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

For

the

period

ended

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(44,071,219)

$

—

$

—

$

—

$

(44,071,219)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

1,928,276

$

—

$

—

$

—

$

1,928,276

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

138,891,640

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

ETF

30

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

.........................................

$

49,568,065,193

$

11,596,290

$

7,476

$

49,579,668,959

Rights

................................................

1,693

—

705,073

706,766

Warrants

..............................................

2,305,000

—

—

2,305,000

Short-Term

Securities

Money

Market

Funds

......................................

6,314,491,501

—

—

6,314,491,501

$

55,884,863,387

$

11,596,290

$

712,549

$

55,897,172,226

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

5,046,661

$

—

$

—

$

5,046,661

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

March

31,

2023

iShares

®

Russell

2000

Growth

ETF

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

0.7%

Aerojet

Rocketdyne

Holdings,

Inc.

(a)(b)

.....

463,880

$

26,056,140

AeroVironment,

Inc.

(a)(b)

...............

190,887

17,496,702

Cadre

Holdings,

Inc.

.................

148,023

3,188,415

Momentus,

Inc.,

Class

A

(a)(b)

............

295,785

173,034

Moog,

Inc.,

Class

A

.................

36,733

3,700,850

Redwire

Corp.

(a)(b)

...................

691

2,094

Rocket

Lab

USA,

Inc.

(a)(b)

..............

1,688,647

6,822,134

Virgin

Galactic

Holdings,

Inc.

(a)(b)

.........

908,615

3,679,891

61,119,260

Air

Freight

&

Logistics

—

0.3%

Air

Transport

Services

Group,

Inc.

(a)(b)

.....

171,652

3,575,511

Forward

Air

Corp.

..................

208,322

22,448,779

Radiant

Logistics,

Inc.

(b)

..............

52,859

346,755

26,371,045

Automobile

Components

—

1.7%

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

(b)

...........................

42,689

333,401

Dorman

Products,

Inc.

(b)

..............

204,696

17,657,077

Fox

Factory

Holding

Corp.

(a)(b)

..........

328,049

39,815,307

Gentherm,

Inc.

(b)

...................

257,106

15,534,345

Holley,

Inc.

(a)(b)

.....................

393,479

1,078,133

LCI

Industries

.....................

192,175

21,114,267

Luminar

Technologies,

Inc.,

Class

A

(a)(b)

....

1,943,733

12,614,827

Patrick

Industries,

Inc.

...............

16,961

1,167,086

Solid

Power,

Inc.,

Class

A

(a)(b)

...........

395,429

1,190,241

Stoneridge,

Inc.

(a)(b)

..................

33,165

620,186

Visteon

Corp.

(b)

....................

215,091

33,732,722

XPEL,

Inc.

(a)(b)(c)

....................

166,972

11,345,747

156,203,339

Automobiles

—

0.1%

(a)(b)

Canoo,

Inc.,

Class

A

.................

2,140,557

1,396,927

Faraday

Future

Intelligent

Electric,

Inc.

....

2,059,814

729,380

Fisker,

Inc.,

Class

A

.................

1,372,490

8,427,089

Mullen

Automotive,

Inc.

...............

7,703,958

1,011,530

Workhorse

Group,

Inc.

...............

1,076,481

1,431,720

12,996,646

Banks

—

1.4%

Axos

Financial,

Inc.

(b)

................

43,037

1,588,926

BancFirst

Corp.

....................

91,065

7,567,502

Bancorp,

Inc.

(The)

(b)

................

241,495

6,725,636

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

....

22,265

601,155

BayCom

Corp.

....................

9,197

157,085

Bridgewater

Bancshares,

Inc.

(a)(b)

........

34,373

372,603

Cadence

Bank

....................

77,229

1,603,274

Coastal

Financial

Corp.

(a)(b)

............

81,366

2,929,990

Columbia

Financial,

Inc.

(a)(b)

............

94,319

1,724,151

Eastern

Bankshares,

Inc.

.............

246,950

3,116,509

Esquire

Financial

Holdings,

Inc.

.........

45,280

1,770,448

Farmers

&

Merchants

Bancorp,

Inc.

......

30,847

750,199

First

BanCorp

.....................

70,708

807,485

First

Financial

Bankshares,

Inc.

.........

1,007,368

32,135,039

First

Guaranty

Bancshares,

Inc.

(a)

........

5,822

91,231

Five

Star

Bancorp

..................

34,920

745,193

FVCBankcorp,

Inc.

(a)(b)

...............

8,284

88,225

Glacier

Bancorp,

Inc.

................

110,378

4,636,980

Greene

County

Bancorp,

Inc.

...........

51,256

1,162,486

Hingham

Institution

for

Savings

(The)

(a)

....

1,001

233,673

HomeTrust

Bancshares,

Inc.

...........

20,664

508,128

Lakeland

Financial

Corp.

..............

174,133

10,907,691

Live

Oak

Bancshares,

Inc.

.............

199,091

4,851,848

Metrocity

Bankshares,

Inc.

............

38,216

653,111

Security

Shares

Shares

Value

Banks

(continued)

Metropolitan

Bank

Holding

Corp.

(b)

.......

5,581

$

189,140

National

Bank

Holdings

Corp.,

Class

A

....

17,141

573,538

Nicolet

Bankshares,

Inc.

(a)(b)

............

10,888

686,488

Pathward

Financial,

Inc.

..............

57,018

2,365,677

ServisFirst

Bancshares,

Inc.

...........

387,349

21,160,876

Stock

Yards

Bancorp,

Inc.

(a)

............

187,575

10,342,885

Third

Coast

Bancshares,

Inc.

(b)

..........

5,986

94,040

Triumph

Financial,

Inc.

(a)(b)

.............

64,241

3,729,832

Veritex

Holdings,

Inc.

................

58,161

1,062,020

West

BanCorp,

Inc.

.................

27,236

497,602

Westamerica

BanCorp

...............

50,299

2,228,246

128,658,912

Beverages

—

1.0%

Celsius

Holdings,

Inc.

(a)(b)

..............

430,216

39,984,275

Coca-Cola

Consolidated,

Inc.

...........

36,439

19,497,780

Duckhorn

Portfolio,

Inc.

(The)

(a)(b)

........

333,116

5,296,544

MGP

Ingredients,

Inc.

(a)

...............

108,916

10,534,356

National

Beverage

Corp.

(b)

.............

184,309

9,716,770

Vintage

Wine

Estates,

Inc.

(a)(b)

..........

117,295

125,506

Vita

Coco

Co.,

Inc.

(The)

(a)(b)

...........

215,768

4,233,368

89,388,599

Biotechnology

—

8.0%

(b)

Aadi

Bioscience,

Inc.

................

113,641

822,761

ACADIA

Pharmaceuticals,

Inc.

(a)

.........

930,270

17,507,681

Acrivon

Therapeutics,

Inc.

.............

25,680

325,879

ADMA

Biologics,

Inc.

(a)

...............

707,712

2,342,527

Affimed

NV

.......................

1,029,915

767,905

Agenus,

Inc.

(a)

.....................

2,369,607

3,601,803

Akero

Therapeutics,

Inc.

..............

20,131

770,212

Alector,

Inc.

(a)

.....................

479,367

2,967,282

Alkermes

plc

(a)

.....................

1,263,952

35,630,807

Alpine

Immune

Sciences,

Inc.

(a)

.........

72,994

563,514

Amicus

Therapeutics,

Inc.

.............

2,131,319

23,636,328

Anavex

Life

Sciences

Corp.

(a)

...........

533,075

4,568,453

Apellis

Pharmaceuticals,

Inc.

(a)

..........

726,412

47,914,136

Arbutus

Biopharma

Corp.

.............

460,449

1,395,160

Arcturus

Therapeutics

Holdings,

Inc.

(a)

.....

167,647

4,018,499

Arcutis

Biotherapeutics,

Inc.

(a)

..........

322,557

3,548,127

Arrowhead

Pharmaceuticals,

Inc.

(a)

.......

797,043

20,244,892

Atara

Biotherapeutics,

Inc.

.............

58,556

169,812

Aura

Biosciences,

Inc.

...............

178,798

1,659,245

Aurinia

Pharmaceuticals,

Inc.

...........

1,039,155

11,389,139

Avid

Bioservices,

Inc.

(a)

...............

472,970

8,872,917

Beam

Therapeutics,

Inc.

(a)

.............

491,453

15,048,291

BioCryst

Pharmaceuticals,

Inc.

(a)

.........

993,840

8,288,626

Biohaven

Ltd.

.....................

305,589

4,174,346

Blueprint

Medicines

Corp.

(a)

............

463,260

20,842,067

Bridgebio

Pharma,

Inc.

(a)

..............

509,936

8,454,739

CareDx,

Inc.

(a)

.....................

391,089

3,574,553

Catalyst

Pharmaceuticals,

Inc.

..........

748,434

12,409,036

Celldex

Therapeutics,

Inc.

(a)

............

74,220

2,670,436

Celularity,

Inc.,

Class

A

(a)

..............

501,513

310,788

Cerevel

Therapeutics

Holdings,

Inc.

(a)

.....

442,496

10,792,477

Chimerix,

Inc.

.....................

425,102

535,628

Coherus

Biosciences,

Inc.

(a)

............

572,278

3,914,381

Crinetics

Pharmaceuticals,

Inc.

(a)

........

58,061

932,460

CTI

BioPharma

Corp.

(a)

...............

160,818

675,436

Cytokinetics,

Inc.

...................

573,083

20,166,791

Deciphera

Pharmaceuticals,

Inc.

(a)

.......

113,706

1,756,758

Denali

Therapeutics,

Inc.

(a)

............

842,371

19,408,228

Dynavax

Technologies

Corp.

(a)

..........

920,877

9,033,803

Eagle

Pharmaceuticals,

Inc.

...........

80,357

2,279,728

Eiger

BioPharmaceuticals,

Inc.

(a)

.........

293,990

263,680

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Growth

ETF

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Enanta

Pharmaceuticals,

Inc.

...........

17,086

$

690,958

Fate

Therapeutics,

Inc.

(a)

..............

652,424

3,718,817

FibroGen,

Inc.

(a)

....................

602,181

11,236,697

Foghorn

Therapeutics,

Inc.

(a)

...........

153,740

953,188

Geron

Corp.

(a)

.....................

2,278,740

4,944,866

Gossamer

Bio,

Inc.

(a)

................

483,619

609,360

GreenLight

Biosciences

Holdings

PBC

(a)

...

633,268

273,825

Halozyme

Therapeutics,

Inc.

(a)

..........

1,031,741

39,402,189

Heron

Therapeutics,

Inc.

(a)

.............

797,756

1,204,612

HilleVax,

Inc.

(a)

.....................

26,840

443,665

Humacyte,

Inc.

(a)

...................

459,153

1,418,783

IGM

Biosciences,

Inc.

(a)

...............

61,446

844,268

ImmunityBio,

Inc.

(a)

..................

490,375

892,482

ImmunoGen,

Inc.

(a)

..................

820,524

3,150,812

Inhibrx,

Inc.

(a)

.....................

252,835

4,770,996

Insmed,

Inc.

(a)

.....................

1,047,645

17,862,347

Intellia

Therapeutics,

Inc.

(a)

............

420,130

15,658,245

Intercept

Pharmaceuticals,

Inc.

.........

192,182

2,581,004

Ironwood

Pharmaceuticals,

Inc.,

Class

A

(a)

..

1,064,210

11,195,489

IVERIC

bio,

Inc.

(a)

...................

1,059,840

25,785,907

Karuna

Therapeutics,

Inc.

(a)

............

251,010

45,593,456

Karyopharm

Therapeutics,

Inc.

(a)

........

621,582

2,417,954

Keros

Therapeutics,

Inc.

..............

141,818

6,055,629

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

(a)

....

231,470

2,490,617

Krystal

Biotech,

Inc.

(a)

................

55,084

4,410,025

Lexicon

Pharmaceuticals,

Inc.

(a)

.........

241,130

585,946

Madrigal

Pharmaceuticals,

Inc.

..........

98,730

23,918,330

MannKind

Corp.

(a)

..................

204,123

836,904

MeiraGTx

Holdings

plc

...............

15,431

79,778

Mineralys

Therapeutics,

Inc.

...........

37,750

591,165

Mirum

Pharmaceuticals,

Inc.

(a)

..........

143,270

3,441,345

Morphic

Holding,

Inc.

(a)

...............

169,510

6,380,356

Ocugen,

Inc.

(a)

.....................

1,674,257

1,428,309

Organogenesis

Holdings,

Inc.,

Class

A

(a)

...

539,180

1,148,453

Outlook

Therapeutics,

Inc.

(a)

............

1,136,230

1,238,491

PepGen,

Inc.

......................

20,405

249,553

Point

Biopharma

Global,

Inc.

(a)

..........

629,410

4,575,811

Precigen,

Inc.

(a)

....................

752,359

797,501

Prime

Medicine,

Inc.

(a)

................

34,972

430,156

Prometheus

Biosciences,

Inc.

..........

269,666

28,940,555

Prothena

Corp.

plc

..................

303,958

14,732,844

PTC

Therapeutics,

Inc.

(a)

..............

411,949

19,954,810

Rallybio

Corp.

(a)

....................

106,475

607,972

RAPT

Therapeutics,

Inc.

(a)

.............

158,334

2,905,429

Recursion

Pharmaceuticals,

Inc.,

Class

A

...

92,557

617,355

Relay

Therapeutics,

Inc.

(a)

.............

57,211

942,265

REVOLUTION

Medicines,

Inc.

..........

92,559

2,004,828

Rigel

Pharmaceuticals,

Inc.

(a)

...........

1,349,079

1,780,784

Sangamo

Therapeutics,

Inc.

(a)

..........

101,670

178,939

Seres

Therapeutics,

Inc.

(a)

.............

548,619

3,110,670

SpringWorks

Therapeutics,

Inc.

(a)

........

55,574

1,430,475

Syndax

Pharmaceuticals,

Inc.

..........

108,083

2,282,713

TG

Therapeutics,

Inc.

(a)

...............

1,032,283

15,525,536

Travere

Therapeutics,

Inc.

(a)

............

435,794

9,801,007

Twist

Bioscience

Corp.

(a)

..............

304,370

4,589,900

Vaxart,

Inc.

(a)

......................

197,738

149,628

Vaxcyte,

Inc.

(a)

.....................

555,997

20,838,768

Vera

Therapeutics,

Inc.,

Class

A

(a)

........

149,510

1,160,198

Vericel

Corp.

(a)

.....................

364,271

10,680,426

Verve

Therapeutics,

Inc.

(a)

.............

56,934

820,988

Viridian

Therapeutics,

Inc.

(a)

............

215,628

5,485,576

VistaGen

Therapeutics,

Inc.

(a)

...........

1,178,887

147,007

Y-mAbs

Therapeutics,

Inc.

(a)

............

282,714

1,416,397

Security

Shares

Shares

Value

Biotechnology

(continued)

Zentalis

Pharmaceuticals,

Inc.

(a)

.........

344,217

$

5,920,532

748,583,222

Broadline

Retail

—

0.1%

(a)

Dillard's,

Inc.,

Class

A

................

30,765

9,465,775

Groupon,

Inc.

(b)

....................

43,599

183,552

9,649,327

Building

Products

—

2.0%

AAON,

Inc.

.......................

339,824

32,857,583

American

Woodmark

Corp.

(b)

...........

7,261

378,080

Apogee

Enterprises,

Inc.

..............

171,687

7,425,463

CSW

Industrials,

Inc.

................

113,886

15,822,182

Griffon

Corp.

......................

171,452

5,488,178

Insteel

Industries,

Inc.

(a)

..............

144,586

4,022,382

Janus

International

Group,

Inc.

(b)

........

636,367

6,274,579

JELD-WEN

Holding,

Inc.

(b)

.............

233,114

2,951,223

Masonite

International

Corp.

(a)(b)

.........

172,313

15,640,851

PGT

Innovations,

Inc.

(b)

...............

445,796

11,193,938

Simpson

Manufacturing

Co.,

Inc.

........

331,559

36,352,129

UFP

Industries,

Inc.

.................

404,707

32,162,065

Zurn

Elkay

Water

Solutions

Corp.

........

962,781

20,565,002

191,133,655

Capital

Markets

—

2.2%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

.......................

304,105

9,725,278

Associated

Capital

Group,

Inc.,

Class

A

(a)

...

3,040

112,328

Avantax,

Inc.

(a)(b)

...................

367,798

9,680,443

B

Riley

Financial,

Inc.

(a)

...............

162,654

4,617,747

Brightsphere

Investment

Group,

Inc.

......

234,826

5,537,197

Cohen

&

Steers,

Inc.

................

196,966

12,597,945

Diamond

Hill

Investment

Group,

Inc.

......

22,839

3,758,843

Donnelley

Financial

Solutions,

Inc.

(a)(b)

.....

12,004

490,484

Federated

Hermes,

Inc.,

Class

B

........

662,250

26,582,715

Focus

Financial

Partners,

Inc.,

Class

A

(b)

...

448,351

23,255,966

GCM

Grosvenor,

Inc.,

Class

A

..........

283,684

2,215,572

Hamilton

Lane,

Inc.,

Class

A

...........

278,338

20,591,445

Houlihan

Lokey,

Inc.,

Class

A

...........

395,001

34,558,638

MarketWise,

Inc.,

Class

A

(b)

............

51,775

95,784

Moelis

&

Co.,

Class

A

................

246,287

9,467,272

Open

Lending

Corp.,

Class

A

(a)(b)

........

815,422

5,740,571

Perella

Weinberg

Partners,

Class

A

.......

267,516

2,434,396

PJT

Partners,

Inc.,

Class

A

(a)

...........

181,948

13,134,826

Sculptor

Capital

Management,

Inc.,

Class

A

.

97,748

841,610

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

.......................

69,793

1,268,837

StepStone

Group,

Inc.,

Class

A

.........

424,526

10,303,246

StoneX

Group,

Inc.

(b)

................

12,506

1,294,746

Value

Line,

Inc.

....................

6,815

329,369

Victory

Capital

Holdings,

Inc.,

Class

A

.....

36,238

1,060,686

Virtus

Investment

Partners,

Inc.

.........

5,916

1,126,347

WisdomTree,

Inc.

...................

1,060,739

6,215,931

207,038,222

Chemicals

—

2.8%

AdvanSix,

Inc.

.....................

70,424

2,695,127

American

Vanguard

Corp.

.............

193,092

4,224,853

Amyris,

Inc.

(a)(b)

....................

187,416

254,886

Aspen

Aerogels,

Inc.

(b)

...............

383,200

2,854,840

Avient

Corp.

......................

516,975

21,278,691

Balchem

Corp.

....................

248,055

31,373,996

Cabot

Corp.

......................

430,736

33,011,607

Chase

Corp.

......................

15,850

1,659,971

Diversey

Holdings

Ltd.

(b)

..............

609,308

4,929,302

Hawkins,

Inc.

(a)

....................

92,857

4,065,279

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Growth

ETF

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Chemicals

(continued)

HB

Fuller

Co.

.....................

359,976

$

24,640,357

Ingevity

Corp.

(a)(b)

...................

290,661

20,788,075

Innospec,

Inc.

.....................

163,308

16,766,832

Kronos

Worldwide,

Inc.

...............

172,778

1,591,285

Livent

Corp.

(a)(b)

....................

1,255,707

27,273,956

LSB

Industries,

Inc.

(a)(b)

...............

575,735

5,947,343

Mativ

Holdings,

Inc.

.................

28,937

621,277

Origin

Materials,

Inc.,

Class

A

(a)(b)

........

511,962

2,186,078

Orion

Engineered

Carbons

SA

..........

469,643

12,252,986

PureCycle

Technologies,

Inc.

(a)(b)

.........

648,930

4,542,510

Quaker

Chemical

Corp.

..............

69,364

13,730,604

Sensient

Technologies

Corp.

...........

309,384

23,686,439

Stepan

Co.

.......................

18,447

1,900,594

262,276,888

Commercial

Services

&

Supplies

—

1.3%

ACV

Auctions,

Inc.,

Class

A

(a)(b)

..........

447,835

5,781,550

Aris

Water

Solutions,

Inc.,

Class

A

(a)

......

173,692

1,353,061

Brady

Corp.,

Class

A,

NVS

............

274,172

14,731,261

Brink's

Co.

(The)

...................

351,539

23,482,805

Casella

Waste

Systems,

Inc.,

Class

A

(a)(b)

...

388,707

32,130,521

Cimpress

plc

(a)(b)

...................

137,295

6,016,267

Healthcare

Services

Group,

Inc.

.........

281,017

3,897,706

HNI

Corp.

........................

324,578

9,036,251

Interface,

Inc.

.....................

353,486

2,870,306

Li-Cycle

Holdings

Corp.

(a)(b)

............

426,974

2,403,864

Liquidity

Services,

Inc.

(b)

..............

88,619

1,167,112

Montrose

Environmental

Group,

Inc.

(a)(b)

....

212,561

7,582,051

Pitney

Bowes,

Inc.

..................

556,049

2,163,031

SP

Plus

Corp.

(a)(b)

...................

158,601

5,438,428

118,054,214

Communications

Equipment

—

1.2%

ADTRAN

Holdings,

Inc.

..............

543,151

8,614,375

Calix,

Inc.

(b)

.......................

351,438

18,833,563

Cambium

Networks

Corp.

(b)

............

90,137

1,597,228

Casa

Systems,

Inc.

(a)(b)

...............

304,637

386,889

Clearfield,

Inc.

(a)(b)

...................

99,055

4,613,982

CommScope

Holding

Co.,

Inc.

(b)

.........

1,586,816

10,108,018

Digi

International,

Inc.

(a)(b)

.............

94,802

3,192,931

DZS,

Inc.

(a)(b)

......................

156,489

1,234,698

Extreme

Networks,

Inc.

(b)

..............

977,973

18,698,844

Harmonic,

Inc.

(a)(b)

..................

719,341

10,495,185

Infinera

Corp.

(a)(b)

...................

1,502,915

11,662,620

Inseego

Corp.

(a)(b)

...................

287,078

167,194

Ondas

Holdings,

Inc.

(a)(b)

..............

274,440

296,395

Viavi

Solutions,

Inc.

(b)

................

1,750,602

18,959,020

108,860,942

Construction

&

Engineering

—

2.1%

Ameresco,

Inc.,

Class

A

(a)(b)

............

250,421

12,325,721

Comfort

Systems

USA,

Inc.

............

273,933

39,983,261

Construction

Partners,

Inc.,

Class

A

(a)(b)

....

308,755

8,317,860

Dycom

Industries,

Inc.

(a)(b)

.............

223,961

20,973,948

EMCOR

Group,

Inc.

.................

366,324

59,560,619

Fluor

Corp.

(a)(b)

.....................

1,005,982

31,094,904

Great

Lakes

Dredge

&

Dock

Corp.

(a)(b)

.....

113,913

618,547

IES

Holdings,

Inc.

(b)

.................

44,590

1,921,383

MYR

Group,

Inc.

(b)

..................

127,833

16,108,236

Northwest

Pipe

Co.

(a)(b)

...............

15,345

479,224

Primoris

Services

Corp.

..............

22,089

544,715

Sterling

Infrastructure,

Inc.

(b)

...........

189,694

7,185,609

199,114,027

Construction

Materials

—

0.0%

United

States

Lime

&

Minerals,

Inc.

.......

13,110

2,001,766

Security

Shares

Shares

Value

Consumer

Finance

—

0.3%

Atlanticus

Holdings

Corp.

(a)(b)

...........

19,771

$

536,387

Curo

Group

Holdings

Corp.

............

104,484

180,757

FirstCash

Holdings,

Inc.

..............

145,779

13,902,943

Green

Dot

Corp.,

Class

A

(a)(b)

...........

37,058

636,657

LendingClub

Corp.

(a)(b)

................

39,471

284,586

LendingTree,

Inc.

(a)(b)

................

79,025

2,106,807

Moneylion,

Inc.,

Class

A

(b)

.............

3,524

2,001

NerdWallet,

Inc.,

Class

A

(b)

.............

199,418

3,226,583

PROG

Holdings,

Inc.

(a)(b)

..............

60,218

1,432,586

World

Acceptance

Corp.

(a)(b)

............

20,454

1,703,614

24,012,921

Consumer

Staples

Distribution

&

Retail

—

0.5%

Chefs'

Warehouse,

Inc.

(The)

(a)(b)

........

186,879

6,363,230

Fresh

Market,

Inc.

(The),

NVS

(b)(d)

........

311,573

3

Natural

Grocers

by

Vitamin

Cottage,

Inc.

...

61,764

725,727

PriceSmart,

Inc.

....................

124,681

8,912,198

Rite

Aid

Corp.

(a)(b)

...................

196,796

440,823

Sprouts

Farmers

Market,

Inc.

(a)(b)

........

826,339

28,946,655

United

Natural

Foods,

Inc.

(a)(b)

..........

33,308

877,666

46,266,302

Containers

&

Packaging

—

0.3%

Cryptyde,

Inc.

(b)

....................

1,179,676

98,149

Greif,

Inc.,

Class

A,

NVS

..............

28,738

1,821,127

Greif,

Inc.,

Class

B

..................

6,833

522,862

Myers

Industries,

Inc.

................

288,228

6,176,726

O-I

Glass,

Inc.

(b)

....................

965,420

21,924,688

30,543,552

Distributors

—

0.0%

Funko,

Inc.,

Class

A

(a)(b)

...............

246,517

2,324,655

Diversified

Consumer

Services

—

1.0%

Beachbody

Co.,

Inc.

(The),

Class

A

(a)(b)

....

198,050

95,500

Carriage

Services,

Inc.

...............

103,093

3,146,398

Chegg,

Inc.

(a)(b)

....................

967,032

15,762,622

Coursera,

Inc.

(a)(b)

...................

883,328

10,175,939

Duolingo,

Inc.,

Class

A

(a)(b)

.............

186,516

26,595,316

European

Wax

Center,

Inc.,

Class

A

(a)

.....

178,989

3,400,791

Nerdy,

Inc.,

Class

A

(a)(b)

...............

433,948

1,813,903

OneSpaWorld

Holdings

Ltd.

(a)(b)

.........

508,171

6,092,970

Rover

Group,

Inc.,

Class

A

(b)

...........

698,544

3,164,404

Stride,

Inc.

(a)(b)

.....................

327,963

12,872,548

Udemy,

Inc.

(b)

.....................

564,027

4,980,358

Universal

Technical

Institute,

Inc.

(b)

.......

250,893

1,851,590

89,952,339

Diversified

REITs

—

0.1%

Essential

Properties

Realty

Trust,

Inc.

.....

108,556

2,697,617

Gladstone

Commercial

Corp.

...........

290,262

3,666,009

Safehold,

Inc.

(a)

....................

133,668

3,925,829

10,289,455

Diversified

Telecommunication

Services

—

0.9%

Anterix,

Inc.

(b)

.....................

45,455

1,501,833

Bandwidth,

Inc.,

Class

A

(b)

.............

31,735

482,372

Charge

Enterprises,

Inc.

(a)(b)

............

990,782

1,089,860

Cogent

Communications

Holdings,

Inc.

....

184,708

11,769,594

Consolidated

Communications

Holdings,

Inc.

(b)

72,539

187,151

Globalstar,

Inc.

(a)(b)

..................

4,455,963

5,168,917

IDT

Corp.,

Class

B

(a)(b)

................

85,499

2,913,806

Iridium

Communications,

Inc.

...........

970,073

60,076,621

Ooma,

Inc.

(a)(b)

.....................

192,205

2,404,484

85,594,638

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Growth

ETF

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electric

Utilities

—

0.2%

MGE

Energy,

Inc.

...................

123,953

$

9,627,430

Otter

Tail

Corp.

(a)

...................

145,437

10,510,732

Via

Renewables,

Inc.

(a)

...............

20,572

378,113

20,516,275

Electrical

Equipment

—

2.2%

Allied

Motion

Technologies,

Inc.

(a)

........

94,806

3,664,252

Array

Technologies,

Inc.

(a)(b)

............

1,169,307

25,584,437

Atkore,

Inc.

(a)(b)

.....................

305,113

42,862,274

Babcock

&

Wilcox

Enterprises,

Inc.

(a)(b)

.....

474,282

2,874,149

Blink

Charging

Co.

(a)(b)

................

325,849

2,818,594

Bloom

Energy

Corp.,

Class

A

(a)(b)

........

1,394,441

27,791,209

Energy

Vault

Holdings,

Inc.

(a)(b)

..........

650,160

1,391,342

EnerSys

.........................

37,174

3,229,677

Enovix

Corp.

(a)(b)

....................

839,728

12,520,344

ESS

Tech,

Inc.

(a)(b)

..................

574,747

798,898

Fluence

Energy,

Inc.,

Class

A

(a)(b)

........

282,902

5,728,766

FTC

Solar,

Inc.

(a)(b)

..................

352,747

793,681

FuelCell

Energy,

Inc.

(a)(b)

..............

2,300,327

6,555,932

GrafTech

International

Ltd.

(a)

...........

1,498,066

7,280,601

Heliogen,

Inc.

(a)(b)

...................

681,784

163,765

NEXTracker,

Inc.,

Class

A

(a)(b)

...........

210,041

7,616,087

Shoals

Technologies

Group,

Inc.,

Class

A

(b)

.

1,261,923

28,759,225

Stem,

Inc.

(a)(b)

.....................

1,055,751

5,986,108

SunPower

Corp.

(a)(b)

.................

633,194

8,763,405

TPI

Composites,

Inc.

(a)(b)

..............

280,754

3,663,840

Vicor

Corp.

(a)(b)

.....................

171,892

8,068,610

206,915,196

Electronic

Equipment,

Instruments

&

Components

—

2.9%

908

Devices,

Inc.

(a)(b)

.................

38,126

327,884

Advanced

Energy

Industries,

Inc.

(a)

.......

291,856

28,601,888

Aeva

Technologies,

Inc.

(b)

.............

142,755

169,879

AEye,

Inc.,

Class

A

(a)(b)

...............

700,887

220,639

Akoustis

Technologies,

Inc.

(a)(b)

..........

476,259

1,466,878

Arlo

Technologies,

Inc.

(b)

..............

676,506

4,099,626

Badger

Meter,

Inc.

..................

227,127

27,668,611

Belden,

Inc.

(a)

.....................

174,679

15,156,897

Cepton,

Inc.

(a)(b)

....................

302,648

140,550

CTS

Corp.

.......................

248,592

12,295,360

ePlus,

Inc.

(b)

......................

157,611

7,729,244

Fabrinet

(b)

........................

286,362

34,008,351

FARO

Technologies,

Inc.

(a)(b)

...........

11,963

294,409

Focus

Universal,

Inc.

(a)(b)

..............

203,754

509,385

Identiv,

Inc.

(b)

......................

163,041

1,001,072

Insight

Enterprises,

Inc.

(a)(b)

............

206,470

29,516,951

Itron,

Inc.

(a)(b)

......................

28,789

1,596,350

Lightwave

Logic,

Inc.

(a)(b)

..............

879,322

4,598,854

MicroVision,

Inc.

(a)(b)

.................

1,283,208

3,426,165

Napco

Security

Technologies,

Inc.

(a)(b)

.....

243,743

9,159,862

Novanta,

Inc.

(a)(b)

...................

275,676

43,857,295

OSI

Systems,

Inc.

(b)

.................

15,039

1,539,392

PAR

Technology

Corp.

(a)(b)

.............

75,646

2,568,938

Plexus

Corp.

(b)

.....................

182,239

17,781,059

Rogers

Corp.

(a)(b)

...................

145,958

23,853,916

SmartRent,

Inc.,

Class

A

(a)(b)

............

970,996

2,476,040

274,065,495

Energy

Equipment

&

Services

—

2.2%

Borr

Drilling

Ltd.

(b)

..................

718,860

5,448,959

Cactus,

Inc.,

Class

A

................

484,009

19,955,691

ChampionX

Corp.

(a)

.................

1,549,816

42,046,508

DMC

Global,

Inc.

(a)(b)

.................

37,621

826,533

Liberty

Energy,

Inc.,

Class

A

...........

1,040,475

13,328,485

Nabors

Industries

Ltd.

(a)(b)

.............

60,526

7,378,725

NexTier

Oilfield

Solutions,

Inc.

(a)(b)

........

1,359,293

10,806,379

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

Noble

Corp.

plc

(a)(b)

..................

119,978

$

4,735,532

Oceaneering

International,

Inc.

(b)

........

700,723

12,353,747

Patterson-UTI

Energy,

Inc.

............

1,122,402

13,132,103

ProFrac

Holding

Corp.,

Class

A

(b)

........

86,003

1,089,658

RPC,

Inc.

........................

576,548

4,433,654

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

..

249,406

2,129,927

TETRA

Technologies,

Inc.

(b)

............

945,042

2,504,361

US

Silica

Holdings,

Inc.

(b)

.............

84,835

1,012,930

Valaris

Ltd.

(a)(b)

.....................

470,040

30,580,802

Weatherford

International

plc

(b)

..........

548,571

32,557,689

204,321,683

Entertainment

—

0.3%

(b)

Cinemark

Holdings,

Inc.

(a)

.............

663,117

9,807,500

IMAX

Corp.

(a)

.....................

219,492

4,209,857

Liberty

Media

Corp.-Liberty

Braves,

Class

A

(a)

81,834

2,829,820

Liberty

Media

Corp.-Liberty

Braves,

Class

C,

NVS

(a)

........................

297,959

10,038,238

Playstudios,

Inc.,

Class

A

.............

290,475

1,071,853

Reservoir

Media,

Inc.

(a)

...............

143,978

938,737

Vivid

Seats,

Inc.,

Class

A

(a)

............

51,571

393,487

29,289,492

Financial

Services

—

1.2%

AvidXchange

Holdings,

Inc.

(a)(b)

..........

1,013,850

7,908,030

Cantaloupe,

Inc.

(b)

..................

260,845

1,486,817

Cass

Information

Systems,

Inc.

.........

18,946

820,551

EVERTEC,

Inc.

....................

476,158

16,070,332

Flywire

Corp.

(a)(b)

...................

439,035

12,890,068

I3

Verticals,

Inc.,

Class

A

(a)(b)

...........

177,370

4,350,886

International

Money

Express,

Inc.

(a)(b)

......

244,603

6,305,865

Marqeta,

Inc.,

Class

A

(b)

..............

3,367,884

15,391,230

NMI

Holdings,

Inc.,

Class

A

(b)

...........

46,767

1,044,307

Payoneer

Global,

Inc.

(a)(b)

..............

1,704,037

10,701,352

Priority

Technology

Holdings,

Inc.

(b)

.......

118,171

424,234

Remitly

Global,

Inc.

(a)(b)

...............

776,988

13,169,947

StoneCo

Ltd.,

Class

A

(b)

..............

1,114,211

10,629,573

Walker

&

Dunlop,

Inc.

................

163,840

12,479,693

113,672,885

Food

Products

—

1.4%

Benson

Hill,

Inc.

(a)(b)

.................

646,034

742,939

Beyond

Meat,

Inc.

(a)(b)

................

479,709

7,785,677

BRC,

Inc.,

Class

A

(a)(b)

................

200,033

1,028,170

Calavo

Growers,

Inc.

................

136,907

3,938,814

Cal-Maine

Foods,

Inc.

................

271,843

16,552,520

J

&

J

Snack

Foods

Corp.

(a)

............

118,819

17,611,352

John

B

Sanfilippo

&

Son,

Inc.

...........

44,221

4,285,899

Lancaster

Colony

Corp.

..............

128,023

25,973,306

Local

Bounti

Corp.

(a)(b)

................

468,372

373,339

Mission

Produce,

Inc.

(a)(b)

..............

44,887

498,695

Simply

Good

Foods

Co.

(The)

(b)

.........

690,017

27,441,976

Sovos

Brands,

Inc.

(a)(b)

...............

209,536

3,495,061

SunOpta,

Inc.

(a)(b)

...................

705,081

5,429,124

Tattooed

Chef,

Inc.,

Class

A

(a)(b)

.........

354,495

503,383

Tootsie

Roll

Industries,

Inc.

(a)

...........

109,453

4,915,521

Utz

Brands,

Inc.,

Class

A

(a)

............

447,715

7,373,866

Vital

Farms,

Inc.

(a)(b)

.................

234,472

3,587,422

131,537,064

Gas

Utilities

—

0.5%

Brookfield

Infrastructure

Corp.,

Class

A

....

762,930

35,140,556

New

Jersey

Resources

Corp.

...........

64,868

3,450,978

Southwest

Gas

Holdings,

Inc.

..........

50,954

3,182,077

41,773,611

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Growth

ETF

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Ground

Transportation

—

0.8%

ArcBest

Corp.

.....................

60,598

$

5,600,467

Daseke,

Inc.

(b)

.....................

308,334

2,383,422

Marten

Transport

Ltd.

................

337,425

7,069,054

PAM

Transportation

Services,

Inc.

(b)

......

49,478

1,416,555

Saia,

Inc.

(a)(b)

......................

205,800

55,994,064

Universal

Logistics

Holdings,

Inc.

(a)

.......

39,466

1,150,434

Werner

Enterprises,

Inc.

..............

61,715

2,807,415

76,421,411

Health

Care

Equipment

&

Supplies

—

6.6%

Alphatec

Holdings,

Inc.

(a)(b)

.............

502,983

7,846,535

Artivion,

Inc.

(a)(b)

....................

256,167

3,355,788

AtriCure,

Inc.

(b)

....................

231,395

9,591,323

Atrion

Corp.

......................

10,682

6,707,335

AxoGen,

Inc.

(a)(b)

...................

316,468

2,990,623

Axonics,

Inc.

(a)(b)

....................

379,784

20,721,015

Cardiovascular

Systems,

Inc.

(b)

..........

173,654

3,448,768

Cerus

Corp.

(a)(b)

....................

1,338,559

3,975,520

CONMED

Corp.

(a)

..................

225,659

23,436,944

Cutera,

Inc.

(a)(b)

....................

130,720

3,087,606

Embecta

Corp.

....................

386,519

10,868,914

Figs,

Inc.,

Class

A

(a)(b)

................

836,636

5,178,777

Glaukos

Corp.

(b)

....................

354,894

17,780,189

Haemonetics

Corp.

(a)(b)

...............

387,038

32,027,395

Heska

Corp.

(b)

.....................

75,684

7,388,272

Inari

Medical,

Inc.

(a)(b)

................

341,053

21,056,612

Inogen,

Inc.

(b)

.....................

10,391

129,680

Inspire

Medical

Systems,

Inc.

(a)(b)

........

221,546

51,857,272

iRadimed

Corp.

....................

55,386

2,179,439

iRhythm

Technologies,

Inc.

(a)(b)

..........

234,040

29,027,981

Lantheus

Holdings,

Inc.

(a)(b)

............

529,402

43,707,429

LeMaitre

Vascular,

Inc.

...............

155,067

7,981,298

LivaNova

plc

(b)

.....................

318,377

13,874,870

Merit

Medical

Systems,

Inc.

(a)(b)

..........

374,263

27,676,749

Mesa

Laboratories,

Inc.

(a)

.............

40,076

7,002,479

Nano-X

Imaging

Ltd.

(a)(b)

..............

34,374

198,338

Neogen

Corp.

(b)

....................

1,546,364

28,638,661

Nevro

Corp.

(b)

.....................

272,692

9,857,816

NuVasive,

Inc.

(b)

....................

406,217

16,780,824

Omnicell,

Inc.

(a)(b)

...................

343,895

20,176,320

OrthoPediatrics

Corp.

(a)(b)

..............

118,410

5,244,379

Outset

Medical,

Inc.

(a)(b)

...............

376,848

6,934,003

Owlet,

Inc.,

Class

A

(a)(b)

...............

540,826

175,444

Paragon

28,

Inc.

(a)(b)

.................

376,828

6,432,454

PROCEPT

BioRobotics

Corp.

(a)(b)

........

201,460

5,721,464

Pulmonx

Corp.

(b)

...................

262,083

2,930,088

RxSight,

Inc.

(a)(b)

....................

170,041

2,836,284

Senseonics

Holdings,

Inc.

(a)(b)

...........

3,701,498

2,628,064

Shockwave

Medical,

Inc.

(b)

.............

275,811

59,804,099

SI-BONE,

Inc.

(a)(b)

...................

263,571

5,184,442

Sight

Sciences,

Inc.

(b)

................

17,885

156,315

Silk

Road

Medical,

Inc.

(a)(b)

.............

291,675

11,413,243

STAAR

Surgical

Co.

(a)(b)

...............

370,356

23,684,266

Surmodics,

Inc.

(b)

...................

107,372

2,445,934

Tactile

Systems

Technology,

Inc.

(b)

.......

55,516

911,573

Tenon

Medical,

Inc.

(a)(b)

...............

78,053

138,154

TransMedics

Group,

Inc.

(a)(b)

............

235,128

17,806,243

Treace

Medical

Concepts,

Inc.

(a)(b)

........

287,515

7,242,503

UFP

Technologies,

Inc.

(a)(b)

.............

53,502

6,946,700

Utah

Medical

Products,

Inc.

............

25,920

2,456,438

Vicarious

Surgical,

Inc.,

Class

A

(a)(b)

.......

450,834

1,023,393

ViewRay,

Inc.

(a)(b)

...................

1,022,855

3,539,078

Zynex,

Inc.

(a)(b)

.....................

171,367

2,056,404

616,261,737

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

—

3.5%

23andMe

Holding

Co.,

Class

A

(a)(b)

.......

842,305

$

1,920,455

Addus

HomeCare

Corp.

(a)(b)

............

48,513

5,179,248

Agiliti,

Inc.

(a)(b)

.....................

214,529

3,428,173

AirSculpt

Technologies,

Inc.

(a)

...........

96,830

488,023

Alignment

Healthcare,

Inc.

(a)(b)

..........

760,590

4,837,352

AMN

Healthcare

Services,

Inc.

(a)(b)

.......

335,335

27,819,392

Apollo

Medical

Holdings,

Inc.

(a)(b)

.........

302,290

11,024,516

Cano

Health,

Inc.,

Class

A

(a)(b)

..........

1,275,336

1,160,556

Clover

Health

Investments

Corp.

(a)(b)

......

2,999,483

2,534,863

CorVel

Corp.

(b)

.....................

67,996

12,938,279

Cross

Country

Healthcare,

Inc.

(a)(b)

.......

35,337

788,722

DocGo,

Inc.

(a)(b)

....................

641,790

5,551,484

Ensign

Group,

Inc.

(The)

..............

419,137

40,044,349

HealthEquity,

Inc.

(b)

..................

644,133

37,817,048

Hims

&

Hers

Health,

Inc.,

Class

A

(a)(b)

.....

790,195

7,838,734

Innovage

Holding

Corp.

(a)(b)

............

24,434

194,983

Joint

Corp.

(The)

(b)

..................

111,110

1,869,981

LifeStance

Health

Group,

Inc.

(a)(b)

........

32,385

240,621

ModivCare,

Inc.

(b)

...................

31,705

2,665,756

National

Research

Corp.

..............

112,357

4,888,653

Oncology

Institute,

Inc.

(The)

(a)(b)

.........

253,634

171,939

Option

Care

Health,

Inc.

(a)(b)

............

1,295,925

41,171,537

Owens

&

Minor,

Inc.

(b)

................

66,499

967,560

P3

Health

Partners,

Inc.,

Class

A

(a)(b)

......

119,663

126,843

Patterson

Cos.,

Inc.

.................

534,074

14,297,161

Pennant

Group,

Inc.

(The)

(b)

............

203,177

2,901,368

PetIQ,

Inc.,

Class

A

(a)(b)

...............

166,860

1,908,878

Privia

Health

Group,

Inc.

(a)(b)

............

400,537

11,058,827

Progyny,

Inc.

(b)

.....................

585,522

18,806,967

R1

RCM,

Inc.

(a)(b)

...................

1,163,410

17,451,150

RadNet,

Inc.

(a)(b)

....................

387,387

9,696,297

Select

Medical

Holdings

Corp.

(a)

.........

683,256

17,662,168

Surgery

Partners,

Inc.

(a)(b)

.............

349,932

12,062,156

US

Physical

Therapy,

Inc.

.............

100,489

9,838,878

331,352,917

Health

Care

REITs

—

0.1%

CareTrust

REIT,

Inc.

.................

70,178

1,374,085

Community

Healthcare

Trust,

Inc.

........

111,973

4,098,212

Universal

Health

Realty

Income

Trust

.....

102,879

4,949,509

10,421,806

Health

Care

Technology

—

0.6%

Babylon

Holdings

Ltd.,

Class

A

(a)(b)

.......

30,643

155,973

Evolent

Health,

Inc.,

Class

A

(a)(b)

.........

635,483

20,621,423

HealthStream,

Inc.

(b)

.................

16,807

455,470

NextGen

Healthcare,

Inc.

(a)(b)

...........

207,034

3,604,462

Nutex

Health,

Inc.

(a)(b)

................

1,919,101

1,938,292

OptimizeRx

Corp.

(b)

.................

126,026

1,843,760

Pear

Therapeutics,

Inc.,

Class

A

(a)(b)

......

193,296

49,290

Phreesia,

Inc.

(b)

....................

183,789

5,934,547

Schrodinger,

Inc.

(a)(b)

.................

419,478

11,044,856

Simulations

Plus,

Inc.

(a)

...............

122,939

5,401,940

51,050,013

Hotel

&

Resort

REITs

—

0.0%

Hersha

Hospitality

Trust,

Class

A

........

14,582

97,991

Hotels,

Restaurants

&

Leisure

—

3.5%

Accel

Entertainment,

Inc.,

Class

A

(a)(b)

.....

437,057

3,981,589

Bloomin'

Brands,

Inc.

................

491,554

12,608,360

Bluegreen

Vacations

Holding

Corp.

.......

9,335

255,592

Brinker

International,

Inc.

(b)

............

301,129

11,442,902

Century

Casinos,

Inc.

(a)(b)

..............

161,521

1,183,949

Cheesecake

Factory,

Inc.

(The)

.........

377,699

13,238,350

Cracker

Barrel

Old

Country

Store,

Inc.

.....

171,520

19,484,672

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Growth

ETF

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Dave

&

Buster's

Entertainment,

Inc.

(b)

.....

332,296

$

12,225,170

Denny's

Corp.

(b)

....................

311,165

3,472,601

Dine

Brands

Global,

Inc.

..............

100,168

6,775,363

Everi

Holdings,

Inc.

(a)(b)

...............

360,907

6,189,555

F45

Training

Holdings,

Inc.

(a)(b)

..........

282,275

327,439

First

Watch

Restaurant

Group,

Inc.

(a)(b)

.....

43,386

696,779

Full

House

Resorts,

Inc.

(a)(b)

............

67,448

487,649

Golden

Entertainment,

Inc.

(b)

...........

154,482

6,721,512

Hilton

Grand

Vacations,

Inc.

(b)

..........

660,968

29,366,808

Inspired

Entertainment,

Inc.

(b)

...........

111,900

1,431,201

International

Game

Technology

plc

.......

164,848

4,417,926

Jack

in

the

Box,

Inc.

.................

22,474

1,968,498

Krispy

Kreme,

Inc.

(a)

.................

145,225

2,258,249

Kura

Sushi

USA,

Inc.,

Class

A

(a)(b)

........

36,019

2,371,491

Lindblad

Expeditions

Holdings,

Inc.

(a)(b)

....

20,294

194,011

Monarch

Casino

&

Resort,

Inc.

..........

102,769

7,620,321

NeoGames

SA

(a)(b)

..................

101,907

1,548,986

Noodles

&

Co.,

Class

A

(b)

.............

314,792

1,526,741

ONE

Group

Hospitality,

Inc.

(The)

(a)(b)

.....

161,342

1,306,870

Papa

John's

International,

Inc.

(a)

.........

182,545

13,678,097

Portillo's,

Inc.,

Class

A

(a)(b)

.............

247,336

5,285,570

RCI

Hospitality

Holdings,

Inc.

...........

60,817

4,754,065

Red

Rock

Resorts,

Inc.,

Class

A

.........

173,998

7,755,091

Rush

Street

Interactive,

Inc.,

Class

A

(a)(b)

...

459,885

1,430,242

Ruth's

Hospitality

Group,

Inc.

...........

243,795

4,003,114

Sabre

Corp.

(a)(b)

....................

528,633

2,267,836

SeaWorld

Entertainment,

Inc.

(a)(b)

........

151,633

9,296,619

Shake

Shack,

Inc.,

Class

A

(a)(b)

..........

290,334

16,110,634

Sonder

Holdings,

Inc.,

Class

A

(a)(b)

........

1,473,295

1,115,432

Sweetgreen,

Inc.,

Class

A

(a)(b)

...........

684,465

5,366,206

Target

Hospitality

Corp.

(b)

.............

227,276

2,986,407

Texas

Roadhouse,

Inc.

...............

521,248

56,326,059

Wingstop,

Inc.

.....................

231,872

42,567,062

Xponential

Fitness,

Inc.,

Class

A

(b)

.......

46,163

1,402,894

327,447,912

Household

Durables

—

1.7%

Aterian,

Inc.

(a)(b)

....................

1,862

1,602

Cavco

Industries,

Inc.

(a)(b)

..............

67,828

21,551,669

Century

Communities,

Inc.

............

16,310

1,042,535

Dream

Finders

Homes,

Inc.,

Class

A

(a)(b)

....

161,184

2,135,688

Green

Brick

Partners,

Inc.

(a)(b)

...........

57,479

2,015,214

Helen

of

Troy

Ltd.

(a)(b)

................

184,926

17,599,407

Hovnanian

Enterprises,

Inc.,

Class

A

(a)(b)

...

37,542

2,546,849

Installed

Building

Products,

Inc.

.........

183,931

20,973,652

iRobot

Corp.

(a)(b)

....................

183,952

8,027,665

KB

Home

........................

104,818

4,211,587

LGI

Homes,

Inc.

(a)(b)

.................

11,240

1,281,697

Lovesac

Co.

(The)

(a)(b)

................

108,778

3,143,684

M/I

Homes,

Inc.

(b)

...................

26,841

1,693,399

MDC

Holdings,

Inc.

.................

118,194

4,594,201

Meritage

Homes

Corp.

...............

18,464

2,155,857

Purple

Innovation,

Inc.

(a)(b)

.............

64,145

169,343

Skyline

Champion

Corp.

(a)(b)

............

413,523

31,109,335

Sonos,

Inc.

(a)(b)

.....................

988,274

19,389,936

Taylor

Morrison

Home

Corp.

(a)(b)

.........

97,363

3,725,108

Tri

Pointe

Homes,

Inc.

(b)

..............

63,047

1,596,350

Vizio

Holding

Corp.,

Class

A

(a)(b)

.........

526,349

4,831,884

Vuzix

Corp.

(a)(b)

....................

395,237

1,636,281

155,432,943

Household

Products

—

0.5%

Central

Garden

&

Pet

Co.

(b)

............

28,297

1,161,875

Central

Garden

&

Pet

Co.,

Class

A,

NVS

(b)

..

113,987

4,453,472

Energizer

Holdings,

Inc.

..............

553,809

19,217,173

Security

Shares

Shares

Value

Household

Products

(continued)

WD-40

Co.

.......................

106,845

$

19,023,752

43,856,272

Independent

Power

and

Renewable

Electricity

Producers

—

0.6%

Altus

Power,

Inc.,

Class

A

(a)(b)

...........

281,253

1,541,266

Clearway

Energy,

Inc.,

Class

A

..........

277,896

8,345,217

Clearway

Energy,

Inc.,

Class

C

.........

642,373

20,125,546

Montauk

Renewables,

Inc.

(a)(b)

..........

535,401

4,213,606

Ormat

Technologies,

Inc.

(a)

............

228,369

19,358,840

53,584,475

Industrial

Conglomerates

—

0.0%

Brookfield

Business

Corp.,

Class

A

.......

177,129

3,510,697

Industrial

REITs

—

0.2%

Industrial

Logistics

Properties

Trust

.......

61,641

189,238

Innovative

Industrial

Properties,

Inc.

......

215,476

16,374,021

16,563,259

Insurance

—

1.5%

BRP

Group,

Inc.,

Class

A

(a)(b)

...........

472,871

12,039,296

eHealth,

Inc.

(b)

.....................

60,707

568,218

Goosehead

Insurance,

Inc.,

Class

A

(b)

.....

128,912

6,729,207

HCI

Group,

Inc.

....................

49,315

2,643,284

Investors

Title

Co.

..................

2,095

316,345

Kinsale

Capital

Group,

Inc.

(a)

...........

168,100

50,455,215

Palomar

Holdings,

Inc.

(a)(b)

.............

188,716

10,417,123

RLI

Corp.

........................

303,807

40,378,988

SiriusPoint

Ltd.

(b)

...................

67,024

544,905

Skyward

Specialty

Insurance

Group,

Inc.

(b)

..

9,098

198,973

Trupanion,

Inc.

(a)(b)

..................

302,744

12,984,690

Universal

Insurance

Holdings,

Inc.

.......

36,851

671,425

137,947,669

Interactive

Media

&

Services

—

0.8%

Arena

Group

Holdings,

Inc.

(The)

(b)

.......

64,596

274,533

Cargurus,

Inc.,

Class

A

(a)(b)

.............

790,320

14,763,178

Cars.com,

Inc.

(a)(b)

..................

65,996

1,273,723

DHI

Group,

Inc.

(a)(b)

..................

270,510

1,049,579

Eventbrite,

Inc.,

Class

A

(a)(b)

............

524,502

4,500,227

EverQuote,

Inc.,

Class

A

(a)(b)

............

153,653

2,135,777

Leafly

Holdings,

Inc.

(a)(b)

...............

289,344

115,709

MediaAlpha,

Inc.,

Class

A

(a)(b)

...........

192,087

2,877,463

QuinStreet,

Inc.

(b)

...................

24,554

389,672

Shutterstock,

Inc.

...................

183,944

13,354,334

Vimeo,

Inc.

(b)

......................

1,099,022

4,209,254

Vinco

Ventures,

Inc.

(a)(b)

...............

992,049

318,745

Wejo

Group

Ltd.

(a)(b)

.................

335,333

165,319

Yelp,

Inc.

(a)(b)

......................

522,810

16,050,267

Ziff

Davis,

Inc.

(a)(b)

...................

65,791

5,134,988

ZipRecruiter,

Inc.,

Class

A

(a)(b)

...........

563,370

8,980,118

75,592,886

IT

Services

—

0.6%

BigCommerce

Holdings,

Inc.

(a)(b)

.........

498,186

4,453,783

Brightcove,

Inc.

(b)

...................

213,087

948,237

Cerberus

Cyber

Sentinel

Corp.

(a)(b)

.......

346,279

117,042

Cyxtera

Technologies,

Inc.,

Class

A

(a)(b)

....

285,357

87,148

DigitalOcean

Holdings,

Inc.

(a)(b)

..........

539,247

21,122,305

Edgio,

Inc.

(a)(b)

.....................

979,461

774,852

Grid

Dynamics

Holdings,

Inc.,

Class

A

(a)(b)

..

416,115

4,768,678

Hackett

Group,

Inc.

(The)

.............

168,199

3,108,317

Information

Services

Group,

Inc.

.........

120,191

611,772

Perficient,

Inc.

(b)

....................

264,194

19,072,165

Squarespace,

Inc.,

Class

A

(b)

...........

59,766

1,898,766

Tucows,

Inc.,

Class

A

(a)(b)

..............

76,118

1,480,495

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Growth

ETF

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

IT

Services

(continued)

Unisys

Corp.

(a)(b)

....................

382,150

$

1,482,742

59,926,302

Leisure

Products

—

0.3%

Acushnet

Holdings

Corp.

(a)

............

74,577

3,798,952

Clarus

Corp.

(a)

.....................

190,952

1,804,496

Latham

Group,

Inc.

(a)(b)

...............

331,824

949,017

Malibu

Boats,

Inc.,

Class

A

(a)(b)

..........

157,326

8,881,053

Marine

Products

Corp.

...............

60,235

794,500

MasterCraft

Boat

Holdings,

Inc.

(b)

........

132,044

4,018,099

Smith

&

Wesson

Brands,

Inc.

...........

23,770

292,609

Sturm

Ruger

&

Co.,

Inc.

..............

121,851

6,999,121

27,537,847

Life

Sciences

Tools

&

Services

—

0.7%

(b)

AbCellera

Biologics,

Inc.

(a)

.............

679,838

5,125,978

Adaptive

Biotechnologies

Corp.

.........

40,412

356,838

Akoya

Biosciences,

Inc.

..............

125,332

1,025,216

BioLife

Solutions,

Inc.

(a)

...............

18,368

399,504

Codexis,

Inc.

(a)

.....................

467,490

1,935,409

CryoPort,

Inc.

(a)

....................

280,625

6,735,000

Cytek

Biosciences,

Inc.

(a)

..............

886,503

8,146,962

Medpace

Holdings,

Inc.

..............

196,594

36,969,502

NanoString

Technologies,

Inc.

(a)

.........

323,261

3,200,284

OmniAb,

Inc.

(a)

.....................

73,154

269,207

OmniAb,

Inc.,

NVS

(d)

.................

11,722

—

Quanterix

Corp.

....................

39,529

445,492

Science

37

Holdings,

Inc.

.............

412,776

116,238

SomaLogic,

Inc.,

Class

A

(a)

............

142,066

362,268

65,087,898

Machinery

—

4.3%

Alamo

Group,

Inc.

..................

66,147

12,181,631

Albany

International

Corp.,

Class

A

.......

47,083

4,207,337

Berkshire

Grey,

Inc.,

Class

A

(a)(b)

.........

355,874

491,106

Blue

Bird

Corp.

(a)(b)

..................

137,010

2,799,114

Chart

Industries,

Inc.

(a)(b)

..............

330,969

41,503,513

CIRCOR

International,

Inc.

(b)

...........

41,466

1,290,422

Douglas

Dynamics,

Inc.

..............

176,880

5,640,703

Energy

Recovery,

Inc.

(a)(b)

.............

426,142

9,822,573

Enerpac

Tool

Group

Corp.,

Class

A

(a)

......

442,978

11,295,939

ESCO

Technologies,

Inc.

.............

19,342

1,846,194

Evoqua

Water

Technologies

Corp.

(a)(b)

.....

909,889

45,239,681

Federal

Signal

Corp.

................

462,856

25,091,424

Franklin

Electric

Co.,

Inc.

.............

357,041

33,597,558

Gorman-Rupp

Co.

(The)

..............

34,141

853,525

Helios

Technologies,

Inc.

..............

251,925

16,475,895

Hillenbrand,

Inc.

...................

269,116

12,791,083

Hyzon

Motors,

Inc.,

Class

A

(a)(b)

.........

676,076

551,070

John

Bean

Technologies

Corp.

(a)

.........

244,913

26,766,542

Kadant,

Inc.

(a)

.....................

90,241

18,817,053

Lightning

eMotors,

Inc.

(a)(b)

.............

577,099

165,339

Lindsay

Corp.

.....................

85,753

12,959,851

Luxfer

Holdings

plc

.................

83,628

1,413,313

Markforged

Holding

Corp.

(a)(b)

...........

117,117

112,292

Microvast

Holdings,

Inc.

(a)(b)

............

767,729

951,984

Miller

Industries,

Inc.

................

4,572

161,620

Mueller

Industries,

Inc.

...............

156,219

11,478,972

Mueller

Water

Products,

Inc.,

Class

A

(a)

....

1,213,115

16,910,823

Nikola

Corp.

(a)(b)

....................

2,447,676

2,961,688

Omega

Flex,

Inc.

(a)

..................

25,189

2,807,062

Proterra,

Inc.

(a)(b)

...................

783,313

1,190,636

Proto

Labs,

Inc.

(a)(b)

..................

35,182

1,166,283

RBC

Bearings,

Inc.

(a)(b)

...............

31,383

7,303,766

Sarcos

Technology

&

Robotics

Corp.

(a)(b)

...

819,941

389,226

Shyft

Group,

Inc.

(The)

...............

269,189

6,124,050

Security

Shares

Shares

Value

Machinery

(continued)

Tennant

Co.

......................

66,488

$

4,556,423

Terex

Corp.

.......................

251,757

12,180,004

Titan

International,

Inc.

(a)(b)

.............

392,434

4,112,708

Trinity

Industries,

Inc.

................

95,840

2,334,662

Velo3D,

Inc.

(a)(b)

....................

456,578

1,036,432

Wabash

National

Corp.

(a)

..............

320,065

7,870,398

Watts

Water

Technologies,

Inc.,

Class

A

....

212,134

35,706,395

Xos,

Inc.

(a)(b)

......................

410,615

215,573

405,371,863

Media

—

0.4%

AdTheorent

Holding

Co.,

Inc.

(a)(b)

.........

250,020

422,534

Boston

Omaha

Corp.,

Class

A

(a)(b)

........

12,699

300,585

Entravision

Communications

Corp.,

Class

A

.

325,822

1,971,223

Gambling.com

Group

Ltd.

(b)

............

65,274

646,865

Gray

Television,

Inc.

.................

278,859

2,431,651

Innovid

Corp.

(a)(b)

...................

530,406

747,872

Integral

Ad

Science

Holding

Corp.

(a)(b)

.....

95,195

1,358,433

John

Wiley

&

Sons,

Inc.,

Class

A

........

315,082

12,215,729

PubMatic,

Inc.,

Class

A

(a)(b)

.............

306,154

4,231,048

Quotient

Technology,

Inc.

(b)

............

74,759

245,210

Sinclair

Broadcast

Group,

Inc.,

Class

A

....

310,484

5,327,905

Stagwell,

Inc.,

Class

A

(a)(b)

.............

58,387

433,232

TechTarget,

Inc.

(a)(b)

.................

209,255

7,558,291

Thryv

Holdings,

Inc.

(a)(b)

...............

51,736

1,193,032

WideOpenWest,

Inc.

(a)(b)

..............

237,490

2,524,519

41,608,129

Metals

&

Mining

—

1.4%

5E

Advanced

Materials,

Inc.

(a)(b)

.........

298,831

1,619,664

Alpha

Metallurgical

Resources,

Inc.

......

117,686

18,359,016

ATI,

Inc.

(a)(b)

.......................

962,398

37,976,225

Century

Aluminum

Co.

(b)

..............

394,893

3,948,930

Commercial

Metals

Co.

...............

153,341

7,498,375

Compass

Minerals

International,

Inc.

......

265,844

9,115,791

Constellium

SE,

Class

A

(b)

.............

518,400

7,921,152

Dakota

Gold

Corp.

(b)

.................

399,872

1,447,536

Hycroft

Mining

Holding

Corp.,

Class

A

(a)(b)

...

933,237

403,532

Ivanhoe

Electric,

Inc.

(a)(b)

..............

178,458

2,168,265

Kaiser

Aluminum

Corp.

...............

122,655

9,153,743

Materion

Corp.

....................

148,386

17,212,776

Novagold

Resources,

Inc.

(a)(b)

...........

1,778,882

11,064,646

Piedmont

Lithium,

Inc.

(a)(b)

.............

37,578

2,256,559

Ramaco

Resources,

Inc.

..............

177,009

1,559,449

Ryerson

Holding

Corp.

...............

7,461

271,431

Schnitzer

Steel

Industries,

Inc.,

Class

A

....

17,506

544,436

Warrior

Met

Coal,

Inc.

................

45,063

1,654,263

134,175,789

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

....................

46,616

1,333,217

PennyMac

Mortgage

Investment

Trust

.....

152,360

1,878,599

3,211,816

Office

REITs

—

0.0%

Corporate

Office

Properties

Trust

........

112,437

2,665,881

Postal

Realty

Trust,

Inc.,

Class

A

........

93,553

1,423,877

4,089,758

Oil,

Gas

&

Consumable

Fuels

—

4.3%

Amplify

Energy

Corp.

(a)(b)

..............

212,950

1,462,966

Arch

Resources,

Inc.,

Class

A

..........

115,434

15,174,954

Battalion

Oil

Corp.

(a)(b)

................

24,996

164,224

Berry

Corp.

.......................

99,695

782,606

Callon

Petroleum

Co.

(a)(b)

..............

314,696

10,523,434

Chord

Energy

Corp.

.................

191,304

25,749,518

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Growth

ETF

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

CNX

Resources

Corp.

(a)(b)

.............

71,575

$

1,146,631

Comstock

Resources,

Inc.

.............

711,846

7,680,818

CONSOL

Energy,

Inc.

................

250,032

14,569,365

Crescent

Energy

Co,

Class

A

...........

315,031

3,563,001

CVR

Energy,

Inc.

...................

231,648

7,593,421

Delek

US

Holdings,

Inc.

..............

544,824

12,503,711

Denbury,

Inc.

(b)

....................

388,652

34,057,575

Earthstone

Energy,

Inc.,

Class

A

(a)(b)

......

340,690

4,432,377

Empire

Petroleum

Corp.

(a)(b)

............

75,562

937,724

Energy

Fuels,

Inc.

(a)(b)

................

1,000,624

5,583,482

Equitrans

Midstream

Corp.

............

772,596

4,465,605

Golar

LNG

Ltd.

(b)

...................

42,566

919,426

Gulfport

Energy

Corp.

(a)(b)

.............

85,870

6,869,600

HighPeak

Energy,

Inc.

(a)

..............

52,894

1,216,562

Kinetik

Holdings,

Inc.,

Class

A

..........

15,020

470,126

Kosmos

Energy

Ltd.

(a)(b)

...............

3,493,124

25,988,842

Magnolia

Oil

&

Gas

Corp.,

Class

A

.......

1,361,849

29,797,256

Matador

Resources

Co.

..............

872,284

41,564,333

Murphy

Oil

Corp.

...................

498,260

18,425,655

NextDecade

Corp.

(a)(b)

................

241,502

1,200,265

Northern

Oil

and

Gas,

Inc.

.............

435,696

13,223,374

Par

Pacific

Holdings,

Inc.

(b)

............

381,396

11,136,763

PBF

Energy,

Inc.,

Class

A

.............

207,610

9,001,970

Permian

Resources

Corp.,

Class

A

.......

238,912

2,508,576

Ranger

Oil

Corp.,

Class

A

.............

150,058

6,128,369

Riley

Exploration

Permian,

Inc.

..........

52,068

1,981,708

Ring

Energy,

Inc.

(a)(b)

.................

278,323

528,814

SandRidge

Energy,

Inc.

(b)

.............

208,118

2,998,980

SilverBow

Resources,

Inc.

(a)(b)

..........

90,591

2,070,004

Sitio

Royalties

Corp.,

Class

A

...........

552,913

12,495,834

SM

Energy

Co.

(a)

...................

933,812

26,296,146

Talos

Energy,

Inc.

(a)(b)

................

544,644

8,082,517

Tellurian,

Inc.

(a)(b)

...................

3,966,919

4,879,310

Uranium

Energy

Corp.

(a)(b)

.............

2,774,622

7,990,911

Ur-Energy,

Inc.

(a)(b)

..................

1,479,033

1,567,775

VAALCO

Energy,

Inc.

................

809,379

3,666,487

Vertex

Energy,

Inc.

(a)(b)

...............

374,965

3,704,654

Vital

Energy,

Inc.

(a)(b)

.................

128,867

5,868,603

W&T

Offshore,

Inc.

(b)

................

610,000

3,098,800

404,073,072

Paper

&

Forest

Products

—

0.1%

Sylvamo

Corp.

....................

249,886

11,559,726

Passenger

Airlines

—

0.2%

(b)

Allegiant

Travel

Co.

.................

51,882

4,772,106

Frontier

Group

Holdings,

Inc.

...........

283,318

2,787,849

Joby

Aviation,

Inc.,

Class

A

(a)

...........

1,823,693

7,914,828

Sun

Country

Airlines

Holdings,

Inc.

.......

252,338

5,172,929

20,647,712

Personal

Care

Products

—

1.3%

Beauty

Health

Co.

(The),

Class

A

(a)(b)

......

605,375

7,645,886

BellRing

Brands,

Inc.

(a)(b)

..............

1,036,551

35,242,734

elf

Beauty,

Inc.

(b)

...................

380,176

31,307,494

Herbalife

Nutrition

Ltd.

(b)

..............

505,701

8,141,786

Inter

Parfums,

Inc.

..................

139,302

19,814,316

Medifast,

Inc.

.....................

84,902

8,801,790

Nu

Skin

Enterprises,

Inc.,

Class

A

........

160,286

6,300,843

Thorne

HealthTech,

Inc.

(a)(b)

............

103,172

476,655

USANA

Health

Sciences,

Inc.

(b)

.........

87,898

5,528,784

Veru,

Inc.

(a)(b)

......................

523,360

607,098

123,867,386

Security

Shares

Shares

Value

Pharmaceuticals

—

2.3%

Aclaris

Therapeutics,

Inc.

(b)

............

505,326

$

4,088,087

Amneal

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

..

804,144

1,117,760

Amphastar

Pharmaceuticals,

Inc.

(a)(b)

......

299,533

11,232,487

Amylyx

Pharmaceuticals,

Inc.

(a)(b)

........

75,166

2,205,370

AN2

Therapeutics,

Inc.

(b)

..............

20,883

206,115

Arvinas,

Inc.

(a)(b)

....................

378,091

10,329,446

Axsome

Therapeutics,

Inc.

(a)(b)

..........

247,069

15,239,216

Cassava

Sciences,

Inc.

(a)(b)

............

295,672

7,131,609

Collegium

Pharmaceutical,

Inc.

(b)

........

259,673

6,229,555

Corcept

Therapeutics,

Inc.

(a)(b)

..........

668,549

14,480,771

Esperion

Therapeutics,

Inc.

(b)

...........

582,779

926,619

Evolus,

Inc.

(a)(b)

....................

281,113

2,378,216

EyePoint

Pharmaceuticals,

Inc.

(a)(b)

.......

91,226

268,204

Harmony

Biosciences

Holdings,

Inc.

(b)

.....

204,370

6,672,681

Innoviva,

Inc.

(a)(b)

...................

488,520

5,495,850

Intra-Cellular

Therapies,

Inc.

(a)(b)

.........

710,203

38,457,492

Ligand

Pharmaceuticals,

Inc.

(b)

..........

14,819

1,090,086

Liquidia

Corp.

(a)(b)

...................

227,617

1,572,833

NGM

Biopharmaceuticals,

Inc.

(a)(b)

........

187,944

766,812

Ocular

Therapeutix,

Inc.

(a)(b)

............

585,916

3,087,777

Pacira

BioSciences,

Inc.

(b)

.............

349,870

14,278,195

Phathom

Pharmaceuticals,

Inc.

(a)(b)

.......

191,512

1,367,396

Phibro

Animal

Health

Corp.,

Class

A

......

151,559

2,321,884

Provention

Bio,

Inc.

(b)

................

417,135

10,052,954

Reata

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

...

178,151

16,197,489

Relmada

Therapeutics,

Inc.

(a)(b)

..........

149,622

338,146

Revance

Therapeutics,

Inc.

(a)(b)

..........

625,671

20,152,863

Scilex

Holding

Co.(Acquired

01/06/23,

cost

$809,658)

(a)(b)(e)

..................

77,257

626,296

SIGA

Technologies,

Inc.

..............

363,106

2,087,860

Theravance

Biopharma,

Inc.

(a)(b)

.........

451,441

4,898,135

Third

Harmonic

Bio,

Inc.

(a)(b)

............

39,645

163,337

Ventyx

Biosciences,

Inc.

(a)(b)

............

193,109

6,469,152

Xeris

Biopharma

Holdings,

Inc.

(a)(b)

.......

975,507

1,590,076

213,520,769

Professional

Services

—

3.9%

ASGN,

Inc.

(b)

......................

379,601

31,381,615

Atlas

Technical

Consultants,

Inc.

(b)

.......

106,802

1,301,916

Barrett

Business

Services,

Inc.

..........

48,734

4,319,782

CBIZ,

Inc.

(a)(b)

......................

370,286

18,325,454

CRA

International,

Inc.

(a)

..............

54,524

5,878,778

CSG

Systems

International,

Inc.

.........

242,823

13,039,595

ExlService

Holdings,

Inc.

(b)

............

251,484

40,697,656

Exponent,

Inc.

.....................

396,004

39,477,639

First

Advantage

Corp.

(a)(b)

.............

35,730

498,791

Forrester

Research,

Inc.

(b)

.............

92,423

2,989,884

Franklin

Covey

Co.

(a)(b)

...............

96,557

3,714,548

HireRight

Holdings

Corp.

(a)(b)

...........

166,557

1,767,170

Huron

Consulting

Group,

Inc.

(a)(b)

........

92,561

7,439,127

IBEX

Holdings

Ltd.

(b)

.................

71,352

1,740,989

ICF

International,

Inc.

................

101,515

11,136,195

Insperity,

Inc.

......................

278,040

33,795,762

Kforce,

Inc.

.......................

154,283

9,756,857

Korn

Ferry

.......................

407,015

21,058,956

Legalzoom.com,

Inc.

(a)(b)

..............

742,948

6,968,852

Maximus,

Inc.

.....................

444,120

34,952,244

NV5

Global,

Inc.

(a)(b)

.................

104,639

10,879,317

Planet

Labs

PBC

(a)(b)

.................

1,309,344

5,145,722

Red

Violet,

Inc.

(b)

...................

75,319

1,325,614

Sterling

Check

Corp.

(a)(b)

..............

172,198

1,920,008

TriNet

Group,

Inc.

(a)(b)

................

290,541

23,420,510

TTEC

Holdings,

Inc.

.................

146,500

5,454,195

Upwork,

Inc.

(b)

.....................

938,083

10,619,099

Verra

Mobility

Corp.,

Class

A

(a)(b)

.........

1,088,254

18,413,258

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Growth

ETF

Schedules

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Professional

Services

(continued)

Willdan

Group,

Inc.

(a)(b)

...............

10,338

$

161,479

367,581,012

Real

Estate

Management

&

Development

—

0.7%

Compass,

Inc.,

Class

A

(a)(b)

............

2,141,349

6,916,557

Cushman

&

Wakefield

plc

(a)(b)

...........

1,238,101

13,049,585

DigitalBridge

Group,

Inc.,

Class

A

........

1,104,363

13,241,312

Doma

Holdings,

Inc.

(a)(b)

...............

396,738

161,671

Douglas

Elliman,

Inc.

................

58,473

181,851

eXp

World

Holdings,

Inc.

..............

540,278

6,856,128

Forestar

Group,

Inc.

(b)

................

35,790

556,892

Marcus

&

Millichap,

Inc.

..............

200,049

6,423,573

Newmark

Group,

Inc.,

Class

A

..........

74,742

529,173

Offerpad

Solutions,

Inc.,

Class

A

(a)(b)

......

482,244

254,143

Redfin

Corp.

(a)(b)

....................

828,010

7,501,771

RMR

Group,

Inc.

(The),

Class

A

.........

82,850

2,173,984

St.

Joe

Co.

(The)

(a)

..................

270,787

11,267,447

69,114,087

Residential

REITs

—

0.1%

Bluerock

Homes

Trust,

Inc.,

Class

A

(b)

.....

15,546

308,122

Clipper

Realty,

Inc.

..................

104,950

602,413

NexPoint

Residential

Trust,

Inc.

.........

167,874

7,331,057

UMH

Properties,

Inc.

................

347,873

5,145,042

13,386,634

Retail

REITs

—

0.6%

Alexander's,

Inc.

...................

17,531

3,396,631

CBL

&

Associates

Properties,

Inc.

(a)

.......

40,529

1,039,163

Phillips

Edison

&

Co.,

Inc.

.............

914,569

29,833,241

Saul

Centers,

Inc.

..................

86,154

3,360,006

Tanger

Factory

Outlet

Centers,

Inc.

.......

796,301

15,631,389

53,260,430

Semiconductors

&

Semiconductor

Equipment

—

5.0%

ACM

Research,

Inc.,

Class

A

(b)

..........

47,071

550,731

Alpha

&

Omega

Semiconductor

Ltd.

(a)(b)

....

131,627

3,547,348

Ambarella,

Inc.

(a)(b)

..................

288,176

22,310,586

Amkor

Technology,

Inc.

...............

157,194

4,090,188

Atomera,

Inc.

(a)(b)

...................

158,528

1,009,823

Axcelis

Technologies,

Inc.

(b)

............

252,149

33,598,854

CEVA,

Inc.

(b)

......................

180,193

5,483,273

Credo

Technology

Group

Holding

Ltd.

(a)(b)

...

756,904

7,130,036

Diodes,

Inc.

(a)(b)

....................

252,312

23,404,461

FormFactor,

Inc.

(b)

..................

598,646

19,066,875

Impinj,

Inc.

(a)(b)

.....................

150,869

20,445,767

indie

Semiconductor,

Inc.,

Class

A

(b)

......

828,377

8,739,377

Kulicke

&

Soffa

Industries,

Inc.

(a)

.........

433,693

22,851,284

MACOM

Technology

Solutions

Holdings,

Inc.

(b)

422,105

29,901,918

MaxLinear,

Inc.

(b)

...................

564,420

19,873,228

Onto

Innovation,

Inc.

(b)

...............

385,428

33,871,413

PDF

Solutions,

Inc.

(a)(b)

...............

233,937

9,918,929

Photronics,

Inc.

(b)

...................

338,242

5,608,052

Power

Integrations,

Inc.

..............

442,385

37,443,466

Rambus,

Inc.

(b)

....................

699,405

35,851,500

Semtech

Corp.

(b)

...................

487,592

11,770,471

Silicon

Laboratories,

Inc.

(a)(b)

............

246,054

43,081,595

SiTime

Corp.

(a)(b)

...................

125,603

17,864,515

SkyWater

Technology,

Inc.

(b)

...........

93,619

1,065,384

SMART

Global

Holdings,

Inc.

(a)(b)

........

379,750

6,546,890

Synaptics,

Inc.

(b)

...................

307,676

34,198,187

Transphorm,

Inc.

(b)

..................

172,814

689,528

Ultra

Clean

Holdings,

Inc.

(a)(b)

...........

120,629

4,000,058

Veeco

Instruments,

Inc.

(b)

.............

319,588

6,752,895

470,666,632

Security

Shares

Shares

Value

Software

—

8.1%

8x8,

Inc.

(a)(b)

.......................

869,092

$

3,624,114

A10

Networks,

Inc.

..................

392,849

6,085,231

ACI

Worldwide,

Inc.

(a)(b)

...............

867,877

23,415,321

Agilysys,

Inc.

(b)

....................

154,528

12,750,105

Alarm.com

Holdings,

Inc.

(a)(b)

...........

373,484

18,778,776

Alkami

Technology,

Inc.

(a)(b)

............

285,154

3,610,050

Altair

Engineering,

Inc.,

Class

A

(a)(b)

.......

402,931

29,055,354

American

Software,

Inc.,

Class

A

........

187,911

2,369,558

Amplitude,

Inc.,

Class

A

(a)(b)

............

435,707

5,420,195

Appfolio,

Inc.,

Class

A

(a)(b)

.............

152,429

18,974,362

Appian

Corp.,

Class

A

(a)(b)

.............

310,318

13,771,913

Applied

Digital

Corp.

(b)

...............

197,022

441,329

Arteris,

Inc.

(a)(b)

.....................

124,517

526,707

Asana,

Inc.,

Class

A

(b)

................

568,426

12,010,841

AvePoint,

Inc.,

Class

A

(a)(b)

.............

1,022,169

4,211,336

Blackbaud,

Inc.

(a)(b)

..................

341,631

23,675,028

Blackline,

Inc.

(b)

....................

428,594

28,780,087

Box,

Inc.,

Class

A

(a)(b)

................

1,082,673

29,004,810

C3.ai,

Inc.,

Class

A

(a)(b)

...............

86,105

2,890,545

Clear

Secure,

Inc.,

Class

A

............

498,518

13,046,216

CommVault

Systems,

Inc.

(b)

............

346,572

19,664,495

Consensus

Cloud

Solutions,

Inc.

(a)(b)

......

71,794

2,447,457

Couchbase,

Inc.

(a)(b)

.................

217,124

3,052,763

CS

Disco,

Inc.

(a)(b)

...................

170,610

1,132,850

Digimarc

Corp.

(a)(b)

..................

98,475

1,935,034

Digital

Turbine,

Inc.

(a)(b)

...............

724,444

8,954,128

Domo,

Inc.,

Class

B

(b)

................

238,990

3,391,268

Ebix,

Inc.

........................

44,693

589,501

eGain

Corp.

(b)

.....................

71,867

545,471

Enfusion,

Inc.,

Class

A

(b)

..............

208,840

2,192,820

EngageSmart,

Inc.

(a)(b)

................

275,989

5,312,788

Envestnet,

Inc.

(a)(b)

..................

397,034

23,293,985

Everbridge,

Inc.

(b)

...................

310,931

10,779,978

EverCommerce,

Inc.

(a)(b)

..............

27,248

288,284

ForgeRock,

Inc.,

Class

A

(a)(b)

...........

244,079

5,028,027

Instructure

Holdings,

Inc.

(a)(b)

...........

14,423

373,556

Intapp,

Inc.

(a)(b)

.....................

112,769

5,056,562

InterDigital,

Inc.

....................

86,886

6,333,989

IronNet,

Inc.

(a)(b)

....................

483,366

169,952

LivePerson,

Inc.

(b)

..................

548,369

2,418,307

Matterport,

Inc.,

Class

A

(a)(b)

............

1,248,739

3,409,057

MeridianLink,

Inc.

(a)(b)

................

177,172

3,065,076

MicroStrategy,

Inc.,

Class

A

(a)(b)

..........

44,153

12,906,805

Mitek

Systems,

Inc.

(b)

................

310,015

2,973,044

Model

N,

Inc.

(a)(b)

...................

290,477

9,722,265

Momentive

Global,

Inc.

(b)

..............

1,007,588

9,390,720

N-able,

Inc.

(a)(b)

....................

463,618

6,119,758

NextNav,

Inc.

(a)(b)

...................

531,715

1,079,381

OneSpan,

Inc.

(b)

....................

112,539

1,969,433

PagerDuty,

Inc.

(a)(b)

..................

668,120

23,370,838

PowerSchool

Holdings,

Inc.,

Class

A

(b)

.....

124,672

2,470,999

Progress

Software

Corp.

..............

334,968

19,243,912

PROS

Holdings,

Inc.

(b)

...............

208,418

5,710,653

Q2

Holdings,

Inc.

(a)(b)

.................

434,598

10,699,803

Qualys,

Inc.

(a)(b)

....................

299,381

38,925,518

Rapid7,

Inc.

(b)

.....................

458,686

21,058,274

Rimini

Street,

Inc.

(b)

.................

374,587

1,543,298

Sapiens

International

Corp.

NV

.........

182,419

3,962,141

ShotSpotter,

Inc.

(a)(b)

.................

68,497

2,693,302

Sprout

Social,

Inc.,

Class

A

(a)(b)

..........

361,128

21,985,473

SPS

Commerce,

Inc.

(b)

...............

281,471

42,868,033

Sumo

Logic,

Inc.

(b)

..................

590,745

7,077,125

Telos

Corp.

(a)(b)

.....................

417,384

1,055,982

Tenable

Holdings,

Inc.

(a)(b)

.............

866,882

41,185,564

Terawulf,

Inc.

(a)(b)

...................

254,916

239,060

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Growth

ETF

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

Varonis

Systems,

Inc.

(b)

...............

828,507

$

21,549,467

Verint

Systems,

Inc.

(a)(b)

...............

455,105

16,948,110

Veritone,

Inc.

(a)(b)

...................

234,865

1,369,263

Viant

Technology,

Inc.,

Class

A

(b)

.........

105,080

457,098

Weave

Communications,

Inc.

(a)(b)

........

245,485

1,220,060

WM

Technology,

Inc.,

Class

A

(a)(b)

........

518,017

439,900

Workiva,

Inc.,

Class

A

(a)(b)

.............

369,575

37,848,176

Yext,

Inc.

(b)

.......................

870,156

8,362,199

Zeta

Global

Holdings

Corp.,

Class

A

(a)(b)

....

857,474

9,286,443

Zuora,

Inc.,

Class

A

(b)

................

974,792

9,630,945

757,240,268

Specialized

REITs

—

0.3%

Four

Corners

Property

Trust,

Inc.

........

67,416

1,810,794

Gladstone

Land

Corp.

(a)

..............

139,156

2,316,947

Outfront

Media,

Inc.

.................

1,134,679

18,415,840

PotlatchDeltic

Corp.

.................

61,892

3,063,654

25,607,235

Specialty

Retail

—

1.8%

Arko

Corp.

(a)

......................

656,752

5,575,824

Asbury

Automotive

Group,

Inc.

(a)(b)

........

49,643

10,425,030

Bed

Bath

&

Beyond,

Inc.

(a)(b)

............

495,117

211,613

Boot

Barn

Holdings,

Inc.

(a)(b)

............

228,394

17,504,116

Buckle,

Inc.

(The)

..................

216,445

7,724,922

Build-A-Bear

Workshop,

Inc.

...........

74,295

1,726,616

Caleres,

Inc.

......................

264,216

5,714,992

Camping

World

Holdings,

Inc.,

Class

A

....

296,114

6,179,899

CarParts.com,

Inc.

(b)

.................

388,668

2,075,487

Chico's

FAS,

Inc.

(a)(b)

.................

670,489

3,687,690

Children's

Place,

Inc.

(The)

(a)(b)

..........

59,333

2,388,153

Citi

Trends,

Inc.

(a)(b)

..................

5,090

96,812

Designer

Brands,

Inc.,

Class

A

..........

269,274

2,353,455

Destination

XL

Group,

Inc.

(a)(b)

..........

228,327

1,258,082

Duluth

Holdings,

Inc.,

Class

B

(a)(b)

........

47,281

301,653

EVgo,

Inc.,

Class

A

(a)(b)

...............

104,623

815,013

Franchise

Group,

Inc.

................

188,983

5,149,787

Guess?,

Inc.

......................

234,063

4,554,866

Hibbett,

Inc.

......................

77,159

4,550,838

Lulu's

Fashion

Lounge

Holdings,

Inc.

(a)(b)

...

119,288

283,905

MarineMax,

Inc.

(a)(b)

.................

11,746

337,698

Murphy

USA,

Inc.

(a)

.................

155,848

40,216,576

National

Vision

Holdings,

Inc.

(a)(b)

........

37,207

700,980

OneWater

Marine,

Inc.,

Class

A

(b)

........

5,493

153,639

PetMed

Express,

Inc.

................

141,116

2,291,724

RealReal,

Inc.

(The)

(a)(b)

...............

96,101

121,087

Rent

the

Runway,

Inc.,

Class

A

(a)(b)

.......

354,392

1,010,017

Revolve

Group,

Inc.,

Class

A

(a)(b)

.........

316,300

8,318,690

Sally

Beauty

Holdings,

Inc.

(a)(b)

..........

768,111

11,967,169

Sleep

Number

Corp.

(a)(b)

..............

73,575

2,237,416

Stitch

Fix,

Inc.,

Class

A

(a)(b)

.............

248,451

1,269,585

ThredUp,

Inc.,

Class

A

(b)

..............

37,473

94,807

Torrid

Holdings,

Inc.

(a)(b)

...............

55,300

241,108

Upbound

Group,

Inc.

................

386,810

9,480,713

Warby

Parker,

Inc.,

Class

A

(a)(b)

..........

653,692

6,922,598

167,942,560

Technology

Hardware,

Storage

&

Peripherals

—

0.5%

(b)

Avid

Technology,

Inc.

(a)

...............

169,511

5,420,962

CompoSecure,

Inc.,

Class

A

...........

52,245

384,523

Corsair

Gaming,

Inc.

(a)

...............

178,970

3,284,100

Diebold

Nixdorf,

Inc.

(a)

................

430,537

516,644

IonQ,

Inc.

(a)

.......................

119,143

732,729

Super

Micro

Computer,

Inc.

(a)

...........

363,868

38,770,135

Security

Shares

Shares

Value

Technology

Hardware,

Storage

&

Peripherals

(continued)

Turtle

Beach

Corp.

..................

103,432

$

1,036,389

50,145,482

Textiles,

Apparel

&

Luxury

Goods

—

1.3%

Allbirds,

Inc.,

Class

A

(b)

...............

189,813

227,776

Crocs,

Inc.

(a)(b)

.....................

469,718

59,391,144

Ermenegildo

Zegna

NV

(a)

.............

103,468

1,411,303

Kontoor

Brands,

Inc.

.................

430,562

20,834,895

Oxford

Industries,

Inc.

...............

80,193

8,467,579

Rocky

Brands,

Inc.

..................

6,748

155,676

Steven

Madden

Ltd.

.................

595,542

21,439,512

Wolverine

World

Wide,

Inc.

............

597,517

10,187,665

122,115,550

Tobacco

—

0.1%

22nd

Century

Group,

Inc.

(a)(b)

...........

1,218,446

936,985

Turning

Point

Brands,

Inc.

.............

115,185

2,418,885

Vector

Group

Ltd.

..................

164,288

1,973,099

5,328,969

Trading

Companies

&

Distributors

—

1.8%

Alta

Equipment

Group,

Inc.,

Class

A

......

23,351

370,113

Applied

Industrial

Technologies,

Inc.

......

297,626

42,301,583

Beacon

Roofing

Supply,

Inc.

(a)(b)

.........

278,955

16,416,502

Boise

Cascade

Co.

.................

63,228

3,999,171

Custom

Truck

One

Source,

Inc.

(a)(b)

.......

131,915

895,703

Distribution

Solutions

Group,

Inc.

(a)(b)

......

32,877

1,494,588

GATX

Corp.

......................

15,923

1,751,848

Global

Industrial

Co.

.................

76,803

2,061,393

GMS,

Inc.

(b)

.......................

322,126

18,647,874

H&E

Equipment

Services,

Inc.

..........

248,755

11,002,434

Herc

Holdings,

Inc.

..................

194,382

22,140,110

Hudson

Technologies,

Inc.

(a)(b)

..........

337,769

2,948,723

Karat

Packaging,

Inc.

................

42,164

562,046

McGrath

RentCorp

..................

189,928

17,722,182

MRC

Global,

Inc.

(b)

..................

648,419

6,302,633

Textainer

Group

Holdings

Ltd.

..........

46,182

1,482,904

Transcat,

Inc.

(a)(b)

...................

56,241

5,027,383

Veritiv

Corp.

(a)

.....................

101,086

13,660,762

Xometry,

Inc.,

Class

A

(a)(b)

.............

264,872

3,965,134

172,753,086

Water

Utilities

—

0.4%

American

States

Water

Co.

(a)

...........

138,697

12,328,776

Artesian

Resources

Corp.,

Class

A,

NVS

(a)

..

47,130

2,609,117

California

Water

Service

Group

.........

112,892

6,570,314

Global

Water

Resources,

Inc.

...........

113,774

1,414,211

Middlesex

Water

Co.

................

49,281

3,849,832

Pure

Cycle

Corp.

(b)

..................

161,573

1,526,865

York

Water

Co.

(The)

................

114,873

5,134,823

33,433,938

Wireless

Telecommunication

Services

—

0.0%

Gogo,

Inc.

(b)

......................

30,758

445,991

Total

Common

Stocks

—

99.8%

(Cost:

$10,384,440,239)

...........................

9,355,767,556

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Growth

ETF

Schedules

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Rights

Biotechnology

—

0.0%

(b)(d)

Contra

Aduro

Biotech

I,

CVR

...........

105,692

$

268,351

Oncternal

Therapeutics,

Inc.,

CVR

(a)

......

6,020

6,170

Total

Rights

—

0.0%

(Cost:

$12,341)

................................

274,521

Total

Long-Term

Investments

—

99.8%

(Cost:

$10,384,452,580)

...........................

9,356,042,077

Short-Term

Securities

Money

Market

Funds

—

14.9%

(f)(g)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(h)

............

1,385,062,733

1,385,478,252

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

..................

12,196,139

12,196,139

Total

Short-Term

Securities

—

14.9%

(Cost:

$1,396,905,311)

...........................

1,397,674,391

Total

Investments

—

114.7%

(Cost:

$11,781,357,891

)

...........................

10,753,716,468

Liabilities

in

Excess

of

Other

Assets

—

(14.7)%

...........

(1,375,494,274)

Net

Assets

—

100.0%

..............................

$

9,378,222,194

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$626,296,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$809,658.

(f)

Affiliate

of

the

Fund.

(g)

Annualized

7-day

yield

as

of

period

end.

(h)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/23

Shares

Held

at

03/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

1,616,083,640

$

—

$

(231,454,182)

(a)

$

97,715

$

751,079

$

1,385,478,252

1,385,062,733

$

22,408,974

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

11,160,000

1,036,139

(a)

—

—

—

12,196,139

12,196,139

465,833

23

$

97,715

$

751,079

$

1,397,674,391

$

22,874,807

$

23

—

—

(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.

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Growth

ETF

42

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

196

06/16/23

$

17,772

$

550,538

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

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)

......

$

—

$

—

$

550,538

$

—

$

—

$

—

$

550,538

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

For

the

period

ended

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(3,707,187)

$

—

$

—

$

—

$

(3,707,187)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

114,220

$

—

$

—

$

—

$

114,220

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

21,110,349

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Growth

ETF

Schedules

of

Investments

43

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

.........................................

$

9,355,141,257

$

626,296

$

3

$

9,355,767,556

Rights

................................................

—

—

274,521

274,521

Short-Term

Securities

Money

Market

Funds

......................................

1,397,674,391

—

—

1,397,674,391

$

10,752,815,648

$

626,296

$

274,524

$

10,753,716,468

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

550,538

$

—

$

—

$

550,538

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2023

ishares

Annual

Report

to

Shareholders

Schedule

of

Investments

March

31,

2023

iShares

®

Russell

2000

Value

ETF

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.6%

AAR

Corp.

(a)

......................

342,425

$

18,679,284

Aerojet

Rocketdyne

Holdings,

Inc.

(a)

......

203,243

11,416,159

AerSale

Corp.

(a)(b)

...................

254,482

4,382,180

Archer

Aviation,

Inc.,

Class

A

(a)(b)

.........

1,498,400

4,285,424

Astra

Space,

Inc.,

Class

A

(a)(b)

...........

1,589,472

675,526

Astronics

Corp.

(a)

...................

264,343

3,531,623

Ducommun,

Inc.

(a)

..................

114,218

6,248,867

Kaman

Corp.

.....................

289,261

6,612,506

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

.

1,275,806

17,197,865

Maxar

Technologies,

Inc.

..............

758,668

38,737,588

Momentus,

Inc.,

Class

A

(a)(b)

............

349,077

204,210

Moog,

Inc.,

Class

A

.................

245,819

24,766,264

National

Presto

Industries,

Inc.

..........

51,891

3,740,822

Park

Aerospace

Corp.

................

196,011

2,636,348

Parsons

Corp.

(a)

....................

350,468

15,679,938

Redwire

Corp.

(a)(b)

...................

186,957

566,480

Terran

Orbital

Corp.

(a)(b)

...............

410,224

754,812

Triumph

Group,

Inc.

(a)

................

658,459

7,631,540

V2X,

Inc.

(a)(b)

......................

123,156

4,891,756

Virgin

Galactic

Holdings,

Inc.

(a)(b)

.........

1,322,844

5,357,518

177,996,710

Air

Freight

&

Logistics

—

0.3%

(a)

Air

Transport

Services

Group,

Inc.

(b)

......

370,019

7,707,496

Hub

Group,

Inc.,

Class

A

(b)

.............

333,277

27,975,272

Radiant

Logistics,

Inc.

...............

289,506

1,899,159

37,581,927

Automobile

Components

—

1.2%

Adient

plc

(a)

.......................

981,093

40,185,569

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

(b)

...........................

1,096,138

8,560,838

Dana,

Inc.

........................

1,336,263

20,110,758

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

......

2,896,713

31,921,777

Modine

Manufacturing

Co.

(a)

...........

514,864

11,867,615

Motorcar

Parts

of

America,

Inc.

(a)(b)

.......

194,764

1,449,044

Patrick

Industries,

Inc.

...............

200,285

13,781,611

Solid

Power,

Inc.,

Class

A

(a)(b)

...........

815,185

2,453,707

Standard

Motor

Products,

Inc.

..........

208,180

7,683,924

Stoneridge,

Inc.

(a)(b)

..................

232,068

4,339,672

142,354,515

Automobiles

—

0.2%

(b)

Cenntro

Electric

Group

Ltd.

(a)

...........

1,843,723

851,432

Faraday

Future

Intelligent

Electric,

Inc.

(a)

...

2,499,001

884,896

Lordstown

Motors

Corp.,

Class

A

(a)

.......

1,799,431

1,193,203

Winnebago

Industries,

Inc.

............

307,630

17,750,251

Workhorse

Group,

Inc.

(a)

..............

121,422

161,491

20,841,273

Banks

—

16.1%

1st

Source

Corp.

...................

170,357

7,350,905

ACNB

Corp.

......................

86,249

2,807,405

Amalgamated

Financial

Corp.

..........

187,920

3,324,305

Amerant

Bancorp,

Inc.,

Class

A

.........

288,701

6,282,134

American

National

Bankshares,

Inc.

......

108,761

3,447,724

Ameris

Bancorp

....................

675,808

24,721,057

Arrow

Financial

Corp.

................

148,764

3,705,711

Associated

Banc-Corp.

...............

1,562,578

28,095,152

Atlantic

Union

Bankshares

Corp.

........

766,847

26,877,987

Axos

Financial,

Inc.

(a)

................

531,347

19,617,331

Banc

of

California,

Inc.

...............

544,947

6,828,186

BancFirst

Corp.

....................

82,866

6,886,165

Bancorp,

Inc.

(The)

(a)(b)

...............

228,523

6,364,366

Bank

First

Corp.

(b)

..................

79,643

5,860,132

Security

Shares

Shares

Value

Banks

(continued)

Bank

of

Marin

Bancorp

...............

173,658

$

3,801,374

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

....

488,027

13,176,729

BankUnited,

Inc.

...................

748,502

16,901,175

Bankwell

Financial

Group,

Inc.

..........

65,350

1,624,601

Banner

Corp.

.....................

336,243

18,281,532

Bar

Harbor

Bankshares

..............

156,970

4,151,856

BayCom

Corp.

(b)

...................

117,044

1,999,111

BCB

Bancorp,

Inc.

..................

154,792

2,032,419

Berkshire

Hills

Bancorp,

Inc.

...........

442,817

11,096,994

Blue

Foundry

Bancorp

(a)(b)

.............

266,912

2,541,002

Blue

Ridge

Bankshares,

Inc.

...........

174,022

1,775,024

Bridgewater

Bancshares,

Inc.

(a)(b)

........

172,615

1,871,147

Brookline

Bancorp,

Inc.

...............

852,796

8,954,358

Business

First

Bancshares,

Inc.

.........

249,013

4,265,593

Byline

Bancorp,

Inc.

.................

262,280

5,670,494

Cadence

Bank

....................

1,588,817

32,983,841

Cambridge

Bancorp

.................

73,026

4,732,815

Camden

National

Corp.

..............

155,105

5,613,250

Capital

Bancorp,

Inc.

................

94,438

1,571,448

Capital

City

Bank

Group,

Inc.

...........

146,913

4,306,020

Capitol

Federal

Financial,

Inc.

..........

1,304,478

8,779,137

Capstar

Financial

Holdings,

Inc.

.........

217,496

3,295,064

Carter

Bankshares,

Inc.

(a)

.............

258,802

3,623,228

Cathay

General

Bancorp

..............

731,953

25,267,018

Central

Pacific

Financial

Corp.

..........

249,654

4,468,807

Citizens

&

Northern

Corp.

.............

162,258

3,469,076

City

Holding

Co.

...................

144,303

13,114,257

Civista

Bancshares,

Inc.

..............

165,898

2,800,358

CNB

Financial

Corp.

.................

217,247

4,171,142

Colony

Bankcorp,

Inc.

...............

175,008

1,785,082

Columbia

Financial,

Inc.

(a)(b)

............

232,676

4,253,317

Community

Bank

System,

Inc.

..........

508,944

26,714,471

Community

Trust

Bancorp,

Inc.

.........

167,503

6,356,739

ConnectOne

Bancorp,

Inc.

............

394,095

6,967,600

CrossFirst

Bankshares,

Inc.

(a)(b)

.........

465,953

4,883,187

Customers

Bancorp,

Inc.

(a)

.............

301,696

5,587,410

CVB

Financial

Corp.

.................

1,372,557

22,894,251

Dime

Community

Bancshares,

Inc.

.......

338,884

7,699,444

Eagle

Bancorp,

Inc.

.................

303,421

10,155,501

Eastern

Bankshares,

Inc.

.............

1,279,063

16,141,775

Enterprise

Bancorp,

Inc.

..............

97,053

3,053,287

Enterprise

Financial

Services

Corp.

......

372,265

16,599,296

Equity

Bancshares,

Inc.,

Class

A

........

159,888

3,896,471

Esquire

Financial

Holdings,

Inc.

.........

13,265

518,661

Farmers

&

Merchants

Bancorp,

Inc.

......

91,803

2,232,649

Farmers

National

Banc

Corp.

...........

367,346

4,643,253

FB

Financial

Corp.

..................

383,481

11,918,589

Financial

Institutions,

Inc.

.............

163,803

3,158,122

First

Bancorp

.....................

377,877

13,422,191

First

BanCorp

.....................

1,681,383

19,201,394

First

Bancorp,

Inc.

(The)

..............

103,374

2,676,353

First

Bancshares,

Inc.

(The)

............

268,276

6,929,569

First

Bank

........................

157,258

1,588,306

First

Busey

Corp.

...................

549,662

11,180,125

First

Business

Financial

Services,

Inc.

.....

89,617

2,734,215

First

Commonwealth

Financial

Corp.

......

963,967

11,982,110

First

Community

Bankshares,

Inc.

.......

170,678

4,275,484

First

Financial

Bancorp

...............

903,174

19,662,098

First

Financial

Corp.

.................

125,771

4,713,897

First

Foundation,

Inc.

................

543,814

4,051,414

First

Guaranty

Bancshares,

Inc.

(b)

........

54,025

846,572

First

Internet

Bancorp

................

86,727

1,444,005

First

Interstate

BancSystem,

Inc.,

Class

A

..

933,170

27,864,456

First

Merchants

Corp.

................

602,926

19,866,412

First

Mid

Bancshares,

Inc.

.............

203,801

5,547,463

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

First

of

Long

Island

Corp.

(The)

.........

234,918

$

3,171,393

First

Western

Financial,

Inc.

(a)

..........

84,607

1,675,219

Five

Star

Bancorp

..................

82,816

1,767,293

Flushing

Financial

Corp.

..............

300,219

4,470,261

Fulton

Financial

Corp.

................

1,701,216

23,510,805

FVCBankcorp,

Inc.

(a)(b)

...............

146,987

1,565,412

German

American

Bancorp,

Inc.

.........

299,272

9,986,707

Glacier

Bancorp,

Inc.

(b)

...............

1,002,591

42,118,848

Great

Southern

Bancorp,

Inc.

...........

104,018

5,271,632

Guaranty

Bancshares,

Inc.

............

84,865

2,365,188

Hancock

Whitney

Corp.

..............

887,161

32,292,660

Hanmi

Financial

Corp.

...............

298,593

5,544,872

HarborOne

Bancorp,

Inc.

.............

464,294

5,664,387

HBT

Financial,

Inc.

..................

126,305

2,490,735

Heartland

Financial

USA,

Inc.

..........

434,717

16,675,744

Heritage

Commerce

Corp.

.............

634,788

5,287,784

Heritage

Financial

Corp.

..............

353,863

7,572,668

Hilltop

Holdings,

Inc.

.................

523,708

15,538,416

Hingham

Institution

for

Savings

(The)

(b)

....

14,755

3,444,407

Home

Bancorp,

Inc.

.................

75,914

2,507,439

Home

BancShares,

Inc.

..............

1,958,646

42,522,205

HomeStreet,

Inc.

...................

181,842

3,271,338

HomeTrust

Bancshares,

Inc.

...........

130,904

3,218,929

Hope

Bancorp,

Inc.

.................

1,118,299

10,981,696

Horizon

Bancorp,

Inc.

................

420,149

4,646,848

Independent

Bank

Corp.

..............

637,517

31,736,080

Independent

Bank

Group,

Inc.

..........

368,288

17,070,149

International

Bancshares

Corp.

.........

560,198

23,987,678

John

Marshall

Bancorp,

Inc.

...........

116,464

2,515,622

Kearny

Financial

Corp.

...............

622,975

5,058,557

Lakeland

Bancorp,

Inc.

...............

662,070

10,354,775

Lakeland

Financial

Corp.

..............

23,394

1,465,400

Live

Oak

Bancshares,

Inc.

(b)

............

78,289

1,907,903

Luther

Burbank

Corp.

................

164,867

1,562,939

Macatawa

Bank

Corp.

...............

300,803

3,074,207

Mercantile

Bank

Corp.

...............

171,196

5,235,174

Metrocity

Bankshares,

Inc.

............

148,840

2,543,676

Metropolitan

Bank

Holding

Corp.

(a)

.......

100,969

3,421,839

Mid

Penn

Bancorp,

Inc.

...............

154,406

3,954,338

Midland

States

Bancorp,

Inc.

...........

221,782

4,750,570

MidWestOne

Financial

Group,

Inc.

.......

152,662

3,728,006

MVB

Financial

Corp.

................

106,472

2,197,582

National

Bank

Holdings

Corp.,

Class

A

....

278,875

9,331,157

NBT

Bancorp,

Inc.

..................

417,441

14,071,936

Nicolet

Bankshares,

Inc.

(a)(b)

............

115,381

7,274,772

Northeast

Bank

....................

69,173

2,328,363

Northfield

Bancorp,

Inc.

..............

444,368

5,234,655

Northwest

Bancshares,

Inc.

............

1,193,088

14,352,849

OceanFirst

Financial

Corp.

............

620,031

11,458,173

OFG

Bancorp

.....................

469,943

11,720,378

Old

National

Bancorp

................

3,053,101

44,025,716

Old

Second

Bancorp,

Inc.

.............

441,081

6,201,599

Origin

Bancorp,

Inc.

.................

241,685

7,770,173

Orrstown

Financial

Services,

Inc.

........

108,653

2,157,849

Pacific

Premier

Bancorp,

Inc.

...........

901,554

21,655,327

Park

National

Corp.

.................

147,322

17,467,970

Parke

Bancorp,

Inc.

.................

105,134

1,869,282

Pathward

Financial,

Inc.

..............

199,226

8,265,887

PCB

Bancorp

.....................

131,553

1,906,203

Peapack-Gladstone

Financial

Corp.

(b)

.....

185,078

5,482,010

Peoples

Bancorp,

Inc.

...............

301,679

7,768,234

Peoples

Financial

Services

Corp.

........

71,902

3,116,952

Pioneer

Bancorp,

Inc.

(a)(b)

..............

127,622

1,258,353

Preferred

Bank

....................

97,374

5,337,069

Premier

Financial

Corp.

..............

376,864

7,812,391

Security

Shares

Shares

Value

Banks

(continued)

Primis

Financial

Corp.

................

235,731

$

2,270,090

Provident

Bancorp,

Inc.

(b)

.............

149,051

1,019,509

Provident

Financial

Services,

Inc.

........

725,083

13,907,092

QCR

Holdings,

Inc.

.................

168,616

7,403,929

RBB

Bancorp

.....................

156,859

2,431,314

Red

River

Bancshares,

Inc.

............

43,845

2,109,383

Renasant

Corp.

....................

534,959

16,359,046

Republic

Bancorp,

Inc.,

Class

A

.........

92,781

3,936,698

Republic

First

Bancorp,

Inc.

(a)(b)

.........

637,309

866,740

S&T

Bancorp,

Inc.

..................

380,064

11,953,013

Sandy

Spring

Bancorp,

Inc.

............

465,234

12,086,779

Seacoast

Banking

Corp.

of

Florida

.......

741,345

17,569,876

Shore

Bancshares,

Inc.

...............

192,019

2,742,031

Sierra

Bancorp

....................

147,438

2,538,882

Simmons

First

National

Corp.,

Class

A

....

1,192,036

20,848,710

SmartFinancial,

Inc.

.................

164,737

3,812,014

South

Plains

Financial,

Inc.

............

107,340

2,298,149

Southern

First

Bancshares,

Inc.

(a)(b)

.......

81,609

2,505,396

Southern

Missouri

Bancorp,

Inc.

.........

81,402

3,045,249

Southside

Bancshares,

Inc.

............

310,071

10,294,357

SouthState

Corp.

...................

778,300

55,461,658

Stellar

Bancorp,

Inc.

.................

473,565

11,654,435

Sterling

Bancorp,

Inc.

(a)(b)

..............

177,663

1,005,573

Stock

Yards

Bancorp,

Inc.

.............

50,477

2,783,302

Summit

Financial

Group,

Inc.

...........

115,333

2,393,160

Texas

Capital

Bancshares,

Inc.

(a)

........

507,954

24,869,428

Third

Coast

Bancshares,

Inc.

(a)(b)

.........

122,352

1,922,150

Tompkins

Financial

Corp.

.............

146,000

9,666,660

Towne

Bank

......................

729,705

19,446,638

TriCo

Bancshares

..................

328,843

13,676,580

Triumph

Financial,

Inc.

(a)(b)

.............

148,836

8,641,418

TrustCo

Bank

Corp.

.................

189,659

6,057,708

Trustmark

Corp.

...................

600,990

14,844,453

UMB

Financial

Corp.

................

460,036

26,553,278

United

Bankshares,

Inc.

..............

1,335,678

47,015,866

United

Community

Banks,

Inc.

..........

1,085,161

30,514,727

Unity

Bancorp,

Inc.

..................

74,583

1,701,238

Univest

Financial

Corp.

...............

312,210

7,411,865

USCB

Financial

Holdings,

Inc.,

Class

A

(a)(b)

..

106,217

1,050,486

Valley

National

Bancorp

..............

4,487,612

41,465,535

Veritex

Holdings,

Inc.

................

384,180

7,015,127

Washington

Federal,

Inc.

..............

662,439

19,952,663

Washington

Trust

Bancorp,

Inc.

.........

185,350

6,424,231

WesBanco,

Inc.

....................

599,548

18,406,124

West

BanCorp,

Inc.

.................

140,509

2,567,099

Westamerica

BanCorp

...............

198,542

8,795,411

WSFS

Financial

Corp.

...............

605,932

22,789,102

1,840,031,450

Beverages

—

0.2%

Primo

Water

Corp.

..................

1,625,307

24,948,463

Vintage

Wine

Estates,

Inc.

(a)(b)

..........

278,088

297,554

25,246,017

Biotechnology

—

5.2%

(a)

2seventy

bio,

Inc.

(b)

.................

391,102

3,989,240

4D

Molecular

Therapeutics,

Inc.

.........

307,821

5,291,443

Absci

Corp.

(b)

.....................

529,274

926,230

Acrivon

Therapeutics,

Inc.

(b)

............

47,145

598,270

Adicet

Bio,

Inc.

(b)

...................

309,358

1,781,902

ADMA

Biologics,

Inc.

(b)

...............

1,193,611

3,950,852

Aerovate

Therapeutics,

Inc.

(b)

...........

91,995

1,855,539

Affimed

NV

.......................

228,045

170,030

Agios

Pharmaceuticals,

Inc.

............

562,503

12,920,694

Akero

Therapeutics,

Inc.

..............

335,129

12,822,036

2023

ishares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Value

ETF

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Allogene

Therapeutics,

Inc.

(b)

...........

828,097

$

4,090,799

Allovir,

Inc.

(b)

......................

312,707

1,232,066

Alpine

Immune

Sciences,

Inc.

(b)

.........

129,481

999,593

ALX

Oncology

Holdings,

Inc.

(b)

..........

228,744

1,033,923

AnaptysBio,

Inc.

(b)

..................

210,971

4,590,729

Anika

Therapeutics,

Inc.

..............

148,563

4,266,729

Arbutus

Biopharma

Corp.

.............

535,522

1,622,632

Arcellx,

Inc.

(b)

.....................

305,667

9,417,600

Arcturus

Therapeutics

Holdings,

Inc.

(b)

.....

21,778

522,019

Arcus

Biosciences,

Inc.

(b)

..............

531,506

9,694,669

Atara

Biotherapeutics,

Inc.

(b)

...........

897,346

2,602,303

Avidity

Biosciences,

Inc.

(b)

.............

673,180

10,333,313

BioCryst

Pharmaceuticals,

Inc.

(b)

.........

589,605

4,917,306

Biohaven

Ltd.

.....................

248,837

3,399,113

Bioxcel

Therapeutics,

Inc.

(b)

............

197,631

3,687,794

Bluebird

Bio,

Inc.

(b)

..................

1,067,261

3,393,890

Bridgebio

Pharma,

Inc.

(b)

..............

414,280

6,868,762

C4

Therapeutics,

Inc.

................

426,691

1,339,810

Caribou

Biosciences,

Inc.

(b)

............

588,321

3,123,985

Celldex

Therapeutics,

Inc.

.............

373,277

13,430,506

Century

Therapeutics,

Inc.

(b)

...........

198,845

689,992

Chimerix,

Inc.

.....................

282,703

356,206

Chinook

Therapeutics,

Inc.

(b)

...........

523,241

12,113,029

Cogent

Biosciences,

Inc.

(b)

.............

662,502

7,148,397

Crinetics

Pharmaceuticals,

Inc.

(b)

........

468,897

7,530,486

CTI

BioPharma

Corp.

(b)

...............

836,285

3,512,397

Cullinan

Oncology,

Inc.

...............

274,348

2,806,580

Cytokinetics,

Inc.

(b)

..................

82,252

2,894,448

Day

One

Biopharmaceuticals,

Inc.

.......

285,391

3,815,678

Deciphera

Pharmaceuticals,

Inc.

(b)

.......

380,137

5,873,117

Design

Therapeutics,

Inc.

(b)

............

347,541

2,005,312

Dyne

Therapeutics,

Inc.

..............

324,026

3,732,780

Editas

Medicine,

Inc.

(b)

...............

714,633

5,181,089

Eiger

BioPharmaceuticals,

Inc.

(b)

.........

62,923

56,436

Emergent

BioSolutions,

Inc.

............

524,959

5,438,575

Enanta

Pharmaceuticals,

Inc.

...........

184,242

7,450,747

Enochian

Biosciences,

Inc.

(b)

...........

206,114

188,615

EQRx,

Inc.

(b)

......................

2,046,677

3,970,553

Erasca,

Inc.

(b)

.....................

744,723

2,241,616

FibroGen,

Inc.

(b)

....................

103,388

1,929,220

Generation

Bio

Co.

(b)

................

479,651

2,062,499

Geron

Corp.

(b)

.....................

1,352,784

2,935,541

HilleVax,

Inc.

(b)

.....................

140,757

2,326,713

Icosavax,

Inc.

(b)

....................

223,439

1,295,946

Ideaya

Biosciences,

Inc.

..............

455,213

6,250,075

IGM

Biosciences,

Inc.

(b)

...............

27,574

378,867

ImmunityBio,

Inc.

(b)

..................

200,444

364,808

ImmunoGen,

Inc.

(b)

..................

1,108,547

4,256,820

Immunovant,

Inc.

...................

455,787

7,069,256

Inovio

Pharmaceuticals,

Inc.

(b)

..........

2,594,729

2,127,678

Instil

Bio,

Inc.

.....................

701,254

463,389

Intellia

Therapeutics,

Inc.

(b)

............

295,838

11,025,882

Invivyd,

Inc.

(b)

.....................

521,796

626,155

Iovance

Biotherapeutics,

Inc.

(b)

..........

1,564,190

9,557,201

iTeos

Therapeutics,

Inc.

..............

245,446

3,340,520

Janux

Therapeutics,

Inc.

(b)

.............

179,082

2,166,892

Jounce

Therapeutics,

Inc.

.............

446,130

825,341

KalVista

Pharmaceuticals,

Inc.

(b)

.........

247,841

1,948,030

Keros

Therapeutics,

Inc.

(b)

.............

10,952

467,650

Kezar

Life

Sciences,

Inc.

..............

532,946

1,668,121

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

.....

13,039

140,300

Kinnate

Biopharma,

Inc.

..............

294,101

1,838,131

Kodiak

Sciences,

Inc.

(b)

...............

336,008

2,083,250

Kronos

Bio,

Inc.

(b)

...................

398,023

581,114

Krystal

Biotech,

Inc.

(b)

................

146,796

11,752,488

Security

Shares

Shares

Value

Biotechnology

(continued)

Kura

Oncology,

Inc.

(b)

................

672,839

$

8,228,821

Kymera

Therapeutics,

Inc.

(b)

............

390,652

11,575,019

Lexicon

Pharmaceuticals,

Inc.

..........

533,737

1,296,981

Lyell

Immunopharma,

Inc.

(b)

............

1,805,234

4,260,352

MacroGenics,

Inc.

(b)

.................

624,555

4,478,059

MannKind

Corp.

(b)

..................

2,351,779

9,642,294

MeiraGTx

Holdings

plc

...............

312,529

1,615,775

Mersana

Therapeutics,

Inc.

(b)

...........

960,335

3,946,977

MiMedx

Group,

Inc.

(b)

................

1,174,334

4,004,479

Mineralys

Therapeutics,

Inc.

...........

68,786

1,077,189

Monte

Rosa

Therapeutics,

Inc.

(b)

.........

299,796

2,335,411

Morphic

Holding,

Inc.

(b)

...............

38,266

1,440,332

Myriad

Genetics,

Inc.

................

819,220

19,030,481

Nkarta,

Inc.

(b)

......................

335,197

1,189,949

Nurix

Therapeutics,

Inc.

(b)

.............

482,468

4,284,316

Nuvalent,

Inc.,

Class

A

(b)

..............

207,621

5,416,832

Pardes

Biosciences,

Inc.

(b)

.............

331,592

437,701

PepGen,

Inc.

(b)

....................

125,883

1,539,549

PMV

Pharmaceuticals,

Inc.

(b)

...........

386,191

1,842,131

Point

Biopharma

Global,

Inc.

...........

51,179

372,071

Praxis

Precision

Medicines,

Inc.

(b)

........

469,474

379,804

Precigen,

Inc.

(b)

....................

216,409

229,394

Prime

Medicine,

Inc.

(b)

................

61,666

758,492

Protagonist

Therapeutics,

Inc.

..........

481,225

11,068,175

PTC

Therapeutics,

Inc.

(b)

..............

175,466

8,499,573

Rallybio

Corp.

.....................

39,041

222,924

RAPT

Therapeutics,

Inc.

..............

95,943

1,760,554

Recursion

Pharmaceuticals,

Inc.,

Class

A

(b)

.

1,283,244

8,559,237

REGENXBIO,

Inc.

..................

413,899

7,826,830

Relay

Therapeutics,

Inc.

(b)

.............

809,137

13,326,486

Replimune

Group,

Inc.

(b)

..............

481,750

8,507,705

REVOLUTION

Medicines,

Inc.

(b)

.........

771,167

16,703,477

Rocket

Pharmaceuticals,

Inc.

(b)

..........

576,970

9,883,496

Sage

Therapeutics,

Inc.

(b)

.............

538,143

22,580,480

Sana

Biotechnology,

Inc.

(b)

.............

935,422

3,058,830

Sangamo

Therapeutics,

Inc.

(b)

..........

1,288,944

2,268,541

SpringWorks

Therapeutics,

Inc.

(b)

........

300,011

7,722,283

Stoke

Therapeutics,

Inc.

(b)

.............

232,120

1,933,560

Sutro

Biopharma,

Inc.

................

544,409

2,515,170

Syndax

Pharmaceuticals,

Inc.

(b)

.........

474,940

10,030,733

Talaris

Therapeutics,

Inc.

(b)

............

221,236

415,924

Tango

Therapeutics,

Inc.

(b)

.............

480,399

1,897,576

Tenaya

Therapeutics,

Inc.

.............

428,946

1,222,496

Travere

Therapeutics,

Inc.

.............

55,904

1,257,281

Twist

Bioscience

Corp.

(b)

..............

181,623

2,738,875

Tyra

Biosciences,

Inc.

(b)

..............

137,453

2,208,870

Vanda

Pharmaceuticals,

Inc.

...........

561,749

3,814,276

Vaxart,

Inc.

(b)

......................

1,090,504

825,184

VBI

Vaccines,

Inc.

(b)

.................

1,920,046

581,774

Vera

Therapeutics,

Inc.,

Class

A

(b)

........

17,012

132,013

Veracyte,

Inc.

.....................

740,331

16,509,381

Verve

Therapeutics,

Inc.

(b)

.............

412,011

5,941,199

Vir

Biotechnology,

Inc.

...............

749,143

17,432,558

Viridian

Therapeutics,

Inc.

.............

105,138

2,674,711

VistaGen

Therapeutics,

Inc.

(b)

...........

1,228,728

153,222

Xencor,

Inc.

(b)

.....................

593,429

16,550,735

Zentalis

Pharmaceuticals,

Inc.

(b)

.........

26,708

459,378

592,027,633

Broadline

Retail

—

0.1%

1stdibs.com,

Inc.

(a)(b)

.................

237,280

942,002

Big

Lots,

Inc.

......................

299,117

3,278,322

ContextLogic,

Inc.,

Class

A

(a)(b)

..........

6,068,634

2,705,397

Groupon,

Inc.

(a)(b)

...................

200,902

845,798

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Broadline

Retail

(continued)

Qurate

Retail,

Inc.

(a)

.................

3,588,269

$

3,544,492

11,316,011

Building

Products

—

0.8%

American

Woodmark

Corp.

(a)

...........

160,189

8,341,041

AZZ,

Inc.

(b)

.......................

250,735

10,340,311

Caesarstone

Ltd.

...................

221,859

916,278

Gibraltar

Industries,

Inc.

(a)

.............

321,402

15,587,997

Griffon

Corp.

......................

219,559

7,028,084

JELD-WEN

Holding,

Inc.

(a)(b)

............

547,082

6,926,058

Quanex

Building

Products

Corp.

.........

339,361

7,306,442

Resideo

Technologies,

Inc.

(a)

...........

1,494,490

27,319,277

UFP

Industries,

Inc.

.................

77,014

6,120,303

View,

Inc.,

Class

A

(a)(b)

................

1,363,907

681,954

90,567,745

Capital

Markets

—

1.1%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

.......................

220,743

7,059,361

AssetMark

Financial

Holdings,

Inc.

(a)

......

221,151

6,955,199

Associated

Capital

Group,

Inc.,

Class

A

(b)

...

17,536

647,955

Bakkt

Holdings,

Inc.,

Class

A

(a)(b)

.........

654,039

1,124,947

BGC

Partners,

Inc.,

Class

A

............

3,250,920

17,002,312

Brightsphere

Investment

Group,

Inc.

......

28,101

662,622

Donnelley

Financial

Solutions,

Inc.

(a)(b)

.....

243,679

9,956,724

GCM

Grosvenor,

Inc.,

Class

A

..........

65,217

509,345

MarketWise,

Inc.,

Class

A

(a)(b)

...........

137,328

254,057

Moelis

&

Co.,

Class

A

................

332,890

12,796,292

Oppenheimer

Holdings,

Inc.,

Class

A,

NVS

.

81,115

3,175,652

Perella

Weinberg

Partners,

Class

A

.......

38,526

350,587

Piper

Sandler

Cos.

..................

179,730

24,912,375

Sculptor

Capital

Management,

Inc.,

Class

A

.

141,066

1,214,578

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

(b)

......................

12,923

234,940

Star

Holdings

(a)

....................

132,442

2,303,174

StoneX

Group,

Inc.

(a)

................

165,727

17,157,716

Value

Line,

Inc.

....................

2,002

96,757

Victory

Capital

Holdings,

Inc.,

Class

A

.....

119,331

3,492,818

Virtus

Investment

Partners,

Inc.

.........

62,909

11,977,244

121,884,655

Chemicals

—

1.5%

AdvanSix,

Inc.

.....................

185,717

7,107,390

American

Vanguard

Corp.

.............

34,433

753,394

Amyris,

Inc.

(a)(b)

....................

1,874,356

2,549,124

Avient

Corp.

......................

249,235

10,258,513

Chase

Corp.

......................

57,019

5,971,600

Danimer

Scientific,

Inc.,

Class

A

(a)(b)

.......

953,721

3,290,337

Ecovyst,

Inc.

(a)

.....................

871,010

9,624,660

FutureFuel

Corp.

...................

298,881

2,205,742

Hawkins,

Inc.

.....................

77,107

3,375,744

HB

Fuller

Co.

.....................

76,400

5,229,580

Innospec,

Inc.

.....................

40,188

4,126,102

Intrepid

Potash,

Inc.

(a)(b)

...............

114,345

3,155,922

Koppers

Holdings,

Inc.

...............

206,925

7,236,167

Mativ

Holdings,

Inc.

.................

522,741

11,223,249

Minerals

Technologies,

Inc.

............

334,980

20,239,492

Origin

Materials,

Inc.,

Class

A

(a)(b)

........

417,713

1,783,635

Perimeter

Solutions

SA

(a)(b)

............

1,207,635

9,757,691

PureCycle

Technologies,

Inc.

(a)(b)

.........

229,541

1,606,787

Quaker

Chemical

Corp.

(b)

.............

47,742

9,450,529

Rayonier

Advanced

Materials,

Inc.

(a)(b)

.....

628,398

3,940,055

Sensient

Technologies

Corp.

...........

24,174

1,850,761

Stepan

Co.

.......................

198,551

20,456,710

Trinseo

plc

.......................

364,426

7,598,282

Tronox

Holdings

plc,

Class

A

...........

1,214,995

17,471,628

Security

Shares

Shares

Value

Chemicals

(continued)

Valhi,

Inc.

(b)

.......................

24,207

$

421,444

170,684,538

Commercial

Services

&

Supplies

—

1.8%

ABM

Industries,

Inc.

.................

686,251

30,840,120

ACCO

Brands

Corp.

.................

951,430

5,061,608

ACV

Auctions,

Inc.,

Class

A

(a)(b)

..........

623,026

8,043,266

Brady

Corp.,

Class

A,

NVS

............

105,150

5,649,709

BrightView

Holdings,

Inc.

(a)(b)

...........

435,229

2,445,987

CompX

International,

Inc.

.............

15,704

283,928

CoreCivic,

Inc.

(a)

...................

1,176,810

10,826,652

Deluxe

Corp.

......................

450,703

7,211,248

Ennis,

Inc.

.......................

256,347

5,406,358

GEO

Group,

Inc.

(The)

(a)

..............

1,224,651

9,662,496

Harsco

Corp.

(a)(b)

...................

816,038

5,573,539

Healthcare

Services

Group,

Inc.

.........

398,725

5,530,316

Heritage-Crystal

Clean,

Inc.

(a)(b)

.........

161,607

5,754,825

Interface,

Inc.

.....................

104,655

849,799

KAR

Auction

Services,

Inc.

(a)(b)

..........

1,119,585

15,315,923

Kimball

International,

Inc.,

Class

B

.......

368,665

4,571,446

Li-Cycle

Holdings

Corp.

(a)(b)

............

875,190

4,927,320

Liquidity

Services,

Inc.

(a)

..............

126,009

1,659,538

Matthews

International

Corp.,

Class

A

.....

308,476

11,123,645

MillerKnoll,

Inc.

....................

786,113

16,076,011

NL

Industries,

Inc.

..................

81,562

494,266

Quad/Graphics,

Inc.,

Class

A

(a)

..........

332,069

1,424,576

Steelcase,

Inc.,

Class

A

..............

899,475

7,573,579

UniFirst

Corp.

.....................

155,255

27,360,589

Viad

Corp.

(a)

......................

212,158

4,421,373

VSE

Corp.

(b)

......................

110,577

4,964,907

203,053,024

Communications

Equipment

—

0.4%

ADTRAN

Holdings,

Inc.

..............

77,652

1,231,561

Aviat

Networks,

Inc.

(a)

................

100,440

3,461,162

Calix,

Inc.

(a)(b)

......................

127,396

6,827,152

Comtech

Telecommunications

Corp.

......

273,093

3,408,201

Digi

International,

Inc.

(a)

...............

237,934

8,013,617

Inseego

Corp.

(a)(b)

...................

677,932

394,827

NETGEAR,

Inc.

(a)

...................

287,815

5,327,456

NetScout

Systems,

Inc.

(a)

.............

702,824

20,135,907

Ribbon

Communications,

Inc.

(a)(b)

........

760,014

2,599,248

51,399,131

Construction

&

Engineering

—

1.2%

API

Group

Corp.

(a)(b)

.................

2,133,279

47,956,112

Arcosa,

Inc.

......................

499,389

31,516,440

Argan,

Inc.

.......................

131,222

5,310,554

Concrete

Pumping

Holdings,

Inc.

(a)(b)

......

259,166

1,762,329

Fluor

Corp.

(a)

......................

128,976

3,986,648

Granite

Construction,

Inc.

.............

457,655

18,800,467

Great

Lakes

Dredge

&

Dock

Corp.

(a)(b)

.....

516,003

2,801,896

IES

Holdings,

Inc.

(a)(b)

................

28,251

1,217,336

Northwest

Pipe

Co.

(a)

................

80,337

2,508,925

Primoris

Services

Corp.

..............

516,075

12,726,410

Sterling

Infrastructure,

Inc.

(a)

...........

45,771

1,733,805

Tutor

Perini

Corp.

(a)(b)

................

439,001

2,708,636

133,029,558

Construction

Materials

—

0.3%

Summit

Materials,

Inc.,

Class

A

(a)(b)

.......

1,230,840

35,066,632

United

States

Lime

&

Minerals,

Inc.

.......

4,458

680,692

35,747,324

Consumer

Finance

—

1.2%

Atlanticus

Holdings

Corp.

(a)(b)

...........

17,847

484,189

Bread

Financial

Holdings,

Inc.

..........

403,728

12,241,033

2023

ishares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Value

ETF

48

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Consumer

Finance

(continued)

Consumer

Portfolio

Services,

Inc.

(a)(b)

......

104,270

$

1,114,646

Curo

Group

Holdings

Corp.

............

66,452

114,962

Encore

Capital

Group,

Inc.

(a)(b)

..........

239,006

12,057,853

Enova

International,

Inc.

(a)

.............

317,082

14,087,953

EZCORP,

Inc.,

Class

A,

NVS

(a)(b)

.........

510,982

4,394,445

FirstCash

Holdings,

Inc.

..............

194,820

18,579,984

Green

Dot

Corp.,

Class

A

(a)(b)

...........

432,588

7,431,862

LendingClub

Corp.

(a)

.................

1,043,815

7,525,906

Moneylion,

Inc.,

Class

A

(a)(b)

............

1,477,554

838,955

Navient

Corp.

.....................

1,058,056

16,918,316

Nelnet,

Inc.,

Class

A

.................

150,407

13,820,899

Oportun

Financial

Corp.

(a)(b)

............

284,441

1,097,942

OppFi,

Inc.,

Class

A

(a)(b)

...............

130,040

266,582

PRA

Group,

Inc.

(a)

..................

397,328

15,479,899

PROG

Holdings,

Inc.

(a)(b)

..............

436,380

10,381,480

Regional

Management

Corp.

...........

78,264

2,041,908

Sunlight

Financial

Holdings,

Inc.

(a)

........

239,871

74,912

World

Acceptance

Corp.

(a)(b)

............

11,991

998,730

139,952,456

Consumer

Staples

Distribution

&

Retail

—

0.7%

Andersons,

Inc.

(The)

................

330,930

13,674,028

Boxed,

Inc.

(a)(b)

.....................

556,130

105,553

Chefs'

Warehouse,

Inc.

(The)

(a)

.........

105,220

3,582,741

HF

Foods

Group,

Inc.

(a)(b)

..............

360,296

1,412,360

Ingles

Markets,

Inc.,

Class

A

...........

147,451

13,078,904

Natural

Grocers

by

Vitamin

Cottage,

Inc.

...

15,671

184,134

PriceSmart,

Inc.

....................

97,462

6,966,584

Rite

Aid

Corp.

(a)(b)

...................

332,037

743,763

SpartanNash

Co.

...................

364,707

9,044,734

United

Natural

Foods,

Inc.

(a)

............

575,310

15,159,418

Village

Super

Market,

Inc.,

Class

A

.......

86,149

1,971,089

Weis

Markets,

Inc.

..................

170,054

14,398,472

80,321,780

Containers

&

Packaging

—

0.4%

Cryptyde,

Inc.

(a)

....................

1,368,854

113,889

Greif,

Inc.,

Class

A,

NVS

..............

223,186

14,143,297

Greif,

Inc.,

Class

B

..................

44,903

3,435,977

O-I

Glass,

Inc.

(a)

....................

302,618

6,872,455

Pactiv

Evergreen,

Inc.

...............

455,339

3,642,712

Ranpak

Holdings

Corp.,

Class

A

(a)(b)

......

444,748

2,321,585

TriMas

Corp.

......................

429,825

11,974,924

42,504,839

Distributors

—

0.0%

Weyco

Group,

Inc.

(b)

.................

58,151

1,471,220

Diversified

Consumer

Services

—

1.1%

2U,

Inc.

(a)(b)

.......................

788,231

5,399,382

Adtalem

Global

Education,

Inc.

(a)(b)

.......

462,236

17,851,554

American

Public

Education,

Inc.

(a)

........

186,002

1,008,131

Beachbody

Co.,

Inc.

(The),

Class

A

(a)(b)

....

913,070

440,282

European

Wax

Center,

Inc.,

Class

A

......

15,459

293,721

Frontdoor,

Inc.

(a)(b)

..................

852,610

23,770,767

Graham

Holdings

Co.,

Class

B

..........

38,180

22,749,171

Laureate

Education,

Inc.,

Class

A

........

1,381,544

16,246,957

Perdoceo

Education

Corp.

(a)

...........

685,360

9,204,385

Rover

Group,

Inc.,

Class

A

(a)

...........

43,318

196,231

Strategic

Education,

Inc.

(b)

.............

233,783

21,000,727

WW

International,

Inc.

(a)

..............

560,905

2,310,929

120,472,237

Diversified

REITs

—

1.2%

Alexander

&

Baldwin,

Inc.

.............

747,677

14,138,572

American

Assets

Trust,

Inc.

............

505,900

9,404,681

Armada

Hoffler

Properties,

Inc.

.........

682,182

8,056,569

Security

Shares

Shares

Value

Diversified

REITs

(continued)

Broadstone

Net

Lease,

Inc.

............

1,783,936

$

30,344,751

CTO

Realty

Growth,

Inc.

..............

220,803

3,811,060

Empire

State

Realty

Trust,

Inc.,

Class

A

(b)

...

1,364,312

8,854,385

Essential

Properties

Realty

Trust,

Inc.

.....

1,319,055

32,778,517

Gladstone

Commercial

Corp.

...........

28,232

356,570

Global

Net

Lease,

Inc.

...............

1,069,685

13,756,149

One

Liberty

Properties,

Inc.

............

161,126

3,694,619

Safehold,

Inc.

(b)

....................

241,405

7,090,063

132,285,936

Diversified

Telecommunication

Services

—

0.6%

Anterix,

Inc.

(a)(b)

....................

137,581

4,545,676

ATN

International,

Inc.

...............

111,899

4,578,907

Bandwidth,

Inc.,

Class

A

(a)(b)

............

195,043

2,964,654

Cogent

Communications

Holdings,

Inc.

....

201,611

12,846,653

Consolidated

Communications

Holdings,

Inc.

(a)

685,236

1,767,909

EchoStar

Corp.,

Class

A

(a)(b)

............

352,054

6,439,068

Globalstar,

Inc.

(a)(b)

..................

1,139,173

1,321,441

IDT

Corp.,

Class

B

(a)

.................

46,503

1,584,822

Liberty

Latin

America

Ltd.,

Class

A

(a)(b)

.....

387,665

3,221,496

Liberty

Latin

America

Ltd.,

Class

C,

NVS

(a)(b)

.

1,507,308

12,450,364

Radius

Global

Infrastructure,

Inc.,

Class

A

(a)(b)

788,088

11,561,251

63,282,241

Electric

Utilities

—

1.4%

ALLETE,

Inc.

.....................

592,454

38,136,264

MGE

Energy,

Inc.

...................

214,769

16,681,108

Otter

Tail

Corp.

....................

235,401

17,012,430

PNM

Resources,

Inc.

................

880,989

42,886,545

Portland

General

Electric

Co.

...........

929,645

45,450,344

Via

Renewables,

Inc.

(b)

...............

6,422

118,036

160,284,727

Electrical

Equipment

—

0.8%

Allied

Motion

Technologies,

Inc.

.........

9,717

375,562

Encore

Wire

Corp.

(b)

.................

182,752

33,869,428

EnerSys

.........................

374,316

32,520,574

ESS

Tech,

Inc.

(a)(b)

..................

78,129

108,599

FuelCell

Energy,

Inc.

(a)(b)

..............

1,174,954

3,348,619

NEXTracker,

Inc.,

Class

A

(a)(b)

...........

37,982

1,377,228

NuScale

Power

Corp.,

Class

A

(a)(b)

........

323,342

2,939,179

Powell

Industries,

Inc.

(b)

..............

93,180

3,968,536

Preformed

Line

Products

Co.

...........

25,446

3,258,106

Stem,

Inc.

(a)(b)

.....................

82,151

465,796

Thermon

Group

Holdings,

Inc.

(a)

.........

341,404

8,507,788

90,739,415

Electronic

Equipment,

Instruments

&

Components

—

2.2%

908

Devices,

Inc.

(a)(b)

.................

176,187

1,515,208

Aeva

Technologies,

Inc.

(a)(b)

............

907,922

1,080,427

Akoustis

Technologies,

Inc.

(a)(b)

..........

4,756

14,648

Belden,

Inc.

......................

205,475

17,829,066

Benchmark

Electronics,

Inc.

...........

360,673

8,544,343

Cepton,

Inc.

(a)(b)

....................

290,144

134,743

ePlus,

Inc.

(a)

......................

65,642

3,219,084

Evolv

Technologies

Holdings,

Inc.,

Class

A

(a)(b)

865,601

2,700,675

FARO

Technologies,

Inc.

(a)

.............

180,955

4,453,303

Insight

Enterprises,

Inc.

(a)(b)

............

51,227

7,323,412

Itron,

Inc.

(a)(b)

......................

429,879

23,836,791

Kimball

Electronics,

Inc.

(a)(b)

............

248,688

5,993,381

Knowles

Corp.

(a)(b)

..................

923,894

15,706,198

Methode

Electronics,

Inc.

.............

367,481

16,125,066

Mirion

Technologies,

Inc.,

Class

A

(a)(b)

.....

1,411,578

12,054,876

nLight,

Inc.

(a)(b)

.....................

453,468

4,616,304

OSI

Systems,

Inc.

(a)

.................

146,922

15,038,936

Ouster,

Inc.,

Class

A

(a)(b)

..............

2,957,862

2,474,843

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

PAR

Technology

Corp.

(a)(b)

.............

171,187

$

5,813,510

PC

Connection,

Inc.

.................

115,487

5,192,295

Plexus

Corp.

(a)

.....................

40,961

3,996,565

Sanmina

Corp.

(a)(b)

..................

588,233

35,876,331

ScanSource,

Inc.

(a)

..................

258,098

7,856,503

TTM

Technologies,

Inc.

(a)

..............

1,046,408

14,116,044

Vishay

Intertechnology,

Inc.

............

1,341,461

30,343,848

Vishay

Precision

Group,

Inc.

(a)(b)

.........

125,517

5,241,590

251,097,990

Energy

Equipment

&

Services

—

1.9%

Archrock,

Inc.

.....................

1,394,985

13,629,003

Borr

Drilling

Ltd.

(a)(b)

.................

1,124,154

8,521,087

Bristow

Group,

Inc.

(a)

................

241,870

5,417,888

Diamond

Offshore

Drilling,

Inc.

(a)(b)

.......

1,046,125

12,595,345

DMC

Global,

Inc.

(a)

..................

142,691

3,134,921

Dril-Quip,

Inc.

(a)(b)

...................

346,845

9,950,983

Expro

Group

Holdings

NV

(a)(b)

...........

897,640

16,480,670

Helix

Energy

Solutions

Group,

Inc.

(a)

......

1,479,579

11,451,942

Helmerich

&

Payne,

Inc.

..............

1,065,376

38,087,192

Nabors

Industries

Ltd.

(a)

..............

11,425

1,392,822

National

Energy

Services

Reunited

Corp.

(a)

.

385,930

2,029,992

Newpark

Resources,

Inc.

(a)

............

892,281

3,435,282

Noble

Corp.

plc

(a)(b)

..................

714,571

28,204,117

Oceaneering

International,

Inc.

(a)(b)

.......

100,620

1,773,931

Oil

States

International,

Inc.

(a)

...........

645,336

5,375,649

Patterson-UTI

Energy,

Inc.

............

714,282

8,357,099

ProFrac

Holding

Corp.,

Class

A

(a)(b)

.......

135,232

1,713,389

ProPetro

Holding

Corp.

(a)

..............

899,673

6,468,649

Select

Energy

Services,

Inc.,

Class

A

.....

740,411

5,153,261

Tidewater,

Inc.

(a)

...................

480,848

21,195,780

US

Silica

Holdings,

Inc.

(a)

.............

642,939

7,676,692

212,045,694

Entertainment

—

0.4%

(b)

Cinemark

Holdings,

Inc.

(a)

.............

236,473

3,497,436

IMAX

Corp.

(a)

.....................

194,776

3,735,804

Lions

Gate

Entertainment

Corp.,

Class

A

(a)

..

625,923

6,928,968

Lions

Gate

Entertainment

Corp.,

Class

B,

NVS

(a)

........................

1,168,293

12,126,881

Madison

Square

Garden

Entertainment

Corp.

(a)

269,899

15,942,934

Marcus

Corp.

(The)

.................

247,290

3,956,640

Playstudios,

Inc.,

Class

A

(a)

............

400,610

1,478,251

Reservoir

Media,

Inc.

(a)

...............

36,099

235,365

Skillz,

Inc.,

Class

A

(a)

................

3,203,874

1,900,538

Vivid

Seats,

Inc.,

Class

A

(a)

............

203,240

1,550,721

51,353,538

Financial

Services

—

2.5%

Alerus

Financial

Corp.

...............

158,910

2,550,505

A-Mark

Precious

Metals,

Inc.

...........

189,341

6,560,666

AvidXchange

Holdings,

Inc.

(a)(b)

..........

174,777

1,363,261

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

....................

279,800

4,862,924

Cannae

Holdings,

Inc.

(a)

..............

728,579

14,702,724

Cantaloupe,

Inc.

(a)

..................

246,299

1,403,904

Cass

Information

Systems,

Inc.

.........

117,026

5,068,396

Compass

Diversified

Holdings

..........

639,458

12,200,859

Enact

Holdings,

Inc.

(b)

................

313,605

7,169,010

Essent

Group

Ltd.

..................

1,096,884

43,930,204

Federal

Agricultural

Mortgage

Corp.,

Class

C,

NVS

.........................

93,981

12,517,329

Finance

of

America

Cos.,

Inc.,

Class

A

(a)(b)

..

406,226

503,720

Jackson

Financial,

Inc.,

Class

A

.........

773,844

28,949,504

Merchants

Bancorp

(b)

................

164,363

4,280,013

MoneyGram

International,

Inc.

(a)(b)

........

965,021

10,055,519

Security

Shares

Shares

Value

Financial

Services

(continued)

Mr

Cooper

Group,

Inc.

(a)

..............

716,818

$

29,368,033

NMI

Holdings,

Inc.,

Class

A

(a)

...........

792,854

17,704,430

Paysafe

Ltd.

(a)(b)

....................

289,982

5,007,989

PennyMac

Financial

Services,

Inc.

(b)

......

278,485

16,600,491

Radian

Group,

Inc.

..................

1,602,101

35,406,432

Repay

Holdings

Corp.,

Class

A

(a)

........

906,921

5,958,471

StoneCo

Ltd.,

Class

A

(a)(b)

.............

1,376,779

13,134,472

SWK

Holdings

Corp.

(a)(b)

..............

35,082

626,565

Velocity

Financial,

Inc.

(a)

..............

79,520

718,066

Walker

&

Dunlop,

Inc.

................

99,613

7,587,522

Waterstone

Financial,

Inc.

.............

202,260

3,060,194

291,291,203

Food

Products

—

1.1%

Alico,

Inc.

........................

70,748

1,712,102

AppHarvest,

Inc.

(a)(b)

.................

1,059,919

648,988

B&G

Foods,

Inc.

(b)

..................

733,193

11,386,487

Benson

Hill,

Inc.

(a)(b)

.................

879,153

1,011,026

Cal-Maine

Foods,

Inc.

................

31,055

1,890,939

Fresh

Del

Monte

Produce,

Inc.

..........

314,935

9,482,693

Hain

Celestial

Group,

Inc.

(The)

(a)(b)

.......

931,204

15,970,149

Hostess

Brands,

Inc.,

Class

A

(a)

.........

1,374,958

34,208,955

John

B

Sanfilippo

&

Son,

Inc.

...........

35,888

3,478,265

Lancaster

Colony

Corp.

..............

30,915

6,272,035

Lifecore

Biomedical,

Inc.

(a)(b)

............

258,636

976,351

Mission

Produce,

Inc.

(a)(b)

..............

359,128

3,989,912

Seneca

Foods

Corp.,

Class

A

(a)

.........

52,024

2,719,294

Sovos

Brands,

Inc.

(a)(b)

...............

120,024

2,002,000

SunOpta,

Inc.

(a)(b)

...................

65,675

505,697

Tootsie

Roll

Industries,

Inc.

(b)

...........

22,736

1,021,074

TreeHouse

Foods,

Inc.

(a)

..............

524,790

26,465,160

Utz

Brands,

Inc.,

Class

A

(b)

............

86,282

1,421,065

Whole

Earth

Brands,

Inc.,

Class

A

(a)

......

411,072

1,052,344

126,214,536

Gas

Utilities

—

1.7%

Chesapeake

Utilities

Corp.

............

75,646

9,681,932

New

Jersey

Resources

Corp.

(b)

.........

916,150

48,739,180

Northwest

Natural

Holding

Co.

..........

359,224

17,084,693

ONE

Gas,

Inc.

.....................

556,584

44,098,150

Southwest

Gas

Holdings,

Inc.

..........

629,824

39,332,509

Spire,

Inc.

........................

527,441

36,994,712

195,931,176

Ground

Transportation

—

0.5%

ArcBest

Corp.

(b)

....................

169,097

15,627,945

Bird

Global,

Inc.,

Class

A

(a)(b)

...........

1,667,418

466,710

Covenant

Logistics

Group,

Inc.,

Class

A

....

96,029

3,401,347

Heartland

Express,

Inc.

...............

475,637

7,572,141

Marten

Transport

Ltd.

................

156,117

3,270,651

TuSimple

Holdings,

Inc.,

Class

A

(a)(b)

......

1,482,698

2,179,566

Universal

Logistics

Holdings,

Inc.

........

17,685

515,518

Werner

Enterprises,

Inc.

..............

577,524

26,271,567

59,305,445

Health

Care

Equipment

&

Supplies

—

1.0%

Alphatec

Holdings,

Inc.

(a)(b)

.............

76,349

1,191,044

AngioDynamics,

Inc.

(a)

...............

380,761

3,937,069

Artivion,

Inc.

(a)

.....................

60,639

794,371

AtriCure,

Inc.

(a)

....................

166,064

6,883,353

Avanos

Medical,

Inc.

(a)

...............

478,790

14,239,215

Bioventus,

Inc.,

Class

A

(a)(b)

............

314,768

336,802

Butterfly

Network,

Inc.,

Class

A

(a)(b)

.......

1,364,387

2,565,048

Cardiovascular

Systems,

Inc.

(a)

..........

191,177

3,796,775

Cue

Health,

Inc.

(a)(b)

.................

1,117,412

2,033,690

Embecta

Corp.

....................

79,523

2,236,187

2023

ishares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Value

ETF

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Figs,

Inc.,

Class

A

(a)(b)

................

204,017

$

1,262,865

Inari

Medical,

Inc.

(a)(b)

................

44,847

2,768,854

Inogen,

Inc.

(a)

.....................

228,991

2,857,808

Integer

Holdings

Corp.

(a)(b)

.............

340,335

26,375,962

LivaNova

plc

(a)(b)

....................

131,882

5,747,417

Merit

Medical

Systems,

Inc.

(a)

...........

81,088

5,996,458

Nano-X

Imaging

Ltd.

(a)(b)

..............

420,755

2,427,756

Neogen

Corp.

(a)(b)

...................

180,998

3,352,083

OraSure

Technologies,

Inc.

(a)

...........

727,833

4,403,390

Orthofix

Medical,

Inc.

(a)

...............

357,395

5,986,366

RxSight,

Inc.

(a)

.....................

13,402

223,545

Sight

Sciences,

Inc.

(a)(b)

...............

207,854

1,816,644

Tactile

Systems

Technology,

Inc.

(a)

.......

129,400

2,124,748

Utah

Medical

Products,

Inc.

............

2,539

240,621

Varex

Imaging

Corp.

(a)

...............

395,607

7,196,091

ViewRay,

Inc.

(a)

....................

161,713

559,527

Zimvie,

Inc.

(a)

......................

221,318

1,600,129

112,953,818

Health

Care

Providers

&

Services

—

1.4%

23andMe

Holding

Co.,

Class

A

(a)(b)

.......

1,546,576

3,526,193

Accolade,

Inc.

(a)(b)

...................

687,918

9,892,261

AdaptHealth

Corp.

(a)(b)

................

745,289

9,263,942

Addus

HomeCare

Corp.

(a)

.............

96,473

10,299,458

ATI

Physical

Therapy,

Inc.,

Class

A

(a)(b)

.....

744,372

189,219

Aveanna

Healthcare

Holdings,

Inc.

(a)(b)

.....

446,982

464,861

Brookdale

Senior

Living,

Inc.

(a)(b)

.........

1,913,181

5,643,884

CareMax,

Inc.,

Class

A

(a)(b)

.............

606,869

1,620,340

Castle

Biosciences,

Inc.

(a)(b)

............

253,289

5,754,726

Community

Health

Systems,

Inc.

(a)

.......

1,292,162

6,331,594

Cross

Country

Healthcare,

Inc.

(a)

........

320,113

7,144,922

Fulgent

Genetics,

Inc.

(a)(b)

.............

217,687

6,796,188

GeneDx

Holdings

Corp.,

Class

A

(a)

.......

2,958,685

1,079,920

Hims

&

Hers

Health,

Inc.,

Class

A

(a)(b)

.....

196,962

1,953,863

Innovage

Holding

Corp.

(a)(b)

............

166,964

1,332,373

Invitae

Corp.

(a)(b)

....................

2,542,425

3,432,274

LifeStance

Health

Group,

Inc.

(a)(b)

........

690,121

5,127,599

ModivCare,

Inc.

(a)

...................

89,106

7,492,033

National

HealthCare

Corp.

.............

128,615

7,468,673

NeoGenomics,

Inc.

(a)(b)

...............

1,297,959

22,597,466

OPKO

Health,

Inc.

(a)(b)

................

4,151,264

6,060,845

Owens

&

Minor,

Inc.

(a)

................

675,290

9,825,470

P3

Health

Partners,

Inc.,

Class

A

(a)(b)

......

108,706

115,228

Patterson

Cos.,

Inc.

.................

192,950

5,165,272

Pediatrix

Medical

Group,

Inc.

(a)(b)

.........

847,141

12,630,872

PetIQ,

Inc.,

Class

A

(a)(b)

...............

56,673

648,339

Select

Medical

Holdings

Corp.

(b)

.........

161,899

4,185,089

Surgery

Partners,

Inc.

(a)(b)

.............

62,693

2,161,028

158,203,932

Health

Care

REITs

—

1.1%

CareTrust

REIT,

Inc.

.................

943,422

18,472,203

Community

Healthcare

Trust,

Inc.

........

95,761

3,504,853

Diversified

Healthcare

Trust

(b)

...........

2,415,226

3,260,555

Global

Medical

REIT,

Inc.

.............

634,829

5,783,292

LTC

Properties,

Inc.

.................

412,936

14,506,442

National

Health

Investors,

Inc.

..........

433,556

22,362,818

Physicians

Realty

Trust

...............

2,358,401

35,210,927

Sabra

Health

Care

REIT,

Inc.

...........

2,394,132

27,532,518

130,633,608

Health

Care

Technology

—

0.5%

(a)

American

Well

Corp.,

Class

A

(b)

.........

2,345,660

5,535,758

Computer

Programs

&

Systems,

Inc.

......

140,843

4,253,459

Health

Catalyst,

Inc.

.................

569,536

6,646,485

HealthStream,

Inc.

..................

232,373

6,297,308

Security

Shares

Shares

Value

Health

Care

Technology

(continued)

Multiplan

Corp.,

Class

A

(b)

.............

3,949,426

$

4,186,392

NextGen

Healthcare,

Inc.

.............

299,801

5,219,535

Pear

Therapeutics,

Inc.,

Class

A

(b)

........

352,945

90,001

Phreesia,

Inc.

.....................

269,595

8,705,223

Sharecare,

Inc.,

Class

A

(b)

.............

3,054,177

4,336,931

Veradigm,

Inc.

(b)

....................

1,104,484

14,413,516

59,684,608

Hotel

&

Resort

REITs

—

1.8%

Apple

Hospitality

REIT,

Inc.

............

2,230,799

34,622,001

Ashford

Hospitality

Trust,

Inc.

(a)(b)

........

354,471

1,137,852

Braemar

Hotels

&

Resorts,

Inc.

.........

676,998

2,613,212

Chatham

Lodging

Trust

...............

495,337

5,196,085

DiamondRock

Hospitality

Co.

...........

2,163,411

17,588,532

Hersha

Hospitality

Trust,

Class

A

........

308,891

2,075,748

Pebblebrook

Hotel

Trust

(b)

.............

1,319,129

18,520,571

RLJ

Lodging

Trust

..................

1,674,160

17,746,096

Ryman

Hospitality

Properties,

Inc.

.......

555,458

49,841,246

Service

Properties

Trust

..............

1,694,096

16,873,196

Summit

Hotel

Properties,

Inc.

...........

1,072,089

7,504,623

Sunstone

Hotel

Investors,

Inc.

..........

2,177,898

21,517,632

Xenia

Hotels

&

Resorts,

Inc.

...........

1,167,501

15,282,588

210,519,382

Hotels,

Restaurants

&

Leisure

—

1.9%

Bally's

Corp.

(a)(b)

....................

371,895

7,259,390

Biglari

Holdings,

Inc.,

Class

B,

NVS

(a)

.....

7,526

1,273,399

BJ's

Restaurants,

Inc.

(a)

...............

236,688

6,897,088

Bloomin'

Brands,

Inc.

................

246,411

6,320,442

Bluegreen

Vacations

Holding

Corp.

.......

87,950

2,408,071

Bowlero

Corp.

(a)(b)

...................

302,998

5,135,816

Brinker

International,

Inc.

(a)(b)

...........

48,024

1,824,912

Century

Casinos,

Inc.

(a)

...............

46,904

343,806

Chuy's

Holdings,

Inc.

(a)

...............

184,969

6,631,139

Denny's

Corp.

(a)(b)

...................

157,951

1,762,733

Dine

Brands

Global,

Inc.

..............

19,415

1,313,231

El

Pollo

Loco

Holdings,

Inc.

............

194,171

1,862,100

Everi

Holdings,

Inc.

(a)(b)

...............

408,829

7,011,417

First

Watch

Restaurant

Group,

Inc.

(a)(b)

.....

103,277

1,658,629

Full

House

Resorts,

Inc.

(a)(b)

............

242,767

1,755,205

Inspirato,

Inc.,

Class

A

(a)

..............

195,966

187,912

Inspired

Entertainment,

Inc.

(a)(b)

..........

73,890

945,053

International

Game

Technology

plc

(b)

......

784,543

21,025,752

Jack

in

the

Box,

Inc.

.................

184,029

16,119,100

Krispy

Kreme,

Inc.

(b)

.................

545,294

8,479,322

Life

Time

Group

Holdings,

Inc.

(a)(b)

........

434,199

6,929,816

Light

&

Wonder,

Inc.,

Class

A

(a)(b)

........

974,854

58,539,983

Lindblad

Expeditions

Holdings,

Inc.

(a)(b)

....

326,231

3,118,768

Papa

John's

International,

Inc.

..........

94,387

7,072,418

RCI

Hospitality

Holdings,

Inc.

...........

6,266

489,813

Red

Rock

Resorts,

Inc.,

Class

A

.........

286,189

12,755,444

Sabre

Corp.

(a)(b)

....................

2,685,892

11,522,477

SeaWorld

Entertainment,

Inc.

(a)(b)

........

204,557

12,541,390

Vacasa,

Inc.,

Class

A

(a)(b)

..............

1,230,807

1,184,283

Xponential

Fitness,

Inc.,

Class

A

(a)(b)

......

144,651

4,395,944

218,764,853

Household

Durables

—

2.2%

Aterian,

Inc.

(a)(b)

....................

615,217

529,148

Beazer

Homes

USA,

Inc.

(a)(b)

...........

299,735

4,759,792

Century

Communities,

Inc.

(b)

...........

271,986

17,385,345

Ethan

Allen

Interiors,

Inc.

.............

232,002

6,370,775

GoPro,

Inc.,

Class

A

(a)

................

1,350,040

6,790,701

Green

Brick

Partners,

Inc.

(a)(b)

...........

200,501

7,029,565

iRobot

Corp.

(a)

.....................

32,885

1,435,101

KB

Home

........................

643,333

25,849,120

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Household

Durables

(continued)

Landsea

Homes

Corp.

(a)

..............

85,049

$

515,397

La-Z-Boy,

Inc.

.....................

443,494

12,896,806

Legacy

Housing

Corp.

(a)

..............

86,352

1,965,372

LGI

Homes,

Inc.

(a)(b)

.................

197,746

22,548,976

Lifetime

Brands,

Inc.

(b)

...............

126,320

742,762

M/I

Homes,

Inc.

(a)

...................

236,579

14,925,769

MDC

Holdings,

Inc.

.................

449,111

17,456,945

Meritage

Homes

Corp.

...............

350,298

40,900,794

Purple

Innovation,

Inc.

(a)(b)

.............

608,320

1,605,965

Snap

One

Holdings

Corp.

(a)(b)

...........

178,414

1,668,171

Taylor

Morrison

Home

Corp.

(a)(b)

.........

946,610

36,217,299

Traeger,

Inc.

(a)(b)

....................

332,028

1,364,635

Tri

Pointe

Homes,

Inc.

(a)

..............

949,319

24,036,757

Tupperware

Brands

Corp.

(a)(b)

...........

450,217

1,125,542

Universal

Electronics,

Inc.

(a)

............

121,238

1,229,353

Vuzix

Corp.

(a)(b)

....................

87,260

361,256

249,711,346

Household

Products

—

0.1%

(a)

Central

Garden

&

Pet

Co.

(b)

............

61,453

2,523,260

Central

Garden

&

Pet

Co.,

Class

A,

NVS

...

269,240

10,519,207

13,042,467

Independent

Power

and

Renewable

Electricity

Producers

—

0.3%

(b)

Altus

Power,

Inc.,

Class

A

(a)

............

633,555

3,471,881

Ormat

Technologies,

Inc.

..............

239,107

20,269,100

Sunnova

Energy

International,

Inc.

(a)

......

1,021,509

15,955,971

39,696,952

Industrial

Conglomerates

—

0.0%

Brookfield

Business

Corp.,

Class

A

(b)

......

30,887

612,180

Industrial

REITs

—

1.4%

Indus

Realty

Trust,

Inc.

...............

54,515

3,613,800

Industrial

Logistics

Properties

Trust

.......

642,613

1,972,822

LXP

Industrial

Trust

.................

2,816,868

29,041,909

Plymouth

Industrial

REIT,

Inc.

..........

389,121

8,175,432

STAG

Industrial,

Inc.

................

1,864,322

63,051,370

Terreno

Realty

Corp.

................

831,810

53,734,926

159,590,259

Insurance

—

2.9%

Ambac

Financial

Group,

Inc.

(a)

..........

456,629

7,068,617

American

Equity

Investment

Life

Holding

Co.

733,686

26,772,202

AMERISAFE,

Inc.

..................

201,125

9,845,069

Argo

Group

International

Holdings

Ltd.

....

329,997

9,665,612

Bright

Health

Group,

Inc.

(a)(b)

...........

2,071,926

456,445

CNO

Financial

Group,

Inc.

.............

1,188,963

26,383,089

Crawford

&

Co.,

Class

A,

NVS

..........

160,259

1,339,765

Donegal

Group,

Inc.,

Class

A

...........

171,944

2,627,304

eHealth,

Inc.

(a)

.....................

189,596

1,774,619

Employers

Holdings,

Inc.

..............

273,285

11,393,252

Enstar

Group

Ltd.

(a)

.................

116,873

27,089,993

Genworth

Financial,

Inc.,

Class

A

(a)

.......

4,867,798

24,436,346

Goosehead

Insurance,

Inc.,

Class

A

(a)

.....

24,198

1,263,136

Greenlight

Capital

Re

Ltd.,

Class

A

(a)

......

271,448

2,548,897

Hippo

Holdings,

Inc.

(a)(b)

...............

176,064

2,857,519

Horace

Mann

Educators

Corp.

..........

404,953

13,557,826

Investors

Title

Co.

..................

11,766

1,776,666

James

River

Group

Holdings

Ltd.

........

355,738

7,345,990

Lemonade,

Inc.

(a)(b)

..................

492,453

7,022,380

MBIA,

Inc.

(a)(b)

.....................

501,409

4,643,047

Mercury

General

Corp.

...............

280,960

8,917,670

National

Western

Life

Group,

Inc.,

Class

A

(b)

.

23,680

5,745,242

NI

Holdings,

Inc.

(a)

..................

87,414

1,136,382

Oscar

Health,

Inc.,

Class

A

(a)(b)

..........

1,258,767

8,232,336

Security

Shares

Shares

Value

Insurance

(continued)

ProAssurance

Corp.

.................

537,580

$

9,934,478

Root,

Inc.,

Class

A

(a)(b)

................

91,853

414,257

Safety

Insurance

Group,

Inc.

...........

140,680

10,483,474

Selective

Insurance

Group,

Inc.

.........

618,200

58,933,006

Selectquote,

Inc.

(a)(b)

.................

1,424,754

3,091,716

SiriusPoint

Ltd.

(a)

...................

866,409

7,043,905

Skyward

Specialty

Insurance

Group,

Inc.

(a)(b)

.

88,130

1,927,403

Stewart

Information

Services

Corp.

.......

257,830

10,403,440

Tiptree,

Inc.

......................

255,929

3,728,885

Trean

Insurance

Group,

Inc.

(a)

..........

240,931

1,474,498

United

Fire

Group,

Inc.

...............

219,592

5,830,168

Universal

Insurance

Holdings,

Inc.

.......

218,247

3,976,460

331,141,094

Interactive

Media

&

Services

—

0.7%

(a)

Arena

Group

Holdings,

Inc.

(The)

(b)

.......

30,452

129,421

Bumble,

Inc.,

Class

A

................

1,031,928

20,174,192

Cars.com,

Inc.

.....................

590,167

11,390,223

DHI

Group,

Inc.

....................

65,443

253,919

Eventbrite,

Inc.,

Class

A

(b)

.............

91,949

788,923

fuboTV,

Inc.

(b)

.....................

1,920,771

2,324,133

Outbrain,

Inc.

(b)

....................

392,594

1,621,413

QuinStreet,

Inc.

....................

491,586

7,801,470

TrueCar,

Inc.

......................

879,894

2,023,756

Vinco

Ventures,

Inc.

(b)

................

1,109,622

356,522

Ziff

Davis,

Inc.

(b)

....................

383,384

29,923,121

76,787,093

IT

Services

—

0.3%

Brightcove,

Inc.

(a)

...................

133,425

593,741

Edgio,

Inc.

(a)(b)

.....................

118,558

93,791

Fastly,

Inc.,

Class

A

(a)(b)

...............

1,169,675

20,773,428

Hackett

Group,

Inc.

(The)

.............

26,812

495,486

Information

Services

Group,

Inc.

.........

189,433

964,214

PFSweb,

Inc.

.....................

175,169

742,717

Rackspace

Technology,

Inc.

(a)(b)

.........

589,870

1,108,956

Squarespace,

Inc.,

Class

A

(a)(b)

..........

236,240

7,505,345

Unisys

Corp.

(a)

.....................

185,914

721,346

32,999,024

Leisure

Products

—

0.6%

Acushnet

Holdings

Corp.

(b)

............

245,699

12,515,907

AMMO,

Inc.

(a)(b)

....................

930,465

1,833,016

Clarus

Corp.

......................

45,055

425,770

Johnson

Outdoors,

Inc.,

Class

A

(b)

.......

54,310

3,422,073

Smith

&

Wesson

Brands,

Inc.

...........

437,373

5,384,062

Solo

Brands,

Inc.,

Class

A

(a)

............

233,262

1,674,821

Sturm

Ruger

&

Co.,

Inc.

..............

16,105

925,071

Topgolf

Callaway

Brands

Corp.

(a)(b)

.......

1,445,985

31,262,196

Vista

Outdoor,

Inc.

(a)(b)

................

575,813

15,955,778

73,398,694

Life

Sciences

Tools

&

Services

—

0.7%

(a)

AbCellera

Biologics,

Inc.

(b)

.............

1,231,612

9,286,354

Adaptive

Biotechnologies

Corp.

.........

1,084,526

9,576,365

Alpha

Teknova,

Inc.

(b)

................

67,924

201,055

BioLife

Solutions,

Inc.

(b)

...............

321,133

6,984,643

Bionano

Genomics,

Inc.

(b)

.............

3,043,039

3,377,773

CryoPort,

Inc.

(b)

....................

86,214

2,069,136

Inotiv,

Inc.

(b)

.......................

214,452

928,577

MaxCyte,

Inc.

.....................

906,177

4,485,576

NanoString

Technologies,

Inc.

(b)

.........

50,528

500,227

Nautilus

Biotechnology,

Inc.

............

480,341

1,330,545

OmniAb,

Inc.

......................

694,670

2,556,386

OmniAb,

Inc.,

NVS

(c)

.................

104,040

1

Pacific

Biosciences

of

California,

Inc.

(b)

....

2,555,829

29,596,500

2023

ishares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Value

ETF

52

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

PhenomeX,

Inc.

....................

620,574

$

719,866

Quanterix

Corp.

(b)

...................

301,115

3,393,566

Quantum-Si,

Inc.,

Class

A

(b)

............

915,816

1,611,836

Science

37

Holdings,

Inc.

.............

524,473

147,692

Seer,

Inc.,

Class

A

..................

532,597

2,055,824

Singular

Genomics

Systems,

Inc.

(b)

.......

559,196

676,627

SomaLogic,

Inc.,

Class

A

(b)

............

1,403,817

3,579,733

83,078,282

Machinery

—

3.6%

3D

Systems

Corp.

(a)(b)

................

1,302,269

13,960,324

Alamo

Group,

Inc.

..................

15,577

2,868,660

Albany

International

Corp.,

Class

A

.......

259,290

23,170,154

Astec

Industries,

Inc.

................

236,151

9,741,229

Barnes

Group,

Inc.

(b)

.................

507,967

20,460,911

CIRCOR

International,

Inc.

(a)

...........

136,861

4,259,114

Columbus

McKinnon

Corp.

............

289,337

10,751,763

Desktop

Metal,

Inc.,

Class

A

(a)(b)

.........

2,752,497

6,330,743

EnPro

Industries,

Inc.

................

215,266

22,363,985

ESCO

Technologies,

Inc.

.............

241,945

23,093,650

Fathom

Digital

Manufacturing

C

(a)(b)

.......

269,142

146,171

Gorman-Rupp

Co.

(The)

..............

189,087

4,727,175

Greenbrier

Cos.,

Inc.

(The)

............

326,828

10,514,057

Hillenbrand,

Inc.

...................

358,051

17,018,164

Hillman

Solutions

Corp.

(a)(b)

............

1,382,449

11,640,221

Hydrofarm

Holdings

Group,

Inc.

(a)(b)

.......

438,917

759,326

Hyliion

Holdings

Corp.,

Class

A

(a)(b)

.......

1,386,503

2,745,276

Hyster-Yale

Materials

Handling,

Inc.

......

112,407

5,607,985

Kennametal,

Inc.

...................

845,332

23,314,257

Luxfer

Holdings

plc

.................

158,561

2,679,681

Manitowoc

Co.,

Inc.

(The)

(a)(b)

...........

359,163

6,138,096

Markforged

Holding

Corp.

(a)(b)

...........

978,378

938,069

Microvast

Holdings,

Inc.

(a)(b)

............

680,537

843,866

Miller

Industries,

Inc.

................

105,863

3,742,257

Mueller

Industries,

Inc.

...............

369,726

27,167,466

Nikola

Corp.

(a)(b)

....................

221,377

267,866

Proterra,

Inc.

(a)(b)

...................

1,253,111

1,904,729

Proto

Labs,

Inc.

(a)(b)

..................

234,930

7,787,929

RBC

Bearings,

Inc.

(a)(b)

...............

251,986

58,644,702

REV

Group,

Inc.

...................

333,517

3,998,869

SPX

Technologies,

Inc.

(a)(b)

.............

451,553

31,870,611

Standex

International

Corp.

............

121,885

14,923,599

Tennant

Co.

......................

106,155

7,274,802

Terex

Corp.

.......................

350,658

16,964,834

Trinity

Industries,

Inc.

................

719,640

17,530,430

Wabash

National

Corp.

(b)

..............

65,668

1,614,776

417,765,747

Marine

Transportation

—

0.5%

Costamare,

Inc.

....................

546,803

5,145,416

Eagle

Bulk

Shipping,

Inc.

.............

138,529

6,303,069

Eneti,

Inc.

........................

223,728

2,091,857

Genco

Shipping

&

Trading

Ltd.

..........

382,097

5,983,639

Golden

Ocean

Group

Ltd.

(b)

............

1,273,242

12,121,264

Matson,

Inc.

......................

386,574

23,066,871

Safe

Bulkers,

Inc.

..................

721,495

2,662,317

57,374,433

Media

—

1.1%

Advantage

Solutions,

Inc.,

Class

A

(a)(b)

.....

848,636

1,340,845

AMC

Networks,

Inc.,

Class

A

(a)

..........

312,627

5,495,983

Audacy,

Inc.,

Class

A

(a)(b)

..............

1,224,346

164,919

Boston

Omaha

Corp.,

Class

A

(a)(b)

........

213,192

5,046,255

Cardlytics,

Inc.

(a)(b)

..................

325,490

1,105,039

Clear

Channel

Outdoor

Holdings,

Inc.

(a)(b)

...

3,835,255

4,602,306

Cumulus

Media,

Inc.,

Class

A

(a)(b)

........

183,934

678,716

Security

Shares

Shares

Value

Media

(continued)

Daily

Journal

Corp.

(a)

................

12,073

$

3,440,322

Entravision

Communications

Corp.,

Class

A

.

163,740

990,627

EW

Scripps

Co.

(The),

Class

A,

NVS

(a)(b)

...

605,660

5,699,261

Gannett

Co.,

Inc.

(a)(b)

.................

1,512,686

2,828,723

Gray

Television,

Inc.

.................

476,234

4,152,760

iHeartMedia,

Inc.,

Class

A

(a)(b)

...........

1,244,089

4,851,947

Innovid

Corp.

(a)

....................

99,205

139,879

Integral

Ad

Science

Holding

Corp.

(a)

......

260,358

3,715,309

John

Wiley

&

Sons,

Inc.,

Class

A

........

30,208

1,171,164

Magnite,

Inc.

(a)(b)

....................

1,367,598

12,663,957

PubMatic,

Inc.,

Class

A

(a)(b)

.............

48,586

671,458

Quotient

Technology,

Inc.

(a)

............

821,752

2,695,347

Scholastic

Corp.,

NVS

...............

304,264

10,411,914

Stagwell,

Inc.,

Class

A

(a)(b)

.............

723,343

5,367,205

TEGNA,

Inc.

......................

2,301,834

38,924,013

Thryv

Holdings,

Inc.

(a)(b)

...............

196,306

4,526,816

Urban

One,

Inc.,

Class

A

(a)(b)

...........

94,794

715,695

Urban

One,

Inc.,

Class

D,

NVS

(a)(b)

.......

91,413

502,771

WideOpenWest,

Inc.

(a)(b)

..............

234,385

2,491,513

124,394,744

Metals

&

Mining

—

2.2%

Arconic

Corp.

(a)(b)

...................

1,042,934

27,356,159

Carpenter

Technology

Corp.

...........

493,735

22,099,579

Coeur

Mining,

Inc.

(a)(b)

................

2,866,736

11,438,277

Commercial

Metals

Co.

...............

1,002,771

49,035,502

Constellium

SE,

Class

A

(a)

.............

617,225

9,431,198

Haynes

International,

Inc.

.............

127,161

6,369,494

Hecla

Mining

Co.

(b)

..................

5,724,170

36,233,996

Hycroft

Mining

Holding

Corp.,

Class

A

(a)(b)

...

243,245

105,179

Ivanhoe

Electric,

Inc.

(a)(b)

..............

243,838

2,962,632

Materion

Corp.

....................

13,104

1,520,064

Novagold

Resources,

Inc.

(a)(b)

...........

126,175

784,808

Olympic

Steel,

Inc.

..................

98,140

5,123,889

Piedmont

Lithium,

Inc.

(a)(b)

.............

128,897

7,740,265

PolyMet

Mining

Corp.

(a)(b)

..............

288,567

620,419

Ryerson

Holding

Corp.

...............

188,454

6,855,957

Schnitzer

Steel

Industries,

Inc.,

Class

A

....

242,359

7,537,365

SunCoke

Energy,

Inc.

................

861,827

7,739,206

TimkenSteel

Corp.

(a)(b)

................

457,622

8,392,787

Tredegar

Corp.

....................

280,029

2,556,665

Warrior

Met

Coal,

Inc.

................

476,621

17,496,757

Worthington

Industries,

Inc.

............

323,477

20,912,788

252,312,986

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

2.3%

AFC

Gamma,

Inc.

..................

165,645

2,014,243

Angel

Oak

Mortgage

REIT,

Inc.

.........

126,525

923,632

Apollo

Commercial

Real

Estate

Finance,

Inc.

1,449,259

13,492,601

Arbor

Realty

Trust,

Inc.

...............

1,706,981

19,613,212

Ares

Commercial

Real

Estate

Corp.

......

531,824

4,834,280

ARMOUR

Residential

REIT,

Inc.

.........

1,664,262

8,737,375

Blackstone

Mortgage

Trust,

Inc.,

Class

A

...

1,782,217

31,812,573

BrightSpire

Capital,

Inc.,

Class

A

........

977,285

5,765,981

Broadmark

Realty

Capital,

Inc.

..........

1,349,788

6,344,004

Chicago

Atlantic

Real

Estate

Finance,

Inc.

..

51,312

693,225

Chimera

Investment

Corp.

.............

2,417,982

13,637,418

Claros

Mortgage

Trust,

Inc.

............

945,104

11,010,462

Dynex

Capital,

Inc.

..................

533,333

6,463,996

Ellington

Financial,

Inc.

...............

639,284

7,805,658

Franklin

BSP

Realty

Trust,

Inc.

..........

847,913

10,115,602

Granite

Point

Mortgage

Trust,

Inc.

.......

528,006

2,618,910

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

(b)

...................

841,818

24,075,995

Invesco

Mortgage

Capital,

Inc.

..........

369,287

4,095,393

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

KKR

Real

Estate

Finance

Trust,

Inc.

......

581,746

$

6,626,087

Ladder

Capital

Corp.,

Class

A

..........

1,164,575

11,005,234

MFA

Financial,

Inc.

..................

1,056,412

10,479,607

New

York

Mortgage

Trust,

Inc.

(b)

.........

954,835

9,510,157

Nexpoint

Real

Estate

Finance,

Inc.

.......

77,422

1,213,203

Orchid

Island

Capital,

Inc.

.............

383,771

4,117,863

PennyMac

Mortgage

Investment

Trust

.....

740,417

9,129,342

Ready

Capital

Corp.

.................

737,623

7,501,626

Redwood

Trust,

Inc.

.................

1,149,235

7,745,844

TPG

RE

Finance

Trust,

Inc.

............

712,152

5,170,223

Two

Harbors

Investment

Corp.

..........

996,459

14,657,912

261,211,658

Multi-Utilities

—

1.0%

Avista

Corp.

......................

734,866

31,195,062

Black

Hills

Corp.

...................

674,752

42,576,851

NorthWestern

Corp.

.................

601,798

34,820,032

Unitil

Corp.

.......................

161,451

9,209,165

117,801,110

Office

REITs

—

0.9%

Brandywine

Realty

Trust

..............

1,755,658

8,304,262

City

Office

REIT,

Inc.

................

403,125

2,781,562

Corporate

Office

Properties

Trust

........

1,029,363

24,406,197

Easterly

Government

Properties,

Inc.

(b)

....

937,008

12,874,490

Equity

Commonwealth

...............

1,082,207

22,412,507

Franklin

Street

Properties

Corp.

.........

1,036,435

1,627,203

Office

Properties

Income

Trust

..........

487,560

5,996,988

Orion

Office

REIT,

Inc.

...............

580,333

3,888,231

Paramount

Group,

Inc.

...............

1,940,807

8,850,080

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

..

1,297,116

9,468,947

Postal

Realty

Trust,

Inc.,

Class

A

........

72,578

1,104,637

101,715,104

Oil,

Gas

&

Consumable

Fuels

—

4.5%

Aemetis,

Inc.

(a)(b)

...................

354,182

821,702

Alto

Ingredients,

Inc.

(a)(b)

..............

923,198

1,384,797

Amplify

Energy

Corp.

(a)(b)

..............

79,947

549,236

Ardmore

Shipping

Corp.

..............

425,574

6,328,285

Berry

Corp.

.......................

665,244

5,222,165

California

Resources

Corp.

(b)

...........

767,268

29,539,818

Callon

Petroleum

Co.

(a)(b)

..............

86,062

2,877,913

Centrus

Energy

Corp.,

Class

A

(a)

.........

107,341

3,456,380

Chord

Energy

Corp.

.................

175,029

23,558,903

Civitas

Resources,

Inc.

...............

761,332

52,029,429

Clean

Energy

Fuels

Corp.

(a)(b)

...........

1,759,677

7,672,192

CNX

Resources

Corp.

(a)(b)

.............

1,644,545

26,345,611

CONSOL

Energy,

Inc.

................

21,610

1,259,215

DHT

Holdings,

Inc.

..................

1,415,511

15,301,674

Dorian

LPG

Ltd.

....................

316,158

6,304,191

Energy

Fuels,

Inc.

(a)(b)

................

286,632

1,599,407

Equitrans

Midstream

Corp.

............

3,243,787

18,749,089

Excelerate

Energy,

Inc.,

Class

A

.........

189,834

4,202,925

FLEX

LNG

Ltd.

(b)

...................

295,712

9,930,009

Frontline

plc

......................

1,287,222

21,316,396

Gevo,

Inc.

(a)(b)

.....................

2,210,802

3,404,635

Golar

LNG

Ltd.

(a)

...................

969,517

20,941,567

Green

Plains,

Inc.

(a)(b)

................

429,801

13,319,533

International

Seaways,

Inc.

............

502,798

20,956,621

Kinetik

Holdings,

Inc.,

Class

A

..........

156,660

4,903,458

Murphy

Oil

Corp.

...................

862,591

31,898,615

NACCO

Industries,

Inc.,

Class

A

.........

40,805

1,471,836

NextDecade

Corp.

(a)(b)

................

59,650

296,461

Nordic

American

Tankers

Ltd.

..........

2,112,786

8,366,633

Northern

Oil

and

Gas,

Inc.

.............

104,023

3,157,098

PBF

Energy,

Inc.,

Class

A

.............

944,687

40,961,628

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Peabody

Energy

Corp.

(a)(b)

.............

1,216,047

$

31,130,803

Permian

Resources

Corp.,

Class

A

.......

2,106,227

22,115,384

Petrocorp,

Inc.,

NVS

(a)(c)

..............

19,086

—

REX

American

Resources

Corp.

(a)(b)

......

177,054

5,061,974

Riley

Exploration

Permian,

Inc.

..........

40,058

1,524,608

Ring

Energy,

Inc.

(a)(b)

.................

583,740

1,109,106

Scorpio

Tankers,

Inc.

................

485,698

27,349,654

SFL

Corp.

Ltd.

.....................

1,174,754

11,160,163

Teekay

Corp.

(a)

....................

717,607

4,434,811

Teekay

Tankers

Ltd.,

Class

A

(a)

..........

235,575

10,113,235

Ur-Energy,

Inc.

(a)(b)

..................

234,781

248,868

Vertex

Energy,

Inc.

(a)(b)

...............

69,588

687,529

W&T

Offshore,

Inc.

(a)(b)

...............

158,036

802,823

World

Fuel

Services

Corp.

.............

636,364

16,259,100

520,125,480

Paper

&

Forest

Products

—

0.1%

Clearwater

Paper

Corp.

(a)

.............

173,544

5,799,840

Glatfelter

Corp.

....................

450,387

1,436,735

Sylvamo

Corp.

....................

21,652

1,001,622

8,238,197

Passenger

Airlines

—

0.4%

Allegiant

Travel

Co.

(a)

................

91,850

8,448,363

Blade

Air

Mobility,

Inc.,

Class

A

(a)(b)

.......

593,729

2,006,804

Hawaiian

Holdings,

Inc.

(a)(b)

............

526,514

4,822,868

Joby

Aviation,

Inc.,

Class

A

(a)(b)

..........

254,065

1,102,642

SkyWest,

Inc.

(a)

....................

517,799

11,479,604

Spirit

Airlines,

Inc.

..................

1,125,242

19,320,405

Wheels

Up

Experience,

Inc.,

Class

A

(a)(b)

...

1,678,995

1,062,468

48,243,154

Personal

Care

Products

—

0.4%

Beauty

Health

Co.

(The),

Class

A

(a)(b)

......

101,366

1,280,252

Edgewell

Personal

Care

Co.

...........

532,217

22,576,645

Herbalife

Nutrition

Ltd.

(a)(b)

.............

340,438

5,481,052

Honest

Co.,

Inc.

(The)

(a)(b)

.............

695,515

1,251,927

Nature's

Sunshine

Products,

Inc.

(a)

.......

140,781

1,437,374

Nu

Skin

Enterprises,

Inc.,

Class

A

........

301,415

11,848,624

43,875,874

Pharmaceuticals

—

1.1%

Amylyx

Pharmaceuticals,

Inc.

(a)

.........

419,423

12,305,871

AN2

Therapeutics,

Inc.

(a)

..............

84,407

833,097

ANI

Pharmaceuticals,

Inc.

(a)

............

130,054

5,165,745

Atea

Pharmaceuticals,

Inc.

(a)(b)

..........

801,359

2,684,553

Athira

Pharma,

Inc.

(a)

................

341,336

853,340

Cara

Therapeutics,

Inc.

(a)(b)

............

463,046

2,273,556

DICE

Therapeutics,

Inc.

(a)(b)

............

366,353

10,496,013

Edgewise

Therapeutics,

Inc.

(a)(b)

.........

393,817

2,626,759

EyePoint

Pharmaceuticals,

Inc.

(a)(b)

.......

147,042

432,303

Fulcrum

Therapeutics,

Inc.

(a)(b)

..........

537,881

1,532,961

Ligand

Pharmaceuticals,

Inc.

(a)

..........

137,459

10,111,484

Liquidia

Corp.

(a)(b)

...................

172,934

1,194,974

Nektar

Therapeutics

(a)

................

1,858,873

1,306,602

NGM

Biopharmaceuticals,

Inc.

(a)(b)

........

158,139

645,207

Nuvation

Bio,

Inc.,

Class

A

(a)

...........

1,206,344

2,002,531

Phibro

Animal

Health

Corp.,

Class

A

......

9,194

140,852

Prestige

Consumer

Healthcare,

Inc.

(a)

.....

514,049

32,194,889

Provention

Bio,

Inc.

(a)

................

92,690

2,233,829

Reata

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

...

47,264

4,297,243

Relmada

Therapeutics,

Inc.

(a)(b)

..........

73,556

166,237

Scilex

Holding

Co.(Acquired

01/06/23,

cost

$6,061,469)

(a)(b)(d)

.................

578,384

4,688,738

Supernus

Pharmaceuticals,

Inc.

(a)(b)

.......

513,336

18,598,163

Tarsus

Pharmaceuticals,

Inc.

(a)

..........

187,980

2,362,909

2023

ishares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Value

ETF

54

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Theravance

Biopharma,

Inc.

(a)

..........

65,088

$

706,205

Theseus

Pharmaceuticals,

Inc.

(a)(b)

.......

180,682

1,604,456

Third

Harmonic

Bio,

Inc.

(a)(b)

............

68,438

281,964

121,740,481

Professional

Services

—

0.8%

Alight,

Inc.,

Class

A

(a)(b)

...............

3,972,656

36,588,162

Atlas

Technical

Consultants,

Inc.

(a)

.......

62,043

756,304

Barrett

Business

Services,

Inc.

..........

7,526

667,105

Conduent,

Inc.

(a)

...................

1,790,696

6,142,087

First

Advantage

Corp.

(a)(b)

.............

553,958

7,733,254

Heidrick

&

Struggles

International,

Inc.

....

199,646

6,061,253

Huron

Consulting

Group,

Inc.

(a)(b)

........

80,666

6,483,126

ICF

International,

Inc.

................

56,121

6,156,474

Kelly

Services,

Inc.,

Class

A,

NVS

.......

351,228

5,826,873

Maximus,

Inc.

.....................

36,170

2,846,579

Planet

Labs

PBC

(a)(b)

.................

254,624

1,000,672

Resources

Connection,

Inc.

............

332,121

5,665,984

Skillsoft

Corp.,

Class

A

(a)(b)

.............

814,921

1,629,842

Spire

Global,

Inc.,

Class

A

(a)(b)

..........

1,253,589

837,397

Sterling

Check

Corp.

(a)(b)

..............

15,159

169,023

TrueBlue,

Inc.

(a)

....................

334,116

5,947,265

Willdan

Group,

Inc.

(a)(b)

...............

110,333

1,723,401

96,234,801

Real

Estate

Management

&

Development

—

0.5%

American

Realty

Investors,

Inc.

(a)

........

16,189

426,094

Anywhere

Real

Estate,

Inc.

(a)(b)

..........

1,110,753

5,864,776

DigitalBridge

Group,

Inc.,

Class

A

........

175,896

2,108,993

Doma

Holdings,

Inc.

(a)(b)

...............

1,275,371

519,713

Douglas

Elliman,

Inc.

................

727,452

2,262,376

Forestar

Group,

Inc.

(a)(b)

...............

139,362

2,168,473

FRP

Holdings,

Inc.

(a)

.................

68,048

3,938,618

Kennedy-Wilson

Holdings,

Inc.

..........

1,218,159

20,209,258

Newmark

Group,

Inc.,

Class

A

..........

1,300,939

9,210,648

RE/MAX

Holdings,

Inc.,

Class

A

.........

186,321

3,495,382

RMR

Group,

Inc.

(The),

Class

A

.........

58,995

1,548,029

Stratus

Properties,

Inc.

...............

58,117

1,162,340

Tejon

Ranch

Co.

(a)

..................

205,073

3,746,684

Transcontinental

Realty

Investors,

Inc.

(a)

...

12,389

525,170

57,186,554

Residential

REITs

—

0.8%

Apartment

Investment

and

Management

Co.,

Class

A

.......................

1,536,006

11,811,886

Bluerock

Homes

Trust,

Inc.,

Class

A

(a)

.....

22,963

455,127

BRT

Apartments

Corp.

...............

122,843

2,422,464

Centerspace

......................

154,065

8,416,571

Clipper

Realty,

Inc.

..................

27,364

157,069

Elme

Communities

..................

901,512

16,101,004

Independence

Realty

Trust,

Inc.

.........

2,328,588

37,327,266

NexPoint

Residential

Trust,

Inc.

.........

15,054

657,408

UMH

Properties,

Inc.

................

98,978

1,463,885

Veris

Residential,

Inc.

(a)

...............

891,772

13,055,542

91,868,222

Retail

REITs

—

2.5%

Acadia

Realty

Trust

.................

939,636

13,107,922

Agree

Realty

Corp.

(b)

................

905,210

62,106,458

CBL

&

Associates

Properties,

Inc.

........

228,978

5,870,996

Getty

Realty

Corp.

(b)

.................

423,873

15,272,144

InvenTrust

Properties

Corp.

............

701,190

16,407,846

Kite

Realty

Group

Trust

...............

2,249,304

47,055,440

Macerich

Co.

(The)

(b)

................

2,211,599

23,442,949

Necessity

Retail

REIT,

Inc.

(The),

Class

A

..

1,375,442

8,637,776

NETSTREIT

Corp.

..................

565,104

10,330,101

Security

Shares

Shares

Value

Retail

REITs

(continued)

Retail

Opportunity

Investments

Corp.

.....

1,256,060

$

17,534,598

RPT

Realty

.......................

858,292

8,162,357

Saul

Centers,

Inc.

..................

15,510

604,890

SITE

Centers

Corp.

.................

1,996,525

24,517,327

Urban

Edge

Properties

...............

1,197,079

18,028,010

Urstadt

Biddle

Properties,

Inc.,

Class

A

....

293,585

5,158,288

Whitestone

REIT

...................

483,011

4,443,701

280,680,803

Semiconductors

&

Semiconductor

Equipment

—

0.8%

ACM

Research,

Inc.,

Class

A

(a)

..........

429,721

5,027,736

Alpha

&

Omega

Semiconductor

Ltd.

(a)

.....

50,258

1,354,453

Amkor

Technology,

Inc.

...............

834,995

21,726,570

AXT,

Inc.

(a)(b)

......................

426,545

1,697,649

Cohu,

Inc.

(a)

......................

483,916

18,577,535

Diodes,

Inc.

(a)

.....................

125,673

11,657,427

Ichor

Holdings

Ltd.

(a)(b)

................

289,727

9,485,662

Impinj,

Inc.

(a)(b)

.....................

20,136

2,728,831

Photronics,

Inc.

(a)

...................

167,924

2,784,180

Rambus,

Inc.

(a)

....................

177,767

9,112,336

Rigetti

Computing,

Inc.

(a)(b)

.............

871,230

630,248

Ultra

Clean

Holdings,

Inc.

(a)(b)

...........

306,280

10,156,245

Veeco

Instruments,

Inc.

(a)

.............

104,085

2,199,316

97,138,188

Software

—

1.8%

A10

Networks,

Inc.

..................

136,438

2,113,425

Adeia,

Inc.

.......................

1,074,319

9,518,466

American

Software,

Inc.,

Class

A

........

97,348

1,227,558

Applied

Digital

Corp.

(a)(b)

..............

405,737

908,851

Blackbaud,

Inc.

(a)

...................

26,008

1,802,354

Blend

Labs,

Inc.,

Class

A

(a)(b)

...........

1,985,647

1,978,102

C3.ai,

Inc.,

Class

A

(a)(b)

...............

500,241

16,793,090

Cerence,

Inc.

(a)(b)

...................

417,317

11,722,435

Cipher

Mining,

Inc.

(a)(b)

................

376,579

877,429

Cleanspark,

Inc.

(a)(b)

.................

754,674

2,097,994

Consensus

Cloud

Solutions,

Inc.

(a)(b)

......

101,575

3,462,692

Cvent

Holding

Corp.

(a)(b)

...............

474,616

3,967,790

Digimarc

Corp.

(a)(b)

..................

8,662

170,208

E2open

Parent

Holdings,

Inc.,

Class

A

(a)(b)

..

2,063,025

12,006,806

Ebix,

Inc.

........................

218,498

2,881,989

eGain

Corp.

(a)

.....................

122,564

930,261

EverCommerce,

Inc.

(a)(b)

..............

218,198

2,308,535

ForgeRock,

Inc.,

Class

A

(a)(b)

...........

125,324

2,581,674

Greenidge

Generation

Holdings,

Inc.

(a)

.....

349,292

157,880

Instructure

Holdings,

Inc.

(a)(b)

...........

154,064

3,990,258

InterDigital,

Inc.

....................

192,885

14,061,317

Kaleyra,

Inc.

(a)(b)

....................

91,821

151,505

Latch,

Inc.

(a)(b)

.....................

1,055,921

804,717

LiveRamp

Holdings,

Inc.

(a)

.............

660,827

14,491,936

LiveVox

Holdings,

Inc.,

Class

A

(a)(b)

.......

214,414

662,539

Marathon

Digital

Holdings,

Inc.

(a)(b)

.......

1,201,907

10,480,629

Matterport,

Inc.,

Class

A

(a)(b)

............

634,201

1,731,369

MicroStrategy,

Inc.,

Class

A

(a)(b)

..........

40,823

11,933,379

Mitek

Systems,

Inc.

(a)

................

37,504

359,663

N-able,

Inc.

(a)(b)

....................

84,111

1,110,265

Olo,

Inc.,

Class

A

(a)(b)

.................

933,894

7,620,575

ON24,

Inc.

(a)(b)

.....................

444,737

3,895,896

OneSpan,

Inc.

(a)

....................

264,784

4,633,720

Porch

Group,

Inc.

(a)(b)

................

846,146

1,209,989

PowerSchool

Holdings,

Inc.,

Class

A

(a)

.....

305,700

6,058,974

PROS

Holdings,

Inc.

(a)

...............

151,011

4,137,701

Riot

Platforms,

Inc.

(a)(b)

...............

1,638,072

16,364,339

Sapiens

International

Corp.

NV

.........

90,371

1,962,858

SecureWorks

Corp.,

Class

A

(a)(b)

.........

103,178

884,236

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

55

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

SolarWinds

Corp.

(a)

.................

498,320

$

4,285,552

Sumo

Logic,

Inc.

(a)

..................

425,154

5,093,345

Terawulf,

Inc.

(a)(b)

...................

547,279

513,238

Upland

Software,

Inc.

(a)

...............

305,488

1,313,599

Verint

Systems,

Inc.

(a)(b)

...............

61,393

2,286,275

WM

Technology,

Inc.,

Class

A

(a)(b)

........

211,450

179,563

Xperi,

Inc.

(a)(b)

.....................

430,619

4,706,666

202,431,642

Specialized

REITs

—

0.7%

Farmland

Partners,

Inc.

..............

506,777

5,422,514

Four

Corners

Property

Trust,

Inc.

........

783,604

21,047,604

Gladstone

Land

Corp.

(b)

..............

148,611

2,474,373

PotlatchDeltic

Corp.

.................

746,202

36,936,999

Uniti

Group,

Inc.

...................

2,457,302

8,723,422

74,604,912

Specialty

Retail

—

3.6%

1-800-Flowers.com,

Inc.,

Class

A

(a)(b)

......

269,666

3,101,159

Aaron's

Co.,

Inc.

(The)

...............

314,751

3,040,495

Abercrombie

&

Fitch

Co.,

Class

A

(a)(b)

......

501,519

13,917,152

Academy

Sports

&

Outdoors,

Inc.

(b)

.......

783,403

51,117,046

aka

Brands

Holding

Corp.

(a)(b)

...........

129,826

70,716

American

Eagle

Outfitters,

Inc.

..........

1,595,396

21,442,122

America's

Car-Mart,

Inc.

(a)(b)

............

61,350

4,859,533

Asbury

Automotive

Group,

Inc.

(a)(b)

........

162,344

34,092,240

BARK,

Inc.

(a)(b)

.....................

1,148,825

1,665,796

Bed

Bath

&

Beyond,

Inc.

(a)(b)

............

272,279

116,372

Big

5

Sporting

Goods

Corp.

(b)

...........

215,903

1,660,294

Buckle,

Inc.

(The)

..................

24,629

879,009

Build-A-Bear

Workshop,

Inc.

...........

37,206

864,667

Cato

Corp.

(The),

Class

A

.............

177,202

1,566,466

Chico's

FAS,

Inc.

(a)

..................

346,650

1,906,575

Children's

Place,

Inc.

(The)

(a)

...........

43,717

1,759,609

Citi

Trends,

Inc.

(a)(b)

..................

80,341

1,528,086

Conn's,

Inc.

(a)(b)

....................

143,353

868,719

Container

Store

Group,

Inc.

(The)

(a)(b)

.....

328,167

1,125,613

Designer

Brands,

Inc.,

Class

A

..........

135,727

1,186,254

Destination

XL

Group,

Inc.

(a)(b)

..........

288,555

1,589,938

Duluth

Holdings,

Inc.,

Class

B

(a)(b)

........

68,144

434,759

EVgo,

Inc.,

Class

A

(a)(b)

...............

614,099

4,783,831

Express,

Inc.

(a)(b)

...................

747,528

589,276

Foot

Locker,

Inc.

...................

832,506

33,042,163

Franchise

Group,

Inc.

................

17,724

482,979

Genesco,

Inc.

(a)

....................

127,382

4,697,848

Group

1

Automotive,

Inc.

(b)

.............

145,141

32,862,825

GrowGeneration

Corp.

(a)(b)

.............

587,330

2,008,669

Haverty

Furniture

Cos.,

Inc.

............

148,982

4,754,016

Hibbett,

Inc.

......................

27,074

1,596,824

JOANN,

Inc.

(b)

.....................

139,727

222,166

Lands'

End,

Inc.

(a)(b)

.................

153,330

1,490,367

LL

Flooring

Holdings,

Inc.

(a)(b)

...........

294,862

1,120,476

MarineMax,

Inc.

(a)(b)

.................

203,612

5,853,845

Monro,

Inc.

(b)

......................

322,259

15,929,262

National

Vision

Holdings,

Inc.

(a)(b)

........

760,576

14,329,252

ODP

Corp.

(The)

(a)(b)

.................

413,603

18,603,863

OneWater

Marine,

Inc.,

Class

A

(a)

........

108,237

3,027,389

Overstock.com,

Inc.

(a)(b)

...............

441,844

8,956,178

PetMed

Express,

Inc.

................

37,943

616,194

RealReal,

Inc.

(The)

(a)(b)

...............

803,325

1,012,189

RumbleON,

Inc.,

Class

B

(a)(b)

...........

109,883

665,891

Sally

Beauty

Holdings,

Inc.

(a)(b)

..........

79,415

1,237,286

Shoe

Carnival,

Inc.

..................

176,217

4,519,966

Signet

Jewelers

Ltd.

(b)

................

461,719

35,912,504

Sleep

Number

Corp.

(a)(b)

..............

121,204

3,685,814

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Sonic

Automotive,

Inc.,

Class

A

.........

185,246

$

10,066,268

Sportsman's

Warehouse

Holdings,

Inc.

(a)

...

375,050

3,180,424

Stitch

Fix,

Inc.,

Class

A

(a)(b)

.............

524,979

2,682,643

ThredUp,

Inc.,

Class

A

(a)(b)

.............

498,643

1,261,567

Tile

Shop

Holdings,

Inc.

(a)

.............

328,041

1,538,512

Tilly's,

Inc.,

Class

A

(a)

................

233,645

1,801,403

Torrid

Holdings,

Inc.

(a)(b)

...............

51,689

225,364

TravelCenters

of

America,

Inc.

(a)(b)

........

129,938

11,239,637

Urban

Outfitters,

Inc.

(a)(b)

..............

660,605

18,311,971

Winmark

Corp.

....................

28,360

9,087,395

Zumiez,

Inc.

(a)(b)

....................

164,404

3,031,610

413,220,487

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

Avid

Technology,

Inc.

(a)(b)

..............

133,133

4,257,593

CompoSecure,

Inc.,

Class

A

(a)

..........

16,465

121,182

Corsair

Gaming,

Inc.

(a)(b)

..............

184,416

3,384,034

Diebold

Nixdorf,

Inc.

(a)(b)

...............

181,457

217,748

Eastman

Kodak

Co.

(a)(b)

...............

580,758

2,381,108

IonQ,

Inc.

(a)(b)

......................

1,072,748

6,597,400

Turtle

Beach

Corp.

(a)

.................

39,393

394,718

Xerox

Holdings

Corp.

................

1,187,842

18,292,767

35,646,550

Textiles,

Apparel

&

Luxury

Goods

—

0.3%

Allbirds,

Inc.,

Class

A

(a)(b)

..............

739,466

887,359

Ermenegildo

Zegna

NV

(b)

.............

476,495

6,499,392

Fossil

Group,

Inc.

(a)(b)

................

488,018

1,561,658

G-III

Apparel

Group

Ltd.

(a)

.............

447,842

6,963,943

Movado

Group,

Inc.

.................

156,266

4,495,773

Oxford

Industries,

Inc.

...............

47,661

5,032,525

PLBY

Group,

Inc.

(a)(b)

................

438,682

868,590

Rocky

Brands,

Inc.

..................

63,615

1,467,598

Superior

Group

of

Cos.,

Inc.

...........

115,763

911,055

Unifi,

Inc.

(a)(b)

......................

150,735

1,231,505

29,919,398

Tobacco

—

0.2%

Universal

Corp.

....................

250,558

13,252,013

Vector

Group

Ltd.

..................

1,262,351

15,160,835

28,412,848

Trading

Companies

&

Distributors

—

1.6%

Alta

Equipment

Group,

Inc.,

Class

A

......

169,889

2,692,741

Beacon

Roofing

Supply,

Inc.

(a)(b)

.........

158,537

9,329,902

BlueLinx

Holdings,

Inc.

(a)

..............

90,427

6,145,419

Boise

Cascade

Co.

.................

322,539

20,400,592

Custom

Truck

One

Source,

Inc.

(a)(b)

.......

429,702

2,917,677

Distribution

Solutions

Group,

Inc.

(a)

.......

6,527

296,717

DXP

Enterprises,

Inc.

(a)

...............

154,959

4,171,496

GATX

Corp.

(b)

.....................

341,661

37,589,543

Global

Industrial

Co.

.................

34,982

938,917

NOW,

Inc.

(a)

......................

1,141,951

12,732,754

Rush

Enterprises,

Inc.,

Class

A

.........

428,771

23,410,896

Rush

Enterprises,

Inc.,

Class

B

.........

67,119

4,019,757

Textainer

Group

Holdings

Ltd.

..........

386,197

12,400,786

Titan

Machinery,

Inc.

(a)

...............

208,888

6,360,640

Triton

International

Ltd.

...............

601,406

38,020,887

181,428,724

Water

Utilities

—

0.6%

American

States

Water

Co.

(b)

...........

198,860

17,676,665

Artesian

Resources

Corp.,

Class

A,

NVS

...

29,585

1,637,826

California

Water

Service

Group

(b)

........

413,277

24,052,721

SJW

Group

.......................

279,815

21,302,316

64,669,528

2023

ishares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Value

ETF

56

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Wireless

Telecommunication

Services

—

0.3%

Gogo,

Inc.

(a)

......................

468,661

$

6,795,585

KORE

Group

Holdings,

Inc.

(a)(b)

..........

411,364

501,864

Shenandoah

Telecommunications

Co.

(b)

....

498,424

9,480,024

Telephone

and

Data

Systems,

Inc.

.......

1,044,825

10,981,111

United

States

Cellular

Corp.

(a)(b)

.........

154,218

3,196,939

30,955,523

Total

Common

Stocks

—

99.5%

(Cost:

$13,230,762,137)

...........................

11,382,330,684

Rights

Biotechnology

—

0.0%

Contra

Aduro

Biotech

I,

CVR

(a)(c)

.........

19,180

48,698

Metals

&

Mining

—

0.0%

PolyMet

Mining

Corp.(Expires

04/04/23,

Strike

Price

USD

2.11)

(a)(b)

...............

282,858

764

Total

Rights

—

0.0%

(Cost:

$—)

....................................

49,462

Warrants

Oil,

Gas

&

Consumable

Fuels

—

0.0%

(a)

Chord

Energy

Corp.

(Issued/Exercisable

09/01/20,

1

Share

for

1

Warrant,

Expires

09/01/24,

Strike

Price

USD

116.37)

.....

42,563

756,770

Chord

Energy

Corp.

(Issued/Exercisable

09/01/20,

1

Share

for

1

Warrant,

Expires

09/01/25,

Strike

Price

USD

133.70)

....

21,281

302,190

Total

Warrants

—

0.0%

(Cost:

$5,241,813)

..............................

1,058,960

Total

Long-Term

Investments

—

99.5%

(Cost:

$13,236,003,950)

...........................

11,383,439,106

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

9.3%

(e)(f)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(g)

............

1,028,918,390

$

1,029,227,065

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

..................

35,812,559

35,812,559

Total

Short-Term

Securities

—

9.3%

(Cost:

$1,064,548,416)

...........................

1,065,039,624

Total

Investments

—

108.8%

(Cost:

$14,300,552,366

)

...........................

12,448,478,730

Liabilities

in

Excess

of

Other

Assets

—

(8.8)%

............

(1,002,948,142)

Net

Assets

—

100.0%

..............................

$

11,445,530,588

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$4,688,738,

representing

0.04%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$6,061,469.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/23

Shares

Held

at

03/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

932,952,583

$

95,625,380

(a)

$

—

$

54,222

$

594,880

$

1,029,227,065

1,028,918,390

$

14,676,175

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

12,620,000

23,192,559

(a)

—

—

—

35,812,559

35,812,559

816,187

20

$

54,222

$

594,880

$

1,065,039,624

$

15,492,362

$

20

—

—

(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)

March

31,

2023

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

57

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

574

06/16/23

$

52,047

$

754,971

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

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)

......

$

—

$

—

$

754,971

$

—

$

—

$

—

$

754,971

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

For

the

period

ended

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(4,181,123)

$

—

$

—

$

—

$

(4,181,123)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

206,832

$

—

$

—

$

—

$

206,832

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

47,828,446

2023

ishares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2000

Value

ETF

58

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

11,377,641,945

$

4,688,738

$

1

$

11,382,330,684

Rights

................................................

764

—

48,698

49,462

Warrants

..............................................

1,058,960

—

—

1,058,960

Short-Term

Securities

Money

Market

Funds

......................................

1,065,039,624

—

—

1,065,039,624

$

12,443,741,293

$

4,688,738

$

48,699

$

12,448,478,730

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

754,971

$

—

$

—

$

754,971

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

March

31,

2023

59

Financial

Statements

See

notes

to

financial

statements.

iShares

Russell

2000

ETF

iShares

Russell

2000

Growth

ETF

iShares

Russell

2000

Value

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................................

$

49,582,680,725‌

$

9,356,042,077‌

$

11,383,439,106‌

Investments,

at

value

—

affiliated

(c)

............................................................

6,314,491,501‌

1,397,674,391‌

1,065,039,624‌

Cash  

...............................................................................

15,828,555‌

2,072,051‌

1,121,680‌

Cash

pledged:

Futures

contracts

......................................................................

11,414,000‌

1,351,000‌

3,954,000‌

Receivables:

–‌

–‌

–‌

Investments

sold

......................................................................

2,156,175‌

3,979,639‌

—‌

Securities

lending

income

—

affiliated

........................................................

6,064,116‌

1,465,619‌

986,073‌

Capital

shares

sold

.....................................................................

4,007,553‌

—‌

4,106,338‌

Dividends

—

unaffiliated

.................................................................

53,142,179‌

2,738,701‌

21,117,096‌

Dividends

—

affiliated

...................................................................

519,196‌

77,647‌

141,985‌

Variation

margin

on

futures

contracts

.........................................................

2,694,106‌

327,280‌

958,557‌

Total

assets

...........................................................................

55,992,998,106‌

10,765,728,405‌

12,480,864,459‌

LIABILITIES

Collateral

on

securities

loaned

...............................................................

6,229,448,367‌

1,384,985,854‌

1,028,877,853‌

Payables:

–‌

–‌

–‌

Investments

purchased

..................................................................

2,442,372‌

307,932‌

4,131,885‌

Capital

shares

redeemed

.................................................................

44,181,504‌

327,306‌

—‌

Investment

advisory

fees

.................................................................

8,350,828‌

1,885,119‌

2,324,133‌

Total

liabilities

..........................................................................

6,284,423,071‌

1,387,506,211‌

1,035,333,871‌

NET

ASSETS

..........................................................................

$

49,708,575,035‌

$

9,378,222,194‌

$

11,445,530,588‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................................

$

88,308,370,423‌

$

13,300,917,542‌

$

14,961,117,606‌

Accumulated

loss

.......................................................................

(38,599,795,388‌)

(3,922,695,348‌)

(3,515,587,018‌)

NET

ASSETS

..........................................................................

$

49,708,575,035‌

$

9,378,222,194‌

$

11,445,530,588‌

NET

ASSET

VALUE

Shares

outstanding

......................................................................

278,300,000‌

41,300,000‌

83,400,000‌

Net

asset

value

.........................................................................

$

178.62‌

$

227.08‌

$

137.24‌

Shares

authorized

.......................................................................

Unlimited

Unlimited

Unlimited

Par

value

.............................................................................

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

..........................................................

$

73,318,402,230‌

$

10,384,452,580‌

$

13,236,003,950‌

(b)

  Securities

loaned,

at

value

................................................................

$

6,143,906,964‌

$

1,357,523,012‌

$

1,015,131,220‌

(c)

  Investments,

at

cost

—

affiliated

............................................................

$

6,311,322,729‌

$

1,396,905,311‌

$

1,064,548,416‌

Statements

of

Operations

Year

Ended

March

31,

2023

2023

iShares

Annual

Report

to

Shareholders

60

See

notes

to

financial

statements.

iShares

Russell

2000

ETF

iShares

Russell

2000

Growth

ETF

iShares

Russell

2000

Value

ETF

INVESTMENT

INCOME

–

–

–

Dividends

—

unaffiliated

.................................................................

$

795,547,751‌

$

76,620,553‌

$

257,237,567‌

Dividends

—

affiliated

...................................................................

2,991,638‌

465,833‌

816,187‌

Securities

lending

income

—

affiliated

—

net

...................................................

90,472,512‌

22,408,974‌

14,676,175‌

Foreign

taxes

withheld

..................................................................

(1,119,897‌)

(181,893‌)

(273,591‌)

Total

investment

income

...................................................................

887,892,004‌

99,313,467‌

272,456,338‌

EXPENSES

Investment

advisory

....................................................................

102,162,225‌

22,705,207‌

29,120,003‌

Total

expenses

.........................................................................

102,162,225‌

22,705,207‌

29,120,003‌

Net

investment

income

....................................................................

785,729,779‌

76,608,260‌

243,336,335‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(7,994,145,000‌)

$

(1,143,756,534‌)

$

(2,048,776,818‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................................

(5,207,605,542‌)

(1,912,289,107‌)

(67,610,056‌)

Investments

—

affiliated

...............................................................

327,288‌

97,715‌

54,222‌

Capital

gain

distributions

from

underlying

funds

—

affiliated

........................................

65‌

23‌

20‌

Foreign

currency

transactions

...........................................................

2,469‌

—‌

—‌

Futures

contracts

....................................................................

(44,071,219‌)

(3,707,187‌)

(4,181,123‌)

In-kind

redemptions

—

unaffiliated

(a)

.......................................................

3,659,215,119‌

837,667,713‌

553,791,612‌

(1,592,131,820‌)

(1,078,230,843‌)

482,054,675‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................................

(6,407,180,782‌)

(66,390,990‌)

(2,531,633,204‌)

Investments

—

affiliated

...............................................................

3,239,323‌

751,079‌

594,880‌

Futures

contracts

....................................................................

1,928,276‌

114,220‌

206,832‌

(6,402,013,183‌)

(65,525,691‌)

(2,530,831,492‌)

Net

realized

and

unrealized

loss

..............................................................

(7,994,145,003‌)

(1,143,756,534‌)

(2,048,776,817‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................................

$

(7,208,415,224‌)

$

(1,067,148,274‌)

$

(1,805,440,482‌)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

Statements

of

Changes

in

Net

Assets

61

Financial

Statements

See

notes

to

financial

statements.

iShares

Russell

2000

ETF

iShares

Russell

2000

Growth

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/23

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

785,729,779‌

$

600,788,667‌

$

76,608,260‌

$

26,897,024‌

Net

realized

gain

(loss)

....................................................

(1,592,131,820‌)

10,401,978,974‌

(1,078,230,843‌)

1,971,046,885‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

(6,402,013,183‌)

(14,941,857,623‌)

(65,525,691‌)

(3,784,056,671‌)

Net

decrease

in

net

assets

resulting

from

operations

..................................

(7,208,415,224‌)

(3,939,089,982‌)

(1,067,148,274‌)

(1,786,112,762‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(820,928,177‌)

(646,681,067‌)

(78,266,196‌)

(38,453,082‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

(4,215,356,230‌)

(2,764,541,638‌)

(307,182,293‌)

573,103,014‌

NET

ASSETS

Total

decrease

in

net

assets

..................................................

(12,244,699,631‌)

(7,350,312,687‌)

(1,452,596,763‌)

(1,251,462,830‌)

Beginning

of

year

..........................................................

61,953,274,666‌

69,303,587,353‌

10,830,818,957‌

12,082,281,787‌

End

of

year

..............................................................

$

49,708,575,035‌

$

61,953,274,666‌

$

9,378,222,194‌

$

10,830,818,957‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2023

iShares

Annual

Report

to

Shareholders

62

See

notes

to

financial

statements.

iShares

Russell

2000

Value

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..................................................................................

$

243,336,335‌

$

221,001,608‌

Net

realized

gain

......................................................................................

482,054,675‌

2,756,634,299‌

Net

change

in

unrealized

appreciation

(depreciation)

..............................................................

(2,530,831,492‌)

(2,478,461,320‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.........................................................

(1,805,440,482‌)

499,174,587‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.......................................................

(262,828,957‌)

(248,644,243‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

.......................................................

(1,144,200,441‌)

(1,911,845,387‌)

NET

ASSETS

Total

decrease

in

net

assets

................................................................................

(3,212,469,880‌)

(1,661,315,043‌)

Beginning

of

year

........................................................................................

14,658,000,468‌

16,319,315,511‌

End

of

year

............................................................................................

$

11,445,530,588‌

$

14,658,000,468‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

63

Financial

Highlights

See

notes

to

financial

statements.

iShares

Russell

2000

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

................................

$

205.42

‌

$

220.43

‌

$

114.62

‌

$

153.10

‌

$

151.96

‌

Net

investment

income

(a)

.......................................

2.67

‌

1.97

‌

1.73

‌

1.83

‌

1.89

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.............................

(26.65

)

(14.89

)

106.10

‌

(38.22

)

1.18

‌

Net

increase

(decrease)

from

investment

operations

......................

(23.98

)

(12.92

)

107.83

‌

(36.39

)

3.07

‌

Distributions

from

net

investment

income

(c)

.............................

(2.82

)

(2.09

)

(2.02

)

(2.09

)

(1.93

)

Net

asset

value,

end

of

year

.....................................

$

178.62

‌

$

205.42

‌

$

220.43

‌

$

114.62

‌

$

153.10

‌

Total

Return

(d)

(11.63)%

—

—

—

—

Based

on

net

asset

value

........................................

(11.63

)%

(5.92

)%

94.67

%

(24.04

)%

2.01

%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

...............................................

0.19

%

0.19

%

0.19

%

0.19

%

0.19

%

Net

investment

income

..........................................

1.47

%

0.90

%

1.01

%

1.19

%

1.21

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

49,708,575

‌

$

61,953,275

‌

$

69,303,587

‌

$

32,602,673

‌

$

43,174,723

‌

Portfolio

turnover

rate

(f)

..........................................

18

%

23

%

20

%

18

%

22

%

(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.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Annual

Report

to

Shareholders

64

See

notes

to

financial

statements.

iShares

Russell

2000

Growth

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

................................

$

256.05

‌

$

300.18

‌

$

158.74

‌

$

196.60

‌

$

190.63

‌

Net

investment

income

(a)

.......................................

1.80

‌

0.67

‌

1.02

‌

1.32

‌

1.21

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.............................

(28.92

)

(43.86

)

141.60

‌

(37.65

)

6.04

‌

Net

increase

(decrease)

from

investment

operations

......................

(27.12

)

(43.19

)

142.62

‌

(36.33

)

7.25

‌

Distributions

from

net

investment

income

(c)

.............................

(1.85

)

(0.94

)

(1.18

)

(1.53

)

(1.28

)

Net

asset

value,

end

of

year

.....................................

$

227.08

‌

$

256.05

‌

$

300.18

‌

$

158.74

‌

$

196.60

‌

Total

Return

(d)

(10.55)%

—

—

—

—

Based

on

net

asset

value

........................................

(10.55

)%

(14.42

)%

90.06

%

(18.61

)%

3.81

%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

...............................................

0.24

%

0.23

%

0.24

%

0.24

%

0.24

%

Net

investment

income

..........................................

0.80

%

0.23

%

0.42

%

0.66

%

0.61

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

9,378,222

‌

$

10,830,819

‌

$

12,082,282

‌

$

6,936,895

‌

$

9,171,566

‌

Portfolio

turnover

rate

(f)

..........................................

35

%

40

%

35

%

33

%

35

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

65

Financial

Highlights

See

notes

to

financial

statements.

iShares

Russell

2000

Value

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

.................................

$

161.43

‌

$

159.14

‌

$

82.34

‌

$

119.84

‌

$

122.00

‌

Net

investment

income

(a)

........................................

2.89

‌

2.26

‌

1.84

‌

2.07

‌

2.18

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............................

(23.96

)

2.61

‌

77.01

‌

(37.17

)

(2.10

)

Net

increase

(decrease)

from

investment

operations

.......................

(21.07

)

4.87

‌

78.85

‌

(35.10

)

0.08

‌

Distributions

from

net

investment

income

(c)

..............................

(3.12

)

(2.58

)

(2.05

)

(2.40

)

(2.24

)

Net

asset

value,

end

of

year

......................................

$

137.24

‌

$

161.43

‌

$

159.14

‌

$

82.34

‌

$

119.84

‌

Total

Return

(d)

(13.04)%

—

—

—

—

Based

on

net

asset

value

.........................................

(13.04

)%

3.07

%

96.79

%

(29.79

)%

0.03

%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

................................................

0.24

%

0.23

%

0.24

%

0.24

%

0.24

%

Net

investment

income

...........................................

1.99

%

1.39

%

1.57

%

1.74

%

1.73

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

11,445,531

‌

$

14,658,000

‌

$

16,319,316

‌

$

6,607,533

‌

$

9,107,939

‌

Portfolio

turnover

rate

(f)

...........................................

32

%

35

%

28

%

25

%

26

%

(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.

Notes

to

Financial

Statements

2023

iShares

Annual

Report

to

Shareholders

66

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. 

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

prevailing

market

rates

as

quoted

by

one

or

more

data

service

providers.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value.

Each

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

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

March

31,

2023

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. 

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.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

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

Russell

2000

........................................................................................................

Diversified

Russell

2000

Growth

..................................................................................................

Diversified

Russell

2000

Value

...................................................................................................

Diversified

Notes

to

Financial

Statements

(continued)

67

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.

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

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

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock.

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

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

to

Shareholders

68

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency. 

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

Russell

2000

Barclays

Bank

PLC

.....................................

$

224,248,306‌

$

(224,248,306‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

58,652,253‌

(58,152,032‌)

–‌

500,221‌

BMO

Capital

Markets

Corp.

...............................

780,584‌

(778,526‌)

–‌

2,058‌

BNP

Paribas

SA

.......................................

684,998,794‌

(684,998,794‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

364,721,888‌

(364,721,888‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

28,881,430‌

(28,881,430‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

271,016,601‌

(271,016,601‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

29,212,001‌

(29,212,001‌)

–‌

–‌

Deutsche

Bank

Securities,

Inc.

.............................

181,295‌

(181,295‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

964,434,781‌

(961,569,112‌)

–‌

2,865,669‌

HSBC

Bank

PLC

......................................

47,203,034‌

(47,203,034‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

887,077‌

(887,077‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

1,253,524,024‌

(1,253,524,024‌)

–‌

–‌

Jefferies

LLC

.........................................

92,481,918‌

(92,481,918‌)

–‌

–‌

Mizuho

Securities

USA

LLC

...............................

1,104,507‌

(1,104,507‌)

–‌

–‌

Morgan

Stanley

.......................................

1,020,292,668‌

(1,020,292,668‌)

–‌

–‌

National

Financial

Services

LLC

............................

167,929,729‌

(167,929,729‌)

–‌

–‌

Natixis

SA

...........................................

16,384,273‌

(16,284,381‌)

–‌

99,892‌

Nomura

Securities

International,

Inc.

.........................

2,368,860‌

(2,368,860‌)

–‌

–‌

Pershing

LLC

.........................................

4,403,277‌

(4,403,277‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

195,238,931‌

(195,238,931‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

60,801,937‌

(60,801,937‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

3,222,081‌

(3,222,081‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

70,931,382‌

(70,931,382‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

207,143,985‌

(207,143,985‌)

–‌

–‌

UBS

AG

............................................

130,840,526‌

(130,840,526‌)

–‌

–‌

UBS

Securities

LLC

....................................

56,152,047‌

(56,152,047‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

9,256,383‌

(9,256,383‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

114,740,540‌

(114,740,540‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

61,871,852‌

(61,871,852‌)

–‌

–‌

$

6,143,906,964‌

$

(6,140,439,124‌)

$

–‌

$

3,467,840‌

Russell

2000

Growth

Barclays

Bank

PLC

.....................................

$

47,039,249‌

$

(47,039,249‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

6,011,435‌

(6,011,435‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

49,060‌

(49,060‌)

–‌

–‌

BNP

Paribas

SA

.......................................

168,663,726‌

(168,663,726‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

89,759,306‌

(89,759,306‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

7,607,429‌

(7,607,429‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

47,365,726‌

(47,365,726‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

9,221,339‌

(9,221,339‌)

–‌

–‌

Deutsche

Bank

Securities,

Inc.

.............................

95,097‌

(95,097‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

240,850,354‌

(240,771,267‌)

–‌

79,087‌

Notes

to

Financial

Statements

(continued)

69

Notes

to

Financial

Statements

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

Russell

2000

Growth

(continued)

HSBC

Bank

PLC

......................................

4,761,215‌

(4,761,215‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

45,795‌

(45,795‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

247,903,624‌

(247,903,624‌)

–‌

–‌

Jefferies

LLC

.........................................

14,213,388‌

(14,213,388‌)

–‌

–‌

Mizuho

Securities

USA

LLC

...............................

92,463‌

(92,463‌)

–‌

–‌

Morgan

Stanley

.......................................

245,733,505‌

(245,733,505‌)

–‌

–‌

National

Financial

Services

LLC

............................

38,379,200‌

(38,379,200‌)

–‌

–‌

Natixis

SA

...........................................

9,498,162‌

(9,498,162‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

220,506‌

(220,506‌)

–‌

–‌

Pershing

LLC

.........................................

463,652‌

(463,652‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

2,216,898‌

(2,216,898‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

80,724‌

(80,724‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

34,808,406‌

(34,808,406‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

93,451,666‌

(93,451,666‌)

–‌

–‌

UBS

AG

............................................

20,197,652‌

(20,197,652‌)

–‌

–‌

UBS

Securities

LLC

....................................

10,559,559‌

(10,559,559‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

1,016,846‌

(1,016,846‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

9,083,274‌

(8,977,703‌)

–‌

105,571‌

Wells

Fargo

Securities

LLC

...............................

8,133,756‌

(8,133,756‌)

–‌

–‌

$

1,357,523,012‌

$

(1,357,338,354‌)

$

–‌

$

184,658‌

Russell

2000

Value

Barclays

Bank

PLC

.....................................

$

53,527,467‌

$

(53,527,467‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

9,780,905‌

(9,780,905‌)

–‌

–‌

BNP

Paribas

SA

.......................................

75,566,832‌

(75,566,832‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

62,188,643‌

(62,188,643‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

1,528,848‌

(1,528,848‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

95,699,170‌

(95,699,170‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

561,720‌

(561,720‌)

–‌

–‌

Deutsche

Bank

Securities,

Inc.

.............................

100,759‌

(96,198‌)

–‌

4,561‌

Goldman

Sachs

&

Co.

LLC

...............................

135,480,183‌

(134,289,294‌)

–‌

1,190,889‌

HSBC

Bank

PLC

......................................

12,004,114‌

(12,004,114‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

11,736‌

(11,736‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

232,730,554‌

(232,730,554‌)

–‌

–‌

Jefferies

LLC

.........................................

13,643,624‌

(13,643,624‌)

–‌

–‌

Mizuho

Securities

USA

LLC

...............................

169,470‌

(169,470‌)

–‌

–‌

Morgan

Stanley

.......................................

210,160,667‌

(210,160,667‌)

–‌

–‌

National

Financial

Services

LLC

............................

24,960,758‌

(24,960,758‌)

–‌

–‌

Natixis

SA

...........................................

1,389,822‌

(1,349,144‌)

–‌

40,678‌

Nomura

Securities

International,

Inc.

.........................

2,997,341‌

(2,997,341‌)

–‌

–‌

Pershing

LLC

.........................................

527,052‌

(527,052‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

8,440,811‌

(8,300,610‌)

–‌

140,201‌

Scotia

Capital

(USA),

Inc.

................................

2,882,339‌

(2,882,339‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

4,808,320‌

(4,752,926‌)

–‌

55,394‌

State

Street

Bank

&

Trust

Co.

..............................

15,096,757‌

(15,096,757‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

11,573,576‌

(11,573,576‌)

–‌

–‌

UBS

AG

............................................

10,001,844‌

(10,001,844‌)

–‌

–‌

UBS

Securities

LLC

....................................

6,854,854‌

(6,854,854‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

1,908,305‌

(1,908,305‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

12,057,224‌

(11,851,822‌)

–‌

205,402‌

Wells

Fargo

Securities

LLC

...............................

8,477,525‌

(8,477,525‌)

–‌

–‌

$

1,015,131,220‌

$

(1,013,494,095‌)

$

–‌

$

1,637,125‌

(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

Fund’s

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

March

31,

2023.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

to

Shareholders

70

5.

Derivative

Financial

Instruments

Futures

Contracts:

 Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly owned

by

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(

i

)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to

the iShares

Russell

2000

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

For

its

investment

advisory

services

to

each

of

the iShares

Russell

2000

Growth

ETF

and

iShares

Russell

2000

Value

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on each

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The Funds

do

not

pay

BRIL

for

ETF

Services.

Prior

to

April

25,

2022,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company. 

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$46

billion

...................................................................................................

0.2000%

Over

$46

billion,

up

to

and

including

$81

billion

..............................................................................

0.1900

Over

$81

billion,

up

to

and

including

$111

billion

.............................................................................

0.1805

Over

$111

billion,

up

to

and

including

$141

billion

............................................................................

0.1715

Over

$141

billion,

up

to

and

including

$171

billion

............................................................................

0.1630

Over

$171

billion

..................................................................................................

0.1548

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$46

billion

...................................................................................................

0.2500%

Over

$46

billion,

up

to

and

including

$81

billion

..............................................................................

0.2375

Over

$81

billion,

up

to

and

including

$111

billion

.............................................................................

0.2257

Over

$111

billion,

up

to

and

including

$141

billion

............................................................................

0.2144

Over

$141

billion,

up

to

and

including

$171

billion

............................................................................

0.2037

Over

$171

billion

..................................................................................................

0.1935

Notes

to

Financial

Statements

(continued)

71

Notes

to

Financial

Statements

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statements

of

Operations.

For

the year ended

March

31,

2023,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the year ended March

31,

2023,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the year ended

March

31,

2023,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the year ended

March

31,

2023,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

March

31,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’ financial

statements.

iShares

ETF

Amounts

Russell

2000

............................................................................................................

$

23,830,968‌

Russell

2000

Growth

......................................................................................................

5,849,631‌

Russell

2000

Value

.......................................................................................................

3,859,447‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Russell

2000

.........................................................................

$

803,479,321‌

$

1,898,408,625‌

$

(561,596,471‌)

Russell

2000

Growth

...................................................................

1,615,521,308‌

1,492,812,384‌

(1,231,108,695‌)

Russell

2000

Value

....................................................................

1,411,786,468‌

1,641,953,430‌

128,841,843‌

iShares

ETF

Purchases

Sales

Russell

2000

.........................................................................................

$

9,884,822,299‌

$

10,157,013,227‌

Russell

2000

Growth

...................................................................................

3,343,575,326‌

3,351,276,267‌

Russell

2000

Value

....................................................................................

3,898,140,994‌

4,010,059,773‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Russell

2000

.........................................................................................

$

71,090,996,457‌

$

75,041,276,821‌

Russell

2000

Growth

...................................................................................

3,341,006,491‌

3,644,461,705‌

Russell

2000

Value

....................................................................................

2,116,518,219‌

3,164,219,199‌

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

to

Shareholders

72

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 March

31,

2023,

permanent

differences

attributable

to

distributions

paid

in

excess

of

taxable

income

and

realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

to

the

following

accounts:

;

The

tax

character

of

distributions

paid

was

as

follows:

As

of

March

31,

2023,

the

tax

components

of

accumulated

net

earnings

(losses)

were

as

follows:

A

fund

may

own

shares

in

certain

foreign

investment

entities,

referred

to,

under

U.S.

tax

law,

as

“passive

foreign

investment

companies.”

Such

fund

may

elect

to

mark-to-

market

annually

the

shares

of

each

passive

foreign

investment

company

and

would

be

required

to

distribute

to

shareholders

any

such

marked-to-market

gains.

As

of

March

31,

2023,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(

i

)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject

.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy,

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

iShares

ETF

Paid-In

Capital

Accumulated

Earnings

(Loss)

Russell

2000

..............................................................................

$

3,339,724,438‌

$

(3,339,724,438‌)

Russell

2000

Growth

........................................................................

800,946,618‌

(800,946,618‌)

Russell

2000

Value

.........................................................................

510,953,352‌

(510,953,352‌)

—‌

iShares

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Russell

2000

Ordinary

income

...........................................................................................

$

820,928,177‌

$

646,681,067‌

Russell

2000

Growth

Ordinary

income

...........................................................................................

$

78,266,196‌

$

38,453,082‌

Russell

2000

Value

Ordinary

income

...........................................................................................

$

262,828,957‌

$

248,644,243‌

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Qualified

Late-Year

Losses

(c)

Total

Russell

2000

..........................................................

$

(14,270,567,827‌)

$

(24,328,220,236‌)

$

(1,007,325‌)

$

(38,599,795,388‌)

Russell

2000

Growth

....................................................

(2,744,343,857‌)

(1,178,351,491‌)

—‌

(3,922,695,348‌)

Russell

2000

Value

.....................................................

(1,506,466,766‌)

(2,009,120,252‌)

—‌

(3,515,587,018‌)

(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

and

the

characterization

of

corporate

actions.

(c)

The

Fund

has

elected

to

defer

certain

qualified

late-year

losses

and

recognize

such

losses

in

the

next

taxable

year.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Russell

2000

....................................................

$

80,225,392,462‌

$

1,219,151,473‌

$

(25,547,371,709‌)

$

(24,328,220,236‌)

Russell

2000

Growth

...............................................

11,932,067,959‌

1,109,011,146‌

(2,287,362,637‌)

(1,178,351,491‌)

Russell

2000

Value

................................................

14,457,598,982‌

988,811,681‌

(2,997,931,933‌)

(2,009,120,252‌)

Notes

to

Financial

Statements

(continued)

73

Notes

to

Financial

Statements

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.

Counterparty

Credit

Risk:

 The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Concentration

Risk:

 A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

10.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

Year

Ended

03/31/23

Year

Ended

03/31/22

iShares

ETF

Shares

Amount

Shares

Amount

Russell

2000

Shares

sold

417,700,000‌

$

75,423,168,543‌

426,400,000‌

$

93,255,342,373‌

Shares

redeemed

(441,000,000‌)

(79,638,524,773‌)

(439,200,000‌)

(96,019,884,011‌)

(23,300,000‌)

$

(4,215,356,230‌)

(12,800,000‌)

$

(2,764,541,638‌)

Russell

2000

Growth

Shares

sold

15,500,000‌

$

3,389,592,867‌

17,950,000‌

$

5,179,049,200‌

Shares

redeemed

(16,500,000‌)

(3,696,775,160‌)

(15,900,000‌)

(4,605,946,186‌)

(1,000,000‌)

$

(307,182,293‌)

2,050,000‌

$

573,103,014‌

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

to

Shareholders

74

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

03/31/23

Year

Ended

03/31/22

iShares

ETF

Shares

Amount

Shares

Amount

Russell

2000

Value

Shares

sold

16,250,000‌

$

2,354,853,734‌

33,300,000‌

$

5,495,477,619‌

Shares

redeemed

(23,650,000‌)

(3,499,054,175‌)

(45,050,000‌)

(7,407,323,006‌)

(7,400,000‌)

$

(1,144,200,441‌)

(11,750,000‌)

$

(1,911,845,387‌)

Report

of

Independent

Registered

Public

Accounting

Firm

75

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

iShares

Trust

and

Shareholders

of

each

of

the three

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

(three

of

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

to

as

the “Funds”)

as

of

March

31,

2023,

the

related

statements

of

operations

for

the

year

ended

March

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2023 (collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

March

31,

2023,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2023

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2023 in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2023

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

25,

2023 

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

iShares

Russell

2000

ETF

iShares

Russell

2000

Growth

ETF

iShares

Russell

2000

Value

ETF

Important

Tax

Information

(unaudited)

2023

iShares

Annual

Report

to

Shareholders

76

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

March

31,

2023:

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified business

income

for

individuals

for

the

fiscal

year

ended

March

31,

2023:

The

following

percentages,

or

maximum

percentages

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended March

31,

2023

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

Russell

2000

......................................................................................................

$

573,593,266‌

Russell

2000

Growth

................................................................................................

68,892,778‌

Russell

2000

Value

.................................................................................................

175,382,976‌

iShares

ETF

Qualified

Business

Income

Russell

2000

......................................................................................................

$

80,223,716‌

Russell

2000

Growth

................................................................................................

3,082,103‌

Russell

2000

Value

.................................................................................................

33,904,980‌

iShares

ETF

Dividends-Received

Deduction

Russell

2000

........................................................................................................

68.51

%

‌

Russell

2000

Growth

..................................................................................................

86.43

‌

Russell

2000

Value

...................................................................................................

65.01

‌

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

77

Statement

Regarding

Liquidity

Risk

Management

Program

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

Russell

2000

ETF,

iShares

Russell

2000

Growth

ETF

and

iShares

Russell

2000

Value

ETF (the

“Funds”

or

“ETFs”),

each

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Funds,

met

on

December

9,

2022

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Fund

Advisors

(“BlackRock”),

the

investment

adviser

to

the

Funds,

as

the

program

administrator

for

each

Fund’s

Program.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2021

through

September

30,

2022

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing each

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish each

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

extended

market

holidays, the

imposition

of

capital

controls

in

certain

non-U.S.

countries,

Russian

sanctions

and

the

closure

of

the

Russian

securities

market.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing each

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure,

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Derivative

exposure

was

also

considered

in

the

calculation

of

a

fund’s

liquidity

bucketing.

Finally,

a

factor

for

consideration

under

the

Liquidity

Rule

is

a

Fund’s

use

of

borrowings

for

investment

purposes.

However,

the

Funds

do

not

borrow

for

investment

purposes.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

each

ETF’s

reasonably

anticipated

trading

size

(“RATS”).

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements.

The

Committee

considered

that

ETFs

generally

do

not

hold

more

than

de

minimis

amounts

of

cash.

The

Committee

also

considered

that

ETFs

generally

do

not

engage

in

borrowing.

d)

The

relationship

between

an

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants,

including

authorized

participants.

The

Committee

monitored

the

prevailing

bid/ask

spread

and

the

ETF

price

premium

(or

discount)

to

NAV

for

all

ETFs.

However,

there

were

no

ETFs

with

persistent

deviations

of

fund

premium/discount

or

bid/ask

spreads

from

long-term

averages

over

the

Program

Reporting

Period.

e)

The

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

an

ETF’s

portfolio.

In

reviewing

the

linkage

between

the

composition

of

custom

baskets

accepted

by

an

ETF

and

any

significant

change

in

the

liquidity

profile

of

such

ETF,

the

Committee

reviewed

changes

in

the

proportion

of

each

ETF’s

portfolio

comprised

of

less

liquid

and

illiquid

holdings

to

determine

if

applicable

thresholds

were

met

requiring

enhanced

review.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

classification

methodology.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Supplemental

Information

(unaudited)

2023

iShares

Annual

Report

to

Shareholders

78

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

each

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

March

31,

2023

Premium/Discount

Information

Information

on

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

be

found

at

iShares.com

.

Regulation

under

the

Alternative

Investment

Fund

Managers

Directive

The

Alternative

Investment

Fund

Managers

Directive,

and

its

United

Kingdom

(“UK”)

equivalent,

(“AIFMD”)

impose

detailed

and

prescriptive

obligations

on

fund

managers

established

in

the

European

Union

(the

“EU”)

and

the

UK.

These

do

not

currently

apply

to

managers

established

outside

of

the

EU

or

UK, such

as

BFA

(the

“Company”). Rather,

the

Company

is

only

required

to

comply

with

certain

disclosure,

reporting

and

transparency

obligations

of

AIFMD

because

it

has

registered

the

iShares

Russell

2000

ETF (the

“Fund”)

to

be

marketed

to

investors

in

the

EU

and/or

UK. 

Report

on

Remuneration

The

Company

is

required

under

AIFMD

to

make

quantitative

disclosures

of

remuneration.

These

disclosures

are

made

in

line

with

BlackRock’s

interpretation

of

currently

available

regulatory

guidance

on

quantitative

remuneration

disclosures.

As

market

or

regulatory

practice

develops

BlackRock

may

consider

it

appropriate

to

make

changes

to

the

way

in

which

quantitative

remuneration

disclosures

are

calculated.

Where

such

changes

are

made,

this

may

result

in

disclosures

in

relation

to

a

fund

not

being

comparable

to

the

disclosures

made

in

the

prior

year,

or

in

relation

to

other

BlackRock

fund

disclosures

in

that

same

year.

Disclosures

are

provided

in

relation

to

(a)

the

staff

of

the

Company;

(b)

staff

who

are

senior

management;

and

(c)

staff

who

have

the

ability

to

materially

affect

the

risk

profile

of

the

Fund.

All

individuals

included

in

the

aggregated

figures

disclosed

are

rewarded

in

line

with

BlackRock’s

remuneration

policy

for

their

responsibilities

across

the

relevant

BlackRock

business

area.

As

all

individuals

have

a

number

of

areas

of

responsibilities,

only

the

portion

of

remuneration

for

those

individuals’

services

attributable

to

the

Fund

is

included

in

the

aggregate

figures

disclosed.

BlackRock

has

a

clear

and

well-defined

pay-for-performance

philosophy,

and

compensation

programs

which

support

that

philosophy.

BlackRock

operates

a

total

compensation

model

for

remuneration

which

includes

a

base

salary,

which

is

contractual,

and

a

discretionary

bonus

scheme.

Although

all

employees

are

eligible

to

receive

a

discretionary

bonus,

there

is

no

contractual

obligation

to

make

a

discretionary

bonus

award

to

any

employees.

For

senior

management

and

staff

who

have

the

ability

to

materially

affect

the

risk

profile

of

the

Fund, a

significant

percentage

of

variable

remuneration

is

deferred

over

time.

All

employees

are

subject

to

a

clawback

policy.

Remuneration

decisions

for

employees

are

made

once

annually

in

January

following

the

end

of

the

performance

year,

based

on

BlackRock’s

full-year

financial

results

and

other

non-financial

goals

and

objectives.

Alongside

financial

performance,

individual

total

compensation

is

also

based

on

strategic

and

operating

results

and

other

considerations

such

as

management

and

leadership

capabilities.

No

set

formulas

are

established

and

no

fixed

benchmarks

are

used

in

determining

annual

incentive

awards.

Annual

incentive

awards

are

paid

from

a

bonus

pool

which

is

reviewed

throughout

the

year

by

BlackRock's

independent

compensation

committee,

taking

into

account

both

actual

and

projected

financial

information

together

with

information

provided

by

the

Enterprise

Risk

and

Regulatory

Compliance

departments

in

relation

to

any

activities,

incidents

or

events

that

warrant

consideration

in

making

compensation

decisions.

Individuals

are

not

involved

in

setting

their

own

remuneration.

Each

of

the

control

functions

(Enterprise

Risk,

Legal

&

Compliance,

and

Internal

Audit)

each

have

their

own

organizational

structures

which

are

independent

of

the

business

units

and

therefore

staff

members

in

control

functions

are

remunerated

independently

of

the

businesses

they

oversee.

Functional

bonus

pools

for

those

control

functions

are

determined

with

reference

to

the

performance

of

each

individual

function

and

the

remuneration

of

the

senior

members

of

control

functions

is

directly

overseen

by

BlackRock's

independent

remuneration

committee.

Members

of

staff

and

senior

management

of

the

Company

typically

provide

both

AIFMD

and

non-AIFMD

related

services

in

respect

of

multiple

funds,

clients

and

functions

of

the

Company

and

across

the

broader

BlackRock

group.

Conversely,

members

of

staff

and

senior

management

of

the

broader

BlackRock

group

may

provide

both

AIFMD

and

non-AIFMD

related

services

in

respect

of

multiple

funds,

clients

and

functions

of

the

broader

BlackRock

group

and

of

the

Company.

Therefore,

the

figures

disclosed

are

a

sum

of

individuals’

portion

of

remuneration

attributable

to

the

Company

according

to

an

objective

apportionment

methodology

which

acknowledges

the

multiple-service

nature

of

the

Company

and

the

broader

BlackRock

group.

Accordingly,

the

figures

are

not

representative

of

any

individual’s

actual

remuneration

or

their

remuneration

structure.

Total

Cumulative

Distributions

for

the

Fiscal

Year

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Russell

2000

.........................

$

2.815675‌

$

—‌

$

—‌

$

2.815675‌

100‌%

—‌%

—‌%

100‌%

Russell

2000

Growth

...................

1.845909‌

—‌

—‌

1.845909‌

100‌

—‌

—‌

100‌

Russell

2000

Value

....................

3.123111‌

—‌

—‌

3.123111‌

100‌

—‌

—‌

100‌

Supplemental

Information

(unaudited)

(continued)

79

Supplemental

Information

The

amount

of

the

total

remuneration

awarded

to

the

Company’s

staff

in

respect

of

the

Company’s

financial

year

ending

December

31,

2022

was

USD

4,121

million.

This

figure

is

comprised

of

fixed

remuneration

of

USD

685

million

and

variable

remuneration

of

USD

3,436

million.

There

was

a

total

of

8

beneficiaries

of

the

remuneration

described

above.

The

amount

of

the

aggregate

remuneration

awarded

by

the

Company

in

respect

of

the

Company’s

financial

year

ending

December

31,

2022,

to

its

senior

management

was

USD

2,958

million,

and

to

other

members

of

its

staff

whose

actions

potentially

have

a

material

impact

on

the

risk

profile

of

the

Company

or

its

funds

was

USD

970

million.

These

figures

relate

to

the

entire

Company

and

not

to

the

Fund.

Disclosures

Under

the

EU

Sustainable

Finance

Disclosure

Regulation

The

iShares

Russell

2000

ETF (the

“Fund”)

is

registered

under

the

Alternative

Investment

Fund

Managers

Directive

to

be

marketed

to

European

Union

(“EU”)

investors,

as

noted

above.

As

a

result,

certain

disclosures

are

required

under

the

EU

Sustainable

Finance

Disclosure

Regulation

(“SFDR”).

The

Fund

has

not

been

categorized

under

the

SFDR

as

an

“Article

8”

or

“Article

9”

product.

In

addition,

the Fund’s

investment

strategy

does

not

take

into

account

the

criteria

for

environmentally

sustainable

economic

activities

under

the

EU

sustainable

investment

taxonomy

regulation

or

principal

adverse

impacts

(“PAIs”)

on

sustainability

factors

under

the

SFDR.

PAIs

are

identified

under

the

SFDR

as

the

material

impacts

of

investment

decisions

on

sustainability

factors

relating

to

environmental,

social

and

employee

matters,

respect

for

human

rights,

and

anti-corruption

and

anti-bribery

matters.

Trustee

and

Officer

Information

(unaudited)

2023

iShares

Annual

Report

to

Shareholders

80

The

Board

of

Trustees

has

responsibility

for

the

overall

management

and

operations

of

the

Funds,

including

general

supervision

of

the

duties

performed

by

BFA

and

other

service

providers.

Each

Trustee

serves

until

he

or

she

resigns,

is

removed,

dies,

retires

or

becomes

incapacitated.

Each

officer

shall

hold

office

until

his

or

her

successor

is

elected

and

qualifies

or

until

his

or

her

death,

resignation

or

removal.

Trustees

who

are

not

“interested

persons”

(as

defined

in

the

1940

Act)

of

the

Trust

are

referred

to

as

independent

trustees

(“Independent

Trustees”).

The

registered

investment

companies

advised

by

BFA

or

its

affiliates

(the

“BlackRock-advised

Funds”)

are

organized

into

one

complex

of

open-end

equity,

multi-asset,

index

and

money

market

funds

and

ETFs

(the

“BlackRock

Multi-Asset

Complex”),

one

complex

of

closed-end

funds

and

open-end

non-index

fixed-income

funds

(including

ETFs)

(the

“BlackRock

Fixed-Income

Complex”)

and

one

complex

of

ETFs

(“Exchange-Traded

Fund

Complex”)

(each,

a

“BlackRock

Fund

Complex”).

Each

Fund

is

included

in

the

Exchange-Traded

Fund

Complex.

Each

Trustee

also

serves

as

a

Director

of

iShares,

Inc.

and

a

Trustee

of

iShares

U.S.

ETF

Trust,

and,

as

a

result,

oversees

all

of

the

funds

within

the

Exchange-Traded

Fund

Complex,

which

consists

of

380

funds

as

of

March

31,

2023.

With

the

exception

of

Robert

S.

Kapito,

Salim

Ramji

and

Charles

Park,

the

address

of

each

Trustee

and

officer

is

c/o

BlackRock,

Inc.,

400

Howard

Street,

San

Francisco,

CA

94105.

The

address

of

Mr.

Kapito,

Mr.

Ramji

and

Mr.

Park

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New York,

NY

10001.

The

Board

has

designated

John

E.

Kerrigan

as

its

Independent

Board

Chair.

Additional

information

about

the

Funds’

Trustees

and

officers

may

be

found

in

the

Funds’

combined

Statement

of

Additional

Information,

which

is

available

without

charge,

upon

request,

by

calling

toll-free

1-800-iShares

(1-800-474-2737).

Interested

Trustees

(a)

Robert

S.

Kapito

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

(b)

Salim

Ramji

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

Independent

Trustees

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Robert

S.

Kapito

(a)

(1957)

Trustee

(since

2009).

President,

BlackRock,

Inc.

(since

2006);

Vice

Chairman

of

BlackRock,

Inc.

and

Head

of

BlackRock’s

Portfolio

Management

Group

(since

its

formation

in

1998)

and

BlackRock,

Inc.’s

predecessor

entities

(since

1988);

Trustee,

University

of

Pennsylvania

(since

2009);

President

of

Board

of

Directors,

Hope

&

Heroes

Children’s

Cancer

Fund

(since

2002).

Director

of

BlackRock,

Inc.

(since

2006);

Director

of

iShares,

Inc.

(since

2009);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Salim

Ramji

(b)

(1970)

Trustee

(since

2019).

Senior

Managing

Director,

BlackRock,

Inc.

(since

2014);

Global

Head

of

BlackRock’s

ETF

and

Index

Investments

Business

(since

2019);

Head

of

BlackRock’s

U.S.

Wealth

Advisory

Business

(2015-2019);

Global

Head

of

Corporate

Strategy,

BlackRock,

Inc.

(2014-2015);

Senior

Partner,

McKinsey

&

Company

(2010-2014).

Director

of

iShares,

Inc.

(since

2019);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2019).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

John

E.

Kerrigan

(1955)

Trustee

(since

2005);

Independent

Board

Chair

(since

2022).

Chief

Investment

Officer,

Santa

Clara

University

(since

2002).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011);

Independent

Board

Chair

of

iShares,

Inc.

and

iShares

U.S.

ETF

Trust

(since

2022).

Jane

D.

Carlin

(1956)

Trustee

(since

2015);

Risk

Committee

Chair

(since

2016).

Consultant

(since

2012);

Member

of

the

Audit

Committee

(2012-2018),

Chair

of

the

Nominating

and

Governance

Committee

(2017-2018)

and

Director

of

PHH

Corporation

(mortgage

solutions)

(2012-2018);

Managing

Director

and

Global

Head

of

Financial

Holding

Company

Governance

&

Assurance

and

the

Global

Head

of

Operational

Risk

Management

of

Morgan

Stanley

(2006-2012).

Director

of

iShares,

Inc.

(since

2015);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2015);

Member

of

the

Audit

Committee

(since

2016),

Chair

of

the

Audit

Committee

(since

2020)

and

Director

of

The

Hanover

Insurance

Group,

Inc.

(since

2016).

Richard

L.

Fagnani

(1954)

Trustee

(since

2017);

Audit

Committee

Chair

(since

2019).

Partner,

KPMG

LLP

(2002-2016);

Director

of

One

Generation

Away

(since

2021).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017).

Cecilia

H.

Herbert

(1949)

Trustee

(since

2005);

Nominating

and

Governance

and

Equity

Plus

Committee

Chairs

(since

2022).

Chair

of

the

Finance

Committee

(since

2019)

and

Trustee

and

Member

of

the

Finance,

Audit

and

Quality

Committees

of

Stanford

Health

Care

(since

2016);

Trustee

of

WNET,

New

York’s

public

media

company

(since

2011)

and

Member

of

the

Audit

Committee

(since

2018),

Investment

Committee

(since

2011)

and

Personnel

Committee

(since

2022);

Chair

(1994-2005)

and

Member

(1992-2021)

of

the

Investment

Committee,

Archdiocese

of

San

Francisco;

Trustee

of

Forward

Funds

(14

portfolios)

(2009-2018);

Trustee

of

Salient

MF

Trust

(4

portfolios)

(2015-2018);

Director

(1998-2013)

and

President

(2007-2011)

of

the

Board

of

Directors,

Catholic

Charities

CYO;

Trustee

(2002-2011)

and

Chair

of

the

Finance

and

Investment

Committee

(2006-2010)

of

the

Thacher

School;

Director

of

the

Senior

Center

of

Jackson

Hole

(since

2020);

Director

of

the

Jackson

Hole

Center

for

the

Arts

(since

2021);

Member

of

the

Wyoming

State

Investment

Funds

Committee

(since

2022).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Trustee

and

Officer

Information

(unaudited)

(continued)

81

Trustee

and

Officer

Information

Officers

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Drew

E.

Lawton

(1959)

Trustee

(since

2017);

15(c)

Committee

Chair

(since

2017).

Senior

Managing

Director

of

New

York

Life

Insurance

Company

(2010-2015).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017);

Director

of

Jackson

Financial

Inc.

(since

2021).

John

E.

Martinez

(1961)

Trustee

(since

2003);

Securities

Lending

Committee

Chair

(since

2019).

Director

of

Real

Estate

Equity

Exchange,

Inc.

(since

2005);

Director

of

Cloudera

Foundation

(2017-2020);

and

Director

of

Reading

Partners

(2012-2016).

Director

of

iShares,

Inc.

(since

2003);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Madhav

V.

Rajan

(1964)

Trustee

(since

2011);

Fixed-

Income

Plus

Committee

Chair

(since

2019).

Dean,

and

George

Pratt

Shultz

Professor

of

Accounting,

University

of

Chicago

Booth

School

of

Business

(since

2017);

Advisory

Board

Member

(since

2016)

and

Director

(since

2020)

of

C.M.

Capital

Corporation;

Chair

of

the

Board

for

the

Center

for

Research

in

Security

Prices,

LLC

(since

2020);

Robert

K.

Jaedicke

Professor

of

Accounting,

Stanford

University

Graduate

School

of

Business

(2001-2017);

Professor

of

Law

(by

courtesy),

Stanford

Law

School

(2005-2017);

Senior

Associate

Dean

for

Academic

Affairs

and

Head

of

MBA

Program,

Stanford

University

Graduate

School

of

Business

(2010-2016).

Director

of

iShares,

Inc.

(since

2011);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Dominik

Rohé

(1973)

President

(since

2023).

Managing

Director,

BlackRock,

Inc.

(since

2005);

Head

of

Americas

ETF

and

Index

Investments

(since

2023);

Head

of

Latin

America

(2019-

2023).

Trent

Walker

(1974)

Treasurer

and

Chief

Financial

Officer

(since

2020).

Managing

Director,

BlackRock,

Inc.

(since

September

2019);

Chief

Financial

Officer

of

iShares

Delaware

Trust

Sponsor

LLC,

BlackRock

Funds,

BlackRock

Funds

II,

BlackRock

Funds

IV,

BlackRock

Funds

V

and

BlackRock

Funds

VI

(since

2021);

Executive

Vice

President

of

PIMCO

(2016-2019);

Senior

Vice

President

of

PIMCO

(2008-2015);

Treasurer

(2013-2019)

and

Assistant

Treasurer

(2007-2017)

of

PIMCO

Funds,

PIMCO

Variable

Insurance

Trust,

PIMCO

ETF

Trust,

PIMCO

Equity

Series,

PIMCO

Equity

Series

VIT,

PIMCO

Managed

Accounts

Trust,

2

PIMCO-sponsored

interval

funds

and

21

PIMCO-sponsored

closed-end

funds.

Charles

Park

(1967)

Chief

Compliance

Officer

(since

2006).

Chief

Compliance

Officer

of

BlackRock

Advisors,

LLC

and

the

BlackRock-advised

Funds

in

the

BlackRock

Multi-Asset

Complex

and

the

BlackRock

Fixed-Income

Complex

(since

2014);

Chief

Compliance

Officer

of

BFA

(since

2006).

Marisa

Rolland

(1980)

Secretary

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2023);

Director,

BlackRock,

Inc.

(2018-2022);

Vice

President,

BlackRock,

Inc.

(2010-2017).

Rachel

Aguirre

(1982)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2018);

Director,

BlackRock,

Inc.

(2009-2018);

Head

of

U.S.

iShares

Product

(since

2022);

Head

of

EII

U.S.

Product

Engineering

(since

2021);

Co-Head

of

EII’s

Americas

Portfolio

Engineering

(2020-

2021);

Head

of

Developed

Markets

Portfolio

Engineering

(2016-2019).

Jennifer

Hsui

(1976)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2009);

Co-Head

of

Index

Equity

(since

2022).

James

Mauro

(1970)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2010);

Head

of

Fixed

Income

Index

Investments

in

the

Americas

and

Head

of

San

Francisco

Core

Portfolio

Management

(since

2020).

Effective

June

15,

2022,

Marisa

Rolland

replaced

Deepa

Damre

Smith

as

Secretary.

Effective

March

30,

2023,

Dominik

Rohé

replaced

Armando

Senra

as

President.

Independent

Trustees

(continued)

General

Information

2023

iShares

Annual

Report

to

Shareholders

82

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 each

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus. Each

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

83

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

USD

United

States

Dollar

Portfolio

Abbreviation

CVR

Contingent

Value

Rights

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

iS-AR-316-0323

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by

FTSE

Russell,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2023

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

MARCH

31,

2023

2023

Annual

Report

iShares

Trust

iShares

Micro-Cap

ETF

|

IWC

|

NYSE

Arca

iShares

Russell

2500

ETF

|

SMMD

|

Cboe

BZX

iShares

Russell

Mid-Cap

ETF

|

IWR

|

NYSE

Arca

iShares

Russell

Mid-Cap

Growth

ETF

|

IWP

|

NYSE

Arca

Dear

Shareholder,

Significant

economic

headwinds

emerged

during

the

12-month

reporting

period

ended

March

31,

2023,

as

investors

navigated

changing

economic

conditions

and

volatile

markets.

The

U.S.

economy

shrank

in

the

first

half

of

2022

before

returning

to

modest

growth

in

the

second

half

of

the

year,

marking

a

shift

to

a

more

challenging

post-reopening

economic

environment.

Changes

in

consumer

spending

patterns

and

a

tight

labor

market

led

to

elevated

inflation,

which

reached

a

40-year

high

before

beginning

to

moderate.

Equity

prices

fell

as

interest

rates

rose,

particularly

during

the

first

half

of

the

reporting

period.

Both

large-

and

small-capitalization

U.S.

stocks

declined,

although

equities

began

to

recover

in

the

second

half

of

the

period

as

inflation

eased

and

economic

growth

resumed.

Emerging

market

stocks

and

international

equities

from

developed

markets

declined

overall,

pressured

by

rising

interest

rates

and

volatile

commodities

prices.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

fluctuating

inflation

data

and

attempted

to

anticipate

its

impact

on

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

higher

interest

rates

led

to

rising

borrowing

costs

for

corporate

issuers.

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

has

been

more

persistent

than

expected,

raised

interest

rates

eight

times.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

accelerated

the

reduction

of

its

balance

sheet.

Restricted

labor

supply

kept

inflation

elevated

even

as

other

inflation

drivers,

such

as

goods

prices

and

energy

costs,

moderated.

While

economic

growth

slowed

in

the

last

year,

we

believe

that

taming

inflation

requires

a

more

substantial

decline

that

lowers

demand

to

a

level

more

in

line

with

the

economy’s

productive

capacity.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes,

we

believe

that

it

still

seems

determined

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near-term

is

high,

but

the

dimming

economic

outlook

has

not

yet

been

fully

reflected

in

current

market

prices.

We

believe

investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

Turmoil

in

the

banking

sector

late

in

the

period

highlighted

the

potential

for

the

knock-on

effects

of

substantially

higher

interest

rates

to

disrupt

markets

with

little

warning.

While

we

favor

an

overweight

to

equities

in

the

long

term,

we

prefer

an

underweight

stance

on

equities

overall

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

the

possibility

of

a

recession.

Nevertheless,

we

are

overweight

on

emerging

market

stocks

as

we

believe

a

weakening

U.S.

dollar

provides

a

supportive

backdrop.

We

also

see

long-term

opportunities

in

credit,

where

we

believe

that

valuations

are

appealing

and

higher

yields

provide

attractive

income,

although

we

are

neutral

on

credit

in

the

near

term,

as

we’re

concerned

about

tightening

credit

and

financial

conditions.

However,

we

believe

there

are

still

some

strong

opportunities

for

a

six-

to

twelve-month

horizon,

particularly

short-term

U.S.

Treasuries,

global

inflation-linked

bonds,

and

emerging

market

bonds

denominated

in

local

currency.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

March

31,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

15.62

%

(7.73

)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

9.14

(11.61

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

27.27

(1.38

)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

14.04

(10.70

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

1.93

2.52

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

4.38

(6.90

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

4.89

(4.78

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

7.00

0.26

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

7.88

(3.35

)

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Annual

Report:

Market

Overview

.......................................................................................................

4

Fund

Summary

........................................................................................................

5

About

Fund

Performance

..................................................................................................

13

Disclosure

of Expenses

...................................................................................................

13

Schedules

of

Investments

.................................................................................................

14

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

56

Statements

of

Operations

................................................................................................

57

Statements

of

Changes

in

Net

Assets

........................................................................................

58

Financial

Highlights

.....................................................................................................

60

Notes

to

Financial

Statements

...............................................................................................

64

Report

of

Independent

Registered

Public

Accounting

Firm

..............................................................................

73

Important

Tax

Information

.................................................................................................

74

Statement

Regarding

Liquidity

Risk

Management

Program

.............................................................................

75

Supplemental

Information

.................................................................................................

76

Trustee

and

Officer

Information

..............................................................................................

77

General

Information

.....................................................................................................

79

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

80

Market

Overview

2023

iShares

Annual

Report

To

Shareholders

4

iShares

Trust

Domestic

Market

Overview

U.S.

stocks declined

for

the

12

months

ended March

31,

2023

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

-8.58%.

Elevated

inflation

and

rapid

tightening

of

monetary

policy

dampened

growth

and

weighed

on

equities.

Higher

interest

rates

drove

bond

yields

higher

and

increased

borrowing

costs

for

businesses

and

consumers.

Equities

began

to

recover

in

the

second

half

of

the

reporting

period,

as

the

broader

economy

remained

resilient

and

the

pace

of

inflation

declined.

In

March

2023,

two

banks

suddenly

failed,

representing

the

second

and

third

largest

bank

failures

in

U.S.

history

by

asset

value.

This

drove

concern

among

investors

about

the

resiliency

of

the

financial

system

in

the

face

of

rapidly

rising

interest

rates.

However,

government

agencies

acted

swiftly

to

organize

a

sale

of

the

failed

banks’

assets

and

inject

liquidity,

and

equity

prices

recovered.

Inflation

was

a

significant

driver

of

the

economic

outlook.

As

the

reporting

period

began,

the

consumer

price

index,

a

widely

followed

measure

of

inflation,

stood

at

multi-

decade

highs.

Strong

consumer

spending

and

a

tight

labor

market,

along

with

continued

supply

chain

disruptions

in

Asia,

combined

to

drive

prices

higher.

But

the

rate

of

inflation

began

to

decline

as

the

reporting

period

wore

on,

decelerating

for

nine

consecutive

months

beginning

in

July

2022.

Nonetheless,

inflation

remained

elevated

by

historic

standards,

and

higher

prices

negatively

impacted

both

consumers

and

businesses.

The

U.S.

economy

recovered

from

a

decline

in

the

first

half

of

2022

to

post

modest

growth

in

the

third

and

fourth

quarters

of

2022.

Consumers

continued

to

power

the

economy

with

growing

spending,

despite

higher

prices

for

many

consumer

goods

and

services.

The

strong

labor

market

supported

spending,

as

unemployment

remained

very

low,

at

one

point

dropping

to

the

lowest

recorded

level

since

1969.

Furthermore,

the

labor

force

participation

rate—which

measures

the

total

proportion

of

employed

persons

of

working

age—rose,

indicating

that

more

people

were

being

drawn

into

the

labor

force.

Amid

tightening

labor

supply,

wages

rose

significantly,

with

the

largest

gains

at

the

lower

end

of

the

wage

spectrum.

To

contain

inflation,

the

U.S.

Federal

Reserve

(“Fed”)

tightened

monetary

policy

rapidly,

raising

short-term

interest

rates

eight

times

over

the

course

of

the

reporting

period.

The

pace

of

tightening

accelerated

as

the

Fed

twice

stepped

up

the

increment

of

increase

before

reducing

it

again

as

inflation

began

to

subside.

The

Fed

also

started

to

reduce

the

size

of

its

balance

sheet

by

reducing

the

store

of

U.S.

Treasuries

it

had

accumulated

to

stabilize

markets

in

the

early

phases

of

the

coronavirus

pandemic.

While

the

Fed

indicated

that

more

tightening

could

be

needed

to

achieve

its

long-term

inflation

goal,

it

sounded

a

more

cautious

note

about

the

potential

for

further

interest

rate

increases

near

the

end

of

the

reporting

period.

Despite

economic

headwinds,

corporate

profits

remained

robust,

and

many

companies

were

able

to

sufficiently

raise

prices

to

preserve

profit

margins

even

in

the

face

of

rising

labor

and

input

costs.

Nonetheless,

profits

declined

overall

in

the

fourth

quarter

of

2022,

and

the

yield

curve

(a

graphical

representation

of

U.S.

Treasury

rates

at

different

maturities)

inverted,

a

sign

that

markets

were

concerned

about

the

impact

of

higher

borrowing

costs

on

the

economy.

Furthermore,

dwindling

personal

savings

and

rising

household

debt

raised

questions

about

the

sustainability

of

consumer

spending

as

an

engine

of

economic

growth.

Fund

Summary

as

of

March

31,

2023

5

Fund

Summary

iShares

®

Micro-Cap

ETF

Investment

Objective

The 

iShares

Micro-Cap

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

micro-capitalization

U.S.

equities,

as

represented

by

the

Russell

MicroCap

®

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

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(17.97‌)%

2.79‌%

7.16‌%

(17.97‌)%

14.75‌%

99.71‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(17.80‌)

2.82‌

7.17‌

(17.80‌)

14.91‌

99.83‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(17.93‌)

2.96‌

7.27‌

(17.93‌)

15.71‌

101.77‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,017.30‌

$

3.02‌

$

1,000.00‌

$

1,021.94‌

$

3.02‌

0.60‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2023

(continued)

2023

iShares

Annual

Report

To

Shareholders

6

iShares

®

Micro-Cap

ETF

Portfolio

Management

Commentary

Micro-capitalization

U.S.

stocks

declined

for

the

reporting

period,

as

high

inflation

and

tighter

financial

conditions

impeded

economic

growth

and

weighed

on

equities.

The

healthcare

sector

detracted

the

most

from

the

Index’s

return,

primarily

due

to

weakness

in

the

biotechnology

industry.

Higher

interest

rates

and

more

challenging

market

conditions

weighed

on

the

industry,

as

biotechnology

companies

typically

depend

on

financing

for

development

of

new

drugs

and

products

with

long

development

cycles.

Companies

shut

down

less

promising

development

projects

and

engaged

in

layoffs

and

other

cost-cutting

measures

to

conserve

cash.

The

passage

of

a

new

law

that

authorized

Medicare

to

negotiate

some

prescription

drug

prices

also

increased

uncertainty

in

the

industry,

as

the

extent

of

potential

discounts

remained

unknown.

The

financials

sector

detracted

notably

from

the

Index’s

performance

amid

tightening

financial

conditions.

The

banking

industry

faced

significant

challenges

as

the

potential

impact

of

a

slowing

economy

outweighed

the

benefits

of

being

able

to

charge

more

for

loans.

Persistently

high

inflation

led

to

significant

tightening

from

the

Fed,

and

investors

became

concerned

about

the

long-term

effect

on

loan

growth

and

credit

losses.

Bank

stocks

were

further

pressured

late

in

the

reporting

period

after

the

sudden

failure

of

two

regional

banks

led

to

government

intervention

to

cover

depositors

and

prevent

a

contagion

effect.

The

consumer

discretionary

sector

also

detracted.

While

consumer

spending

continued

to

grow,

rising

inflation

drove

up

costs

for

companies

and

prices

for

consumers,

who

increasingly

sought

bargains.

The

sharp

rise

in

e-commerce

that

boosted

the

industry

early

in

the

pandemic

waned,

as

more

workers

returned

to

the

office

and

brick-and-

mortar

retailers

gained

market

share,

weighing

on

the

internet

and

direct

marketing

retail

industry.

The

industrials

sector

also

detracted,

as

capital

goods

companies

faced

supply

chain

challenges

and

rising

input

costs.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Health

Care

....................................

28.5‌

%

Financials

......................................

20.0‌

Industrials

......................................

11.5‌

Information

Technology

.............................

10.9‌

Consumer

Discretionary

............................

9.6‌

Energy

........................................

6.8‌

Materials

......................................

3.8‌

Real

Estate

.....................................

3.3‌

Communication

Services

............................

2.8‌

Consumer

Staples

................................

1.9‌

Utilities

........................................

0.9‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Prometheus

Biosciences,

Inc.

.........................

0.9‌

%

Impinj,

Inc.

......................................

0.7‌

TransMedics

Group,

Inc.

.............................

0.6‌

Tidewater,

Inc.

....................................

0.5‌

International

Seaways,

Inc.

...........................

0.5‌

Prothena

Corp.

plc

.................................

0.5‌

Celldex

Therapeutics,

Inc.

............................

0.4‌

Agilysys,

Inc.

.....................................

0.4‌

Catalyst

Pharmaceuticals,

Inc.

.........................

0.4‌

Sitio

Royalties

Corp.,

Class

A

..........................

0.4‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2023

7

Fund

Summary

iShares

®

Russell

2500

ETF

Investment

Objective

The 

iShares

Russell

2500

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-

and

small-capitalization

U.S.

equities,

as

represented

by

the

Russell

2500

TM

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(SINCE

INCEPTION

AT

NET

ASSET

VALUE)

The

inception

date

of

the

Fund

was

July

6,

2017.

The

first

day

of

secondary

market

trading

was

July

7,

2017.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

Since

Inception

1

Year

5

Years

Since

Inception

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(10.30‌)%

6.67‌%

7.72‌%

(10.30‌)%

38.08‌%

53.21‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(10.47‌)

6.66‌

7.73‌

(10.47‌)

38.03‌

53.29‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(10.39‌)

6.65‌

7.72‌

(10.39‌)

37.95‌

53.20‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,110.90‌

$

0.37‌

$

1,000.00‌

$

1,024.58‌

$

0.35‌

0.07‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2023

(continued)

2023

iShares

Annual

Report

To

Shareholders

8

iShares

®

Russell

2500

ETF

Portfolio

Management

Commentary

Mid-

and

small-capitalization

U.S.

stocks

declined

for

the

reporting

period,

as

high

inflation

and

tighter

financial

conditions

impeded

economic

growth

and

weighed

on

equities.

The

financials

sector

detracted

the

most

from

the

Index’s

performance

amid

tightening

financial

conditions.

The

banking

industry

faced

significant

challenges

as

the

potential

impact

of

a

slowing

economy

outweighed

the

benefits

of

being

able

to

charge

more

for

loans.

While

bank

profitability

is

typically

supported

by

higher

interest

rates,

persistently

high

inflation

led

to

significant

tightening

from

the

Fed,

and

investors

became

concerned

about

the

long-term

effect

of

this

tightening

on

loan

growth

and

credit

losses.

Bank

stocks

were

further

pressured

late

in

the

reporting

period

after

the

liquidation

of

a

key

bank

for

cryptocurrency

firms

and

the

sudden

failure

of

two

regional

banks.

The

healthcare

sector

also

detracted

from

the

Index’s

performance.

Despite

continued

growth,

life

sciences,

tools,

and

services

companies

faced

headwinds

from

investor

concerns

about

the

outlook

for

biotechnology-related

stocks

and

unfavorable

foreign

exchange

fluctuations.

Weakness

in

the

healthcare

equipment

and

supplies

industry

also

weighed

on

the

sector.

Despite

generally

high

demand

for

medical

supplies

and

equipment,

high

inflation,

labor

constraints,

and

supply

chain

disruptions

made

it

difficult

for

companies

to

meet

demand.

The

information

technology

sector

also

declined,

driven

by

the

software

industry,

as

higher

interest

rates

reduced

the

current

value

of

future

earnings.

Furthermore,

increased

concerns

about

economic

growth

worked

against

investors’

growth

expectations

for

information

technology

stocks.

Since

consumers

and

businesses

often

seek

to

reduce

spending

on

technology

products

and

services

during

a

downturn,

high

inflation

and

slow

growth

weighed

on

the

sector.

The

failure

of

a

bank

that

served

a

large

number

of

software

and

technology

companies

also

worked

against

the

industry,

particularly

smaller

companies

that

faced

potentially

tighter

financing.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Investment

Funds

................................

43.4‌

%

Industrials

......................................

12.0‌

Financials

......................................

8.5‌

Information

Technology

.............................

7.7‌

Consumer

Discretionary

............................

7.2‌

Health

Care

....................................

5.5‌

Real

Estate

.....................................

4.9‌

Materials

......................................

4.0‌

Consumer

Staples

................................

1.9‌

Energy

........................................

1.9‌

Utilities

........................................

1.5‌

Communication

Services

............................

1.5‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

iShares

Russell

2000

ETF

............................

43.4‌

%

Quanta

Services,

Inc.

...............................

0.4‌

First

Solar,

Inc.

...................................

0.4‌

Steel

Dynamics,

Inc.

................................

0.4‌

Fair

Isaac

Corp.

...................................

0.3‌

LPL

Financial

Holdings,

Inc.

...........................

0.3‌

FactSet

Research

Systems,

Inc.

........................

0.3‌

Howmet

Aerospace,

Inc.

.............................

0.3‌

Iron

Mountain,

Inc.

.................................

0.3‌

Axon

Enterprise,

Inc.

...............................

0.3‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2023

9

Fund

Summary

iShares

®

Russell

Mid-Cap

ETF

Investment

Objective

The 

iShares

Russell

Mid-Cap

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-capitalization

U.S.

equities,

as

represented

by

the

Russell

MidCap

®

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

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(8.90‌)%

7.90‌%

9.88‌%

(8.90‌)%

46.26‌%

156.57‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(8.90‌)

7.91‌

9.89‌

(8.90‌)

46.30‌

156.75‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(8.78‌)

8.05‌

10.05‌

(8.78‌)

47.30‌

160.60‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,135.40‌

$

1.01‌

$

1,000.00‌

$

1,023.98‌

$

0.96‌

0.19‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2023

(continued)

2023

iShares

Annual

Report

To

Shareholders

10

iShares

®

Russell

Mid-Cap

ETF

Portfolio

Management

Commentary

Mid-capitalization

U.S.

stocks

declined

for

the

reporting

period,

as

high

inflation

and

tighter

financial

conditions

impeded

economic

growth

and

weighed

on

equities.

The

information

technology

sector

detracted

the

most

from

the

Index’s

return.

Interest

rates

rose

sharply

during

the

reporting

period,

which

reduced

the

current

value

of

future

earnings.

Furthermore,

increased

concerns

about

economic

growth

worked

against

investors’

growth

expectations

for

information

technology

stocks,

which

are

sensitive

to

economic

conditions.

Since

consumers

and

businesses

often

seek

to

reduce

spending

on

technology

products

and

services

during

a

downturn,

high

inflation

and

slow

growth

weighed

on

the

sector.

The

software

industry

was

the

primary

source

of

weakness

in

the

sector,

as

cuts

to

corporate

information

technology

budgets

reduced

revenue

growth.

The

financials

sector

detracted

significantly

from

the

Index’s

performance

amid

tightening

financial

conditions.

The

banking

industry

faced

significant

challenges,

as

the

potential

impact

of

a

slowing

economy

outweighed

the

benefits

of

being

able

to

charge

more

for

loans.

Persistently

high

inflation

led

to

significant

tightening

from

the

Fed,

and

investors

became

concerned

about

the

long-term

effect

of

this

tightening

on

loan

growth

and

credit

losses.

Bank

stocks

were

further

pressured

late

in

the

reporting

period

after

the

sudden

failure

of

two

regional

banks.

The

real

estate

sector

also

detracted

meaningfully

amid

higher

interest

rates

and

changing

usage

patterns.

Equity

real

estate

investment

trusts

(“REITs”)

were

the

largest

source

of

weakness.

REITs

typically

take

on

substantial

debt

to

finance

the

purchase

of

the

properties

they

manage,

and

higher

interest

rates

make

financing

more

expensive.

Furthermore,

higher

interest

rates

also

meant

increased

bond

yields,

making

dividend

yields

from

REITs

comparatively

less

attractive

to

income-oriented

investors,

although

many

REITs

raised

dividends

during

the

reporting

period.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

......................................

17.2‌

%

Information

Technology

.............................

15.0‌

Financials

......................................

13.2‌

Consumer

Discretionary

............................

11.9‌

Health

Care

....................................

11.0‌

Real

Estate

.....................................

7.3‌

Materials

......................................

6.3‌

Utilities

........................................

5.7‌

Energy

........................................

4.7‌

Consumer

Staples

................................

4.0‌

Communication

Services

............................

3.7‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Synopsys,

Inc.

....................................

0.6‌

%

Cadence

Design

Systems,

Inc.

.........................

0.6‌

O'Reilly

Automotive,

Inc.

.............................

0.5‌

Amphenol

Corp.,

Class

A

............................

0.5‌

Phillips

66

.......................................

0.5‌

Motorola

Solutions,

Inc.

.............................

0.5‌

Chipotle

Mexican

Grill,

Inc.

...........................

0.5‌

AutoZone,

Inc.

....................................

0.5‌

Dexcom

,

Inc.

.....................................

0.5‌

Microchip

Technology,

Inc.

............................

0.5‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2023

11

Fund

Summary

iShares

®

Russell

Mid-Cap

Growth

ETF

Investment

Objective

The 

iShares

Russell

Mid-Cap

Growth

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-capitalization

U.S.

equities

that

exhibit

growth

characteristics,

as

represented

by

the

Russell

MidCap

®

Growth

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

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

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(8.67‌)%

8.85‌%

10.94‌%

(8.67‌)%

52.80‌%

182.50‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(8.68‌)

8.84‌

10.94‌

(8.68‌)

52.72‌

182.51‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(8.52‌)

9.07‌

11.17‌

(8.52‌)

54.37‌

188.30‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,165.70‌

$

1.24‌

$

1,000.00‌

$

1,023.78‌

$

1.16‌

0.23‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2023

(continued)

2023

iShares

Annual

Report

To

Shareholders

12

iShares

®

Russell

Mid-Cap

Growth

ETF

Portfolio

Management

Commentary

Growth-oriented

mid-capitalization

U.S.

stocks

declined

for

the

reporting

period,

as

high

inflation

and

tighter

financial

conditions

impeded

economic

growth

and

weighed

on

equities.

Mid-capitalization

growth

stocks,

which

derive

a

significant

portion

of

their

price

from

investors’

expectations

of

future

growth,

faced

significant

headwinds

relative

to

other

equities.

Growth

stocks

are

particularly

sensitive

to

interest

rates,

which

rose

notably

as

the

Fed

sharply

tightened

monetary

policy.

The

information

technology

sector

detracted

the

most

from

the

Index’s

return.

Interest

rates

rose

sharply

during

the

reporting

period,

which

reduced

the

current

value

of

future

earnings.

Furthermore,

increased

concerns

about

economic

growth

worked

against

investors’

growth

expectations

for

information

technology

stocks,

which

are

sensitive

to

economic

conditions.

Since

consumers

and

businesses

often

seek

to

reduce

spending

on

technology

products

and

services

during

a

downturn,

high

inflation

and

slow

growth

weighed

on

the

sector.

The

software

and

services

industry

was

the

primary

source

of

weakness,

as

cuts

to

corporate

information

technology

budgets

reduced

revenue

growth.

The

failure

of

a

bank

that

served

a

large

number

of

software

and

technology

companies

also

worked

against

the

industry,

particularly

smaller

companies

that

faced

potentially

tighter

financing.

Stocks

in

the

healthcare

sector

also

detracted

from

the

Index’s

performance.

Companies

in

the

healthcare

equipment

and

supplies

industry

faced

challenges,

including

high

inflation,

which

negatively

affected

customer

purchase

decisions,

staffing

difficulties,

and

continued

supply

chain

disruptions.

The

life

sciences,

tools,

and

services

industry

faced

headwinds

due

to

lower

COVID-19

related

revenue

and

unfavorable

foreign

exchange

fluctuations.

The

consumer

discretionary

sector

also

detracted

from

the

Index’s

return.

While

consumer

spending

continued

to

grow

despite

inflation,

investors

became

increasingly

concerned

about

the

eventual

effect

of

eroded

personal

spending

power

on

the

hotel,

restaurant,

and

leisure

industry.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Information

Technology

.............................

25.9‌

%

Industrials

......................................

17.7‌

Health

Care

....................................

17.1‌

Consumer

Discretionary

............................

15.1‌

Financials

......................................

6.7‌

Communication

Services

............................

4.4‌

Energy

........................................

4.2‌

Materials

......................................

3.5‌

Consumer

Staples

................................

3.3‌

Real

Estate

.....................................

1.9‌

Utilities

........................................

0.2‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Synopsys,

Inc.

....................................

1.7‌

%

Cadence

Design

Systems,

Inc.

.........................

1.6‌

Chipotle

Mexican

Grill,

Inc.

...........................

1.3‌

Dexcom

,

Inc.

.....................................

1.3‌

Fortinet,

Inc.

.....................................

1.2‌

AutoZone,

Inc.

....................................

1.2‌

Arista

Networks,

Inc.

...............................

1.2‌

IDEXX

Laboratories,

Inc.

.............................

1.2‌

Lululemon

Athletica

,

Inc.

.............................

1.1‌

Microchip

Technology,

Inc.

............................

1.1‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

13

About

Fund

Performance

/

Disclosure

of

Expenses

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated. Since

shares

of

a

fund

may

not

trade

in

the

secondary

market

until

after

the

fund’s

inception,

for

the

period

from

inception

to

the

first

day

of

secondary

market

trading

in

shares

of

the

fund,

the

NAV

of

the

fund

is

used

as

a

proxy

for

the

Market

Price

to

calculate

market

returns.

Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of each

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown (which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

examples also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Funds

and

other

funds, compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples are

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

March

31,

2023

iShares

®

Micro-Cap

ETF

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

0.9%

AerSale

Corp.

(a)(b)

...................

53,818

$

926,746

Archer

Aviation,

Inc.,

Class

A

(a)(b)

.........

315,687

902,865

Astra

Space,

Inc.,

Class

A

(a)(b)

...........

343,594

146,027

Astronics

Corp.

(b)

...................

55,863

746,330

Byrna

Technologies,

Inc.

(a)(b)

............

29,552

224,300

Cadre

Holdings,

Inc.

.................

41,493

893,759

Ducommun,

Inc.

(b)

..................

24,098

1,318,401

Innovative

Solutions

and

Support,

Inc.

(b)

....

24,265

178,105

Momentus,

Inc.,

Class

A

(b)

.............

120,371

70,417

National

Presto

Industries,

Inc.

..........

11,162

804,669

Park

Aerospace

Corp.

................

42,409

570,401

Redwire

Corp.

(a)(b)

...................

43,487

131,766

Terran

Orbital

Corp.

(a)(b)

...............

88,724

163,252

V2X,

Inc.

(a)(b)

......................

26,123

1,037,605

VirTra,

Inc.

(a)(b)

.....................

23,222

93,585

8,208,228

Air

Freight

&

Logistics

—

0.1%

(b)

Air

T,

Inc.

(a)

.......................

2,254

54,547

Radiant

Logistics,

Inc.

...............

80,634

528,959

583,506

Automobile

Components

—

0.6%

(b)

Cooper-Standard

Holdings,

Inc.

(a)

........

36,391

518,208

Modine

Manufacturing

Co.

.............

107,970

2,488,709

Motorcar

Parts

of

America,

Inc.

.........

41,075

305,598

Spruce

Power

Holding

Corp.,

Class

A

(a)

....

277,617

227,646

Stoneridge,

Inc.

(a)

...................

57,202

1,069,677

Strattec

Security

Corp.

(a)

..............

8,479

192,897

Superior

Industries

International,

Inc.

.....

47,237

233,823

Sypris

Solutions,

Inc.

................

28,563

55,984

5,092,542

Automobiles

—

0.2%

(a)(b)

Arcimoto,

Inc.

.....................

9,712

13,597

AYRO,

Inc.

.......................

77,745

42,729

Cenntro

Electric

Group

Ltd.

............

389,072

179,673

Faraday

Future

Intelligent

Electric,

Inc.

....

1,103,352

390,697

Lordstown

Motors

Corp.,

Class

A

........

378,133

250,740

Mullen

Automotive,

Inc.

...............

2,205,746

289,614

Volcon,

Inc.

.......................

28,886

43,329

Workhorse

Group,

Inc.

...............

334,035

444,267

1,654,646

Banks

—

13.2%

1895

Bancorp

of

Wisconsin,

Inc.

(a)(b)

......

12,268

98,635

ACNB

Corp.

......................

17,971

584,956

Affinity

Bancshares,

Inc.

(b)

.............

10,615

152,007

Amalgamated

Financial

Corp.

..........

38,452

680,216

Amerant

Bancorp,

Inc.,

Class

A

.........

60,389

1,314,065

American

National

Bankshares,

Inc.

......

22,596

716,293

AmeriServ

Financial,

Inc.

.............

33,394

101,852

Ames

National

Corp.

................

18,962

394,410

Arrow

Financial

Corp.

................

30,858

768,673

Auburn

National

BanCorp,

Inc.

..........

5,003

113,368

Bancorp,

Inc.

(The)

(a)(b)

...............

112,345

3,128,808

Bank

First

Corp.

...................

16,833

1,238,572

Bank

of

Marin

Bancorp

...............

34,116

746,799

Bank

of

South

Carolina

Corp.

...........

8,215

129,961

Bank

of

the

James

Financial

Group,

Inc.

...

9,196

96,650

Bank7

Corp.

......................

8,305

203,888

BankFinancial

Corp.

.................

25,318

221,532

Bankwell

Financial

Group,

Inc.

..........

12,268

304,982

Bar

Harbor

Bankshares

..............

32,175

851,029

BayCom

Corp.

....................

26,326

449,648

Security

Shares

Shares

Value

Banks

(continued)

Bayfirst

Financial

Corp.

...............

7,527

$

116,894

BCB

Bancorp,

Inc.

..................

31,292

410,864

Blue

Foundry

Bancorp

(b)

..............

55,090

524,457

Blue

Ridge

Bankshares,

Inc.

...........

37,442

381,908

Bogota

Financial

Corp.

(a)(b)

.............

12,320

124,925

Bridgewater

Bancshares,

Inc.

(a)(b)

........

44,296

480,169

Broadway

Financial

Corp.

(a)(b)

...........

82,516

86,642

Business

First

Bancshares,

Inc.

.........

51,289

878,581

Byline

Bancorp,

Inc.

.................

53,529

1,157,297

C&F

Financial

Corp.

.................

7,255

375,156

California

Bancorp

(b)

.................

16,780

327,378

Cambridge

Bancorp

.................

14,877

964,178

Camden

National

Corp.

..............

31,330

1,133,833

Capital

Bancorp,

Inc.

................

19,684

327,542

Capital

City

Bank

Group,

Inc.

...........

29,453

863,267

Capstar

Financial

Holdings,

Inc.

.........

44,292

671,024

Carter

Bankshares,

Inc.

(b)

.............

51,895

726,530

Carver

Bancorp,

Inc.

(b)

...............

8,972

35,798

Catalyst

Bancorp,

Inc.

(a)(b)

.............

10,242

117,783

CB

Financial

Services,

Inc.

............

9,932

215,624

Central

Pacific

Financial

Corp.

..........

55,563

994,578

Central

Valley

Community

Bancorp

.......

21,527

443,026

CF

Bankshares,

Inc.

.................

9,710

189,345

CFSB

Bancorp,

Inc.

(a)(b)

...............

5,958

46,294

Chemung

Financial

Corp.

.............

7,678

318,637

ChoiceOne

Financial

Services,

Inc.

.......

15,543

392,305

Citizens

&

Northern

Corp.

.............

32,847

702,269

Citizens

Community

Bancorp,

Inc.

.......

21,839

231,712

Citizens

Holding

Co.

(a)

................

10,296

124,376

Civista

Bancshares,

Inc.

..............

33,394

563,691

CNB

Financial

Corp.

.................

43,939

843,629

Coastal

Financial

Corp.

(a)(b)

............

23,117

832,443

Codorus

Valley

Bancorp,

Inc.

...........

20,054

416,120

Colony

Bankcorp,

Inc.

...............

36,182

369,056

Community

Financial

Corp.

(The)

........

11,330

375,363

Community

Trust

Bancorp,

Inc.

.........

34,151

1,296,030

Community

West

Bancshares

..........

15,147

191,610

ConnectOne

Bancorp,

Inc.

............

80,830

1,429,074

CrossFirst

Bankshares,

Inc.

(a)(b)

.........

97,175

1,018,394

Cullman

Bancorp,

Inc.

(a)

..............

12,182

130,956

Dime

Community

Bancshares,

Inc.

.......

70,871

1,610,189

Eagle

Bancorp

Montana,

Inc.

...........

13,336

188,171

ECB

Bancorp,

Inc.

(a)(b)

................

18,425

255,739

Enterprise

Bancorp,

Inc.

..............

20,324

639,393

Equity

Bancshares,

Inc.,

Class

A

(a)

.......

32,742

797,923

Esquire

Financial

Holdings,

Inc.

.........

15,484

605,424

ESSA

Bancorp,

Inc.

.................

19,394

304,874

Evans

Bancorp,

Inc.

.................

11,601

389,388

Farmers

&

Merchants

Bancorp,

Inc.

......

27,668

672,886

Farmers

National

Banc

Corp.

...........

76,026

960,968

Fidelity

D&D

Bancorp,

Inc.

.............

10,227

466,965

Financial

Institutions,

Inc.

.............

32,891

634,138

Finward

Bancorp

(a)

..................

8,202

238,678

Finwise

Bancorp

(a)(b)

.................

21,264

187,336

First

Bancorp,

Inc.

(The)

..............

21,178

548,298

First

Bancshares,

Inc.

(The)

............

53,774

1,388,982

First

Bank

........................

33,756

340,936

First

Business

Financial

Services,

Inc.

.....

17,246

526,175

First

Capital,

Inc.

...................

7,236

185,603

First

Community

Bankshares,

Inc.

.......

34,360

860,718

First

Community

Corp.

...............

16,041

320,820

First

Financial

Corp.

.................

24,142

904,842

First

Financial

Northwest,

Inc.

..........

15,602

199,238

First

Foundation,

Inc.

................

111,380

829,781

First

Guaranty

Bancshares,

Inc.

.........

13,556

212,423

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

First

Internet

Bancorp

................

18,493

$

307,908

First

Mid

Bancshares,

Inc.

.............

40,582

1,104,642

First

National

Corp.

.................

11,406

180,329

First

Northwest

Bancorp

..............

17,645

202,917

First

of

Long

Island

Corp.

(The)

.........

47,131

636,268

First

Savings

Financial

Group,

Inc.

.......

12,356

198,808

First

Seacoast

Bancorp

(a)

.............

5,240

45,169

First

United

Corp.

..................

14,319

241,418

First

US

Bancshares,

Inc.

.............

11,737

87,793

First

Western

Financial,

Inc.

(b)

..........

17,354

343,609

Five

Star

Bancorp

..................

27,340

583,436

Flushing

Financial

Corp.

..............

60,866

906,295

FNCB

Bancorp,

Inc.

.................

35,890

222,518

Franklin

Financial

Services

Corp.

........

9,059

268,509

FS

Bancorp,

Inc.

...................

14,739

442,317

FVCBankcorp,

Inc.

(a)(b)

...............

32,518

346,317

German

American

Bancorp,

Inc.

.........

60,291

2,011,911

Glen

Burnie

Bancorp

................

5,809

42,057

Great

Southern

Bancorp,

Inc.

...........

20,311

1,029,361

Greene

County

Bancorp,

Inc.

...........

14,744

334,394

Guaranty

Bancshares,

Inc.

............

17,716

493,745

Hanmi

Financial

Corp.

...............

62,121

1,153,587

Hanover

Bancorp,

Inc.

(a)

..............

11,882

213,876

HarborOne

Bancorp,

Inc.

.............

95,313

1,162,819

Hawthorn

Bancshares,

Inc.

............

12,997

303,805

HBT

Financial,

Inc.

..................

26,285

518,340

Heritage

Commerce

Corp.

.............

127,941

1,065,749

Hingham

Institution

for

Savings

(The)

.....

3,171

740,238

HMN

Financial,

Inc.

.................

7,982

153,813

Home

Bancorp,

Inc.

.................

15,906

525,375

Home

Federal

Bancorp,

Inc.

of

Louisiana

...

4,898

83,609

HomeStreet,

Inc.

...................

36,623

658,848

HomeTrust

Bancshares,

Inc.

...........

31,473

773,921

Horizon

Bancorp,

Inc.

................

87,553

968,336

HV

Bancorp,

Inc.

(a)(b)

.................

3,434

103,123

Independent

Bank

Corp.

..............

44,053

782,822

Investar

Holding

Corp.

...............

20,350

284,086

John

Marshall

Bancorp,

Inc.

...........

25,084

541,814

Kentucky

First

Federal

Bancorp

.........

7,438

46,487

Lake

Shore

Bancorp,

Inc.

.............

4,166

42,035

Lakeland

Bancorp,

Inc.

...............

135,513

2,119,423

Landmark

Bancorp,

Inc.

..............

9,914

204,823

LCNB

Corp.

......................

23,504

384,055

Limestone

Bancorp,

Inc.

(a)

.............

11,776

262,723

Luther

Burbank

Corp.

................

32,322

306,413

Macatawa

Bank

Corp.

...............

57,195

584,533

Magyar

Bancorp,

Inc.

................

12,716

134,790

MainStreet

Bancshares,

Inc.

...........

15,292

359,209

Malvern

Bancorp,

Inc.

(a)(b)

.............

16,237

246,721

Mercantile

Bank

Corp.

...............

33,528

1,025,286

Meridian

Corp.

....................

20,792

261,979

Metrocity

Bankshares,

Inc.

............

40,180

686,676

Metropolitan

Bank

Holding

Corp.

(b)

.......

22,397

759,034

Mid

Penn

Bancorp,

Inc.

...............

31,209

799,262

Middlefield

Banc

Corp.

...............

12,006

336,348

Midland

States

Bancorp,

Inc.

...........

46,535

996,780

Mid-Southern

Bancorp,

Inc.

............

6,077

69,035

MidWestOne

Financial

Group,

Inc.

.......

30,805

752,258

MVB

Financial

Corp.

................

22,626

467,001

National

Bankshares,

Inc.

.............

12,871

404,922

Nicolet

Bankshares,

Inc.

(a)(b)

............

26,763

1,687,407

Northeast

Bank

....................

14,244

479,453

Northeast

Community

Bancorp,

Inc.,

NVS

..

32,037

420,325

Northfield

Bancorp,

Inc.

..............

88,595

1,043,649

Northrim

BanCorp,

Inc.

...............

12,034

567,764

Security

Shares

Shares

Value

Banks

(continued)

Norwood

Financial

Corp.

..............

16,125

$

474,398

NSTS

Bancorp,

Inc.

(a)(b)

...............

10,495

95,400

Oak

Valley

Bancorp

.................

14,624

346,004

Oconee

Federal

Financial

Corp.

.........

2,003

37,056

Ohio

Valley

Banc

Corp.

...............

9,428

220,709

Old

Point

Financial

Corp.

.............

8,056

191,813

Old

Second

Bancorp,

Inc.

.............

92,246

1,296,979

OP

Bancorp

......................

26,708

237,968

Orange

County

Bancorp,

Inc.

...........

11,191

492,404

Origin

Bancorp,

Inc.

.................

48,916

1,572,649

Orrstown

Financial

Services,

Inc.

........

22,565

448,141

Parke

Bancorp,

Inc.

.................

22,243

395,481

Partners

Bancorp

...................

21,510

168,423

Pathfinder

Bancorp,

Inc.

..............

7,298

126,036

PB

Bankshares,

Inc.

(a)(b)

..............

4,757

62,079

PCB

Bancorp

.....................

24,785

359,135

Peapack-Gladstone

Financial

Corp.

......

37,262

1,103,700

Penns

Woods

Bancorp,

Inc.

............

15,170

350,427

Peoples

Bancorp

of

North

Carolina,

Inc.

...

10,294

327,040

Peoples

Bancorp,

Inc.

...............

60,580

1,559,935

Peoples

Financial

Services

Corp.

........

15,235

660,437

Pioneer

Bancorp,

Inc.

(b)

...............

25,589

252,308

Plumas

Bancorp

...................

11,964

407,494

Ponce

Financial

Group,

Inc.

(a)(b)

.........

45,498

357,159

Preferred

Bank

....................

22,900

1,255,149

Premier

Financial

Corp.

..............

77,139

1,599,091

Primis

Financial

Corp.

................

48,750

469,462

Princeton

Bancorp,

Inc.

...............

11,507

365,002

Provident

Bancorp,

Inc.

...............

31,402

214,790

Provident

Financial

Holdings,

Inc.

(a)

.......

12,772

174,082

QCR

Holdings,

Inc.

.................

34,467

1,513,446

RBB

Bancorp

.....................

31,844

493,582

Red

River

Bancshares,

Inc.

............

9,599

461,808

Republic

Bancorp,

Inc.,

Class

A

.........

18,947

803,921

Republic

First

Bancorp,

Inc.

(a)(b)

.........

121,578

165,346

Rhinebeck

Bancorp,

Inc.

(a)(b)

............

9,207

70,434

Richmond

Mutual

BanCorp,

Inc.

.........

23,147

240,034

Riverview

Bancorp,

Inc.

..............

42,028

224,430

Salisbury

Bancorp,

Inc.

...............

11,771

283,681

SB

Financial

Group,

Inc.

..............

14,173

200,264

Shore

Bancshares,

Inc.

...............

38,744

553,264

Sierra

Bancorp

....................

29,846

513,948

SmartFinancial,

Inc.

.................

33,784

781,762

Sound

Financial

Bancorp,

Inc.

..........

4,799

177,611

South

Plains

Financial,

Inc.

............

21,270

455,391

Southern

First

Bancshares,

Inc.

(b)

........

16,501

506,581

Southern

Missouri

Bancorp,

Inc.

.........

16,771

627,403

Southern

States

Bancshares,

Inc.

........

16,553

373,270

Stellar

Bancorp,

Inc.

.................

98,559

2,425,537

Sterling

Bancorp,

Inc.

(b)

...............

37,920

214,627

Summit

Financial

Group,

Inc.

...........

24,234

502,856

Summit

State

Bank

.................

11,373

157,744

TC

Bancshares,

Inc.

(a)

................

9,650

140,408

Territorial

Bancorp,

Inc.

...............

16,764

323,713

Texas

Community

Bancshares,

Inc.

(a)

.....

5,430

74,174

Third

Coast

Bancshares,

Inc.

(b)

..........

28,046

440,603

Timberland

Bancorp,

Inc.

.............

16,438

444,155

TrustCo

Bank

Corp.

.................

39,383

1,257,893

Union

Bankshares,

Inc.

(a)

..............

8,802

194,612

United

Bancorp,

Inc.

.................

10,017

145,247

United

Security

Bancshares

............

30,868

196,938

Unity

Bancorp,

Inc.

..................

15,545

354,581

Univest

Financial

Corp.

...............

62,774

1,490,255

USCB

Financial

Holdings,

Inc.,

Class

A

(b)

...

23,925

236,618

Village

Bank

and

Trust

Financial

Corp.

....

1,248

70,836

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Micro-Cap

ETF

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

Virginia

National

Bankshares

Corp.

.......

10,233

$

367,979

Washington

Trust

Bancorp,

Inc.

.........

37,218

1,289,976

West

BanCorp,

Inc.

.................

35,275

644,474

Western

New

England

Bancorp,

Inc.

......

43,276

355,296

William

Penn

Bancorp

(a)

..............

26,603

301,412

118,604,124

Beverages

—

0.2%

(b)

Fresh

Vine

Wine,

Inc.

(a)

...............

20,569

10,077

Splash

Beverage

Group,

Inc.

(a)

..........

68,332

112,064

Vintage

Wine

Estates,

Inc.

(a)

...........

70,702

75,651

Vita

Coco

Co.,

Inc.

(The)

..............

60,708

1,191,091

Willamette

Valley

Vineyards,

Inc.

........

9,569

58,945

Zevia

PBC,

Class

A

(a)

................

29,288

112,759

1,560,587

Biotechnology

—

16.2%

(b)

2seventy

bio,

Inc.

...................

81,407

830,351

4D

Molecular

Therapeutics,

Inc.

(a)

........

65,343

1,123,246

89bio,

Inc.

.......................

51,529

784,787

Aadi

Bioscience,

Inc.

................

31,937

231,224

Absci

Corp.

(a)

.....................

114,168

199,794

ABVC

BioPharma,

Inc.

(a)

..............

41,055

25,873

Acrivon

Therapeutics,

Inc.

(a)

............

18,846

239,156

Actinium

Pharmaceuticals,

Inc.

(a)

........

55,930

528,538

Acumen

Pharmaceuticals,

Inc.

..........

58,171

236,174

Acurx

Pharmaceuticals,

Inc.

(a)

..........

14,911

51,592

Adicet

Bio,

Inc.

(a)

...................

65,732

378,616

ADMA

Biologics,

Inc.

(a)

...............

455,881

1,508,966

Adverum

Biotechnologies,

Inc.

..........

209,074

149,990

Aeglea

BioTherapeutics,

Inc.

...........

111,435

32,316

Aerovate

Therapeutics,

Inc.

(a)

...........

19,935

402,089

Affimed

NV

(a)

......................

309,643

230,870

Agenus,

Inc.

(a)

.....................

663,285

1,008,193

AIM

ImmunoTech,

Inc.

(a)

..............

101,670

43,718

Akero

Therapeutics,

Inc.

(a)

.............

75,667

2,895,019

Aldeyra

Therapeutics,

Inc.

(a)

............

103,679

1,029,532

Alector,

Inc.

(a)

.....................

135,083

836,164

Aligos

Therapeutics,

Inc.

..............

70,539

61,651

Allakos,

Inc.

(a)

.....................

84,797

377,347

Allovir,

Inc.

(a)

......................

66,948

263,775

Alpine

Immune

Sciences,

Inc.

..........

50,055

386,425

Altimmune,

Inc.

(a)

...................

106,565

449,704

ALX

Oncology

Holdings,

Inc.

(a)

..........

47,220

213,434

AnaptysBio,

Inc.

...................

44,123

960,116

Anavex

Life

Sciences

Corp.

(a)

...........

150,572

1,290,402

Anika

Therapeutics,

Inc.

(a)

.............

31,740

911,573

Anixa

Biosciences,

Inc.

...............

64,328

276,610

Annexon,

Inc.

.....................

79,798

307,222

Annovis

Bio,

Inc.

(a)

..................

12,082

186,184

Applied

Molecular

Transport,

Inc.

........

59,529

19,049

Applied

Therapeutics,

Inc.

(a)

............

67,709

54,919

Aptinyx,

Inc.

(a)

.....................

104,861

13,087

AquaBounty

Technologies,

Inc.

.........

154,037

91,621

Aravive,

Inc.

(a)

.....................

69,290

138,580

Arbutus

Biopharma

Corp.

.............

246,102

745,689

ARCA

biopharma,

Inc.

(a)

..............

30,087

59,873

Arcellx,

Inc.

(a)

.....................

64,392

1,983,918

Arcturus

Therapeutics

Holdings,

Inc.

(a)

.....

50,323

1,206,242

Armata

Pharmaceuticals,

Inc.

(a)

.........

23,367

39,023

ARS

Pharmaceuticals,

Inc.

(a)

...........

53,783

350,127

Assembly

Biosciences,

Inc.

(a)

...........

100,280

84,275

Astria

Therapeutics,

Inc.

(a)

.............

47,249

628,412

Atara

Biotherapeutics,

Inc.

(a)

...........

205,362

595,550

Atossa

Therapeutics,

Inc.

(a)

............

258,197

187,167

Security

Shares

Shares

Value

Biotechnology

(continued)

Atreca,

Inc.,

Class

A

(a)

................

60,501

$

68,971

aTyr

Pharma,

Inc.

(a)

.................

109,044

228,992

Aura

Biosciences,

Inc.

...............

51,504

477,957

Avid

Bioservices,

Inc.

(a)

...............

132,993

2,494,949

Avidity

Biosciences,

Inc.

..............

141,706

2,175,187

Avita

Medical,

Inc.

(a)

.................

53,278

744,294

Avrobio,

Inc.

(a)

.....................

80,758

80,758

Axcella

Health,

Inc.

(a)

................

47,588

22,842

Aziyo

Biologics,

Inc.,

Class

A

(a)

..........

9,467

14,295

Beyondspring,

Inc.

(a)

.................

51,013

57,135

BioAtla,

Inc.

(a)

.....................

84,909

227,556

Biomea

Fusion,

Inc.

(a)

................

35,438

1,098,932

BioVie,

Inc.

(a)

......................

11,420

92,274

Bioxcel

Therapeutics,

Inc.

(a)

............

41,642

777,040

Black

Diamond

Therapeutics,

Inc.

(a)

......

49,433

93,428

Blue

Water

Vaccines,

Inc.

.............

16,680

17,848

Bluebird

Bio,

Inc.

...................

224,426

713,675

Bolt

Biotherapeutics,

Inc.

..............

50,301

69,918

BrainStorm

Cell

Therapeutics,

Inc.

(a)

......

74,793

246,817

C4

Therapeutics,

Inc.

................

91,528

287,398

Cabaletta

Bio,

Inc.

(a)

.................

45,920

379,758

Candel

Therapeutics,

Inc.

.............

41,188

56,428

Capricor

Therapeutics,

Inc.

(a)

...........

49,182

207,548

Cardiff

Oncology,

Inc.

................

90,630

149,539

Caribou

Biosciences,

Inc.

(a)

............

122,127

648,494

Catalyst

Pharmaceuticals,

Inc.

..........

210,711

3,493,588

Celcuity,

Inc.

(a)

.....................

21,992

225,418

Celldex

Therapeutics,

Inc.

.............

99,545

3,581,629

CEL-SCI

Corp.

(a)

...................

76,008

176,339

Century

Therapeutics,

Inc.

.............

43,243

150,053

Checkpoint

Therapeutics,

Inc.

(a)

.........

13,234

29,776

Chimerix,

Inc.

.....................

182,250

229,635

Chinook

Therapeutics,

Inc.

............

110,383

2,555,366

Clene,

Inc.

(a)

......................

53,441

60,388

Cogent

Biosciences,

Inc.

(a)

.............

139,390

1,504,018

Coherus

Biosciences,

Inc.

.............

159,990

1,094,332

Compass

Therapeutics,

Inc.

(a)

..........

155,031

506,951

Corvus

Pharmaceuticals,

Inc.

...........

74,102

67,433

Coya

Therapeutics,

Inc.

(a)

.............

7,217

28,435

Crinetics

Pharmaceuticals,

Inc.

(a)

........

114,585

1,840,235

CTI

BioPharma

Corp.

(a)

...............

218,027

915,713

Cue

Biopharma,

Inc.

.................

73,298

261,674

Cullinan

Oncology,

Inc.

...............

57,013

583,243

Curis,

Inc.

(a)

.......................

201,565

120,133

Cyteir

Therapeutics,

Inc.

..............

54,558

99,296

CytomX

Therapeutics,

Inc.

(a)

...........

145,116

219,125

Day

One

Biopharmaceuticals,

Inc.

(a)

......

60,288

806,051

Decibel

Therapeutics,

Inc.

.............

29,836

90,105

Deciphera

Pharmaceuticals,

Inc.

........

112,506

1,738,218

DermTech,

Inc.

(a)

...................

55,984

206,021

Design

Therapeutics,

Inc.

(a)

............

73,542

424,337

DiaMedica

Therapeutics,

Inc.

...........

53,864

82,412

Disc

Medicine,

Inc.

(a)

.................

13,496

285,980

Dyadic

International,

Inc.

(a)

.............

43,026

76,586

Dynavax

Technologies

Corp.

(a)

..........

259,386

2,544,577

Dyne

Therapeutics,

Inc.

..............

68,976

794,604

Eagle

Pharmaceuticals,

Inc.

...........

22,096

626,864

eFFECTOR

Therapeutics,

Inc.

..........

50,531

18,186

Eiger

BioPharmaceuticals,

Inc.

(a)

.........

92,248

82,737

Eledon

Pharmaceuticals,

Inc.

...........

22,833

53,886

Elevation

Oncology,

Inc.

(a)

.............

28,997

55,094

Eliem

Therapeutics,

Inc.

(a)

.............

14,294

41,453

Enochian

Biosciences,

Inc.

(a)

...........

42,254

38,667

Entrada

Therapeutics,

Inc.

(a)

...........

42,057

609,826

Equillium,

Inc.

(a)

....................

41,763

30,487

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Eterna

Therapeutics,

Inc.

(a)

............

6,310

$

22,085

Evelo

Biosciences,

Inc.

(a)

..............

65,372

11,813

Exagen,

Inc.

......................

20,665

50,216

Fennec

Pharmaceuticals,

Inc.

(a)

.........

38,354

319,105

Finch

Therapeutics

Group,

Inc.

(a)

........

58,727

23,080

Foghorn

Therapeutics,

Inc.

(a)

...........

44,263

274,431

Fortress

Biotech,

Inc.

(a)

...............

174,974

143,479

Frequency

Therapeutics,

Inc.

(a)

..........

71,860

36,146

G1

Therapeutics,

Inc.

................

102,337

274,263

Gain

Therapeutics,

Inc.

...............

22,853

110,151

Galectin

Therapeutics,

Inc.

(a)

...........

74,820

157,122

Galera

Therapeutics,

Inc.

(a)

............

48,137

123,231

Gamida

Cell

Ltd.

(a)

..................

141,531

114,640

Gelesis

Holdings,

Inc.

................

50,195

8,167

Genelux

Corp.

(a)

....................

5,487

152,209

Generation

Bio

Co.

(a)

................

105,588

454,028

Genprex,

Inc.

.....................

103,547

94,217

Geron

Corp.

......................

931,988

2,022,414

Gossamer

Bio,

Inc.

(a)

................

137,927

173,788

Graphite

Bio,

Inc.

(a)

..................

59,729

146,336

Greenwich

Lifesciences,

Inc.

(a)

..........

13,533

186,620

Gritstone

bio,

Inc.

..................

168,858

469,425

GT

Biopharma,

Inc.

(a)

................

64,979

35,738

Harpoon

Therapeutics,

Inc.

(a)

...........

38,332

28,527

HCW

Biologics,

Inc.

.................

40,684

56,144

Heron

Therapeutics,

Inc.

(a)

.............

223,396

337,328

HilleVax,

Inc.

(a)

.....................

37,755

624,090

Homology

Medicines,

Inc.

(a)

............

89,499

92,184

Hookipa

Pharma,

Inc.

................

106,971

78,731

Humacyte,

Inc.

....................

126,784

391,763

Humanigen,

Inc.

...................

203,754

29,239

Icosavax,

Inc.

.....................

47,641

276,318

Ideaya

Biosciences,

Inc.

..............

96,442

1,324,149

IGM

Biosciences,

Inc.

(a)

...............

23,163

318,260

ImmuCell

Corp.

(a)

...................

13,959

71,889

Immuneering

Corp.,

Class

A

(a)

..........

43,935

426,609

Immunic,

Inc.

.....................

53,033

79,019

ImmunoGen,

Inc.

(a)

..................

467,501

1,795,204

Immunome,

Inc.

(a)

..................

22,119

110,374

Immunovant,

Inc.

...................

96,791

1,501,228

Impel

Pharmaceuticals,

Inc.

(a)

...........

13,279

18,591

IN8bio,

Inc.

(a)

......................

30,636

39,827

Inhibrx,

Inc.

.......................

70,937

1,338,581

Inmune

Bio,

Inc.

(a)

..................

26,005

167,992

Inovio

Pharmaceuticals,

Inc.

...........

533,239

437,256

Inozyme

Pharma,

Inc.

(a)

..............

38,025

217,883

Intercept

Pharmaceuticals,

Inc.

(a)

........

53,250

715,147

Invivyd,

Inc.

(a)

.....................

111,732

134,078

iTeos

Therapeutics,

Inc.

..............

51,232

697,268

Janux

Therapeutics,

Inc.

(a)

.............

37,512

453,895

Jasper

Therapeutics,

Inc.

(a)

............

127,682

231,104

Jounce

Therapeutics,

Inc.

.............

93,848

173,619

KalVista

Pharmaceuticals,

Inc.

(a)

.........

52,611

413,522

Karyopharm

Therapeutics,

Inc.

(a)

........

169,523

659,444

Keros

Therapeutics,

Inc.

..............

41,895

1,788,916

Kezar

Life

Sciences,

Inc.

..............

114,618

358,754

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

.....

67,832

729,872

Kinnate

Biopharma,

Inc.

..............

62,713

391,956

Kodiak

Sciences,

Inc.

................

71,602

443,932

Kronos

Bio,

Inc.

....................

88,400

129,064

Lantern

Pharma,

Inc.

(a)

...............

16,028

77,415

Larimar

Therapeutics,

Inc.

.............

59,980

271,709

Leap

Therapeutics,

Inc.

(a)

.............

159,447

54,212

Lexicon

Pharmaceuticals,

Inc.

(a)

.........

179,629

436,498

Lineage

Cell

Therapeutics,

Inc.

(a)

........

280,462

420,693

Security

Shares

Shares

Value

Biotechnology

(continued)

Longeveron,

Inc.,

Class

A

(a)

............

9,286

$

24,794

Lumos

Pharma,

Inc.

(a)

................

13,179

44,677

MacroGenics,

Inc.

..................

131,254

941,091

Magenta

Therapeutics,

Inc.

(a)

...........

95,039

75,527

MAIA

Biotechnology,

Inc.

(a)

............

3,792

13,120

MannKind

Corp.

(a)

..................

554,279

2,272,544

MediciNova,

Inc.

...................

101,349

218,914

MeiraGTx

Holdings

plc

...............

71,376

369,014

Merrimack

Pharmaceuticals,

Inc.

........

22,303

274,104

Mersana

Therapeutics,

Inc.

............

201,043

826,287

MiMedx

Group,

Inc.

.................

245,677

837,759

Mineralys

Therapeutics,

Inc.

...........

26,346

412,578

MiNK

Therapeutics,

Inc.

(a)

.............

10,194

19,572

Mirum

Pharmaceuticals,

Inc.

...........

40,068

962,433

Molecular

Templates,

Inc.

(a)

............

85,789

32,591

Moleculin

Biotech,

Inc.

...............

57,342

55,048

Monte

Rosa

Therapeutics,

Inc.

..........

64,765

504,519

Neoleukin

Therapeutics,

Inc.

(a)

..........

73,634

51,544

NeuBase

Therapeutics,

Inc.

(a)

...........

61,639

11,403

NexImmune,

Inc.

(a)

..................

40,082

15,231

NextCure,

Inc.

.....................

50,711

75,052

NightHawk

Biosciences,

Inc.

(a)

..........

52,711

46,101

Nkarta,

Inc.

(a)

......................

71,064

252,277

Nurix

Therapeutics,

Inc.

(a)

.............

101,033

897,173

Nuvalent,

Inc.,

Class

A

...............

43,829

1,143,499

Nuvectis

Pharma,

Inc.

(a)

..............

12,624

165,501

Nymox

Pharmaceutical

Corp.

(a)

.........

112,238

38,161

Ocugen,

Inc.

(a)

.....................

476,127

406,184

Olema

Pharmaceuticals,

Inc.

(a)

..........

57,240

198,623

Omega

Therapeutics,

Inc.

(a)

............

45,718

275,680

Oncocyte

Corp.

(a)

...................

200,103

70,917

Oncternal

Therapeutics,

Inc.

(a)

..........

106,880

83,901

Orgenesis,

Inc.

(a)

...................

46,249

54,574

ORIC

Pharmaceuticals,

Inc.

(a)

..........

85,794

489,026

Outlook

Therapeutics,

Inc.

(a)

............

336,746

367,053

Ovid

therapeutics,

Inc.

(a)

..............

127,924

330,044

Pardes

Biosciences,

Inc.

..............

72,954

96,299

Passage

Bio,

Inc.

...................

94,721

90,714

PDS

Biotechnology

Corp.

(a)

............

56,627

348,256

PepGen,

Inc.

......................

32,501

397,487

PharmaCyte

Biotech,

Inc.

(a)

............

38,799

112,905

Pieris

Pharmaceuticals,

Inc.

(a)

..........

143,601

140,155

PMV

Pharmaceuticals,

Inc.

............

79,164

377,612

Point

Biopharma

Global,

Inc.

(a)

..........

188,716

1,371,965

Portage

Biotech,

Inc.

(a)

...............

21,574

66,664

Poseida

Therapeutics,

Inc.

............

85,787

264,224

Praxis

Precision

Medicines,

Inc.

.........

87,305

70,630

Precigen,

Inc.

.....................

265,614

281,551

Precision

BioSciences,

Inc.

............

187,694

141,446

Prelude

Therapeutics,

Inc.

(a)

............

24,971

142,335

Prometheus

Biosciences,

Inc.

..........

75,577

8,110,924

Protagonist

Therapeutics,

Inc.

..........

101,309

2,330,107

Protalix

BioTherapeutics,

Inc.

(a)

.........

107,841

226,466

Protara

Therapeutics,

Inc.

.............

20,967

64,998

Prothena

Corp.

plc

(a)

.................

84,995

4,119,708

Puma

Biotechnology,

Inc.

.............

75,150

232,214

Pyxis

Oncology,

Inc.

(a)

................

65,115

261,111

Quince

Therapeutics,

Inc.

(a)

............

54,859

85,580

Rallybio

Corp.

(a)

....................

41,043

234,356

RAPT

Therapeutics,

Inc.

(a)

.............

64,936

1,191,576

Reneo

Pharmaceuticals,

Inc.

(a)

..........

21,507

128,612

Replimune

Group,

Inc.

...............

101,619

1,794,592

Rezolute,

Inc.

(a)

....................

63,295

121,526

Rhythm

Pharmaceuticals,

Inc.

(a)

.........

111,272

1,985,092

Rigel

Pharmaceuticals,

Inc.

............

372,223

491,334

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Micro-Cap

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Rocket

Pharmaceuticals,

Inc.

...........

121,572

$

2,082,528

SAB

Biotherapeutics,

Inc.

(a)

............

53,316

23,459

Sangamo

Therapeutics,

Inc.

...........

292,220

514,307

Savara,

Inc.

(a)

.....................

163,879

319,564

Scholar

Rock

Holding

Corp.

............

90,088

720,704

SELLAS

Life

Sciences

Group,

Inc.

(a)

......

45,194

64,627

Sensei

Biotherapeutics,

Inc.

...........

35,427

53,141

Sera

Prognostics,

Inc.,

Class

A

(a)

........

44,560

170,665

Seres

Therapeutics,

Inc.

(a)

.............

153,419

869,886

Shattuck

Labs,

Inc.

.................

71,915

211,430

Sigilon

Therapeutics,

Inc.

.............

42,217

39,266

Spero

Therapeutics,

Inc.

..............

66,163

95,936

Spruce

Biosciences,

Inc.

(a)

.............

25,631

56,645

SQZ

Biotechnologies

Co.

(a)

............

53,703

30,074

Stoke

Therapeutics,

Inc.

..............

48,433

403,447

Summit

Therapeutics,

Inc.

(a)

............

200,730

351,278

Surface

Oncology,

Inc.

(a)

..............

118,464

82,783

Surrozen,

Inc.

(a)

....................

46,166

27,792

Sutro

Biopharma,

Inc.

................

117,380

542,296

Synaptogenix,

Inc.

(a)

.................

14,978

11,981

Syndax

Pharmaceuticals,

Inc.

..........

130,621

2,758,716

Synlogic,

Inc.

.....................

140,272

88,652

Syros

Pharmaceuticals,

Inc.

(a)

..........

23,905

63,826

Talaris

Therapeutics,

Inc.

.............

51,929

97,627

Tango

Therapeutics,

Inc.

(a)

.............

100,327

396,292

Taysha

Gene

Therapies,

Inc.

(a)

..........

71,954

57,391

TCR2

Therapeutics,

Inc.

..............

66,880

100,320

Tenaya

Therapeutics,

Inc.

.............

94,277

268,689

Tracon

Pharmaceuticals,

Inc.

(a)

..........

35,554

67,197

TScan

Therapeutics,

Inc.

(a)

............

31,685

66,539

Tyra

Biosciences,

Inc.

(a)

..............

28,875

464,021

UNITY

Biotechnology,

Inc.

(a)

............

24,355

39,699

UroGen

Pharma

Ltd.

(a)

...............

43,161

398,808

Vaccinex,

Inc.

(a)

....................

46,099

18,417

Vanda

Pharmaceuticals,

Inc.

...........

120,212

816,239

Vaxart,

Inc.

(a)

......................

277,078

209,665

VBI

Vaccines,

Inc.

..................

427,180

129,436

Vera

Therapeutics,

Inc.,

Class

A

(a)

........

47,260

366,738

Verastem,

Inc.

(a)

....................

455,042

188,933

Verve

Therapeutics,

Inc.

(a)

.............

101,816

1,468,187

Vigil

Neuroscience,

Inc.

...............

15,491

151,657

Viking

Therapeutics,

Inc.

(a)

.............

145,603

2,424,290

Vincerx

Pharma,

Inc.

................

39,273

40,844

Viracta

Therapeutics,

Inc.

(a)

............

58,702

93,336

Viridian

Therapeutics,

Inc.

(a)

............

83,042

2,112,588

Virios

Therapeutics,

Inc.

(a)

.............

38,500

14,149

VistaGen

Therapeutics,

Inc.

(a)

...........

470,531

58,675

Vor

BioPharma,

Inc.

(a)

................

61,803

332,500

Voyager

Therapeutics,

Inc.

(a)

...........

59,109

455,730

Werewolf

Therapeutics,

Inc.

............

13,030

33,878

X4

Pharmaceuticals,

Inc.

(a)

............

118,381

102,991

XBiotech,

Inc.

.....................

32,750

112,988

Xilio

Therapeutics,

Inc.

(a)

..............

44,850

142,623

XOMA

Corp.

......................

14,462

305,293

Y-mAbs

Therapeutics,

Inc.

.............

80,267

402,138

145,831,911

Broadline

Retail

—

0.1%

(a)(b)

1stdibs.com,

Inc.

...................

51,418

204,129

ContextLogic,

Inc.,

Class

A

............

1,259,968

561,694

Groupon,

Inc.

.....................

48,012

202,131

iMedia

Brands,

Inc.,

Class

A

...........

42,838

21,830

989,784

Security

Shares

Shares

Value

Building

Products

—

0.4%

Alpha

Pro

Tech

Ltd.

(a)(b)

...............

24,448

$

101,704

Caesarstone

Ltd.

...................

48,210

199,107

Insteel

Industries,

Inc.

................

40,762

1,133,999

Molekule

Group,

Inc.

(a)(b)

..............

39,616

66,951

Quanex

Building

Products

Corp.

.........

71,924

1,548,524

View,

Inc.,

Class

A

(a)(b)

................

294,810

147,405

3,197,690

Capital

Markets

—

1.1%

Ashford,

Inc.

(b)

.....................

1,892

24,010

Associated

Capital

Group,

Inc.,

Class

A

....

3,751

138,599

Avantax,

Inc.

(b)

.....................

103,689

2,729,095

Bakkt

Holdings,

Inc.,

Class

A

(a)(b)

.........

126,468

217,525

Diamond

Hill

Investment

Group,

Inc.

......

6,240

1,026,979

Donnelley

Financial

Solutions,

Inc.

(a)(b)

.....

55,188

2,254,982

Greenhill

&

Co.,

Inc.

.................

28,589

253,584

Hennessy

Advisors,

Inc.

..............

9,729

75,302

Heritage

Global,

Inc.

(b)

...............

71,407

204,938

MarketWise,

Inc.,

Class

A

(b)

............

38,887

71,941

Marygold

Cos.,

Inc.

(The)

(a)(b)

...........

30,923

54,734

Oppenheimer

Holdings,

Inc.,

Class

A,

NVS

.

17,169

672,166

Perella

Weinberg

Partners,

Class

A

.......

80,904

736,226

Safeguard

Scientifics,

Inc.

(a)(b)

...........

33,843

58,210

Sculptor

Capital

Management,

Inc.,

Class

A

.

54,093

465,741

Siebert

Financial

Corp.

(a)(b)

.............

30,261

57,950

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

.......................

21,450

389,961

Value

Line,

Inc.

....................

2,112

102,073

Westwood

Holdings

Group,

Inc.

.........

16,452

184,427

9,718,443

Chemicals

—

1.4%

Advanced

Emissions

Solutions,

Inc.

(b)

.....

36,680

72,626

AdvanSix,

Inc.

.....................

57,997

2,219,545

AgroFresh

Solutions,

Inc.

(a)(b)

...........

67,207

201,621

American

Vanguard

Corp.

.............

61,033

1,335,402

Aspen

Aerogels,

Inc.

(b)

...............

109,444

815,358

Core

Molding

Technologies,

Inc.

(a)(b)

.......

17,250

310,328

Danimer

Scientific,

Inc.,

Class

A

(a)(b)

.......

199,122

686,971

Flexible

Solutions

International,

Inc.

(b)

.....

18,180

56,722

Flotek

Industries,

Inc.

(b)

...............

142,428

98,275

FutureFuel

Corp.

(a)

..................

56,150

414,387

Hawkins,

Inc.

.....................

42,224

1,848,567

Intrepid

Potash,

Inc.

(a)(b)

...............

24,245

669,162

Koppers

Holdings,

Inc.

...............

44,228

1,546,653

Northern

Technologies

International

Corp.

..

17,039

201,571

Origin

Materials,

Inc.,

Class

A

(a)(b)

........

228,211

974,461

Rayonier

Advanced

Materials,

Inc.

(b)

......

134,477

843,171

Valhi,

Inc.

........................

5,467

95,180

12,390,000

Commercial

Services

&

Supplies

—

2.1%

ACCO

Brands

Corp.

.................

199,854

1,063,223

Acme

United

Corp.

..................

4,923

113,229

Aqua

Metals,

Inc.

(a)(b)

................

166,288

166,288

ARC

Document

Solutions,

Inc.

..........

75,054

237,921

Aris

Water

Solutions,

Inc.,

Class

A

.......

47,758

372,035

CECO

Environmental

Corp.

(b)

...........

64,302

899,585

Charah

Solutions,

Inc.

(a)(b)

.............

4,053

8,471

CompX

International,

Inc.

.............

3,360

60,749

Ennis,

Inc.

.......................

55,342

1,167,163

Fuel

Tech,

Inc.

(a)(b)

..................

51,539

65,970

GEO

Group,

Inc.

(The)

(b)

..............

257,860

2,034,516

Harsco

Corp.

(b)

....................

171,039

1,168,196

Heritage-Crystal

Clean,

Inc.

(b)

...........

34,144

1,215,868

Interface,

Inc.

.....................

125,056

1,015,455

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

(continued)

Kimball

International,

Inc.,

Class

B

.......

77,901

$

965,972

Liquidity

Services,

Inc.

(b)

..............

52,812

695,534

Montrose

Environmental

Group,

Inc.

(a)(b)

....

59,812

2,133,494

NL

Industries,

Inc.

..................

18,537

112,334

Odyssey

Marine

Exploration,

Inc.

(a)(b)

......

28,852

93,769

Performant

Financial

Corp.

(a)(b)

..........

148,376

504,478

Perma-Fix

Environmental

Services,

Inc.

(a)(b)

.

27,108

319,332

Quad/Graphics,

Inc.,

Class

A

(b)

..........

69,866

299,725

Quest

Resource

Holding

Corp.

(a)(b)

.......

35,492

217,921

Shapeways

Holdings,

Inc.

(b)

............

35,729

12,262

SP

Plus

Corp.

(a)(b)

...................

43,820

1,502,588

Team,

Inc.

(a)(b)

.....................

6,147

33,685

Viad

Corp.

(b)

......................

44,255

922,274

Virco

Mfg.

Corp.

(b)

..................

21,233

84,295

VSE

Corp.

.......................

23,032

1,034,137

18,520,469

Communications

Equipment

—

1.5%

Airspan

Networks

Holdings,

Inc.

(a)(b)

.......

75,266

52,107

Applied

Optoelectronics,

Inc.

(a)(b)

.........

60,788

134,342

Aviat

Networks,

Inc.

(b)

................

22,665

781,036

BK

Technologies

Corp.

...............

29,825

85,001

CalAmp

Corp.

(b)

....................

81,361

292,086

Cambium

Networks

Corp.

(b)

............

25,011

443,195

Casa

Systems,

Inc.

(b)

................

77,479

98,398

Clearfield,

Inc.

(a)(b)

...................

27,821

1,295,902

Comtech

Telecommunications

Corp.

......

56,341

703,136

Digi

International,

Inc.

(a)(b)

.............

75,457

2,541,392

DZS,

Inc.

(b)

.......................

43,917

346,505

EMCORE

Corp.

(a)(b)

.................

79,868

91,848

Franklin

Wireless

Corp.

(b)

.............

18,236

90,815

Genasys,

Inc.

(a)(b)

...................

78,428

231,363

Harmonic,

Inc.

(b)

....................

200,436

2,924,361

Inseego

Corp.

(a)(b)

...................

190,988

111,231

KVH

Industries,

Inc.

(a)(b)

...............

40,980

466,352

Lantronix,

Inc.

(b)

....................

61,100

265,174

NETGEAR,

Inc.

(b)

...................

61,510

1,138,550

Network-1

Technologies,

Inc.

...........

37,205

79,991

Ondas

Holdings,

Inc.

(a)(b)

..............

77,909

84,142

Optical

Cable

Corp.

(b)

................

10,334

44,540

PCTEL,

Inc.

......................

37,724

159,573

Ribbon

Communications,

Inc.

(b)

.........

156,627

535,664

TESSCO

Technologies,

Inc.

(b)

..........

14,834

71,203

13,067,907

Construction

&

Engineering

—

0.9%

Argan,

Inc.

.......................

27,892

1,128,789

Bowman

Consulting

Group

Ltd.

(a)(b)

.......

19,364

555,940

Concrete

Pumping

Holdings,

Inc.

(a)(b)

......

55,821

379,583

Great

Lakes

Dredge

&

Dock

Corp.

(a)(b)

.....

141,120

766,282

IES

Holdings,

Inc.

(b)

.................

18,602

801,560

INNOVATE

Corp.

(a)(b)

.................

98,869

293,641

iSun,

Inc.

(a)(b)

......................

25,191

25,947

Limbach

Holdings,

Inc.

(a)(b)

.............

20,366

352,332

Matrix

Service

Co.

(b)

.................

56,750

306,450

Northwest

Pipe

Co.

(a)(b)

...............

21,277

664,481

Orbital

Infrastructure

Group,

Inc.

(b)

.......

186,345

27,188

Orion

Group

Holdings,

Inc.

(b)

...........

68,100

176,379

QualTek

Services,

Inc.,

Class

A

(a)(b)

.......

26,179

10,338

Sterling

Infrastructure,

Inc.

(b)

...........

63,773

2,415,721

Tutor

Perini

Corp.

(b)

.................

90,727

559,786

Williams

Industrial

Services

Group,

Inc.

(a)(b)

..

36,617

37,715

8,502,132

Security

Shares

Shares

Value

Construction

Materials

—

0.1%

Smith-Midland

Corp.

(b)

...............

9,519

$

178,576

United

States

Lime

&

Minerals,

Inc.

.......

4,417

674,432

853,008

Consumer

Finance

—

0.8%

Atlanticus

Holdings

Corp.

(a)(b)

...........

9,399

254,995

Consumer

Portfolio

Services,

Inc.

(a)(b)

......

20,144

215,339

Curo

Group

Holdings

Corp.

............

47,662

82,455

Enova

International,

Inc.

(b)

.............

66,985

2,976,144

EZCORP,

Inc.,

Class

A,

NVS

(a)(b)

.........

106,788

918,377

Katapult

Holdings,

Inc.

(a)(b)

.............

112,416

50,115

Medallion

Financial

Corp.

.............

41,675

319,647

Moneylion,

Inc.,

Class

A

(a)(b)

............

315,798

179,310

NerdWallet,

Inc.,

Class

A

(b)

.............

57,205

925,577

Nicholas

Financial,

Inc.

(b)

..............

8,944

53,127

Oportun

Financial

Corp.

(a)(b)

............

62,470

241,134

OppFi,

Inc.,

Class

A

(a)(b)

...............

20,969

42,987

Regional

Management

Corp.

...........

16,497

430,407

Sunlight

Financial

Holdings,

Inc.

(a)(b)

......

52,082

16,265

World

Acceptance

Corp.

(a)(b)

............

8,476

705,966

7,411,845

Consumer

Staples

Distribution

&

Retail

—

0.6%

Blue

Apron

Holdings,

Inc.,

Class

A

(a)(b)

.....

71,048

48,135

Boxed,

Inc.

(a)(b)

.....................

121,834

23,124

Chefs'

Warehouse,

Inc.

(The)

(a)(b)

........

74,256

2,528,417

HF

Foods

Group,

Inc.

(a)(b)

..............

78,231

306,666

MedAvail

Holdings,

Inc.

(a)(b)

............

80,877

23,179

Natural

Grocers

by

Vitamin

Cottage,

Inc.

...

20,185

237,174

Rite

Aid

Corp.

(a)(b)

...................

122,484

274,364

SpartanNash

Co.

...................

75,914

1,882,667

Village

Super

Market,

Inc.,

Class

A

.......

18,519

423,715

5,747,441

Containers

&

Packaging

—

0.2%

Cryptyde,

Inc.

(b)

....................

92,138

7,666

Myers

Industries,

Inc.

................

79,018

1,693,356

Ranpak

Holdings

Corp.,

Class

A

(a)(b)

......

94,405

492,794

2,193,816

Distributors

—

0.1%

AMCON

Distributing

Co.

(a)

.............

343

57,281

Educational

Development

Corp.

(b)

........

14,389

42,304

Funko,

Inc.,

Class

A

(a)(b)

...............

69,131

651,905

Weyco

Group,

Inc.

..................

12,666

320,450

1,071,940

Diversified

Consumer

Services

—

0.9%

American

Public

Education,

Inc.

(b)

........

40,902

221,689

Beachbody

Co.,

Inc.

(The),

Class

A

(a)(b)

....

226,699

109,314

Carriage

Services,

Inc.

...............

28,932

883,005

Lincoln

Educational

Services

Corp.

(a)(b)

.....

50,374

285,117

Nerdy,

Inc.,

Class

A

(a)(b)

...............

121,180

506,532

OneSpaWorld

Holdings

Ltd.

(a)(b)

.........

146,126

1,752,051

Perdoceo

Education

Corp.

(b)

...........

146,451

1,966,837

Regis

Corp.

(a)(b)

....................

100,394

111,437

Rover

Group,

Inc.,

Class

A

(a)(b)

..........

204,043

924,315

Universal

Technical

Institute,

Inc.

(b)

.......

71,619

528,548

WW

International,

Inc.

(a)(b)

.............

116,896

481,611

XWELL,

Inc.

(a)(b)

....................

178,492

64,418

7,834,874

Diversified

REITs

—

0.4%

Alpine

Income

Property

Trust,

Inc.

.......

28,526

480,092

American

Strategic

Investment

Co.

.......

4,505

38,383

CTO

Realty

Growth,

Inc.

..............

48,002

828,514

Gladstone

Commercial

Corp.

...........

85,302

1,077,364

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Micro-Cap

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Diversified

REITs

(continued)

Modiv,

Inc.,

Class

C

.................

16,420

$

174,545

One

Liberty

Properties,

Inc.

............

35,332

810,163

Presidio

Property

Trust,

Inc.,

Class

A

......

24,772

25,763

3,434,824

Diversified

Telecommunication

Services

—

0.6%

Anterix,

Inc.

(b)

.....................

40,081

1,324,276

ATN

International,

Inc.

...............

23,755

972,055

Bandwidth,

Inc.,

Class

A

(a)(b)

............

50,433

766,582

Charge

Enterprises,

Inc.

(b)

.............

286,374

315,011

Consolidated

Communications

Holdings,

Inc.

(b)

162,700

419,766

IDT

Corp.,

Class

B

(b)

.................

33,784

1,151,359

Ooma,

Inc.

(a)(b)

.....................

50,289

629,115

5,578,164

Electric

Utilities

—

0.1%

Genie

Energy

Ltd.,

Class

B

............

43,222

597,328

Via

Renewables,

Inc.

................

5,496

101,016

698,344

Electrical

Equipment

—

1.2%

Advent

Technologies

Holdings,

Inc.

(a)(b)

....

84,006

89,046

Allied

Motion

Technologies,

Inc.

.........

29,095

1,124,522

American

Superconductor

Corp.

(a)(b)

......

62,294

305,864

Babcock

&

Wilcox

Enterprises,

Inc.

(a)(b)

.....

132,312

801,811

Beam

Global

(a)(b)

...................

19,204

305,536

Blink

Charging

Co.

(a)(b)

................

91,803

794,096

Broadwind,

Inc.

(a)(b)

..................

40,983

157,375

Capstone

Green

Energy

Corp.

(a)(b)

........

38,964

51,822

Energous

Corp.

(a)(b)

..................

165,743

89,501

Eos

Energy

Enterprises,

Inc.,

Class

A

(a)(b)

...

120,362

309,330

Espey

Mfg.

&

Electronics

Corp.

.........

3,326

67,352

ESS

Tech,

Inc.

(a)(b)

..................

172,374

239,600

Flux

Power

Holdings,

Inc.

(a)(b)

...........

25,100

121,986

FTC

Solar,

Inc.

(a)(b)

..................

92,657

208,478

Heliogen,

Inc.

(a)(b)

...................

198,356

47,645

Ideal

Power,

Inc.

(a)(b)

.................

12,675

132,454

KULR

Technology

Group,

Inc.

(a)(b)

........

147,035

128,994

LSI

Industries,

Inc.

..................

57,169

796,364

Nuvve

Holding

Corp.

(a)(b)

..............

43,906

30,734

Ocean

Power

Technologies,

Inc.

(a)(b)

......

114,453

60,660

Orion

Energy

Systems,

Inc.

(a)(b)

..........

67,433

136,889

Pioneer

Power

Solutions,

Inc.

(b)

.........

15,099

53,148

Polar

Power,

Inc.

(a)(b)

.................

17,520

23,126

Powell

Industries,

Inc.

................

19,900

847,541

Preformed

Line

Products

Co.

...........

5,428

695,001

Sunworks,

Inc.

(a)(b)

..................

78,601

113,185

Thermon

Group

Holdings,

Inc.

(b)

.........

72,127

1,797,405

TPI

Composites,

Inc.

(a)(b)

..............

79,659

1,039,550

Ultralife

Corp.

(a)(b)

...................

20,931

84,143

Westwater

Resources,

Inc.

(b)

...........

102,022

113,244

10,766,402

Electronic

Equipment,

Instruments

&

Components

—

2.5%

908

Devices,

Inc.

(b)

..................

47,806

411,132

Aeva

Technologies,

Inc.

(b)

.............

210,394

250,369

AEye,

Inc.,

Class

A

(a)(b)

...............

219,922

69,231

Airgain,

Inc.

(a)(b)

....................

19,098

102,556

Akoustis

Technologies,

Inc.

(b)

...........

144,695

445,661

Arlo

Technologies,

Inc.

(b)

..............

189,050

1,145,643

Bel

Fuse,

Inc.,

Class

B,

NVS

...........

22,245

835,967

Cepton,

Inc.

(a)(b)

....................

103,603

48,113

ClearSign

Technologies

Corp.

(a)(b)

........

56,188

44,838

Climb

Global

Solutions,

Inc.

............

8,986

478,864

Coda

Octopus

Group,

Inc.

(a)(b)

..........

13,557

98,288

CPS

Technologies

Corp.

(b)

.............

28,542

81,059

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

CTS

Corp.

.......................

69,046

$

3,415,015

Daktronics,

Inc.

(b)

...................

80,920

458,816

Digital

Ally,

Inc.

(b)

...................

5,115

23,631

Evolv

Technologies

Holdings,

Inc.,

Class

A

(a)(b)

182,022

567,909

FARO

Technologies,

Inc.

(b)

.............

40,863

1,005,638

Focus

Universal,

Inc.

(a)(b)

..............

58,137

145,343

Frequency

Electronics,

Inc.

............

12,783

88,075

Identiv,

Inc.

(b)

......................

47,716

292,976

Interlink

Electronics,

Inc.

(a)(b)

............

2,853

26,191

Iteris,

Inc.

(b)

.......................

92,523

433,933

Key

Tronic

Corp.

(a)(b)

.................

21,724

157,934

Kimball

Electronics,

Inc.

(b)

.............

52,200

1,258,020

LGL

Group,

Inc.

(The)

(b)

..............

7,336

31,398

LightPath

Technologies,

Inc.,

Class

A

(b)

....

79,800

112,518

Luna

Innovations,

Inc.

(a)(b)

.............

69,584

500,309

MicroVision,

Inc.

(a)(b)

.................

359,684

960,356

M-Tron

Industries,

Inc.

(a)(b)

.............

3,641

39,141

Napco

Security

Technologies,

Inc.

(b)

......

68,581

2,577,274

nLight,

Inc.

(b)

......................

96,740

984,813

Nortech

Systems,

Inc.

(b)

..............

2,185

23,270

Ouster,

Inc.,

Class

A

(b)

................

608,837

509,414

Powerfleet,

Inc.

(b)

...................

75,386

258,574

Red

Cat

Holdings,

Inc.

(a)(b)

.............

70,163

72,970

Research

Frontiers,

Inc.

(a)(b)

............

66,664

113,995

RF

Industries

Ltd.

(b)

.................

20,608

89,439

Richardson

Electronics

Ltd.

............

20,216

451,221

ScanSource,

Inc.

(b)

..................

52,380

1,594,447

SigmaTron

International,

Inc.

(a)(b)

.........

12,700

33,401

SmartRent,

Inc.,

Class

A

(a)(b)

............

264,018

673,246

Sono-Tek

Corp.

(a)(b)

..................

16,301

83,461

Vishay

Precision

Group,

Inc.

(b)

..........

27,051

1,129,650

Wireless

Telecom

Group,

Inc.

(b)

.........

36,907

68,278

Wrap

Technologies,

Inc.

(a)(b)

............

57,659

99,174

22,291,551

Energy

Equipment

&

Services

—

2.5%

Borr

Drilling

Ltd.

(b)

..................

437,608

3,317,069

Bristow

Group,

Inc.

(b)

................

50,870

1,139,488

Dawson

Geophysical

Co.

(b)

............

14,224

24,892

Diamond

Offshore

Drilling,

Inc.

(a)(b)

.......

220,349

2,653,002

DMC

Global,

Inc.

(b)

..................

40,788

896,112

Energy

Services

of

America

Corp.

.......

19,913

45,601

ENGlobal

Corp.

(a)(b)

..................

60,402

28,963

Enservco

Corp.

(a)(b)

..................

18,131

8,612

Forum

Energy

Technologies,

Inc.

(b)

.......

9,634

244,993

Geospace

Technologies

Corp.

(b)

.........

27,256

192,155

Gulf

Island

Fabrication,

Inc.

(b)

...........

29,406

108,802

Helix

Energy

Solutions

Group,

Inc.

(b)

......

311,434

2,410,499

Independence

Contract

Drilling,

Inc.

(b)

.....

19,607

63,919

KLX

Energy

Services

Holdings,

Inc.

(a)(b)

....

21,657

252,304

Mammoth

Energy

Services,

Inc.

(a)(b)

.......

40,932

172,733

National

Energy

Services

Reunited

Corp.

(b)

.

83,520

439,315

Natural

Gas

Services

Group,

Inc.

(b)

.......

25,495

262,853

NCS

Multistage

Holdings,

Inc.

(a)(b)

........

1,348

31,948

Newpark

Resources,

Inc.

(b)

............

188,638

726,256

Nine

Energy

Service,

Inc.

(a)(b)

...........

38,688

215,105

Oil

States

International,

Inc.

(b)

...........

136,737

1,139,019

Profire

Energy,

Inc.

(b)

................

79,663

98,782

Ranger

Energy

Services,

Inc.

(b)

.........

23,954

244,091

SEACOR

Marine

Holdings,

Inc.

(b)

........

51,628

392,889

Select

Energy

Services,

Inc.,

Class

A

.....

155,481

1,082,148

Smart

Sand,

Inc.

(b)

..................

53,039

93,349

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

..

69,268

591,549

Superior

Drilling

Products,

Inc.

(a)(b)

........

36,137

32,241

TETRA

Technologies,

Inc.

(b)

............

271,052

718,288

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

Tidewater,

Inc.

(b)

...................

101,170

$

4,459,574

22,086,551

Entertainment

—

0.2%

Chicken

Soup

For

The

Soul

Entertainment,

Inc.

(a)(b)

........................

16,926

33,852

CuriosityStream,

Inc.,

Class

A

(a)(b)

........

53,095

71,678

FG

Group

Holdings,

Inc.

(a)(b)

............

29,560

59,416

Gaia,

Inc.,

Class

A

(a)(b)

................

27,889

77,252

Golden

Matrix

Group,

Inc.

(b)

............

33,607

89,059

Marcus

Corp.

(The)

(a)

................

51,807

828,912

Mobile

Global

Esports,

Inc.

(a)(b)

..........

33,956

23,769

Playstudios,

Inc.,

Class

A

(b)

............

172,553

636,721

Reading

International,

Inc.,

Class

A,

NVS

(a)(b)

36,329

118,069

Reservoir

Media,

Inc.

(a)(b)

..............

44,847

292,402

2,231,130

Financial

Services

—

1.8%

Acacia

Research

Corp.

(a)(b)

.............

81,898

316,126

Alerus

Financial

Corp.

...............

32,923

528,414

A-Mark

Precious

Metals,

Inc.

...........

40,000

1,386,000

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

....................

60,454

1,050,691

BM

Technologies,

Inc.,

Class

A

(b)

........

19,752

69,527

Cantaloupe,

Inc.

(b)

..................

124,507

709,690

Cass

Information

Systems,

Inc.

.........

29,206

1,264,912

Federal

Agricultural

Mortgage

Corp.,

Class

C,

NVS

.........................

19,828

2,640,891

Finance

of

America

Cos.,

Inc.,

Class

A

(a)(b)

..

88,605

109,870

Home

Point

Capital,

Inc.

..............

18,792

36,269

I3

Verticals,

Inc.,

Class

A

(b)

.............

50,264

1,232,976

Income

Opportunity

Realty

Investors,

Inc.

(b)

.

1,745

19,859

International

Money

Express,

Inc.

(a)(b)

......

68,219

1,758,686

Merchants

Bancorp

.................

34,256

892,026

MoneyGram

International,

Inc.

(a)(b)

........

204,221

2,127,983

Ocwen

Financial

Corp.

(a)(b)

.............

16,270

441,242

Paysign,

Inc.

(a)(b)

....................

69,812

253,418

Priority

Technology

Holdings,

Inc.

(b)

.......

38,246

137,303

Ryvyl,

Inc.

(b)

......................

57,122

23,351

Security

National

Financial

Corp.,

Class

A

(b)

.

23,007

142,873

SWK

Holdings

Corp.

(b)

...............

7,967

142,291

Usio,

Inc.

(b)

.......................

42,157

73,353

Velocity

Financial,

Inc.

(b)

..............

19,470

175,814

Waterstone

Financial,

Inc.

.............

41,199

623,341

16,156,906

Food

Products

—

0.8%

Alico,

Inc.

(a)

.......................

15,292

370,066

AppHarvest,

Inc.

(b)

..................

225,078

137,815

Barfresh

Food

Group,

Inc.

(b)

............

11,062

15,266

Benson

Hill,

Inc.

(b)

..................

372,803

428,723

Better

Choice

Co.,

Inc.

(a)(b)

.............

49,774

18,416

Bridgford

Foods

Corp.

(a)(b)

.............

3,750

52,125

Calavo

Growers,

Inc.

................

37,572

1,080,946

Farmer

Bros

Co.

(a)(b)

.................

28,706

110,805

Lifecore

Biomedical,

Inc.

(b)

.............

56,636

213,801

Lifeway

Foods,

Inc.

(a)(b)

...............

9,540

57,622

Limoneira

Co.

.....................

37,675

627,666

Local

Bounti

Corp.

(a)(b)

................

139,626

111,296

MamaMancini's

Holdings,

Inc.

(b)

.........

38,181

72,544

Real

Good

Food

Co.,

Inc.

(The),

Class

A

(b)

..

12,890

54,396

Rocky

Mountain

Chocolate

Factory,

Inc.

(b)

..

9,657

51,665

S&W

Seed

Co.

(b)

...................

52,114

75,305

Seneca

Foods

Corp.,

Class

A

(b)

.........

11,116

581,033

SunOpta,

Inc.

(b)

....................

212,665

1,637,521

Tattooed

Chef,

Inc.,

Class

A

(a)(b)

.........

107,996

153,354

Security

Shares

Shares

Value

Food

Products

(continued)

Vital

Farms,

Inc.

(b)

..................

64,883

$

992,710

Whole

Earth

Brands,

Inc.,

Class

A

(b)

......

88,693

227,054

7,070,129

Gas

Utilities

—

0.0%

RGC

Resources,

Inc.

................

17,388

403,228

Ground

Transportation

—

0.3%

Bird

Global,

Inc.,

Class

A

(a)(b)

...........

387,330

108,414

Covenant

Logistics

Group,

Inc.,

Class

A

....

20,262

717,680

Daseke,

Inc.

(b)

.....................

87,421

675,764

Micromobility.com,

Inc.

(a)(b)

.............

10,690

39,125

PAM

Transportation

Services,

Inc.

(b)

......

14,359

411,098

Universal

Logistics

Holdings,

Inc.

........

15,440

450,076

US

Xpress

Enterprises,

Inc.,

Class

A

(a)(b)

...

57,986

344,437

Yellow

Corp.

(a)(b)

....................

111,124

225,582

2,972,176

Health

Care

Equipment

&

Supplies

—

4.3%

Accelerate

Diagnostics,

Inc.

(a)(b)

.........

104,742

73,319

Accuray,

Inc.

(a)(b)

....................

196,605

583,917

Alphatec

Holdings,

Inc.

(b)

..............

157,826

2,462,086

AngioDynamics,

Inc.

(b)

...............

81,034

837,892

Apollo

Endosurgery,

Inc.

(b)

.............

86,966

862,703

Apyx

Medical

Corp.

(a)(b)

...............

65,936

189,896

Artivion,

Inc.

(b)

.....................

84,799

1,110,867

AxoGen,

Inc.

(b)

.....................

88,286

834,303

Beyond

Air,

Inc.

(a)(b)

..................

55,285

373,174

Biomerica,

Inc.

(a)(b)

..................

22,194

41,503

Bioventus,

Inc.,

Class

A

(b)

.............

69,414

74,273

Butterfly

Network,

Inc.,

Class

A

(a)(b)

.......

286,755

539,099

Cardiovascular

Systems,

Inc.

(b)

..........

88,610

1,759,795

ClearPoint

Neuro,

Inc.

(a)(b)

.............

50,044

422,371

Co-Diagnostics,

Inc.

(a)(b)

...............

67,132

99,355

Cutera,

Inc.

(a)(b)

....................

36,134

853,485

CVRx,

Inc.

(b)

......................

20,572

191,731

CytoSorbents

Corp.

(a)(b)

...............

88,318

297,632

DarioHealth

Corp.

(a)(b)

................

46,137

190,084

Delcath

Systems,

Inc.

(a)(b)

.............

15,135

87,026

Eargo,

Inc.

(a)(b)

.....................

37,649

176,197

Electromed,

Inc.

(a)(b)

.................

16,867

175,417

enVVeno

Medical

Corp.

(a)(b)

............

18,484

87,429

FONAR

Corp.

(a)(b)

...................

14,124

228,809

Hyperfine,

Inc.,

Class

A

(a)(b)

............

103,147

148,532

Inogen,

Inc.

(b)

.....................

49,928

623,101

iRadimed

Corp.

....................

15,390

605,596

IRIDEX

Corp.

(b)

....................

31,800

66,144

Kewaunee

Scientific

Corp.

(b)

...........

5,597

88,041

KORU

Medical

Systems,

Inc.

(a)(b)

.........

64,313

271,401

LeMaitre

Vascular,

Inc.

...............

42,426

2,183,666

LENSAR,

Inc.

(b)

....................

19,730

48,536

Lucid

Diagnostics,

Inc.

(a)(b)

.............

17,711

24,795

Microbot

Medical,

Inc.

(a)(b)

.............

13,620

28,330

Milestone

Scientific,

Inc.

(a)(b)

............

109,690

98,721

Minerva

Surgical,

Inc.

(b)

...............

32,526

7,139

Modular

Medical,

Inc.

(b)

...............

13,963

21,922

Nano-X

Imaging

Ltd.

(a)(b)

..............

99,455

573,855

Nemaura

Medical,

Inc.

(a)(b)

.............

25,807

22,581

Neuronetics,

Inc.

(b)

..................

56,409

164,150

NeuroPace,

Inc.

(b)

..................

20,781

96,424

OraSure

Technologies,

Inc.

(b)

...........

156,298

945,603

Orthofix

Medical,

Inc.

(b)

...............

74,656

1,250,488

OrthoPediatrics

Corp.

(a)(b)

..............

33,023

1,462,589

Owlet,

Inc.,

Class

A

(a)(b)

...............

154,285

50,050

PAVmed,

Inc.

(a)(b)

...................

171,203

63,944

Pro-Dex,

Inc.

(b)

....................

4,684

77,520

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Micro-Cap

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Pulmonx

Corp.

(b)

...................

74,312

$

830,808

Pulse

Biosciences,

Inc.

(a)(b)

.............

32,164

108,071

Retractable

Technologies,

Inc.

(a)(b)

........

35,745

62,554

ReWalk

Robotics

Ltd.

(a)(b)

..............

129,561

93,284

RxSight,

Inc.

(b)

.....................

51,704

862,423

Sanara

Medtech,

Inc.

(a)(b)

..............

7,558

311,768

Semler

Scientific,

Inc.

(b)

...............

10,325

276,710

Senseonics

Holdings,

Inc.

(a)(b)

...........

1,029,754

731,125

Sensus

Healthcare,

Inc.

(a)(b)

............

30,590

159,374

SI-BONE,

Inc.

(b)

....................

73,962

1,454,833

Sientra,

Inc.

(a)(b)

....................

22,077

33,999

Sight

Sciences,

Inc.

(a)(b)

...............

47,742

417,265

Sonendo,

Inc.

(a)(b)

...................

41,092

82,184

Stereotaxis,

Inc.

(a)(b)

.................

120,979

246,797

Strata

Skin

Sciences,

Inc.

(a)(b)

...........

47,087

51,796

Surmodics,

Inc.

(b)

...................

29,359

668,798

Tactile

Systems

Technology,

Inc.

(b)

.......

42,685

700,888

Tela

Bio,

Inc.

(a)(b)

....................

13,759

146,396

Tenon

Medical,

Inc.

(a)(b)

...............

16,145

28,577

TransMedics

Group,

Inc.

(a)(b)

............

66,273

5,018,854

UFP

Technologies,

Inc.

(b)

..............

14,877

1,931,630

Utah

Medical

Products,

Inc.

............

7,437

704,804

Vapotherm,

Inc.

(a)(b)

..................

54,146

35,633

Venus

Concept,

Inc.

(a)(b)

...............

62,712

13,746

Vicarious

Surgical,

Inc.,

Class

A

(a)(b)

.......

119,008

270,148

ViewRay,

Inc.

(b)

....................

321,599

1,112,733

Vivani

Medical,

Inc.

(a)(b)

...............

16,387

16,387

VolitionRX

Ltd.

(a)(b)

..................

84,898

162,155

Zimvie,

Inc.

(b)

......................

45,905

331,893

Zynex,

Inc.

(a)(b)

.....................

46,942

563,304

38,904,428

Health

Care

Providers

&

Services

—

1.9%

Accolade,

Inc.

(a)(b)

...................

145,119

2,086,811

AirSculpt

Technologies,

Inc.

(a)

...........

27,336

137,773

Akumin,

Inc.

(a)(b)

....................

119,665

81,372

ATI

Physical

Therapy,

Inc.,

Class

A

(a)(b)

.....

167,326

42,534

Aveanna

Healthcare

Holdings,

Inc.

(b)

......

97,211

101,099

Biodesix,

Inc.

(a)(b)

...................

61,560

114,502

CareMax,

Inc.,

Class

A

(b)

..............

126,020

336,473

Castle

Biosciences,

Inc.

(a)(b)

............

53,428

1,213,884

Cross

Country

Healthcare,

Inc.

(a)(b)

.......

77,787

1,736,206

Cryo-Cell

International,

Inc.

............

11,563

34,921

DocGo,

Inc.

(a)(b)

....................

179,673

1,554,171

Enzo

Biochem,

Inc.

(b)

................

90,675

220,340

GeneDx

Holdings

Corp.,

Class

A

(b)

.......

644,248

235,151

Great

Elm

Group,

Inc.

(b)

..............

29,422

66,788

Hims

&

Hers

Health,

Inc.,

Class

A

(a)(b)

.....

263,383

2,612,759

InfuSystem

Holdings,

Inc.

(b)

............

38,767

300,444

Joint

Corp.

(The)

(b)

..................

30,396

511,565

Oncology

Institute,

Inc.

(The)

(b)

..........

75,984

51,510

Pennant

Group,

Inc.

(The)

(b)

............

56,209

802,665

PetIQ,

Inc.,

Class

A

(b)

................

58,761

672,226

Psychemedics

Corp.

................

9,839

51,655

Quipt

Home

Medical

Corp.

(b)

...........

70,656

495,299

RadNet,

Inc.

(a)(b)

....................

108,699

2,720,736

Sonida

Senior

Living,

Inc.

(b)

............

7,490

50,857

Talkspace,

Inc.

(a)(b)

..................

261,643

181,868

Viemed

Healthcare,

Inc.

(b)

.............

76,509

739,077

Vivos

Therapeutics,

Inc.

(a)(b)

............

44,203

15,078

17,167,764

Health

Care

REITs

—

0.4%

Diversified

Healthcare

Trust

............

517,345

698,416

Global

Medical

REIT,

Inc.

.............

132,903

1,210,746

Security

Shares

Shares

Value

Health

Care

REITs

(continued)

Universal

Health

Realty

Income

Trust

.....

27,905

$

1,342,510

3,251,672

Health

Care

Technology

—

0.7%

Augmedix,

Inc.

(a)(b)

..................

33,104

57,601

Babylon

Holdings

Ltd.,

Class

A

(a)(b)

.......

9,537

48,543

Better

Therapeutics,

Inc.

(b)

.............

22,875

16,653

Biotricity,

Inc.

(a)(b)

...................

57,872

26,910

CareCloud,

Inc.

(b)

...................

21,854

73,211

Computer

Programs

&

Systems,

Inc.

(b)

.....

30,528

921,946

Forian,

Inc.

(a)(b)

.....................

40,390

153,886

HealthStream,

Inc.

(b)

.................

52,631

1,426,300

iCAD,

Inc.

(b)

.......................

47,260

58,602

OptimizeRx

Corp.

(b)

.................

36,162

529,050

Pear

Therapeutics,

Inc.,

Class

A

(a)(b)

......

149,854

38,213

Sharecare,

Inc.,

Class

A

(a)(b)

............

649,109

921,735

Simulations

Plus,

Inc.

(a)

...............

34,006

1,494,224

Streamline

Health

Solutions,

Inc.

(b)

.......

83,037

149,467

Tabula

Rasa

HealthCare,

Inc.

(a)(b)

........

54,792

306,287

6,222,628

Hotel

&

Resort

REITs

—

0.3%

Ashford

Hospitality

Trust,

Inc.

(b)

.........

75,597

242,666

Braemar

Hotels

&

Resorts,

Inc.

(a)

........

140,069

540,666

Chatham

Lodging

Trust

...............

104,387

1,095,020

Hersha

Hospitality

Trust,

Class

A

........

68,394

459,608

Sotherly

Hotels,

Inc.

(b)

................

33,639

67,110

2,405,070

Hotels,

Restaurants

&

Leisure

—

2.5%

Allied

Gaming

&

Entertainment,

Inc.

(a)(b)

....

36,632

44,142

Ark

Restaurants

Corp.

...............

3,908

67,608

Biglari

Holdings,

Inc.,

Class

B,

NVS

(b)

.....

1,592

269,366

BJ's

Restaurants,

Inc.

(b)

...............

49,379

1,438,904

Bluegreen

Vacations

Holding

Corp.

.......

20,827

570,243

BurgerFi

International,

Inc.

(a)(b)

..........

30,477

35,963

Canterbury

Park

Holding

Corp.

..........

6,650

162,825

Carrols

Restaurant

Group,

Inc.

(b)

.........

76,818

171,304

Century

Casinos,

Inc.

(b)

...............

59,308

434,728

Chuy's

Holdings,

Inc.

(a)(b)

..............

38,920

1,395,282

Denny's

Corp.

(b)

....................

121,280

1,353,485

EBET,

Inc.

(b)

......................

30,683

12,623

El

Pollo

Loco

Holdings,

Inc.

............

41,940

402,205

F45

Training

Holdings,

Inc.

(b)

...........

79,082

91,735

FAT

Brands,

Inc.,

Class

A

(a)

............

10,080

70,963

FAT

Brands,

Inc.,

Class

B

.............

14

80

Fiesta

Restaurant

Group,

Inc.

(b)

.........

37,101

304,970

First

Watch

Restaurant

Group,

Inc.

(a)(b)

.....

32,659

524,503

Flanigan's

Enterprises,

Inc.

............

1,774

50,162

Full

House

Resorts,

Inc.

(a)(b)

............

71,009

513,395

GAN

Ltd.

(b)

.......................

85,033

109,693

Golden

Entertainment,

Inc.

(b)

...........

43,798

1,905,651

Good

Times

Restaurants,

Inc.

(a)(b)

........

19,144

51,114

Inspirato,

Inc.,

Class

A

(a)(b)

.............

47,823

45,857

Inspired

Entertainment,

Inc.

(b)

...........

46,050

588,979

Kura

Sushi

USA,

Inc.,

Class

A

(a)(b)

........

10,073

663,206

Lindblad

Expeditions

Holdings,

Inc.

(a)(b)

....

73,126

699,085

Lottery.com,

Inc.

(b)

..................

75,995

21,279

Monarch

Casino

&

Resort,

Inc.

..........

28,981

2,148,941

Nathan's

Famous,

Inc.

(a)

..............

6,135

463,806

NeoGames

SA

(b)

...................

28,113

427,318

Noodles

&

Co.,

Class

A

(b)

.............

87,985

426,727

ONE

Group

Hospitality,

Inc.

(The)

(a)(b)

.....

49,347

399,711

PlayAGS,

Inc.

(b)

....................

61,981

443,164

Potbelly

Corp.

(b)

....................

56,138

467,630

RCI

Hospitality

Holdings,

Inc.

...........

18,741

1,464,984

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Red

Robin

Gourmet

Burgers,

Inc.

(a)(b)

......

34,155

$

489,100

Ruth's

Hospitality

Group,

Inc.

...........

68,781

1,129,384

Sonder

Holdings,

Inc.,

Class

A

(a)(b)

........

415,027

314,217

Target

Hospitality

Corp.

(b)

.............

63,661

836,505

Xponential

Fitness,

Inc.,

Class

A

(a)(b)

......

44,474

1,351,565

22,362,402

Household

Durables

—

1.1%

Aterian,

Inc.

(a)(b)

....................

141,289

121,523

Bassett

Furniture

Industries,

Inc.

........

18,229

324,476

Beazer

Homes

USA,

Inc.

(b)

............

64,578

1,025,499

Dixie

Group,

Inc.

(The),

Class

A

(a)(b)

.......

35,094

26,671

Ethan

Allen

Interiors,

Inc.

.............

49,271

1,352,982

Flexsteel

Industries,

Inc.

..............

10,340

199,148

Green

Brick

Partners,

Inc.

(a)(b)

...........

59,129

2,073,063

Hamilton

Beach

Brands

Holding

Co.,

Class

A

16,451

168,458

Harbor

Custom

Development,

Inc.

(a)(b)

.....

1,332

5,781

Hooker

Furnishings

Corp.

.............

24,489

445,455

Hovnanian

Enterprises,

Inc.,

Class

A

(a)(b)

...

10,534

714,627

Koss

Corp.

(a)(b)

.....................

10,418

48,131

Landsea

Homes

Corp.

(b)

..............

20,311

123,085

Legacy

Housing

Corp.

(b)

..............

18,923

430,687

Lifetime

Brands,

Inc.

.................

27,916

164,146

Live

Ventures,

Inc.

(b)

.................

3,449

109,230

Lovesac

Co.

(The)

(a)(b)

................

30,329

876,508

Purple

Innovation,

Inc.

(a)(b)

.............

137,061

361,841

Traeger,

Inc.

(a)(b)

....................

71,847

295,291

Tupperware

Brands

Corp.

(a)(b)

...........

96,677

241,693

Universal

Electronics,

Inc.

(b)

............

26,619

269,917

VOXX

International

Corp.,

Class

A

(a)(b)

.....

32,365

399,060

Vuzix

Corp.

(a)(b)

....................

129,594

536,519

10,313,791

Household

Products

—

0.1%

Oil-Dri

Corp.

of

America

..............

10,569

439,776

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Altus

Power,

Inc.,

Class

A

(b)

............

200,021

1,096,115

Industrial

REITs

—

0.3%

Indus

Realty

Trust,

Inc.

...............

11,575

767,307

Plymouth

Industrial

REIT,

Inc.

..........

82,044

1,723,744

2,491,051

Insurance

—

1.5%

Ambac

Financial

Group,

Inc.

(b)

..........

96,168

1,488,681

Atlantic

American

Corp.

(a)

.............

11,840

29,008

Citizens,

Inc.,

Class

A

(a)(b)

.............

111,495

413,646

Crawford

&

Co.,

Class

A,

NVS

..........

33,557

280,537

Donegal

Group,

Inc.,

Class

A

...........

33,883

517,732

eHealth,

Inc.

(b)

.....................

53,659

502,248

Greenlight

Capital

Re

Ltd.,

Class

A

(b)

......

56,912

534,404

Hallmark

Financial

Services,

Inc.

(a)(b)

......

2,915

18,947

HCI

Group,

Inc.

....................

13,608

729,389

Heritage

Insurance

Holdings,

Inc.

........

51,737

159,350

Hippo

Holdings,

Inc.

(a)(b)

...............

37,771

613,023

ICC

Holdings,

Inc.

(a)(b)

................

3,962

62,362

Investors

Title

Co.

..................

2,816

425,216

Kingstone

Cos.,

Inc.

.................

21,446

29,381

Kingsway

Financial

Services,

Inc.

(b)

.......

23,213

204,507

Maiden

Holdings

Ltd.

(a)(b)

..............

101,314

211,746

MBIA,

Inc.

(b)

......................

104,576

968,374

Midwest

Holding,

Inc.

(b)

...............

6,208

102,432

National

Western

Life

Group,

Inc.,

Class

A

(a)

.

4,942

1,199,028

NI

Holdings,

Inc.

(b)

..................

18,629

242,177

Oxbridge

Re

Holdings

Ltd.

(b)

...........

10,280

18,196

Security

Shares

Shares

Value

Insurance

(continued)

Root,

Inc.,

Class

A

(a)(b)

................

16,932

$

76,363

Selectquote,

Inc.

(a)(b)

.................

294,794

639,703

Skyward

Specialty

Insurance

Group,

Inc.

(b)

..

22,603

494,328

Tiptree,

Inc.

......................

53,935

785,833

Trean

Insurance

Group,

Inc.

(b)

..........

49,854

305,106

United

Fire

Group,

Inc.

...............

44,300

1,176,165

United

Insurance

Holdings

Corp.

(b)

.......

43,486

122,631

Universal

Insurance

Holdings,

Inc.

.......

54,320

989,710

Vericity,

Inc.

(b)

.....................

5,114

40,605

13,380,828

Interactive

Media

&

Services

—

0.8%

(b)

Arena

Group

Holdings,

Inc.

(The)

(a)

.......

25,846

109,846

Cars.com,

Inc.

(a)

....................

144,069

2,780,532

DHI

Group,

Inc.

....................

92,549

359,090

EverQuote,

Inc.,

Class

A

(a)

.............

43,510

604,789

fuboTV,

Inc.

(a)

.....................

408,276

494,014

IZEA

Worldwide,

Inc.

(a)

...............

131,182

85,386

Leafly

Holdings,

Inc.

(a)

................

59,386

23,749

Liberty

TripAdvisor

Holdings,

Inc.,

Class

A

(a)

.

163,680

140,601

Outbrain,

Inc.

(a)

....................

79,214

327,154

QuinStreet,

Inc.

....................

110,130

1,747,763

Society

Pass,

Inc.

(a)

.................

16,618

16,950

Super

League

Gaming,

Inc.

(a)

...........

56,043

31,093

Travelzoo

(a)

.......................

15,267

92,213

TrueCar,

Inc.

......................

192,318

442,331

Vinco

Ventures,

Inc.

(a)

................

522,662

167,931

Wejo

Group

Ltd.

...................

123,721

60,994

Zedge,

Inc.,

Class

B

.................

24,911

48,576

7,533,012

IT

Services

—

0.6%

AgileThought,

Inc.,

Class

A

(b)

...........

58,355

183,818

Brightcove,

Inc.

(b)

...................

90,015

400,567

Cerberus

Cyber

Sentinel

Corp.

(a)(b)

.......

99,006

33,464

Computer

Task

Group,

Inc.

(a)(b)

..........

31,920

231,420

Crexendo,

Inc.

(a)

...................

17,339

27,916

CSP,

Inc.

........................

7,377

100,106

DecisionPoint

Systems,

Inc.

(a)(b)

.........

12,254

81,612

Edgio,

Inc.

(b)

......................

299,858

237,218

Glimpse

Group,

Inc.

(The)

(a)(b)

...........

21,101

79,340

Grid

Dynamics

Holdings,

Inc.,

Class

A

(a)(b)

..

116,785

1,338,356

Hackett

Group,

Inc.

(The)

.............

49,812

920,526

Information

Services

Group,

Inc.

.........

77,354

393,732

OMNIQ

Corp.

(a)(b)

...................

10,876

52,857

PFSweb,

Inc.

.....................

37,056

157,117

Research

Solutions,

Inc.

(b)

.............

37,395

75,164

Tucows,

Inc.,

Class

A

(a)(b)

..............

21,427

416,755

Unisys

Corp.

(a)(b)

....................

144,087

559,057

WaveDancer,

Inc.

(b)

.................

34,920

10,109

WidePoint

Corp.

(b)

..................

19,136

34,636

5,333,770

Leisure

Products

—

0.6%

American

Outdoor

Brands,

Inc.

(a)(b)

.......

29,049

285,842

AMMO,

Inc.

(a)(b)

....................

193,693

381,575

Clarus

Corp.

......................

59,257

559,979

Escalade,

Inc.

.....................

21,470

313,462

JAKKS

Pacific,

Inc.

(b)

................

15,601

269,897

Johnson

Outdoors,

Inc.,

Class

A

.........

11,608

731,420

Marine

Products

Corp.

...............

18,109

238,858

MasterCraft

Boat

Holdings,

Inc.

(b)

........

38,314

1,165,895

Nautilus,

Inc.

(b)

.....................

65,521

87,798

Smith

&

Wesson

Brands,

Inc.

...........

98,890

1,217,336

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Micro-Cap

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Leisure

Products

(continued)

Solo

Brands,

Inc.,

Class

A

(a)(b)

...........

48,366

$

347,268

5,599,330

Life

Sciences

Tools

&

Services

—

0.8%

(b)

Akoya

Biosciences,

Inc.

..............

33,848

276,877

Alpha

Teknova,

Inc.

.................

13,787

40,810

BioLife

Solutions,

Inc.

(a)

...............

73,393

1,596,298

Bionano

Genomics,

Inc.

(a)

.............

651,502

723,167

Champions

Oncology,

Inc.

(a)

............

14,872

59,785

ChromaDex

Corp.

(a)

.................

112,097

171,508

Codexis,

Inc.

(a)

.....................

133,291

551,825

Harvard

Bioscience,

Inc.

(a)

.............

88,334

371,003

Inotiv,

Inc.

(a)

.......................

44,391

192,213

MaxCyte,

Inc.

.....................

190,329

942,129

Miromatrix

Medical,

Inc.

(a)

.............

35,745

60,052

Nautilus

Biotechnology,

Inc.

(a)

...........

103,881

287,750

Personalis,

Inc.

(a)

...................

80,117

221,123

PhenomeX,

Inc.

....................

146,412

169,838

Quantum-Si,

Inc.,

Class

A

.............

198,882

350,032

Rapid

Micro

Biosystems,

Inc.,

Class

A

(a)

....

46,892

61,429

Science

37

Holdings,

Inc.

.............

137,290

38,661

Seer,

Inc.,

Class

A

..................

112,549

434,439

Singular

Genomics

Systems,

Inc.

(a)

.......

122,196

147,857

Standard

BioTools,

Inc.

(a)

..............

171,573

334,567

Telesis

Bio,

Inc.

(a)

...................

22,444

69,576

7,100,939

Machinery

—

2.7%

Berkshire

Grey,

Inc.,

Class

A

(a)(b)

.........

107,342

148,132

Blue

Bird

Corp.

(a)(b)

..................

38,039

777,137

CIRCOR

International,

Inc.

(b)

...........

40,235

1,252,113

Columbus

McKinnon

Corp.

............

61,013

2,267,243

Commercial

Vehicle

Group,

Inc.

(b)

........

69,894

510,226

Douglas

Dynamics,

Inc.

..............

48,848

1,557,763

Eastern

Co.

(The)

..................

11,407

222,208

Energy

Recovery,

Inc.

(b)

..............

119,844

2,762,404

Fathom

Digital

Manufacturing

C

(a)(b)

.......

62,789

34,101

FreightCar

America,

Inc.

(a)(b)

............

30,453

95,013

Gencor

Industries,

Inc.

(b)

..............

22,634

347,885

Graham

Corp.

(b)

....................

21,791

285,026

Hurco

Cos.,

Inc.

....................

13,601

344,377

Hydrofarm

Holdings

Group,

Inc.

(a)(b)

.......

96,537

167,009

Hyliion

Holdings

Corp.,

Class

A

(b)

........

299,084

592,186

Hyster-Yale

Materials

Handling,

Inc.

......

23,599

1,177,354

Hyzon

Motors,

Inc.,

Class

A

(a)(b)

.........

190,788

155,511

L

B

Foster

Co.,

Class

A

(b)

..............

21,546

247,348

Lightning

eMotors,

Inc.

(b)

..............

84,546

24,222

LS

Starrett

Co.

(The),

Class

A

(b)

.........

13,622

152,839

Luxfer

Holdings

plc

.................

58,768

993,179

Manitex

International,

Inc.

(b)

............

31,886

166,126

Manitowoc

Co.,

Inc.

(The)

(b)

............

75,571

1,291,508

Markforged

Holding

Corp.

(b)

............

248,505

238,267

Mayville

Engineering

Co.,

Inc.

(b)

.........

20,956

312,664

Miller

Industries,

Inc.

................

24,048

850,097

NN,

Inc.

(a)(b)

.......................

92,392

98,860

Park-Ohio

Holdings

Corp.

.............

18,745

226,440

Perma-Pipe

International

Holdings,

Inc.

(a)(b)

..

16,736

177,904

REV

Group,

Inc.

...................

71,488

857,141

Sarcos

Technology

&

Robotics

Corp.

(b)

....

239,408

113,647

Shyft

Group,

Inc.

(The)

...............

75,185

1,710,459

Titan

International,

Inc.

(b)

..............

111,424

1,167,724

Twin

Disc,

Inc.

(a)(b)

..................

22,896

220,260

Urban-Gro,

Inc.

(a)(b)

..................

17,129

46,248

Velo3D,

Inc.

(a)(b)

....................

124,409

282,408

Wabash

National

Corp.

...............

103,546

2,546,196

Security

Shares

Shares

Value

Machinery

(continued)

Xos,

Inc.

(a)(b)

......................

123,172

$

64,665

24,483,890

Marine

Transportation

—

0.5%

Eagle

Bulk

Shipping,

Inc.

.............

29,224

1,329,692

Eneti,

Inc.

........................

48,186

450,539

Genco

Shipping

&

Trading

Ltd.

..........

79,839

1,250,279

Navios

Maritime

Holdings,

Inc.

(a)(b)

........

43,531

78,791

Pangaea

Logistics

Solutions

Ltd.

(a)

.......

77,418

454,444

Safe

Bulkers,

Inc.

..................

155,929

575,378

4,139,123

Media

—

0.9%

AdTheorent

Holding

Co.,

Inc.

(a)(b)

.........

80,567

136,158

Audacy,

Inc.,

Class

A

(a)(b)

..............

280,022

37,719

Beasley

Broadcast

Group,

Inc.,

Class

A

(b)

...

20,823

17,148

Boston

Omaha

Corp.,

Class

A

(a)(b)

........

47,552

1,125,556

Clear

Channel

Outdoor

Holdings,

Inc.

(a)(b)

...

801,158

961,390

comScore,

Inc.

(a)(b)

..................

171,094

210,446

Cumulus

Media,

Inc.,

Class

A

(a)(b)

........

37,272

137,534

Daily

Journal

Corp.

(a)(b)

...............

2,632

750,015

DallasNews

Corp.

..................

9,308

41,141

Digital

Media

Solutions,

Inc.,

Class

A

(a)(b)

...

11,718

13,124

Direct

Digital

Holdings,

Inc.,

Class

A

(b)

.....

6,181

20,026

Emerald

Holding,

Inc.

(a)(b)

..............

48,701

181,168

Entravision

Communications

Corp.,

Class

A

.

129,344

782,531

Fluent,

Inc.

(a)(b)

.....................

96,882

79,443

Gambling.com

Group

Ltd.

(a)(b)

...........

19,323

191,491

Gannett

Co.,

Inc.

(b)

..................

313,575

586,385

Harte

Hanks,

Inc.

(b)

..................

10,186

95,850

Innovid

Corp.

(b)

....................

170,768

240,783

Lee

Enterprises,

Inc.

(b)

...............

11,854

147,582

Marchex,

Inc.,

Class

B

(b)

..............

45,034

81,962

National

CineMedia,

Inc.

..............

138,361

18,277

Quotient

Technology,

Inc.

(b)

............

197,288

647,105

Saga

Communications,

Inc.,

Class

A

......

8,433

187,466

Salem

Media

Group,

Inc.,

Class

A

(b)

......

28,458

31,019

Stran

&

Co.,

Inc.

(a)(b)

.................

19,225

33,451

Thryv

Holdings,

Inc.

(b)

................

55,340

1,276,140

Townsquare

Media,

Inc.,

Class

A

........

24,987

199,896

Treasure

Global,

Inc.

(a)(b)

..............

7,349

12,273

Urban

One,

Inc.,

Class

A

(a)(b)

...........

17,694

133,590

Urban

One,

Inc.,

Class

D,

NVS

(b)

........

23,538

129,459

8,506,128

Metals

&

Mining

—

1.9%

5E

Advanced

Materials,

Inc.

(a)(b)

.........

84,924

460,288

Ampco-Pittsburgh

Corp.

(b)

.............

31,760

77,812

Ascent

Industries

Co.

(b)

...............

15,930

145,600

Caledonia

Mining

Corp.

plc

............

31,870

484,424

Dakota

Gold

Corp.

(b)

.................

113,355

410,345

Friedman

Industries,

Inc.

..............

15,594

176,836

Gatos

Silver,

Inc.

(a)(b)

.................

100,314

655,050

Gold

Resource

Corp.

................

196,334

206,151

Haynes

International,

Inc.

.............

26,929

1,348,874

Hycroft

Mining

Holding

Corp.,

Class

A

(a)(b)

...

322,615

139,499

Idaho

Strategic

Resources,

Inc.

(a)(b)

.......

22,356

108,874

Ivanhoe

Electric,

Inc.

(b)

...............

100,914

1,226,105

Olympic

Steel,

Inc.

..................

20,847

1,088,422

Perpetua

Resources

Corp.

(a)(b)

..........

70,390

313,235

Piedmont

Lithium,

Inc.

(a)(b)

.............

37,811

2,270,550

PolyMet

Mining

Corp.

(b)

...............

63,258

136,005

Ramaco

Resources,

Inc.

..............

48,815

430,060

Ryerson

Holding

Corp.

...............

42,307

1,539,129

Schnitzer

Steel

Industries,

Inc.,

Class

A

....

55,669

1,731,306

SunCoke

Energy,

Inc.

................

181,471

1,629,609

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Metals

&

Mining

(continued)

TimkenSteel

Corp.

(b)

.................

96,350

$

1,767,059

Tredegar

Corp.

....................

59,195

540,450

Universal

Stainless

&

Alloy

Products,

Inc.

(a)(b)

18,262

170,750

US

Gold

Corp.

(a)(b)

..................

15,517

86,585

17,143,018

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

1.5%

ACRES

Commercial

Realty

Corp.

(a)(b)

.....

17,941

174,387

AFC

Gamma,

Inc.

..................

36,013

437,918

AG

Mortgage

Investment

Trust,

Inc.

......

45,951

264,218

Angel

Oak

Mortgage

REIT,

Inc.

.........

26,628

194,384

Ares

Commercial

Real

Estate

Corp.

......

111,784

1,016,117

Arlington

Asset

Investment

Corp.,

Class

A

(b)

.

59,125

169,097

ARMOUR

Residential

REIT,

Inc.

.........

353,184

1,854,216

Cherry

Hill

Mortgage

Investment

Corp.

(a)

...

46,783

258,242

Chicago

Atlantic

Real

Estate

Finance,

Inc.

..

11,788

159,256

Dynex

Capital,

Inc.

..................

114,870

1,392,224

Ellington

Financial,

Inc.

...............

138,077

1,685,920

Ellington

Residential

Mortgage

REIT

......

28,632

209,014

Franklin

BSP

Realty

Trust,

Inc.

..........

180,677

2,155,477

Granite

Point

Mortgage

Trust,

Inc.

.......

113,379

562,360

Great

Ajax

Corp.

...................

47,476

312,392

Invesco

Mortgage

Capital,

Inc.

..........

77,948

864,443

Lument

Finance

Trust,

Inc.

............

68,334

138,035

Manhattan

Bridge

Capital,

Inc.

..........

19,487

100,943

Nexpoint

Real

Estate

Finance,

Inc.

.......

17,491

274,084

Orchid

Island

Capital,

Inc.

.............

81,425

873,690

Sachem

Capital

Corp.

................

81,814

304,348

Western

Asset

Mortgage

Capital

Corp.

....

12,891

117,695

13,518,460

Multi-Utilities

—

0.2%

Unitil

Corp.

.......................

34,520

1,969,021

Office

REITs

—

0.3%

City

Office

REIT,

Inc.

................

84,301

581,677

Creative

Media

&

Community

Trust

Corp.

...

30,332

123,451

Franklin

Street

Properties

Corp.

.........

213,077

334,531

Orion

Office

REIT,

Inc.

...............

124,255

832,509

Postal

Realty

Trust,

Inc.,

Class

A

........

38,864

591,510

2,463,678

Oil,

Gas

&

Consumable

Fuels

—

4.3%

Adams

Resources

&

Energy,

Inc.

........

2,951

113,377

Aemetis,

Inc.

(a)(b)

...................

63,940

148,341

Alto

Ingredients,

Inc.

(b)

...............

158,296

237,444

American

Resources

Corp.,

Class

A

(a)(b)

....

120,111

180,166

Amplify

Energy

Corp.

(a)(b)

..............

77,672

533,607

Ardmore

Shipping

Corp.

..............

90,294

1,342,672

Battalion

Oil

Corp.

(b)

.................

5,528

36,319

Berry

Corp.

.......................

165,907

1,302,370

BitNile

Metaverse,

Inc.

(a)(b)

.............

52,000

6,094

Centrus

Energy

Corp.,

Class

A

(a)(b)

.......

21,693

698,515

Comstock,

Inc.

(b)

...................

132,773

44,758

Dorian

LPG

Ltd.

....................

66,877

1,333,527

Empire

Petroleum

Corp.

(b)

.............

22,190

275,378

Energy

Fuels,

Inc.

(a)(b)

................

339,765

1,895,889

Epsilon

Energy

Ltd.

.................

30,407

162,373

Evolution

Petroleum

Corp.

.............

67,428

425,471

Gevo,

Inc.

(a)(b)

.....................

428,615

660,067

Hallador

Energy

Co.

(a)(b)

...............

47,335

435,009

Houston

American

Energy

Corp.

(b)

.......

20,058

51,950

International

Seaways,

Inc.

............

105,787

4,409,202

Lightbridge

Corp.

(a)(b)

.................

23,043

94,015

Mexco

Energy

Corp.

(b)

...............

2,174

24,746

NACCO

Industries,

Inc.,

Class

A

.........

8,738

315,180

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

NextDecade

Corp.

(a)(b)

................

79,716

$

396,188

Nordic

American

Tankers

Ltd.

..........

447,002

1,770,128

Overseas

Shipholding

Group,

Inc.,

Class

A

(a)(b)

141,218

550,750

Par

Pacific

Holdings,

Inc.

(b)

............

106,484

3,109,333

PEDEVCO

Corp.

(a)(b)

.................

57,327

60,767

PHX

Minerals,

Inc.,

Class

A

............

72,430

189,767

PrimeEnergy

Resources

Corp.

(b)

.........

1,792

150,707

REX

American

Resources

Corp.

(b)

.......

33,778

965,713

Riley

Exploration

Permian,

Inc.

..........

23,415

891,175

Ring

Energy,

Inc.

(a)(b)

.................

205,277

390,026

SandRidge

Energy,

Inc.

(b)

.............

64,685

932,111

SilverBow

Resources,

Inc.

(a)(b)

..........

25,549

583,795

Sitio

Royalties

Corp.,

Class

A

...........

154,568

3,493,237

Stabilis

Solutions,

Inc.

(a)(b)

.............

7,297

26,926

Teekay

Corp.

(b)

....................

151,415

935,745

Teekay

Tankers

Ltd.,

Class

A

(b)

..........

49,781

2,137,098

Uranium

Energy

Corp.

(a)(b)

.............

777,922

2,240,415

Ur-Energy,

Inc.

(a)(b)

..................

456,004

483,364

US

Energy

Corp.

...................

10,372

18,255

VAALCO

Energy,

Inc.

................

231,395

1,048,219

Vertex

Energy,

Inc.

(a)(b)

...............

117,476

1,160,663

Vital

Energy,

Inc.

(a)(b)

.................

36,114

1,644,632

W&T

Offshore,

Inc.

(b)

................

205,874

1,045,840

38,951,324

Paper

&

Forest

Products

—

0.2%

Clearwater

Paper

Corp.

(b)

.............

36,322

1,213,881

Glatfelter

Corp.

....................

95,256

303,867

1,517,748

Passenger

Airlines

—

0.1%

(b)

Blade

Air

Mobility,

Inc.,

Class

A

(a)

........

122,118

412,759

Mesa

Air

Group,

Inc.

.................

73,358

173,858

Wheels

Up

Experience,

Inc.,

Class

A

......

344,982

218,305

804,922

Personal

Care

Products

—

0.2%

Honest

Co.,

Inc.

(The)

(b)

..............

144,817

260,671

LifeMD,

Inc.

(a)(b)

....................

45,121

76,706

Lifevantage

Corp.

..................

27,753

99,633

Mannatech,

Inc.

....................

2,303

38,575

Natural

Alternatives

International,

Inc.

(a)(b)

...

10,744

99,167

Natural

Health

Trends

Corp.

...........

14,935

73,779

Nature's

Sunshine

Products,

Inc.

(b)

.......

29,649

302,717

Thorne

HealthTech,

Inc.

(b)

.............

30,497

140,896

United-Guardian,

Inc.

................

7,083

65,801

Upexi,

Inc.

(b)

......................

16,144

65,383

Veru,

Inc.

(a)(b)

......................

144,607

167,744

Zivo

Bioscience,

Inc.

(a)(b)

..............

14,648

44,823

1,435,895

Pharmaceuticals

—

4.4%

Acer

Therapeutics,

Inc.

(a)(b)

.............

24,268

18,407

Aclaris

Therapeutics,

Inc.

(b)

............

140,668

1,138,004

Adial

Pharmaceuticals,

Inc.

(b)

...........

32,539

11,389

Alimera

Sciences,

Inc.

(b)

..............

12,485

25,844

Amylyx

Pharmaceuticals,

Inc.

(b)

.........

109,506

3,212,906

AN2

Therapeutics,

Inc.

(a)(b)

.............

23,853

235,429

Anebulo

Pharmaceuticals,

Inc.

(a)(b)

........

6,931

20,516

Angion

Biomedica

Corp.

(a)(b)

............

51,039

29,603

ANI

Pharmaceuticals,

Inc.

(b)

............

27,751

1,102,270

Aquestive

Therapeutics,

Inc.

(a)(b)

.........

59,904

68,291

Assertio

Holdings,

Inc.

(a)(b)

.............

104,329

664,576

Atea

Pharmaceuticals,

Inc.

(b)

...........

166,140

556,569

Athira

Pharma,

Inc.

(a)(b)

...............

72,917

182,293

Biofrontera,

Inc.

(a)(b)

.................

37,929

23,141

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Micro-Cap

ETF

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Cara

Therapeutics,

Inc.

(b)

.............

97,537

$

478,907

Citius

Pharmaceuticals,

Inc.

(a)(b)

.........

266,278

311,545

Clearside

Biomedical,

Inc.

(b)

............

122,085

126,968

Clever

Leaves

Holdings,

Inc.

(b)

..........

76,883

29,362

Cognition

Therapeutics,

Inc.

(a)(b)

.........

32,192

63,740

Collegium

Pharmaceutical,

Inc.

(b)

........

73,202

1,756,116

CorMedix,

Inc.

(a)(b)

..................

88,891

368,009

Cumberland

Pharmaceuticals,

Inc.

(b)

......

19,688

38,392

Cymabay

Therapeutics,

Inc.

(a)(b)

.........

211,135

1,841,097

Dare

Bioscience,

Inc.

(b)

...............

185,808

193,240

DICE

Therapeutics,

Inc.

(a)(b)

............

77,064

2,207,884

Edgewise

Therapeutics,

Inc.

(b)

..........

82,531

550,482

Enliven

Therapeutics,

Inc.

(b)

............

7,594

166,309

Esperion

Therapeutics,

Inc.

(a)(b)

..........

160,560

255,290

Eton

Pharmaceuticals,

Inc.

(a)(b)

..........

44,361

170,790

Evolus,

Inc.

(a)(b)

....................

77,108

652,334

Eyenovia,

Inc.

(a)(b)

...................

57,763

203,903

EyePoint

Pharmaceuticals,

Inc.

(a)(b)

.......

56,212

165,263

Fulcrum

Therapeutics,

Inc.

(b)

...........

112,331

320,143

Harrow

Health,

Inc.

(b)

................

50,086

1,059,820

Hepion

Pharmaceuticals,

Inc.

(a)(b)

........

162,526

126,201

Ikena

Oncology,

Inc.

(a)(b)

..............

52,061

179,610

Journey

Medical

Corp.

(a)(b)

.............

8,046

12,632

Landos

Biopharma,

Inc.

(a)(b)

............

32,394

9,653

Lipocine,

Inc.

(a)(b)

...................

181,952

57,879

Liquidia

Corp.

(a)(b)

...................

103,913

718,039

Longboard

Pharmaceuticals,

Inc.

(b)

.......

27,079

106,420

Lyra

Therapeutics,

Inc.

(b)

..............

36,277

75,093

Marinus

Pharmaceuticals,

Inc.

(a)(b)

........

105,187

725,790

MediWound

Ltd.

(b)

..................

6,376

84,928

MyMD

Pharmaceuticals,

Inc.

(a)(b)

.........

84,534

145,398

Novan,

Inc.

(b)

......................

41,291

53,678

NRX

Pharmaceuticals,

Inc.

(b)

...........

77,884

51,333

Nutriband,

Inc.

(a)(b)

..................

10,997

36,400

Ocular

Therapeutix,

Inc.

(a)(b)

............

167,778

884,190

Ocuphire

Pharma,

Inc.

(b)

..............

45,153

169,324

Omeros

Corp.

(a)(b)

...................

131,217

610,159

Optinose,

Inc.

(b)

....................

162,469

313,565

Oramed

Pharmaceuticals,

Inc.

(a)(b)

........

83,182

181,337

Paratek

Pharmaceuticals,

Inc.

(a)(b)

........

113,337

287,876

Phathom

Pharmaceuticals,

Inc.

(a)(b)

.......

53,866

384,603

Phibro

Animal

Health

Corp.,

Class

A

......

44,503

681,786

Pliant

Therapeutics,

Inc.

(a)(b)

............

83,763

2,228,096

PLx

Pharma,

Inc.

(a)(b)

.................

55,383

7,205

Processa

Pharmaceuticals,

Inc.

(a)(b)

.......

27,006

14,310

ProPhase

Labs,

Inc.

.................

29,654

225,963

Provention

Bio,

Inc.

(b)

................

136,982

3,301,266

Rain

Oncology,

Inc.

(a)(b)

...............

16,794

146,780

Relmada

Therapeutics,

Inc.

(a)(b)

..........

59,273

133,957

RVL

Pharmaceuticals

plc

(a)(b)

...........

97,491

111,140

Satsuma

Pharmaceuticals,

Inc.

(b)

........

44,886

31,353

Scilex

Holding

Co.(Acquired

01/06/23,

cost

$1,421,381)

(a)(b)(c)

.................

135,628

1,099,483

scPharmaceuticals,

Inc.

(a)(b)

............

45,526

412,921

SCYNEXIS,

Inc.

(a)(b)

.................

70,123

210,369

SIGA

Technologies,

Inc.

..............

102,565

589,749

Societal

CDMO,

Inc.

(a)(b)

..............

170,872

203,338

Tarsus

Pharmaceuticals,

Inc.

(b)

..........

39,706

499,104

Terns

Pharmaceuticals,

Inc.

(a)(b)

.........

58,431

691,823

TFF

Pharmaceuticals,

Inc.

(b)

............

53,547

36,696

Theravance

Biopharma,

Inc.

(b)

..........

142,187

1,542,729

Theseus

Pharmaceuticals,

Inc.

(a)(b)

.......

37,228

330,585

Third

Harmonic

Bio,

Inc.

(a)(b)

............

27,168

111,932

Trevi

Therapeutics,

Inc.

(a)(b)

............

67,825

125,476

Ventyx

Biosciences,

Inc.

(b)

.............

54,297

1,818,950

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Verrica

Pharmaceuticals,

Inc.

(a)(b)

........

41,461

$

269,497

WaVe

Life

Sciences

Ltd.

(a)(b)

............

143,467

621,212

Xeris

Biopharma

Holdings,

Inc.

(a)(b)

.......

289,033

471,124

Zevra

Therapeutics,

Inc.

(a)(b)

............

74,484

409,662

Zynerba

Pharmaceuticals,

Inc.

(b)

.........

90,653

38,981

39,828,427

Professional

Services

—

1.5%

Atlas

Technical

Consultants,

Inc.

(b)

.......

41,452

505,300

Barrett

Business

Services,

Inc.

..........

14,905

1,321,179

BGSF,

Inc.

.......................

20,961

223,235

BlackSky

Technology,

Inc.,

Class

A

(a)(b)

.....

181,756

272,634

CRA

International,

Inc.

...............

15,125

1,630,777

DLH

Holdings

Corp.

(b)

................

20,038

229,836

Forrester

Research,

Inc.

(b)

.............

24,631

796,813

Franklin

Covey

Co.

(b)

................

26,482

1,018,762

Heidrick

&

Struggles

International,

Inc.

....

42,555

1,291,970

HireQuest,

Inc.

(a)

...................

11,518

248,443

Hudson

Global,

Inc.

(b)

................

5,631

125,628

IBEX

Holdings

Ltd.

(b)

.................

19,347

472,067

Innodata,

Inc.

(b)

....................

53,533

457,172

Kelly

Services,

Inc.,

Class

A,

NVS

.......

73,313

1,216,263

Mastech

Digital,

Inc.

(a)(b)

...............

8,494

104,688

Mistras

Group,

Inc.

(b)

................

43,844

297,262

RCM

Technologies,

Inc.

(a)(b)

............

15,469

178,822

Red

Violet,

Inc.

(b)

...................

21,081

371,026

Resources

Connection,

Inc.

............

69,883

1,192,204

Skillsoft

Corp.,

Class

A

(b)

..............

175,295

350,590

Spire

Global,

Inc.,

Class

A

(a)(b)

..........

274,128

183,117

StarTek,

Inc.

(b)

.....................

35,484

146,549

Steel

Connect,

Inc.

(b)

................

80,703

92,001

Where

Food

Comes

From,

Inc.

(b)

........

5,783

76,914

Willdan

Group,

Inc.

(a)(b)

...............

24,984

390,250

13,193,502

Real

Estate

Management

&

Development

—

0.5%

Altisource

Portfolio

Solutions

SA

(a)(b)

......

11,620

53,452

American

Realty

Investors,

Inc.

(b)

........

3,167

83,355

AMREP

Corp.

(a)(b)

...................

5,740

80,303

Comstock

Holding

Cos.,

Inc.,

Class

A

(a)(b)

...

5,134

25,978

Doma

Holdings,

Inc.

(a)(b)

...............

301,908

123,028

Douglas

Elliman,

Inc.

................

164,597

511,897

Fathom

Holdings,

Inc.

(a)(b)

.............

18,894

80,299

Forestar

Group,

Inc.

(a)(b)

...............

39,853

620,113

FRP

Holdings,

Inc.

(b)

.................

14,591

844,527

InterGroup

Corp.

(The)

(b)

..............

893

40,167

JW

Mays,

Inc.

(b)

....................

964

43,766

LuxUrban

Hotels,

Inc.

(a)(b)

..............

6,654

18,298

Maui

Land

&

Pineapple

Co.,

Inc.

(a)(b)

......

15,465

184,961

Rafael

Holdings,

Inc.,

Class

B

(a)(b)

........

28,952

44,876

RE/MAX

Holdings,

Inc.,

Class

A

.........

38,387

720,140

Stratus

Properties,

Inc.

...............

12,484

249,680

Tejon

Ranch

Co.

(b)

..................

44,950

821,237

Transcontinental

Realty

Investors,

Inc.

(b)

...

2,647

112,206

Trinity

Place

Holdings,

Inc.

(a)(b)

..........

42,192

20,252

4,678,535

Residential

REITs

—

0.3%

Bluerock

Homes

Trust,

Inc.,

Class

A

(a)(b)

....

8,564

169,739

BRT

Apartments

Corp.

...............

26,292

518,478

Clipper

Realty,

Inc.

..................

25,737

147,730

UMH

Properties,

Inc.

................

114,891

1,699,238

2,535,185

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Retail

REITs

—

0.6%

CBL

&

Associates

Properties,

Inc.

(a)

.......

57,841

$

1,483,043

NETSTREIT

Corp.

..................

120,011

2,193,801

Urstadt

Biddle

Properties,

Inc.,

Class

A

....

62,185

1,092,591

Whitestone

REIT

...................

101,847

936,992

5,706,427

Semiconductors

&

Semiconductor

Equipment

—

3.0%

ACM

Research,

Inc.,

Class

A

(b)

..........

104,149

1,218,543

Aehr

Test

Systems

(b)

.................

54,891

1,702,719

Alpha

&

Omega

Semiconductor

Ltd.

(a)(b)

....

47,954

1,292,360

Amtech

Systems,

Inc.

(b)

...............

24,827

236,850

Atomera,

Inc.

(a)(b)

...................

44,909

286,070

AXT,

Inc.

(a)(b)

......................

89,353

355,625

CEVA,

Inc.

(b)

......................

49,634

1,510,363

CVD

Equipment

Corp.

(a)(b)

.............

13,707

182,303

Everspin

Technologies,

Inc.

(b)

...........

41,377

281,777

GSI

Technology,

Inc.

(a)(b)

..............

39,653

68,203

Ichor

Holdings

Ltd.

(a)(b)

................

61,088

2,000,021

Impinj,

Inc.

(a)(b)

.....................

46,623

6,318,349

indie

Semiconductor,

Inc.,

Class

A

(a)(b)

.....

232,497

2,452,843

inTEST

Corp.

(b)

....................

23,422

485,772

Kopin

Corp.

(a)(b)

....................

190,779

207,949

NVE

Corp.

.......................

10,358

859,611

PDF

Solutions,

Inc.

(b)

................

65,481

2,776,394

Peraso,

Inc.

(a)(b)

....................

27,565

15,034

Photronics,

Inc.

(b)

...................

130,512

2,163,889

Pixelworks,

Inc.

(a)(b)

..................

118,070

174,744

QuickLogic

Corp.

(a)(b)

.................

26,068

155,365

Rigetti

Computing,

Inc.

(a)(b)

.............

169,338

122,499

SkyWater

Technology,

Inc.

(b)

...........

25,219

286,992

SMART

Global

Holdings,

Inc.

(a)(b)

........

106,227

1,831,354

Transphorm,

Inc.

(b)

..................

49,030

195,630

27,181,259

Software

—

2.7%

A10

Networks,

Inc.

..................

139,024

2,153,482

Agilysys,

Inc.

(b)

....................

43,148

3,560,141

American

Software,

Inc.,

Class

A

........

68,451

863,167

Applied

Digital

Corp.

(a)(b)

..............

149,130

334,051

Arteris,

Inc.

(b)

......................

39,136

165,545

Asure

Software,

Inc.

(b)

................

40,709

590,281

AudioEye,

Inc.

(a)(b)

..................

16,192

114,963

authID,

Inc.

(b)

......................

48,156

21,670

AvePoint,

Inc.,

Class

A

(a)(b)

.............

284,743

1,173,141

Aware,

Inc.

(a)(b)

.....................

30,817

52,389

Bit

Digital,

Inc.

(a)(b)

...................

176,203

271,353

Blackboxstocks,

Inc.

(b)

................

17,879

13,767

Blend

Labs,

Inc.,

Class

A

(a)(b)

...........

416,925

415,341

BTCS,

Inc.

(b)

......................

12,977

17,778

Cipher

Mining,

Inc.

(a)(b)

................

84,490

196,862

Cleanspark,

Inc.

(b)

..................

158,702

441,192

CoreCard

Corp.

(a)(b)

.................

15,437

465,117

Couchbase,

Inc.

(b)

..................

61,604

866,152

CYNGN,

Inc.

(a)(b)

...................

15,731

19,506

DatChat,

Inc.

(b)

....................

34,962

19,963

Digimarc

Corp.

(a)(b)

..................

29,652

582,662

eGain

Corp.

(b)

.....................

45,938

348,669

Greenidge

Generation

Holdings,

Inc.

(a)(b)

...

25,859

11,688

GSE

Systems,

Inc.

(a)(b)

...............

43,500

30,233

Intellicheck,

Inc.

(a)(b)

.................

38,291

95,727

Intrusion,

Inc.

(a)(b)

...................

39,874

47,051

IronNet,

Inc.

(a)(b)

....................

138,162

48,578

Issuer

Direct

Corp.

(a)(b)

................

5,769

121,293

Kaleyra,

Inc.

(a)(b)

....................

20,337

33,556

Kaltura,

Inc.

(a)(b)

....................

153,311

294,357

Security

Shares

Shares

Value

Software

(continued)

Latch,

Inc.

(a)(b)

.....................

240,346

$

183,168

LiveVox

Holdings,

Inc.,

Class

A

(a)(b)

.......

49,991

154,472

Marin

Software,

Inc.

(a)(b)

...............

31,031

28,254

Mind

CTI

Ltd.

.....................

36,935

73,131

Mitek

Systems,

Inc.

(b)

................

91,928

881,590

NetSol

Technologies,

Inc.

(a)(b)

...........

23,286

61,475

NextNav,

Inc.

(a)(b)

...................

147,017

298,445

ON24,

Inc.

(a)(b)

.....................

91,024

797,370

OneSpan,

Inc.

(a)(b)

...................

86,084

1,506,470

Park

City

Group,

Inc.

(a)

...............

24,876

157,465

Phunware,

Inc.

(a)(b)

..................

216,027

153,379

Porch

Group,

Inc.

(a)(b)

................

180,883

258,663

Quantum

Computing,

Inc.

(a)(b)

...........

54,552

71,463

Rekor

Systems,

Inc.

(a)(b)

...............

106,007

132,509

Rimini

Street,

Inc.

(b)

.................

108,530

447,144

SAITECH

Global

Corp.,

Class

A

(a)(b)

.......

8,265

10,166

SeaChange

International,

Inc.

(b)

.........

101,044

36,770

ShotSpotter,

Inc.

(a)(b)

.................

19,351

760,881

Smith

Micro

Software,

Inc.

(a)(b)

..........

111,092

128,867

SRAX,

Inc.,

NVS

(b)

..................

49,878

2,993

Stronghold

Digital

Mining,

Inc.,

Class

A

(b)

...

43,002

26,661

Synchronoss

Technologies,

Inc.

(a)(b)

.......

168,761

158,635

T

Stamp,

Inc.,

Class

A

(b)

..............

7,609

19,555

Telos

Corp.

(b)

......................

117,303

296,777

Terawulf,

Inc.

(b)

....................

153,070

143,549

Upland

Software,

Inc.

(b)

...............

65,425

281,328

Veritone,

Inc.

(b)

....................

68,775

400,958

Viant

Technology,

Inc.,

Class

A

(b)

.........

31,817

138,404

VirnetX

Holding

Corp.

(b)

...............

138,152

180,979

Weave

Communications,

Inc.

(b)

.........

68,334

339,620

WM

Technology,

Inc.,

Class

A

(a)(b)

........

166,448

141,348

Yext,

Inc.

(b)

.......................

244,976

2,354,219

23,996,383

Specialized

REITs

—

0.3%

CorEnergy

Infrastructure

Trust,

Inc.

.......

30,823

39,454

Farmland

Partners,

Inc.

..............

108,450

1,160,415

Gladstone

Land

Corp.

(a)

..............

70,014

1,165,733

Global

Self

Storage,

Inc.

..............

23,174

119,114

Power

REIT

(b)

.....................

5,978

22,330

2,507,046

Specialty

Retail

—

3.1%

1-800-Flowers.com,

Inc.,

Class

A

(a)(b)

......

56,543

650,245

Aaron's

Co.,

Inc.

(The)

...............

65,485

632,585

aka

Brands

Holding

Corp.

(b)

............

26,754

14,573

America's

Car-Mart,

Inc.

(a)(b)

............

12,813

1,014,918

BARK,

Inc.

(a)(b)

.....................

235,856

341,991

Barnes

&

Noble

Education,

Inc.

(b)

........

101,093

153,661

Big

5

Sporting

Goods

Corp.

(a)

...........

46,883

360,530

Build-A-Bear

Workshop,

Inc.

...........

29,051

675,145

Caleres,

Inc.

......................

74,406

1,609,402

CarParts.com,

Inc.

(a)(b)

................

109,718

585,894

Cato

Corp.

(The),

Class

A

.............

38,525

340,561

Chico's

FAS,

Inc.

(b)

..................

266,001

1,463,005

Children's

Place,

Inc.

(The)

(a)(b)

..........

25,885

1,041,871

Citi

Trends,

Inc.

(b)

...................

17,485

332,565

Conn's,

Inc.

(b)

.....................

28,358

171,849

Container

Store

Group,

Inc.

(The)

(b)

.......

69,821

239,486

Destination

XL

Group,

Inc.

(b)

...........

125,509

691,555

Duluth

Holdings,

Inc.,

Class

B

(b)

.........

28,843

184,018

Envela

Corp.

(a)(b)

...................

16,330

106,145

Express,

Inc.

(a)(b)

...................

135,782

107,037

Genesco,

Inc.

(a)(b)

...................

26,353

971,899

GrowGeneration

Corp.

(a)(b)

.............

123,702

423,061

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Micro-Cap

ETF

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Haverty

Furniture

Cos.,

Inc.

............

31,703

$

1,011,643

Hibbett,

Inc.

......................

27,619

1,628,969

J

Jill,

Inc.

(a)(b)

......................

8,793

228,970

JOANN,

Inc.

(a)

.....................

25,307

40,238

Kirkland's,

Inc.

(a)(b)

..................

22,238

63,378

Lands'

End,

Inc.

(b)

..................

33,593

326,524

Lazydays

Holdings,

Inc.

(a)(b)

............

20,793

242,654

LL

Flooring

Holdings,

Inc.

(b)

............

62,218

236,428

Lulu's

Fashion

Lounge

Holdings,

Inc.

(a)(b)

...

37,249

88,653

MarineMax,

Inc.

(b)

...................

46,754

1,344,178

OneWater

Marine,

Inc.,

Class

A

(b)

........

24,711

691,167

PARTS

iD,

Inc.,

Class

A

(b)

.............

18,477

4,296

PetMed

Express,

Inc.

................

43,950

713,748

Polished.com,

Inc.

(a)(b)

................

221,690

115,301

RealReal,

Inc.

(The)

(a)(b)

...............

192,001

241,921

Rent

the

Runway,

Inc.,

Class

A

(a)(b)

.......

101,187

288,383

RumbleON,

Inc.,

Class

B

(a)(b)

...........

22,856

138,507

Shift

Technologies,

Inc.

(a)(b)

.............

21,480

24,058

Shoe

Carnival,

Inc.

(a)

................

37,005

949,178

Sportsman's

Warehouse

Holdings,

Inc.

(a)(b)

..

81,326

689,644

ThredUp,

Inc.,

Class

A

(a)(b)

.............

128,708

325,631

Tile

Shop

Holdings,

Inc.

(b)

.............

67,468

316,425

Tilly's,

Inc.,

Class

A

(b)

................

48,842

376,572

Torrid

Holdings,

Inc.

(b)

................

33,071

144,190

TravelCenters

of

America,

Inc.

(b)

.........

27,490

2,377,885

Vroom,

Inc.

(a)(b)

.....................

274,638

246,817

Winmark

Corp.

....................

6,128

1,963,595

Zumiez,

Inc.

(a)(b)

....................

34,070

628,251

27,559,200

Technology

Hardware,

Storage

&

Peripherals

—

0.6%

AstroNova,

Inc.

(a)(b)

..................

14,242

200,670

Avid

Technology,

Inc.

(a)(b)

..............

75,751

2,422,517

Boxlight

Corp.,

Class

A

(b)

..............

150,346

57,507

CompoSecure,

Inc.,

Class

A

(b)

..........

17,487

128,704

CPI

Card

Group,

Inc.

(b)

...............

8,999

405,045

Diebold

Nixdorf,

Inc.

(a)(b)

...............

158,227

189,872

Eastman

Kodak

Co.

(a)(b)

...............

123,954

508,212

Immersion

Corp.

...................

69,832

624,298

Intevac,

Inc.

(b)

.....................

55,223

404,785

Movano,

Inc.

(a)(b)

....................

53,088

65,298

One

Stop

Systems,

Inc.

(a)(b)

............

32,113

79,640

Quantum

Corp.

(a)(b)

..................

156,590

180,079

TransAct

Technologies,

Inc.

(b)

...........

19,411

120,154

Turtle

Beach

Corp.

(b)

.................

34,302

343,706

5,730,487

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

Allbirds,

Inc.,

Class

A

(a)(b)

..............

212,490

254,988

Charles

&

Colvard

Ltd.

(b)

..............

59,695

55,516

Crown

Crafts,

Inc.

..................

19,084

110,306

Culp,

Inc.

........................

25,986

135,127

Delta

Apparel,

Inc.

(a)(b)

................

13,597

149,567

Fossil

Group,

Inc.

(b)

.................

101,115

323,568

Jerash

Holdings

US,

Inc.

..............

14,299

67,491

Lakeland

Industries,

Inc.

(a)

.............

15,067

219,978

Movado

Group,

Inc.

.................

32,954

948,087

PLBY

Group,

Inc.

(a)(b)

................

90,169

178,535

Rocky

Brands,

Inc.

..................

15,042

347,019

Superior

Group

of

Cos.,

Inc.

...........

25,927

204,045

Unifi,

Inc.

(a)(b)

......................

31,139

254,406

Vera

Bradley,

Inc.

(b)

.................

57,944

347,085

Vince

Holding

Corp.

(a)(b)

...............

6,724

46,597

3,642,315

Security

Shares

Shares

Value

Tobacco

—

0.1%

22nd

Century

Group,

Inc.

(a)(b)

...........

353,367

$

271,739

Turning

Point

Brands,

Inc.

.............

32,031

672,651

944,390

Trading

Companies

&

Distributors

—

0.9%

Alta

Equipment

Group,

Inc.,

Class

A

......

45,146

715,564

BlueLinx

Holdings,

Inc.

(b)

..............

19,077

1,296,473

Distribution

Solutions

Group,

Inc.

(b)

.......

10,710

486,877

DXP

Enterprises,

Inc.

(b)

...............

33,076

890,406

EVI

Industries,

Inc.

(b)

.................

9,611

190,298

Hudson

Technologies,

Inc.

(b)

...........

93,921

819,930

iPower,

Inc.

(a)(b)

....................

30,798

16,588

Karat

Packaging,

Inc.

................

12,167

162,186

Mega

Matrix

Corp.

(b)

.................

32,786

50,818

Titan

Machinery,

Inc.

(b)

...............

44,079

1,342,205

Transcat,

Inc.

(a)(b)

...................

15,505

1,385,992

Willis

Lease

Finance

Corp.

(b)

...........

6,165

337,719

7,695,056

Water

Utilities

—

0.4%

Artesian

Resources

Corp.,

Class

A,

NVS

...

18,023

997,753

Cadiz,

Inc.

(b)

......................

65,499

264,616

Consolidated

Water

Co.

Ltd.

...........

32,666

536,702

Global

Water

Resources,

Inc.

...........

29,319

364,435

Pure

Cycle

Corp.

(b)

..................

42,400

400,680

York

Water

Co.

(The)

................

30,891

1,380,828

3,945,014

Wireless

Telecommunication

Services

—

0.1%

FingerMotion,

Inc.

(a)(b)

................

75,837

113,755

KORE

Group

Holdings,

Inc.

(b)

...........

89,768

109,517

Spok

Holdings,

Inc.

.................

39,620

401,351

SurgePays,

Inc.

(a)(b)

.................

14,727

66,124

690,747

Total

Common

Stocks

—

99.7%

(Cost:

$1,094,005,464)

...........................

895,094,054

Rights

Biotechnology

—

0.0%

(b)(d)

Contra

Aduro

Biotech

I,

CVR

...........

33,109

84,063

Disc

Medicine,

Inc.,

CVR

(a)

............

44,944

—

OncoMed

Pharmaceuticals,

Inc.,

CVR

.....

60,904

14,331

Oncternal

Therapeutics,

Inc.,

CVR

(a)

......

1,634

1,675

100,069

Diversified

Telecommunication

Services

—

0.0%

Contra

Communications,

CVR

(b)(d)

........

4,194

—

Metals

&

Mining

—

0.0%

PolyMet

Mining

Corp.(Expires

04/04/23,

Strike

Price

USD

2.11)

(b)

................

63,258

171

Pharmaceuticals

—

0.0%

Contra

CVR

Bioblast

PH,

CVR

(a)(b)

........

37,156

11,890

Total

Rights

—

0.0%

(Cost:

$15,237)

................................

112,130

Total

Long-Term

Investments

—

99.7%

(Cost:

$1,094,020,701)

...........................

895,206,184

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

16.1%

(e)(f)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(g)

............

142,579,098

$

142,621,872

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

..................

1,674,220

1,674,220

Total

Short-Term

Securities

—

16.1%

(Cost:

$144,219,527)

.............................

144,296,092

Total

Investments

—

115.8%

(Cost:

$1,238,240,228

)

...........................

1,039,502,276

Liabilities

in

Excess

of

Other

Assets

—

(15.8)%

...........

(141,580,833)

Net

Assets

—

100.0%

..............................

$

897,921,443

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$1,099,483,

representing

0.12%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$1,421,381.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/23

Shares

Held

at

03/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

172,784,783

$

—

$

(30,265,147)

(a)

$

14,309

$

87,927

$

142,621,872

142,579,098

$

4,019,343

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

1,230,000

444,220

(a)

—

—

—

1,674,220

1,674,220

32,237

1

$

14,309

$

87,927

$

144,296,092

$

4,051,580

$

1

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

24

06/16/23

$

2,176

$

43,121

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Micro-Cap

ETF

30

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

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.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

43,121

$

—

$

—

$

—

$

43,121

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

For

the

period

ended

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(114,062)

$

—

$

—

$

—

$

(114,062)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

29,348

$

—

$

—

$

—

$

29,348

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

2,097,366

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

893,789,957

$

1,304,097

$

—

$

895,094,054

Rights

................................................

171

11,890

100,069

112,130

Warrants

..............................................

—

—

—

—

Short-Term

Securities

Money

Market

Funds

......................................

144,296,092

—

—

144,296,092

$

1,038,086,220

$

1,315,987

$

100,069

$

1,039,502,276

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

43,121

$

—

$

—

$

43,121

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

March

31,

2023

iShares

®

Russell

2500

ETF

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.6%

Axon

Enterprise,

Inc.

(a)(b)

..............

8,760

$

1,969,686

BWX

Technologies,

Inc.

..............

11,834

746,015

Curtiss-Wright

Corp.

.................

4,961

874,426

Hexcel

Corp.

......................

10,860

741,195

Howmet

Aerospace,

Inc.

(a)

.............

47,971

2,032,531

Huntington

Ingalls

Industries,

Inc.

........

5,100

1,055,802

Mercury

Systems,

Inc.

(b)

..............

6,372

325,737

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

..

13,529

467,157

Textron,

Inc.

......................

27,037

1,909,623

Woodward,

Inc.

....................

7,516

731,833

10,854,005

Air

Freight

&

Logistics

—

0.1%

GXO

Logistics,

Inc.

(b)

................

13,699

691,252

Automobile

Components

—

0.5%

BorgWarner,

Inc.

...................

30,262

1,486,167

Gentex

Corp.

.....................

30,594

857,550

Lear

Corp.

.......................

7,640

1,065,703

QuantumScape

Corp.,

Class

A

(a)(b)

.......

33,417

273,351

3,682,771

Automobiles

—

0.2%

Harley-Davidson,

Inc.

................

17,434

661,969

Thor

Industries,

Inc.

.................

6,740

536,774

1,198,743

Banks

—

2.1%

Bank

of

Hawaii

Corp.

................

5,191

270,347

Bank

OZK

.......................

14,563

498,055

BOK

Financial

Corp.

.................

3,829

323,206

Columbia

Banking

System,

Inc.

.........

27,020

578,768

Comerica,

Inc.

.....................

16,955

736,186

Commerce

Bancshares,

Inc.

...........

14,826

865,097

Cullen/Frost

Bankers,

Inc.

.............

7,611

801,743

East

West

Bancorp,

Inc.

..............

18,388

1,020,534

First

Citizens

BancShares,

Inc.,

Class

A

....

1,430

1,391,533

First

Hawaiian,

Inc.

.................

16,679

344,088

First

Horizon

Corp.

..................

68,322

1,214,765

FNB

Corp.

.......................

46,398

538,217

New

York

Community

Bancorp,

Inc.

......

87,213

788,406

PacWest

Bancorp

(a)

.................

15,056

146,495

Pinnacle

Financial

Partners,

Inc.

.........

9,720

536,155

Popular,

Inc.

......................

9,123

523,751

Prosperity

Bancshares,

Inc.

............

11,434

703,420

Synovus

Financial

Corp.

..............

18,843

580,930

Webster

Financial

Corp.

..............

22,505

887,147

Western

Alliance

Bancorp

.............

13,719

487,573

Wintrust

Financial

Corp.

..............

7,800

569,010

Zions

Bancorp

NA

..................

19,270

576,751

14,382,177

Beverages

—

0.1%

Boston

Beer

Co.,

Inc.

(The),

Class

A,

NVS

(a)(b)

1,240

407,588

Biotechnology

—

1.2%

(b)

Exact

Sciences

Corp.

(a)

...............

22,660

1,536,575

Exelixis,

Inc.

......................

41,460

804,739

Ionis

Pharmaceuticals,

Inc.

(a)

...........

18,310

654,399

Mirati

Therapeutics,

Inc.

..............

5,925

220,292

Natera,

Inc.

.......................

12,693

704,715

Neurocrine

Biosciences,

Inc.

...........

12,411

1,256,241

Novavax,

Inc.

(a)

....................

11,126

77,103

Sarepta

Therapeutics,

Inc.

.............

10,904

1,502,898

Ultragenyx

Pharmaceutical,

Inc.

.........

8,743

350,594

Security

Shares

Shares

Value

Biotechnology

(continued)

United

Therapeutics

Corp.

.............

5,762

$

1,290,458

8,398,014

Broadline

Retail

—

0.2%

Kohl's

Corp.

......................

14,256

335,586

Macy's,

Inc.

......................

34,934

610,996

Nordstrom,

Inc.

....................

14,487

235,703

Ollie's

Bargain

Outlet

Holdings,

Inc.

(b)

.....

8,087

468,561

1,650,846

Building

Products

—

1.6%

Advanced

Drainage

Systems,

Inc.

(a)

......

8,071

679,659

Allegion

plc

.......................

11,312

1,207,330

AO

Smith

Corp.

....................

16,226

1,122,028

Armstrong

World

Industries,

Inc.

.........

5,861

417,538

AZEK

Co.,

Inc.

(The),

Class

A

(a)(b)

........

14,349

337,775

Builders

FirstSource,

Inc.

(b)

............

18,850

1,673,503

Carlisle

Cos.,

Inc.

..................

6,664

1,506,531

Fortune

Brands

Innovations,

Inc.

........

16,632

976,797

Hayward

Holdings,

Inc.

(a)(b)

.............

8,613

100,944

Lennox

International,

Inc.

.............

4,148

1,042,309

Masterbrand,

Inc.

(b)

.................

17,030

136,921

Owens

Corning

....................

12,091

1,158,318

Trex

Co.,

Inc.

(a)(b)

...................

14,243

693,207

11,052,860

Capital

Markets

—

2.3%

Affiliated

Managers

Group,

Inc.

.........

4,873

694,013

Carlyle

Group,

Inc.

(The)

..............

27,004

838,744

Cboe

Global

Markets,

Inc.

.............

13,730

1,843,115

Evercore,

Inc.,

Class

A

...............

4,699

542,171

FactSet

Research

Systems,

Inc.

.........

4,932

2,047,224

Invesco

Ltd.

......................

48,421

794,104

Janus

Henderson

Group

plc

...........

17,773

473,473

Jefferies

Financial

Group,

Inc.

..........

25,646

814,004

Lazard

Ltd.,

Class

A

.................

10,734

355,403

LPL

Financial

Holdings,

Inc.

............

10,320

2,088,768

MarketAxess

Holdings,

Inc.

............

4,813

1,883,279

Morningstar,

Inc.

...................

3,251

660,050

Robinhood

Markets,

Inc.,

Class

A

(a)(b)

......

74,069

719,210

SEI

Investments

Co.

.................

13,367

769,271

Stifel

Financial

Corp.

................

13,304

786,133

Virtu

Financial,

Inc.,

Class

A

............

12,370

233,793

15,542,755

Chemicals

—

1.0%

Ashland,

Inc.

......................

6,564

674,189

Axalta

Coating

Systems

Ltd.

(b)

..........

28,763

871,231

Chemours

Co.

(The)

.................

19,091

571,585

Element

Solutions,

Inc.

...............

29,165

563,176

Ginkgo

Bioworks

Holdings,

Inc.,

Class

A

(a)(b)

.

116,318

154,703

Huntsman

Corp.

...................

23,631

646,544

NewMarket

Corp.

...................

753

274,830

Olin

Corp.

........................

15,806

877,233

RPM

International,

Inc.

...............

16,550

1,443,822

Scotts

Miracle-Gro

Co.

(The)

...........

5,315

370,668

Valvoline,

Inc.

.....................

22,267

778,009

7,225,990

Commercial

Services

&

Supplies

—

0.6%

Clean

Harbors,

Inc.

(b)

................

6,611

942,464

Driven

Brands

Holdings,

Inc.

(b)

..........

8,004

242,601

MSA

Safety,

Inc.

...................

4,785

638,798

Ritchie

Bros

Auctioneers,

Inc.

..........

9,118

513,252

Stericycle,

Inc.

(b)

...................

11,937

520,573

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2500

ETF

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

(continued)

Tetra

Tech,

Inc.

....................

6,808

$

1,000,163

3,857,851

Communications

Equipment

—

0.6%

Ciena

Corp.

(b)

.....................

19,137

1,005,075

F5,

Inc.

(a)(b)

.......................

7,690

1,120,356

Juniper

Networks,

Inc.

...............

41,453

1,426,812

Lumentum

Holdings,

Inc.

(b)

............

8,894

480,365

Viasat,

Inc.

(b)

......................

9,421

318,807

4,351,415

Construction

&

Engineering

—

1.2%

AECOM

.........................

17,072

1,439,511

MasTec,

Inc.

(b)

.....................

7,896

745,698

MDU

Resources

Group,

Inc.

...........

26,182

798,028

Quanta

Services,

Inc.

(a)

...............

18,406

3,067,176

Valmont

Industries,

Inc.

...............

2,718

867,803

WillScot

Mobile

Mini

Holdings

Corp.

(b)

.....

26,367

1,236,085

8,154,301

Construction

Materials

—

0.1%

Eagle

Materials,

Inc.

.................

4,630

679,453

Consumer

Finance

—

0.3%

Credit

Acceptance

Corp.

(a)(b)

............

853

371,942

OneMain

Holdings,

Inc.

...............

15,016

556,793

SLM

Corp.

.......................

31,046

384,660

SoFi

Technologies,

Inc.

(a)(b)

............

104,811

636,203

Upstart

Holdings,

Inc.

(a)(b)

..............

9,619

152,846

2,102,444

Consumer

Staples

Distribution

&

Retail

—

0.8%

Albertsons

Cos.,

Inc.,

Class

A

..........

30,206

627,681

BJ's

Wholesale

Club

Holdings,

Inc.

(b)

......

17,304

1,316,315

Casey's

General

Stores,

Inc.

...........

4,803

1,039,657

Grocery

Outlet

Holding

Corp.

(b)

..........

11,476

324,312

Performance

Food

Group

Co.

(b)

.........

19,720

1,189,905

US

Foods

Holding

Corp.

(b)

.............

26,258

969,970

5,467,840

Containers

&

Packaging

—

1.5%

AptarGroup,

Inc.

...................

8,491

1,003,551

Ardagh

Group

SA,

Class

A

(b)

...........

885

5,912

Ardagh

Metal

Packaging

SA

...........

20,086

81,951

Avery

Dennison

Corp.

................

10,556

1,888,785

Berry

Global

Group,

Inc.

..............

15,756

928,028

Crown

Holdings,

Inc.

................

14,921

1,234,116

Graphic

Packaging

Holding

Co.

.........

39,648

1,010,628

Packaging

Corp.

of

America

...........

11,793

1,637,222

Sealed

Air

Corp.

...................

18,893

867,378

Silgan

Holdings,

Inc.

.................

10,896

584,788

Sonoco

Products

Co.

................

12,612

769,332

10,011,691

Distributors

—

0.2%

Pool

Corp.

.......................

4,927

1,687,202

Diversified

Consumer

Services

—

0.5%

ADT,

Inc.

........................

27,768

200,763

Bright

Horizons

Family

Solutions,

Inc.

(b)

....

7,459

574,268

Grand

Canyon

Education,

Inc.

(b)

.........

3,975

452,753

H&R

Block,

Inc.

....................

19,729

695,447

Mister

Car

Wash,

Inc.

(a)(b)

..............

10,481

90,346

Service

Corp.

International

............

19,388

1,333,507

3,347,084

Security

Shares

Shares

Value

Diversified

Telecommunication

Services

—

0.1%

Frontier

Communications

Parent,

Inc.

(a)(b)

...

31,745

$

722,834

Electric

Utilities

—

0.6%

Hawaiian

Electric

Industries,

Inc.

........

14,100

541,440

IDACORP,

Inc.

....................

6,524

706,745

NRG

Energy,

Inc.

...................

27,517

943,558

OGE

Energy

Corp.

..................

25,886

974,867

Pinnacle

West

Capital

Corp.

...........

14,632

1,159,439

4,326,049

Electrical

Equipment

—

1.1%

Acuity

Brands,

Inc.

..................

4,135

755,589

ChargePoint

Holdings,

Inc.,

Class

A

(a)(b)

....

32,630

341,636

Hubbell,

Inc.

......................

6,946

1,690,031

nVent

Electric

plc

...................

21,494

922,952

Plug

Power,

Inc.

(a)(b)

.................

67,038

785,685

Regal

Rexnord

Corp.

................

8,445

1,188,465

Sensata

Technologies

Holding

plc

........

19,555

978,141

Sunrun,

Inc.

(a)(b)

....................

27,127

546,609

Vertiv

Holdings

Co.,

Class

A

...........

39,593

566,576

7,775,684

Electronic

Equipment,

Instruments

&

Components

—

1.2%

Arrow

Electronics,

Inc.

(b)

..............

7,525

939,647

Avnet,

Inc.

.......................

11,789

532,863

Cognex

Corp.

.....................

22,530

1,116,361

Coherent

Corp.

(b)

...................

15,378

585,594

IPG

Photonics

Corp.

(b)

...............

4,229

521,478

Jabil,

Inc.

........................

16,864

1,486,730

Littelfuse,

Inc.

.....................

3,128

838,585

National

Instruments

Corp.

............

16,958

888,769

TD

SYNNEX

Corp.

..................

6,083

588,774

Vontier

Corp.

......................

20,385

557,326

8,056,127

Energy

Equipment

&

Services

—

0.1%

NOV,

Inc.

........................

50,739

939,179

Entertainment

—

0.5%

AMC

Entertainment

Holdings,

Inc.,

Class

A

(a)(b)

67,262

336,983

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A

(b)

......................

2,742

185,085

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C,

NVS

(b)

..................

26,020

1,947,077

Madison

Square

Garden

Sports

Corp.

.....

2,419

471,342

Playtika

Holding

Corp.

(a)(b)

.............

11,744

132,237

World

Wrestling

Entertainment,

Inc.,

Class

A

(a)

5,577

508,957

3,581,681

Financial

Services

—

1.0%

Affirm

Holdings,

Inc.,

Class

A

(a)(b)

.........

28,673

323,145

Euronet

Worldwide,

Inc.

(b)

.............

6,117

684,492

Jack

Henry

&

Associates,

Inc.

..........

9,404

1,417,371

MGIC

Investment

Corp.

..............

37,152

498,580

Shift4

Payments,

Inc.,

Class

A

(a)(b)

........

6,542

495,884

TFS

Financial

Corp.

.................

6,815

86,073

Toast,

Inc.,

Class

A

(b)

................

33,178

588,910

UWM

Holdings

Corp.,

Class

A

..........

13,241

65,013

Voya

Financial,

Inc.

.................

12,688

906,684

Western

Union

Co.

(The)

.............

41,781

465,858

WEX,

Inc.

(b)

.......................

5,636

1,036,404

6,568,414

Food

Products

—

0.9%

Darling

Ingredients,

Inc.

(a)(b)

............

20,749

1,211,742

Flowers

Foods,

Inc.

.................

24,181

662,801

Freshpet,

Inc.

(a)(b)

...................

5,917

391,646

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2500

ETF

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Food

Products

(continued)

Ingredion,

Inc.

.....................

8,525

$

867,248

Lamb

Weston

Holdings,

Inc.

...........

18,681

1,952,538

Pilgrim's

Pride

Corp.

(b)

...............

6,065

140,587

Post

Holdings,

Inc.

(a)(b)

................

6,977

627,023

Seaboard

Corp.

....................

33

124,410

5,977,995

Gas

Utilities

—

0.2%

National

Fuel

Gas

Co.

...............

11,370

656,504

UGI

Corp.

........................

27,244

947,001

1,603,505

Ground

Transportation

—

0.8%

Avis

Budget

Group,

Inc.

(b)

.............

3,312

645,178

Hertz

Global

Holdings,

Inc.

(a)(b)

..........

23,627

384,884

Knight-Swift

Transportation

Holdings,

Inc.

..

20,138

1,139,408

Landstar

System,

Inc.

................

4,610

826,389

Lyft,

Inc.,

Class

A

(a)(b)

.................

42,256

391,713

RXO,

Inc.

(b)

.......................

14,729

289,277

Ryder

System,

Inc.

..................

6,341

565,871

Schneider

National,

Inc.,

Class

B

........

7,084

189,497

U-Haul

Holding

Co.,

NVS

.............

11,677

614,633

XPO,

Inc.

(b)

.......................

13,271

423,345

5,470,195

Health

Care

Equipment

&

Supplies

—

1.2%

Dentsply

Sirona,

Inc.

................

27,803

1,092,102

Enovis

Corp.

(b)

.....................

6,589

352,446

Envista

Holdings

Corp.

(b)

..............

21,098

862,486

Globus

Medical,

Inc.,

Class

A

(b)

.........

10,008

566,853

ICU

Medical,

Inc.

(b)

..................

2,622

432,525

Integra

LifeSciences

Holdings

Corp.

(b)

.....

9,462

543,213

Masimo

Corp.

(b)

....................

6,156

1,136,028

Novocure

Ltd.

(a)(b)

...................

13,321

801,125

Penumbra,

Inc.

(b)

...................

4,618

1,286,991

QuidelOrtho

Corp.

(b)

.................

6,358

566,434

Tandem

Diabetes

Care,

Inc.

(b)

..........

8,274

336,007

7,976,210

Health

Care

Providers

&

Services

—

1.3%

Acadia

Healthcare

Co.,

Inc.

(b)

...........

11,573

836,149

agilon

health,

Inc.

(a)(b)

................

24,369

578,764

Amedisys,

Inc.

(b)

...................

4,202

309,057

Chemed

Corp.

.....................

1,894

1,018,499

DaVita,

Inc.

(a)(b)

....................

7,196

583,668

Encompass

Health

Corp.

.............

12,613

682,363

Enhabit,

Inc.

(b)

.....................

6,526

90,777

Guardant

Health,

Inc.

(a)(b)

..............

12,614

295,672

Henry

Schein,

Inc.

(b)

.................

17,530

1,429,396

Oak

Street

Health,

Inc.

(b)

..............

15,228

589,019

Premier,

Inc.,

Class

A

................

15,225

492,833

Tenet

Healthcare

Corp.

(a)(b)

.............

13,723

815,421

Universal

Health

Services,

Inc.,

Class

B

...

8,043

1,022,265

8,743,883

Health

Care

REITs

—

0.4%

Healthcare

Realty

Trust,

Inc.,

Class

A

.....

49,243

951,867

Medical

Properties

Trust,

Inc.

...........

76,445

628,378

Omega

Healthcare

Investors,

Inc.

........

30,578

838,143

2,418,388

Health

Care

Technology

—

0.2%

(b)

Certara,

Inc.

......................

15,088

363,772

Definitive

Healthcare

Corp.,

Class

A

......

4,437

45,834

Doximity,

Inc.,

Class

A

(a)

..............

14,572

471,841

Security

Shares

Shares

Value

Health

Care

Technology

(continued)

Teladoc

Health,

Inc.

(a)

................

20,889

$

541,025

1,422,472

Hotel

&

Resort

REITs

—

0.3%

Host

Hotels

&

Resorts,

Inc.

............

91,786

1,513,551

Park

Hotels

&

Resorts,

Inc.

............

28,847

356,549

1,870,100

Hotels,

Restaurants

&

Leisure

—

1.7%

Aramark

.........................

30,483

1,091,291

Boyd

Gaming

Corp.

.................

9,893

634,339

Choice

Hotels

International,

Inc.

.........

4,174

489,151

Churchill

Downs,

Inc.

................

4,604

1,183,458

Hyatt

Hotels

Corp.,

Class

A

(a)(b)

..........

6,132

685,496

Marriott

Vacations

Worldwide

Corp.

.......

4,844

653,262

Norwegian

Cruise

Line

Holdings

Ltd.

(a)(b)

...

54,000

726,300

Penn

Entertainment,

Inc.

(a)(b)

...........

20,028

594,031

Planet

Fitness,

Inc.,

Class

A

(b)

..........

10,828

841,011

Six

Flags

Entertainment

Corp.

(b)

.........

9,845

262,960

Travel

+

Leisure

Co.

.................

10,309

404,113

Vail

Resorts,

Inc.

...................

5,202

1,215,603

Wendy's

Co.

(The)

..................

22,196

483,429

Wyndham

Hotels

&

Resorts,

Inc.

........

11,205

760,259

Wynn

Resorts

Ltd.

(b)

.................

13,480

1,508,547

11,533,250

Household

Durables

—

0.9%

Leggett

&

Platt,

Inc.

.................

17,306

551,715

Mohawk

Industries,

Inc.

(b)

.............

6,816

683,100

Newell

Brands,

Inc.

.................

48,941

608,826

PulteGroup,

Inc.

...................

29,410

1,714,015

Tempur

Sealy

International,

Inc.

.........

21,678

856,064

Toll

Brothers,

Inc.

...................

14,292

857,949

TopBuild

Corp.

(b)

...................

4,129

859,410

6,131,079

Household

Products

—

0.1%

Reynolds

Consumer

Products,

Inc.

.......

7,232

198,880

Spectrum

Brands

Holdings,

Inc.

.........

5,196

344,079

542,959

Independent

Power

and

Renewable

Electricity

Producers

—

0.3%

Brookfield

Renewable

Corp.

...........

16,554

578,562

Vistra

Corp.

......................

50,935

1,222,440

1,801,002

Industrial

REITs

—

0.6%

Americold

Realty

Trust,

Inc.

............

34,881

992,364

EastGroup

Properties,

Inc.

............

5,331

881,321

First

Industrial

Realty

Trust,

Inc.

.........

17,103

909,880

Rexford

Industrial

Realty,

Inc.

..........

25,348

1,512,008

4,295,573

Insurance

—

2.4%

American

Financial

Group,

Inc.

.........

8,446

1,026,189

Assurant,

Inc.

.....................

5,116

614,278

Assured

Guaranty

Ltd.

...............

7,548

379,438

Axis

Capital

Holdings

Ltd.

.............

10,190

555,559

Brighthouse

Financial,

Inc.

(b)

...........

8,786

387,550

Brown

&

Brown,

Inc.

.................

30,668

1,760,957

Erie

Indemnity

Co.,

Class

A,

NVS

........

3,259

754,980

Everest

Re

Group

Ltd.

...............

5,044

1,805,853

First

American

Financial

Corp.

..........

12,806

712,782

Globe

Life,

Inc.

....................

11,614

1,277,772

Hanover

Insurance

Group,

Inc.

(The)

.....

4,545

584,032

Kemper

Corp.

.....................

8,344

456,083

Lincoln

National

Corp.

...............

22,115

496,924

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2500

ETF

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

(continued)

Old

Republic

International

Corp.

.........

36,202

$

903,964

Primerica,

Inc.

.....................

4,758

819,518

Reinsurance

Group

of

America,

Inc.

......

8,668

1,150,764

RenaissanceRe

Holdings

Ltd.

..........

5,578

1,117,497

Ryan

Specialty

Holdings,

Inc.,

Class

A

(a)(b)

..

10,791

434,230

Unum

Group

......................

25,774

1,019,619

White

Mountains

Insurance

Group

Ltd.

....

325

447,684

16,705,673

Interactive

Media

&

Services

—

0.1%

(b)

IAC,

Inc.

.........................

9,992

515,587

TripAdvisor,

Inc.

(a)

..................

13,475

267,614

783,201

IT

Services

—

0.6%

Amdocs

Ltd.

......................

15,398

1,478,670

DXC

Technology

Co.

(a)(b)

..............

29,824

762,301

Globant

SA

(b)

......................

5,277

865,481

Kyndryl

Holdings,

Inc.

(b)

...............

26,813

395,760

Thoughtworks

Holding,

Inc.

(b)

...........

11,525

84,824

Wix.com

Ltd.

(b)

.....................

7,145

713,071

4,300,107

Leisure

Products

—

0.5%

Brunswick

Corp.

...................

9,346

766,372

Mattel,

Inc.

(a)(b)

.....................

45,576

839,054

Peloton

Interactive,

Inc.,

Class

A

(a)(b)

......

40,331

457,354

Polaris,

Inc.

.......................

7,130

788,792

YETI

Holdings,

Inc.

(b)

................

11,204

448,160

3,299,732

Life

Sciences

Tools

&

Services

—

1.2%

10X

Genomics,

Inc.,

Class

A

(b)

..........

11,850

661,112

Azenta,

Inc.

(b)

.....................

8,852

394,976

Bio-Techne

Corp.

...................

20,167

1,496,190

Bruker

Corp.

......................

13,891

1,095,166

Charles

River

Laboratories

International,

Inc.

(b)

6,537

1,319,297

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(b)

14,400

201,744

QIAGEN

NV

(b)

.....................

29,406

1,350,618

Repligen

Corp.

(a)(b)

..................

7,175

1,207,983

Sotera

Health

Co.

(b)

.................

12,986

232,579

Syneos

Health,

Inc.,

Class

A

(b)

..........

13,237

471,502

8,431,167

Machinery

—

2.4%

AGCO

Corp.

......................

8,054

1,088,901

Allison

Transmission

Holdings,

Inc.

.......

11,946

540,437

Crane

Holdings

Co.

.................

6,094

691,669

Donaldson

Co.,

Inc.

.................

15,751

1,029,170

Esab

Corp.

.......................

7,344

433,810

Flowserve

Corp.

...................

16,991

577,694

Gates

Industrial

Corp.

plc

(b)

............

14,285

198,419

Graco,

Inc.

.......................

21,763

1,588,917

ITT,

Inc.

.........................

10,849

936,269

Lincoln

Electric

Holdings,

Inc.

..........

7,233

1,223,100

Middleby

Corp.

(The)

(b)

...............

6,936

1,016,887

Nordson

Corp.

.....................

7,412

1,647,391

Oshkosh

Corp.

....................

8,519

708,611

Pentair

plc

.......................

21,331

1,178,964

Snap-on,

Inc.

.....................

6,815

1,682,555

Timken

Co.

(The)

...................

7,945

649,265

Toro

Co.

(The)

.....................

13,530

1,503,995

16,696,054

Marine

Transportation

—

0.1%

Kirby

Corp.

(b)

......................

7,792

543,102

Security

Shares

Shares

Value

Media

—

0.8%

Altice

USA,

Inc.,

Class

A

(b)

.............

27,157

$

92,877

Cable

One,

Inc.

....................

756

530,712

Interpublic

Group

of

Cos.,

Inc.

(The)

......

50,184

1,868,852

New

York

Times

Co.

(The),

Class

A

.......

21,081

819,629

News

Corp.,

Class

A,

NVS

............

49,015

846,489

News

Corp.,

Class

B

................

15,498

270,130

Nexstar

Media

Group,

Inc.

.............

4,702

811,848

5,240,537

Metals

&

Mining

—

1.3%

Alcoa

Corp.

.......................

23,024

979,902

Cleveland-Cliffs,

Inc.

(a)(b)

..............

66,249

1,214,344

MP

Materials

Corp.,

Class

A

(b)

..........

11,789

332,332

Reliance

Steel

&

Aluminum

Co.

.........

7,569

1,943,265

Royal

Gold,

Inc.

....................

8,497

1,102,146

SSR

Mining,

Inc.

...................

26,936

407,272

Steel

Dynamics,

Inc.

.................

21,586

2,440,513

United

States

Steel

Corp.

.............

29,108

759,719

9,179,493

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.4%

AGNC

Investment

Corp.

..............

74,000

745,920

Annaly

Capital

Management,

Inc.

........

60,759

1,161,104

Rithm

Capital

Corp.

.................

56,490

451,920

Starwood

Property

Trust,

Inc.

...........

35,775

632,860

2,991,804

Multi-Utilities

—

0.2%

NiSource,

Inc.

.....................

52,649

1,472,066

Office

REITs

—

0.3%

Cousins

Properties,

Inc.

..............

19,742

422,084

Douglas

Emmett,

Inc.

................

22,041

271,765

Highwoods

Properties,

Inc.

............

13,645

316,428

Hudson

Pacific

Properties,

Inc.

..........

18,670

124,155

JBG

SMITH

Properties

...............

14,000

210,840

Kilroy

Realty

Corp.

..................

15,102

489,305

SL

Green

Realty

Corp.

...............

7,921

186,302

Vornado

Realty

Trust

................

22,984

353,264

2,374,143

Oil,

Gas

&

Consumable

Fuels

—

1.7%

Antero

Midstream

Corp.

..............

43,592

457,280

Antero

Resources

Corp.

(b)

.............

36,916

852,391

APA

Corp.

.......................

41,441

1,494,363

Chesapeake

Energy

Corp.

............

15,723

1,195,577

DT

Midstream,

Inc.

..................

12,563

620,235

Enviva,

Inc.

.......................

3,956

114,249

EQT

Corp.

.......................

47,776

1,524,532

HF

Sinclair

Corp.

...................

17,498

846,553

New

Fortress

Energy,

Inc.,

Class

A

.......

7,295

214,692

Ovintiv,

Inc.

(a)

......................

31,822

1,148,138

PDC

Energy,

Inc.

...................

11,380

730,368

Range

Resources

Corp.

..............

30,569

809,161

Southwestern

Energy

Co.

(b)

............

142,408

712,040

Texas

Pacific

Land

Corp.

..............

742

1,262,157

Vitesse

Energy,

Inc.

.................

3,149

59,926

12,041,662

Paper

&

Forest

Products

—

0.1%

Louisiana-Pacific

Corp.

...............

9,217

499,654

Passenger

Airlines

—

0.4%

(b)

Alaska

Air

Group,

Inc.

................

16,225

680,801

American

Airlines

Group,

Inc.

...........

83,760

1,235,460

Copa

Holdings

SA,

Class

A,

NVS

(a)

.......

3,681

339,940

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2500

ETF

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Passenger

Airlines

(continued)

JetBlue

Airways

Corp.

................

41,682

$

303,445

2,559,646

Personal

Care

Products

—

0.1%

(b)

Coty,

Inc.,

Class

A

(a)

.................

45,856

553,023

Olaplex

Holdings,

Inc.

................

16,240

69,345

622,368

Pharmaceuticals

—

0.4%

Jazz

Pharmaceuticals

plc

(b)

............

7,988

1,168,884

Organon

&

Co.

....................

33,018

776,583

Perrigo

Co.

plc

....................

17,472

626,721

2,572,188

Professional

Services

—

1.4%

Booz

Allen

Hamilton

Holding

Corp.

.......

17,023

1,577,862

CACI

International,

Inc.,

Class

A

(b)

.......

3,014

892,988

Clarivate

plc

(a)(b)

....................

61,198

574,649

Concentrix

Corp.

...................

5,497

668,160

Dun

&

Bradstreet

Holdings,

Inc.

.........

32,595

382,665

FTI

Consulting,

Inc.

(b)

................

4,364

861,235

Genpact

Ltd.

......................

23,130

1,069,069

KBR,

Inc.

........................

17,626

970,311

ManpowerGroup,

Inc.

................

6,540

539,746

Robert

Half

International,

Inc.

...........

13,671

1,101,473

Science

Applications

International

Corp.

...

7,125

765,653

9,403,811

Real

Estate

Management

&

Development

—

0.4%

(b)

Howard

Hughes

Corp.

(The)

...........

4,757

380,560

Jones

Lang

LaSalle,

Inc.

..............

6,188

900,292

Opendoor

Technologies,

Inc.

(a)

..........

62,899

110,702

WeWork,

Inc.,

Class

A

(a)

..............

27,436

21,326

Zillow

Group,

Inc.,

Class

A

.............

7,276

317,961

Zillow

Group,

Inc.,

Class

C,

NVS

(a)

.......

20,504

911,813

2,642,654

Residential

REITs

—

0.7%

American

Homes

4

Rent,

Class

A

........

39,905

1,255,012

Apartment

Income

REIT

Corp.

..........

19,004

680,533

Camden

Property

Trust

...............

13,446

1,409,679

Equity

LifeStyle

Properties,

Inc.

.........

23,029

1,545,937

4,891,161

Retail

REITs

—

0.9%

Brixmor

Property

Group,

Inc.

...........

38,868

836,439

Federal

Realty

Investment

Trust

.........

10,426

1,030,402

Kimco

Realty

Corp.

.................

78,308

1,529,355

National

Retail

Properties,

Inc.

..........

23,456

1,035,582

Regency

Centers

Corp.

..............

22,222

1,359,542

Spirit

Realty

Capital,

Inc.

..............

18,045

718,913

6,510,233

Semiconductors

&

Semiconductor

Equipment

—

1.5%

Allegro

MicroSystems,

Inc.

(a)(b)

..........

8,597

412,570

Cirrus

Logic,

Inc.

(b)

..................

7,091

775,614

Entegris,

Inc.

(a)

....................

19,244

1,578,200

First

Solar,

Inc.

(b)

...................

13,742

2,988,885

Lattice

Semiconductor

Corp.

(b)

..........

17,594

1,680,227

MKS

Instruments,

Inc.

...............

7,433

658,712

Universal

Display

Corp.

..............

5,637

874,468

Wolfspeed,

Inc.

(a)(b)

..................

15,969

1,037,187

10,005,863

Software

—

3.7%

Alteryx,

Inc.,

Class

A

(b)

...............

7,760

456,598

AppLovin

Corp.,

Class

A

(b)

.............

28,370

446,828

Aspen

Technology,

Inc.

(b)

..............

3,500

801,045

Security

Shares

Shares

Value

Software

(continued)

Bentley

Systems,

Inc.,

Class

B

..........

21,894

$

941,223

BILL

Holdings,

Inc.

(a)(b)

................

12,820

1,040,215

Black

Knight,

Inc.

(b)

..................

19,984

1,150,279

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)(b)

..

22,619

202,892

Ceridian

HCM

Holding,

Inc.

(b)

...........

17,750

1,299,655

Confluent,

Inc.,

Class

A

(b)

.............

16,100

387,527

Dolby

Laboratories,

Inc.,

Class

A

........

7,678

655,855

DoubleVerify

Holdings,

Inc.

(b)

...........

11,126

335,449

Dropbox,

Inc.,

Class

A

(b)

..............

34,591

747,857

Dynatrace,

Inc.

(b)

...................

28,058

1,186,853

Elastic

NV

(b)

......................

10,079

583,574

Fair

Isaac

Corp.

(b)

...................

3,144

2,209,257

Five9,

Inc.

(b)

......................

9,009

651,261

Gen

Digital,

Inc.

....................

71,165

1,221,191

Guidewire

Software,

Inc.

(b)

.............

10,621

871,453

Informatica,

Inc.,

Class

A

(a)(b)

...........

4,953

81,229

Jamf

Holding

Corp.

(b)

................

8,821

171,304

Manhattan

Associates,

Inc.

(b)

...........

8,026

1,242,826

nCino,

Inc.

(a)(b)

.....................

9,125

226,118

NCR

Corp.

(b)

......................

16,715

394,307

New

Relic,

Inc.

(b)

...................

6,945

522,889

Nutanix,

Inc.,

Class

A

(b)

...............

29,812

774,814

Paycor

HCM,

Inc.

(a)(b)

................

7,874

208,819

Paylocity

Holding

Corp.

(a)(b)

............

5,210

1,035,644

Pegasystems,

Inc.

..................

5,403

261,938

Procore

Technologies,

Inc.

(a)(b)

..........

9,253

579,515

PTC,

Inc.

(b)

.......................

13,805

1,770,215

RingCentral,

Inc.,

Class

A

(b)

............

11,046

338,781

SentinelOne,

Inc.,

Class

A

(b)

............

24,988

408,804

Smartsheet,

Inc.,

Class

A

(b)

............

16,489

788,174

Teradata

Corp.

(a)(b)

..................

13,233

533,025

UiPath,

Inc.,

Class

A

(a)(b)

..............

48,921

859,053

25,386,467

Specialized

REITs

—

1.3%

CubeSmart

.......................

28,973

1,339,132

EPR

Properties

....................

9,561

364,274

Gaming

and

Leisure

Properties,

Inc.

......

31,548

1,642,389

Iron

Mountain,

Inc.

..................

37,429

1,980,368

Lamar

Advertising

Co.,

Class

A

.........

11,211

1,119,867

Life

Storage,

Inc.

...................

10,902

1,429,143

National

Storage

Affiliates

Trust

.........

10,983

458,870

Rayonier,

Inc.

.....................

18,943

630,044

8,964,087

Specialty

Retail

—

1.4%

AutoNation,

Inc.

(b)

...................

4,382

588,766

Carvana

Co.,

Class

A

(a)(b)

..............

10,873

106,447

Dick's

Sporting

Goods,

Inc.

............

6,886

977,055

Five

Below,

Inc.

(b)

...................

7,076

1,457,444

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)(b)

...

13,377

1,313,889

GameStop

Corp.,

Class

A

(a)(b)

...........

34,807

801,257

Gap,

Inc.

(The)

....................

25,330

254,313

Leslie's,

Inc.

(b)

.....................

22,735

250,312

Lithia

Motors,

Inc.,

Class

A

............

3,515

804,689

Penske

Automotive

Group,

Inc.

.........

3,340

473,645

Petco

Health

&

Wellness

Co.,

Inc.

(a)(b)

.....

10,709

96,381

RH

(b)

...........................

2,352

572,830

Victoria's

Secret

&

Co.

(b)

..............

10,541

359,975

Wayfair,

Inc.,

Class

A

(a)(b)

..............

10,192

349,993

Williams-Sonoma,

Inc.

...............

8,587

1,044,694

9,451,690

Technology

Hardware,

Storage

&

Peripherals

—

0.1%

Pure

Storage,

Inc.,

Class

A

(b)

...........

36,969

943,079

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2500

ETF

36

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

—

1.0%

Capri

Holdings

Ltd.

(b)

................

15,886

$

746,642

Carter's,

Inc.

......................

4,832

347,517

Columbia

Sportswear

Co.

.............

4,694

423,587

Deckers

Outdoor

Corp.

(a)(b)

.............

3,417

1,536,112

Hanesbrands,

Inc.

..................

45,518

239,425

PVH

Corp.

.......................

8,177

729,061

Ralph

Lauren

Corp.,

Class

A

...........

5,256

613,217

Skechers

USA,

Inc.,

Class

A

(b)

..........

17,342

824,092

Tapestry,

Inc.

......................

30,617

1,319,899

Under

Armour,

Inc.,

Class

A

(b)

...........

24,930

236,586

Under

Armour,

Inc.,

Class

C,

NVS

(b)

......

24,532

209,258

7,225,396

Trading

Companies

&

Distributors

—

0.7%

Air

Lease

Corp.,

Class

A

..............

13,567

534,133

Core

&

Main,

Inc.,

Class

A

(a)(b)

..........

9,509

219,658

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

....

6,031

506,604

SiteOne

Landscape

Supply,

Inc.

(b)

........

5,742

785,908

Univar

Solutions,

Inc.

(b)

...............

20,884

731,566

Watsco,

Inc.

......................

4,270

1,358,543

WESCO

International,

Inc.

.............

5,793

895,250

5,031,662

Water

Utilities

—

0.2%

Essential

Utilities,

Inc.

................

30,030

1,310,810

Total

Common

Stocks

—

56.5%

(Cost:

$403,892,640)

.............................

388,582,371

Security

Shares

Shares

Value

Investment

Companies

iShares

Russell

2000

ETF

(a)(c)

...........

1,668,582

$

297,675,029

Total

Investment

Companies

—

43.3%

(Cost:

$320,029,454)

.............................

297,675,029

Total

Long-Term

Investments

—

99.8%

(Cost:

$723,922,094)

.............................

686,257,400

Short-Term

Securities

Money

Market

Funds

—

44.5%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(e)

............

305,452,078

305,543,714

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

..................

697,539

697,539

Total

Short-Term

Securities

—

44.5%

(Cost:

$306,244,743)

.............................

306,241,253

Total

Investments

—

144.3%

(Cost:

$1,030,166,837

)

...........................

992,498,653

Liabilities

in

Excess

of

Other

Assets

—

(44.3)%

...........

(304,932,847)

Net

Assets

—

100.0%

..............................

$

687,565,806

(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.

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/23

Shares

Held

at

03/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

110,837,007

$

194,593,821

(a)

$

—

$

116,627

$

(3,741)

$

305,543,714

305,452,078

$

906,215

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

440,000

257,539

(a)

—

—

—

697,539

697,539

19,129

1

iShares

Russell

2000

ETF

.....

181,091,247

209,526,028

(71,020,270)

6,113,004

(28,034,980)

297,675,029

1,668,582

3,549,047

—

$

6,229,631

$

(28,038,721)

$

603,916,282

$

4,474,391

$

1

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2500

ETF

Schedules

of

Investments

37

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

7

06/16/23

$

635

$

13,716

Russell

2000

Micro

E-Mini

Index

................................................

5

06/16/23

45

669

S&P

Midcap

400

E-Mini

Index

.................................................

2

06/16/23

506

12,334

$

26,719

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

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)

......

$

—

$

—

$

26,719

$

—

$

—

$

—

$

26,719

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

For

the

period

ended

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(62,248)

$

—

$

—

$

—

$

(62,248)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

12,974

$

—

$

—

$

—

$

12,974

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

1,176,219

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

2500

ETF

38

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

.........................................

$

388,576,459

$

5,912

$

—

$

388,582,371

Investment

Companies

....................................

297,675,029

—

—

297,675,029

Short-Term

Securities

Money

Market

Funds

......................................

306,241,253

—

—

306,241,253

$

992,492,741

$

5,912

$

—

$

992,498,653

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

26,719

$

—

$

—

$

26,719

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

March

31,

2023

iShares

®

Russell

Mid-Cap

ETF

Schedules

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.4%

Axon

Enterprise,

Inc.

(a)

...............

193,279

$

43,458,783

BWX

Technologies,

Inc.

..............

262,424

16,543,209

Curtiss-Wright

Corp.

.................

109,433

19,288,660

HEICO

Corp.

(b)

....................

128,413

21,963,759

HEICO

Corp.,

Class

A

................

226,054

30,720,739

Hexcel

Corp.

......................

238,676

16,289,637

Howmet

Aerospace,

Inc.

(b)

.............

1,064,307

45,094,688

Huntington

Ingalls

Industries,

Inc.

........

112,788

23,349,372

Mercury

Systems,

Inc.

(a)(b)

.............

140,399

7,177,197

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

..

299,975

10,358,137

Textron,

Inc.

......................

598,088

42,242,955

TransDigm

Group,

Inc.

...............

147,303

108,569,676

Woodward,

Inc.

....................

165,910

16,154,657

401,211,469

Air

Freight

&

Logistics

—

0.4%

CH

Robinson

Worldwide,

Inc.

..........

333,294

33,119,425

Expeditors

International

of

Washington,

Inc.

(b)

454,100

50,005,492

GXO

Logistics,

Inc.

(a)(b)

...............

301,540

15,215,708

98,340,625

Automobile

Components

—

0.6%

Aptiv

plc

(a)

........................

773,999

86,834,948

BorgWarner,

Inc.

...................

670,190

32,913,031

Gentex

Corp.

.....................

671,826

18,831,283

Lear

Corp.

.......................

168,357

23,484,118

QuantumScape

Corp.,

Class

A

(a)(b)

.......

736,937

6,028,144

168,091,524

Automobiles

—

0.2%

Harley-Davidson,

Inc.

................

386,372

14,670,545

Lucid

Group,

Inc.

(a)(b)

.................

1,668,050

13,411,122

Rivian

Automotive,

Inc.,

Class

A

(a)(b)

.......

1,485,760

22,999,565

Thor

Industries,

Inc.

.................

147,748

11,766,650

62,847,882

Banks

—

2.2%

Bank

of

Hawaii

Corp.

(b)

...............

113,489

5,910,507

Bank

OZK

.......................

319,175

10,915,785

BOK

Financial

Corp.

.................

83,507

7,048,826

Citizens

Financial

Group,

Inc.

..........

1,397,752

42,449,728

Columbia

Banking

System,

Inc.

.........

593,543

12,713,691

Comerica,

Inc.

.....................

374,568

16,263,743

Commerce

Bancshares,

Inc.

(b)

..........

324,895

18,957,623

Cullen/Frost

Bankers,

Inc.

.............

168,016

17,698,805

East

West

Bancorp,

Inc.

..............

405,163

22,486,547

Fifth

Third

Bancorp

.................

1,950,510

51,961,586

First

Citizens

BancShares,

Inc.,

Class

A

....

31,485

30,638,054

First

Hawaiian,

Inc.

.................

369,040

7,613,295

First

Horizon

Corp.

..................

1,513,904

26,917,213

First

Republic

Bank

(b)

................

532,204

7,445,534

FNB

Corp.

.......................

1,027,831

11,922,840

Huntington

Bancshares,

Inc.

...........

4,108,296

46,012,915

KeyCorp

.........................

2,663,949

33,352,642

M&T

Bank

Corp.

...................

493,549

59,013,654

New

York

Community

Bancorp,

Inc.

......

1,925,791

17,409,151

PacWest

Bancorp

..................

336,688

3,275,974

Pinnacle

Financial

Partners,

Inc.

.........

214,554

11,834,799

Popular,

Inc.

......................

203,281

11,670,362

Prosperity

Bancshares,

Inc.

............

250,060

15,383,691

Regions

Financial

Corp.

..............

2,675,728

49,661,512

Synovus

Financial

Corp.

..............

412,415

12,714,754

Webster

Financial

Corp.

..............

496,517

19,572,700

Western

Alliance

Bancorp

(b)

............

302,737

10,759,273

Wintrust

Financial

Corp.

..............

171,954

12,544,044

Security

Shares

Shares

Value

Banks

(continued)

Zions

Bancorp

NA

..................

425,673

$

12,740,393

606,889,641

Beverages

—

0.3%

Boston

Beer

Co.,

Inc.

(The),

Class

A,

NVS

(a)(b)

27,434

9,017,556

Brown-Forman

Corp.,

Class

A

(b)

.........

129,354

8,432,587

Brown-Forman

Corp.,

Class

B,

NVS

......

524,806

33,729,282

Molson

Coors

Beverage

Co.,

Class

B

(b)

....

499,476

25,812,919

76,992,344

Biotechnology

—

2.2%

(a)

Alnylam

Pharmaceuticals,

Inc.

..........

351,853

70,483,193

Biogen,

Inc.

......................

411,150

114,312,035

BioMarin

Pharmaceutical,

Inc.

..........

528,256

51,367,613

Exact

Sciences

Corp.

(b)

...............

499,595

33,877,537

Exelixis,

Inc.

......................

918,881

17,835,480

Horizon

Therapeutics

plc

..............

635,532

69,361,963

Incyte

Corp.

(b)

.....................

523,870

37,860,085

Ionis

Pharmaceuticals,

Inc.

(b)

...........

405,520

14,493,285

Mirati

Therapeutics,

Inc.

..............

128,306

4,770,417

Natera,

Inc.

.......................

279,822

15,535,717

Neurocrine

Biosciences,

Inc.

...........

275,074

27,842,990

Novavax,

Inc.

(b)

....................

251,919

1,745,799

Sarepta

Therapeutics,

Inc.

.............

241,358

33,266,373

Seagen,

Inc.

......................

389,174

78,796,060

Ultragenyx

Pharmaceutical,

Inc.

(b)

........

193,720

7,768,172

United

Therapeutics

Corp.

.............

127,574

28,571,473

607,888,192

Broadline

Retail

—

0.5%

eBay,

Inc.

........................

1,554,496

68,972,987

Etsy,

Inc.

(a)(b)

......................

358,388

39,899,336

Kohl's

Corp.

......................

315,753

7,432,826

Macy's,

Inc.

......................

778,906

13,623,066

Nordstrom,

Inc.

(b)

...................

322,045

5,239,672

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)(b)

....

177,980

10,312,161

145,480,048

Building

Products

—

1.8%

Advanced

Drainage

Systems,

Inc.

(b)

......

178,848

15,060,790

Allegion

plc

.......................

250,088

26,691,892

AO

Smith

Corp.

....................

358,066

24,760,264

Armstrong

World

Industries,

Inc.

.........

128,957

9,186,897

AZEK

Co.,

Inc.

(The),

Class

A

(a)(b)

........

322,979

7,602,926

Builders

FirstSource,

Inc.

(a)

............

417,597

37,074,262

Carlisle

Cos.,

Inc.

..................

147,705

33,391,669

Carrier

Global

Corp.

.................

2,397,372

109,679,769

Fortune

Brands

Innovations,

Inc.

........

365,785

21,482,553

Hayward

Holdings,

Inc.

(a)(b)

.............

187,884

2,202,001

Lennox

International,

Inc.

.............

91,229

22,924,023

Masco

Corp.

......................

646,945

32,166,105

Masterbrand,

Inc.

(a)(b)

................

368,220

2,960,489

Owens

Corning

....................

266,303

25,511,827

Trane

Technologies

plc

...............

657,892

121,038,970

Trex

Co.,

Inc.

(a)(b)

...................

317,279

15,441,969

507,176,406

Capital

Markets

—

4.3%

Affiliated

Managers

Group,

Inc.

(b)

........

107,243

15,273,548

Ameriprise

Financial,

Inc.

.............

301,806

92,503,539

Ares

Management

Corp.,

Class

A

........

440,189

36,729,370

Bank

of

New

York

Mellon

Corp.

(The)

.....

2,107,682

95,773,070

Blue

Owl

Capital,

Inc.,

Class

A

..........

1,212,870

13,438,600

Carlyle

Group,

Inc.

(The)

..............

593,049

18,420,102

Cboe

Global

Markets,

Inc.

.............

302,474

40,604,110

Coinbase

Global,

Inc.,

Class

A

(a)(b)

........

456,810

30,866,652

Evercore,

Inc.,

Class

A

...............

104,438

12,050,056

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

Mid-Cap

ETF

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Capital

Markets

(continued)

FactSet

Research

Systems,

Inc.

.........

108,779

$

45,153,075

Franklin

Resources,

Inc.

..............

814,062

21,930,830

Interactive

Brokers

Group,

Inc.,

Class

A

....

265,456

21,916,047

Invesco

Ltd.

......................

1,072,353

17,586,589

Janus

Henderson

Group

plc

...........

392,832

10,465,045

Jefferies

Financial

Group,

Inc.

..........

566,036

17,965,983

KKR

&

Co.,

Inc.

....................

1,641,152

86,193,303

Lazard

Ltd.,

Class

A

.................

235,913

7,811,079

LPL

Financial

Holdings,

Inc.

............

227,871

46,121,090

MarketAxess

Holdings,

Inc.

............

106,488

41,667,690

Morningstar,

Inc.

...................

71,302

14,476,445

MSCI,

Inc.

.......................

222,809

124,703,969

Nasdaq,

Inc.

......................

984,277

53,810,424

Northern

Trust

Corp.

.................

588,409

51,856,485

Raymond

James

Financial,

Inc.

.........

557,265

51,976,107

Robinhood

Markets,

Inc.,

Class

A

(a)(b)

......

1,648,442

16,006,372

SEI

Investments

Co.

.................

294,733

16,961,884

State

Street

Corp.

..................

998,601

75,584,110

Stifel

Financial

Corp.

................

292,281

17,270,884

T.

Rowe

Price

Group,

Inc.

.............

629,896

71,115,258

Tradeweb

Markets,

Inc.,

Class

A

.........

307,831

24,324,806

Virtu

Financial,

Inc.,

Class

A

............

273,241

5,164,255

1,195,720,777

Chemicals

—

3.2%

Albemarle

Corp.

(b)

..................

335,032

74,055,473

Ashland,

Inc.

......................

145,480

14,942,251

Axalta

Coating

Systems

Ltd.

(a)(b)

.........

635,322

19,243,903

Celanese

Corp.

....................

309,933

33,748,604

CF

Industries

Holdings,

Inc.

............

561,297

40,688,420

Chemours

Co.

(The)

.................

421,021

12,605,369

Corteva,

Inc.

......................

2,051,770

123,742,249

DuPont

de

Nemours,

Inc.

.............

1,316,069

94,454,272

Eastman

Chemical

Co.

...............

343,795

28,995,670

Element

Solutions,

Inc.

...............

648,659

12,525,605

FMC

Corp.

.......................

361,121

44,103,708

Ginkgo

Bioworks

Holdings,

Inc.,

Class

A

(a)(b)

.

2,464,174

3,277,352

Huntsman

Corp.

...................

520,348

14,236,721

International

Flavors

&

Fragrances,

Inc.

....

731,623

67,280,051

LyondellBasell

Industries

NV,

Class

A

.....

735,698

69,074,685

Mosaic

Co.

(The)

...................

974,910

44,728,871

NewMarket

Corp.

...................

16,360

5,971,073

Olin

Corp.

........................

350,141

19,432,826

PPG

Industries,

Inc.

.................

674,652

90,120,014

RPM

International,

Inc.

...............

364,793

31,824,541

Scotts

Miracle-Gro

Co.

(The)

...........

116,250

8,107,275

Valvoline,

Inc.

.....................

493,216

17,232,967

Westlake

Corp.

(b)

...................

95,188

11,039,904

881,431,804

Commercial

Services

&

Supplies

—

1.4%

Cintas

Corp.

......................

248,309

114,887,608

Clean

Harbors,

Inc.

(a)

................

146,528

20,889,032

Copart,

Inc.

(a)

.....................

1,220,300

91,778,763

Driven

Brands

Holdings,

Inc.

(a)(b)

.........

177,565

5,381,995

MSA

Safety,

Inc.

...................

106,470

14,213,745

Republic

Services,

Inc.

...............

590,427

79,837,539

Ritchie

Bros

Auctioneers,

Inc.

..........

202,022

11,371,818

Rollins,

Inc.

.......................

666,354

25,008,266

Stericycle,

Inc.

(a)

...................

261,620

11,409,248

Tetra

Tech,

Inc.

....................

150,893

22,167,691

396,945,705

Communications

Equipment

—

1.3%

Arista

Networks,

Inc.

(a)

...............

705,712

118,460,816

Ciena

Corp.

(a)

.....................

423,012

22,216,590

Security

Shares

Shares

Value

Communications

Equipment

(continued)

F5,

Inc.

(a)

........................

170,277

$

24,807,656

Juniper

Networks,

Inc.

...............

915,925

31,526,139

Lumentum

Holdings,

Inc.

(a)

............

195,512

10,559,603

Motorola

Solutions,

Inc.

..............

472,151

135,096,566

Ubiquiti,

Inc.

......................

11,894

3,231,481

Viasat,

Inc.

(a)(b)

.....................

206,349

6,982,850

352,881,701

Construction

&

Engineering

—

0.7%

AECOM

.........................

377,625

31,841,340

MasTec,

Inc.

(a)(b)

....................

175,419

16,566,570

MDU

Resources

Group,

Inc.

...........

578,172

17,622,682

Quanta

Services,

Inc.

(b)

...............

407,329

67,877,305

Valmont

Industries,

Inc.

...............

59,996

19,155,523

WillScot

Mobile

Mini

Holdings

Corp.

(a)

.....

580,328

27,205,777

180,269,197

Construction

Materials

—

0.5%

Eagle

Materials,

Inc.

.................

102,695

15,070,491

Martin

Marietta

Materials,

Inc.

(b)

.........

178,031

63,211,687

Vulcan

Materials

Co.

................

380,198

65,226,769

143,508,947

Consumer

Finance

—

0.7%

Ally

Financial,

Inc.

..................

857,926

21,868,534

Credit

Acceptance

Corp.

(a)(b)

............

18,944

8,260,342

Discover

Financial

Services

............

763,550

75,469,282

OneMain

Holdings,

Inc.

...............

330,186

12,243,297

SLM

Corp.

.......................

687,676

8,520,305

SoFi

Technologies,

Inc.

(a)(b)

............

2,302,352

13,975,277

Synchrony

Financial

.................

1,244,304

36,184,360

Upstart

Holdings,

Inc.

(a)(b)

..............

205,165

3,260,072

179,781,469

Consumer

Staples

Distribution

&

Retail

—

1.1%

Albertsons

Cos.,

Inc.,

Class

A

..........

669,262

13,907,264

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

......

384,276

29,231,875

Casey's

General

Stores,

Inc.

...........

105,857

22,913,806

Dollar

Tree,

Inc.

(a)(b)

.................

597,712

85,801,558

Grocery

Outlet

Holding

Corp.

(a)(b)

.........

257,201

7,268,500

Kroger

Co.

(The)

...................

1,881,474

92,888,372

Performance

Food

Group

Co.

(a)(b)

........

437,049

26,371,537

US

Foods

Holding

Corp.

(a)

.............

580,450

21,441,823

299,824,735

Containers

&

Packaging

—

1.4%

Amcor

plc

........................

4,241,692

48,270,455

AptarGroup,

Inc.

...................

187,411

22,150,106

Ardagh

Group

SA,

Class

A

(a)

...........

58,704

392,143

Ardagh

Metal

Packaging

SA

...........

423,698

1,728,688

Avery

Dennison

Corp.

................

233,058

41,701,068

Ball

Corp.

........................

882,803

48,651,273

Berry

Global

Group,

Inc.

..............

348,981

20,554,981

Crown

Holdings,

Inc.

................

329,804

27,278,089

Graphic

Packaging

Holding

Co.

.........

876,278

22,336,326

International

Paper

Co.

...............

1,019,131

36,749,864

Packaging

Corp.

of

America

...........

261,942

36,365,408

Sealed

Air

Corp.

...................

416,541

19,123,397

Silgan

Holdings,

Inc.

.................

241,633

12,968,443

Sonoco

Products

Co.

................

278,676

16,999,236

WestRock

Co.

.....................

729,333

22,222,776

377,492,253

Distributors

—

0.5%

Genuine

Parts

Co.

..................

397,450

66,497,360

LKQ

Corp.

.......................

717,287

40,713,210

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

Mid-Cap

ETF

Schedules

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Distributors

(continued)

Pool

Corp.

.......................

109,105

$

37,361,916

144,572,486

Diversified

Consumer

Services

—

0.3%

ADT,

Inc.

........................

604,321

4,369,241

Bright

Horizons

Family

Solutions,

Inc.

(a)(b)

...

165,083

12,709,740

Grand

Canyon

Education,

Inc.

(a)

.........

88,893

10,124,913

H&R

Block,

Inc.

(b)

...................

435,451

15,349,648

Mister

Car

Wash,

Inc.

(a)(b)

..............

221,813

1,912,028

Service

Corp.

International

............

429,840

29,564,395

74,029,965

Diversified

REITs

—

0.2%

WP

Carey,

Inc.

....................

599,652

46,443,047

Diversified

Telecommunication

Services

—

0.1%

Frontier

Communications

Parent,

Inc.

(a)(b)

...

700,699

15,954,916

Lumen

Technologies,

Inc.

.............

2,949,293

7,815,627

23,770,543

Electric

Utilities

—

2.8%

Alliant

Energy

Corp.

.................

716,271

38,248,872

Avangrid,

Inc.

.....................

203,042

8,097,315

Constellation

Energy

Corp.

............

937,428

73,588,098

Edison

International

.................

1,076,445

75,986,253

Entergy

Corp.

.....................

581,187

62,617,087

Evergy,

Inc.

.......................

636,284

38,889,678

Eversource

Energy

.................

988,920

77,392,879

FirstEnergy

Corp.

..................

1,554,671

62,280,120

Hawaiian

Electric

Industries,

Inc.

........

313,456

12,036,710

IDACORP,

Inc.

....................

145,064

15,714,783

NRG

Energy,

Inc.

...................

609,492

20,899,481

OGE

Energy

Corp.

..................

570,403

21,481,377

PG&E

Corp.

(a)

.....................

4,726,400

76,425,888

Pinnacle

West

Capital

Corp.

...........

322,405

25,547,372

PPL

Corp.

.......................

2,109,910

58,634,399

Xcel

Energy,

Inc.

...................

1,564,548

105,513,117

773,353,429

Electrical

Equipment

—

1.4%

Acuity

Brands,

Inc.

(b)

.................

91,743

16,764,198

AMETEK,

Inc.

.....................

659,674

95,870,423

ChargePoint

Holdings,

Inc.,

Class

A

(a)(b)

....

722,458

7,564,135

Generac

Holdings,

Inc.

(a)(b)

.............

179,136

19,348,479

Hubbell,

Inc.

......................

153,156

37,264,386

nVent

Electric

plc

...................

473,010

20,311,049

Plug

Power,

Inc.

(a)(b)

.................

1,484,353

17,396,617

Regal

Rexnord

Corp.

................

186,991

26,315,244

Rockwell

Automation,

Inc.

.............

329,566

96,711,143

Sensata

Technologies

Holding

plc

........

434,190

21,718,184

Sunrun,

Inc.

(a)(b)

....................

594,518

11,979,538

Vertiv

Holdings

Co.,

Class

A

...........

875,681

12,530,995

383,774,391

Electronic

Equipment,

Instruments

&

Components

—

2.5%

Amphenol

Corp.,

Class

A

.............

1,679,363

137,237,544

Arrow

Electronics,

Inc.

(a)

..............

166,711

20,817,203

Avnet,

Inc.

.......................

259,555

11,731,886

CDW

Corp.

.......................

388,043

75,625,700

Cognex

Corp.

.....................

496,478

24,600,485

Coherent

Corp.

(a)(b)

..................

338,673

12,896,668

Corning,

Inc.

......................

2,106,367

74,312,628

IPG

Photonics

Corp.

(a)

...............

93,209

11,493,602

Jabil,

Inc.

........................

373,641

32,940,191

Keysight

Technologies,

Inc.

(a)

...........

513,117

82,858,133

Littelfuse,

Inc.

.....................

69,495

18,630,914

National

Instruments

Corp.

............

375,666

19,688,655

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

TD

SYNNEX

Corp.

..................

133,563

$

12,927,563

Teledyne

Technologies,

Inc.

(a)(b)

.........

132,563

59,303,384

Trimble,

Inc.

(a)(b)

....................

706,507

37,035,097

Vontier

Corp.

......................

450,066

12,304,804

Zebra

Technologies

Corp.,

Class

A

(a)

......

147,892

47,029,656

691,434,113

Energy

Equipment

&

Services

—

0.7%

Baker

Hughes

Co.,

Class

A

(b)

...........

2,703,530

78,023,876

Halliburton

Co.

....................

2,572,357

81,389,376

NOV,

Inc.

........................

1,126,028

20,842,778

180,256,030

Entertainment

—

1.8%

AMC

Entertainment

Holdings,

Inc.,

Class

A

(a)(b)

1,474,570

7,387,596

Electronic

Arts,

Inc.

.................

784,236

94,461,226

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A

(a)(b)

.....................

61,728

4,166,640

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C,

NVS

(a)(b)

.................

574,122

42,961,549

Live

Nation

Entertainment,

Inc.

(a)(b)

.......

448,158

31,371,060

Madison

Square

Garden

Sports

Corp.

.....

53,076

10,341,859

Playtika

Holding

Corp.

(a)

..............

258,513

2,910,856

ROBLOX

Corp.,

Class

A

(a)(b)

............

1,282,755

57,698,320

Roku,

Inc.,

Class

A

(a)(b)

...............

347,746

22,888,642

Spotify

Technology

SA

(a)(b)

.............

400,727

53,545,142

Take-Two

Interactive

Software,

Inc.

(a)(b)

....

473,057

56,435,700

Warner

Bros

Discovery,

Inc.

(a)

..........

6,753,937

101,984,449

World

Wrestling

Entertainment,

Inc.,

Class

A

(b)

124,586

11,369,718

497,522,757

Financial

Services

—

1.4%

Affirm

Holdings,

Inc.,

Class

A

(a)(b)

.........

641,262

7,227,023

Apollo

Global

Management,

Inc.

.........

1,387,818

87,654,585

Equitable

Holdings,

Inc.

..............

1,052,598

26,725,463

Euronet

Worldwide,

Inc.

(a)(b)

............

136,472

15,271,217

FleetCor

Technologies,

Inc.

(a)(b)

..........

206,005

43,436,154

Global

Payments,

Inc.

...............

749,519

78,879,380

Jack

Henry

&

Associates,

Inc.

..........

208,655

31,448,482

MGIC

Investment

Corp.

..............

848,821

11,391,178

Rocket

Cos.,

Inc.,

Class

A

(a)(b)

...........

341,850

3,097,161

Shift4

Payments,

Inc.,

Class

A

(a)(b)

........

146,170

11,079,686

TFS

Financial

Corp.

.................

157,685

1,991,561

Toast,

Inc.,

Class

A

(a)(b)

...............

740,054

13,135,958

UWM

Holdings

Corp.,

Class

A

(b)

.........

268,687

1,319,253

Voya

Financial,

Inc.

.................

281,130

20,089,550

Western

Union

Co.

(The)

.............

956,104

10,660,560

WEX,

Inc.

(a)

.......................

124,445

22,884,191

386,291,402

Food

Products

—

2.1%

Bunge

Ltd.

.......................

396,918

37,913,607

Campbell

Soup

Co.

.................

554,650

30,494,657

Conagra

Brands,

Inc.

................

1,350,472

50,723,728

Darling

Ingredients,

Inc.

(a)(b)

............

457,884

26,740,426

Flowers

Foods,

Inc.

.................

538,233

14,752,967

Freshpet,

Inc.

(a)(b)

...................

131,979

8,735,690

Hershey

Co.

(The)

..................

418,684

106,517,396

Hormel

Foods

Corp.

.................

822,951

32,819,286

Ingredion,

Inc.

.....................

187,169

19,040,702

JM

Smucker

Co.

(The)

...............

295,772

46,545,640

Kellogg

Co.

.......................

730,867

48,938,854

Lamb

Weston

Holdings,

Inc.

...........

413,947

43,265,741

McCormick

&

Co.,

Inc.,

NVS

...........

717,634

59,714,325

Pilgrim's

Pride

Corp.

(a)

...............

136,200

3,157,116

Post

Holdings,

Inc.

(a)(b)

................

154,344

13,870,895

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

Mid-Cap

ETF

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Food

Products

(continued)

Seaboard

Corp.

....................

725

$

2,733,257

Tyson

Foods,

Inc.,

Class

A

............

795,753

47,204,068

593,168,355

Gas

Utilities

—

0.3%

Atmos

Energy

Corp.

.................

408,215

45,867,037

National

Fuel

Gas

Co.

...............

251,485

14,520,744

UGI

Corp.

........................

597,740

20,777,443

81,165,224

Ground

Transportation

—

0.9%

Avis

Budget

Group,

Inc.

(a)(b)

............

72,930

14,206,764

Hertz

Global

Holdings,

Inc.

(a)(b)

..........

521,653

8,497,727

JB

Hunt

Transport

Services,

Inc.

........

236,300

41,461,198

Knight-Swift

Transportation

Holdings,

Inc.

..

447,209

25,303,085

Landstar

System,

Inc.

(b)

...............

101,791

18,247,055

Lyft,

Inc.,

Class

A

(a)(b)

.................

936,228

8,678,833

Old

Dominion

Freight

Line,

Inc.

.........

284,365

96,922,967

RXO,

Inc.

(a)(b)

......................

326,206

6,406,686

Ryder

System,

Inc.

..................

140,528

12,540,719

Schneider

National,

Inc.,

Class

B

........

153,569

4,107,971

U-Haul

Holding

Co.

.................

25,497

1,520,896

U-Haul

Holding

Co.,

NVS

(b)

............

232,706

12,065,806

XPO,

Inc.

(a)

.......................

297,274

9,483,040

259,442,747

Health

Care

Equipment

&

Supplies

—

3.3%

Align

Technology,

Inc.

(a)(b)

..............

224,616

75,053,190

Cooper

Cos.,

Inc.

(The)

(b)

.............

139,325

52,018,382

Dentsply

Sirona,

Inc.

................

612,383

24,054,404

Dexcom,

Inc.

(a)

....................

1,105,262

128,409,339

Enovis

Corp.

(a)(b)

....................

147,399

7,884,372

Envista

Holdings

Corp.

(a)(b)

.............

466,626

19,075,671

Globus

Medical,

Inc.,

Class

A

(a)

.........

221,823

12,564,055

Hologic,

Inc.

(a)

.....................

696,064

56,172,365

ICU

Medical,

Inc.

(a)(b)

.................

57,499

9,485,035

IDEXX

Laboratories,

Inc.

(a)

.............

235,736

117,886,859

Insulet

Corp.

(a)(b)

....................

197,060

62,854,258

Integra

LifeSciences

Holdings

Corp.

(a)

.....

206,430

11,851,146

Masimo

Corp.

(a)(b)

...................

136,280

25,149,111

Novocure

Ltd.

(a)(b)

...................

294,952

17,738,413

Penumbra,

Inc.

(a)(b)

..................

101,944

28,410,773

QuidelOrtho

Corp.

(a)

.................

140,428

12,510,731

ResMed,

Inc.

.....................

414,586

90,790,188

STERIS

plc

.......................

285,677

54,644,297

Tandem

Diabetes

Care,

Inc.

(a)(b)

.........

183,029

7,432,808

Teleflex,

Inc.

(b)

.....................

134,328

34,026,626

Zimmer

Biomet

Holdings,

Inc.

..........

602,206

77,805,015

925,817,038

Health

Care

Providers

&

Services

—

1.7%

Acadia

Healthcare

Co.,

Inc.

(a)

...........

256,435

18,527,429

agilon

health,

Inc.

(a)(b)

................

539,827

12,820,891

Amedisys,

Inc.

(a)

...................

92,056

6,770,719

AmerisourceBergen

Corp.

.............

466,751

74,731,503

Cardinal

Health,

Inc.

.................

737,387

55,672,718

Chemed

Corp.

.....................

41,791

22,473,110

DaVita,

Inc.

(a)(b)

....................

159,508

12,937,694

Encompass

Health

Corp.

.............

281,674

15,238,563

Enhabit,

Inc.

(a)

.....................

136,880

1,904,001

Guardant

Health,

Inc.

(a)(b)

..............

283,221

6,638,700

Henry

Schein,

Inc.

(a)

.................

388,390

31,669,321

Laboratory

Corp.

of

America

Holdings

.....

253,502

58,158,429

Molina

Healthcare,

Inc.

(a)

..............

164,157

43,910,356

Oak

Street

Health,

Inc.

(a)

..............

335,275

12,968,437

Premier,

Inc.,

Class

A

................

340,803

11,031,793

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

Quest

Diagnostics,

Inc.

...............

317,745

$

44,954,563

Tenet

Healthcare

Corp.

(a)(b)

.............

305,155

18,132,310

Universal

Health

Services,

Inc.,

Class

B

(b)

..

177,261

22,529,873

471,070,410

Health

Care

REITs

—

0.8%

Healthcare

Realty

Trust,

Inc.,

Class

A

.....

1,083,459

20,943,262

Healthpeak

Properties,

Inc.

............

1,569,630

34,484,771

Medical

Properties

Trust,

Inc.

(b)

..........

1,696,645

13,946,422

Omega

Healthcare

Investors,

Inc.

(b)

.......

672,604

18,436,076

Ventas,

Inc.

......................

1,142,907

49,545,018

Welltower,

Inc.

.....................

1,354,411

97,097,725

234,453,274

Health

Care

Technology

—

0.4%

(a)

Certara,

Inc.

(b)

.....................

334,078

8,054,620

Definitive

Healthcare

Corp.,

Class

A

(b)

.....

104,961

1,084,247

Doximity,

Inc.,

Class

A

(b)

..............

319,091

10,332,167

Teladoc

Health,

Inc.

(b)

................

458,431

11,873,363

Veeva

Systems,

Inc.,

Class

A

...........

398,928

73,318,977

104,663,374

Hotel

&

Resort

REITs

—

0.2%

Host

Hotels

&

Resorts,

Inc.

............

2,024,228

33,379,520

Park

Hotels

&

Resorts,

Inc.

............

643,192

7,949,853

41,329,373

Hotels,

Restaurants

&

Leisure

—

3.6%

Aramark

.........................

675,434

24,180,537

Boyd

Gaming

Corp.

.................

220,709

14,151,861

Caesars

Entertainment,

Inc.

(a)

..........

588,942

28,746,259

Carnival

Corp.

(a)(b)

...................

2,803,714

28,457,697

Chipotle

Mexican

Grill,

Inc.

(a)

...........

78,815

134,638,876

Choice

Hotels

International,

Inc.

(b)

........

91,759

10,753,237

Churchill

Downs,

Inc.

................

101,919

26,198,279

Darden

Restaurants,

Inc.

.............

350,889

54,443,937

Domino's

Pizza,

Inc.

.................

101,231

33,393,070

DoorDash,

Inc.,

Class

A

(a)(b)

............

715,387

45,469,998

DraftKings,

Inc.,

Class

A

(a)(b)

............

1,010,405

19,561,441

Expedia

Group,

Inc.

(a)(b)

...............

421,542

40,902,220

Hilton

Worldwide

Holdings,

Inc.

.........

752,927

106,064,827

Hyatt

Hotels

Corp.,

Class

A

(a)(b)

..........

135,239

15,118,368

Las

Vegas

Sands

Corp.

(a)

.............

946,869

54,397,624

Marriott

Vacations

Worldwide

Corp.

.......

106,797

14,402,644

MGM

Resorts

International

............

909,569

40,403,055

Norwegian

Cruise

Line

Holdings

Ltd.

(a)(b)

...

1,196,294

16,090,154

Penn

Entertainment,

Inc.

(a)(b)

...........

440,905

13,077,242

Planet

Fitness,

Inc.,

Class

A

(a)

..........

239,251

18,582,625

Royal

Caribbean

Cruises

Ltd.

(a)(b)

........

629,911

41,133,188

Six

Flags

Entertainment

Corp.

(a)

.........

210,542

5,623,577

Travel

+

Leisure

Co.

.................

228,241

8,947,047

Vail

Resorts,

Inc.

...................

115,251

26,931,854

Wendy's

Co.

(The)

..................

490,437

10,681,718

Wyndham

Hotels

&

Resorts,

Inc.

........

247,811

16,813,976

Wynn

Resorts

Ltd.

(a)

.................

298,449

33,399,428

Yum!

Brands,

Inc.

..................

808,919

106,842,022

989,406,761

Household

Durables

—

1.5%

DR

Horton,

Inc.

....................

903,301

88,243,475

Garmin

Ltd.

.......................

442,235

44,630,356

Leggett

&

Platt,

Inc.

(b)

................

384,091

12,244,821

Lennar

Corp.,

Class

A

................

717,904

75,458,889

Lennar

Corp.,

Class

B

...............

42,100

3,759,951

Mohawk

Industries,

Inc.

(a)

.............

151,080

15,141,238

Newell

Brands,

Inc.

.................

1,083,028

13,472,868

NVR,

Inc.

(a)

.......................

8,388

46,739,530

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

Mid-Cap

ETF

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Household

Durables

(continued)

PulteGroup,

Inc.

...................

650,676

$

37,921,397

Tempur

Sealy

International,

Inc.

.........

475,930

18,794,476

Toll

Brothers,

Inc.

...................

316,597

19,005,318

TopBuild

Corp.

(a)

...................

91,417

19,027,534

Whirlpool

Corp.

....................

153,024

20,202,229

414,642,082

Household

Products

—

0.5%

Church

&

Dwight

Co.,

Inc.

.............

697,439

61,660,582

Clorox

Co.

(The)

...................

352,768

55,822,008

Reynolds

Consumer

Products,

Inc.

.......

153,860

4,231,150

Spectrum

Brands

Holdings,

Inc.

.........

114,395

7,575,237

129,288,977

Independent

Power

and

Renewable

Electricity

Producers

—

0.3%

AES

Corp.

(The)

...................

1,912,190

46,045,535

Brookfield

Renewable

Corp.

...........

364,238

12,730,118

Vistra

Corp.

......................

1,121,804

26,923,296

85,698,949

Industrial

REITs

—

0.3%

Americold

Realty

Trust,

Inc.

............

766,812

21,815,801

EastGroup

Properties,

Inc.

............

117,628

19,446,261

First

Industrial

Realty

Trust,

Inc.

.........

376,620

20,036,184

Rexford

Industrial

Realty,

Inc.

..........

561,543

33,496,040

94,794,286

Insurance

—

4.4%

Aflac,

Inc.

........................

1,750,018

112,911,161

Allstate

Corp.

(The)

.................

756,790

83,859,900

American

Financial

Group,

Inc.

.........

193,297

23,485,585

Arch

Capital

Group

Ltd.

(a)(b)

............

1,013,912

68,814,207

Arthur

J

Gallagher

&

Co.

..............

596,753

114,164,816

Assurant,

Inc.

.....................

152,436

18,302,991

Assured

Guaranty

Ltd.

...............

164,366

8,262,679

Axis

Capital

Holdings

Ltd.

.............

224,468

12,237,995

Brighthouse

Financial,

Inc.

(a)(b)

..........

195,836

8,638,326

Brown

&

Brown,

Inc.

.................

676,452

38,841,874

Cincinnati

Financial

Corp.

.............

439,736

49,285,611

CNA

Financial

Corp.

.................

77,067

3,007,925

Erie

Indemnity

Co.,

Class

A,

NVS

........

71,715

16,613,497

Everest

Re

Group

Ltd.

...............

111,762

40,013,031

F&G

Annuities

&

Life,

Inc.

.............

51,023

924,537

Fidelity

National

Financial,

Inc.

..........

741,113

25,887,077

First

American

Financial

Corp.

..........

289,538

16,115,685

Globe

Life,

Inc.

....................

256,420

28,211,328

Hanover

Insurance

Group,

Inc.

(The)

.....

101,726

13,071,791

Hartford

Financial

Services

Group,

Inc.

(The)

911,744

63,539,439

Kemper

Corp.

.....................

183,630

10,037,216

Lincoln

National

Corp.

...............

489,491

10,998,863

Loews

Corp.

(b)

.....................

558,493

32,403,764

Markel

Corp.

(a)(b)

....................

37,799

48,284,821

Old

Republic

International

Corp.

.........

800,115

19,978,872

Primerica,

Inc.

(b)

....................

105,498

18,170,975

Principal

Financial

Group,

Inc.

..........

692,900

51,496,328

Prudential

Financial,

Inc.

..............

1,054,012

87,208,953

Reinsurance

Group

of

America,

Inc.

......

191,543

25,429,249

RenaissanceRe

Holdings

Ltd.

..........

123,632

24,768,435

Ryan

Specialty

Holdings,

Inc.,

Class

A

(a)(b)

..

234,542

9,437,970

Unum

Group

......................

565,400

22,367,224

White

Mountains

Insurance

Group

Ltd.

....

7,120

9,807,729

Willis

Towers

Watson

plc

..............

308,181

71,615,101

WR

Berkley

Corp.

..................

591,032

36,797,652

1,224,992,607

Security

Shares

Shares

Value

Interactive

Media

&

Services

—

0.4%

(a)(b)

IAC,

Inc.

.........................

221,442

$

11,426,407

Match

Group,

Inc.

..................

799,901

30,708,200

Pinterest,

Inc.,

Class

A

...............

1,706,301

46,530,828

TripAdvisor,

Inc.

....................

290,312

5,765,596

ZoomInfo

Technologies,

Inc.

...........

789,180

19,500,638

113,931,669

IT

Services

—

1.8%

Akamai

Technologies,

Inc.

(a)

............

442,545

34,651,274

Amdocs

Ltd.

......................

341,196

32,765,052

Cloudflare,

Inc.,

Class

A

(a)(b)

............

810,823

49,995,346

DXC

Technology

Co.

(a)(b)

..............

661,356

16,904,259

EPAM

Systems,

Inc.

(a)(b)

..............

157,117

46,977,983

Gartner,

Inc.

(a)(b)

....................

220,310

71,770,389

Globant

SA

(a)

......................

116,269

19,069,279

GoDaddy,

Inc.,

Class

A

(a)(b)

.............

447,897

34,810,555

Kyndryl

Holdings,

Inc.

(a)

...............

587,499

8,671,485

MongoDB,

Inc.,

Class

A

(a)(b)

............

190,203

44,340,123

Okta,

Inc.,

Class

A

(a)

.................

432,262

37,278,275

Thoughtworks

Holding,

Inc.

(a)(b)

..........

266,501

1,961,447

Twilio,

Inc.,

Class

A

(a)(b)

...............

500,518

33,349,514

VeriSign,

Inc.

(a)

....................

265,606

56,130,516

Wix.com

Ltd.

(a)(b)

...................

159,477

15,915,805

504,591,302

Leisure

Products

—

0.3%

Brunswick

Corp.

...................

208,787

17,120,534

Hasbro,

Inc.

......................

376,490

20,213,748

Mattel,

Inc.

(a)

......................

1,007,275

18,543,933

Peloton

Interactive,

Inc.,

Class

A

(a)(b)

......

879,701

9,975,809

Polaris,

Inc.

(b)

.....................

157,137

17,384,066

YETI

Holdings,

Inc.

(a)(b)

...............

247,454

9,898,160

93,136,250

Life

Sciences

Tools

&

Services

—

2.7%

10X

Genomics,

Inc.,

Class

A

(a)(b)

.........

265,820

14,830,098

Agilent

Technologies,

Inc.

.............

848,462

117,376,233

Avantor,

Inc.

(a)(b)

....................

1,749,693

36,988,510

Azenta,

Inc.

(a)

.....................

196,188

8,753,909

Bio-Rad

Laboratories,

Inc.,

Class

A

(a)(b)

....

61,305

29,366,321

Bio-Techne

Corp.

...................

444,596

32,984,577

Bruker

Corp.

......................

306,172

24,138,600

Charles

River

Laboratories

International,

Inc.

(a)

144,312

29,125,048

IQVIA

Holdings,

Inc.

(a)

................

532,215

105,852,241

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(a)

316,453

4,433,507

Mettler-Toledo

International,

Inc.

(a)(b)

......

62,963

96,346,612

PerkinElmer,

Inc.

...................

361,570

48,182,818

QIAGEN

NV

(a)(b)

....................

649,995

29,854,270

Repligen

Corp.

(a)(b)

..................

158,321

26,654,924

Sotera

Health

Co.

(a)

.................

288,446

5,166,068

Syneos

Health,

Inc.,

Class

A

(a)

..........

295,981

10,542,843

Waters

Corp.

(a)(b)

...................

169,084

52,353,479

West

Pharmaceutical

Services,

Inc.

(b)

.....

211,983

73,445,750

746,395,808

Machinery

—

4.3%

AGCO

Corp.

......................

177,336

23,975,827

Allison

Transmission

Holdings,

Inc.

.......

262,957

11,896,175

Crane

Holdings

Co.

.................

135,415

15,369,603

Cummins,

Inc.

.....................

403,517

96,392,141

Donaldson

Co.,

Inc.

.................

347,672

22,716,888

Dover

Corp.

......................

400,988

60,926,117

Esab

Corp.

.......................

162,764

9,614,469

Flowserve

Corp.

...................

372,591

12,668,094

Fortive

Corp.

......................

1,016,723

69,310,007

Gates

Industrial

Corp.

plc

(a)(b)

...........

319,974

4,444,439

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

Mid-Cap

ETF

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Machinery

(continued)

Graco,

Inc.

.......................

480,126

$

35,053,999

IDEX

Corp.

.......................

217,820

50,322,955

Ingersoll

Rand,

Inc.

.................

1,166,480

67,865,806

ITT,

Inc.

.........................

238,592

20,590,490

Lincoln

Electric

Holdings,

Inc.

..........

160,061

27,066,315

Middleby

Corp.

(The)

(a)

...............

153,309

22,476,633

Nordson

Corp.

.....................

164,051

36,461,975

Oshkosh

Corp.

....................

188,320

15,664,458

Otis

Worldwide

Corp.

................

1,196,116

100,952,190

PACCAR,

Inc.

.....................

1,468,015

107,458,698

Parker-Hannifin

Corp.

................

367,042

123,366,487

Pentair

plc

.......................

470,378

25,997,792

Snap-on,

Inc.

.....................

150,326

37,113,986

Stanley

Black

&

Decker,

Inc.

...........

423,199

34,101,375

Timken

Co.

(The)

...................

174,731

14,279,017

Toro

Co.

(The)

.....................

298,444

33,175,035

Westinghouse

Air

Brake

Technologies

Corp.

.

518,189

52,368,180

Xylem,

Inc.

.......................

512,767

53,686,705

1,185,315,856

Marine

Transportation

—

0.0%

Kirby

Corp.

(a)

......................

170,675

11,896,047

Media

—

1.4%

Altice

USA,

Inc.,

Class

A

(a)

.............

611,309

2,090,677

Cable

One,

Inc.

....................

16,634

11,677,068

DISH

Network

Corp.,

Class

A

(a)(b)

........

713,508

6,657,030

Fox

Corp.,

Class

A,

NVS

..............

837,833

28,528,213

Fox

Corp.,

Class

B

..................

399,061

12,494,600

Interpublic

Group

of

Cos.,

Inc.

(The)

......

1,113,119

41,452,552

Liberty

Broadband

Corp.,

Class

A

(a)(b)

......

49,084

4,030,778

Liberty

Broadband

Corp.,

Class

C,

NVS

(a)(b)

.

342,649

27,994,423

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

A

(a)

214,452

6,023,957

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

C,

NVS

(a)

........................

442,642

12,389,549

New

York

Times

Co.

(The),

Class

A

.......

466,237

18,127,294

News

Corp.,

Class

A,

NVS

............

1,092,331

18,864,556

News

Corp.,

Class

B

................

342,390

5,967,858

Nexstar

Media

Group,

Inc.

.............

103,465

17,864,267

Omnicom

Group,

Inc.

................

573,630

54,116,254

Paramount

Global,

Class

A

(b)

...........

30,910

798,715

Paramount

Global,

Class

B,

NVS

........

1,650,820

36,829,794

Sirius

XM

Holdings,

Inc.

(b)

.............

2,015,270

8,000,622

Trade

Desk,

Inc.

(The),

Class

A

(a)(b)

.......

1,256,304

76,521,477

390,429,684

Metals

&

Mining

—

1.1%

Alcoa

Corp.

.......................

509,078

21,666,360

Cleveland-Cliffs,

Inc.

(a)(b)

..............

1,461,827

26,795,289

MP

Materials

Corp.,

Class

A

(a)(b)

.........

259,897

7,326,496

Nucor

Corp.

......................

735,458

113,606,197

Reliance

Steel

&

Aluminum

Co.

.........

167,585

43,025,773

Royal

Gold,

Inc.

....................

187,540

24,325,813

SSR

Mining,

Inc.

...................

588,049

8,891,301

Steel

Dynamics,

Inc.

.................

476,542

53,877,839

United

States

Steel

Corp.

.............

644,837

16,830,246

316,345,314

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.2%

AGNC

Investment

Corp.

..............

1,628,485

16,415,129

Annaly

Capital

Management,

Inc.

........

1,343,329

25,671,017

Rithm

Capital

Corp.

.................

1,238,876

9,911,008

Starwood

Property

Trust,

Inc.

...........

841,776

14,891,017

66,888,171

Security

Shares

Shares

Value

Multi-Utilities

—

1.9%

Ameren

Corp.

.....................

739,220

$

63,861,216

CenterPoint

Energy,

Inc.

..............

1,805,975

53,204,024

CMS

Energy

Corp.

..................

829,859

50,936,745

Consolidated

Edison,

Inc.

.............

1,016,096

97,209,904

DTE

Energy

Co.

...................

552,310

60,500,037

NiSource,

Inc.

.....................

1,166,701

32,620,960

Public

Service

Enterprise

Group,

Inc.

.....

1,428,988

89,240,301

WEC

Energy

Group,

Inc.

..............

903,554

85,647,884

533,221,071

Office

REITs

—

0.5%

Alexandria

Real

Estate

Equities,

Inc.

......

491,807

61,766,041

Boston

Properties,

Inc.

...............

448,405

24,267,679

Cousins

Properties,

Inc.

..............

433,789

9,274,409

Douglas

Emmett,

Inc.

................

483,975

5,967,412

Highwoods

Properties,

Inc.

............

300,632

6,971,656

Hudson

Pacific

Properties,

Inc.

..........

386,861

2,572,626

JBG

SMITH

Properties

...............

307,160

4,625,829

Kilroy

Realty

Corp.

..................

334,334

10,832,422

SL

Green

Realty

Corp.

(b)

..............

182,714

4,297,433

Vornado

Realty

Trust

................

510,387

7,844,648

138,420,155

Oil,

Gas

&

Consumable

Fuels

—

4.0%

Antero

Midstream

Corp.

..............

956,856

10,037,419

Antero

Resources

Corp.

(a)(b)

............

817,019

18,864,969

APA

Corp.

.......................

919,010

33,139,501

Cheniere

Energy,

Inc.

................

713,943

112,517,417

Chesapeake

Energy

Corp.

............

348,000

26,461,920

Coterra

Energy,

Inc.

.................

2,246,641

55,132,570

Devon

Energy

Corp.

.................

1,866,385

94,457,745

Diamondback

Energy,

Inc.

.............

512,552

69,281,654

DT

Midstream,

Inc.

..................

276,918

13,671,442

Enviva,

Inc.

.......................

89,059

2,572,024

EQT

Corp.

.......................

1,058,250

33,768,757

Hess

Corp.

.......................

807,746

106,897,106

HF

Sinclair

Corp.

...................

385,403

18,645,797

Marathon

Oil

Corp.

..................

1,812,223

43,420,863

New

Fortress

Energy,

Inc.,

Class

A

.......

157,266

4,628,338

ONEOK,

Inc.

......................

1,272,646

80,863,927

Ovintiv,

Inc.

.......................

704,909

25,433,117

PDC

Energy,

Inc.

...................

250,888

16,101,992

Phillips

66

........................

1,336,621

135,506,637

Range

Resources

Corp.

(b)

.............

672,230

17,793,928

Southwestern

Energy

Co.

(a)

............

3,179,351

15,896,755

Targa

Resources

Corp.

...............

648,036

47,274,226

Texas

Pacific

Land

Corp.

..............

16,387

27,874,615

Vitesse

Energy,

Inc.

.................

67,416

1,282,926

Williams

Cos.,

Inc.

(The)

..............

3,494,399

104,342,754

1,115,868,399

Paper

&

Forest

Products

—

0.0%

Louisiana-Pacific

Corp.

...............

202,822

10,994,981

Passenger

Airlines

—

0.8%

Alaska

Air

Group,

Inc.

(a)

...............

359,866

15,099,977

American

Airlines

Group,

Inc.

(a)(b)

........

1,852,717

27,327,576

Copa

Holdings

SA,

Class

A,

NVS

(a)(b)

......

80,969

7,477,487

Delta

Air

Lines,

Inc.

(a)

................

1,838,417

64,197,522

JetBlue

Airways

Corp.

(a)

..............

926,999

6,748,553

Southwest

Airlines

Co.

...............

1,695,361

55,167,047

United

Airlines

Holdings,

Inc.

(a)

..........

936,324

41,432,337

217,450,499

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

Mid-Cap

ETF

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Personal

Care

Products

—

0.1%

(a)(b)

Coty,

Inc.,

Class

A

..................

1,003,092

$

12,097,290

Olaplex

Holdings,

Inc.

................

347,460

1,483,654

13,580,944

Pharmaceuticals

—

0.6%

Catalent,

Inc.

(a)(b)

...................

513,588

33,747,867

Elanco

Animal

Health,

Inc.

(a)

............

1,276,302

11,997,239

Jazz

Pharmaceuticals

plc

(a)(b)

...........

175,807

25,725,838

Organon

&

Co.

....................

726,414

17,085,257

Perrigo

Co.

plc

....................

386,218

13,853,640

Royalty

Pharma

plc,

Class

A

...........

1,066,953

38,442,317

Viatris,

Inc.

.......................

3,478,797

33,466,027

174,318,185

Professional

Services

—

2.7%

Booz

Allen

Hamilton

Holding

Corp.

.......

377,118

34,955,067

Broadridge

Financial

Solutions,

Inc.

......

334,680

49,054,048

CACI

International,

Inc.,

Class

A

(a)

.......

66,243

19,626,476

Clarivate

plc

(a)(b)

....................

1,361,066

12,780,410

Concentrix

Corp.

...................

122,090

14,840,040

CoStar

Group,

Inc.

(a)

.................

1,154,710

79,501,783

Dun

&

Bradstreet

Holdings,

Inc.

.........

718,952

8,440,496

Equifax,

Inc.

......................

347,940

70,576,150

FTI

Consulting,

Inc.

(a)(b)

...............

96,626

19,069,141

Genpact

Ltd.

......................

510,703

23,604,693

Jacobs

Solutions,

Inc.

................

359,922

42,294,434

KBR,

Inc.

........................

389,185

21,424,634

Leidos

Holdings,

Inc.

................

391,139

36,008,256

ManpowerGroup,

Inc.

(b)

...............

143,813

11,868,887

Paychex,

Inc.

.....................

925,388

106,040,211

Robert

Half

International,

Inc.

...........

301,772

24,313,770

Science

Applications

International

Corp.

...

157,741

16,950,848

SS&C

Technologies

Holdings,

Inc.

.......

630,933

35,628,787

TransUnion

.......................

552,278

34,318,555

Verisk

Analytics,

Inc.

(b)

...............

445,769

85,525,240

746,821,926

Real

Estate

Management

&

Development

—

0.4%

(a)

CBRE

Group,

Inc.,

Class

A

(b)

...........

905,198

65,907,466

Howard

Hughes

Corp.

(The)

(b)

..........

106,383

8,510,640

Jones

Lang

LaSalle,

Inc.

..............

136,877

19,914,235

Opendoor

Technologies,

Inc.

(b)

..........

1,349,294

2,374,757

WeWork,

Inc.,

Class

A

(b)

..............

609,570

473,819

Zillow

Group,

Inc.,

Class

A

.............

162,345

7,094,477

Zillow

Group,

Inc.,

Class

C,

NVS

(b)

.......

450,803

20,047,209

124,322,603

Residential

REITs

—

1.7%

American

Homes

4

Rent,

Class

A

........

884,938

27,831,300

Apartment

Income

REIT

Corp.

..........

426,678

15,279,339

AvalonBay

Communities,

Inc.

..........

399,872

67,202,489

Camden

Property

Trust

...............

297,561

31,196,295

Equity

LifeStyle

Properties,

Inc.

.........

507,907

34,095,797

Equity

Residential

..................

1,060,181

63,610,860

Essex

Property

Trust,

Inc.

.............

184,628

38,613,100

Invitation

Homes,

Inc.

................

1,746,983

54,558,279

Mid-America

Apartment

Communities,

Inc.

..

328,650

49,639,296

Sun

Communities,

Inc.

...............

348,250

49,061,460

UDR,

Inc.

........................

941,716

38,666,859

469,755,074

Retail

REITs

—

1.3%

Brixmor

Property

Group,

Inc.

...........

852,580

18,347,522

Federal

Realty

Investment

Trust

.........

230,064

22,737,225

Kimco

Realty

Corp.

.................

1,725,003

33,689,309

National

Retail

Properties,

Inc.

..........

519,758

22,947,316

Realty

Income

Corp.

.................

1,800,145

113,985,181

Security

Shares

Shares

Value

Retail

REITs

(continued)

Regency

Centers

Corp.

..............

490,138

$

29,986,643

Simon

Property

Group,

Inc.

............

933,949

104,574,269

Spirit

Realty

Capital,

Inc.

..............

401,985

16,015,082

362,282,547

Semiconductors

&

Semiconductor

Equipment

—

2.7%

Allegro

MicroSystems,

Inc.

(a)(b)

..........

188,689

9,055,185

Cirrus

Logic,

Inc.

(a)(b)

.................

156,978

17,170,254

Enphase

Energy,

Inc.

(a)(b)

..............

374,704

78,792,757

Entegris,

Inc.

(b)

....................

424,805

34,838,258

First

Solar,

Inc.

(a)

...................

304,905

66,316,838

GLOBALFOUNDRIES,

Inc.

(a)(b)

..........

182,817

13,195,731

Lattice

Semiconductor

Corp.

(a)(b)

.........

387,638

37,019,429

Microchip

Technology,

Inc.

.............

1,526,569

127,895,951

MKS

Instruments,

Inc.

(b)

..............

164,952

14,618,046

Monolithic

Power

Systems,

Inc.

.........

131,234

65,687,866

ON

Semiconductor

Corp.

(a)(b)

...........

1,242,107

102,250,248

Qorvo,

Inc.

(a)

......................

286,129

29,062,123

Skyworks

Solutions,

Inc.

..............

456,381

53,843,830

Teradyne,

Inc.

.....................

448,955

48,267,152

Universal

Display

Corp.

..............

125,038

19,397,145

Wolfspeed,

Inc.

(a)(b)

..................

351,585

22,835,446

740,246,259

Software

—

5.8%

Alteryx,

Inc.,

Class

A

(a)

...............

173,157

10,188,558

ANSYS,

Inc.

(a)

.....................

249,001

82,867,533

AppLovin

Corp.,

Class

A

(a)

.............

635,115

10,003,061

Aspen

Technology,

Inc.

(a)(b)

.............

77,575

17,754,590

Bentley

Systems,

Inc.,

Class

B

(b)

.........

482,762

20,753,938

BILL

Holdings,

Inc.

(a)(b)

................

282,019

22,883,022

Black

Knight,

Inc.

(a)

..................

442,710

25,482,388

Cadence

Design

Systems,

Inc.

(a)

........

782,090

164,309,288

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)(b)

..

494,966

4,439,845

Ceridian

HCM

Holding,

Inc.

(a)(b)

..........

390,548

28,595,925

Confluent,

Inc.,

Class

A

(a)(b)

............

354,674

8,537,003

Crowdstrike

Holdings,

Inc.,

Class

A

(a)

......

616,646

84,640,830

Datadog,

Inc.,

Class

A

(a)

..............

760,057

55,225,742

DocuSign,

Inc.

(a)(b)

..................

565,239

32,953,434

Dolby

Laboratories,

Inc.,

Class

A

........

169,974

14,519,179

DoubleVerify

Holdings,

Inc.

(a)

...........

246,195

7,422,779

Dropbox,

Inc.,

Class

A

(a)(b)

.............

766,423

16,570,065

Dynatrace,

Inc.

(a)

...................

621,523

26,290,423

Elastic

NV

(a)

......................

223,211

12,923,917

Fair

Isaac

Corp.

(a)(b)

.................

69,650

48,942,359

Five9,

Inc.

(a)(b)

.....................

199,868

14,448,458

Fortinet,

Inc.

(a)(b)

....................

1,850,624

122,992,471

Gen

Digital,

Inc.

....................

1,576,433

27,051,590

Guidewire

Software,

Inc.

(a)

.............

234,568

19,246,304

HubSpot,

Inc.

(a)(b)

...................

132,791

56,934,141

Informatica,

Inc.,

Class

A

(a)(b)

...........

107,066

1,755,882

Jamf

Holding

Corp.

(a)(b)

...............

190,825

3,705,822

Manhattan

Associates,

Inc.

(a)

...........

177,567

27,496,250

nCino,

Inc.

(a)(b)

.....................

203,284

5,037,378

NCR

Corp.

(a)

......................

364,981

8,609,902

New

Relic,

Inc.

(a)

...................

152,120

11,453,115

Nutanix,

Inc.,

Class

A

(a)

...............

655,464

17,035,509

Palantir

Technologies,

Inc.,

Class

A

(a)(b)

....

5,277,181

44,592,179

Paycom

Software,

Inc.

(a)

..............

146,849

44,643,564

Paycor

HCM,

Inc.

(a)(b)

................

174,534

4,628,642

Paylocity

Holding

Corp.

(a)

.............

115,354

22,930,068

Pegasystems,

Inc.

..................

117,927

5,717,101

Procore

Technologies,

Inc.

(a)(b)

..........

202,921

12,708,942

PTC,

Inc.

(a)

.......................

305,803

39,213,119

RingCentral,

Inc.,

Class

A

(a)

............

242,379

7,433,764

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

Mid-Cap

ETF

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

SentinelOne,

Inc.,

Class

A

(a)(b)

..........

545,041

$

8,916,871

Smartsheet,

Inc.,

Class

A

(a)(b)

...........

362,886

17,345,951

Splunk,

Inc.

(a)(b)

....................

466,894

44,765,797

Synopsys,

Inc.

(a)

...................

437,080

168,822,150

Teradata

Corp.

(a)

...................

296,268

11,933,675

Tyler

Technologies,

Inc.

(a)(b)

............

117,716

41,746,802

UiPath,

Inc.,

Class

A

(a)(b)

..............

1,078,151

18,932,332

Unity

Software,

Inc.

(a)(b)

...............

678,064

21,996,396

Zoom

Video

Communications,

Inc.,

Class

A

(a)(b)

702,997

51,909,298

Zscaler,

Inc.

(a)(b)

....................

242,509

28,332,326

1,607,639,678

Specialized

REITs

—

1.8%

CubeSmart

.......................

641,470

29,648,743

EPR

Properties

....................

211,576

8,061,046

Extra

Space

Storage,

Inc.

.............

379,311

61,801,141

Gaming

and

Leisure

Properties,

Inc.

......

699,782

36,430,651

Iron

Mountain,

Inc.

..................

825,807

43,693,448

Lamar

Advertising

Co.,

Class

A

.........

247,268

24,699,601

Life

Storage,

Inc.

...................

241,470

31,654,302

National

Storage

Affiliates

Trust

.........

242,081

10,114,144

Rayonier,

Inc.

.....................

416,946

13,867,624

SBA

Communications

Corp.,

Class

A

......

306,016

79,891,597

VICI

Properties,

Inc.

.................

2,876,689

93,837,595

Weyerhaeuser

Co.

..................

2,106,697

63,474,781

497,174,673

Specialty

Retail

—

3.3%

Advance

Auto

Parts,

Inc.

..............

170,115

20,687,685

AutoNation,

Inc.

(a)(b)

.................

96,255

12,932,822

AutoZone,

Inc.

(a)

...................

53,736

132,091,148

Bath

&

Body

Works,

Inc.

..............

655,320

23,971,606

Best

Buy

Co.,

Inc.

..................

565,271

44,243,761

Burlington

Stores,

Inc.

(a)

..............

185,564

37,502,484

CarMax,

Inc.

(a)(b)

....................

453,648

29,160,494

Carvana

Co.,

Class

A

(a)(b)

..............

294,935

2,887,414

Dick's

Sporting

Goods,

Inc.

............

151,783

21,536,490

Five

Below,

Inc.

(a)(b)

..................

156,710

32,277,559

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)(b)

...

296,319

29,104,452

GameStop

Corp.,

Class

A

(a)(b)

...........

770,566

17,738,429

Gap,

Inc.

(The)

....................

562,162

5,644,107

Leslie's,

Inc.

(a)(b)

....................

503,551

5,544,097

Lithia

Motors,

Inc.,

Class

A

............

77,366

17,711,398

O'Reilly

Automotive,

Inc.

(a)

.............

177,786

150,936,758

Penske

Automotive

Group,

Inc.

(b)

........

73,659

10,445,583

Petco

Health

&

Wellness

Co.,

Inc.

(a)(b)

.....

224,958

2,024,622

RH

(a)(b)

..........................

52,206

12,714,771

Ross

Stores,

Inc.

...................

978,074

103,802,994

Tractor

Supply

Co.

..................

316,129

74,302,960

Ulta

Beauty,

Inc.

(a)(b)

.................

144,663

78,938,259

Victoria's

Secret

&

Co.

(a)(b)

.............

235,982

8,058,785

Wayfair,

Inc.,

Class

A

(a)(b)

..............

225,163

7,732,097

Williams-Sonoma,

Inc.

(b)

..............

189,104

23,006,393

904,997,168

Technology

Hardware,

Storage

&

Peripherals

—

1.0%

Dell

Technologies,

Inc.,

Class

C

.........

678,654

27,288,677

Hewlett

Packard

Enterprise

Co.

.........

3,679,800

58,619,214

HP,

Inc.

.........................

2,813,298

82,570,296

NetApp,

Inc.

......................

623,445

39,806,963

Pure

Storage,

Inc.,

Class

A

(a)

...........

819,088

20,894,935

Western

Digital

Corp.

(a)

...............

912,208

34,362,876

263,542,961

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

—

1.1%

Capri

Holdings

Ltd.

(a)

................

352,008

$

16,544,376

Carter's,

Inc.

......................

107,312

7,717,879

Columbia

Sportswear

Co.

.............

104,224

9,405,174

Deckers

Outdoor

Corp.

(a)

..............

75,505

33,943,273

Hanesbrands,

Inc.

..................

1,001,145

5,266,023

Lululemon

Athletica,

Inc.

(a)(b)

............

319,775

116,458,857

PVH

Corp.

.......................

181,026

16,140,278

Ralph

Lauren

Corp.,

Class

A

...........

115,671

13,495,336

Skechers

USA,

Inc.,

Class

A

(a)

..........

384,276

18,260,795

Tapestry,

Inc.

......................

678,227

29,238,366

Under

Armour,

Inc.,

Class

A

(a)

...........

538,989

5,115,005

Under

Armour,

Inc.,

Class

C,

NVS

(a)(b)

.....

537,424

4,584,227

VF

Corp.

........................

1,001,703

22,949,016

299,118,605

Trading

Companies

&

Distributors

—

1.3%

Air

Lease

Corp.,

Class

A

..............

300,020

11,811,787

Core

&

Main,

Inc.,

Class

A

(a)(b)

..........

210,633

4,865,622

Fastenal

Co.

......................

1,648,004

88,893,336

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

....

133,337

11,200,308

SiteOne

Landscape

Supply,

Inc.

(a)(b)

.......

128,026

17,522,919

United

Rentals,

Inc.

.................

200,412

79,315,053

Univar

Solutions,

Inc.

(a)

...............

460,171

16,119,790

Watsco,

Inc.

(b)

.....................

94,580

30,091,573

WESCO

International,

Inc.

.............

127,738

19,740,631

WW

Grainger,

Inc.

..................

128,998

88,855,112

368,416,131

Water

Utilities

—

0.4%

American

Water

Works

Co.,

Inc.

.........

552,419

80,923,859

Essential

Utilities,

Inc.

................

662,197

28,904,899

109,828,758

Total

Long-Term

Investments

—

99.8%

(Cost:

$21,297,959,943)

...........................

27,661,087,057

Short-Term

Securities

Money

Market

Funds

—

5.2%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(e)

............

1,433,624,247

1,434,054,335

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

..................

26,292,390

26,292,390

Total

Short-Term

Securities

—

5.2%

(Cost:

$1,459,583,422)

...........................

1,460,346,725

Total

Investments

—

105.0%

(Cost:

$22,757,543,365

)

...........................

29,121,433,782

Liabilities

in

Excess

of

Other

Assets

—

(5.0)%

............

(1,399,170,643)

Net

Assets

—

100.0%

..............................

$

27,722,263,139

(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)

March

31,

2023

iShares

®

Russell

Mid-Cap

ETF

Schedules

of

Investments

47

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/23

Shares

Held

at

03/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

1,271,208,989

$

161,972,368

(a)

$

—

$

126,717

$

746,261

$

1,434,054,335

1,433,624,247

$

13,229,862

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

42,720,000

—

(16,427,610)

(a)

—

—

26,292,390

26,292,390

1,023,625

28

$

126,717

$

746,261

$

1,460,346,725

$

14,253,487

$

28

—

—

(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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

.................................................

218

06/16/23

$

55,147

$

1,238,350

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

1,238,350

$

—

$

—

$

—

$

1,238,350

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

For

the

period

ended

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(6,208,408)

$

—

$

—

$

—

$

(6,208,408)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(1,221,066)

$

—

$

—

$

—

$

(1,221,066)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

56,344,826

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

Mid-Cap

ETF

48

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

.........................................

$

27,660,694,914

$

392,143

$

—

$

27,661,087,057

Short-Term

Securities

Money

Market

Funds

......................................

1,460,346,725

—

—

1,460,346,725

$

29,121,041,639

$

392,143

$

—

$

29,121,433,782

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

1,238,350

$

—

$

—

$

1,238,350

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

March

31,

2023

iShares

®

Russell

Mid-Cap

Growth

ETF

Schedules

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.5%

Axon

Enterprise,

Inc.

(a)(b)

..............

179,353

$

40,327,522

BWX

Technologies,

Inc.

..............

122,153

7,700,525

HEICO

Corp.

(a)

....................

144,396

24,697,492

HEICO

Corp.,

Class

A

................

253,914

34,506,912

Howmet

Aerospace,

Inc.

(a)

.............

124,601

5,279,344

Huntington

Ingalls

Industries,

Inc.

........

29,483

6,103,571

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

..

338,076

11,673,764

TransDigm

Group,

Inc.

...............

68,149

50,229,221

180,518,351

Air

Freight

&

Logistics

—

0.3%

CH

Robinson

Worldwide,

Inc.

..........

106,960

10,628,615

Expeditors

International

of

Washington,

Inc.

(a)

167,881

18,487,056

GXO

Logistics,

Inc.

(a)(b)

...............

39,018

1,968,848

31,084,519

Automobile

Components

—

0.2%

Aptiv

plc

(b)

........................

232,515

26,085,858

Automobiles

—

0.1%

Lucid

Group,

Inc.

(a)(b)

.................

1,872,505

15,054,940

Banks

—

0.1%

First

Citizens

BancShares,

Inc.,

Class

A

....

9,399

9,146,167

Western

Alliance

Bancorp

.............

221,365

7,867,312

17,013,479

Beverages

—

0.3%

(a)

Boston

Beer

Co.,

Inc.

(The),

Class

A,

NVS

(b)

.

30,635

10,069,724

Brown-Forman

Corp.,

Class

A

..........

91,627

5,973,164

Brown-Forman

Corp.,

Class

B,

NVS

......

369,714

23,761,519

39,804,407

Biotechnology

—

3.6%

(b)

Alnylam

Pharmaceuticals,

Inc.

(a)

.........

421,367

84,408,237

Exact

Sciences

Corp.

(a)

...............

108,888

7,383,695

Exelixis,

Inc.

......................

951,153

18,461,880

Horizon

Therapeutics

plc

..............

706,033

77,056,442

Incyte

Corp.

......................

540,744

39,079,569

Ionis

Pharmaceuticals,

Inc.

(a)

...........

446,760

15,967,202

Natera,

Inc.

.......................

310,787

17,254,894

Neurocrine

Biosciences,

Inc.

...........

328,916

33,292,877

Novavax,

Inc.

(a)

....................

294,758

2,042,673

Sarepta

Therapeutics,

Inc.

.............

288,319

39,739,008

Seagen,

Inc.

......................

466,244

94,400,423

Ultragenyx

Pharmaceutical,

Inc.

.........

177,579

7,120,918

436,207,818

Broadline

Retail

—

0.5%

eBay,

Inc.

........................

241,907

10,733,413

Etsy,

Inc.

(a)(b)

......................

429,287

47,792,522

Nordstrom,

Inc.

(a)

...................

327,226

5,323,967

Ollie's

Bargain

Outlet

Holdings,

Inc.

(b)

.....

10,468

606,516

64,456,418

Building

Products

—

1.7%

Advanced

Drainage

Systems,

Inc.

(a)

......

213,881

18,010,919

Allegion

plc

.......................

237,482

25,346,454

AO

Smith

Corp.

(a)

...................

103,889

7,183,924

Armstrong

World

Industries,

Inc.

.........

89,342

6,364,724

Carlisle

Cos.,

Inc.

..................

148,484

33,567,778

Fortune

Brands

Innovations,

Inc.

........

150,843

8,859,010

Masco

Corp.

......................

40,374

2,007,395

Masterbrand,

Inc.

(b)

.................

150,246

1,207,978

Trane

Technologies

plc

...............

458,385

84,333,672

Security

Shares

Shares

Value

Building

Products

(continued)

Trex

Co.,

Inc.

(a)(b)

...................

378,844

$

18,438,338

205,320,192

Capital

Markets

—

3.6%

Ameriprise

Financial,

Inc.

.............

230,143

70,538,829

Ares

Management

Corp.,

Class

A

........

525,356

43,835,705

Blue

Owl

Capital,

Inc.,

Class

A

..........

1,448,810

16,052,815

FactSet

Research

Systems,

Inc.

.........

130,295

54,084,152

LPL

Financial

Holdings,

Inc.

............

273,269

55,309,646

MarketAxess

Holdings,

Inc.

............

127,265

49,797,522

Morningstar,

Inc.

...................

77,418

15,718,176

MSCI,

Inc.

.......................

200,674

112,315,231

Raymond

James

Financial,

Inc.

.........

53,449

4,985,188

Tradeweb

Markets,

Inc.,

Class

A

.........

232,977

18,409,842

441,047,106

Chemicals

—

1.8%

Albemarle

Corp.

...................

206,492

45,642,992

Axalta

Coating

Systems

Ltd.

(a)(b)

.........

181,867

5,508,751

CF

Industries

Holdings,

Inc.

............

672,295

48,734,664

Chemours

Co.

(The)

.................

304,985

9,131,251

FMC

Corp.

.......................

148,012

18,076,706

Ginkgo

Bioworks

Holdings,

Inc.,

Class

A

(a)(b)

.

545,865

726,000

Mosaic

Co.

(The)

...................

143,895

6,601,903

PPG

Industries,

Inc.

.................

428,744

57,271,623

RPM

International,

Inc.

...............

22,482

1,961,330

Scotts

Miracle-Gro

Co.

(The)

...........

48,041

3,350,379

Valvoline,

Inc.

.....................

589,807

20,607,857

217,613,456

Commercial

Services

&

Supplies

—

2.5%

Cintas

Corp.

......................

277,033

128,177,628

Copart,

Inc.

(b)

.....................

1,461,979

109,955,441

Driven

Brands

Holdings,

Inc.

(b)

..........

10,530

319,164

MSA

Safety,

Inc.

...................

48,841

6,520,273

Republic

Services,

Inc.

...............

45,118

6,100,856

Ritchie

Bros

Auctioneers,

Inc.

..........

201,745

11,356,226

Rollins,

Inc.

.......................

737,003

27,659,723

Tetra

Tech,

Inc.

....................

73,646

10,819,334

300,908,645

Communications

Equipment

—

1.2%

Arista

Networks,

Inc.

(b)

...............

844,000

141,673,840

Ubiquiti,

Inc.

(a)

.....................

4,040

1,097,628

142,771,468

Construction

&

Engineering

—

0.6%

AECOM

.........................

28,162

2,374,620

Quanta

Services,

Inc.

(a)

...............

266,228

44,364,234

Valmont

Industries,

Inc.

...............

9,949

3,176,517

WillScot

Mobile

Mini

Holdings

Corp.

(a)(b)

....

370,732

17,379,916

67,295,287

Construction

Materials

—

0.5%

Eagle

Materials,

Inc.

.................

101,930

14,958,228

Martin

Marietta

Materials,

Inc.

..........

18,701

6,639,977

Vulcan

Materials

Co.

................

221,947

38,077,227

59,675,432

Consumer

Finance

—

0.0%

(a)(b)

Credit

Acceptance

Corp.

..............

2,372

1,034,287

Upstart

Holdings,

Inc.

................

46,850

744,446

1,778,733

Consumer

Staples

Distribution

&

Retail

—

0.5%

(b)

BJ's

Wholesale

Club

Holdings,

Inc.

.......

290,268

22,080,687

Dollar

Tree,

Inc.

(a)

...................

222,332

31,915,759

Grocery

Outlet

Holding

Corp.

(a)

..........

21,497

607,505

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

Mid-Cap

Growth

ETF

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Consumer

Staples

Distribution

&

Retail

(continued)

Performance

Food

Group

Co.

..........

161,845

$

9,765,727

64,369,678

Containers

&

Packaging

—

1.1%

Ardagh

Metal

Packaging

SA

...........

160,572

655,134

Avery

Dennison

Corp.

................

171,835

30,746,437

Ball

Corp.

........................

420,719

23,185,824

Berry

Global

Group,

Inc.

..............

201,557

11,871,707

Crown

Holdings,

Inc.

................

347,314

28,726,341

Graphic

Packaging

Holding

Co.

.........

810,429

20,657,835

Sealed

Air

Corp.

...................

499,270

22,921,486

138,764,764

Distributors

—

0.4%

Genuine

Parts

Co.

..................

38,411

6,426,544

Pool

Corp.

(a)

......................

130,625

44,731,225

51,157,769

Diversified

Consumer

Services

—

0.2%

(a)

Bright

Horizons

Family

Solutions,

Inc.

(b)

....

55,482

4,271,559

H&R

Block,

Inc.

....................

431,595

15,213,724

Mister

Car

Wash,

Inc.

(b)

...............

200,659

1,729,681

21,214,964

Electrical

Equipment

—

1.0%

ChargePoint

Holdings,

Inc.,

Class

A

(a)(b)

....

866,961

9,077,082

Generac

Holdings,

Inc.

(a)(b)

.............

213,585

23,069,316

Plug

Power,

Inc.

(a)(b)

.................

884,391

10,365,062

Rockwell

Automation,

Inc.

.............

265,925

78,035,691

Vertiv

Holdings

Co.,

Class

A

...........

162,205

2,321,154

122,868,305

Electronic

Equipment,

Instruments

&

Components

—

3.4%

Amphenol

Corp.,

Class

A

.............

1,514,660

123,778,015

Arrow

Electronics,

Inc.

(b)

..............

9,846

1,229,470

CDW

Corp.

.......................

463,574

90,345,937

Cognex

Corp.

(a)

....................

554,143

27,457,786

Coherent

Corp.

(a)(b)

..................

64,233

2,445,992

Corning,

Inc.

......................

149,131

5,261,342

Jabil,

Inc.

(a)

.......................

364,600

32,143,136

Keysight

Technologies,

Inc.

(a)(b)

..........

569,038

91,888,256

National

Instruments

Corp.

............

58,731

3,078,092

Vontier

Corp.

......................

337,366

9,223,586

Zebra

Technologies

Corp.,

Class

A

(a)(b)

.....

72,627

23,095,386

409,946,998

Energy

Equipment

&

Services

—

0.4%

Halliburton

Co.

....................

1,397,970

44,231,771

Entertainment

—

2.8%

Electronic

Arts,

Inc.

.................

58,221

7,012,720

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A

(b)

......................

7,737

522,248

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C,

NVS

(b)

..................

77,600

5,806,808

Live

Nation

Entertainment,

Inc.

(b)

........

267,062

18,694,340

Madison

Square

Garden

Sports

Corp.

.....

32,111

6,256,828

Playtika

Holding

Corp.

(b)

..............

283,724

3,194,732

ROBLOX

Corp.,

Class

A

(a)(b)

............

1,535,961

69,087,526

Roku,

Inc.,

Class

A

(a)(b)

...............

118,042

7,769,524

Spotify

Technology

SA

(a)(b)

.............

480,617

64,220,044

Take-Two

Interactive

Software,

Inc.

(a)(b)

....

469,021

55,954,205

Warner

Bros

Discovery,

Inc.

(b)

..........

5,937,158

89,651,086

World

Wrestling

Entertainment,

Inc.,

Class

A

(a)

147,947

13,501,643

341,671,704

Security

Shares

Shares

Value

Financial

Services

—

2.0%

Apollo

Global

Management,

Inc.

.........

1,263,146

$

79,780,301

Euronet

Worldwide,

Inc.

(a)(b)

............

122,221

13,676,530

FleetCor

Technologies,

Inc.

(a)(b)

..........

245,996

51,868,257

Jack

Henry

&

Associates,

Inc.

..........

248,548

37,461,154

Rocket

Cos.,

Inc.,

Class

A

(a)(b)

...........

219,273

1,986,613

Shift4

Payments,

Inc.,

Class

A

(a)(b)

........

173,456

13,147,965

Toast,

Inc.,

Class

A

(a)(b)

...............

873,244

15,500,081

UWM

Holdings

Corp.,

Class

A

(a)

.........

277,762

1,363,811

Western

Union

Co.

(The)

.............

379,291

4,229,095

WEX,

Inc.

(a)(b)

......................

108,367

19,927,608

238,941,415

Food

Products

—

1.7%

Darling

Ingredients,

Inc.

(a)(b)

............

37,924

2,214,762

Freshpet,

Inc.

(a)(b)

...................

86,219

5,706,836

Hershey

Co.

(The)

..................

434,013

110,417,247

Kellogg

Co.

.......................

478,591

32,046,453

Lamb

Weston

Holdings,

Inc.

...........

493,804

51,612,394

Pilgrim's

Pride

Corp.

(b)

...............

85,997

1,993,410

203,991,102

Gas

Utilities

—

0.0%

National

Fuel

Gas

Co.

...............

25,226

1,456,549

Ground

Transportation

—

1.6%

JB

Hunt

Transport

Services,

Inc.

........

252,233

44,256,802

Landstar

System,

Inc.

(a)

...............

108,800

19,503,488

Lyft,

Inc.,

Class

A

(a)(b)

.................

895,527

8,301,535

Old

Dominion

Freight

Line,

Inc.

(a)

........

340,665

116,112,259

RXO,

Inc.

(a)(b)

......................

26,717

524,722

XPO,

Inc.

(b)

.......................

26,717

852,272

189,551,078

Health

Care

Equipment

&

Supplies

—

5.2%

Align

Technology,

Inc.

(a)(b)

..............

201,689

67,392,363

Dexcom,

Inc.

(b)

....................

1,322,030

153,593,445

Globus

Medical,

Inc.,

Class

A

(b)

.........

18,055

1,022,635

ICU

Medical,

Inc.

(a)(b)

.................

13,072

2,156,357

IDEXX

Laboratories,

Inc.

(a)(b)

...........

281,923

140,984,054

Insulet

Corp.

(a)(b)

....................

235,957

75,260,845

Masimo

Corp.

(b)

....................

124,719

23,015,644

Novocure

Ltd.

(a)(b)

...................

353,919

21,284,689

Penumbra,

Inc.

(a)(b)

..................

122,540

34,150,673

ResMed,

Inc.

.....................

495,503

108,510,202

Tandem

Diabetes

Care,

Inc.

(a)(b)

.........

204,253

8,294,714

635,665,621

Health

Care

Providers

&

Services

—

1.5%

agilon

health,

Inc.

(a)(b)

................

606,065

14,394,044

AmerisourceBergen

Corp.

.............

559,197

89,533,031

Chemed

Corp.

.....................

17,865

9,606,904

DaVita,

Inc.

(a)(b)

....................

190,553

15,455,754

Guardant

Health,

Inc.

(a)(b)

..............

332,870

7,802,473

Molina

Healthcare,

Inc.

(a)(b)

.............

152,682

40,840,908

177,633,114

Health

Care

Technology

—

0.8%

(b)

Certara,

Inc.

(a)

.....................

259,830

6,264,501

Definitive

Healthcare

Corp.,

Class

A

(a)

.....

62,961

650,387

Doximity,

Inc.,

Class

A

(a)

..............

178,347

5,774,876

Teladoc

Health,

Inc.

(a)

................

50,759

1,314,658

Veeva

Systems,

Inc.,

Class

A

...........

477,712

87,798,689

101,803,111

Hotels,

Restaurants

&

Leisure

—

5.3%

Caesars

Entertainment,

Inc.

(b)

..........

482,165

23,534,474

Chipotle

Mexican

Grill,

Inc.

(a)(b)

..........

94,271

161,042,207

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

Mid-Cap

Growth

ETF

Schedules

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Choice

Hotels

International,

Inc.

(a)

........

110,214

$

12,915,979

Churchill

Downs,

Inc.

(a)

...............

122,640

31,524,612

Darden

Restaurants,

Inc.

.............

306,248

47,517,440

Domino's

Pizza,

Inc.

.................

88,334

29,138,737

DoorDash,

Inc.,

Class

A

(b)

.............

757,917

48,173,204

DraftKings,

Inc.,

Class

A

(a)(b)

............

1,211,813

23,460,700

Expedia

Group,

Inc.

(a)(b)

...............

505,352

49,034,305

Hilton

Worldwide

Holdings,

Inc.

.........

650,869

91,687,916

Las

Vegas

Sands

Corp.

(b)

.............

423,544

24,332,603

Norwegian

Cruise

Line

Holdings

Ltd.

(a)(b)

...

108,954

1,465,431

Planet

Fitness,

Inc.,

Class

A

(b)

..........

210,654

16,361,496

Six

Flags

Entertainment

Corp.

(b)

.........

127,368

3,401,999

Travel

+

Leisure

Co.

.................

196,479

7,701,977

Vail

Resorts,

Inc.

...................

130,621

30,523,515

Wendy's

Co.

(The)

..................

583,487

12,708,347

Wyndham

Hotels

&

Resorts,

Inc.

........

206,378

14,002,747

Wynn

Resorts

Ltd.

(b)

.................

45,507

5,092,688

Yum!

Brands,

Inc.

..................

110,955

14,654,936

648,275,313

Household

Durables

—

1.2%

DR

Horton,

Inc.

....................

566,663

55,357,309

NVR,

Inc.

(a)(b)

......................

7,236

40,320,367

PulteGroup,

Inc.

...................

303,678

17,698,354

Toll

Brothers,

Inc.

...................

196,082

11,770,802

TopBuild

Corp.

(b)

...................

92,274

19,205,910

144,352,742

Household

Products

—

0.7%

Church

&

Dwight

Co.,

Inc.

.............

377,636

33,386,799

Clorox

Co.

(The)

...................

350,729

55,499,357

88,886,156

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

AES

Corp.

(The)

...................

413,734

9,962,715

Vistra

Corp.

......................

776,672

18,640,128

28,602,843

Insurance

—

1.0%

Arch

Capital

Group

Ltd.

(a)(b)

............

394,547

26,777,905

Arthur

J

Gallagher

&

Co.

..............

81,123

15,519,641

Assurant,

Inc.

.....................

11,260

1,351,988

Brown

&

Brown,

Inc.

.................

61,337

3,521,971

Erie

Indemnity

Co.,

Class

A,

NVS

........

63,845

14,790,333

Everest

Re

Group

Ltd.

...............

41,355

14,805,917

Lincoln

National

Corp.

...............

119,305

2,680,783

Markel

Corp.

(a)(b)

....................

10,383

13,263,348

RenaissanceRe

Holdings

Ltd.

..........

80,494

16,126,168

Ryan

Specialty

Holdings,

Inc.,

Class

A

(a)(b)

..

281,833

11,340,960

120,179,014

Interactive

Media

&

Services

—

0.6%

(b)

Match

Group,

Inc.

..................

894,795

34,351,180

Pinterest,

Inc.,

Class

A

(a)

..............

430,441

11,738,126

TripAdvisor,

Inc.

....................

28,116

558,384

ZoomInfo

Technologies,

Inc.

...........

941,607

23,267,109

69,914,799

IT

Services

—

2.7%

(b)

Cloudflare,

Inc.,

Class

A

(a)

.............

970,860

59,863,228

EPAM

Systems,

Inc.

.................

188,042

56,224,558

Gartner,

Inc.

......................

263,118

85,715,951

Globant

SA

.......................

139,433

22,868,406

GoDaddy,

Inc.,

Class

A

...............

73,721

5,729,596

MongoDB,

Inc.,

Class

A

(a)

.............

227,717

53,085,387

Okta,

Inc.,

Class

A

(a)

.................

69,975

6,034,644

Thoughtworks

Holding,

Inc.

(a)

...........

292,213

2,150,688

Security

Shares

Shares

Value

IT

Services

(continued)

Twilio,

Inc.,

Class

A

.................

225,580

$

15,030,395

VeriSign,

Inc.

.....................

34,359

7,261,087

Wix.com

Ltd.

(a)

.....................

146,867

14,657,327

328,621,267

Leisure

Products

—

0.3%

Brunswick

Corp.

...................

42,459

3,481,638

Mattel,

Inc.

(b)

......................

581,626

10,707,734

Polaris,

Inc.

(a)

.....................

139,736

15,458,994

YETI

Holdings,

Inc.

(a)(b)

...............

295,181

11,807,240

41,455,606

Life

Sciences

Tools

&

Services

—

5.8%

10X

Genomics,

Inc.,

Class

A

(a)(b)

.........

283,023

15,789,853

Agilent

Technologies,

Inc.

.............

911,186

126,053,471

Avantor,

Inc.

(a)(b)

....................

1,945,855

41,135,375

Bio-Techne

Corp.

(a)

..................

533,034

39,545,792

Bruker

Corp.

......................

367,284

28,956,671

Charles

River

Laboratories

International,

Inc.

(a)

(b)

...........................

161,203

32,533,989

IQVIA

Holdings,

Inc.

(a)(b)

...............

636,332

126,560,072

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(b)

375,292

5,257,841

Mettler-Toledo

International,

Inc.

(a)(b)

......

75,427

115,419,150

Repligen

Corp.

(a)(b)

..................

134,956

22,721,192

Sotera

Health

Co.

(a)(b)

................

339,417

6,078,958

Syneos

Health,

Inc.,

Class

A

(b)

..........

61,406

2,187,282

Waters

Corp.

(b)

....................

202,778

62,786,152

West

Pharmaceutical

Services,

Inc.

......

253,974

87,994,372

713,020,170

Machinery

—

1.6%

AGCO

Corp.

......................

28,041

3,791,143

Allison

Transmission

Holdings,

Inc.

.......

249,657

11,294,483

Donaldson

Co.,

Inc.

.................

70,489

4,605,751

Graco,

Inc.

.......................

394,433

28,797,553

IDEX

Corp.

.......................

46,200

10,673,586

Lincoln

Electric

Holdings,

Inc.

..........

191,865

32,444,372

Middleby

Corp.

(The)

(a)(b)

..............

12,539

1,838,343

Nordson

Corp.

.....................

45,769

10,172,618

Otis

Worldwide

Corp.

................

174,311

14,711,848

Parker-Hannifin

Corp.

................

99,746

33,525,628

Toro

Co.

(The)

.....................

357,522

39,742,146

Xylem,

Inc.

.......................

86,470

9,053,409

200,650,880

Media

—

1.0%

Cable

One,

Inc.

....................

12,108

8,499,816

Liberty

Broadband

Corp.,

Class

A

(a)(b)

......

27,819

2,284,496

Liberty

Broadband

Corp.,

Class

C,

NVS

(b)

..

189,931

15,517,363

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

A

(a)

(b)

...........................

71,315

2,003,238

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

C,

NVS

(b)

........................

146,963

4,113,495

Nexstar

Media

Group,

Inc.

.............

11,005

1,900,123

Trade

Desk,

Inc.

(The),

Class

A

(a)(b)

.......

1,505,113

91,676,433

125,994,964

Metals

&

Mining

—

0.1%

MP

Materials

Corp.,

Class

A

(a)(b)

.........

312,742

8,816,197

Royal

Gold,

Inc.

....................

15,097

1,958,232

10,774,429

Oil,

Gas

&

Consumable

Fuels

—

3.8%

Antero

Resources

Corp.

(a)(b)

............

632,474

14,603,825

Cheniere

Energy,

Inc.

................

490,615

77,320,924

Coterra

Energy,

Inc.

.................

438,732

10,766,483

Devon

Energy

Corp.

.................

1,092,076

55,269,967

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

Mid-Cap

Growth

ETF

52

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Diamondback

Energy,

Inc.

.............

350,249

$

47,343,157

Enviva,

Inc.

.......................

104,832

3,027,548

Hess

Corp.

.......................

756,262

100,083,713

New

Fortress

Energy,

Inc.,

Class

A

.......

188,812

5,556,737

ONEOK,

Inc.

......................

172,807

10,980,157

Ovintiv,

Inc.

.......................

600,164

21,653,917

PDC

Energy,

Inc.

...................

161,312

10,353,004

Range

Resources

Corp.

..............

532,574

14,097,234

Southwestern

Energy

Co.

(b)

............

277,602

1,388,010

Targa

Resources

Corp.

...............

773,988

56,462,425

Texas

Pacific

Land

Corp.

..............

19,655

33,433,548

462,340,649

Paper

&

Forest

Products

—

0.0%

Louisiana-Pacific

Corp.

...............

22,894

1,241,084

Passenger

Airlines

—

0.6%

Delta

Air

Lines,

Inc.

(b)

................

2,194,145

76,619,543

Personal

Care

Products

—

0.0%

Olaplex

Holdings,

Inc.

(b)

..............

420,638

1,796,124

Pharmaceuticals

—

0.1%

Catalent,

Inc.

(b)

....................

195,499

12,846,239

Professional

Services

—

3.9%

Booz

Allen

Hamilton

Holding

Corp.

.......

450,931

41,796,794

Broadridge

Financial

Solutions,

Inc.

......

363,017

53,207,402

CoStar

Group,

Inc.

(a)(b)

................

197,566

13,602,419

Equifax,

Inc.

(a)

.....................

208,772

42,347,313

FTI

Consulting,

Inc.

(a)(b)

...............

48,652

9,601,472

Genpact

Ltd.

......................

323,568

14,955,313

KBR,

Inc.

........................

302,503

16,652,790

Paychex,

Inc.

.....................

1,106,456

126,788,793

Robert

Half

International,

Inc.

...........

319,357

25,730,594

TransUnion

.......................

483,223

30,027,477

Verisk

Analytics,

Inc.

(a)

...............

532,664

102,196,915

476,907,282

Real

Estate

Management

&

Development

—

0.3%

(b)

CBRE

Group,

Inc.,

Class

A

............

528,441

38,475,789

Opendoor

Technologies,

Inc.

(a)

..........

418,151

735,946

Zillow

Group,

Inc.,

Class

A

.............

12,458

544,414

Zillow

Group,

Inc.,

Class

C,

NVS

(a)

.......

32,393

1,440,517

41,196,666

Residential

REITs

—

0.2%

Apartment

Income

REIT

Corp.

..........

41,254

1,477,306

Camden

Property

Trust

...............

29,652

3,108,716

Equity

LifeStyle

Properties,

Inc.

.........

372,873

25,030,964

29,616,986

Retail

REITs

—

0.5%

Simon

Property

Group,

Inc.

............

543,212

60,823,448

Semiconductors

&

Semiconductor

Equipment

—

4.6%

Allegro

MicroSystems,

Inc.

(b)

...........

226,260

10,858,217

Enphase

Energy,

Inc.

(a)(b)

..............

448,760

94,365,253

Entegris,

Inc.

(a)

....................

508,388

41,692,900

GLOBALFOUNDRIES,

Inc.

(a)(b)

..........

52,241

3,770,755

Lattice

Semiconductor

Corp.

(b)

..........

465,298

44,435,959

Microchip

Technology,

Inc.

.............

1,559,250

130,633,965

Monolithic

Power

Systems,

Inc.

.........

157,231

78,700,405

ON

Semiconductor

Corp.

(a)(b)

...........

928,550

76,438,236

Teradyne,

Inc.

(a)

....................

487,772

52,440,368

Universal

Display

Corp.

..............

149,365

23,170,992

556,507,050

Security

Shares

Shares

Value

Software

—

13.1%

Alteryx,

Inc.,

Class

A

(b)

...............

205,609

$

12,098,034

ANSYS,

Inc.

(b)

.....................

157,404

52,384,051

AppLovin

Corp.,

Class

A

(a)(b)

............

753,565

11,868,649

Aspen

Technology,

Inc.

(a)(b)

.............

92,441

21,156,972

Bentley

Systems,

Inc.,

Class

B

(a)

.........

577,939

24,845,598

Black

Knight,

Inc.

(b)

..................

49,118

2,827,232

Cadence

Design

Systems,

Inc.

(b)

........

935,788

196,599,701

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)(b)

..

228,708

2,051,511

Ceridian

HCM

Holding,

Inc.

(a)(b)

..........

89,345

6,541,841

Confluent,

Inc.,

Class

A

(a)(b)

............

426,685

10,270,308

Crowdstrike

Holdings,

Inc.,

Class

A

(a)(b)

....

738,777

101,404,531

Datadog,

Inc.,

Class

A

(b)

..............

911,483

66,228,355

DocuSign,

Inc.

(a)(b)

..................

677,141

39,477,320

DoubleVerify

Holdings,

Inc.

(b)

...........

256,348

7,728,892

Dropbox,

Inc.,

Class

A

(b)

..............

856,452

18,516,492

Dynatrace,

Inc.

(b)

...................

743,151

31,435,287

Elastic

NV

(b)

......................

264,636

15,322,424

Fair

Isaac

Corp.

(a)(b)

.................

83,198

58,462,403

Five9,

Inc.

(a)(b)

.....................

239,841

17,338,106

Fortinet,

Inc.

(b)

.....................

2,213,392

147,102,032

Gen

Digital,

Inc.

....................

674,869

11,580,752

HubSpot,

Inc.

(b)

....................

158,672

68,030,620

Informatica,

Inc.,

Class

A

(a)(b)

...........

20,868

342,235

Jamf

Holding

Corp.

(a)(b)

...............

194,838

3,783,754

Manhattan

Associates,

Inc.

(a)(b)

..........

131,145

20,307,803

nCino,

Inc.

(a)(b)

.....................

46,075

1,141,738

NCR

Corp.

(b)

......................

22,390

528,180

New

Relic,

Inc.

(b)

...................

182,514

13,741,479

Nutanix,

Inc.,

Class

A

(b)

...............

409,735

10,649,013

Palantir

Technologies,

Inc.,

Class

A

(a)(b)

....

6,303,125

53,261,406

Paycom

Software,

Inc.

(a)(b)

.............

175,432

53,333,082

Paylocity

Holding

Corp.

(b)

.............

137,923

27,416,334

Pegasystems,

Inc.

..................

142,588

6,912,666

Procore

Technologies,

Inc.

(b)

...........

175,426

10,986,930

PTC,

Inc.

(b)

.......................

365,691

46,892,557

RingCentral,

Inc.,

Class

A

(b)

............

290,142

8,898,655

SentinelOne,

Inc.,

Class

A

(a)(b)

..........

459,708

7,520,823

Smartsheet,

Inc.,

Class

A

(b)

............

435,597

20,821,537

Splunk,

Inc.

(b)

.....................

558,610

53,559,527

Synopsys,

Inc.

(b)

...................

522,983

202,002,184

Teradata

Corp.

(b)

...................

190,688

7,680,913

Tyler

Technologies,

Inc.

(a)(b)

............

123,074

43,646,963

UiPath,

Inc.,

Class

A

(b)

...............

121,921

2,140,933

Unity

Software,

Inc.

(a)(b)

...............

545,745

17,703,968

Zoom

Video

Communications,

Inc.,

Class

A

(a)(b)

425,383

31,410,281

Zscaler,

Inc.

(a)(b)

....................

288,968

33,760,131

1,601,714,203

Specialized

REITs

—

0.8%

Extra

Space

Storage,

Inc.

.............

54,043

8,805,226

Iron

Mountain,

Inc.

..................

740,738

39,192,448

Lamar

Advertising

Co.,

Class

A

.........

260,686

26,039,924

SBA

Communications

Corp.,

Class

A

......

83,310

21,749,742

95,787,340

Specialty

Retail

—

5.3%

Advance

Auto

Parts,

Inc.

..............

16,515

2,008,389

AutoZone,

Inc.

(a)(b)

..................

58,376

143,496,964

Best

Buy

Co.,

Inc.

..................

212,540

16,635,506

Burlington

Stores,

Inc.

(a)(b)

.............

208,426

42,122,895

CarMax,

Inc.

(a)(b)

....................

63,239

4,065,003

Carvana

Co.,

Class

A

(a)(b)

..............

360,370

3,528,022

Five

Below,

Inc.

(a)(b)

..................

187,152

38,547,698

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)(b)

...

353,596

34,730,199

Leslie's,

Inc.

(a)(b)

....................

535,746

5,898,564

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

Mid-Cap

Growth

ETF

Schedules

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Specialty

Retail

(continued)

O'Reilly

Automotive,

Inc.

(a)(b)

............

86,755

$

73,653,260

RH

(a)(b)

..........................

23,354

5,687,867

Ross

Stores,

Inc.

...................

496,425

52,685,585

Tractor

Supply

Co.

..................

378,608

88,988,024

Ulta

Beauty,

Inc.

(b)

..................

172,778

94,279,771

Victoria's

Secret

&

Co.

(a)(b)

.............

197,435

6,742,405

Wayfair,

Inc.,

Class

A

(a)(b)

..............

173,077

5,943,464

Williams-Sonoma,

Inc.

(a)

..............

179,559

21,845,148

640,858,764

Technology

Hardware,

Storage

&

Peripherals

—

1.0%

Dell

Technologies,

Inc.,

Class

C

.........

124,154

4,992,232

HP,

Inc.

.........................

1,545,345

45,355,876

NetApp,

Inc.

......................

744,507

47,536,772

Pure

Storage,

Inc.,

Class

A

(b)

...........

979,370

24,983,729

122,868,609

Textiles,

Apparel

&

Luxury

Goods

—

1.5%

Deckers

Outdoor

Corp.

(b)

..............

79,652

35,807,557

Lululemon

Athletica,

Inc.

(b)

.............

383,084

139,515,362

Skechers

USA,

Inc.,

Class

A

(b)

..........

70,174

3,334,668

Tapestry,

Inc.

......................

109,111

4,703,775

183,361,362

Trading

Companies

&

Distributors

—

2.5%

Core

&

Main,

Inc.,

Class

A

(a)(b)

..........

86,908

2,007,575

Fastenal

Co.

......................

1,974,155

106,485,921

Security

Shares

Shares

Value

Trading

Companies

&

Distributors

(continued)

SiteOne

Landscape

Supply,

Inc.

(a)(b)

.......

92,676

$

12,684,564

United

Rentals,

Inc.

(a)

................

110,085

43,567,240

Watsco,

Inc.

(a)

.....................

59,601

18,962,654

WESCO

International,

Inc.

.............

81,160

12,542,466

WW

Grainger,

Inc.

..................

154,555

106,459,029

302,709,449

Total

Long-Term

Investments

—

99.8%

(Cost:

$11,251,669,427)

...........................

12,177,827,033

Short-Term

Securities

Money

Market

Funds

—

7.8%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(e)

............

931,442,973

931,722,406

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

..................

22,661,607

22,661,607

Total

Short-Term

Securities

—

7.8%

(Cost:

$953,920,487)

.............................

954,384,013

Total

Investments

—

107.6%

(Cost:

$12,205,589,914

)

...........................

13,132,211,046

Liabilities

in

Excess

of

Other

Assets

—

(7.6)%

............

(927,215,386)

Net

Assets

—

100.0%

..............................

$

12,204,995,660

(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.

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/23

Shares

Held

at

03/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

784,962,169

$

146,328,357

(a)

$

—

$

22,406

$

409,474

$

931,722,406

931,442,973

$

5,570,726

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

17,950,000

4,711,607

(a)

—

—

—

22,661,607

22,661,607

444,872

11

$

22,406

$

409,474

$

954,384,013

$

6,015,598

$

11

—

—

(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.

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

Mid-Cap

Growth

ETF

54

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

NASDAQ

100

E-Mini

Index

...................................................

42

06/16/23

$

11,173

$

1,047,164

Russell

2000

E-Mini

Index

....................................................

142

06/16/23

12,876

233,920

$

1,281,084

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

1,281,084

$

—

$

—

$

—

$

1,281,084

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

For

the

period

ended

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(3,552,792)

$

—

$

—

$

—

$

(3,552,792)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

213,013

$

—

$

—

$

—

$

213,013

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

22,874,135

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

Mid-Cap

Growth

ETF

Schedules

of

Investments

55

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

.........................................

$

12,177,827,033

$

—

$

—

$

12,177,827,033

Short-Term

Securities

Money

Market

Funds

......................................

954,384,013

—

—

954,384,013

$

13,132,211,046

$

—

$

—

$

13,132,211,046

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

1,281,084

$

—

$

—

$

1,281,084

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

March

31,

2023

2023

iShares

Annual

Report

to

Shareholders

56

See

notes

to

financial

statements.

iShares

Micro-

Cap

ETF

iShares

Russell

2500

ETF

iShares

Russell

Mid-Cap

ETF

iShares

Russell

Mid-Cap

Growth

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................

$

895,206,184‌

$

388,582,371‌

$

27,661,087,057‌

$

12,177,827,033‌

Investments,

at

value

—

affiliated

(c)

............................................

144,296,092‌

603,916,282‌

1,460,346,725‌

954,384,013‌

Cash  

...............................................................

178,158‌

10,026‌

745,138‌

187,591‌

Cash

pledged:

Futures

contracts

......................................................

165,710‌

77,000‌

3,488,420‌

1,762,990‌

Receivables:

–‌

–‌

–‌

–‌

Investments

sold

......................................................

233,461‌

47,601‌

1,089,103‌

432,055‌

Securities

lending

income

—

affiliated

........................................

188,189‌

74,611‌

1,722,891‌

364,515‌

Capital

shares

sold

.....................................................

—‌

22,994‌

—‌

435,879‌

Dividends

—

unaffiliated

.................................................

717,050‌

455,243‌

30,925,903‌

3,178,904‌

Dividends

—

affiliated

...................................................

4,596‌

2,955‌

140,600‌

61,688‌

Variation

margin

on

futures

contracts

.........................................

40,054‌

21,404‌

970,160‌

421,723‌

Total

assets

...........................................................

1,041,029,494‌

993,210,487‌

29,160,515,997‌

13,139,056,391‌

LIABILITIES

Collateral

on

securities

loaned

...............................................

142,565,891‌

305,528,941‌

1,433,898,769‌

931,694,556‌

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

..................................................

74,190‌

81,705‌

—‌

—‌

Capital

shares

redeemed

.................................................

—‌

—‌

—‌

25,724‌

Investment

advisory

fees

.................................................

467,970‌

34,035‌

4,354,089‌

2,340,451‌

Total

liabilities

..........................................................

143,108,051‌

305,644,681‌

1,438,252,858‌

934,060,731‌

NET

ASSETS

..........................................................

$

897,921,443‌

$

687,565,806‌

$

27,722,263,139‌

$

12,204,995,660‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

$

1,310,720,341‌

$

740,216,416‌

$

22,841,356,304‌

$

13,287,483,944‌

Accumulated

earnings

(loss)

................................................

(412,798,898‌)

(52,650,610‌)

4,880,906,835‌

(1,082,488,284‌)

NET

ASSETS

..........................................................

$

897,921,443‌

$

687,565,806‌

$

27,722,263,139‌

$

12,204,995,660‌

NET

ASSET

VALUE

Shares

outstanding

......................................................

8,600,000‌

12,550,000‌

396,550,000‌

134,000,000‌

Net

asset

value

.........................................................

$

104.41‌

$

54.79‌

$

69.91‌

$

91.08‌

Shares

authorized

.......................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.............................................................

None

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

..........................................

$

1,094,020,701‌

$

403,892,640‌

$

21,297,959,943‌

$

11,251,669,427‌

(b)

  Securities

loaned,

at

value

................................................

$

134,926,769‌

$

305,035,104‌

$

1,439,187,090‌

$

935,218,827‌

(c)

  Investments,

at

cost

—

affiliated

............................................

$

144,219,527‌

$

626,274,197‌

$

1,459,583,422‌

$

953,920,487‌

Statements

of

Operations

Year

Ended

March

31,

2023

57

Financial

Statements

iShares

Micro-

Cap

ETF

iShares

Russell

2500

ETF

iShares

Russell

Mid-Cap

ETF

iShares

Russell

Mid-Cap

Growth

ETF

INVESTMENT

INCOME

–

–

–

–

Dividends

—

unaffiliated

.................................................

$

12,074,611‌

$

4,747,147‌

$

457,567,917‌

$

99,651,920‌

Dividends

—

affiliated

...................................................

32,237‌

3,568,176‌

1,023,625‌

444,872‌

Securities

lending

income

—

affiliated

—

net

...................................

4,019,343‌

906,215‌

13,229,862‌

5,570,726‌

Foreign

taxes

withheld

..................................................

(5,759‌)

(4,671‌)

(142,010‌)

(13,535‌)

Total

investment

income

...................................................

16,120,432‌

9,216,867‌

471,679,394‌

105,653,983‌

EXPENSES

Investment

advisory

....................................................

5,626,941‌

746,556‌

51,904,847‌

28,021,337‌

Total

expenses

.........................................................

5,626,941‌

746,556‌

51,904,847‌

28,021,337‌

Less:

–‌

–‌

–‌

–‌

Investment

advisory

fees

waived

...........................................

—‌

(414,648‌)

—‌

—‌

Total

expenses

after

fees

waived

.............................................

5,626,941‌

331,908‌

51,904,847‌

28,021,337‌

Net

investment

income

....................................................

10,493,491‌

8,884,959‌

419,774,547‌

77,632,646‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(210,069,142‌)

$

(42,470,540‌)

$

(3,082,080,128‌)

$

(1,247,881,046‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................

$

(81,622,143‌)

$

(9,901,454‌)

$

(537,825,503‌)

$

(1,167,394,971‌)

Investments

—

affiliated

...............................................

14,309‌

(1,978,483‌)

126,717‌

22,406‌

Capital

gain

distributions

from

underlying

funds

—

affiliated

........................

1‌

1‌

28‌

11‌

Futures

contracts

....................................................

(114,062‌)

(62,248‌)

(6,208,408‌)

(3,552,792‌)

In-kind

redemptions

—

unaffiliated

(a)

.......................................

12,367,199‌

25,277,247‌

1,092,888,412‌

769,583,476‌

In-kind

redemptions

—

affiliated

(a)

.........................................

—‌

8,208,114‌

—‌

—‌

(69,354,696‌)

21,543,177‌

548,981,246‌

(401,341,870‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................

(140,831,723‌)

(35,987,971‌)

(3,630,586,568‌)

(847,161,663‌)

Investments

—

affiliated

...............................................

87,927‌

(28,038,721‌)

746,261‌

409,474‌

Futures

contracts

....................................................

29,348‌

12,974‌

(1,221,066‌)

213,013‌

(140,714,448‌)

(64,013,718‌)

(3,631,061,373‌)

(846,539,176‌)

Net

realized

and

unrealized

loss

..............................................

(210,069,144‌)

(42,470,541‌)

(3,082,080,127‌)

(1,247,881,046‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................

$

(199,575,653‌)

$

(33,585,582‌)

$

(2,662,305,580‌)

$

(1,170,248,400‌)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

2023

iShares

Annual

Report

to

Shareholders

58

See

notes

to

financial

statements.

iShares

Micro-Cap

ETF

iShares

Russell

2500

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/23

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

10,493,491‌

$

6,779,950‌

$

8,884,959‌

$

4,274,061‌

Net

realized

gain

(loss)

....................................................

(69,354,696‌)

257,217,922‌

21,543,177‌

20,793,126‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

(140,714,448‌)

(412,829,935‌)

(64,013,718‌)

(29,311,149‌)

Net

decrease

in

net

assets

resulting

from

operations

..................................

(199,575,653‌)

(148,832,063‌)

(33,585,582‌)

(4,243,962‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(11,888,480‌)

(9,212,592‌)

(9,129,972‌)

(4,296,696‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

12,741,862‌

(131,900,161‌)

307,131,820‌

164,572,268‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

(198,722,271‌)

(289,944,816‌)

264,416,266‌

156,031,610‌

Beginning

of

year

..........................................................

1,096,643,714‌

1,386,588,530‌

423,149,540‌

267,117,930‌

End

of

year

..............................................................

$

897,921,443‌

$

1,096,643,714‌

$

687,565,806‌

$

423,149,540‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

59

Financial

Statements

See

notes

to

financial

statements.

iShares

Russell

Mid-Cap

ETF

iShares

Russell

Mid-Cap

Growth

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/23

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

419,774,547‌

$

316,421,146‌

$

77,632,646‌

$

51,781,649‌

Net

realized

gain

(loss)

....................................................

548,981,246‌

1,713,410,418‌

(401,341,870‌)

2,906,532,378‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

(3,631,061,373‌)

(183,235,163‌)

(846,539,176‌)

(3,078,657,283‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...........................

(2,662,305,580‌)

1,846,596,401‌

(1,170,248,400‌)

(120,343,256‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(443,722,962‌)

(335,661,159‌)

(92,809,126‌)

(57,154,726‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

524,749,292‌

1,669,289,907‌

(309,085,530‌)

(867,632,402‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

(2,581,279,250‌)

3,180,225,149‌

(1,572,143,056‌)

(1,045,130,384‌)

Beginning

of

year

..........................................................

30,303,542,389‌

27,123,317,240‌

13,777,138,716‌

14,822,269,100‌

End

of

year

..............................................................

$

27,722,263,139‌

$

30,303,542,389‌

$

12,204,995,660‌

$

13,777,138,716‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Annual

Report

to

Shareholders

60

iShares

Micro-Cap

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

...............................

$

129.02

‌

$

146.73

‌

$

67.33

‌

$

92.88

‌

$

96.11

‌

Net

investment

income

(a)

......................................

1.26

‌

0.76

‌

0.96

‌

0.94

‌

0.89

‌

Net

realized

and

unrealized

gain

(loss)

(b)

............................

(24.44

)

(17.42

)

79.50

‌

(25.28

)

(3.24

)

Net

increase

(decrease)

from

investment

operations

.....................

(23.18

)

(16.66

)

80.46

‌

(24.34

)

(2.35

)

Distributions

from

net

investment

income

(c)

............................

(1.43

)

(1.05

)

(1.06

)

(1.21

)

(0.88

)

Net

asset

value,

end

of

year

....................................

$

104.41

‌

$

129.02

‌

$

146.73

‌

$

67.33

‌

$

92.88

‌

Total

Return

(d)

(17.97)%

—

—

—

—

Based

on

net

asset

value

.......................................

(17.97

)%

(11.41

)%

120.24

%

(26.47

)%

(2.48

)%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

..............................................

0.60

%

0.60

%

0.60

%

0.60

%

0.60

%

Net

investment

income

.........................................

1.12

%

0.54

%

0.92

%

1.03

%

0.91

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.....................................

$

897,921

‌

$

1,096,644

‌

$

1,386,589

‌

$

562,206

‌

$

882,335

‌

Portfolio

turnover

rate

(f)

.........................................

35

%

44

%

35

%

24

%

25

%

(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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

61

Financial

Highlights

iShares

Russell

2500

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

...............................

$

62.23

‌

$

62.85

‌

$

33.62

‌

$

44.13

‌

$

43.24

‌

Net

investment

income

(a)

......................................

0.99

‌

0.79

‌

0.75

‌

0.72

‌

0.65

‌

Net

realized

and

unrealized

gain

(loss)

(b)

............................

(7.45

)

(0.66

)

29.21

‌

(10.50

)

1.22

‌

Net

increase

(decrease)

from

investment

operations

.....................

(6.46

)

0.13

‌

29.96

‌

(9.78

)

1.87

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

...................................

(0.98

)

(0.75

)

(0.73

)

(0.73

)

(0.62

)

From

net

realized

gain

........................................

—

‌

—

‌

—

‌

—

‌

(0.36

)

Total

distributions

............................................

(0.98

)

(0.75

)

(0.73

)

(0.73

)

(0.98

)

Net

asset

value,

end

of

year

....................................

$

54.79

‌

$

62.23

‌

$

62.85

‌

$

33.62

‌

$

44.13

‌

Total

Return

(d)

(10.30)%

—

—

—

—

Based

on

net

asset

value

.......................................

(10.30

)%

(e)

0.17

%

89.71

%

(22.47

)%

4.49

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

..............................................

0.15

%

0.15

%

0.15

%

0.15

%

0.15

%

Total

expenses

after

fees

waived

..................................

0.07

%

0.07

%

0.07

%

0.07

%

0.06

%

Net

investment

income

.........................................

1.78

%

1.22

%

1.44

%

1.60

%

1.49

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.....................................

$

687,566

‌

$

423,150

‌

$

267,118

‌

$

42,021

‌

$

35,302

‌

Portfolio

turnover

rate

(g)

.........................................

11

%

12

%

16

%

14

%

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)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Annual

Report

to

Shareholders

62

iShares

Russell

Mid-Cap

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

(a)

Net

asset

value,

beginning

of

year

.................................

$

78.02

‌

$

73.93

‌

$

43.20

‌

$

53.93

‌

$

51.61

‌

Net

investment

income

(b)

........................................

1.05

‌

0.84

‌

0.74

‌

0.91

‌

0.81

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............................

(8.05

)

4.14

‌

30.79

‌

(10.71

)

2.44

‌

Net

increase

(decrease)

from

investment

operations

.......................

(7.00

)

4.98

‌

31.53

‌

(9.80

)

3.25

‌

Distributions

from

net

investment

income

(d)

..............................

(1.11

)

(0.89

)

(0.80

)

(0.93

)

(0.93

)

Net

asset

value,

end

of

year

......................................

$

69.91

‌

$

78.02

‌

$

73.93

‌

$

43.20

‌

$

53.93

‌

Total

Return

(e)

(8.90)%

—

—

—

—

Based

on

net

asset

value

.........................................

(8.90

)%

6.72

%

73.38

%

(18.44

)%

6.38

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

................................................

0.19

%

0.18

%

0.19

%

0.19

%

0.19

%

Net

investment

income

...........................................

1.52

%

1.07

%

1.23

%

1.63

%

1.55

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

27,722,263

‌

$

30,303,542

‌

$

27,123,317

‌

$

15,753,591

‌

$

18,593,536

‌

Portfolio

turnover

rate

(g)

...........................................

12

%

13

%

14

%

10

%

11

%

(a)

Per

share

amounts

reflect

a

four-for-one

stock

split

effective

after

the

close

of

trading

on

October

25,

2018.

(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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

63

Financial

Highlights

iShares

Russell

Mid-Cap

Growth

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Year

Ended

03/31/19

(a)

Net

asset

value,

beginning

of

year

................................

$

100.53

‌

$

102.01

‌

$

60.86

‌

$

67.81

‌

$

61.46

‌

Net

investment

income

(b)

.......................................

0.56

‌

0.37

‌

0.32

‌

0.47

‌

0.56

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.............................

(9.34

)

(1.44

)

41.16

‌

(6.97

)

6.35

‌

Net

increase

(decrease)

from

investment

operations

......................

(8.78

)

(1.07

)

41.48

‌

(6.50

)

6.91

‌

Distributions

from

net

investment

income

(d)

.............................

(0.67

)

(0.41

)

(0.33

)

(0.45

)

(0.56

)

Net

asset

value,

end

of

year

.....................................

$

91.08

‌

$

100.53

‌

$

102.01

‌

$

60.86

‌

$

67.81

‌

Total

Return

(e)

(8.67)%

—

—

—

—

Based

on

net

asset

value

........................................

(8.67

)%

(1.09

)%

68.27

%

(9.67

)%

11.28

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................................

0.23

%

0.23

%

0.23

%

0.24

%

0.24

%

Net

investment

income

..........................................

0.65

%

0.34

%

0.36

%

0.65

%

0.88

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

12,204,996

‌

$

13,777,139

‌

$

14,822,269

‌

$

9,353,644

‌

$

10,217,865

‌

Portfolio

turnover

rate

(g)

..........................................

26

%

35

%

23

%

23

%

20

%

(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.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

2023

iShares

Annual

Report

to

Shareholders

64

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”):

Currently

the

iShares

Russell

2500

ETF seeks

to

achieve

its

investment

objective

by

investing

a

substantial

portion

of

its

assets

in

an

iShares

fund

(an

“underlying

fund”).

The

financial

statements,

including

the

accounting

policies,

and

Schedule

of

Investments

for

the

underlying

fund

are

available

on

iShares.com

and

should

be

read

in

conjunction

with

the

Fund’s

financial

statements.

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. 

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

March

31,

2023

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. 

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.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

 Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees

of

the

Trust

 (the

“Board”)

of each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser, as

the

valuation

designee

for

each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

iShares

ETF

Diversification

Classification

Micro-Cap

.........................................................................................................

Diversified

Russell

2500

........................................................................................................

Diversified

Russell

Mid-Cap

.....................................................................................................

Diversified

Russell

Mid-Cap

Growth

................................................................................................

Diversified

Notes

to

Financial

Statements

(continued)

65

Notes

to

Financial

Statements

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.

Exchange-traded

funds

and

closed-end

funds

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s official

closing

price,

as

applicable,

on

the

exchange

where

the

fund

is

primarily

traded.

Funds

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

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.

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the Valuation

Committee,

in

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

 Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

to

Shareholders

66

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)

Micro-Cap

Barclays

Bank

PLC

.....................................

$

7,171,960‌

$

(7,171,960‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

1,611,256‌

(1,611,256‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

12,573‌

(12,380‌)

–‌

193‌

BNP

Paribas

SA

.......................................

15,710,563‌

(15,710,563‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

10,039,342‌

(10,039,342‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

464,318‌

(464,318‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

8,009,341‌

(8,009,341‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

189,825‌

(189,825‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

20,166,798‌

(20,166,798‌)

–‌

–‌

HSBC

Bank

PLC

......................................

1,179,834‌

(1,179,834‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

13,680‌

(13,680‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

27,622,311‌

(27,622,311‌)

–‌

–‌

Jefferies

LLC

.........................................

6,834,705‌

(6,834,705‌)

–‌

–‌

Morgan

Stanley

.......................................

14,710,350‌

(14,710,350‌)

–‌

–‌

National

Financial

Services

LLC

............................

5,143,238‌

(5,143,238‌)

–‌

–‌

Natixis

SA

...........................................

52,172‌

(52,172‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

75,510‌

(75,510‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

913,269‌

(913,269‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

105,792‌

(105,792‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

2,763,712‌

(2,739,573‌)

–‌

24,139‌

Toronto-Dominion

Bank

..................................

4,083,247‌

(4,083,247‌)

–‌

–‌

UBS

AG

............................................

3,600,781‌

(3,600,781‌)

–‌

–‌

UBS

Securities

LLC

....................................

631,996‌

(631,996‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

1,270,827‌

(1,270,827‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

2,549,369‌

(2,549,369‌)

–‌

–‌

$

134,926,769‌

$

(134,902,437‌)

$

–‌

$

24,332‌

Russell

2500

Barclays

Bank

PLC

.....................................

$

147,219,430‌

$

(147,219,430‌)

$

–‌

$

–‌

BNP

Paribas

SA

.......................................

5,573,504‌

(5,573,504‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

2,057,525‌

(2,057,525‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

2,467,125‌

(2,454,431‌)

–‌

12,694‌

Citigroup

Global

Markets,

Inc.

..............................

107,114,560‌

(107,114,560‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

393,320‌

(393,320‌)

–‌

–‌

HSBC

Bank

PLC

......................................

354,237‌

(345,098‌)

–‌

9,139‌

J.P.

Morgan

Securities

LLC

...............................

4,228,897‌

(4,220,541‌)

–‌

8,356‌

Jefferies

LLC

.........................................

707,627‌

(695,150‌)

–‌

12,477‌

Scotia

Capital

(USA),

Inc.

................................

4,270,950‌

(4,270,950‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

22,838,815‌

(22,838,815‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

187,376‌

(186,563‌)

–‌

813‌

Toronto-Dominion

Bank

..................................

1,341,246‌

(1,341,246‌)

–‌

–‌

UBS

AG

............................................

2,760,656‌

(2,728,566‌)

–‌

32,090‌

UBS

Securities

LLC

....................................

2,499,679‌

(2,499,679‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

504,735‌

(496,587‌)

–‌

8,148‌

Wells

Fargo

Securities

LLC

...............................

515,422‌

(507,293‌)

–‌

8,129‌

$

305,035,104‌

$

(304,943,258‌)

$

–‌

$

91,846‌

Russell

Mid-Cap

Barclays

Bank

PLC

.....................................

$

139,764,358‌

$

(139,583,947‌)

$

–‌

$

180,411‌

Barclays

Capital,

Inc.

...................................

8,229,929‌

(8,205,038‌)

–‌

24,891‌

BNP

Paribas

SA

.......................................

112,864,958‌

(111,958,502‌)

–‌

906,456‌

BofA

Securities,

Inc.

....................................

91,927,278‌

(91,927,278‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

34,832,225‌

(34,832,225‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

116,537,355‌

(116,388,482‌)

–‌

148,873‌

Credit

Suisse

Securities

(USA)

LLC

..........................

549,258‌

(544,143‌)

–‌

5,115‌

Deutsche

Bank

Securities,

Inc.

.............................

132‌

(132‌)

–‌

–‌

Notes

to

Financial

Statements

(continued)

67

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.

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

Russell

Mid-Cap

(continued)

Goldman

Sachs

&

Co.

LLC

...............................

251,479,808‌

(249,582,025‌)

–‌

1,897,783‌

HSBC

Bank

PLC

......................................

10,959,372‌

(10,959,372‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

128,580‌

(128,147‌)

–‌

433‌

J.P.

Morgan

Securities

LLC

...............................

135,978,389‌

(135,978,389‌)

–‌

–‌

Jefferies

LLC

.........................................

7,553,282‌

(7,553,282‌)

–‌

–‌

Morgan

Stanley

.......................................

262,556,923‌

(261,434,381‌)

–‌

1,122,542‌

National

Financial

Services

LLC

............................

7,784,454‌

(7,784,454‌)

–‌

–‌

Natixis

SA

...........................................

11,393,412‌

(11,185,048‌)

–‌

208,364‌

Nomura

Securities

International,

Inc.

.........................

1,787,028‌

(1,787,028‌)

–‌

–‌

Pershing

LLC

.........................................

276,717‌

(276,717‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

78,966,102‌

(77,669,548‌)

–‌

1,296,554‌

Scotia

Capital

(USA),

Inc.

................................

35,586,707‌

(35,151,915‌)

–‌

434,792‌

SG

Americas

Securities

LLC

..............................

3,637,264‌

(3,572,460‌)

–‌

64,804‌

State

Street

Bank

&

Trust

Co.

..............................

13,324,780‌

(13,324,780‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

21,766,720‌

(21,766,720‌)

–‌

–‌

UBS

AG

............................................

49,897,849‌

(49,136,402‌)

–‌

761,447‌

UBS

Securities

LLC

....................................

12,198,949‌

(12,165,398‌)

–‌

33,551‌

Virtu

Americas

LLC

.....................................

2,667,746‌

(2,633,718‌)

–‌

34,028‌

Wells

Fargo

Bank

N.A.

..................................

25,618,392‌

(25,335,627‌)

–‌

282,765‌

Wells

Fargo

Securities

LLC

...............................

919,123‌

(909,095‌)

–‌

10,028‌

$

1,439,187,090‌

$

(1,431,774,253‌)

$

–‌

$

7,412,837‌

Russell

Mid-Cap

Growth

Barclays

Bank

PLC

.....................................

$

19,566,610‌

$

(19,522,901‌)

$

–‌

$

43,709‌

Barclays

Capital,

Inc.

...................................

11,108,076‌

(10,917,963‌)

–‌

190,113‌

BNP

Paribas

SA

.......................................

31,849,803‌

(31,374,488‌)

–‌

475,315‌

BofA

Securities,

Inc.

....................................

35,180,525‌

(35,180,525‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

25,064,075‌

(25,014,026‌)

–‌

50,049‌

Citigroup

Global

Markets,

Inc.

..............................

111,222,622‌

(111,222,622‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

40,550‌

(40,001‌)

–‌

549‌

Deutsche

Bank

Securities,

Inc.

.............................

4,430‌

(4,289‌)

–‌

141‌

Goldman

Sachs

&

Co.

LLC

...............................

167,433,428‌

(165,869,510‌)

–‌

1,563,918‌

HSBC

Bank

PLC

......................................

10,358,844‌

(10,358,844‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

380,477‌

(379,364‌)

–‌

1,113‌

J.P.

Morgan

Securities

LLC

...............................

99,418,327‌

(99,418,327‌)

–‌

–‌

Jefferies

LLC

.........................................

3,020,543‌

(3,020,543‌)

–‌

–‌

Morgan

Stanley

.......................................

135,218,790‌

(134,122,091‌)

–‌

1,096,699‌

National

Financial

Services

LLC

............................

1,985,162‌

(1,962,606‌)

–‌

22,556‌

Natixis

SA

...........................................

14,693,293‌

(14,432,088‌)

–‌

261,205‌

Nomura

Securities

International,

Inc.

.........................

94,744‌

(93,809‌)

–‌

935‌

RBC

Capital

Markets

LLC

................................

72,800,259‌

(72,265,757‌)

–‌

534,502‌

Scotia

Capital

(USA),

Inc.

................................

80,038,511‌

(78,835,175‌)

–‌

1,203,336‌

SG

Americas

Securities

LLC

..............................

4,055,154‌

(4,047,806‌)

–‌

7,348‌

State

Street

Bank

&

Trust

Co.

..............................

4,072,055‌

(4,072,055‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

33,213,640‌

(33,213,640‌)

–‌

–‌

UBS

AG

............................................

50,464,735‌

(50,393,608‌)

–‌

71,127‌

UBS

Securities

LLC

....................................

15,507,105‌

(15,344,139‌)

–‌

162,966‌

Virtu

Americas

LLC

.....................................

214,922‌

(214,922‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

7,795,780‌

(7,544,131‌)

–‌

251,649‌

Wells

Fargo

Securities

LLC

...............................

416,367‌

(416,367‌)

–‌

–‌

$

935,218,827‌

$

(929,281,597‌)

$

–‌

$

5,937,230‌

(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

Fund’s

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

March

31,

2023.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

to

Shareholders

68

5.

Derivative

Financial

Instruments

Futures

Contracts:

 Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly owned

by

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(

i

)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to each of

the

following Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of each

Fund

as

follows:

For

its

investment

advisory

services

to

the iShares

Russell

Mid-Cap

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

For

its

investment

advisory

services

to

the iShares

Russell

Mid-Cap

Growth

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Expense

Waivers:

A

fund

may

incur

its

pro

rata

share

of

fees

and

expenses

attributable

to

its

investments

in

other

investment

companies

(“acquired

fund

fees

and

expenses”).

The

total

of

the

investment

advisory

fee

and

acquired

fund

fees

and

expenses,

if

any,

is

a

fund’s

total

annual

operating

expenses.

Total

expenses

as

shown

in

the

Statements

of

Operations

does

not

include

acquired

fund

fees

and

expenses.

For

the

iShares

Russell

2500

ETF,

BFA

has

contractually

agreed

to

waive

a

portion

of

its

investment

advisory

fee

for

the

Fund

through

July

31,

2027

in

an

amount

equal

to

the

acquired

fund

fees

and

expenses,

if

any,

attributable

to

the

Fund’s

investments

in

other

iShares

funds,

provided

that

the

waiver

be

no

greater

than

the

Fund’s

investment

advisory

fee

of

0.15%. 

These

amounts are

included

in

investment

advisory

fees

waived

in

the

Statements

of

Operations.

For

the

year ended March

31,

2023,

the

amounts

waived

in

investment

advisory

fees

pursuant

to

this

arrangement

were

as

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

iShares

ETF

Investment

Advisory

Fees

Micro-Cap

......................................................................................................

0.60‌

%

Russell

2500

.....................................................................................................

0.15‌

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$121

billion

..................................................................................................

0.2000%

Over

$121

billion,

up

to

and

including

$181

billion

............................................................................

0.1900

Over

$181

billion,

up

to

and

including

$231

billion

............................................................................

0.1805

Over

$231

billion,

up

to

and

including

$281

billion

............................................................................

0.1715

Over

$281

billion

..................................................................................................

0.1630

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$121

billion

..................................................................................................

0.2500%

Over

$121

billion,

up

to

and

including

$181

billion

............................................................................

0.2375

Over

$181

billion,

up

to

and

including

$231

billion

............................................................................

0.2257

Over

$231

billion,

up

to

and

including

$281

billion

............................................................................

0.2144

Over

$281

billion

..................................................................................................

0.2037

iShares

ETF

Amounts

Waived

Russell

2500

........................................................................................................

$

414,648

Notes

to

Financial

Statements

(continued)

69

Notes

to

Financial

Statements

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.

Prior

to

April

25,

2022,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company. 

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statements

of

Operations.

For

the year ended

March

31,

2023,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the year ended March

31,

2023,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

During

the

year

ended

March

31,

2023,

iShares

Russell

2500

ETF received

a

reimbursement

of

$1,715

from

an

affiliate,

which

is

included

in

payment

by

affiliate

in

the

Statement

of

Operations,

related

to

an

operating

event.

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

March

31,

2023,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

iShares

ETF

Amounts

Micro-Cap

.............................................................................................................

$

1,009,983‌

Russell

2500

............................................................................................................

276,075‌

Russell

Mid-Cap

.........................................................................................................

3,734,803‌

Russell

Mid-Cap

Growth

....................................................................................................

1,702,962‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Micro-Cap

..........................................................................

$

48,166,894‌

$

113,265,188‌

$

6,910,608‌

Russell

2500

.........................................................................

12,993,940‌

6,123,389‌

(2,218,890‌)

Russell

Mid-Cap

......................................................................

787,365,752‌

788,702,473‌

(408,203,235‌)

Russell

Mid-Cap

Growth

.................................................................

1,821,446,112‌

1,267,440,537‌

(885,940,994‌)

iShares

ETF

Purchases

Sales

Micro-Cap

..........................................................................................

$

326,835,017‌

$

324,822,977‌

Russell

2500

.........................................................................................

56,414,339‌

56,349,062‌

Russell

Mid-Cap

......................................................................................

3,398,334,703‌

3,394,305,451‌

Russell

Mid-Cap

Growth

.................................................................................

3,187,128,617‌

3,209,331,844‌

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

to

Shareholders

70

For

the year ended

March

31,

2023,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

March

31,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’ financial

statements.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

As

of March

31,

2023,

permanent

differences

attributable

to distributions

paid

in

excess

of

taxable

income

and

realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows:

As

of

March

31,

2023,

the

tax

components

of

accumulated

net

earnings

(losses)

were

as

follows:

A

fund

may

own

shares

in

certain

foreign

investment

entities,

referred

to,

under

U.S.

tax

law,

as

“passive

foreign

investment

companies.”

Such

fund

may

elect

to

mark-to-

market

annually

the

shares

of

each

passive

foreign

investment

company

and

would

be

required

to

distribute

to

shareholders

any

such

marked-to-market

gains.

iShares

ETF

In-kind

Purchases

In-kind

Sales

Micro-Cap

..........................................................................................

$

72,644,096‌

$

60,405,833‌

Russell

2500

.........................................................................................

462,751,574‌

156,108,874‌

Russell

Mid-Cap

......................................................................................

2,549,069,643‌

2,016,833,965‌

Russell

Mid-Cap

Growth

.................................................................................

2,096,988,432‌

2,406,000,734‌

iShares

ETF

Paid-In

Capital

Accumulated

Earnings

(Loss)

Micro-Cap

...............................................................................

$

7,906,992‌

$

(7,906,992‌)

Russell

2500

..............................................................................

33,294,487‌

(33,294,487‌)

Russell

Mid-Cap

...........................................................................

1,083,298,971‌

(1,083,298,971‌)

Russell

Mid-Cap

Growth

......................................................................

755,012,895‌

(755,012,895‌)

—‌

iShares

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Micro-Cap

Ordinary

income

...........................................................................................

$

11,888,480‌

$

9,212,592‌

Russell

2500

Ordinary

income

...........................................................................................

$

9,129,972‌

$

4,296,696‌

Russell

Mid-Cap

Ordinary

income

...........................................................................................

$

443,722,962‌

$

335,661,159‌

Russell

Mid-Cap

Growth

Ordinary

income

...........................................................................................

$

92,809,126‌

$

57,154,726‌

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Qualified

Late-Year

Losses

(c)

Total

Micro-Cap

...........................................................

$

(191,112,983‌)

$

(221,675,988‌)

$

(9,927‌)

$

(412,798,898‌)

Russell

2500

..........................................................

(12,977,443‌)

(39,673,167‌)

—‌

(52,650,610‌)

Russell

Mid-Cap

.......................................................

(1,175,348,813‌)

6,056,630,618‌

(374,970‌)

4,880,906,835‌

Russell

Mid-Cap

Growth

..................................................

(1,950,017,880‌)

867,529,596‌

—‌

(1,082,488,284‌)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

were

attributable

primarily

to

the

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

timing

and

recognition

of

realized

gains

(losses)

for

tax

purposes

and

the

characterization

of

corporate

actions.

(c)

The

Fund

has

elected

to

defer

certain

qualified

late-year

losses

and

recognize

such

losses

in

the

next

taxable

year.

Notes

to

Financial

Statements

(continued)

71

Notes

to

Financial

Statements

As

of

March

31,

2023,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy,

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests.

The

price

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.

Counterparty

Credit

Risk:

 The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Micro-Cap

......................................................

$

1,261,178,264‌

$

157,103,348‌

$

(378,779,336‌)

$

(221,675,988‌)

Russell

2500

....................................................

1,032,171,820‌

25,270,220‌

(64,943,387‌)

(39,673,167‌)

Russell

Mid-Cap

..................................................

23,064,803,164‌

8,746,452,670‌

(2,689,822,052‌)

6,056,630,618‌

Russell

Mid-Cap

Growth

............................................

12,264,681,450‌

2,350,088,835‌

(1,482,559,239‌)

867,529,596‌

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

to

Shareholders

72

Concentration

Risk:

 A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

10.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

03/31/23

Year

Ended

03/31/22

iShares

ETF

Shares

Amount

Shares

Amount

Micro-Cap

Shares

sold

650,000‌

$

74,999,301‌

1,550,000‌

$

233,160,533‌

Shares

redeemed

(550,000‌)

(62,257,439‌)

(2,500,000‌)

(365,060,694‌)

100,000‌

$

12,741,862‌

(950,000‌)

$

(131,900,161‌)

Russell

2500

Shares

sold

8,600,000‌

$

465,221,423‌

3,450,000‌

$

222,742,394‌

Shares

redeemed

(2,850,000‌)

(158,089,603‌)

(900,000‌)

(58,170,126‌)

5,750,000‌

$

307,131,820‌

2,550,000‌

$

164,572,268‌

Russell

Mid-Cap

Shares

sold

37,800,000‌

$

2,568,756,078‌

46,450,000‌

$

3,657,110,774‌

Shares

redeemed

(29,650,000‌)

(2,044,006,786‌)

(24,950,000‌)

(1,987,820,867‌)

8,150,000‌

$

524,749,292‌

21,500,000‌

$

1,669,289,907‌

Russell

Mid-Cap

Growth

Shares

sold

24,700,000‌

$

2,102,349,511‌

42,850,000‌

$

4,740,611,315‌

Shares

redeemed

(27,750,000‌)

(2,411,435,041‌)

(51,100,000‌)

(5,608,243,717‌)

(3,050,000‌)

$

(309,085,530‌)

(8,250,000‌)

$

(867,632,402‌)

Report

of

Independent

Registered

Public

Accounting

Firm

73

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

iShares

Trust

and

Shareholders

of

each

of

the four

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

(four

of

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

to

as

the “Funds”)

as

of

March

31,

2023,

the

related

statements

of

operations

for

the

year

ended

March

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2023 (collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

March

31,

2023,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2023

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2023 in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2023

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

25,

2023 

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

iShares

Micro-Cap

ETF

iShares

Russell

2500

ETF

iShares

Russell

Mid-Cap

ETF

iShares

Russell

Mid-Cap

Growth

ETF

Important

Tax

Information

(unaudited)

2023

iShares

Annual

Report

to

Shareholders

74

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

March

31,

2023:

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified business

income

for

individuals

for

the

fiscal

year

ended

March

31,

2023:

The

following

percentages,

or

maximum

percentages

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended March

31,

2023

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

Micro-Cap

.......................................................................................................

$

8,752,862‌

Russell

2500

......................................................................................................

5,444,599‌

Russell

Mid-Cap

...................................................................................................

396,151,529‌

Russell

Mid-Cap

Growth

..............................................................................................

103,427,485‌

iShares

ETF

Qualified

Business

Income

Micro-Cap

.......................................................................................................

$

822,852‌

Russell

2500

......................................................................................................

747,565‌

Russell

Mid-Cap

...................................................................................................

39,166,425‌

Russell

Mid-Cap

Growth

..............................................................................................

4,768,141‌

iShares

ETF

Dividends-Received

Deduction

Micro-Cap

.........................................................................................................

73.11

%

‌

Russell

2500

........................................................................................................

37.94

‌

Russell

Mid-Cap

.....................................................................................................

85.95

‌

Russell

Mid-Cap

Growth

................................................................................................

100.00

‌

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

75

Statement

Regarding

Liquidity

Risk

Management

Program

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

Micro-Cap

ETF,

iShares

Russell

2500

ETF,

iShares

Russell

Mid-Cap

ETF

and

iShares

Russell

Mid-Cap

Growth

ETF (the

“Funds”

or

“ETFs”),

each

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Funds,

met

on

December

9,

2022

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Fund

Advisors

(“BlackRock”),

the

investment

adviser

to

the

Funds,

as

the

program

administrator

for

each

Fund’s

Program.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2021

through

September

30,

2022

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing each

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish each

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

extended

market

holidays, the

imposition

of

capital

controls

in

certain

non-U.S.

countries,

Russian

sanctions

and

the

closure

of

the

Russian

securities

market.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing each

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure,

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Derivative

exposure

was

also

considered

in

the

calculation

of

a

fund’s

liquidity

bucketing.

Finally,

a

factor

for

consideration

under

the

Liquidity

Rule

is

a

Fund’s

use

of

borrowings

for

investment

purposes.

However,

the

Funds

do

not

borrow

for

investment

purposes.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

each

ETF’s

reasonably

anticipated

trading

size

(“RATS”).

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements.

The

Committee

considered

that

ETFs

generally

do

not

hold

more

than

de

minimis

amounts

of

cash.

The

Committee

also

considered

that

ETFs

generally

do

not

engage

in

borrowing.

d)

The

relationship

between

an

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants,

including

authorized

participants.

The

Committee

monitored

the

prevailing

bid/ask

spread

and

the

ETF

price

premium

(or

discount)

to

NAV

for

all

ETFs.

However,

there

were

no

ETFs

with

persistent

deviations

of

fund

premium/discount

or

bid/ask

spreads

from

long-term

averages

over

the

Program

Reporting

Period.

e)

The

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

an

ETF’s

portfolio.

In

reviewing

the

linkage

between

the

composition

of

custom

baskets

accepted

by

an

ETF

and

any

significant

change

in

the

liquidity

profile

of

such

ETF,

the

Committee

reviewed

changes

in

the

proportion

of

each

ETF’s

portfolio

comprised

of

less

liquid

and

illiquid

holdings

to

determine

if

applicable

thresholds

were

met

requiring

enhanced

review.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

classification

methodology.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Supplemental

Information

(unaudited)

2023

iShares

Annual

Report

to

Shareholders

76

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

each

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

March

31,

2023

Premium/Discount

Information

Information

on

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

be

found

at

iShares.com

.

Total

Cumulative

Distributions

for

the

Fiscal

Year

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Russell

2500

(a)

........................

$

0.966861‌

$

—‌

$

0.008723‌

$

0.975584‌

99‌

%

—‌%

1‌

%

100‌

%

Russell

Mid-Cap

(a)

.....................

1.093586‌

—‌

0.020161‌

1.113747‌

98‌

—‌

2‌

100‌

Russell

Mid-Cap

Growth

(a)

................

0.570243‌

—‌

0.100220‌

0.670463‌

85‌

—‌

15‌

100‌

(a)

The

Fund

estimates

that

it

has

distributed

more

than

its

net

investment

income

and

net

realized

capital

gains;

therefore,

a

portion

of

the

distribution

may

be

a

return

of

capital.

A

return

of

capital

may

occur,

for

example,

when

some

or

all

of

the

shareholder’s

investment

in

the

Fund

is

returned

to

the

shareholder.

A

return

of

capital

does

not

necessarily

reflect

the

Fund’s

investment

performance

and

should

not

be

confused

with

“yield”

or

“income”.

When

distributions

exceed

total

return

performance,

the

difference

will

incrementally

reduce

the

Fund’s

net

asset

value

per

share.

Trustee

and

Officer

Information

(unaudited)

77

Trustee

and

Officer

Information

The

Board

of

Trustees

has

responsibility

for

the

overall

management

and

operations

of

the

Funds,

including

general

supervision

of

the

duties

performed

by

BFA

and

other

service

providers.

Each

Trustee

serves

until

he

or

she

resigns,

is

removed,

dies,

retires

or

becomes

incapacitated.

Each

officer

shall

hold

office

until

his

or

her

successor

is

elected

and

qualifies

or

until

his

or

her

death,

resignation

or

removal.

Trustees

who

are

not

“interested

persons”

(as

defined

in

the

1940

Act)

of

the

Trust

are

referred

to

as

independent

trustees

(“Independent

Trustees”).

The

registered

investment

companies

advised

by

BFA

or

its

affiliates

(the

“BlackRock-advised

Funds”)

are

organized

into

one

complex

of

open-end

equity,

multi-asset,

index

and

money

market

funds

and

ETFs

(the

“BlackRock

Multi-Asset

Complex”),

one

complex

of

closed-end

funds

and

open-end

non-index

fixed-income

funds

(including

ETFs)

(the

“BlackRock

Fixed-Income

Complex”)

and

one

complex

of

ETFs

(“Exchange-Traded

Fund

Complex”)

(each,

a

“BlackRock

Fund

Complex”).

Each

Fund

is

included

in

the

Exchange-Traded

Fund

Complex.

Each

Trustee

also

serves

as

a

Director

of

iShares,

Inc.

and

a

Trustee

of

iShares

U.S.

ETF

Trust,

and,

as

a

result,

oversees

all

of

the

funds

within

the

Exchange-Traded

Fund

Complex,

which

consists

of

380

funds

as

of

March

31,

2023.

With

the

exception

of

Robert

S.

Kapito,

Salim

Ramji

and

Charles

Park,

the

address

of

each

Trustee

and

officer

is

c/o

BlackRock,

Inc.,

400

Howard

Street,

San

Francisco,

CA

94105.

The

address

of

Mr.

Kapito,

Mr.

Ramji

and

Mr.

Park

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New York,

NY

10001.

The

Board

has

designated

John

E.

Kerrigan

as

its

Independent

Board

Chair.

Additional

information

about

the

Funds’

Trustees

and

officers

may

be

found

in

the

Funds’

combined

Statement

of

Additional

Information,

which

is

available

without

charge,

upon

request,

by

calling

toll-free

1-800-iShares

(1-800-474-2737).

Interested

Trustees

(a)

Robert

S.

Kapito

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

(b)

Salim

Ramji

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

Independent

Trustees

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Robert

S.

Kapito

(a)

(1957)

Trustee

(since

2009).

President,

BlackRock,

Inc.

(since

2006);

Vice

Chairman

of

BlackRock,

Inc.

and

Head

of

BlackRock’s

Portfolio

Management

Group

(since

its

formation

in

1998)

and

BlackRock,

Inc.’s

predecessor

entities

(since

1988);

Trustee,

University

of

Pennsylvania

(since

2009);

President

of

Board

of

Directors,

Hope

&

Heroes

Children’s

Cancer

Fund

(since

2002).

Director

of

BlackRock,

Inc.

(since

2006);

Director

of

iShares,

Inc.

(since

2009);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Salim

Ramji

(b)

(1970)

Trustee

(since

2019).

Senior

Managing

Director,

BlackRock,

Inc.

(since

2014);

Global

Head

of

BlackRock’s

ETF

and

Index

Investments

Business

(since

2019);

Head

of

BlackRock’s

U.S.

Wealth

Advisory

Business

(2015-2019);

Global

Head

of

Corporate

Strategy,

BlackRock,

Inc.

(2014-2015);

Senior

Partner,

McKinsey

&

Company

(2010-2014).

Director

of

iShares,

Inc.

(since

2019);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2019).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

John

E.

Kerrigan

(1955)

Trustee

(since

2005);

Independent

Board

Chair

(since

2022).

Chief

Investment

Officer,

Santa

Clara

University

(since

2002).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011);

Independent

Board

Chair

of

iShares,

Inc.

and

iShares

U.S.

ETF

Trust

(since

2022).

Jane

D.

Carlin

(1956)

Trustee

(since

2015);

Risk

Committee

Chair

(since

2016).

Consultant

(since

2012);

Member

of

the

Audit

Committee

(2012-2018),

Chair

of

the

Nominating

and

Governance

Committee

(2017-2018)

and

Director

of

PHH

Corporation

(mortgage

solutions)

(2012-2018);

Managing

Director

and

Global

Head

of

Financial

Holding

Company

Governance

&

Assurance

and

the

Global

Head

of

Operational

Risk

Management

of

Morgan

Stanley

(2006-2012).

Director

of

iShares,

Inc.

(since

2015);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2015);

Member

of

the

Audit

Committee

(since

2016),

Chair

of

the

Audit

Committee

(since

2020)

and

Director

of

The

Hanover

Insurance

Group,

Inc.

(since

2016).

Richard

L.

Fagnani

(1954)

Trustee

(since

2017);

Audit

Committee

Chair

(since

2019).

Partner,

KPMG

LLP

(2002-2016);

Director

of

One

Generation

Away

(since

2021).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017).

Cecilia

H.

Herbert

(1949)

Trustee

(since

2005);

Nominating

and

Governance

and

Equity

Plus

Committee

Chairs

(since

2022).

Chair

of

the

Finance

Committee

(since

2019)

and

Trustee

and

Member

of

the

Finance,

Audit

and

Quality

Committees

of

Stanford

Health

Care

(since

2016);

Trustee

of

WNET,

New

York’s

public

media

company

(since

2011)

and

Member

of

the

Audit

Committee

(since

2018),

Investment

Committee

(since

2011)

and

Personnel

Committee

(since

2022);

Chair

(1994-2005)

and

Member

(1992-2021)

of

the

Investment

Committee,

Archdiocese

of

San

Francisco;

Trustee

of

Forward

Funds

(14

portfolios)

(2009-2018);

Trustee

of

Salient

MF

Trust

(4

portfolios)

(2015-2018);

Director

(1998-2013)

and

President

(2007-2011)

of

the

Board

of

Directors,

Catholic

Charities

CYO;

Trustee

(2002-2011)

and

Chair

of

the

Finance

and

Investment

Committee

(2006-2010)

of

the

Thacher

School;

Director

of

the

Senior

Center

of

Jackson

Hole

(since

2020);

Director

of

the

Jackson

Hole

Center

for

the

Arts

(since

2021);

Member

of

the

Wyoming

State

Investment

Funds

Committee

(since

2022).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Trustee

and

Officer

Information

(unaudited)

(continued)

2023

iShares

Annual

Report

to

Shareholders

78

Officers

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Drew

E.

Lawton

(1959)

Trustee

(since

2017);

15(c)

Committee

Chair

(since

2017).

Senior

Managing

Director

of

New

York

Life

Insurance

Company

(2010-2015).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017);

Director

of

Jackson

Financial

Inc.

(since

2021).

John

E.

Martinez

(1961)

Trustee

(since

2003);

Securities

Lending

Committee

Chair

(since

2019).

Director

of

Real

Estate

Equity

Exchange,

Inc.

(since

2005);

Director

of

Cloudera

Foundation

(2017-2020);

and

Director

of

Reading

Partners

(2012-2016).

Director

of

iShares,

Inc.

(since

2003);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Madhav

V.

Rajan

(1964)

Trustee

(since

2011);

Fixed-

Income

Plus

Committee

Chair

(since

2019).

Dean,

and

George

Pratt

Shultz

Professor

of

Accounting,

University

of

Chicago

Booth

School

of

Business

(since

2017);

Advisory

Board

Member

(since

2016)

and

Director

(since

2020)

of

C.M.

Capital

Corporation;

Chair

of

the

Board

for

the

Center

for

Research

in

Security

Prices,

LLC

(since

2020);

Robert

K.

Jaedicke

Professor

of

Accounting,

Stanford

University

Graduate

School

of

Business

(2001-2017);

Professor

of

Law

(by

courtesy),

Stanford

Law

School

(2005-2017);

Senior

Associate

Dean

for

Academic

Affairs

and

Head

of

MBA

Program,

Stanford

University

Graduate

School

of

Business

(2010-2016).

Director

of

iShares,

Inc.

(since

2011);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Dominik

Rohé

(1973)

President

(since

2023).

Managing

Director,

BlackRock,

Inc.

(since

2005);

Head

of

Americas

ETF

and

Index

Investments

(since

2023);

Head

of

Latin

America

(2019-

2023).

Trent

Walker

(1974)

Treasurer

and

Chief

Financial

Officer

(since

2020).

Managing

Director,

BlackRock,

Inc.

(since

September

2019);

Chief

Financial

Officer

of

iShares

Delaware

Trust

Sponsor

LLC,

BlackRock

Funds,

BlackRock

Funds

II,

BlackRock

Funds

IV,

BlackRock

Funds

V

and

BlackRock

Funds

VI

(since

2021);

Executive

Vice

President

of

PIMCO

(2016-2019);

Senior

Vice

President

of

PIMCO

(2008-2015);

Treasurer

(2013-2019)

and

Assistant

Treasurer

(2007-2017)

of

PIMCO

Funds,

PIMCO

Variable

Insurance

Trust,

PIMCO

ETF

Trust,

PIMCO

Equity

Series,

PIMCO

Equity

Series

VIT,

PIMCO

Managed

Accounts

Trust,

2

PIMCO-sponsored

interval

funds

and

21

PIMCO-sponsored

closed-end

funds.

Charles

Park

(1967)

Chief

Compliance

Officer

(since

2006).

Chief

Compliance

Officer

of

BlackRock

Advisors,

LLC

and

the

BlackRock-advised

Funds

in

the

BlackRock

Multi-Asset

Complex

and

the

BlackRock

Fixed-Income

Complex

(since

2014);

Chief

Compliance

Officer

of

BFA

(since

2006).

Marisa

Rolland

(1980)

Secretary

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2023);

Director,

BlackRock,

Inc.

(2018-2022);

Vice

President,

BlackRock,

Inc.

(2010-2017).

Rachel

Aguirre

(1982)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2018);

Director,

BlackRock,

Inc.

(2009-2018);

Head

of

U.S.

iShares

Product

(since

2022);

Head

of

EII

U.S.

Product

Engineering

(since

2021);

Co-Head

of

EII’s

Americas

Portfolio

Engineering

(2020-

2021);

Head

of

Developed

Markets

Portfolio

Engineering

(2016-2019).

Jennifer

Hsui

(1976)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2009);

Co-Head

of

Index

Equity

(since

2022).

James

Mauro

(1970)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2010);

Head

of

Fixed

Income

Index

Investments

in

the

Americas

and

Head

of

San

Francisco

Core

Portfolio

Management

(since

2020).

Effective

June

15,

2022,

Marisa

Rolland

replaced

Deepa

Damre

Smith

as

Secretary.

Effective

March

30,

2023,

Dominik

Rohé

replaced

Armando

Senra

as

President.

Independent

Trustees

(continued)

General

Information

79

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 each

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus. Each

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

2023

iShares

Annual

Report

to

Shareholders

80

USD

United

States

Dollar

Currency

Abbreviation

Portfolio

Abbreviation

CVR

Contingent

Value

Rights

ETF

Exchange-Traded

Fund

MSCI

Morgan

Stanley

Capital

International

NASDAQ

National

Association

of

Securities

Dealers

Automated

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

iS-AR-318-0323

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by FTSE

Russell,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2023

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

(b) Not Applicable

Item 2.      Code of Ethics.

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 eighteen series of the registrant for which the fiscal year-end is March 31, 2023 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a)

Audit Fees

– The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $230,600 for the fiscal year ended

March 31, 2022

and $242,700 for the fiscal year ended March 31, 2023.

(b)

Audit-Related Fees

– There were no fees billed for the fiscal years end

ed March 31, 2022

and March 31, 2023 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c)

Tax Fees

– The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $174,600 for the fiscal year ended

March 31, 2022

and $174,600 for the fiscal year ended March 31, 2023. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d)

All Other Fees

– There were no other fees billed in each of the fiscal years end

ed March 31, 2022 and March 31, 2023

for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e)

(1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

Not Applicable

(g)

The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $174,600 for the fiscal year ended

March 31, 2022

and $174,600 for the fiscal year ended March 31, 2023.

 

(h)

The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

(i)

Not Applicable

(j)

Not Applicable

Item 5.      Audit Committee of Listed Registrants

(a)

The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934.  The registrant’s audit committee members are Richard L. Fagnani, Cecilia H. Herbert and Madhav V. Rajan.

(b) Not applicable.

Item 6.      Investments.

(a)Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b)Not applicable.

Item 7.      Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

      Not applicable to the registrant.

Item 8.      Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9.      Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

      Not applicable to the registrant.

Item 10.    Submission of Matters to a Vote of Security Holders.

      There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11.    Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.    Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13.    Exhibits.

(a) (1) Code of Ethics is not filed as an exhibit; please refer to Item 2.

(a) (2) Section 302 Certifications are attached.

      (a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable.

(a)(4) Change in Registrant’s independent public accountant – Not Applicable.

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares Trust
By: /s/ Dominik Rohe
Dominik Rohe, President (Principal Executive Officer)
Date:	May 25, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ Dominik Rohe
Dominik Rohe, President (Principal Executive Officer)
Date:		May 25, 2023
By: /s/ Trent Walker
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:		May 25, 2023