iShares MSCI ACWI ex U.S. ETF (ACWX) N-CSRS Certified semi-annual shareholder report (management investment company)

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: Citi Fund Services Ohio, Inc. 4400 Easton Way Suite 200 Columbus, Ohio				43219
(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:	July 31, 2023
Date of reporting period:	January 31, 2023

Item 1.      Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

January

31,

2023

iShares

Trust

iShares

Core

Aggressive

Allocation

ETF

|

AOA

|

NYSE

Arca

iShares

Core

Conservative

Allocation

ETF

|

AOK

|

NYSE

Arca

iShares

Core

Growth

Allocation

ETF

|

AOR

|

NYSE

Arca

iShares

Core

Moderate

Allocation

ETF

|

AOM

|

NYSE

Arca

iShares

Morningstar

Multi-Asset

Income

ETF

|

IYLD

|

Cboe

BZX

2023

Semi-Annual

Report

(Unaudited)

Dear

Shareholder,

Significant

economic

headwinds

emerged

during

the

12-month

reporting

period

ended

January

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.

Moreover,

while

the

foremost

effect

of

Russia’s

invasion

of

Ukraine

has

been

a

severe

humanitarian

crisis,

the

ongoing

war

continued

to

present

challenges

for

both

investors

and

policymakers.

Equity

prices

fell

as

interest

rates

rose,

particularly

during

the

first

half

of

the

reporting

period.

Both

large-

and

small-capitalization

U.S.

stocks

fell,

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

a

strong

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

rose

notably

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

seven

times.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

is

accelerating

the

reduction

of

its

balance

sheet.

While

the

Fed

suggested

that

additional

rate

hikes

were

likely,

it

also

gave

indications

that

the

pace

of

increases

would

slow

if

inflation

continued

to

subside.

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,

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.

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.

While

we

favor

an

overweight

to

equities

in

the

long-term,

several

factors

lead

us

to

take

an

underweight

stance

on

equities

overall

in

the

near

term.

We

believe

that

higher

input

costs

and

a

deteriorating

economic

backdrop

are

likely

to

challenge

corporate

earnings,

while

the

market’s

concerns

over

excessive

rate

hikes

could

remain

until

the

Fed

indicates

that

its

tightening

cycle

has

ended.

Nevertheless,

we

see

opportunities

in

credit,

where

valuations

are

attractive

and

higher

yields

provide

income

opportunities.

We

believe

that

global

investment-grade

corporates,

global

inflation-linked

bonds,

and

U.S.

mortgage-backed

securities

offer

strong

opportunities

for

a

six-

to

twelve-month

horizon.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Total

Returns

as

of

January

31,

2023

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

(0.44)%

(8.22)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

3.25

(3.38)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

9.52

(2.83)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

4.92

(12.12)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

1.58

1.79

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(5.60)

(11.62)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(2.37)

(8.36)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

0.73

(3.25)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

1.46

(5.22)

2

This

Page

is

not

Part

of

Your

Fund

Report

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Semi-Annual

Report:

Fund

Summary

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

4

About

Fund

Performance

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

9

Disclosure

of

Expenses

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

9

Schedules

of

Investments

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

10

Financial

Statements:

Statements

of

Assets

and

Liabilities

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

21

Statements

of

Operations

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

23

Statements

of

Changes

in

Net

Assets

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

25

Financial

Highlights

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

28

Notes

to

Financial

Statements

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

33

Statement

Regarding

Liquidity

Risk

Management

Program

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

40

Supplemental

Information

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

41

General

Information

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

42

iShares

®

Core

Aggressive

Allocation

ETF

4

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

January

31,

2023

Investment

Objective

The

iShares

Core

Aggressive

Allocation

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

a

portfolio

of

underlying

equity

and

fixed

income

funds

intended

to

represent

an

aggressive

target

risk

allocation

strategy,

as

represented

by

the

S&P

Target

Risk

Aggressive

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

2.15

%

(6.93

)

%

4.78

%

7.70

%

(6.93

)

%

26.30

%

109.92

%

Fund

Market

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

2.18

(7.08

)

4.76

7.69

–

%

(7.08

)

26.18

109.69

Index

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

2.21

(6.84

)

4.95

7.84

(6.84

)

27.30

112.65

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,021.50

‌

$

0.56

‌

$

1,000.00

‌

$

1,024.65

‌

$

0.56

‌

0.11

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

The

fees

and

expenses

of

the

underlying

funds

in

which

the

Fund

invests

are

not

included

in

the

Fund’s

annualized

expense

ratio.

PORTFOLIO

COMPOSITION

Asset

Class

Percent

of

Total

Investments

(a)

Domestic

Equity

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

45.5‌

%

International

Equity

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

35.5‌

Domestic

Fixed

Income

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

16.3‌

International

Fixed

Income

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

2.7‌

(a)

Excludes

money

market

funds.

FIVE

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

iShares

Core

S&P

500

ETF

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

41.6‌

%

iShares

Core

MSCI

International

Developed

Markets

ETF

......

25.9‌

iShares

Core

Total

USD

Bond

Market

ETF

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

16.3‌

iShares

Core

MSCI

Emerging

Markets

ETF

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

9.6‌

iShares

Core

S&P

Mid-Cap

ETF

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

2.8‌

iShares

®

Core

Conservative

Allocation

ETF

5

Fund

Summary

Fund

Summary

as

of

January

31,

2023

Investment

Objective

The

iShares

Core

Conservative

Allocation

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

a

portfolio

of

underlying

equity

and

fixed

income

funds

intended

to

represent

a

conservative

target

risk

allocation

strategy,

as

represented

by

the

S&P

Target

Risk

Conservative

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(0.45

)

%

(7.64

)

%

2.38

%

3.59

%

(7.64

)

%

12.50

%

42.26

%

Fund

Market

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

(0.65

)

(7.90

)

2.35

3.56

‌

–

%

(7.90

)

12.29

41.94

Index

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

(0.42

)

(7.58

)

2.56

3.71

(7.58

)

13.47

43.99

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

995.50

‌

$

0.45

‌

$

1,000.00

‌

$

1,024.75

‌

$

0.46

‌

0.09

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

The

fees

and

expenses

of

the

underlying

funds

in

which

the

Fund

invests

are

not

included

in

the

Fund’s

annualized

expense

ratio.

PORTFOLIO

COMPOSITION

Asset

Class

Percent

of

Total

Investments

(a)

Domestic

Fixed

Income

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

58.8‌

%

Domestic

Equity

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

17.6‌

International

Equity

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

13.8‌

International

Fixed

Income

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

9.8‌

(a)

Excludes

money

market

funds.

FIVE

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

iShares

Core

Total

USD

Bond

Market

ETF

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

58.8‌

%

iShares

Core

S&P

500

ETF

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

16.1‌

iShares

Core

MSCI

International

Developed

Markets

ETF

......

10.1‌

iShares

Core

International

Aggregate

Bond

ETF

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

9.8‌

iShares

Core

MSCI

Emerging

Markets

ETF

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

3.7‌

iShares

®

Core

Growth

Allocation

ETF

6

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

January

31,

2023

Investment

Objective

The

iShares

Core

Growth

Allocation

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

a

portfolio

of

underlying

equity

and

fixed

income

funds

intended

to

represent

a

growth

allocation

target

risk

strategy,

as

represented

by

the

S&P

Target

Risk

Growth

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

1.13

%

(7.17

)

%

3.87

%

6.19

%

(7.17

)

%

20.91

%

82.25

%

Fund

Market

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

1.00

‌

(7.31

) 

3.85

6.17

–

%

(7.31

)

20.78

81.90

Index

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

1.16

(7.12

)

4.04

6.32

(7.12

)

21.88

84.53

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,011.30

‌

$

0.51

‌

$

1,000.00

‌

$

1,024.70

‌

$

0.51

‌

0.10

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

The

fees

and

expenses

of

the

underlying

funds

in

which

the

Fund

invests

are

not

included

in

the

Fund’s

annualized

expense

ratio.

PORTFOLIO

COMPOSITION

Asset

Class

Percent

of

Total

Investments

(a)

Domestic

Equity

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

34.6‌

%

Domestic

Fixed

Income

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

32.9‌

International

Equity

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

27.0‌

International

Fixed

Income

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

5.5‌

(a)

Excludes

money

market

funds.

FIVE

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

iShares

Core

Total

USD

Bond

Market

ETF

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

32.9‌

%

iShares

Core

S&P

500

ETF

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

31.6‌

iShares

Core

MSCI

International

Developed

Markets

ETF

......

19.7‌

iShares

Core

MSCI

Emerging

Markets

ETF

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

7.3‌

iShares

Core

International

Aggregate

Bond

ETF

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

5.5‌

iShares

®

Core

Moderate

Allocation

ETF

7

Fund

Summary

Fund

Summary

as

of

January

31,

2023

Investment

Objective

The

iShares

Core

Moderate

Allocation

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

a

portfolio

of

underlying

equity

and

fixed

income

funds

intended

to

represent

a

moderate

target

risk

allocation

strategy,

as

represented

by

the

S&P

Target

Risk

Moderate

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

0.07

%

(7.48

)

%

2.89

%

4.48

%

(7.48

)

%

15.30

%

55.05

%

Fund

Market

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

0.24

(7.47

)

2.92

4.49

–

%

(7.47

)

15.47

55.11

Index

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

0.11

(7.42

)

3.07

4.62

(7.42

)

16.31

57.02

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,000.70

‌

$

0.50

‌

$

1,000.00

‌

$

1,024.70

‌

$

0.51

‌

0.10

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

The

fees

and

expenses

of

the

underlying

funds

in

which

the

Fund

invests

are

not

included

in

the

Fund’s

annualized

expense

ratio.

PORTFOLIO

COMPOSITION

Asset

Class

Percent

of

Total

Investments

(a)

Domestic

Fixed

Income

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

50.1‌

%

Domestic

Equity

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

23.4‌

International

Equity

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

18.2‌

International

Fixed

Income

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

8.3‌

(a)

Excludes

money

market

funds.

FIVE

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

iShares

Core

Total

USD

Bond

Market

ETF

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

50.1‌

%

iShares

Core

S&P

500

ETF

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

21.4‌

iShares

Core

MSCI

International

Developed

Markets

ETF

......

13.3‌

iShares

Core

International

Aggregate

Bond

ETF

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

8.3‌

iShares

Core

MSCI

Emerging

Markets

ETF

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

4.9‌

iShares

®

Morningstar

Multi-Asset

Income

ETF

8

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

January

31,

2023

Investment

Objective

The

iShares

Morningstar

Multi-Asset

Income

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

underlying

equity,

fixed

income

and

other

income

funds

that

collectively

seek

to

deliver

high

current

income

while

providing

an

opportunity

for

capital

appreciation,

as

represented

by

the

Morningstar

®

Multi-Asset

High

Income

Index

SM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

1.56

%

(9.78

)

%

0.03

%

2.39

%

(9.78

)

%

0.14

%

26.59

%

Fund

Market

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

1.40

(9.75

)

0.00

‌

2.38

–

%

(9.75

)

0.01

26.57

Index

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

1.95

(9.91

)

0.11

2.41

(9.91

)

0.55

26.90

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,015.60

‌

$

1.17

‌

$

1,000.00

‌

$

1,024.05

‌

$

1.17

‌

0.23

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

The

fees

and

expenses

of

the

underlying

funds

in

which

the

Fund

invests

are

not

included

in

the

Fund’s

annualized

expense

ratio.

PORTFOLIO

COMPOSITION

Asset

Class

Percent

of

Total

Investments

(a)

Non-Investment

Grade

Bonds

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

38.9‌

%

International

Equity

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

21.0‌

International

Fixed

Income

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

19.9‌

Domestic

Equity

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

10.1‌

Domestic

Real

Estate

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

10.1‌

(a)

Excludes

money

market

funds.

FIVE

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

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

19.5‌

%

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

........

14.9‌

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

.......

14.6‌

iShares

International

Select

Dividend

ETF

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

10.6‌

iShares

Emerging

Markets

Dividend

ETF

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

10.4‌

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.

Schedule

of

Investments

(unaudited)

January

31,

2023

iShares

®

Core

Aggressive

Allocation

ETF

(Percentages

shown

are

based

on

Net

Assets)

10

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Investment

Companies

(a)

Domestic

Equity

 — 

45

.5

%

iShares

Core

S&P

500

ETF

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

1,540,510

$

629,005,638

iShares

Core

S&P

Mid-Cap

ETF

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

158,887

41,992,245

iShares

Core

S&P

Small-Cap

ETF

(b)

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

168,248

17,437,223

688,435,106

a

Domestic

Fixed

Income

 — 

16

.2

%

iShares

Core

Total

USD

Bond

Market

ETF

........

5,297,161

245,947,185

a

International

Equity

 — 

35

.5

%

iShares

Core

MSCI

Emerging

Markets

ETF

(b)

......

2,860,030

145,489,726

iShares

Core

MSCI

International

Developed

Markets

ETF

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

6,433,280

392,237,082

537,726,808

a

International

Fixed

Income

 — 

2

.7

%

iShares

Core

International

Aggregate

Bond

ETF

....

843,022

40,903,427

a

Total

Long-Term

Investments — 99.9%

(Cost:

$

1,460,769,240

)

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

1,513,012,526

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

7

.1

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.56

%

(a)

(c)

(d)

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

105,984,236

$

106,047,827

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.18

%

(a)

(c)

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

1,509,355

1,509,355

a

Total

Short-Term

Securities — 7.1%

(Cost:

$

107,546,182

)

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

107,557,182

Total

Investments

—

107.0%

(Cost:

$

1,568,315,422

)

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

1,620,569,708

Liabilities

in

Excess

of

Other

Assets

—

(

7

.0

)

%

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

(

106,109,454

)

Net

Assets

—

100.0%

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

$

1,514,460,254

(a)

Affiliate

of

the

Fund.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

January

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/23

  Shares

Held

at

01/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

2,154,731

$

103,867,457

(a)

$

—

$

15,067

$

10,572

$

106,047,827

105,984,236

$

18,745

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

2,676,395

—

(

1,167,040

)

(a)

—

—

1,509,355

1,509,355

45,947

4

iShares

Core

International

Aggregate

Bond

ETF

........

46,675,765

13,898,386

(

17,085,354

)

(

436,284

)

(

2,149,086

)

40,903,427

843,022

1,054,020

—

iShares

Core

MSCI

Emerging

Markets

ETF

..

120,130,033

59,752,055

(

44,823,284

)

4,092,046

6,338,876

145,489,726

2,860,030

2,158,273

—

iShares

Core

MSCI

International

Developed

Markets

ETF

..

354,435,384

123,606,022

(

120,864,266

)

6,860,310

28,199,632

392,237,082

6,433,280

2,453,096

—

iShares

Core

S&P

500

ETF

.....

648,726,023

198,370,475

(

211,857,969

)

70,701,070

(

76,933,961

)

629,005,638

1,540,510

5,931,038

—

iShares

Core

S&P

Mid-Cap

ETF

..

39,596,754

12,872,296

(

12,996,062

)

4,846,435

(

2,327,178

)

41,992,245

158,887

403,577

—

iShares

Core

S&P

Small-Cap

ETF

17,284,624

5,352,840

(

5,683,227

)

1,613,029

(

1,130,043

)

17,437,223

168,248

154,349

—

iShares

®

Core

Aggressive

Allocation

ETF

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

11

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

January

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Affiliates

(continued)

Affiliated

Issuer

Value

at

07/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/23

  Shares

Held

at

01/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

iShares

Core

Total

USD

Bond

Market

ETF

...

$

264,302,281

$

79,634,197

$

(

90,575,441

)

$

(

1,566,028

)

$

(

5,847,824

)

$

245,947,185

5,297,161

$

3,543,052

$

—

$

86,125,645

$

(

53,839,012

)

$

1,620,569,708

$

15,762,097

$

4

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

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

6

03/17/23

$

1,227

$

10,076

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)

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

$

—

$

—

$

10,076

$

—

$

—

$

—

$

10,076

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

(

363,229

)

$

—

$

—

$

—

$

(

363,229

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(

93,199

)

$

—

$

—

$

—

$

(

93,199

)

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

1,195,950

a

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

iShares

®

Core

Aggressive

Allocation

ETF

12

2023

iShares

Semi-Annual

Report

to

Shareholders

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

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

$

1,513,012,526

$

—

$

—

$

1,513,012,526

Short-Term

Securities

Money

Market

Funds

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

107,557,182

—

—

107,557,182

$

1,620,569,708

$

—

$

—

$

1,620,569,708

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

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

$

10,076

$

—

$

—

$

10,076

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

Core

Conservative

Allocation

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

13

Schedule

of

Investments

Security

Shares

Value

a

Investment

Companies

(a)

Domestic

Equity

 — 

17

.6

%

iShares

Core

S&P

500

ETF

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

286,762

$

117,087,792

iShares

Core

S&P

Mid-Cap

ETF

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

29,612

7,826,156

iShares

Core

S&P

Small-Cap

ETF

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

31,288

3,242,688

128,156,636

a

Domestic

Fixed

Income

 — 

58

.8

%

iShares

Core

Total

USD

Bond

Market

ETF

........

9,204,036

427,343,392

a

International

Equity

 — 

13

.8

%

iShares

Core

MSCI

Emerging

Markets

ETF

.......

532,443

27,085,375

iShares

Core

MSCI

International

Developed

Markets

ETF

(b)

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

1,197,645

73,020,416

100,105,791

a

International

Fixed

Income

 — 

9

.8

%

iShares

Core

International

Aggregate

Bond

ETF

....

1,464,827

71,073,406

a

Total

Long-Term

Investments — 100.0%

(Cost:

$

811,279,404

)

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

726,679,225

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.1

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.56

%

(a)

(c)

(d)

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

297,422

$

297,600

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.18

%

(a)

(c)

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

692,023

692,023

a

Total

Short-Term

Securities — 0.1%

(Cost:

$

989,623

)

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

989,623

Total

Investments

—

100.1%

(Cost:

$

812,269,027

)

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

727,668,848

Liabilities

in

Excess

of

Other

Assets

—

(

0

.1

)

%

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

(

396,594

)

Net

Assets

—

100.0%

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

$

727,272,254

(a)

Affiliate

of

the

Fund.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

January

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/23

  Shares

Held

at

01/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

—

$

288,036

(a)

$

—

$

9,564

$

—

$

297,600

297,422

$

354

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

2,230,003

—

(

1,537,980

)

(a)

—

—

692,023

692,023

29,819

—

iShares

Core

International

Aggregate

Bond

ETF

........

82,767,554

65,804,319

(

72,539,456

)

(

1,454,169

)

(

3,504,842

)

71,073,406

1,464,827

1,891,984

—

iShares

Core

MSCI

Emerging

Markets

ETF

..

22,823,154

25,204,745

(

22,695,801

)

724,593

1,028,684

27,085,375

532,443

427,355

—

iShares

Core

MSCI

International

Developed

Markets

ETF

..

67,340,977

60,972,680

(

62,271,666

)

2,073,995

4,904,430

73,020,416

1,197,645

485,731

—

iShares

Core

S&P

500

ETF

.....

123,249,129

101,473,521

(

105,857,171

)

2,179,462

(

3,957,149

)

117,087,792

286,762

1,324,299

—

iShares

Core

S&P

Mid-Cap

ETF

..

7,520,623

6,626,442

(

6,816,200

)

287,967

207,324

7,826,156

29,612

90,614

—

iShares

Core

S&P

Small-Cap

ETF

3,292,532

2,719,804

(

2,873,562

)

184,370

(

80,456

)

3,242,688

31,288

34,490

—

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

iShares

®

Core

Conservative

Allocation

ETF

14

2023

iShares

Semi-Annual

Report

to

Shareholders

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Affiliates

(continued)

Affiliated

Issuer

Value

at

07/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/23

  Shares

Held

at

01/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

iShares

Core

Total

USD

Bond

Market

ETF

...

$

468,677,355

$

376,940,933

$

(

400,166,739

)

$

(

7,194,839

)

$

(

10,913,318

)

$

427,343,392

9,204,036

$

6,831,968

$

—

$

(

3,189,057

)

$

(

12,315,327

)

$

727,668,848

$

11,116,614

$

—

(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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

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

$

726,679,225

$

—

$

—

$

726,679,225

Short-Term

Securities

Money

Market

Funds

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

989,623

—

—

989,623

$

727,668,848

$

—

$

—

$

727,668,848

iShares

®

Core

Growth

Allocation

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

15

Schedule

of

Investments

Security

Shares

Value

a

Investment

Companies

(a)

Domestic

Equity

 — 

34

.5

%

iShares

Core

S&P

500

ETF

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

1,619,646

$

661,317,658

iShares

Core

S&P

Mid-Cap

ETF

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

166,975

44,129,823

iShares

Core

S&P

Small-Cap

ETF

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

176,812

18,324,796

723,772,277

a

Domestic

Fixed

Income

 — 

32

.9

%

iShares

Core

Total

USD

Bond

Market

ETF

........

14,850,904

689,527,473

a

International

Equity

 — 

27

.0

%

iShares

Core

MSCI

Emerging

Markets

ETF

(b)

......

3,006,745

152,953,118

iShares

Core

MSCI

International

Developed

Markets

ETF

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

6,763,607

412,377,119

565,330,237

a

International

Fixed

Income

 — 

5

.5

%

iShares

Core

International

Aggregate

Bond

ETF

....

2,363,532

114,678,572

a

Total

Long-Term

Investments — 99.9%

(Cost:

$

2,174,369,721

)

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

2,093,308,559

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

5

.1

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.56

%

(a)

(c)

(d)

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

103,952,131

$

104,014,502

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.18

%

(a)

(c)

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

1,946,254

1,946,254

a

Total

Short-Term

Securities — 5.1%

(Cost:

$

105,950,361

)

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

105,960,756

Total

Investments

—

105.0%

(Cost:

$

2,280,320,082

)

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

2,199,269,315

Liabilities

in

Excess

of

Other

Assets

—

(

5

.0

)

%

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

(

104,257,785

)

Net

Assets

—

100.0%

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

$

2,095,011,530

(a)

Affiliate

of

the

Fund.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

January

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/23

  Shares

Held

at

01/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

161,535,851

$

—

$

(

57,500,279

)

(a)

$

834

$

(

21,904

)

$

104,014,502

103,952,131

$

34,165

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

2,239,395

—

(

293,141

)

(a)

—

—

1,946,254

1,946,254

67,129

1

iShares

Core

International

Aggregate

Bond

ETF

.........

122,727,366

69,113,747

(

70,080,244

)

(

1,716,706

)

(

5,365,591

)

114,678,572

2,363,532

3,294,985

—

iShares

Core

MSCI

Emerging

Markets

ETF

.........

118,447,766

97,310,938

(

76,408,893

)

6,836,349

6,766,958

152,953,118

3,006,745

2,453,899

—

iShares

Core

MSCI

International

Developed

Markets

ETF

.........

349,475,537

225,145,689

(

206,150,112

)

14,353,502

29,552,503

412,377,119

6,763,607

2,789,048

—

iShares

Core

S&P

500

ETF

......

639,637,549

367,289,770

(

344,931,878

)

76,595,775

(

77,273,558

)

661,317,658

1,619,646

6,374,136

—

iShares

Core

S&P

Mid-Cap

ETF

...

39,037,180

24,193,863

(

22,188,275

)

5,389,257

(

2,302,202

)

44,129,823

166,975

432,555

—

iShares

Core

S&P

Small-Cap

ETF

.

17,043,551

9,916,841

(

9,324,636

)

2,292,581

(

1,603,541

)

18,324,796

176,812

165,900

—

iShares

Core

Total

USD

Bond

Market

ETF

.........

694,941,787

394,109,162

(

384,226,715

)

367,334

(

15,664,095

)

689,527,473

14,850,904

9,972,545

—

$

104,118,926

$

(

65,911,430

)

$

2,199,269,315

$

25,584,362

$

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

(unaudited)

(continued)

January

31,

2023

iShares

®

Core

Growth

Allocation

ETF

16

2023

iShares

Semi-Annual

Report

to

Shareholders

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

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

$

2,093,308,559

$

—

$

—

$

2,093,308,559

Short-Term

Securities

Money

Market

Funds

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

105,960,756

—

—

105,960,756

$

2,199,269,315

$

—

$

—

$

2,199,269,315

iShares

®

Core

Moderate

Allocation

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

17

Schedule

of

Investments

Security

Shares

Value

a

Investment

Companies

(a)

Domestic

Equity

 — 

23

.4

%

iShares

Core

S&P

500

ETF

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

741,211

$

302,643,864

iShares

Core

S&P

Mid-Cap

ETF

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

76,446

20,203,913

iShares

Core

S&P

Small-Cap

ETF

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

80,931

8,387,689

331,235,466

a

Domestic

Fixed

Income

 — 

50

.0

%

iShares

Core

Total

USD

Bond

Market

ETF

........

15,291,756

709,996,231

a

International

Equity

 — 

18

.2

%

iShares

Core

MSCI

Emerging

Markets

ETF

.......

1,376,066

70,000,477

iShares

Core

MSCI

International

Developed

Markets

ETF

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

3,095,275

188,718,917

258,719,394

a

Security

Shares

Value

a

International

Fixed

Income

 — 

8

.3

%

iShares

Core

International

Aggregate

Bond

ETF

....

2,433,649

$

118,080,649

a

Total

Long-Term

Investments — 99.9%

(Cost:

$

1,512,938,924

)

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

1,418,031,740

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.1

%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.18

%

(a)

(b)

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

1,309,309

1,309,309

a

Total

Short-Term

Securities — 0.1%

(Cost:

$

1,309,309

)

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

1,309,309

Total

Investments

—

100.0%

(Cost:

$

1,514,248,233

)

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

1,419,341,049

Liabilities

in

Excess

of

Other

Assets

—

0

.0

%

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

(

163,797

)

Net

Assets

—

100.0%

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

$

1,419,177,252

(a)

Affiliate

of

the

Fund.

(b)

Annualized

7-day

yield

as

of

period

end.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

January

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/23

  Shares

Held

at

01/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

(a)

......

$

63,558,320

$

—

$

(

63,545,615

)

(b)

$

(

166

)

$

(

12,539

)

$

—

—

$

29,904

(c)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

2,973,259

—

(

1,663,950

)

(b)

—

—

1,309,309

1,309,309

47,182

—

iShares

Core

International

Aggregate

Bond

ETF

.........

143,630,531

32,001,620

(

49,698,642

)

(

1,905,981

)

(

5,946,879

)

118,080,649

2,433,649

2,953,521

—

iShares

Core

MSCI

Emerging

Markets

ETF

.........

61,611,020

26,145,643

(

22,372,963

)

1,466,987

3,149,790

70,000,477

1,376,066

1,018,527

—

iShares

Core

MSCI

International

Developed

Markets

ETF

.........

181,777,972

52,753,019

(

61,192,766

)

1,506,573

13,874,119

188,718,917

3,095,275

1,157,644

—

iShares

Core

S&P

500

ETF

......

332,711,997

78,550,429

(

103,568,461

)

26,514,804

(

31,564,905

)

302,643,864

741,211

2,922,873

—

iShares

Core

S&P

Mid-Cap

ETF

...

20,309,270

5,466,643

(

6,670,003

)

1,862,883

(

764,880

)

20,203,913

76,446

199,318

—

iShares

Core

S&P

Small-Cap

ETF

.

8,872,972

2,158,003

(

2,815,362

)

642,189

(

470,113

)

8,387,689

80,931

76,053

—

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

iShares

®

Core

Moderate

Allocation

ETF

18

2023

iShares

Semi-Annual

Report

to

Shareholders

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Affiliates

(continued)

Affiliated

Issuer

Value

at

07/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/23

  Shares

Held

at

01/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

iShares

Core

Total

USD

Bond

Market

ETF

.........

$

813,311,256

$

183,789,817

$

(

262,419,927

)

$

(

9,118,968

)

$

(

15,565,947

)

$

709,996,231

15,291,756

$

10,491,922

$

—

$

20,968,321

$

(

37,301,354

)

$

1,419,341,049

$

18,896,944

$

—

(a)

As

of

period

end,

the

entity

is

no

longer

held.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

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

$

1,418,031,740

$

—

$

—

$

1,418,031,740

Short-Term

Securities

Money

Market

Funds

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

1,309,309

—

—

1,309,309

$

1,419,341,049

$

—

$

—

$

1,419,341,049

iShares

®

Morningstar

Multi-Asset

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

19

Schedule

of

Investments

Security

Shares

Value

a

Investment

Companies

(a)

Domestic

Equity

 — 

10

.1

%

iShares

Preferred

and

Income

Securities

ETF

......

456,945

$

15,353,352

a

Domestic

Real

Estate

 — 

10

.1

%

iShares

Mortgage

Real

Estate

ETF

(b)

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

582,197

15,300,137

a

International

Equity

 — 

20

.9

%

iShares

Emerging

Markets

Dividend

ETF

.........

604,302

15,766,239

iShares

International

Select

Dividend

ETF

........

549,717

16,007,759

31,773,998

a

International

Fixed

Income

 — 

19

.9

%

iShares

J.P.

Morgan

EM

Local

Currency

Bond

ETF

..

213,015

7,655,759

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

257,227

22,612,826

30,268,585

a

Non-Investment

Grade

Bonds

 — 

38

.9

%

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

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

437,178

22,147,437

iShares

Floating

Rate

Bond

ETF

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

143,984

7,294,229

Security

Shares

Value

a

Non-Investment

Grade

Bonds — 38.9%

(continued)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(b)

...

387,614

$

29,586,577

59,028,243

a

Total

Long-Term

Investments — 99.9%

(Cost:

$

166,880,468

)

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

151,724,315

a

Short-Term

Securities

Money

Market

Funds

 — 

22

.1

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.56

%

(a)

(c)

(d)

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

33,367,597

33,387,618

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.18

%

(a)

(c)

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

185,092

185,092

a

Total

Short-Term

Securities — 22.1%

(Cost:

$

33,561,799

)

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

33,572,710

Total

Investments

—

122.0%

(Cost:

$

200,442,267

)

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

185,297,025

Liabilities

in

Excess

of

Other

Assets

—

(

22

.0

)

%

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

(

33,377,682

)

Net

Assets

—

100.0%

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

$

151,919,343

(a)

Affiliate

of

the

Fund.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

January

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/23

  Shares

Held

at

01/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

39,860,940

$

—

$

(

6,519,643

)

(a)

$

41,881

$

4,440

$

33,387,618

33,367,597

$

253,895

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

218,181

—

(

33,089

)

(a)

—

—

185,092

185,092

5,474

—

iShares

10-20

Year

Treasury

Bond

ETF

(c)

........

7,230,837

139,144

(

7,021,936

)

(

1,990,529

)

1,642,484

—

—

13,250

—

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

.........

—

28,139,846

(

6,046,026

)

(

55,742

)

109,359

22,147,437

437,178

238,140

3,459

iShares

20+

Year

Treasury

Bond

ETF

(c)

........

1,761,215

33,794

(

1,711,500

)

(

720,818

)

637,309

—

—

3,195

—

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF

(c)

........

—

8,714,994

(

8,546,670

)

(

168,324

)

—

—

—

62,628

—

iShares

Emerging

Markets

Dividend

ETF

.........

15,178,051

4,696,939

(

4,130,925

)

(

233,345

)

255,519

15,766,239

604,302

957,128

—

iShares

Floating

Rate

Bond

ETF

.....

—

8,097,456

(

840,731

)

1,796

35,708

7,294,229

143,984

57,997

—

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

iShares

®

Morningstar

Multi-Asset

Income

ETF

20

2023

iShares

Semi-Annual

Report

to

Shareholders

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Affiliates

(continued)

Affiliated

Issuer

Value

at

07/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/23

  Shares

Held

at

01/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.....

$

36,322,148

$

4,493,234

$

(

10,183,921

)

$

(

697,389

)

$

(

347,495

)

$

29,586,577

387,614

$

854,631

$

—

iShares

International

Select

Dividend

ETF

.........

15,872,729

3,798,416

(

4,327,418

)

(

195,829

)

859,861

16,007,759

549,717

587,591

—

iShares

J.P.

Morgan

EM

Local

Currency

Bond

ETF

.....

8,665,321

1,139,683

(

2,520,024

)

(

306,133

)

676,912

7,655,759

213,015

66,055

—

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

26,245,540

3,378,731

(

6,748,160

)

(

261,402

)

(

1,883

)

22,612,826

257,227

581,442

—

iShares

MBS

ETF

(c)

27,259,009

526,115

(

26,773,528

)

(

2,705,328

)

1,693,732

—

—

49,960

—

iShares

Mortgage

Real

Estate

ETF

.

4,149,829

14,519,202

(

2,581,787

)

(

217,244

)

(

569,863

)

15,300,137

582,197

831,633

—

iShares

Preferred

and

Income

Securities

ETF

.........

28,075,697

2,758,742

(

13,974,476

)

(

1,853,235

)

346,624

15,353,352

456,945

679,430

—

iShares

U.S.

Real

Estate

ETF

(c)

...

5,093,413

101,930

(

4,898,800

)

(

229,475

)

(

67,068

)

—

—

—

—

$

(

9,591,116

)

$

5,275,639

$

185,297,025

$

5,242,449

$

3,459

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

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

$

151,724,315

$

—

$

—

$

151,724,315

Short-Term

Securities

Money

Market

Funds

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

33,572,710

—

—

33,572,710

$

185,297,025

$

—

$

—

$

185,297,025

21

Financial

Statements

Statements

of

Assets

and

Liabilities

(unaudited)

January

31,

2023

See

notes

to

financial

statements.

iShares

Core

Aggressive

Allocation

ETF

iShares

Core

Conservative

Allocation

ETF

iShares

Core

Growth

Allocation

ETF

iShares

Core

Moderate

Allocation

ETF

ASSETS

Investments,

at

value

—

affiliated

(a)

(b)

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

$

1,620,569,708

‌

$

727,668,848

‌

$

2,199,269,315

‌

$

1,419,341,049

‌

Cash

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

—

‌

—

‌

79

‌

390

‌

Cash

pledged:

Futures

contracts

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

71,000

‌

—

‌

—

‌

—

‌

Receivables:

Securities

lending

income

—

affiliated

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

9,742

‌

—

‌

21,301

‌

24,316

‌

Dividends

—

affiliated

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

5,748

‌

2,785

‌

8,058

‌

5,018

‌

Interest

—

unaffiliated

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

29

‌

1

‌

2

‌

1

‌

Variation

margin

on

futures

contracts

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

17,250

‌

—

‌

—

‌

—

‌

Total

assets

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

1,620,673,477

‌

727,671,634

‌

2,199,298,755

‌

1,419,370,774

‌

LIABILITIES

Collateral

on

securities

loaned

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

106,033,884

‌

297,600

‌

104,000,000

‌

—

‌

Payables:

Capital

shares

redeemed

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

34,031

‌

33,097

‌

77,213

‌

66,093

‌

Investment

advisory

fees

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

145,308

‌

68,683

‌

210,012

‌

127,429

‌

Total

liabilities

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

106,213,223

‌

399,380

‌

104,287,225

‌

193,522

‌

NET

ASSETS

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

$

1,514,460,254

‌

$

727,272,254

‌

$

2,095,011,530

‌

$

1,419,177,252

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

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

$

1,385,548,850

‌

$

818,865,747

‌

$

2,081,955,136

‌

$

1,500,051,105

‌

Accumulated

earnings

(loss)

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

128,911,404

‌

(

91,593,493

)

13,056,394

‌

(

80,873,853

)

NET

ASSETS

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

$

1,514,460,254

‌

$

727,272,254

‌

$

2,095,011,530

‌

$

1,419,177,252

‌

NET

ASSET

VALUE

Shares

outstanding

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

23,750,000

‌

20,700,000

‌

41,800,000

‌

35,550,000

‌

Net

asset

value

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

$

63.77

‌

$

35.13

‌

$

50.12

‌

$

39.92

‌

Shares

authorized

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

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

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

None

None

None

None

(a)

Securities

loaned,

at

value

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

$

103,778,184

‌

$

292,656

‌

$

101,740,000

‌

$

—

‌

(b)

Investments,

at

cost

—

affiliated

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

$

1,568,315,422

‌

$

812,269,027

‌

$

2,280,320,082

‌

$

1,514,248,233

‌

22

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

January

31,

2023

See

notes

to

financial

statements.

iShares

Morningstar

Multi-

Asset

Income

ETF

ASSETS

Investments,

at

value

—

affiliated

(a)

(b)

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

$

185,297,025

‌

Receivables:

Securities

lending

income

—

affiliated

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

24,299

‌

Dividends

—

affiliated

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

684

‌

Interest

—

unaffiliated

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

1

‌

Total

assets

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

185,322,009

‌

LIABILITIES

Bank

overdraft

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

506

‌

Collateral

on

securities

loaned

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

33,373,125

‌

Payables:

Investment

advisory

fees

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

29,035

‌

Total

liabilities

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

33,402,666

‌

NET

ASSETS

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

$

151,919,343

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

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

$

219,069,448

‌

Accumulated

loss

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

(

67,150,105

)

NET

ASSETS

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

$

151,919,343

‌

NET

ASSET

VALUE

Shares

outstanding

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

7,550,000

‌

Net

asset

value

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

$

20.12

‌

Shares

authorized

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

Unlimited

Par

value

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

None

(a)

Securities

loaned,

at

value

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

$

32,929,743

‌

(b)

Investments,

at

cost

—

affiliated

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

$

200,442,267

‌

23

Financial

Statements

Statements

of

Operations

(unaudited)

Six

Months

Ended

January

31,

2023

See

notes

to

financial

statements.

iShares

Core

Aggressive

Allocation

ETF

iShares

Core

Conservative

Allocation

ETF

iShares

Core

Growth

Allocation

ETF

iShares

Core

Moderate

Allocation

ETF

INVESTMENT

INCOME

Dividends

—

affiliated

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

$

15,743,352

‌

$

11,116,260

‌

$

25,550,197

‌

$

18,867,040

‌

Interest

—

unaffiliated

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

2,377

‌

151

‌

122

‌

180

‌

Securities

lending

income

—

affiliated

—

net

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

18,745

‌

354

‌

34,165

‌

29,904

‌

Total

investment

income

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

15,764,474

‌

11,116,765

‌

25,584,484

‌

18,897,124

‌

EXPENSES

Investment

advisory

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

1,131,000

‌

634,637

‌

1,600,202

‌

1,116,848

‌

Total

expenses

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

1,131,000

‌

634,637

‌

1,600,202

‌

1,116,848

‌

Less:

(

338,608

)

(

233,726

)

(

523,501

)

(

396,009

)

Investment

advisory

fees

waived

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

(

338,608

)

(

233,726

)

(

523,501

)

(

396,009

)

Total

expenses

after

fees

waived

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

792,392

‌

400,911

‌

1,076,701

‌

720,839

‌

Net

investment

income

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

14,972,082

‌

10,715,854

‌

24,507,783

‌

18,176,285

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

affiliated

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

(

8,056,914

)

(

3,530,432

)

(

12,513,634

)

(

7,444,753

)

Capital

gain

distributions

from

underlying

funds

—

affiliated

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

4

‌

—

‌

1

‌

—

‌

Futures

contracts

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

(

363,229

)

—

‌

—

‌

—

‌

In-kind

redemptions

—

affiliated

(a)

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

94,182,559

‌

341,375

‌

116,632,560

‌

28,413,074

‌

85,762,420

‌

(

3,189,057

)

104,118,927

‌

20,968,321

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

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

(

53,839,012

)

(

12,315,327

)

(

65,911,430

)

(

37,301,354

)

Futures

contracts

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

(

93,199

)

—

‌

—

‌

—

‌

(

53,932,211

)

(

12,315,327

)

(

65,911,430

)

(

37,301,354

)

Net

realized

and

unrealized

gain

(loss)

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

31,830,209

‌

(

15,504,384

)

38,207,497

‌

(

16,333,033

)

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

46,802,291

‌

$

(

4,788,530

)

$

62,715,280

‌

$

1,843,252

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

24

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

January

31,

2023

See

notes

to

financial

statements.

iShares

Morningstar

Multi-

Asset

Income

ETF

INVESTMENT

INCOME

Dividends

—

affiliated

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

$

4,988,554

‌

Interest

—

unaffiliated

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

2,470

‌

Securities

lending

income

—

affiliated

—

net

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

253,895

‌

Total

investment

income

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

5,244,919

‌

EXPENSES

Investment

advisory

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

196,388

‌

Total

expenses

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

196,388

‌

Less:

(

18,551

)

Investment

advisory

fees

waived

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

(

18,551

)

Total

expenses

after

fees

waived

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

177,837

‌

Net

investment

income

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

5,067,082

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

affiliated

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

(

8,239,021

)

Capital

gain

distributions

from

underlying

funds

—

affiliated

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

3,459

‌

In-kind

redemptions

—

affiliated

(a)

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

(

1,352,095

)

(

9,587,657

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

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

5,275,639

‌

5,275,639

‌

Net

realized

and

unrealized

loss

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

(

4,312,018

)

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

$

755,064

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

25

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

Core

Aggressive

Allocation

ETF

iShares

Core

Conservative

Allocation

ETF

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

14,972,082

‌

$

32,153,145

‌

$

10,715,854

‌

$

17,858,116

‌

Net

realized

gain

(loss)

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

85,762,420

‌

39,937,636

‌

(

3,189,057

)

31,937,455

‌

Net

change

in

unrealized

appreciation

(depreciation)

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

(

53,932,211

)

(

225,558,305

)

(

12,315,327

)

(

145,677,421

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

46,802,291

‌

(

153,467,524

)

(

4,788,530

)

(

95,881,850

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

(

15,090,200

)

(

32,266,259

)

(

10,783,445

)

(

17,925,123

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

11,152,022

)

214,927,706

‌

(

34,607,537

)

(

53,997,076

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

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

20,560,069

‌

29,193,923

‌

(

50,179,512

)

(

167,804,049

)

Beginning

of

period

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

1,493,900,185

‌

1,464,706,262

‌

777,451,766

‌

945,255,815

‌

End

of

period

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

$

1,514,460,254

‌

$

1,493,900,185

‌

$

727,272,254

‌

$

777,451,766

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

26

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

Core

Growth

Allocation

ETF

iShares

Core

Moderate

Allocation

ETF

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

24,507,783

‌

$

39,899,259

‌

$

18,176,285

‌

$

32,122,119

‌

Net

realized

gain

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

104,118,927

‌

86,344,009

‌

20,968,321

‌

38,493,499

‌

Net

change

in

unrealized

appreciation

(depreciation)

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

(

65,911,430

)

(

314,246,107

)

(

37,301,354

)

(

239,058,787

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

62,715,280

‌

(

188,002,839

)

1,843,252

‌

(

168,443,169

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

(

24,596,995

)

(

40,047,030

)

(

18,217,051

)

(

32,237,867

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

73,455,534

‌

366,489,181

‌

(

129,532,680

)

57,844,441

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

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

111,573,819

‌

138,439,312

‌

(

145,906,479

)

(

142,836,595

)

Beginning

of

period

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

1,983,437,711

‌

1,844,998,399

‌

1,565,083,731

‌

1,707,920,326

‌

End

of

period

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

$

2,095,011,530

‌

$

1,983,437,711

‌

$

1,419,177,252

‌

$

1,565,083,731

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

27

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

Morningstar

Multi-Asset

Income

ETF

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

5,067,082

‌

$

7,232,827

‌

Net

realized

loss

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

(

9,587,657

)

(

16,201,654

)

Net

change

in

unrealized

appreciation

(depreciation)

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

5,275,639

‌

(

18,460,349

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

755,064

‌

(

27,429,176

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

(

5,057,467

)

(

7,447,378

)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

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

(

19,818,810

)

(

32,274,013

)

NET

ASSETS

Total

decrease

in

net

assets

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

(

24,121,213

)

(

67,150,567

)

Beginning

of

period

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

176,040,556

‌

243,191,123

‌

End

of

period

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

$

151,919,343

‌

$

176,040,556

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

28

2023

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Core

Aggressive

Allocation

ETF

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Year

Ended

07/31/19

Year

Ended

07/31/18

Net

asset

value,

beginning

of

period

.......

$

63.03

‌

$

70.93

‌

$

56.77

‌

$

54.53

‌

$

54.21

‌

$

52.49

‌

Net

investment

income

(a)

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

0

.60

‌

1

.43

‌

1

.05

‌

1

.24

‌

1

.29

‌

1

.06

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

0

.71

‌

(

7

.93

)

14.19

‌

2

.24

‌

0

.28

‌

3

.51

‌

Net

increase

(decrease)

from

investment

operations

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

1

.31

‌

(

6

.50

)

15.24

‌

3

.48

‌

1

.57

‌

4

.57

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

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

(

0

.57

)

(

1

.40

)

(

1

.08

)

(

1

.24

)

(

1

.25

)

(

1

.05

)

From

net

realized

gains

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

—

‌

—

‌

—

‌

—

‌

—

‌

(

1

.80

)

Total

distributions

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

(

0

.57

)

(

1

.40

)

(

1

.08

)

(

1

.24

)

(

1

.25

)

(

2

.85

)

Net

asset

value,

end

of

period

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

$

63.77

‌

$

63.03

‌

$

70.93

‌

$

56.77

‌

$

54.53

‌

$

54.21

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

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

2

.15

%

(e)

(

9

.24

)

%

27.01

%

6

.49

%

2

.99

%

8

.84

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

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

0

.15

%

(g)

0

.17

%

0

.25

%

0

.25

%

0

.25

%

0

.25

%

Total

expenses

after

fees

waived

...........

0

.11

%

(g)

0

.12

%

0

.20

%

0

.19

%

0

.19

%

0

.18

%

Net

investment

income

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

1

.99

%

(g)

2

.11

%

1

.62

%

2

.27

%

2

.44

%

1

.97

%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

1,514,460

‌

$

1,493,900

‌

$

1,464,706

‌

$

1,016,165

‌

$

948,896

‌

$

897,242

‌

Portfolio

turnover

rate

(h)

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

3

%

2

%

6

%

4

%

4

%

40

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

29

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Core

Conservative

Allocation

ETF

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Year

Ended

07/31/19

Year

Ended

07/31/18

Net

asset

value,

beginning

of

period

......

$

35.74

‌

$

40.05

‌

$

37.15

‌

$

35.27

‌

$

34.18

‌

$

34.19

‌

Net

investment

income

(a)

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

0

.43

‌

0

.68

‌

0

.61

‌

0

.88

‌

0

.98

‌

0

.70

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

(

0

.61

)

(

4

.32

)

2

.96

‌

1

.89

‌

1

.08

‌

0

.33

‌

Net

increase

(decrease)

from

investment

operations

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

(

0

.18

)

(

3

.64

)

3

.57

‌

2

.77

‌

2

.06

‌

1

.03

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

...........

(

0

.43

)

(

0

.67

)

(

0

.67

)

(

0

.89

)

(

0

.97

)

(

0

.72

)

From

net

realized

gains

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

—

‌

—

‌

—

‌

—

‌

—

‌

(

0

.32

)

Total

distributions

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

(

0

.43

)

(

0

.67

)

(

0

.67

)

(

0

.89

)

(

0

.97

)

(

1

.04

)

Net

asset

value,

end

of

period

...........

$

35.13

‌

$

35.74

‌

$

40.05

‌

$

37.15

‌

$

35.27

‌

$

34.18

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

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

(

0

.45

)

%

(e)

(

9

.16

)

%

9

.70

%

7

.98

%

6

.17

%

3

.05

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

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

0

.15

%

(g)

0

.17

%

0

.25

%

0

.25

%

0

.25

%

0

.25

%

Total

expenses

after

fees

waived

..........

0

.09

%

(g)

0

.11

%

0

.19

%

0

.19

%

0

.19

%

0

.18

%

Net

investment

income

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

2

.53

%

(g)

1

.79

%

1

.58

%

2

.46

%

2

.87

%

2

.04

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

727,272

‌

$

777,452

‌

$

945,256

‌

$

698,418

‌

$

529,064

‌

$

471,721

‌

Portfolio

turnover

rate

(h)

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

2

%

2

%

5

%

5

%

3

%

41

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

30

2023

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Core

Growth

Allocation

ETF

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Year

Ended

07/31/19

Year

Ended

07/31/18

Net

asset

value,

beginning

of

period

.......

$

50.09

‌

$

56.25

‌

$

47.70

‌

$

45.57

‌

$

44.84

‌

$

44.08

‌

Net

investment

income

(a)

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

0

.55

‌

1

.08

‌

0

.84

‌

1

.09

‌

1

.16

‌

0

.88

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

(

0

.02

)

(

6

.19

)

8

.60

‌

2

.13

‌

0

.69

‌

1

.96

‌

Net

increase

(decrease)

from

investment

operations

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

0

.53

‌

(

5

.11

)

9

.44

‌

3

.22

‌

1

.85

‌

2

.84

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

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

(

0

.50

)

(

1

.05

)

(

0

.89

)

(

1

.09

)

(

1

.12

)

(

0

.90

)

From

net

realized

gains

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

—

‌

—

‌

—

‌

—

‌

—

‌

(

1

.18

)

Total

distributions

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

(

0

.50

)

(

1

.05

)

(

0

.89

)

(

1

.09

)

(

1

.12

)

(

2

.08

)

Net

asset

value,

end

of

period

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

$

50.12

‌

$

50.09

‌

$

56.25

‌

$

47.70

‌

$

45.57

‌

$

44.84

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

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

1

.13

%

(e)

(

9

.18

)

%

19.92

%

7

.20

%

4

.24

%

6

.53

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

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

0

.15

%

(g)

0

.17

%

0

.25

%

0

.25

%

0

.25

%

0

.25

%

Total

expenses

after

fees

waived

...........

0

.10

%

(g)

0

.12

%

0

.20

%

0

.19

%

0

.19

%

0

.18

%

Net

investment

income

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

2

.30

%

(g)

2

.01

%

1

.59

%

2

.37

%

2

.63

%

1

.96

%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

2,095,012

‌

$

1,983,438

‌

$

1,844,998

‌

$

1,414,304

‌

$

1,310,259

‌

$

1,118,727

‌

Portfolio

turnover

rate

(h)

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

3

%

2

%

7

%

4

%

4

%

44

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

31

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Core

Moderate

Allocation

ETF

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Year

Ended

07/31/19

Year

Ended

07/31/18

Net

asset

value,

beginning

of

period

.......

$

40.39

‌

$

45.30

‌

$

40.76

‌

$

38.77

‌

$

37.73

‌

$

37.48

‌

Net

investment

income

(a)

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

0

.47

‌

0

.80

‌

0

.68

‌

0

.96

‌

1

.05

‌

0

.77

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

(

0

.47

)

(

4

.91

)

4

.59

‌

1

.99

‌

0

.99

‌

0

.80

‌

Net

increase

(decrease)

from

investment

operations

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

0

.00

(c)

(

4

.11

)

5

.27

‌

2

.95

‌

2

.04

‌

1

.57

‌

Distributions

(d)

–

–

–

–

–

–

From

net

investment

income

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

(

0

.47

)

(

0

.80

)

(

0

.73

)

(

0

.96

)

(

1

.00

)

(

0

.77

)

From

net

realized

gains

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

—

‌

—

‌

—

‌

—

‌

—

‌

(

0

.55

)

Total

distributions

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

(

0

.47

)

(

0

.80

)

(

0

.73

)

(

0

.96

)

(

1

.00

)

(

1

.32

)

Net

asset

value,

end

of

period

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

$

39.92

‌

$

40.39

‌

$

45.30

‌

$

40.76

‌

$

38.77

‌

$

37.73

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

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

0

.07

%

(f)

(

9

.15

)

%

13.03

%

7

.75

%

5

.52

%

4

.24

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

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

0

.15

%

(h)

0

.17

%

0

.25

%

0

.25

%

0

.25

%

0

.25

%

Total

expenses

after

fees

waived

...........

0

.10

%

(h)

0

.12

%

0

.19

%

0

.19

%

0

.19

%

0

.18

%

Net

investment

income

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

2

.44

%

(h)

1

.86

%

1

.57

%

2

.44

%

2

.80

%

2

.03

%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

1,419,177

‌

$

1,565,084

‌

$

1,707,920

‌

$

1,239,057

‌

$

1,106,956

‌

$

909,234

‌

Portfolio

turnover

rate

(i)

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

2

%

2

%

7

%

6

%

4

%

40

%

(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)

Amount

is

less

than

$0.005

per

share.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

32

2023

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Morningstar

Multi-Asset

Income

ETF

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Year

Ended

07/31/19

Year

Ended

07/31/18

Net

asset

value,

beginning

of

period

......

$

20.47

‌

$

24.32

‌

$

22.91

‌

$

24.96

‌

$

24.87

‌

$

25.63

‌

Net

investment

income

(a)

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

0

.63

‌

0

.78

‌

0

.74

‌

1

.23

‌

1

.25

‌

1

.17

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

(

0

.35

)

(

3

.82

)

1

.54

‌

(

2

.02

)

0

.16

‌

(

0

.71

)

Net

increase

(decrease)

from

investment

operations

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

0

.28

‌

(

3

.04

)

2

.28

‌

(

0

.79

)

1

.41

‌

0

.46

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

...........

(

0

.63

)

(

0

.81

)

(

0

.87

)

(

1

.21

)

(

1

.31

)

(

1

.22

)

Return

of

capital

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

—

‌

—

‌

—

‌

(

0

.05

)

(

0

.01

)

—

‌

Total

distributions

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

(

0

.63

)

(

0

.81

)

(

0

.87

)

(

1

.26

)

(

1

.32

)

(

1

.22

)

Net

asset

value,

end

of

period

...........

$

20.12

‌

$

20.47

‌

$

24.32

‌

$

22.91

‌

$

24.96

‌

$

24.87

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

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

1

.56

%

(e)

(

12.75

)

%

10.15

%

(

3

.10

)

%

5

.92

%

1

.85

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

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

0

.25

%

(g)

0

.25

%

0

.25

%

0

.25

%

0

.25

%

0

.25

%

Total

expenses

after

fees

waived

..........

0

.23

%

(g)

0

.25

%

0

.24

%

0

.22

%

0

.23

%

0

.24

%

Net

investment

income

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

6

.46

%

(g)

3

.44

%

3

.16

%

5

.15

%

5

.14

%

4

.65

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

151,919

‌

$

176,041

‌

$

243,191

‌

$

279,450

‌

$

341,893

‌

$

324,618

‌

Portfolio

turnover

rate

(h)

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

40

%

73

%

94

%

66

%

50

%

64

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

Notes

to

Financial

Statements

(unaudited)

33

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”):

Each

Fund

is

a

fund

of

funds

and

seeks

to

achieve

its

investment

objective

by

investing

primarily

in

other

iShares

funds

(each,

an

“underlying

fund”

and

collectively,

the

“underlying

funds”).

The

financial

statements,

including

the

accounting

policies,

and

schedules

of

investments

for

the

underlying

funds

are

available

on

iShares.com

and

should

be

read

in

conjunction

with

the

Funds’

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

from

the

underlying

funds,

if

any,

are

recorded

on

the

ex-dividend

date.

Interest

income

is

recognized

daily

on

an

accrual

basis.

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:

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.

iShares

ETF

Diversification

Classification

Core

Aggressive

Allocation

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

Diversified

Core

Conservative

Allocation

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

Diversified

Core

Growth

Allocation

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

Diversified

Core

Moderate

Allocation

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

Diversified

Morningstar

Multi-Asset

Income

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

Diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

34

2023

iShares

Semi-Annual

Report

to

Shareholders

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee,

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments 

Securities

Lending:

Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

Notes

to

Financial

Statements

(unaudited)

(

continued)

35

Notes

to

Financial

Statements

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets. 

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

Core

Aggressive

Allocation

HSBC

Bank

PLC

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

$

2,038,184

‌

$

(2,034,148

)

$

—

‌

$

4,036

‌

J.P.

Morgan

Securities

LLC

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

101,740,000

‌

(101,740,000

)

—

‌

—

‌

$

103,778,184

‌

$

(103,774,148

)

$

—

‌

$

4,036

‌

a

Core

Conservative

Allocation

RBC

Capital

Markets

LLC

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

292,656

‌

(292,656

)

—

‌

—

‌

$

292,656

‌

$

(292,656

)

$

—

‌

$

—

‌

a

Core

Growth

Allocation

J.P.

Morgan

Securities

LLC

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

101,740,000

‌

(101,740,000

)

—

‌

—

‌

$

101,740,000

‌

$

(101,740,000

)

$

—

‌

$

—

‌

a

Morningstar

Multi-Asset

Income

Barclays

Bank

PLC

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

168,192

‌

(168,073

)

—

‌

119

‌

Barclays

Capital,

Inc.

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

1,848,775

‌

(1,848,775

)

—

‌

—

‌

BofA

Securities,

Inc.

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

6,485,608

‌

(6,485,608

)

—

‌

—

‌

National

Financial

Services

LLC

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

18,672,226

‌

(18,672,226

)

—

‌

—

‌

SG

Americas

Securities

LLC

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

3,427,217

‌

(3,427,217

)

—

‌

—

‌

UBS

AG

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

754,236

‌

(752,267

)

—

‌

1,969

‌

Wells

Fargo

Securities

LLC

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

1,573,489

‌

(1,572,375

)

—

‌

1,114

‌

$

32,929,743

‌

$

(32,926,541

)

$

—

‌

$

3,202

‌

a

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Funds’

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

January

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

(unaudited)

(continued)

36

2023

iShares

Semi-Annual

Report

to

Shareholders

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates 

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

of

each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by BlackRock.

Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees).

For

its

investment

advisory

services

to

each of

the

following Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of each

Fund

as follows:

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

Statement

of

Operations

does

not

include

acquired

fund

fees

and

expenses.

For

each

of

the

iShares

Core

Aggressive

Allocation,

iShares

Core

Conservative

Allocation,

iShares

Core

Growth

Allocation

and

iShares

Core

Moderate

Allocation

ETFs,

BFA

has

contractually

agreed

to

waive

a

portion

of

its

investment

advisory

fee

for

each

Fund

through

November

30,

2026,

in

an

amount

equal

to

the

acquired

fund

fees

and

expenses,

if

any,

attributable

to

each

Fund’s

investments

in

other

iShares

funds.

For

the

iShares

Morningstar

Multi-Asset

Income

ETF,

BFA

has

contractually

agreed

to

waive

a

portion

of

its

investment

advisory

fee

for

the

Fund

through

November

30,

2026

in

order

to

limit

the

Fund’s

total

annual

operating

expenses

after

fee

waiver

to

0.60%

of

average

daily

net

assets.

These

amounts

are

included

in

investment

advisory

fees

waived

in

the

Statements

of

Operations.

For

the six

months

ended

January

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.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided.

The

Funds

do

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

82%

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

85%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

iShares

ETF

Investment

Advisory

Fees

Core

Aggressive

Allocation

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

Core

Conservative

Allocation

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15

Core

Growth

Allocation

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15

Core

Moderate

Allocation

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15

Morningstar

Multi-Asset

Income

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25

iShares

ETF

Amounts

Waived

Core

Aggressive

Allocation

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

$

338,608

‌

Core

Conservative

Allocation

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

233,726

‌

Core

Growth

Allocation

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

523,501

‌

Core

Moderate

Allocation

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

396,009

‌

Morningstar

Multi-Asset

Income

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

18,551

‌

Notes

to

Financial

Statements

(unaudited)

(

continued)

37

Notes

to

Financial

Statements

The

share

of

securities

lending

income

earned

by

each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its Statements

of

Operations.

For

the six

months

ended January

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

six

months

ended

January

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.

7.

Purchases

and

Sales

For

the six

months

ended

January

31,

2023,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the six

months

ended

January

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

January

31,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

As

of July

31,

2022,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

iShares

ETF

Amounts

Core

Aggressive

Allocation

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

$

5,122

‌

Core

Conservative

Allocation

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

6

‌

Core

Growth

Allocation

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

8,654

‌

Core

Moderate

Allocation

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

6,812

‌

Morningstar

Multi-Asset

Income

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

60,732

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Core

Aggressive

Allocation

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

$

—

‌

$

2,737,540

‌

$

(573,534

)

Core

Conservative

Allocation

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

1,704,741

‌

—

‌

—

‌

Core

Growth

Allocation

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

—

‌

927,898

‌

(217,460

)

Core

Moderate

Allocation

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

1,960,835

‌

—

‌

—

‌

Morningstar

Multi-Asset

Income

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

1,455,775

‌

134,087

‌

(7,564

)

iShares

ETF

Purchases

Sales

Core

Aggressive

Allocation

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

$

39,649,913

‌

$

38,617,972

‌

Core

Conservative

Allocation

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

18,776,485

‌

17,297,965

‌

Core

Growth

Allocation

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

59,672,967

‌

57,986,899

‌

Core

Moderate

Allocation

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

36,985,947

‌

35,445,523

‌

Morningstar

Multi-Asset

Income

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

63,028,063

‌

63,041,238

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Core

Aggressive

Allocation

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

$

453,836,360

‌

$

465,267,631

‌

Core

Conservative

Allocation

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

624,532,399

‌

655,922,630

‌

Core

Growth

Allocation

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

1,129,908,415

‌

1,057,825,225

‌

Core

Moderate

Allocation

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

343,879,226

‌

479,339,473

‌

Morningstar

Multi-Asset

Income

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

17,510,166

‌

37,268,102

‌

iShares

ETF

Amounts

Core

Aggressive

Allocation

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

$

8,713,879

‌

Core

Conservative

Allocation

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

3,661,090

‌

Core

Growth

Allocation

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

9,839,456

‌

Core

Moderate

Allocation

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

6,755,641

‌

Morningstar

Multi-Asset

Income

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

42,282,917

‌

Notes

to

Financial

Statements

(unaudited)

(continued)

38

2023

iShares

Semi-Annual

Report

to

Shareholders

As

of

January

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. 

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)

Core

Aggressive

Allocation

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

$

1,568,495,528

‌

$

89,751,804

‌

$

(37,667,548

)

$

52,084,256

‌

Core

Conservative

Allocation

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

812,344,603

‌

141,486

‌

(84,817,241

)

(84,675,755

)

Core

Growth

Allocation

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

2,280,403,180

‌

15,439,905

‌

(96,573,770

)

(81,133,865

)

Core

Moderate

Allocation

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

1,514,386,816

‌

21,326,927

‌

(116,372,694

)

(95,045,767

)

Morningstar

Multi-Asset

Income

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

200,586,171

‌

155,979

‌

(15,445,125

)

(15,289,146

)

Notes

to

Financial

Statements

(unaudited)

(

continued)

39

Notes

to

Financial

Statements

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a

phase

out

of

the

London

Interbank

Offered

Rate

(“LIBOR”).

Although

many

LIBOR

rates

ceased

to

be

published

or

no

longer

are

representative

of

the

underlying

market

they

seek

to

measure

after

December

31,

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

The

Funds

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain.

10.

Capital

Share

Transactions 

Capital

shares

are

issued

and

redeemed

by each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

01/31/23

Year

Ended

07/31/22

iShares

ETF

Shares

Amount

Shares

Amount

Core

Aggressive

Allocation

Shares

sold

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

7,600,000

‌

$

454,739,759

‌

5,600,000

‌

$

381,107,591

‌

Shares

redeemed

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

(7,550,000

)

(465,891,781

)

(2,550,000

)

(166,179,885

)

50,000

‌

$

(11,152,022

)

3,050,000

‌

$

214,927,706

‌

Core

Conservative

Allocation

Shares

sold

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

18,300,000

‌

$

622,446,313

‌

17,650,000

‌

$

656,206,590

‌

Shares

redeemed

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

(19,350,000

)

(657,053,850

)

(19,500,000

)

(710,203,666

)

(1,050,000

)

$

(34,607,537

)

(1,850,000

)

$

(53,997,076

)

Core

Growth

Allocation

Shares

sold

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

23,800,000

‌

$

1,130,045,483

‌

16,550,000

‌

$

879,676,549

‌

Shares

redeemed

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

(21,600,000

)

(1,056,589,949

)

(9,750,000

)

(513,187,368

)

2,200,000

‌

$

73,455,534

‌

6,800,000

‌

$

366,489,181

‌

Core

Moderate

Allocation

Shares

sold

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

8,950,000

‌

$

344,542,597

‌

9,950,000

‌

$

435,193,583

‌

Shares

redeemed

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

(12,150,000

)

(474,075,277

)

(8,900,000

)

(377,349,142

)

(3,200,000

)

$

(129,532,680

)

1,050,000

‌

$

57,844,441

‌

Morningstar

Multi-Asset

Income

Shares

sold

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

900,000

‌

$

17,534,053

‌

850,000

‌

$

17,749,459

‌

Shares

redeemed

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

(1,950,000

)

(37,352,863

)

(2,250,000

)

(50,023,472

)

(1,050,000

)

$

(19,818,810

)

(1,400,000

)

$

(32,274,013

)

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

40

2023

iShares

Semi-Annual

Report

to

Shareholders

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

iShares

Trust

(the

“Trust”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for iShares

Core

Aggressive

Allocation

ETF,

iShares

Core

Conservative

Allocation

ETF,

iShares

Core

Growth

Allocation

ETF,

iShares

Core

Moderate

Allocation

ETF

and

iShares

Morningstar

Multi-Asset

Income

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)

41

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.

January

31,

2023

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Morningstar

Multi-Asset

Income

.........

$

0.626357

‌

$

—

‌

$

—

‌

$

0.626357

‌

100

%

—

%

—

%

100

%

General

Information

42

2023

iShares

Semi-Annual

Report

to

Shareholders

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

Go

to

icsdelivery.com

.

If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Householding

Householding

is

an

option

available

to

certain

fund

investors.

Householding

is

a

method

of

delivery,

based

on

the

preference

of

the

individual

investor,

in

which

a

single

copy

of

certain

shareholder

documents

and

Rule

30e-3

notices

can

be

delivered

to

investors

who

share

the

same

address,

even

if

their

accounts

are

registered

under

different

names.

Please

contact

your

broker-dealer

if

you

are

interested

in

enrolling

in

householding

and

receiving

a

single

copy

of

prospectuses

and

other

shareholder

documents,

or

if

you

are

currently

enrolled

in

householding

and

wish

to

change

your

householding

status.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT

are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

iShares.com/fundreports

.

Availability

of

Proxy

Voting

Policies

and

Proxy

Voting

Records

A

description

of

the

policies

and

procedures

that

the

iShares

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

iShares

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

twelve-month

period

ending

June

30

is

available

without

charge,

upon

request

(1)

by

calling

toll-free

1-800-474-2737;

(2)

on

the

iShares

website

at

iShares.com

;

and

(3)

on

the

SEC

website

at

sec.gov

.

A

description

of

the Trust’s

policies

and

procedures

with

respect

to

the

disclosure

of

the

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets

at

iShares.com

.

iS-SAR-704-0123

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

Morningstar,

Inc.

or

S&P

Dow

Jones

Indices

LLC,

nor

do

these

companies

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

companies

listed

above.

©2023

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

January

31,

2023

iShares

Trust

iShares

ESG

MSCI

USA

Min

Vol

Factor

ETF

|

ESMV

|

NASDAQ

iShares

MSCI

USA

Min

Vol

Factor

ETF

|

USMV

|

Cboe

BZX

2023

Semi-Annual

Report

(Unaudited)

Dear

Shareholder,

Significant

economic

headwinds

emerged

during

the

12-month

reporting

period

ended

January

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.

Moreover,

while

the

foremost

effect

of

Russia’s

invasion

of

Ukraine

has

been

a

severe

humanitarian

crisis,

the

ongoing

war

continued

to

present

challenges

for

both

investors

and

policymakers.

Equity

prices

fell

as

interest

rates

rose,

particularly

during

the

first

half

of

the

reporting

period.

Both

large-

and

small-capitalization

U.S.

stocks

fell,

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

a

strong

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

rose

notably

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

seven

times.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

is

accelerating

the

reduction

of

its

balance

sheet.

While

the

Fed

suggested

that

additional

rate

hikes

were

likely,

it

also

gave

indications

that

the

pace

of

increases

would

slow

if

inflation

continued

to

subside.

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,

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.

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.

While

we

favor

an

overweight

to

equities

in

the

long-term,

several

factors

lead

us

to

take

an

underweight

stance

on

equities

overall

in

the

near

term.

We

believe

that

higher

input

costs

and

a

deteriorating

economic

backdrop

are

likely

to

challenge

corporate

earnings,

while

the

market’s

concerns

over

excessive

rate

hikes

could

remain

until

the

Fed

indicates

that

its

tightening

cycle

has

ended.

Nevertheless,

we

see

opportunities

in

credit,

where

valuations

are

attractive

and

higher

yields

provide

income

opportunities.

We

believe

that

global

investment-grade

corporates,

global

inflation-linked

bonds,

and

U.S.

mortgage-backed

securities

offer

strong

opportunities

for

a

six-

to

twelve-month

horizon.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Total

Returns

as

of

January

31,

2023

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

(0.44)%

(8.22)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

3.25

(3.38)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

9.52

(2.83)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

4.92

(12.12)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

1.58

1.79

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(5.60)

(11.62)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(2.37)

(8.36)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

0.73

(3.25)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

1.46

(5.22)

2

This

Page

is

not

Part

of

Your

Fund

Report

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Semi-Annual

Report:

Fund

Summary

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

4

About

Fund

Performance

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

6

Disclosure

of

Expenses

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

6

Schedules

of

Investments

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

7

Financial

Statements:

Statements

of

Assets

and

Liabilities

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

16

Statements

of

Operations

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

17

Statements

of

Changes

in

Net

Assets

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

18

Financial

Highlights

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

19

Notes

to

Financial

Statements

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

21

Statement

Regarding

Liquidity

Risk

Management

Program

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

28

Supplemental

Information

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

29

General

Information

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

30

Glossary

of

Terms

Used

in

this

Report

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

31

iShares

®

ESG

MSCI

USA

Min

Vol

Factor

ETF

4

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

January

31,

2023

Investment

Objective

The

iShares

ESG

MSCI

USA

Min

Vol

Factor

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

large

and

mid

capitalization

equities

that,

in

aggregate,

have

lower

volatility

characteristics,

reduced

carbon

exposure

and

improved

environmental,

social

and

governance

(ESG)

quality

characteristics

relative

to

the

parent

index,

as

represented

by

the

MSCI

USA

Minimum

Volatility

Extended

ESG

Reduced

Carbon

Target

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

The

inception

date

of

the

Fund

was

November

2,

2021.

The

first

day

of

secondary

market

trading

was

November

4,

2021.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

Since

Inception

1

Year

Since

Inception

Fund

NAV

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

1.57

%

(2.37

)

%

(4.33

)

%

(2.37

)

%

(5.37

)

%

Fund

Market

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

1.53

(2.38

)

(4.37

)

–

%

(2.38

)

(5.41

)

Index

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

1.63

(2.21

)

(4.19

)

(2.21

)

(5.18

)

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,015.70

‌

$

0.91

‌

$

1,000.00

‌

$

1,024.30

‌

$

0.92

‌

0.18

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

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

21.8‌

%

Health

Care

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

19.9‌

Industrials

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

13.5‌

Consumer

Staples

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

11.2‌

Utilities

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

7.9‌

Financials

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

6.6‌

Consumer

Discretionary

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

5.6‌

Communication

Services

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

4.9‌

Materials

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

3.3‌

Real

Estate

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

2.9‌

Energy

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

2.4‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Newmont

Corp.

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

1.7‌

%

Ferguson

PLC

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

1.7‌

Verizon

Communications,

Inc.

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

1.6‌

Public

Service

Enterprise

Group,

Inc.

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

1.6‌

Marsh

&

McLennan

Companies,

Inc.

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

1.5‌

Eversource

Energy

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

1.5‌

Merck

&

Co.,

Inc.

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

1.5‌

Microsoft

Corp.

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

1.5‌

Cisco

Systems,

Inc.

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

1.5‌

Texas

Instruments,

Inc.

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

1.5‌

      aaa

aa

iShares

®

MSCI

USA

Min

Vol

Factor

ETF

5

Fund

Summary

Fund

Summary

as

of

January

31,

2023

Investment

Objective

The

iShares

MSCI

USA

Min

Vol

Factor

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

that,

in

the

aggregate,

have

lower

volatility

characteristics

relative

to

the

broader

U.S.

equity

market,

as

represented

by

the

MSCI

USA

Minimum

Volatility

(USD)

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

0.18

%

(2.24

)

%

7.99

%

11.31

%

(2.24

)

%

46.84

%

191.96

%

Fund

Market

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

0.13

(2.19

)

7.98

11.30

–

%

(2.19

)

46.78

191.74

Index

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

0.27

(2.07

)

8.16

11.49

(2.07

)

48.04

196.74

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,001.80

‌

$

0.76

‌

$

1,000.00

‌

$

1,024.45

‌

$

0.77

‌

0.15

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

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

21.9‌

%

Health

Care

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

20.1‌

Consumer

Staples

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

11.3‌

Financials

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

10.6‌

Industrials

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

9.6‌

Utilities

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

8.0‌

Communication

Services

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

7.4‌

Consumer

Discretionary

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

5.7‌

Materials

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

3.6‌

Real

Estate

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

1.3‌

Energy

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

0.5‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Verizon

Communications,

Inc.

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

1.6‌

%

Duke

Energy

Corp.

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

1.6‌

Merck

&

Co.,

Inc.

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

1.5‌

Cisco

Systems,

Inc.

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

1.5‌

Texas

Instruments,

Inc.

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

1.5‌

Gilead

Sciences,

Inc.

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

1.5‌

T-Mobile

U.S.,

Inc.

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

1.5‌

Berkshire

Hathaway,

Inc.,

Class

B

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

1.5‌

Waste

Management,

Inc.

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

1.4‌

Waste

Connections,

Inc.

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

1.4‌

aaa

aa

About

Fund

Performance

6

2023

iShares

Semi-Annual

Report

to

Shareholders

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market

Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated.

Since

shares

of

a

fund

may

not

trade

in

the

secondary

market

until

after

the

fund’s

inception,

for

the

period

from

inception

to

the

first

day

of

secondary

market

trading

in

shares

of

the

fund,

the

NAV

of

the

fund

is

used

as

a

proxy

for

the

Market

Price

to

calculate

market

returns.

Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of

Expenses

Shareholders

of

each

Fund

may

incur

the

following

charges:

(1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown

(which

are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the Period.”

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

iShares

®

ESG

MSCI

USA

Min

Vol

Factor

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

7

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.2

%

Huntington

Ingalls

Industries,

Inc.

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

17

$

3,749

L3Harris

Technologies,

Inc.

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

45

9,667

13,416

a

Air

Freight

&

Logistics

 — 

2

.1

%

CH

Robinson

Worldwide,

Inc.

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

404

40,469

Expeditors

International

of

Washington,

Inc.

.......

533

57,644

United

Parcel

Service,

Inc.

,

Class

B

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

120

22,227

120,340

a

Beverages

 — 

2

.2

%

Coca-Cola

Co.

(The)

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

548

33,603

Keurig

Dr

Pepper,

Inc.

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

352

12,419

PepsiCo,

Inc.

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

474

81,063

127,085

a

Biotechnology

 — 

6

.2

%

Amgen,

Inc.

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

299

75,468

Gilead

Sciences,

Inc.

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

1,027

86,206

Horizon

Therapeutics

PLC

(a)

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

64

7,022

Incyte

Corp.

(a)

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

256

21,796

Regeneron

Pharmaceuticals,

Inc.

(a)

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

90

68,262

Seagen,

Inc.

(a)

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

124

17,296

Vertex

Pharmaceuticals,

Inc.

(a)

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

262

84,652

360,702

a

Building

Products

 — 

2

.4

%

Carrier

Global

Corp.

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

284

12,930

Johnson

Controls

International

PLC

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

1,206

83,901

Lennox

International,

Inc.

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

17

4,431

Trane

Technologies

PLC

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

207

37,078

138,340

a

Capital

Markets

 — 

3

.3

%

Cboe

Global

Markets,

Inc.

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

321

39,445

CME

Group,

Inc.

,

Class

A

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

132

23,319

Intercontinental

Exchange,

Inc.

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

344

36,997

MarketAxess

Holdings,

Inc.

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

17

6,185

Moody's

Corp.

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

41

13,233

S&P

Global,

Inc.

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

189

70,864

T

Rowe

Price

Group,

Inc.

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

24

2,795

192,838

a

Chemicals

 — 

0

.3

%

Ecolab,

Inc.

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

77

11,922

Linde

PLC

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

17

5,626

17,548

a

Commercial

Services

&

Supplies

 — 

1

.5

%

Republic

Services,

Inc.

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

58

7,240

Rollins,

Inc.

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

89

3,240

Waste

Management,

Inc.

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

506

78,293

88,773

a

Communications

Equipment

 — 

2

.9

%

Cisco

Systems,

Inc.

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

1,798

87,509

Motorola

Solutions,

Inc.

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

327

84,042

171,551

a

Containers

&

Packaging

 — 

1

.2

%

Amcor

PLC

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

4,859

58,600

Ball

Corp.

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

205

11,939

70,539

a

Security

Shares

Value

a

Distributors

 — 

0

.4

%

Pool

Corp.

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

56

$

21,594

a

Diversified

Telecommunication

Services

 — 

2

.0

%

AT&T,

Inc.

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

1,233

25,116

Verizon

Communications,

Inc.

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

2,229

92,660

117,776

a

Electric

Utilities

 — 

3

.3

%

Eversource

Energy

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

1,079

88,834

Exelon

Corp.

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

675

28,478

NextEra

Energy,

Inc.

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

1,033

77,093

194,405

a

Electronic

Equipment,

Instruments

&

Components

 — 

1

.2

%

Keysight

Technologies,

Inc.

(a)

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

379

67,974

a

Entertainment

 — 

2

.1

%

Activision

Blizzard,

Inc.

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

546

41,807

Electronic

Arts,

Inc.

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

548

70,517

Take-Two

Interactive

Software,

Inc.

(a)

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

86

9,738

122,062

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 

2

.5

%

American

Tower

Corp.

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

161

35,966

Equinix,

Inc.

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

70

51,669

SBA

Communications

Corp.

,

Class

A

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

142

42,249

Welltower,

Inc.

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

228

17,109

146,993

a

Food

&

Staples

Retailing

 — 

1

.0

%

Kroger

Co.

(The)

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

1,304

58,197

a

Food

Products

 — 

4

.2

%

Campbell

Soup

Co.

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

368

19,110

General

Mills,

Inc.

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

1,061

83,140

Hormel

Foods

Corp.

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

897

40,643

J

M

Smucker

Co.

(The)

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

78

11,918

Kellogg

Co.

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

832

57,059

McCormick

&

Co.,

Inc.

,

NVS

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

421

31,626

243,496

a

Health

Care

Equipment

&

Supplies

 — 

1

.4

%

Abbott

Laboratories

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

28

3,095

Baxter

International,

Inc.

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

115

5,254

Becton

Dickinson

and

Co.

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

69

17,403

Edwards

Lifesciences

Corp.

(a)

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

80

6,136

Hologic,

Inc.

(a)

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

454

36,942

ResMed,

Inc.

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

66

15,073

83,903

a

Health

Care

Providers

&

Services

 — 

3

.9

%

AmerisourceBergen

Corp.

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

75

12,672

Cardinal

Health,

Inc.

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

326

25,184

Cigna

Corp.

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

9

2,850

Elevance

Health,

Inc.

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

90

44,999

Humana,

Inc.

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

13

6,652

Quest

Diagnostics,

Inc.

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

380

56,422

UnitedHealth

Group,

Inc.

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

162

80,869

229,648

a

Hotels,

Restaurants

&

Leisure

 — 

0

.3

%

Domino's

Pizza,

Inc.

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

48

16,944

a

Household

Products

 — 

3

.8

%

Church

&

Dwight

Co.,

Inc.

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

98

7,924

Clorox

Co.

(The)

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

256

37,041

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

iShares

®

ESG

MSCI

USA

Min

Vol

Factor

ETF

(Percentages

shown

are

based

on

Net

Assets)

8

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Household

Products

(continued)

Colgate-Palmolive

Co.

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

1,050

$

78,256

Kimberly-Clark

Corp.

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

283

36,793

Procter

&

Gamble

Co.

(The)

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

433

61,651

221,665

a

Industrial

Conglomerates

 — 

1

.7

%

3M

Co.

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

485

55,814

Honeywell

International,

Inc.

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

210

43,781

99,595

a

Insurance

 — 

3

.2

%

Aon

PLC

,

Class

A

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

11

3,505

Arthur

J

Gallagher

&

Co.

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

62

12,135

Marsh

&

McLennan

Companies,

Inc.

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

513

89,729

Progressive

Corp.

(The)

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

285

38,860

Travelers

Companies,

Inc.

(The)

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

166

31,726

Willis

Towers

Watson

PLC

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

38

9,659

185,614

a

IT

Services

 — 

8

.0

%

Accenture

PLC

,

Class

A

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

261

72,832

Akamai

Technologies,

Inc.

(a)

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

231

20,548

Automatic

Data

Processing,

Inc.

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

336

75,872

Broadridge

Financial

Solutions,

Inc.

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

96

14,435

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

268

17,889

Fiserv,

Inc.

(a)

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

109

11,628

International

Business

Machines

Corp.

..........

362

48,772

Jack

Henry

&

Associates,

Inc.

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

223

40,160

Mastercard,

Inc.

,

Class

A

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

130

48,178

Paychex,

Inc.

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

158

18,306

VeriSign,

Inc.

(a)

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

126

27,474

Visa,

Inc.

,

Class

A

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

252

58,013

Western

Union

Co.

(The)

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

936

13,263

467,370

a

Leisure

Products

 — 

0

.4

%

Hasbro,

Inc.

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

428

25,325

a

Life

Sciences

Tools

&

Services

 — 

2

.1

%

Agilent

Technologies,

Inc.

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

292

44,407

Danaher

Corp.

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

33

8,725

Waters

Corp.

(a)

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

41

13,472

West

Pharmaceutical

Services,

Inc.

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

207

54,979

121,583

a

Machinery

 — 

1

.2

%

Otis

Worldwide

Corp.

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

143

11,759

Xylem,

Inc.

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

543

56,477

68,236

a

Media

 — 

0

.2

%

Comcast

Corp.

,

Class

A

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

140

5,509

Sirius

XM

Holdings,

Inc.

(b)

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

680

3,937

9,446

a

Metals

&

Mining

 — 

1

.7

%

Newmont

Corp.

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

1,904

100,779

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

 — 

0

.1

%

Annaly

Capital

Management,

Inc.

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

290

6,806

a

Multiline

Retail

 — 

2

.0

%

Dollar

General

Corp.

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

235

54,896

Target

Corp.

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

361

62,143

117,039

a

Security

Shares

Value

a

Multi-Utilities

 — 

3

.6

%

Consolidated

Edison,

Inc.

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

889

$

84,730

Public

Service

Enterprise

Group,

Inc.

...........

1,489

92,214

Sempra

Energy

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

199

31,906

208,850

a

Oil,

Gas

&

Consumable

Fuels

 — 

2

.4

%

Cheniere

Energy,

Inc.

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

374

57,143

Hess

Corp.

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

104

15,617

ONEOK,

Inc.

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

994

68,069

140,829

a

Pharmaceuticals

 — 

6

.1

%

Bristol-Myers

Squibb

Co.

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

806

58,556

Eli

Lilly

&

Co.

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

175

60,226

Johnson

&

Johnson

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

479

78,278

Merck

&

Co.,

Inc.

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

824

88,506

Pfizer,

Inc.

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

148

6,536

Zoetis,

Inc.

,

Class

A

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

401

66,361

358,463

a

Professional

Services

 — 

0

.3

%

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.......

130

12,303

Leidos

Holdings,

Inc.

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

49

4,843

17,146

a

Real

Estate

Management

&

Development

 — 

0

.4

%

CBRE

Group,

Inc.

,

Class

A

(a)

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

271

23,173

a

Road

&

Rail

 — 

0

.9

%

Old

Dominion

Freight

Line,

Inc.

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

136

45,321

U-Haul

Holding

Co.

,

Series

N

,

NVS

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

140

8,650

53,971

a

Semiconductors

&

Semiconductor

Equipment

 — 

1

.6

%

Intel

Corp.

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

228

6,443

Texas

Instruments,

Inc.

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

490

86,833

93,276

a

Software

 — 

6

.6

%

Adobe,

Inc.

(a)

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

145

53,699

Autodesk,

Inc.

(a)

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

52

11,188

Black

Knight,

Inc.

(a)

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

485

29,386

Cadence

Design

Systems,

Inc.

(a)

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

258

47,170

Gen

Digital,

Inc.

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

1,954

44,962

Intuit,

Inc.

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

20

8,454

Microsoft

Corp.

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

356

88,221

Oracle

Corp.

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

439

38,834

Roper

Technologies,

Inc.

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

40

17,070

Salesforce,

Inc.

(a)

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

160

26,875

ServiceNow,

Inc.

(a)

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

10

4,551

VMware,

Inc.

,

Class

A

(a)

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

98

12,002

382,412

a

Specialty

Retail

 — 

2

.5

%

Best

Buy

Co.,

Inc.

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

57

5,057

Home

Depot,

Inc.

(The)

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

239

77,477

Lowe's

Companies,

Inc.

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

239

49,772

Tractor

Supply

Co.

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

64

14,591

146,897

a

Technology

Hardware,

Storage

&

Peripherals

 — 

1

.5

%

Apple,

Inc.

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

159

22,942

Hewlett

Packard

Enterprise

Co.

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

3,942

63,585

86,527

a

iShares

®

ESG

MSCI

USA

Min

Vol

Factor

ETF

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

9

Schedule

of

Investments

Security

Shares

Value

a

Trading

Companies

&

Distributors

 — 

3

.2

%

Fastenal

Co.

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

66

$

3,336

Ferguson

PLC

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

679

96,649

WW

Grainger,

Inc.

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

144

84,885

184,870

a

Water

Utilities

 — 

1

.0

%

American

Water

Works

Co.,

Inc.

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

358

56,023

a

Wireless

Telecommunication

Services

 — 

0

.6

%

T-Mobile

U.S.,

Inc.

(a)

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

219

32,699

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

6,016,940

)

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

5,812,718

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.2

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.56

%

(c)

(d)

(e)

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

4,054

$

4,056

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.18

%

(c)

(d)

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

7,555

7,555

a

Total

Short-Term

Securities — 0.2%

(Cost:

$

11,608

)

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

11,611

Total

Investments

—

99.9%

(Cost:

$

6,028,548

)

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

5,824,329

Other

Assets

Less

Liabilities

—

0

.1

%

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

3,519

Net

Assets

—

100.0%

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

$

5,827,848

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

January

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/23

  Shares

Held

at

01/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

21,112

$

—

$

(

17,060

)

(a)

$

5

$

(

1

)

$

4,056

4,054

$

230

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

4,545

3,010

(a)

—

—

—

7,555

7,555

1,085

—

$

5

$

(

1

)

$

11,611

$

1,315

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

iShares

®

ESG

MSCI

USA

Min

Vol

Factor

ETF

10

2023

iShares

Semi-Annual

Report

to

Shareholders

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

5,812,718

‌

$

—

‌

$

—

‌

$

5,812,718

‌

Short-Term

Securities

Money

Market

Funds

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

11,611

‌

—

‌

—

‌

11,611

‌

$

5,824,329

‌

$

—

‌

$

—

‌

$

5,824,329

‌

iShares

®

MSCI

USA

Min

Vol

Factor

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

11

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.3

%

Lockheed

Martin

Corp.

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

124,843

$

57,834,768

Northrop

Grumman

Corp.

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

76,684

34,357,500

92,192,268

a

Air

Freight

&

Logistics

 — 

1

.9

%

CH

Robinson

Worldwide,

Inc.

(a)

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

2,022,621

202,605,945

Expeditors

International

of

Washington,

Inc.

(a)

......

2,821,855

305,183,618

United

Parcel

Service,

Inc.

,

Class

B

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

473,333

87,675,472

595,465,035

a

Banks

 — 

0

.7

%

First

Horizon

Corp.

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

9,255,967

228,900,064

a

Beverages

 — 

2

.2

%

Keurig

Dr

Pepper,

Inc.

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

6,900,677

243,455,884

PepsiCo,

Inc.

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

2,504,133

428,256,826

671,712,710

a

Biotechnology

 — 

6

.9

%

AbbVie,

Inc.

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

2,288,077

338,063,377

Amgen,

Inc.

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

770,679

194,519,380

BioMarin

Pharmaceutical,

Inc.

(a)

(b)

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

1,309,761

151,080,931

Gilead

Sciences,

Inc.

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

5,433,537

456,091,096

Horizon

Therapeutics

PLC

(b)

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

2,104,814

230,940,192

Incyte

Corp.

(b)

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

1,759,106

149,770,285

Neurocrine

Biosciences,

Inc.

(b)

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

618,819

68,645,592

Regeneron

Pharmaceuticals,

Inc.

(b)

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

307,711

233,389,562

Seagen,

Inc.

(a)

(b)

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

938,122

130,849,256

Vertex

Pharmaceuticals,

Inc.

(b)

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

483,481

156,212,711

2,109,562,382

a

Capital

Markets

 — 

2

.1

%

Cboe

Global

Markets,

Inc.

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

1,829,469

224,805,151

CME

Group,

Inc.

,

Class

A

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

765,843

135,293,824

Intercontinental

Exchange,

Inc.

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

1,685,670

181,293,809

MarketAxess

Holdings,

Inc.

(a)

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

120,805

43,954,899

Tradeweb

Markets,

Inc.

,

Class

A

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

960,539

71,598,577

656,946,260

a

Chemicals

 — 

1

.7

%

Air

Products

and

Chemicals,

Inc.

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

344,780

110,505,438

CF

Industries

Holdings,

Inc.

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

1,572,795

133,215,737

Corteva,

Inc.

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

2,361,625

152,206,731

Linde

PLC

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

78,785

26,073,108

Sherwin-Williams

Co.

(The)

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

359,685

85,097,874

507,098,888

a

Commercial

Services

&

Supplies

 — 

4

.5

%

Republic

Services,

Inc.

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

3,393,468

423,572,676

Rollins,

Inc.

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

2,692,686

98,013,770

Waste

Connections,

Inc.

(a)

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

3,240,749

430,695,542

Waste

Management,

Inc.

(a)

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

2,818,918

436,171,182

1,388,453,170

a

Communications

Equipment

 — 

2

.9

%

Cisco

Systems,

Inc.

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

9,507,272

462,718,928

Juniper

Networks,

Inc.

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

1,178,167

38,054,794

Motorola

Solutions,

Inc.

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

1,478,403

379,964,355

880,738,077

a

Containers

&

Packaging

 — 

0

.7

%

Amcor

PLC

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

12,635,472

152,383,792

International

Paper

Co.

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

770,378

32,217,208

Security

Shares

Value

a

Containers

&

Packaging

(continued)

Packaging

Corp.

of

America

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

307,151

$

43,830,448

228,431,448

a

Diversified

Financial

Services

 — 

1

.5

%

Berkshire

Hathaway,

Inc.

,

Class

B

(b)

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

1,450,275

451,789,668

a

Diversified

Telecommunication

Services

 — 

2

.2

%

AT&T,

Inc.

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

7,928,064

161,494,664

Liberty

Global

PLC

,

Class

C

,

NVS

(a)

(b)

...........

754,776

16,869,244

Verizon

Communications,

Inc.

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

11,786,060

489,946,514

668,310,422

a

Electric

Utilities

 — 

4

.9

%

Alliant

Energy

Corp.

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

582,500

31,472,475

American

Electric

Power

Co.,

Inc.

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

1,478,193

138,891,014

Duke

Energy

Corp.

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

4,694,209

480,921,712

Evergy,

Inc.

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

335,620

21,026,593

Eversource

Energy

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

876,964

72,200,446

NextEra

Energy,

Inc.

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

1,722,214

128,528,831

Southern

Co.

(The)

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

4,782,828

323,701,799

Xcel

Energy,

Inc.

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

4,358,729

299,749,794

1,496,492,664

a

Electronic

Equipment,

Instruments

&

Components

 — 

2

.1

%

Amphenol

Corp.

,

Class

A

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

3,104,674

247,659,845

Arrow

Electronics,

Inc.

(a)

(b)

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

679,176

79,796,388

Keysight

Technologies,

Inc.

(b)

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

1,811,247

324,847,150

652,303,383

a

Entertainment

 — 

1

.9

%

Activision

Blizzard,

Inc.

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

4,132,001

316,387,316

Electronic

Arts,

Inc.

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

1,961,157

252,361,683

568,748,999

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 

1

.3

%

Extra

Space

Storage,

Inc.

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

269,849

42,590,268

Public

Storage

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

1,136,237

345,802,368

388,392,636

a

Food

&

Staples

Retailing

 — 

2

.1

%

Kroger

Co.

(The)

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

6,125,951

273,401,193

Walmart,

Inc.

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

2,506,339

360,586,992

633,988,185

a

Food

Products

 — 

4

.9

%

Campbell

Soup

Co.

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

1,135,231

58,952,546

General

Mills,

Inc.

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

3,831,564

300,241,355

Hershey

Co.

(The)

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

1,612,520

362,171,992

Hormel

Foods

Corp.

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

4,578,378

207,446,307

J

M

Smucker

Co.

(The)

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

626,185

95,681,068

Kellogg

Co.

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

4,319,037

296,199,558

Mondelez

International,

Inc.

,

Class

A

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

2,528,089

165,438,144

1,486,130,970

a

Health

Care

Equipment

&

Supplies

 — 

1

.7

%

Abbott

Laboratories

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

1,091,716

120,689,204

Baxter

International,

Inc.

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

750,326

34,282,395

Becton

Dickinson

and

Co.

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

930,257

234,629,420

Hologic,

Inc.

(b)

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

926,742

75,408,997

Medtronic

PLC

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

573,988

48,037,056

513,047,072

a

Health

Care

Providers

&

Services

 — 

3

.6

%

AmerisourceBergen

Corp.

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

335,752

56,728,658

CVS

Health

Corp.

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

162,072

14,297,992

Elevance

Health,

Inc.

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

181,142

90,569,189

Humana,

Inc.

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

201,132

102,919,244

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

iShares

®

MSCI

USA

Min

Vol

Factor

ETF

(Percentages

shown

are

based

on

Net

Assets)

12

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Health

Care

Providers

&

Services

(continued)

Laboratory

Corp.

of

America

Holdings

...........

377,878

$

95,270,601

McKesson

Corp.

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

339,796

128,673,949

Molina

Healthcare,

Inc.

(b)

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

234,338

73,073,618

Quest

Diagnostics,

Inc.

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

684,166

101,584,968

UnitedHealth

Group,

Inc.

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

857,262

427,936,618

1,091,054,837

a

Hotels,

Restaurants

&

Leisure

 — 

1

.7

%

Domino's

Pizza,

Inc.

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

351,327

124,018,431

McDonald's

Corp.

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

1,536,160

410,769,184

534,787,615

a

Household

Durables

 — 

0

.2

%

Garmin

Ltd.

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

717,373

70,933,842

a

Household

Products

 — 

2

.2

%

Church

&

Dwight

Co.,

Inc.

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

1,310,607

105,975,682

Colgate-Palmolive

Co.

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

1,338,688

99,772,416

Kimberly-Clark

Corp.

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

661,493

86,000,705

Procter

&

Gamble

Co.

(The)

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

2,632,497

374,814,923

666,563,726

a

Industrial

Conglomerates

 — 

0

.5

%

3M

Co.

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

562,196

64,697,516

Honeywell

International,

Inc.

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

394,603

82,266,833

146,964,349

a

Insurance

 — 

6

.2

%

American

Financial

Group,

Inc.

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

934,218

133,210,145

Aon

PLC

,

Class

A

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

512,291

163,256,896

Arthur

J

Gallagher

&

Co.

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

1,586,585

310,526,416

Assurant,

Inc.

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

839,456

111,303,471

Chubb

Ltd.

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

170,180

38,714,248

Erie

Indemnity

Co.

,

Class

A

,

NVS

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

390,771

95,484,894

Hartford

Financial

Services

Group,

Inc.

(The)

......

380,267

29,512,522

Marsh

&

McLennan

Companies,

Inc.

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

1,839,944

321,824,605

Progressive

Corp.

(The)

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

2,541,334

346,510,891

Travelers

Companies,

Inc.

(The)

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

1,247,622

238,445,517

Willis

Towers

Watson

PLC

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

448,271

113,946,005

1,902,735,610

a

Interactive

Media

&

Services

 — 

1

.0

%

Alphabet,

Inc.

,

Class

C

,

NVS

(b)

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

3,022,571

301,864,166

a

Internet

&

Direct

Marketing

Retail

 — 

0

.0

%

eBay,

Inc.

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

334,798

16,572,501

a

IT

Services

 — 

9

.6

%

Accenture

PLC

,

Class

A

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

1,331,457

371,543,076

Akamai

Technologies,

Inc.

(a)

(b)

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

1,656,569

147,351,813

Automatic

Data

Processing,

Inc.

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

967,006

218,359,625

Broadridge

Financial

Solutions,

Inc.

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

1,507,330

226,642,139

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

1,799,820

120,137,985

Fiserv,

Inc.

(a)

(b)

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

1,277,759

136,311,330

Gartner,

Inc.

(b)

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

151,556

51,247,146

International

Business

Machines

Corp.

..........

2,238,429

301,583,539

Jack

Henry

&

Associates,

Inc.

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

1,257,494

226,462,094

Mastercard,

Inc.

,

Class

A

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

553,515

205,132,659

Paychex,

Inc.

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

3,584,110

415,254,985

VeriSign,

Inc.

(a)

(b)

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

781,910

170,495,475

Visa,

Inc.

,

Class

A

(a)

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

1,050,472

241,829,159

Western

Union

Co.

(The)

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

6,240,040

88,421,367

2,920,772,392

a

Security

Shares

Value

a

Life

Sciences

Tools

&

Services

 — 

1

.4

%

Danaher

Corp.

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

1,239,534

$

327,707,999

Thermo

Fisher

Scientific,

Inc.

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

145,029

82,714,389

West

Pharmaceutical

Services,

Inc.

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

127,816

33,947,930

444,370,318

a

Machinery

 — 

0

.2

%

Illinois

Tool

Works,

Inc.

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

148,491

35,049,816

Otis

Worldwide

Corp.

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

242,017

19,901,058

54,950,874

a

Media

 — 

0

.9

%

Charter

Communications,

Inc.

,

Class

A

(a)

(b)

........

91,256

35,070,593

Comcast

Corp.

,

Class

A

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

3,376,590

132,868,817

Fox

Corp.

,

Class

B

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

570,612

18,088,400

Liberty

Broadband

Corp.

,

Class

C

,

NVS

(a)

(b)

.......

896,477

80,485,705

266,513,515

a

Metals

&

Mining

 — 

1

.2

%

Newmont

Corp.

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

6,852,170

362,685,358

a

Multiline

Retail

 — 

1

.3

%

Dollar

General

Corp.

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

1,213,578

283,491,821

Target

Corp.

(a)

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

584,726

100,654,733

384,146,554

a

Multi-Utilities

 — 

3

.0

%

Ameren

Corp.

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

965,004

83,829,897

CMS

Energy

Corp.

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

1,037,821

65,579,909

Consolidated

Edison,

Inc.

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

3,477,717

331,461,207

Dominion

Energy,

Inc.

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

1,452,126

92,413,299

DTE

Energy

Co.

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

596,859

69,456,482

WEC

Energy

Group,

Inc.

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

2,866,690

269,440,193

912,180,987

a

Oil,

Gas

&

Consumable

Fuels

 — 

0

.5

%

Cheniere

Energy,

Inc.

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

735,661

112,401,644

Williams

Companies,

Inc.

(The)

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

1,369,143

44,141,171

156,542,815

a

Pharmaceuticals

 — 

6

.4

%

Bristol-Myers

Squibb

Co.

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

4,180,874

303,740,496

Eli

Lilly

&

Co.

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

1,070,306

368,345,810

Johnson

&

Johnson

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

2,578,614

421,397,100

Merck

&

Co.,

Inc.

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

4,359,139

468,215,120

Pfizer,

Inc.

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

6,274,114

277,064,874

Zoetis,

Inc.

,

Class

A

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

714,503

118,243,102

1,957,006,502

a

Professional

Services

 — 

0

.6

%

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.......

1,029,077

97,391,847

Verisk

Analytics,

Inc.

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

552,743

100,483,150

197,874,997

a

Road

&

Rail

 — 

1

.4

%

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

280,138

16,556,156

Norfolk

Southern

Corp.

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

285,551

70,191,291

Old

Dominion

Freight

Line,

Inc.

(a)

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

794,532

264,769,844

U-Haul

Holding

Co.

,

Series

N

,

NVS

(a)

...........

1,355,528

83,758,075

435,275,366

a

Semiconductors

&

Semiconductor

Equipment

 — 

1

.9

%

Broadcom,

Inc.

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

191,033

111,756,216

Texas

Instruments,

Inc.

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

2,584,568

458,011,295

569,767,511

a

iShares

®

MSCI

USA

Min

Vol

Factor

ETF

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

13

Schedule

of

Investments

Security

Shares

Value

a

Software

 — 

4

.3

%

Black

Knight,

Inc.

(b)

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

1,509,231

$

91,444,306

Gen

Digital,

Inc.

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

10,327,179

237,628,389

Microsoft

Corp.

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

1,452,103

359,845,644

Oracle

Corp.

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

4,495,812

397,699,530

Roper

Technologies,

Inc.

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

455,422

194,351,338

VMware,

Inc.

,

Class

A

(b)

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

244,529

29,947,467

1,310,916,674

a

Specialty

Retail

 — 

2

.4

%

AutoZone,

Inc.

(b)

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

115,453

281,572,549

Home

Depot,

Inc.

(The)

(a)

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

730,292

236,738,757

Lowe's

Companies,

Inc.

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

244,308

50,877,141

O'Reilly

Automotive,

Inc.

(b)

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

205,965

163,196,368

732,384,815

a

Technology

Hardware,

Storage

&

Peripherals

 — 

1

.1

%

Apple,

Inc.

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

1,585,478

228,768,621

Dell

Technologies,

Inc.

,

Class

C

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

1,734,768

70,466,276

NetApp,

Inc.

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

434,883

28,802,301

328,037,198

a

Water

Utilities

 — 

0

.1

%

American

Water

Works

Co.,

Inc.

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

137,162

21,464,481

a

Wireless

Telecommunication

Services

 — 

1

.5

%

T-Mobile

U.S.,

Inc.

(b)

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

3,052,833

455,818,495

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

28,100,166,071

)

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

30,460,889,799

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.4

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.56

%

(c)

(d)

(e)

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

384,759,768

$

384,990,624

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.18

%

(c)

(d)

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

43,677,687

43,677,687

a

Total

Short-Term

Securities — 1.4%

(Cost:

$

428,344,394

)

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

428,668,311

Total

Investments

—

101.1%

(Cost:

$

28,528,510,465

)

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

30,889,558,110

Liabilities

in

Excess

of

Other

Assets

—

(

1

.1

)

%

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

(

349,727,197

)

Net

Assets

—

100.0%

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

$

30,539,830,913

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

January

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/23

  Shares

Held

at

01/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

189,835,614

$

194,958,204

(a)

$

—

$

(

35,506

)

$

232,312

$

384,990,624

384,759,768

$

478,773

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

49,067,165

—

(

5,389,478

)

(a)

—

—

43,677,687

43,677,687

869,671

45

$

(

35,506

)

$

232,312

$

428,668,311

$

1,348,444

$

45

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

iShares

®

MSCI

USA

Min

Vol

Factor

ETF

14

2023

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

January

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Dow

Jones

U.S.

Real

Estate

Index

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

85

03/17/23

$

3,063

$

155,098

S&P

500

E-Mini

Index

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

335

03/17/23

68,508

1,955,604

$

2,110,702

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)

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

$

—

$

—

$

2,110,702

$

—

$

—

$

—

$

2,110,702

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

(

1,656,218

)

$

—

$

—

$

—

$

(

1,656,218

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(

2,369,866

)

$

—

$

—

$

—

$

(

2,369,866

)

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

75,851,965

a

iShares

®

MSCI

USA

Min

Vol

Factor

ETF

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

15

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

30,460,889,799

‌

$

—

‌

$

—

‌

$

30,460,889,799

‌

Short-Term

Securities

Money

Market

Funds

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

428,668,311

‌

—

‌

—

‌

428,668,311

‌

$

30,889,558,110

‌

$

—

‌

$

—

‌

$

30,889,558,110

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

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

$

2,110,702

‌

$

—

‌

$

—

‌

$

2,110,702

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

16

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Assets

and

Liabilities

(unaudited)

January

31,

2023

See

notes

to

financial

statements.

iShares

ESG

MSCI

USA

Min

Vol

Factor

ETF

iShares

MSCI

USA

Min

Vol

Factor

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

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

$

5,812,718

‌

$

30,460,889,799

‌

Investments,

at

value

—

affiliated

(c)

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

11,611

‌

428,668,311

‌

Cash

pledged:

Futures

contracts

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

—

‌

4,248,000

‌

Receivables:

Securities

lending

income

—

affiliated

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

26

‌

73,977

‌

Dividends

—

unaffiliated

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

8,372

‌

33,831,457

‌

Dividends

—

affiliated

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

41

‌

161,721

‌

Interest

—

unaffiliated

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

1

‌

3,703

‌

Variation

margin

on

futures

contracts

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

—

‌

1,020,075

‌

Total

assets

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

5,832,769

‌

30,928,897,043

‌

LIABILITIES

Bank

overdraft

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

—

‌

44,456

‌

Collateral

on

securities

loaned

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

4,038

‌

384,864,830

‌

Payables:

Capital

shares

redeemed

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

—

‌

304,488

‌

Investment

advisory

fees

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

883

‌

3,852,356

‌

Total

liabilities

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

4,921

‌

389,066,130

‌

NET

ASSETS

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

$

5,827,848

‌

$

30,539,830,913

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

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

$

6,259,602

‌

$

29,887,406,527

‌

Accumulated

earnings

(loss)

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

(

431,754

)

652,424,386

‌

NET

ASSETS

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

$

5,827,848

‌

$

30,539,830,913

‌

NET

ASSET

VALUE

Shares

outstanding

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

250,000

‌

417,200,000

‌

Net

asset

value

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

$

23.31

‌

$

73.20

‌

Shares

authorized

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

Unlimited

Unlimited

Par

value

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

None

None

(a)

Securities

loaned,

at

value

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

$

3,897

‌

$

385,479,606

‌

(b)

Investments,

at

cost

—

unaffiliated

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

$

6,016,940

‌

$

28,100,166,071

‌

(c)

Investments,

at

cost

—

affiliated

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

$

11,608

‌

$

428,344,394

‌

17

Financial

Statements

Statements

of

Operations

(unaudited)

Six

Months

Ended

January

31,

2023

See

notes

to

financial

statements.

iShares

ESG

MSCI

USA

Min

Vol

Factor

ETF

iShares

MSCI

USA

Min

Vol

Factor

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

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

$

49,602

‌

$

274,737,727

‌

Dividends

—

affiliated

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

1,085

‌

869,671

‌

Interest

—

unaffiliated

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

18

‌

112,822

‌

Securities

lending

income

—

affiliated

—

net

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

230

‌

478,773

‌

Foreign

taxes

withheld

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

(

3

)

(

228,645

)

Total

investment

income

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

50,932

‌

275,970,348

‌

EXPENSES

Investment

advisory

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

4,452

‌

22,063,361

‌

Total

expenses

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

4,452

‌

22,063,361

‌

Net

investment

income

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

46,480

‌

253,906,987

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

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

(

77,185

)

(

532,851,861

)

Investments

—

affiliated

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

5

‌

(

35,506

)

Capital

gain

distributions

from

underlying

funds

—

affiliated

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

—

‌

45

‌

Futures

contracts

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

—

‌

(

1,656,218

)

In-kind

redemptions

—

unaffiliated

(a)

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

—

‌

825,995,977

‌

(

77,180

)

291,452,437

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

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

86,448

‌

(

416,724,947

)

Investments

—

affiliated

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

(

1

)

232,312

‌

Futures

contracts

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

—

‌

(

2,369,866

)

86,447

‌

(

418,862,501

)

Net

realized

and

unrealized

gain

(loss)

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

9,267

‌

(

127,410,064

)

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

$

55,747

‌

$

126,496,923

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

18

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

ESG

MSCI

USA

Min

Vol

Factor

ETF

iShares

MSCI

USA

Min

Vol

Factor

ETF

Six

Months

Ended

01/31/23

(unaudited)

Period

From

11/02/21

(a)

to

07/31/22

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

46,480

‌

$

54,292

‌

$

253,906,987

‌

$

418,935,429

‌

Net

realized

gain

(loss)

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

(

77,180

)

(

156,358

)

291,452,437

‌

1,885,935,077

‌

Net

change

in

unrealized

appreciation

(depreciation)

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

86,447

‌

(

290,666

)

(

418,862,501

)

(

2,865,028,597

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

55,747

‌

(

392,732

)

126,496,923

‌

(

560,158,091

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

(

49,197

)

(c)

(

43,707

)

(

275,782,752

)

(

377,829,879

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

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

1,185,212

‌

5,072,525

‌

2,036,319,221

‌

1,119,798,350

‌

NET

ASSETS

Total

increase

in

net

assets

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

1,191,762

‌

4,636,086

‌

1,887,033,392

‌

181,810,380

‌

Beginning

of

period

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

4,636,086

‌

—

‌

28,652,797,521

‌

28,470,987,141

‌

End

of

period

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

$

5,827,848

‌

$

4,636,086

‌

$

30,539,830,913

‌

$

28,652,797,521

‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

19

Financial

Highlights

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

MSCI

USA

Min

Vol

Factor

ETF

Six

Months

Ended

01/31/23

(unaudited)

Period

From

11/02/21

(a)

to

07/31/22

Net

asset

value,

beginning

of

period

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

$

23.18

‌

$

25.11

‌

Net

investment

income

(b)

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

0

.21

‌

0

.27

‌

Net

realized

and

unrealized

gain

(loss)

(c)

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

0

.14

‌

(

1

.98

)

Net

increase

(decrease)

from

investment

operations

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

0

.35

‌

(

1

.71

)

Distributions

from

net

investment

income

(d)

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

(

0

.22

)

(e)

(

0

.22

)

Net

asset

value,

end

of

period

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

$

23.31

‌

$

23.18

‌

Total

Return

(f)

–

–

Based

on

net

asset

value

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

1

.57

%

(g)

(

6

.83

)

%

(g)

Ratios

to

Average

Net

Assets

(h)

–

–

Total

expenses

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

0

.18

%

(i)

0

.18

%

(i)

Net

investment

income

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

1

.88

%

(i)

1

.51

%

(i)

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

5,828

‌

$

4,636

‌

Portfolio

turnover

rate

(j)

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

11

%

31

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions.

20

2023

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

MSCI

USA

Min

Vol

Factor

ETF

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Year

Ended

07/31/19

Year

Ended

07/31/18

Net

asset

value,

beginning

of

period

.......

$

73.77

‌

$

76.19

‌

$

63.37

‌

$

62.75

‌

$

54.90

‌

$

49.89

‌

Net

investment

income

(a)

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

0

.62

‌

1

.13

‌

1

.08

‌

1

.29

‌

1

.23

‌

1

.02

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

(

0

.51

)

(

2

.52

)

12.84

‌

0

.62

‌

7

.77

‌

4

.98

‌

Net

increase

(decrease)

from

investment

operations

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

0

.11

‌

(

1

.39

)

13.92

‌

1

.91

‌

9

.00

‌

6

.00

‌

Distributions

from

net

investment

income

(c)

.....

(

0

.68

)

(

1

.03

)

(

1

.10

)

(

1

.29

)

(

1

.15

)

(

0

.99

)

Net

asset

value,

end

of

period

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

$

73.20

‌

$

73.77

‌

$

76.19

‌

$

63.37

‌

$

62.75

‌

$

54.90

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

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

0

.18

%

(e)

(

1

.85

)

%

22.23

%

3

.18

%

16.61

%

12.16

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

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

0

.15

%

(g)

0

.15

%

0

.15

%

0

.15

%

0

.15

%

0

.15

%

Net

investment

income

..................

1

.73

%

(g)

1

.50

%

1

.59

%

2

.06

%

2

.12

%

1

.95

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

30,539,831

‌

$

28,652,798

‌

$

28,470,987

‌

$

34,512,060

‌

$

30,646,395

‌

$

15,191,622

‌

Portfolio

turnover

rate

(h)

..................

12

%

20

%

23

%

22

%

21

%

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)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

Notes

to

Financial

Statements

(unaudited)

21

Notes

to

Financial

Statements

1.

Organization

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios.

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method. Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value. Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest. Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

January

31,

2023,

if

any,

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

The Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments. 

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds. 

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

ESG

MSCI

USA

Min

Vol

Factor

...........................................................................................

Non-diversified

MSCI

USA

Min

Vol

Factor

...............................................................................................

Diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

22

2023

iShares

Semi-Annual

Report

to

Shareholders

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of each

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are

valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee,

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments 

Securities

Lending:

Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

Notes

to

Financial

Statements

(unaudited)

(

continued)

23

Notes

to

Financial

Statements

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets. 

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

ESG

MSCI

USA

Min

Vol

Factor

BofA

Securities,

Inc.

..........................................

$

782

‌

$

(782

)

$

—

‌

$

—

‌

Jefferies

LLC

...............................................

3,115

‌

(3,115

)

—

‌

—

‌

$

3,897

‌

$

(3,897

)

$

—

‌

$

—

‌

a

MSCI

USA

Min

Vol

Factor

Barclays

Bank

PLC

...........................................

20,198,160

‌

(20,198,160

)

—

‌

—

‌

Barclays

Capital,

Inc.

.........................................

6,995,716

‌

(6,995,716

)

—

‌

—

‌

BofA

Securities,

Inc.

..........................................

393,911

‌

(393,785

)

—

‌

126

‌

Citigroup

Global

Markets,

Inc.

....................................

9,595,380

‌

(9,595,380

)

—

‌

—

‌

Goldman

Sachs

&

Co.

LLC

.....................................

5,266,905

‌

(5,246,704

)

—

‌

20,201

‌

J.P.

Morgan

Securities

LLC

.....................................

27,203,340

‌

(27,203,340

)

—

‌

—

‌

Jefferies

LLC

...............................................

2,235

‌

(2,235

)

—

‌

—

‌

Morgan

Stanley

.............................................

123,042,129

‌

(121,372,831

)

—

‌

1,669,298

‌

RBC

Capital

Markets

LLC

......................................

170,699,907

‌

(170,699,907

)

—

‌

—

‌

SG

Americas

Securities

LLC

....................................

6,366,469

‌

(6,366,469

)

—

‌

—

‌

Toronto-Dominion

Bank

........................................

13,837,196

‌

(13,695,689

)

—

‌

141,507

‌

Virtu

Americas

LLC

...........................................

1,103,070

‌

(1,103,070

)

—

‌

—

‌

Wells

Fargo

Bank

NA

.........................................

775,188

‌

(775,188

)

—

‌

—

‌

$

385,479,606

‌

$

(383,648,474

)

$

—

‌

$

1,831,132

‌

a

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Funds’

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

January

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

(unaudited)

(continued)

24

2023

iShares

Semi-Annual

Report

to

Shareholders

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates 

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

of

each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by BlackRock.

Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees).

For

its

investment

advisory

services

to

each

of

the

following

Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of

each

Fund

as

follows:

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The

Funds

do

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by

each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its Statements

of

Operations.

For

the six

months

ended January

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

six

months

ended

January

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

ESG

MSCI

USA

Min

Vol

Factor

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.18%

MSCI

USA

Min

Vol

Factor

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15

iShares

ETF

Amounts

ESG

MSCI

USA

Min

Vol

Factor

..........................................................................................

$

57

‌

MSCI

USA

Min

Vol

Factor

..............................................................................................

180,098

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

MSCI

USA

Min

Vol

Factor

..........................................................

$

211,557,604

‌

$

451,129,183

‌

$

(14,803,208

)

Notes

to

Financial

Statements

(unaudited)

(

continued)

25

Notes

to

Financial

Statements

7.

Purchases

and

Sales

For

the six

months

ended

January

31,

2023,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the six

months

ended

January

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

January

31,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

As

of July

31,

2022,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

As

of

January

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

iShares

ETF

Purchases

Sales

ESG

MSCI

USA

Min

Vol

Factor

........................................................................

$

541,038

‌

$

547,911

‌

MSCI

USA

Min

Vol

Factor

............................................................................

3,579,531,233

‌

3,586,942,891

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

ESG

MSCI

USA

Min

Vol

Factor

........................................................................

$

1,183,753

‌

$

—

‌

MSCI

USA

Min

Vol

Factor

............................................................................

5,566,560,322

‌

3,504,319,072

‌

iShares

ETF

Amounts

ESG

MSCI

USA

Min

Vol

Factor

..........................................................................................

$

144,558

‌

MSCI

USA

Min

Vol

Factor

..............................................................................................

1,983,684,771

‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

ESG

MSCI

USA

Min

Vol

Factor

....................................

$

6,042,178

‌

$

234,860

‌

$

(452,709

)

$

(217,849

)

MSCI

USA

Min

Vol

Factor

........................................

28,590,051,307

‌

3,223,945,831

‌

(922,328,326

)

2,301,617,505

‌

Notes

to

Financial

Statements

(unaudited)

(continued)

26

2023

iShares

Semi-Annual

Report

to

Shareholders

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests. 

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

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.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a

phase

out

of

the

London

Interbank

Offered

Rate

(“LIBOR”).

Although

many

LIBOR

rates

ceased

to

be

published

or

no

longer

are

representative

of

the

underlying

market

they

seek

to

measure

after

December

31,

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

The

Funds

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain.

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.

Six

Months

Ended

01/31/23

Year

Ended

07/31/22

iShares

ETF

Shares

Amount

Shares

Amount

ESG

MSCI

USA

Min

Vol

Factor

(a)

Shares

sold

...............................................

50,000

‌

$

1,185,212

‌

250,000

‌

$

6,279,385

‌

Shares

redeemed

...........................................

—

‌

—

‌

(50,000

)

(1,206,860

)

50,000

‌

$

1,185,212

‌

200,000

‌

$

5,072,525

‌

MSCI

USA

Min

Vol

Factor

Shares

sold

...............................................

78,200,000

‌

$

5,559,940,913

‌

121,200,000

‌

$

9,094,785,815

‌

Shares

redeemed

...........................................

(49,400,000

)

(3,523,621,692

)

(106,500,000

)

(7,974,987,465

)

28,800,000

‌

$

2,036,319,221

‌

14,700,000

‌

$

1,119,798,350

‌

(a)

The

Fund

commenced

operations

on

November

2,

2021.

Notes

to

Financial

Statements

(unaudited)

(

continued)

27

Notes

to

Financial

Statements

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.

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

28

2023

iShares

Semi-Annual

Report

to

Shareholders

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

iShares

Trust

(the

“Trust”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for iShares

ESG

MSCI

USA

Min

Vol

Factor

ETF

and

iShares

MSCI

USA

Min

Vol

Factor

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)

29

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.

January

31,

2023

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

ESG

MSCI

USA

Min

Vol

Factor

(a)

.......

$

0

.220657

‌

$

—

‌

$

0

.000002

‌

$

0

.220659

‌

100

%

—

%

—

%

(b)

100

%

(a)

The

Fund

estimates

that

it

has

distributed

more

than

its

net

investment

income

and

net

realized

capital

gains;

therefore,

a

portion

of

the

distribution

may

be

a

return

of

capital.

A

return

of

capital

may

occur,

for

example,

when

some

or

all

of

the

shareholder’s

investment

in

the

Fund

is

returned

to

the

shareholder.

A

return

of

capital

does

not

necessarily

reflect

the

Fund’s

investment

performance

and

should

not

be

confused

with

“yield”

or

“income”.

When

distributions

exceed

total

return

performance,

the

difference

will

incrementally

reduce

the

Fund’s

net

asset

value

per

share.

(b)

Rounds

to

less

than

1%.

General

Information

30

2023

iShares

Semi-Annual

Report

to

Shareholders

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

Go

to

icsdelivery.com

.

If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Householding

Householding

is

an

option

available

to

certain

fund

investors.

Householding

is

a

method

of

delivery,

based

on

the

preference

of

the

individual

investor,

in

which

a

single

copy

of

certain

shareholder

documents

and

Rule

30e-3

notices

can

be

delivered

to

investors

who

share

the

same

address,

even

if

their

accounts

are

registered

under

different

names.

Please

contact

your

broker-dealer

if

you

are

interested

in

enrolling

in

householding

and

receiving

a

single

copy

of

prospectuses

and

other

shareholder

documents,

or

if

you

are

currently

enrolled

in

householding

and

wish

to

change

your

householding

status.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT

are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

iShares.com/fundreports

.

Availability

of

Proxy

Voting

Policies

and

Proxy

Voting

Records

A

description

of

the

policies

and

procedures

that

the

iShares

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

iShares

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

twelve-month

period

ending

June

30

is

available

without

charge,

upon

request

(1)

by

calling

toll-free

1-800-474-2737;

(2)

on

the

iShares

website

at

iShares.com

;

and

(3)

on

the

SEC

website

at

sec.gov

.

A

description

of

the Trust’s

policies

and

procedures

with

respect

to

the

disclosure

of

the

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets

at

iShares.com

.

Glossary

of

Terms

Used

in

this

Report

31

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviation

NVS

Non-Voting

Shares

iS-SAR-717-0123

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by

MSCI

Inc.,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2023

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

January

31,

2023

iShares

Trust

iShares

MSCI

USA

Momentum

Factor

ETF

|

MTUM

|

Cboe

BZX

iShares

MSCI

USA

Quality

Factor

ETF

|

QUAL

|

Cboe

BZX

iShares

MSCI

USA

Size

Factor

ETF

|

SIZE

|

NYSE

Arca

iShares

MSCI

USA

Value

Factor

ETF

|

VLUE

|

Cboe

BZX

2023

Semi-Annual

Report

(Unaudited)

Dear

Shareholder,

Significant

economic

headwinds

emerged

during

the

12-month

reporting

period

ended

January

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.

Moreover,

while

the

foremost

effect

of

Russia’s

invasion

of

Ukraine

has

been

a

severe

humanitarian

crisis,

the

ongoing

war

continued

to

present

challenges

for

both

investors

and

policymakers.

Equity

prices

fell

as

interest

rates

rose,

particularly

during

the

first

half

of

the

reporting

period.

Both

large-

and

small-capitalization

U.S.

stocks

fell,

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

a

strong

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

rose

notably

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

seven

times.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

is

accelerating

the

reduction

of

its

balance

sheet.

While

the

Fed

suggested

that

additional

rate

hikes

were

likely,

it

also

gave

indications

that

the

pace

of

increases

would

slow

if

inflation

continued

to

subside.

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,

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.

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.

While

we

favor

an

overweight

to

equities

in

the

long-term,

several

factors

lead

us

to

take

an

underweight

stance

on

equities

overall

in

the

near

term.

We

believe

that

higher

input

costs

and

a

deteriorating

economic

backdrop

are

likely

to

challenge

corporate

earnings,

while

the

market’s

concerns

over

excessive

rate

hikes

could

remain

until

the

Fed

indicates

that

its

tightening

cycle

has

ended.

Nevertheless,

we

see

opportunities

in

credit,

where

valuations

are

attractive

and

higher

yields

provide

income

opportunities.

We

believe

that

global

investment-grade

corporates,

global

inflation-linked

bonds,

and

U.S.

mortgage-backed

securities

offer

strong

opportunities

for

a

six-

to

twelve-month

horizon.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Total

Returns

as

of

January

31,

2023

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

(0.44)%

(8.22)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

3.25

(3.38)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

9.52

(2.83)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

4.92

(12.12)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

1.58

1.79

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(5.60)

(11.62)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(2.37)

(8.36)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

0.73

(3.25)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

1.46

(5.22)

2

This

Page

is

not

Part

of

Your

Fund

Report

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Semi-Annual

Report:

Fund

Summary

........................................................................................................

4

About

Fund

Performance

..................................................................................................

8

Disclosure

of

Expenses

...................................................................................................

8

Schedules

of

Investments

.................................................................................................

9

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

29

Statements

of

Operations

................................................................................................

30

Statements

of

Changes

in

Net

Assets

........................................................................................

31

Financial

Highlights

.....................................................................................................

33

Notes

to

Financial

Statements

...............................................................................................

37

Statement

Regarding

Liquidity

Risk

Management

Program

.............................................................................

45

Supplemental

Information

.................................................................................................

46

General

Information

.....................................................................................................

47

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

48

iShares

®

MSCI

USA

Momentum

Factor

ETF

4

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

January

31,

2023

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Health

Care

...................................

35.3‌

%

Energy

.......................................

25.3‌

Financials

.....................................

8.5‌

Industrials

.....................................

7.1‌

Consumer

Discretionary

...........................

6.9‌

Consumer

Staples

...............................

6.3‌

Information

Technology

............................

4.1‌

Utilities

.......................................

2.4‌

Materials

.....................................

2.3‌

Communication

Services

...........................

1.7‌

Real

Estate

....................................

0.1‌

a

a

(a)

Excludes

money

market

funds.

Investment

Objective

The

iShares

MSCI

USA

Momentum

Factor

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

large-

and

mid-capitalization

stocks

exhibiting

relatively

higher

price

momentum,

as

represented

by

the

MSCI

USA

Momentum

SR

Variant

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

The

inception

date

of

the

Fund

was

April

16,

2013.

The

first

day

of

secondary

market

trading

was

April

18,

2013.

Index

performance

through

November

22,

2020

reflects

the

performance

of

the

MSCI

USA

Momentum

Index.

Index

performance

beginning

on

November

23,

2020

reflects

the

performance

of

the

MSCI

USA

Momentum

SR

Variant

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

Since

Inception

1

Year

5

Years

Since

Inception

Fund

NAV

...................

2.58

%

(10.67

)

%

6.73

%

12.51

%

(10.67

)

%

38.46

%

217.32

%

Fund

Market

.................

2.56

(10.64

)

6.72

12.51

–

%

(10.64

)

38.45

217.41

Index

......................

2.68

(10.53

)

6.94

‌

12.73

(10.53

)

39.84

223.17

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,025.80

‌

$

0.77

‌

$

1,000.00

‌

$

1,024.45

‌

$

0.77

‌

0.15

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Exxon

Mobil

Corp.

...............................

5.3‌

%

Eli

Lilly

&

Co.

..................................

4.9‌

Chevron

Corp.

..................................

4.9‌

UnitedHealth

Group,

Inc.

...........................

4.8‌

Merck

&

Co.,

Inc.

................................

3.8‌

AbbVie,

Inc.

...................................

3.1‌

ConocoPhillips

.................................

2.9‌

PepsiCo,

Inc.

..................................

2.7‌

McDonald's

Corp.

...............................

2.3‌

Amgen,

Inc.

...................................

2.3‌

      aaa

aa

iShares

®

MSCI

USA

Quality

Factor

ETF

5

Fund

Summary

Fund

Summary

as

of

January

31,

2023

Investment

Objective

The

iShares

MSCI

USA

Quality

Factor

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

large-

and

mid-capitalization

stocks

with

quality

characteristics

as

identified

through

certain

fundamental

metrics,

as

represented

by

the

MSCI

USA

Sector

Neutral

Quality

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

The

inception

date

of

the

Fund

was

July

16,

2013.

The

first

day

of

secondary

market

trading

was

July

18,

2013.

Index

performance

through

August

31,

2015

reflects

the

performance

of

the

MSCI

USA

Quality

Index.

Index

performance

beginning

on

September

1,

2015

reflects

the

performance

of

the

MSCI

USA

Sector

Neutral

Quality

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

Since

Inception

1

Year

5

Years

Since

Inception

Fund

NAV

...................

1.00

%

(8.50

)

%

8.86

%

11.62

%

(8.50

)

%

52.85

%

185.74

%

Fund

Market

.................

0.98

(8.44

)

8.86

11.63

–

%

(8.44

)

52.85

185.84

Index

......................

1.09

(8.37

)

9.05

11.

82

(8.37

)

54.21

190.32

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,010.00

‌

$

0.76

‌

$

1,000.00

‌

$

1,024.45

‌

$

0.77

‌

0.15

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

............................

27.1‌

%

Health

Care

...................................

14.1‌

Financials

.....................................

11.6‌

Consumer

Discretionary

...........................

10.7‌

Industrials

.....................................

8.3‌

Communication

Services

...........................

8.1‌

Consumer

Staples

...............................

6.6‌

Energy

.......................................

5.0‌

Materials

.....................................

3.0‌

Real

Estate

....................................

2.9‌

Utilities

.......................................

2.6‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Home

Depot,

Inc.

(The)

...........................

6.1‌

%

Microsoft

Corp.

.................................

3.9‌

Apple,

Inc.

....................................

3.6‌

NVIDIA

Corp.

..................................

3.2‌

Meta

Platforms,

Inc.,

Class

A

........................

3.2‌

Visa,

Inc.,

Class

A

...............................

3

.1‌

Mastercard,

Inc.,

Class

A

...........................

2.8‌

Johnson

&

Johnson

..............................

2.5‌

Costco

Wholesale

Corp.

...........................

2.5‌

BlackRock,

Inc.

.................................

2.5‌

      aaa

aa

iShares

®

MSCI

USA

Size

Factor

ETF

6

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

January

31,

2023

Investment

Objective

The

iShares

MSCI

USA

Size

Factor

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

large-

and

mid-capitalization

stocks

with

relatively

smaller

average

market

capitalization,

as

represented

by

the

MSCI

USA

Low

Size

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index

.

Performance

The

inception

date

of

the

Fund

was

April

16,

2013.

The

first

day

of

secondary

market

trading

was

April

18,

2013.

Index

performance

through

December

2,

2018

reflects

the

performance

of

the

MSCI

USA

Risk

Weighted

Index.

Index

performance

beginning

on

December

3,

2018

reflects

the

performance

of

the

MSCI

USA

Low

Size

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

Since

Inception

1

Year

5

Years

Since

Inception

Fund

NAV

...................

3.74

%

(3.19

)

%

9.00

%

11.44

%

(3.19

)

%

53.87

%

188.96

%

Fund

Market

.................

3.64

(3.23

)

8.98

11.43

–

%

(3.23

)

53.71

188.63

Index

......................

3.81

(3.09

)

9.15

‌

11.60

(3.09

)

54.92

‌

192.87

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,037.40

‌

$

0.77

‌

$

1,000.00

‌

$

1,024.45

‌

$

0.77

‌

0.15

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

............................

18.2‌

%

Financials

.....................................

13.7‌

Industrials

.....................................

13.2‌

Health

Care

...................................

12.5‌

Consumer

Discretionary

...........................

10.7‌

Real

Estate

....................................

6.2‌

Materials

.....................................

5.7‌

Communication

Services

...........................

5.5‌

Consumer

Staples

...............................

5.2‌

Utilities

.......................................

5.0‌

Energy

.......................................

4.1‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Exact

Sciences

Corp.

.............................

0.3‌

%

Cleveland-Cliffs,

Inc.

.............................

0.2‌

Okta,

Inc.,

Class

A

...............................

0.2‌

Burlington

Stores,

Inc.

............................

0.2‌

Horizon

Therapeutics

PLC

..........................

0.2‌

MarketAxess

Holdings,

Inc.

.........................

0.2‌

Wynn

Resorts

Ltd.

...............................

0.2‌

Align

Technology,

Inc.

.............................

0.2‌

SVB

Financial

Group

.............................

0.2‌

MongoDB,

Inc.,

Class

A

...........................

0.2‌

      aaa

aa

iShares

®

MSCI

USA

Value

Factor

ETF

7

Fund

Summary

Fund

Summary

as

of

January

31,

2023

Investment

Objective

The

iShares

MSCI

USA

Value

Factor

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

large-

and

mid-capitalization

stocks

with

value

characteristics

and

relatively

lower

valuations,

as

represented

by

the

MSCI

USA

Enhanced

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

The

inception

date

of

the

Fund

was

April

16,

2013.

The

first

day

of

secondary

market

trading

was

April

18,

2013.

Index

performance

through

August

31,

2015

reflects

the

performance

of

the

MSCI

USA

Value

Weighted

Index.

Index

performance

beginning

on

September

1,

2015

reflects

the

performance

of

the

MSCI

USA

Enhanced

Value

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

Since

Inception

1

Year

5

Years

Since

Inception

Fund

NAV

...................

3.62

%

(6.22

)

%

5.11

%

9.63

%

(6.22

)

%

28.31

%

146.21

%

Fund

Market

.................

3.66

(6.14

)

5.11

‌

9.63

–

%

(6.14

)

28.28

146.26

Index

......................

3.71

(6.06

)

5.26

9.81

(6.06

)

29.24

149.88

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,036.20

‌

$

0.77

‌

$

1,000.00

‌

$

1,024.45

‌

$

0.77

‌

0.15

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

............................

26.6‌

%

Health

Care

...................................

14.0‌

Financials

.....................................

11.7‌

Consumer

Discretionary

...........................

10.9‌

Industrials

.....................................

8.9‌

Communication

Services

...........................

8.0‌

Consumer

Staples

...............................

6.4‌

Energy

.......................................

4.8‌

Materials

.....................................

3.0‌

Real

Estate

....................................

2.9‌

Utilities

.......................................

2.8‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

AT&T,

Inc.

.....................................

5.2‌

%

Intel

Corp.

....................................

4

.2‌

Cisco

Systems,

Inc.

..............................

3.7‌

Pfizer,

Inc.

....................................

3.0‌

Micron

Technology,

Inc.

............................

2.8‌

General

Motors

Co.

..............................

2.7‌

International

Business

Machines

Corp.

.................

2.5‌

Ford

Motor

Co.

.................................

2.4‌

Citigroup,

Inc.

..................................

2.3‌

Raytheon

Technologies

Corp.

.......................

2.1‌

      aaa

aa

About

Fund

Performance

8

2023

iShares

Semi-Annual

Report

to

Shareholders

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market

Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated.

Since

shares

of

a

fund

may

not

trade

in

the

secondary

market

until

after

the

fund’s

inception,

for

the

period

from

inception

to

the

first

day

of

secondary

market

trading

in

shares

of

the

fund,

the

NAV

of

the

fund

is

used

as

a

proxy

for

the

Market

Price

to

calculate

market

returns.

Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of

Expenses

Shareholders

of

each

Fund

may

incur

the

following

charges:

(1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown

(which

are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the Period.”

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

iShares

®

MSCI

USA

Momentum

Factor

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

9

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

4

.2

%

General

Dynamics

Corp.

....................

348,933

$

81,322,325

HEICO

Corp.

...........................

65,676

11,227,312

Huntington

Ingalls

Industries,

Inc.

..............

76,487

16,868,443

Lockheed

Martin

Corp.

.....................

496,133

229,838,573

Northrop

Grumman

Corp.

...................

395,642

177,263,442

516,520,095

a

Automobiles

 — 

0

.1

%

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

.............

473,410

9,184,154

a

Banks

 — 

0

.3

%

First

Citizens

BancShares,

Inc.

,

Class

A

(b)

........

18,434

14,335,753

First

Horizon

Corp.

........................

882,397

21,821,678

36,157,431

a

Beverages

 — 

3

.2

%

Molson

Coors

Beverage

Co.

,

Class

B

...........

195,828

10,296,636

Monster

Beverage

Corp.

(a)

...................

553,175

57,574,454

PepsiCo,

Inc.

...........................

1,890,252

323,270,897

391,141,987

a

Biotechnology

 — 

11

.4

%

AbbVie,

Inc.

............................

2,581,128

381,361,662

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

252,820

57,238,448

Amgen,

Inc.

............................

1,102,375

278,239,450

Biogen,

Inc.

(a)

...........................

242,643

70,584,849

Gilead

Sciences,

Inc.

......................

2,842,909

238,633,782

Neurocrine

Biosciences,

Inc.

(a)

................

164,608

18,259,965

Regeneron

Pharmaceuticals,

Inc.

(a)

(b)

............

165,174

125,279,524

Vertex

Pharmaceuticals,

Inc.

(a)

................

667,332

215,614,969

1,385,212,649

a

Capital

Markets

 — 

2

.1

%

Charles

Schwab

Corp.

(The)

.................

1,970,173

152,530,794

FactSet

Research

Systems,

Inc.

...............

38,480

16,274,731

LPL

Financial

Holdings,

Inc.

..................

184,006

43,631,503

Raymond

James

Financial,

Inc.

...............

333,072

37,560,529

249,997,557

a

Chemicals

 — 

2

.0

%

Albemarle

Corp.

.........................

210,436

59,227,212

CF

Industries

Holdings,

Inc.

..................

423,720

35,889,084

Corteva,

Inc.

............................

1,465,913

94,478,093

FMC

Corp.

.............................

150,270

20,005,445

Mosaic

Co.

(The)

.........................

382,104

18,929,432

RPM

International,

Inc.

.....................

184,810

16,616,267

245,145,533

a

Commercial

Services

&

Supplies

 — 

0

.1

%

Rollins,

Inc.

.............................

437,137

15,911,787

a

Communications

Equipment

 — 

0

.8

%

Arista

Networks,

Inc.

(a)

.....................

318,984

40,198,364

Motorola

Solutions,

Inc.

....................

231,549

59,510,408

99,708,772

a

Construction

&

Engineering

 — 

0

.3

%

Quanta

Services,

Inc.

(b)

.....................

240,573

36,612,805

a

Distributors

 — 

0

.5

%

Genuine

Parts

Co.

........................

332,488

55,798,136

a

Electric

Utilities

 — 

1

.1

%

Constellation

Energy

Corp.

..................

942,824

80,479,457

NRG

Energy,

Inc.

.........................

376,795

12,893,925

Security

Shares

Value

a

Electric

Utilities

(continued)

PG&E

Corp.

(a)

...........................

2,254,595

$

35,848,060

129,221,442

a

Electrical

Equipment

 — 

0

.2

%

Hubbell,

Inc.

............................

98,331

22,508,949

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.4

%

Keysight

Technologies,

Inc.

(a)

.................

272,357

48,847,228

a

Energy

Equipment

&

Services

 — 

1

.8

%

Halliburton

Co.

..........................

1,301,428

53,644,862

Schlumberger

Ltd.

........................

2,934,212

167,191,400

220,836,262

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 

0

.1

%

Host

Hotels

&

Resorts,

Inc.

..................

731,049

13,780,274

a

Food

Products

 — 

3

.1

%

Archer-Daniels-Midland

Co.

..................

1,163,253

96,375,511

Campbell

Soup

Co.

.......................

420,663

21,845,030

General

Mills,

Inc.

........................

1,335,097

104,618,201

Hershey

Co.

(The)

........................

280,863

63,081,830

J

M

Smucker

Co.

(The)

.....................

190,719

29,141,863

Kellogg

Co.

.............................

497,514

34,119,510

Lamb

Weston

Holdings,

Inc.

.................

316,387

31,603,897

380,785,842

a

Gas

Utilities

 — 

0

.2

%

Atmos

Energy

Corp.

.......................

147,209

17,302,946

a

Health

Care

Providers

&

Services

 — 

13

.0

%

AmerisourceBergen

Corp.

...................

251,003

42,409,467

Cardinal

Health,

Inc.

.......................

727,454

56,195,821

Centene

Corp.

(a)

.........................

773,134

58,943,736

Cigna

Corp.

............................

749,059

237,204,513

CVS

Health

Corp.

........................

1,330,448

117,372,123

Elevance

Health,

Inc.

......................

365,890

182,941,341

Humana,

Inc.

...........................

223,611

114,421,749

McKesson

Corp.

.........................

414,891

157,110,924

Molina

Healthcare,

Inc.

(a)

(b)

...................

89,300

27,846,419

UnitedHealth

Group,

Inc.

....................

1,183,322

590,702,509

1,585,148,602

a

Hotels,

Restaurants

&

Leisure

 — 

2

.3

%

McDonald's

Corp.

........................

1,066,424

285,161,778

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.3

%

AES

Corp.

(The)

.........................

1,066,959

29,245,346

Vistra

Corp.

............................

394,537

9,098,023

38,343,369

a

Insurance

 — 

6

.1

%

Aflac,

Inc.

..............................

934,697

68,700,230

American

Financial

Group,

Inc.

...............

95,260

13,583,123

Arch

Capital

Group

Ltd.

(a)

...................

713,573

45,918,423

Arthur

J

Gallagher

&

Co.

....................

304,957

59,686,184

Chubb

Ltd.

.............................

508,864

115,761,471

Erie

Indemnity

Co.

,

Class

A

,

NVS

..............

73,154

17,875,180

Everest

Re

Group

Ltd.

.....................

67,322

23,541,830

Globe

Life,

Inc.

..........................

167,842

20,283,706

MetLife,

Inc.

............................

966,826

70,597,635

Principal

Financial

Group,

Inc.

................

457,887

42,377,442

Progressive

Corp.

(The)

....................

1,294,847

176,552,388

Travelers

Companies,

Inc.

(The)

...............

331,102

63,280,214

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

iShares

®

MSCI

USA

Momentum

Factor

ETF

(Percentages

shown

are

based

on

Net

Assets)

10

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Insurance

(continued)

W

R

Berkley

Corp.

........................

403,908

$

28,330,107

746,487,933

a

IT

Services

 — 

1

.2

%

Automatic

Data

Processing,

Inc.

...............

565,122

127,610,199

Jack

Henry

&

Associates,

Inc.

................

104,435

18,807,699

146,417,898

a

Machinery

 — 

1

.2

%

Cummins,

Inc.

...........................

251,928

62,866,113

IDEX

Corp.

(b)

............................

107,417

25,745,707

PACCAR,

Inc.

...........................

537,904

58,798,286

147,410,106

a

Metals

&

Mining

 — 

0

.3

%

Steel

Dynamics,

Inc.

.......................

303,564

36,621,961

a

Multiline

Retail

 — 

1

.0

%

Dollar

General

Corp.

......................

317,993

74,283,165

Dollar

Tree,

Inc.

(a)

(b)

.......................

346,406

52,023,253

126,306,418

a

Multi-Utilities

 — 

0

.9

%

CenterPoint

Energy,

Inc.

....................

629,515

18,960,992

Consolidated

Edison,

Inc.

...................

389,817

37,153,458

Sempra

Energy

..........................

345,653

55,418,546

111,532,996

a

Oil,

Gas

&

Consumable

Fuels

 — 

23

.4

%

APA

Corp.

.............................

541,388

23,999,730

Cheniere

Energy,

Inc.

......................

582,630

89,020,038

Chesapeake

Energy

Corp.

..................

200,568

17,393,257

Chevron

Corp.

...........................

3,427,303

596,419,268

ConocoPhillips

..........................

2,907,650

354,355,305

Coterra

Energy,

Inc.

.......................

1,322,105

33,092,288

Devon

Energy

Corp.

.......................

1,317,190

83,299,095

Diamondback

Energy,

Inc.

...................

280,000

40,913,600

EOG

Resources,

Inc.

......................

1,017,193

134,523,774

EQT

Corp.

.............................

642,757

20,998,871

Exxon

Mobil

Corp.

........................

5,595,678

649,154,605

Hess

Corp.

.............................

629,012

94,452,442

HF

Sinclair

Corp.

.........................

448,051

25,494,102

Marathon

Oil

Corp.

........................

1,371,678

37,679,995

Marathon

Petroleum

Corp.

..................

1,090,131

140,103,636

Occidental

Petroleum

Corp.

..................

2,011,125

130,300,789

Ovintiv,

Inc.

.............................

341,577

16,815,836

Phillips

66

..............................

868,229

87,057,322

Pioneer

Natural

Resources

Co.

...............

355,895

81,980,413

Targa

Resources

Corp.

.....................

249,257

18,699,260

Texas

Pacific

Land

Corp.

....................

17,869

35,663,844

Valero

Energy

Corp.

.......................

717,370

100,453,321

Williams

Companies,

Inc.

(The)

...............

1,362,574

43,929,386

2,855,800,177

a

Pharmaceuticals

 — 

10

.8

%

Bristol-Myers

Squibb

Co.

....................

3,666,193

266,348,921

Eli

Lilly

&

Co.

...........................

1,734,070

596,780,191

Merck

&

Co.,

Inc.

.........................

4,287,016

460,468,389

1,323,597,501

a

Professional

Services

 — 

0

.6

%

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.......

298,951

28,292,723

CoStar

Group,

Inc.

(a)

.......................

611,799

47,659,142

75,951,865

a

Security

Shares

Value

a

Semiconductors

&

Semiconductor

Equipment

 — 

1

.3

%

Enphase

Energy,

Inc.

(a)

.....................

295,344

$

65,383,255

First

Solar,

Inc.

(a)

.........................

264,370

46,952,112

ON

Semiconductor

Corp.

(a)

..................

679,521

49,910,817

162,246,184

a

Software

 — 

0

.4

%

Aspen

Technology,

Inc.

(a)

....................

62,258

12,373,778

Fair

Isaac

Corp.

(a)

(b)

.......................

45,859

30,539,801

42,913,579

a

Specialty

Retail

 — 

3

.0

%

AutoZone,

Inc.

(a)

.........................

44,056

107,445,976

O'Reilly

Automotive,

Inc.

(a)

...................

153,153

121,350,779

TJX

Companies,

Inc.

(The)

..................

1,717,912

140,628,276

369,425,031

a

Trading

Companies

&

Distributors

 — 

0

.4

%

WW

Grainger,

Inc.

........................

83,258

49,078,926

a

Wireless

Telecommunication

Services

 — 

1

.7

%

T-Mobile

U.S.,

Inc.

(a)

(b)

......................

1,376,985

205,597,630

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

11,869,873,178

)

..............................

12,182,715,803

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.3

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.56

%

(c)

(d)

(e)

......................

24,952,581

24,967,553

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.18

%

(c)

(d)

............................

17,526,678

17,526,678

a

Total

Short-Term

Securities — 0.3%

(Cost:

$

42,481,023

)

.................................

42,494,231

Total

Investments

—

100.1%

(Cost:

$

11,912,354,201

)

..............................

12,225,210,034

Liabilities

in

Excess

of

Other

Assets

—

(

0

.1

)

%

...............

(

16,273,453

)

Net

Assets

—

100.0%

.................................

$

12,208,936,581

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

iShares

®

MSCI

USA

Momentum

Factor

ETF

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

11

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

January

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

January

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/23

  Shares

Held

at

01/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

96,853,224

‌

$

—

‌

$

(

71,930,030

)

(a)

$

45,348

‌

$

(

989

)

$

24,967,553

‌

24,952,581

‌

$

75,562

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

26,127,531

‌

—

‌

(

8,600,853

)

(a)

—

‌

—

‌

17,526,678

‌

17,526,678

‌

337,599

‌

14

‌

$

45,348

‌

$

(

989

)

$

42,494,231

‌

$

413,161

‌

$

14

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

...................................................................

124

03/17/23

$

25,358

$

816,168

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)

.............

$

—

$

—

$

816,168

$

—

$

—

$

—

$

816,168

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.................................

$

—

$

—

$

1,191,340

$

—

$

—

$

—

$

1,191,340

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

1,717,460

)

$

—

$

—

$

—

$

(

1,717,460

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

24,716,300

a

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

iShares

®

MSCI

USA

Momentum

Factor

ETF

12

2023

iShares

Semi-Annual

Report

to

Shareholders

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

12,182,715,803

‌

$

—

‌

$

—

‌

$

12,182,715,803

‌

Short-Term

Securities

Money

Market

Funds

......................................

42,494,231

‌

—

‌

—

‌

42,494,231

‌

$

12,225,210,034

‌

$

—

‌

$

—

‌

$

12,225,210,034

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

816,168

‌

$

—

‌

$

—

‌

$

816,168

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

MSCI

USA

Quality

Factor

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

13

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

1

.7

%

Lockheed

Martin

Corp.

.....................

683,631

$

316,698,897

a

Air

Freight

&

Logistics

 — 

0

.5

%

CH

Robinson

Worldwide,

Inc.

................

370,840

37,147,043

Expeditors

International

of

Washington,

Inc.

(a)

......

546,010

59,050,981

96,198,024

a

Beverages

 — 

2

.7

%

Brown-Forman

Corp.

,

Class

B

,

NVS

............

595,433

39,643,929

Coca-Cola

Co.

(The)

......................

6,268,044

384,356,458

Monster

Beverage

Corp.

(b)

...................

731,955

76,181,877

500,182,264

a

Biotechnology

 — 

0

.9

%

Regeneron

Pharmaceuticals,

Inc.

(b)

.............

116,789

88,580,953

Vertex

Pharmaceuticals,

Inc.

(b)

................

267,456

86,415,033

174,995,986

a

Building

Products

 — 

0

.3

%

A

O

Smith

Corp.

(a)

........................

342,876

23,212,705

Allegion

PLC

............................

243,183

28,586,162

51,798,867

a

Capital

Markets

 — 

8

.1

%

Ameriprise

Financial,

Inc.

...................

791,710

277,193,505

BlackRock,

Inc.

(c)

.........................

614,102

466,232,379

Blackstone,

Inc.

,

NVS

......................

2,836,687

272,208,485

MarketAxess

Holdings,

Inc.

..................

178,930

65,103,681

Moody's

Corp.

...........................

839,658

270,999,619

SEI

Investments

Co.

.......................

602,661

37,624,126

T

Rowe

Price

Group,

Inc.

...................

1,133,410

132,008,263

1,521,370,058

a

Chemicals

 — 

1

.2

%

Celanese

Corp.

..........................

411,144

50,652,941

CF

Industries

Holdings,

Inc.

..................

903,270

76,506,969

LyondellBasell

Industries

NV

,

Class

A

...........

938,885

90,780,790

217,940,700

a

Commercial

Services

&

Supplies

 — 

1

.1

%

Cintas

Corp.

............................

237,761

105,504,066

Copart,

Inc.

(b)

...........................

1,092,948

72,801,266

Rollins,

Inc.

.............................

557,375

20,288,450

198,593,782

a

Communications

Equipment

 — 

1

.5

%

Arista

Networks,

Inc.

(b)

.....................

300,669

37,890,307

Cisco

Systems,

Inc.

.......................

5,167,386

251,496,677

289,386,984

a

Containers

&

Packaging

 — 

0

.2

%

Packaging

Corp.

of

America

.................

288,897

41,225,602

a

Distributors

 — 

0

.2

%

Pool

Corp.

.............................

93,576

36,083,841

a

Diversified

Financial

Services

 — 

0

.4

%

Equitable

Holdings,

Inc.

....................

2,074,266

66,521,711

a

Electric

Utilities

 — 

0

.8

%

NRG

Energy,

Inc.

.........................

4,536,045

155,223,460

a

Entertainment

 — 

0

.7

%

Activision

Blizzard,

Inc.

.....................

928,313

71,080,926

Electronic

Arts,

Inc.

.......................

333,591

42,926,490

Security

Shares

Value

a

Entertainment

(continued)

Take-Two

Interactive

Software,

Inc.

(b)

............

186,279

$

21,092,371

135,099,787

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 

2

.6

%

AvalonBay

Communities,

Inc.

................

161,799

28,709,615

Equity

Residential

........................

488,014

31,062,091

Extra

Space

Storage,

Inc.

...................

149,303

23,564,492

Kimco

Realty

Corp.

.......................

629,009

14,127,542

Mid-America

Apartment

Communities,

Inc.

........

121,744

20,297,160

Prologis,

Inc.

............................

1,085,607

140,347,273

Public

Storage

...........................

317,843

96,732,339

Realty

Income

Corp.

.......................

704,859

47,810,586

VICI

Properties,

Inc.

.......................

1,057,945

36,160,560

Weyerhaeuser

Co.

........................

1,246,733

42,925,017

481,736,675

a

Food

&

Staples

Retailing

 — 

2

.5

%

Costco

Wholesale

Corp.

....................

915,414

467,904,712

a

Food

Products

 — 

0

.6

%

Hershey

Co.

(The)

........................

320,436

71,969,925

Tyson

Foods,

Inc.

,

Class

A

..................

486,797

32,006,903

103,976,828

a

Gas

Utilities

 — 

1

.8

%

Atmos

Energy

Corp.

.......................

1,892,066

222,393,437

UGI

Corp.

..............................

2,887,548

115,011,037

337,404,474

a

Health

Care

Equipment

&

Supplies

 — 

1

.8

%

Abbott

Laboratories

.......................

1,607,069

177,661,478

Edwards

Lifesciences

Corp.

(a)

(b)

...............

669,310

51,336,077

IDEXX

Laboratories,

Inc.

(b)

...................

142,313

68,381,396

Masimo

Corp.

(a)

(b)

.........................

49,094

8,349,908

ResMed,

Inc.

...........................

146,075

33,359,148

339,088,007

a

Health

Care

Providers

&

Services

 — 

2

.4

%

Henry

Schein,

Inc.

(a)

(b)

......................

120,169

10,352,559

UnitedHealth

Group,

Inc.

....................

890,741

444,649,000

455,001,559

a

Health

Care

Technology

 — 

0

.1

%

Veeva

Systems,

Inc.

,

Class

A

(a)

(b)

..............

125,755

21,447,515

a

Household

Durables

 — 

0

.8

%

DR

Horton,

Inc.

..........................

653,895

64,532,898

Garmin

Ltd.

.............................

285,048

28,185,546

NVR,

Inc.

(a)

(b)

............................

7,392

38,955,840

PulteGroup,

Inc.

.........................

445,045

25,318,610

156,992,894

a

Household

Products

 — 

0

.1

%

Church

&

Dwight

Co.,

Inc.

...................

342,825

27,720,830

a

Industrial

Conglomerates

 — 

0

.8

%

3M

Co.

................................

1,381,628

158,997,750

a

Insurance

 — 

3

.1

%

American

Financial

Group,

Inc.

...............

298,396

42,548,286

Erie

Indemnity

Co.

,

Class

A

,

NVS

..............

118,713

29,007,521

Fidelity

National

Financial,

Inc.

................

1,221,613

53,787,620

Marsh

&

McLennan

Companies,

Inc.

............

2,028,127

354,739,694

Principal

Financial

Group,

Inc.

................

1,170,186

108,300,714

588,383,835

a

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

iShares

®

MSCI

USA

Quality

Factor

ETF

(Percentages

shown

are

based

on

Net

Assets)

14

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Interactive

Media

&

Services

 — 

7

.1

%

Alphabet,

Inc.

,

Class

A

(b)

....................

3,892,532

$

384,737,863

Alphabet,

Inc.

,

Class

C

,

NVS

(b)

................

3,600,861

359,617,988

Meta

Platforms,

Inc.

,

Class

A

(a)

(b)

...............

3,972,832

591,832,783

1,336,188,634

a

IT

Services

 — 

8

.5

%

Accenture

PLC

,

Class

A

....................

870,773

242,989,206

Automatic

Data

Processing,

Inc.

...............

800,862

180,842,648

Jack

Henry

&

Associates,

Inc.

................

91,520

16,481,837

Mastercard,

Inc.

,

Class

A

....................

1,396,046

517,374,647

Paychex,

Inc.

...........................

506,543

58,688,072

Visa,

Inc.

,

Class

A

(a)

.......................

2,495,951

574,592,880

1,590,969,290

a

Life

Sciences

Tools

&

Services

 — 

0

.4

%

Agilent

Technologies,

Inc.

(a)

..................

294,392

44,771,135

West

Pharmaceutical

Services,

Inc.

............

84,294

22,388,487

67,159,622

a

Machinery

 — 

1

.4

%

Illinois

Tool

Works,

Inc.

.....................

1,105,526

260,948,357

a

Media

 — 

0

.2

%

Interpublic

Group

of

Companies,

Inc.

(The)

.......

503,809

18,368,876

Omnicom

Group,

Inc.

......................

295,606

25,419,160

43,788,036

a

Metals

&

Mining

 — 

1

.6

%

Cleveland-Cliffs,

Inc.

(a)

(b)

....................

3,383,404

72,235,675

Nucor

Corp.

............................

898,182

151,810,722

Steel

Dynamics,

Inc.

.......................

682,060

82,283,718

306,330,115

a

Multiline

Retail

 — 

0

.8

%

Target

Corp.

............................

860,328

148,096,862

a

Oil,

Gas

&

Consumable

Fuels

 — 

5

.0

%

APA

Corp.

.............................

1,482,803

65,732,657

Coterra

Energy,

Inc.

.......................

3,264,489

81,710,160

Devon

Energy

Corp.

.......................

2,681,192

169,558,582

Marathon

Petroleum

Corp.

..................

2,277,365

292,686,950

Texas

Pacific

Land

Corp.

....................

42,288

84,400,505

Valero

Energy

Corp.

.......................

1,703,014

238,473,050

932,561,904

a

Personal

Products

 — 

0

.7

%

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

(a)

.....

506,603

140,369,559

a

Pharmaceuticals

 — 

8

.4

%

Eli

Lilly

&

Co.

...........................

1,275,517

438,969,176

Johnson

&

Johnson

.......................

2,926,011

478,168,718

Merck

&

Co.,

Inc.

.........................

2,929,100

314,614,631

Pfizer,

Inc.

.............................

6,121,334

270,318,109

Zoetis,

Inc.

,

Class

A

.......................

508,796

84,200,650

1,586,271,284

a

Professional

Services

 — 

0

.5

%

Robert

Half

International,

Inc.

(a)

...............

395,986

33,246,985

Verisk

Analytics,

Inc.

.......................

375,931

68,340,496

101,587,481

a

Real

Estate

Management

&

Development

 — 

0

.3

%

CBRE

Group,

Inc.

,

Class

A

(b)

.................

638,835

54,626,781

a

Security

Shares

Value

a

Road

&

Rail

 — 

0

.7

%

JB

Hunt

Transport

Services,

Inc.

..............

195,244

$

36,910,878

Old

Dominion

Freight

Line,

Inc.

(a)

..............

288,273

96,064,095

132,974,973

a

Semiconductors

&

Semiconductor

Equipment

 — 

7

.6

%

Applied

Materials,

Inc.

.....................

1,382,485

154,133,252

Lam

Research

Corp.

......................

231,153

115,599,615

Monolithic

Power

Systems,

Inc.

...............

53,612

22,868,735

NVIDIA

Corp.

...........................

3,053,129

596,489,813

QUALCOMM,

Inc.

........................

1,746,699

232,677,774

Teradyne,

Inc.

...........................

225,354

22,918,502

Texas

Instruments,

Inc.

.....................

1,555,570

275,662,560

1,420,350,251

a

Software

 — 

5

.8

%

Adobe,

Inc.

(b)

............................

603,404

223,464,638

Cadence

Design

Systems,

Inc.

(b)

..............

354,946

64,894,777

Microsoft

Corp.

..........................

2,944,904

729,776,660

Paycom

Software,

Inc.

(a)

(b)

...................

57,591

18,656,029

VMware,

Inc.

,

Class

A

(b)

....................

511,024

62,585,109

1,099,377,213

a

Specialty

Retail

 — 

6

.9

%

Best

Buy

Co.,

Inc.

........................

470,186

41,714,902

Home

Depot,

Inc.

(The)

....................

3,540,346

1,147,673,962

Tractor

Supply

Co.

........................

221,615

50,526,004

Ulta

Beauty,

Inc.

(b)

........................

107,575

55,289,247

1,295,204,115

a

Technology

Hardware,

Storage

&

Peripherals

 — 

3

.7

%

Apple,

Inc.

.............................

4,695,426

677,503,018

NetApp,

Inc.

............................

252,531

16,725,128

694,228,146

a

Textiles,

Apparel

&

Luxury

Goods

 — 

2

.0

%

Lululemon

Athletica,

Inc.

(a)

(b)

..................

265,787

81,564,715

Nike,

Inc.

,

Class

B

........................

2,312,883

294,499,392

376,064,107

a

Trading

Companies

&

Distributors

 — 

1

.3

%

Fastenal

Co.

............................

1,720,293

86,960,811

Ferguson

PLC

...........................

541,157

77,028,288

WW

Grainger,

Inc.

........................

145,167

85,573,043

249,562,142

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

18,081,657,041

)

..............................

18,776,633,914

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.1

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.56

%

(c)

(d)

(e)

......................

183,579,825

183,689,974

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.18

%

(c)

(d)

............................

21,615,951

21,615,951

a

Total

Short-Term

Securities — 1.1%

(Cost:

$

205,165,023

)

................................

205,305,925

Total

Investments

—

100.9%

(Cost:

$

18,286,822,064

)

..............................

18,981,939,839

Liabilities

in

Excess

of

Other

Assets

—

(

0

.9

)

%

...............

(

171,774,073

)

Net

Assets

—

100.0%

.................................

$

18,810,165,766

iShares

®

MSCI

USA

Quality

Factor

ETF

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

15

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

January

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/23

  Shares

Held

at

01/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

234,874,715

$

—

$

(

51,306,825

)

(a)

$

36,332

$

85,752

$

183,689,974

183,579,825

$

686,558

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

60,070,750

—

(

38,454,799

)

(a)

—

—

21,615,951

21,615,951

591,750

21

BlackRock,

Inc.

....

—

455,679,836

(

16,219,818

)

380,649

26,391,712

466,232,379

614,102

3,006,968

—

$

416,981

$

26,477,464

$

671,538,304

$

4,285,276

$

21

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

...................................................................

137

03/17/23

$

28,017

$

912,007

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)

.............

$

—

$

—

$

912,007

$

—

$

—

$

—

$

912,007

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

iShares

®

MSCI

USA

Quality

Factor

ETF

16

2023

iShares

Semi-Annual

Report

to

Shareholders

For

the period

ended

January

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.................................

$

—

$

—

$

(

1,483,195

)

$

—

$

—

$

—

$

(

1,483,195

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

2,091,959

)

$

—

$

—

$

—

$

(

2,091,959

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

38,665,300

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

18,776,633,914

‌

$

—

‌

$

—

‌

$

18,776,633,914

‌

Short-Term

Securities

Money

Market

Funds

......................................

205,305,925

‌

—

‌

—

‌

205,305,925

‌

$

18,981,939,839

‌

$

—

‌

$

—

‌

$

18,981,939,839

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

912,007

‌

$

—

‌

$

—

‌

$

912,007

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

MSCI

USA

Size

Factor

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

17

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

1

.7

%

Boeing

Co.

(The)

(a)

........................

2,770

$

590,010

General

Dynamics

Corp.

....................

1,972

459,594

HEICO

Corp.

...........................

1,363

233,005

HEICO

Corp.

,

Class

A

......................

2,291

306,261

Howmet

Aerospace,

Inc.

....................

14,041

571,328

Huntington

Ingalls

Industries,

Inc.

..............

2,346

517,387

L3Harris

Technologies,

Inc.

..................

2,229

478,834

Lockheed

Martin

Corp.

.....................

1,001

463,723

Northrop

Grumman

Corp.

...................

935

418,918

Raytheon

Technologies

Corp.

................

4,992

498,451

Textron,

Inc.

............................

7,446

542,441

TransDigm

Group,

Inc.

.....................

813

583,531

5,663,483

a

Air

Freight

&

Logistics

 — 

0

.6

%

CH

Robinson

Worldwide,

Inc.

(b)

...............

5,425

543,422

Expeditors

International

of

Washington,

Inc.

.......

4,584

495,760

FedEx

Corp.

............................

2,850

552,501

United

Parcel

Service,

Inc.

,

Class

B

............

2,650

490,859

2,082,542

a

Airlines

 — 

0

.3

%

Delta

Air

Lines,

Inc.

(a)

......................

14,882

581,886

Southwest

Airlines

Co.

.....................

13,449

481,071

1,062,957

a

Auto

Components

 — 

0

.5

%

Aptiv

PLC

(a)

.............................

4,693

530,731

BorgWarner,

Inc.

.........................

12,575

594,546

Lear

Corp.

.............................

3,668

534,721

1,659,998

a

Automobiles

 — 

0

.7

%

Ford

Motor

Co.

..........................

35,278

476,606

General

Motors

Co.

.......................

12,405

487,764

Lucid

Group,

Inc.

(a)

(b)

.......................

45,813

535,554

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

.............

16,587

321,788

Tesla,

Inc.

(a)

.............................

2,504

433,743

2,255,455

a

Banks

 — 

3

.0

%

Bank

of

America

Corp.

.....................

12,429

440,981

Citigroup,

Inc.

...........................

9,936

518,858

Citizens

Financial

Group,

Inc.

................

12,752

552,417

Fifth

Third

Bancorp

.......................

14,337

520,290

First

Citizens

BancShares,

Inc.

,

Class

A

..........

666

517,935

First

Horizon

Corp.

........................

21,307

526,922

First

Republic

Bank

.......................

4,202

591,978

Huntington

Bancshares,

Inc.

.................

34,489

523,198

JPMorgan

Chase

&

Co.

....................

3,420

478,663

KeyCorp

...............................

27,837

534,192

M&T

Bank

Corp.

.........................

2,971

463,476

PNC

Financial

Services

Group,

Inc.

(The)

........

3,044

503,569

Regions

Financial

Corp.

....................

22,855

538,007

Signature

Bank

..........................

4,049

522,118

SVB

Financial

Group

(a)

.....................

2,346

709,524

Truist

Financial

Corp.

......................

10,779

532,375

U.S.

Bancorp

...........................

11,318

563,636

Webster

Financial

Corp.

....................

10,121

532,871

Wells

Fargo

&

Co.

........................

10,147

475,590

10,046,600

a

Security

Shares

Value

a

Beverages

 — 

1

.0

%

Brown-Forman

Corp.

,

Class

B

,

NVS

............

7,224

$

480,974

Coca-Cola

Co.

(The)

......................

7,596

465,787

Constellation

Brands,

Inc.

,

Class

A

.............

2,011

465,587

Keurig

Dr

Pepper,

Inc.

.....................

13,226

466,613

Molson

Coors

Beverage

Co.

,

Class

B

(b)

..........

9,852

518,018

Monster

Beverage

Corp.

(a)

...................

4,963

516,549

PepsiCo,

Inc.

...........................

2,566

438,837

3,352,365

a

Biotechnology

 — 

2

.3

%

AbbVie,

Inc.

............................

2,995

442,511

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

2,347

531,361

Amgen,

Inc.

............................

1,650

416,460

Biogen,

Inc.

(a)

...........................

1,646

478,822

BioMarin

Pharmaceutical,

Inc.

(a)

...............

5,881

678,373

Exact

Sciences

Corp.

(a)

.....................

12,616

851,831

Gilead

Sciences,

Inc.

......................

5,755

483,075

Horizon

Therapeutics

PLC

(a)

.................

6,793

745,328

Incyte

Corp.

(a)

...........................

6,688

569,416

Moderna,

Inc.

(a)

(b)

.........................

2,690

473,601

Neurocrine

Biosciences,

Inc.

(a)

................

4,396

487,648

Regeneron

Pharmaceuticals,

Inc.

(a)

.............

661

501,349

Seagen,

Inc.

(a)

...........................

3,876

540,625

Vertex

Pharmaceuticals,

Inc.

(a)

................

1,546

499,513

7,699,913

a

Building

Products

 — 

1

.6

%

A

O

Smith

Corp.

.........................

8,684

587,907

Allegion

PLC

............................

4,702

552,720

Carlisle

Companies,

Inc.

....................

2,093

525,050

Carrier

Global

Corp.

.......................

11,437

520,727

Fortune

Brands

Innovations,

Inc.

..............

8,303

535,626

Johnson

Controls

International

PLC

............

7,431

516,975

Lennox

International,

Inc.

...................

1,980

516,028

Masco

Corp.

............................

10,579

562,803

Owens

Corning

..........................

5,928

572,941

Trane

Technologies

PLC

....................

2,837

508,163

5,398,940

a

Capital

Markets

 — 

4

.8

%

Ameriprise

Financial,

Inc.

...................

1,532

536,384

Ares

Management

Corp.

,

Class

A

..............

6,804

564,664

Bank

of

New

York

Mellon

Corp.

(The)

...........

11,283

570,581

BlackRock,

Inc.

(c)

.........................

663

503,356

Blackstone,

Inc.

,

NVS

......................

5,356

513,962

Carlyle

Group,

Inc.

(The)

....................

18,827

677,207

Cboe

Global

Markets,

Inc.

...................

4,314

530,104

Charles

Schwab

Corp.

(The)

.................

5,950

460,649

CME

Group,

Inc.

,

Class

A

...................

2,846

502,774

Coinbase

Global,

Inc.

,

Class

A

(a)

(b)

..............

11,672

682,579

FactSet

Research

Systems,

Inc.

...............

1,193

504,567

Franklin

Resources,

Inc.

....................

20,055

625,716

Goldman

Sachs

Group,

Inc.

(The)

.............

1,259

460,555

Intercontinental

Exchange,

Inc.

...............

4,728

508,496

Invesco

Ltd.

............................

28,199

521,964

KKR

&

Co.,

Inc.

..........................

9,608

536,222

LPL

Financial

Holdings,

Inc.

..................

2,375

563,160

MarketAxess

Holdings,

Inc.

..................

2,045

744,073

Moody's

Corp.

...........................

1,692

546,093

Morgan

Stanley

..........................

5,318

517,601

MSCI,

Inc.

,

Class

A

.......................

1,021

542,723

Nasdaq,

Inc.

............................

7,705

463,764

Northern

Trust

Corp.

.......................

5,590

542,062

Raymond

James

Financial,

Inc.

...............

4,189

472,394

S&P

Global,

Inc.

.........................

1,384

518,917

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

iShares

®

MSCI

USA

Size

Factor

ETF

(Percentages

shown

are

based

on

Net

Assets)

18

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Capital

Markets

(continued)

SEI

Investments

Co.

.......................

8,782

$

548,260

State

Street

Corp.

........................

6,723

614,012

T

Rowe

Price

Group,

Inc.

...................

4,161

484,632

Tradeweb

Markets,

Inc.

,

Class

A

(b)

.............

9,214

686,812

15,944,283

a

Chemicals

 — 

2

.9

%

Air

Products

and

Chemicals,

Inc.

..............

1,654

530,124

Albemarle

Corp.

.........................

1,821

512,520

Celanese

Corp.

..........................

5,223

643,474

CF

Industries

Holdings,

Inc.

..................

5,080

430,276

Corteva,

Inc.

............................

7,623

491,302

Dow,

Inc.

..............................

10,035

595,577

DuPont

de

Nemours,

Inc.

...................

7,254

536,433

Eastman

Chemical

Co.

.....................

6,291

554,678

Ecolab,

Inc.

............................

3,373

522,242

FMC

Corp.

.............................

4,073

542,239

International

Flavors

&

Fragrances,

Inc.

..........

5,192

583,892

Linde

PLC

.............................

1,412

467,287

LyondellBasell

Industries

NV

,

Class

A

...........

6,182

597,738

Mosaic

Co.

(The)

.........................

10,581

524,183

PPG

Industries,

Inc.

.......................

3,942

513,800

RPM

International,

Inc.

.....................

5,217

469,060

Sherwin-Williams

Co.

(The)

..................

2,048

484,536

Westlake

Corp.

(b)

.........................

5,016

615,714

9,615,075

a

Commercial

Services

&

Supplies

 — 

0

.9

%

Cintas

Corp.

............................

1,107

491,220

Copart,

Inc.

(a)

...........................

7,855

523,222

Republic

Services,

Inc.

.....................

3,732

465,828

Rollins,

Inc.

.............................

12,113

440,913

Waste

Connections,

Inc.

....................

3,586

476,580

Waste

Management,

Inc.

....................

3,043

470,843

2,868,606

a

Communications

Equipment

 — 

0

.7

%

Arista

Networks,

Inc.

(a)

.....................

3,693

465,392

Cisco

Systems,

Inc.

.......................

9,835

478,670

F5,

Inc.

(a)

(b)

.............................

3,573

527,589

Juniper

Networks,

Inc.

.....................

16,814

543,092

Motorola

Solutions,

Inc.

....................

1,898

487,805

2,502,548

a

Construction

&

Engineering

 — 

0

.2

%

Quanta

Services,

Inc.

......................

3,456

525,969

a

Construction

Materials

 — 

0

.3

%

Martin

Marietta

Materials,

Inc.

................

1,439

517,522

Vulcan

Materials

Co.

......................

2,860

524,324

1,041,846

a

Consumer

Finance

 — 

0

.9

%

Ally

Financial,

Inc.

........................

20,582

668,709

American

Express

Co.

.....................

3,147

550,505

Capital

One

Financial

Corp.

..................

5,066

602,854

Discover

Financial

Services

..................

4,725

551,549

Synchrony

Financial

.......................

14,444

530,528

2,904,145

a

Containers

&

Packaging

 — 

1

.4

%

Amcor

PLC

.............................

43,805

528,288

Avery

Dennison

Corp.

......................

2,769

524,559

Ball

Corp.

..............................

9,410

548,039

Crown

Holdings,

Inc.

......................

6,613

583,002

International

Paper

Co.

.....................

14,665

613,290

Security

Shares

Value

a

Containers

&

Packaging

(continued)

Packaging

Corp.

of

America

.................

4,077

$

581,788

Sealed

Air

Corp.

.........................

10,514

575,747

Westrock

Co.

...........................

14,583

572,237

4,526,950

a

Distributors

 — 

0

.5

%

Genuine

Parts

Co.

........................

2,822

473,588

LKQ

Corp.

.............................

9,659

569,495

Pool

Corp.

.............................

1,631

628,930

1,672,013

a

Diversified

Financial

Services

 — 

0

.5

%

Apollo

Global

Management,

Inc.

...............

8,121

574,804

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

............

1,442

449,212

Equitable

Holdings,

Inc.

....................

17,208

551,861

1,575,877

a

Diversified

Telecommunication

Services

 — 

0

.6

%

AT&T,

Inc.

..............................

25,122

511,735

Liberty

Global

PLC

,

Class

A

(a)

................

9,878

214,254

Liberty

Global

PLC

,

Class

C

,

NVS

(a)

............

17,005

380,062

Lumen

Technologies,

Inc.

...................

92,354

484,858

Verizon

Communications,

Inc.

................

12,280

510,480

2,101,389

a

Electric

Utilities

 — 

2

.5

%

Alliant

Energy

Corp.

.......................

9,476

511,988

American

Electric

Power

Co.,

Inc.

..............

5,451

512,176

Constellation

Energy

Corp.

..................

5,430

463,505

Duke

Energy

Corp.

.......................

5,044

516,758

Edison

International

.......................

8,295

571,525

Entergy

Corp.

...........................

4,581

496,031

Evergy,

Inc.

.............................

8,932

559,590

Eversource

Energy

.......................

6,384

525,595

Exelon

Corp.

............................

13,003

548,597

FirstEnergy

Corp.

........................

13,339

546,232

NextEra

Energy,

Inc.

......................

5,688

424,495

NRG

Energy,

Inc.

.........................

12,573

430,248

PG&E

Corp.

(a)

...........................

33,755

536,705

PPL

Corp.

.............................

18,314

542,094

Southern

Co.

(The)

.......................

7,455

504,554

Xcel

Energy,

Inc.

.........................

7,342

504,909

8,195,002

a

Electrical

Equipment

 — 

1

.3

%

AMETEK,

Inc.

...........................

3,626

525,480

Eaton

Corp.

PLC

.........................

2,973

482,250

Emerson

Electric

Co.

......................

5,266

475,099

Generac

Holdings,

Inc.

(a)

(b)

...................

5,256

633,874

Hubbell,

Inc.

............................

2,054

470,181

Plug

Power,

Inc.

(a)

(b)

.......................

33,571

571,378

Rockwell

Automation,

Inc.

...................

1,914

539,805

Sensata

Technologies

Holding

PLC

............

12,263

623,574

4,321,641

a

Electronic

Equipment,

Instruments

&

Components

 — 

1

.6

%

Amphenol

Corp.

,

Class

A

...................

6,237

497,526

Arrow

Electronics,

Inc.

(a)

....................

4,990

586,275

CDW

Corp.

.............................

2,749

538,886

Cognex

Corp.

...........................

11,222

614,292

Corning,

Inc.

............................

14,932

516,797

Keysight

Technologies,

Inc.

(a)

.................

2,945

528,186

TE

Connectivity

Ltd.

.......................

3,961

503,641

Teledyne

Technologies,

Inc.

(a)

.................

1,269

538,386

Trimble,

Inc.

(a)

...........................

9,006

522,888

iShares

®

MSCI

USA

Size

Factor

ETF

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

19

Schedule

of

Investments

Security

Shares

Value

a

Electronic

Equipment,

Instruments

&

Components

(continued)

Zebra

Technologies

Corp.

,

Class

A

(a)

............

2,046

$

646,904

5,493,781

a

Energy

Equipment

&

Services

 — 

0

.5

%

Baker

Hughes

Co.

,

Class

A

..................

17,375

551,483

Halliburton

Co.

..........................

13,720

565,538

Schlumberger

Ltd.

........................

9,128

520,113

1,637,134

a

Entertainment

 — 

1

.8

%

Activision

Blizzard,

Inc.

.....................

6,652

509,344

Electronic

Arts,

Inc.

.......................

3,863

497,091

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

,

NVS

(a)

...............................

9,107

644,776

Live

Nation

Entertainment,

Inc.

(a)

..............

7,841

631,122

Netflix,

Inc.

(a)

............................

1,656

585,992

ROBLOX

Corp.

,

Class

A

(a)

...................

16,266

605,258

Roku,

Inc.

,

Class

A

(a)

(b)

.....................

9,637

554,128

Take-Two

Interactive

Software,

Inc.

(a)

............

5,256

595,137

Walt

Disney

Co.

(The)

(a)

....................

5,150

558,723

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

..........

47,242

700,126

5,881,697

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 

5

.8

%

Alexandria

Real

Estate

Equities,

Inc.

............

3,403

546,998

American

Homes

4

Rent

,

Class

A

..............

16,521

566,505

American

Tower

Corp.

.....................

2,233

498,830

AvalonBay

Communities,

Inc.

................

3,025

536,756

Boston

Properties,

Inc.

.....................

7,449

555,248

Camden

Property

Trust

.....................

4,556

561,345

Crown

Castle,

Inc.

........................

3,629

537,491

Digital

Realty

Trust,

Inc.

....................

4,574

524,272

Equinix,

Inc.

............................

761

561,717

Equity

LifeStyle

Properties,

Inc.

...............

8,073

579,480

Equity

Residential

........................

8,130

517,474

Essex

Property

Trust,

Inc.

...................

2,474

559,297

Extra

Space

Storage,

Inc.

...................

3,251

513,105

Gaming

and

Leisure

Properties,

Inc.

............

10,469

560,720

Healthcare

Realty

Trust,

Inc.

,

Class

A

...........

27,685

596,058

Healthpeak

Properties,

Inc.

..................

21,264

584,335

Host

Hotels

&

Resorts,

Inc.

..................

28,634

539,751

Invitation

Homes,

Inc.

......................

16,510

536,575

Iron

Mountain,

Inc.

........................

9,971

544,217

Kimco

Realty

Corp.

.......................

23,630

530,730

Medical

Properties

Trust,

Inc.

.................

43,458

562,781

Mid-America

Apartment

Communities,

Inc.

........

3,260

543,507

Prologis,

Inc.

............................

4,203

543,364

Public

Storage

...........................

1,690

514,335

Realty

Income

Corp.

.......................

7,735

524,665

Regency

Centers

Corp.

....................

8,050

536,372

SBA

Communications

Corp.

,

Class

A

............

1,740

517,702

Simon

Property

Group,

Inc.

..................

4,252

546,212

Sun

Communities,

Inc.

.....................

3,625

568,618

UDR,

Inc.

..............................

13,053

555,927

Ventas,

Inc.

............................

11,754

608,975

VICI

Properties,

Inc.

.......................

15,661

535,293

Welltower,

Inc.

...........................

7,460

559,798

Weyerhaeuser

Co.

........................

15,844

545,509

WP

Carey,

Inc.

..........................

6,534

558,853

19,172,815

a

Food

&

Staples

Retailing

 — 

0

.7

%

Costco

Wholesale

Corp.

....................

891

455,426

Kroger

Co.

(The)

.........................

10,398

464,063

Sysco

Corp.

............................

5,866

454,380

Security

Shares

Value

a

Food

&

Staples

Retailing

(continued)

Walgreens

Boots

Alliance,

Inc.

................

12,660

$

466,648

Walmart,

Inc.

............................

3,042

437,652

2,278,169

a

Food

Products

 — 

2

.3

%

Archer-Daniels-Midland

Co.

..................

5,197

430,571

Bunge

Ltd.

.............................

5,174

512,743

Campbell

Soup

Co.

.......................

10,103

524,649

Conagra

Brands,

Inc.

......................

14,430

536,652

Darling

Ingredients,

Inc.

(a)

...................

7,383

489,419

General

Mills,

Inc.

........................

6,130

480,347

Hershey

Co.

(The)

........................

2,210

496,366

Hormel

Foods

Corp.

.......................

10,463

474,079

J

M

Smucker

Co.

(The)

.....................

3,563

544,426

Kellogg

Co.

.............................

7,239

496,451

Kraft

Heinz

Co.

(The)

......................

13,051

528,957

Lamb

Weston

Holdings,

Inc.

.................

6,264

625,711

McCormick

&

Co.,

Inc.

,

NVS

.................

6,120

459,734

Mondelez

International,

Inc.

,

Class

A

............

7,456

487,921

Tyson

Foods,

Inc.

,

Class

A

..................

7,805

513,179

7,601,205

a

Gas

Utilities

 — 

0

.3

%

Atmos

Energy

Corp.

.......................

4,523

531,633

UGI

Corp.

..............................

13,901

553,677

1,085,310

a

Health

Care

Equipment

&

Supplies

 — 

3

.6

%

Abbott

Laboratories

.......................

4,537

501,565

Align

Technology,

Inc.

(a)

.....................

2,691

725,844

Baxter

International,

Inc.

....................

9,241

422,221

Becton

Dickinson

and

Co.

...................

2,178

549,335

Boston

Scientific

Corp.

(a)

....................

11,451

529,609

Cooper

Companies,

Inc.

(The)

................

1,696

591,785

Dentsply

Sirona,

Inc.

......................

17,351

639,037

Dexcom,

Inc.

(a)

..........................

4,382

469,268

Edwards

Lifesciences

Corp.

(a)

................

6,631

508,598

GE

Healthcare

Technologies,

Inc.

(a)

.............

1,884

130,976

Hologic,

Inc.

(a)

...........................

7,035

572,438

IDEXX

Laboratories,

Inc.

(a)

...................

1,216

584,288

Insulet

Corp.

(a)

...........................

1,741

500,224

Intuitive

Surgical,

Inc.

(a)

.....................

1,845

453,298

Masimo

Corp.

(a)

..........................

3,803

646,814

Medtronic

PLC

..........................

5,916

495,110

Novocure

Ltd.

(a)

(b)

.........................

6,908

629,872

ResMed,

Inc.

...........................

2,249

513,604

STERIS

PLC

............................

3,126

645,550

Stryker

Corp.

...........................

2,173

551,529

Teleflex,

Inc.

............................

2,439

593,702

Zimmer

Biomet

Holdings,

Inc.

................

4,482

570,738

11,825,405

a

Health

Care

Providers

&

Services

 — 

2

.5

%

AmerisourceBergen

Corp.

...................

3,112

525,803

Cardinal

Health,

Inc.

.......................

6,616

511,086

Centene

Corp.

(a)

.........................

6,016

458,660

Cigna

Corp.

............................

1,504

476,272

CVS

Health

Corp.

........................

4,881

430,602

DaVita,

Inc.

(a)

............................

7,659

631,025

Elevance

Health,

Inc.

......................

968

483,990

HCA

Healthcare,

Inc.

......................

2,133

544,064

Henry

Schein,

Inc.

(a)

(b)

......................

6,700

577,205

Humana,

Inc.

...........................

926

473,834

Laboratory

Corp.

of

America

Holdings

...........

2,233

562,984

McKesson

Corp.

.........................

1,338

506,674

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

iShares

®

MSCI

USA

Size

Factor

ETF

(Percentages

shown

are

based

on

Net

Assets)

20

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Health

Care

Providers

&

Services

(continued)

Molina

Healthcare,

Inc.

(a)

....................

1,628

$

507,659

Quest

Diagnostics,

Inc.

.....................

3,540

525,619

UnitedHealth

Group,

Inc.

....................

856

427,307

Universal

Health

Services,

Inc.

,

Class

B

.........

4,136

612,997

8,255,781

a

Health

Care

Technology

 — 

0

.1

%

Veeva

Systems,

Inc.

,

Class

A

(a)

...............

2,756

470,036

a

Hotels,

Restaurants

&

Leisure

 — 

3

.2

%

Airbnb,

Inc.

,

Class

A

(a)

......................

5,019

557,661

Aramark

...............................

13,029

580,181

Booking

Holdings,

Inc.

(a)

....................

250

608,525

Caesars

Entertainment,

Inc.

(a)

................

10,587

551,159

Carnival

Corp.

(a)

(b)

.........................

55,910

604,946

Chipotle

Mexican

Grill,

Inc.

(a)

.................

333

548,245

Darden

Restaurants,

Inc.

...................

3,516

520,263

Domino's

Pizza,

Inc.

.......................

1,426

503,378

Expedia

Group,

Inc.

(a)

......................

5,297

605,447

Hilton

Worldwide

Holdings,

Inc.

...............

3,593

521,308

Las

Vegas

Sands

Corp.

(a)

...................

11,548

681,332

Marriott

International,

Inc.

,

Class

A

.............

3,061

533,165

McDonald's

Corp.

........................

1,716

458,859

MGM

Resorts

International

..................

14,206

588,271

Royal

Caribbean

Cruises

Ltd.

(a)

...............

8,887

577,122

Starbucks

Corp.

..........................

4,902

535,004

Vail

Resorts,

Inc.

.........................

2,185

573,213

Wynn

Resorts

Ltd.

(a)

.......................

7,016

727,138

Yum!

Brands,

Inc.

........................

4,036

526,738

10,801,955

a

Household

Durables

 — 

1

.5

%

DR

Horton,

Inc.

..........................

6,234

615,233

Garmin

Ltd.

.............................

5,689

562,528

Lennar

Corp.

,

Class

A

......................

6,028

617,267

Mohawk

Industries,

Inc.

(a)

...................

5,417

650,365

Newell

Brands,

Inc.

.......................

40,810

651,328

NVR,

Inc.

(a)

.............................

120

632,400

PulteGroup,

Inc.

.........................

12,381

704,355

Whirlpool

Corp.

..........................

3,633

565,259

4,998,735

a

Household

Products

 — 

0

.7

%

Church

&

Dwight

Co.,

Inc.

...................

6,764

546,937

Clorox

Co.

(The)

.........................

3,524

509,887

Colgate-Palmolive

Co.

.....................

6,424

478,781

Kimberly-Clark

Corp.

......................

3,795

493,388

Procter

&

Gamble

Co.

(The)

.................

3,229

459,745

2,488,738

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.3

%

AES

Corp.

(The)

.........................

18,681

512,046

Vistra

Corp.

............................

23,220

535,453

1,047,499

a

Industrial

Conglomerates

 — 

0

.4

%

3M

Co.

................................

3,858

443,979

General

Electric

Co.

.......................

5,655

455,114

Honeywell

International,

Inc.

.................

2,215

461,783

1,360,876

a

Insurance

 — 

4

.3

%

Aflac,

Inc.

..............................

7,021

516,044

Allstate

Corp.

(The)

.......................

3,784

486,131

American

Financial

Group,

Inc.

...............

3,817

544,266

American

International

Group,

Inc.

.............

8,322

526,117

Security

Shares

Value

a

Insurance

(continued)

Aon

PLC

,

Class

A

........................

1,631

$

519,767

Arch

Capital

Group

Ltd.

(a)

...................

8,913

573,552

Arthur

J

Gallagher

&

Co.

....................

2,574

503,783

Assurant,

Inc.

...........................

3,798

503,577

Brown

&

Brown,

Inc.

.......................

9,131

534,711

Chubb

Ltd.

.............................

2,307

524,820

Cincinnati

Financial

Corp.

...................

4,854

549,230

Erie

Indemnity

Co.

,

Class

A

,

NVS

..............

1,952

476,971

Everest

Re

Group

Ltd.

.....................

1,634

571,394

Fidelity

National

Financial,

Inc.

................

13,311

586,083

Globe

Life,

Inc.

..........................

4,645

561,348

Hartford

Financial

Services

Group,

Inc.

(The)

......

6,939

538,536

Lincoln

National

Corp.

.....................

14,361

508,810

Loews

Corp.

............................

9,248

568,567

Markel

Corp.

(a)

(b)

..........................

411

579,091

Marsh

&

McLennan

Companies,

Inc.

............

2,900

507,239

MetLife,

Inc.

............................

6,519

476,017

Principal

Financial

Group,

Inc.

(b)

...............

5,847

541,140

Progressive

Corp.

(The)

....................

3,801

518,266

Prudential

Financial,

Inc.

....................

4,664

489,440

Travelers

Companies,

Inc.

(The)

...............

2,702

516,406

W

R

Berkley

Corp.

........................

7,037

493,575

Willis

Towers

Watson

PLC

...................

2,178

553,626

14,268,507

a

Interactive

Media

&

Services

 — 

1

.0

%

Alphabet,

Inc.

,

Class

A

(a)

....................

2,332

230,495

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

................

2,157

215,419

Match

Group,

Inc.

(a)

.......................

11,292

611,123

Meta

Platforms,

Inc.

,

Class

A

(a)

................

4,125

614,501

Pinterest,

Inc.

,

Class

A

(a)

....................

21,293

559,793

Snap,

Inc.

,

Class

A

,

NVS

(a)

..................

49,166

568,359

ZoomInfo

Technologies,

Inc.

(a)

................

19,885

561,354

3,361,044

a

Internet

&

Direct

Marketing

Retail

 — 

1

.0

%

Amazon.com,

Inc.

(a)

.......................

4,701

484,814

Chewy,

Inc.

,

Class

A

(a)

(b)

....................

12,663

570,595

DoorDash,

Inc.

,

Class

A

(a)

...................

8,790

509,117

eBay,

Inc.

..............................

11,167

552,766

Etsy,

Inc.

(a)

(b)

............................

4,581

630,254

MercadoLibre,

Inc.

(a)

.......................

516

609,752

3,357,298

a

IT

Services

 — 

4

.9

%

Accenture

PLC

,

Class

A

....................

1,645

459,037

Affirm

Holdings,

Inc.

,

Class

A

(a)

(b)

...............

40,516

655,954

Akamai

Technologies,

Inc.

(a)

..................

5,741

510,662

Automatic

Data

Processing,

Inc.

...............

1,879

424,297

Block,

Inc.

,

Class

A

(a)

......................

7,601

621,154

Broadridge

Financial

Solutions,

Inc.

............

3,589

539,642

Cloudflare,

Inc.

,

Class

A

(a)

...................

11,063

585,343

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

8,433

562,903

EPAM

Systems,

Inc.

(a)

......................

1,510

502,302

Fidelity

National

Information

Services,

Inc.

........

8,173

613,302

Fiserv,

Inc.

(a)

............................

4,918

524,652

FleetCor

Technologies,

Inc.

(a)

.................

2,774

579,239

Gartner,

Inc.

(a)

...........................

1,507

509,577

Global

Payments,

Inc.

.....................

5,188

584,791

GoDaddy,

Inc.

,

Class

A

(a)

(b)

...................

7,123

585,012

International

Business

Machines

Corp.

..........

3,230

435,178

Jack

Henry

&

Associates,

Inc.

................

2,802

504,612

Mastercard,

Inc.

,

Class

A

....................

1,340

496,604

MongoDB,

Inc.

,

Class

A

(a)

...................

3,301

707,107

Okta,

Inc.

,

Class

A

(a)

.......................

10,755

791,676

iShares

®

MSCI

USA

Size

Factor

ETF

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

21

Schedule

of

Investments

Security

Shares

Value

a

IT

Services

(continued)

Paychex,

Inc.

...........................

4,128

$

478,270

PayPal

Holdings,

Inc.

(a)

.....................

5,681

462,945

Snowflake,

Inc.

,

Class

A

(a)

...................

3,401

532,053

SS&C

Technologies

Holdings,

Inc.

(b)

............

10,037

605,733

Toast,

Inc.

,

Class

A

(a)

(b)

.....................

29,043

647,949

Twilio,

Inc.

,

Class

A

(a)

......................

10,805

646,571

VeriSign,

Inc.

(a)

..........................

2,645

576,742

Visa,

Inc.

,

Class

A

........................

2,159

497,023

Western

Union

Co.

(The)

...................

39,247

556,130

16,196,460

a

Leisure

Products

 — 

0

.2

%

Hasbro,

Inc.

............................

8,998

532,412

a

Life

Sciences

Tools

&

Services

 — 

2

.3

%

Agilent

Technologies,

Inc.

...................

3,413

519,049

Avantor,

Inc.

(a)

...........................

25,072

599,221

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

............

1,323

618,450

Bio-Techne

Corp.

.........................

6,382

508,390

Charles

River

Laboratories

International,

Inc.

(a)

.....

2,172

528,339

Danaher

Corp.

..........................

1,806

477,470

Illumina,

Inc.

(a)

...........................

2,280

488,376

IQVIA

Holdings,

Inc.

(a)

......................

2,342

537,278

Mettler-Toledo

International,

Inc.

(a)

.............

360

551,851

PerkinElmer,

Inc.

.........................

3,807

523,577

Repligen

Corp.

(a)

(b)

........................

3,019

559,421

Thermo

Fisher

Scientific,

Inc.

.................

876

499,609

Waters

Corp.

(a)

..........................

1,606

527,699

West

Pharmaceutical

Services,

Inc.

............

2,307

612,739

7,551,469

a

Machinery

 — 

2

.7

%

Caterpillar,

Inc.

..........................

2,068

521,736

Cummins,

Inc.

...........................

2,010

501,575

Deere

&

Co.

............................

1,154

487,957

Dover

Corp.

............................

3,693

560,708

Fortive

Corp.

............................

7,677

522,266

IDEX

Corp.

.............................

2,218

531,610

Illinois

Tool

Works,

Inc.

.....................

2,155

508,666

Ingersoll

Rand,

Inc.

.......................

9,556

535,136

Nordson

Corp.

...........................

2,270

552,291

Otis

Worldwide

Corp.

......................

6,489

533,591

PACCAR,

Inc.

...........................

4,837

528,733

Parker-Hannifin

Corp.

......................

1,639

534,314

Pentair

PLC

............................

11,943

661,403

Snap-on,

Inc.

...........................

2,224

553,176

Stanley

Black

&

Decker,

Inc.

.................

6,563

586,142

Westinghouse

Air

Brake

Technologies

Corp.

.......

5,215

541,369

Xylem,

Inc.

.............................

4,572

475,534

9,136,207

a

Media

 — 

2

.0

%

Charter

Communications,

Inc.

,

Class

A

(a)

.........

1,316

505,752

Comcast

Corp.

,

Class

A

....................

13,752

541,141

DISH

Network

Corp.

,

Class

A

(a)

(b)

..............

35,137

505,622

Fox

Corp.

,

Class

A

,

NVS

....................

11,598

393,636

Fox

Corp.

,

Class

B

........................

5,510

174,667

Interpublic

Group

of

Companies,

Inc.

(The)

.......

15,853

578,000

Liberty

Broadband

Corp.

,

Class

C

,

NVS

(a)

........

6,033

541,643

Liberty

Media

Corp.-Liberty

SiriusXM

,

Series

A

(a)

....

3,843

156,103

Liberty

Media

Corp.-Liberty

SiriusXM

,

Series

C

,

NVS

(a)

8,572

345,451

News

Corp.

,

Class

A

,

NVS

..................

29,685

601,418

Omnicom

Group,

Inc.

......................

6,740

579,573

Paramount

Global

,

Class

B

,

NVS

..............

28,211

653,367

Sirius

XM

Holdings,

Inc.

(b)

...................

79,870

462,447

Security

Shares

Value

a

Media

(continued)

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

..............

10,259

$

520,131

6,558,951

a

Metals

&

Mining

 — 

1

.1

%

Alcoa

Corp.

.............................

11,290

589,789

Cleveland-Cliffs,

Inc.

(a)

(b)

....................

37,464

799,856

Freeport-McMoRan,

Inc.

....................

13,622

607,814

Newmont

Corp.

..........................

11,139

589,587

Nucor

Corp.

............................

3,535

597,486

Steel

Dynamics,

Inc.

.......................

5,134

619,366

3,803,898

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

 — 

0

.2

%

Annaly

Capital

Management,

Inc.

..............

26,859

630,381

a

Multiline

Retail

 — 

0

.4

%

Dollar

General

Corp.

......................

1,914

447,110

Dollar

Tree,

Inc.

(a)

.........................

3,073

461,503

Target

Corp.

............................

2,996

515,732

1,424,345

a

Multi-Utilities

 — 

1

.6

%

Ameren

Corp.

...........................

5,956

517,398

CenterPoint

Energy,

Inc.

....................

17,416

524,570

CMS

Energy

Corp.

........................

8,640

545,962

Consolidated

Edison,

Inc.

...................

5,397

514,388

Dominion

Energy,

Inc.

......................

8,391

534,003

DTE

Energy

Co.

.........................

4,476

520,872

NiSource,

Inc.

...........................

20,118

558,274

Public

Service

Enterprise

Group,

Inc.

...........

8,802

545,108

Sempra

Energy

..........................

3,146

504,398

WEC

Energy

Group,

Inc.

....................

5,295

497,677

5,262,650

a

Oil,

Gas

&

Consumable

Fuels

 — 

3

.5

%

APA

Corp.

.............................

11,238

498,181

Cheniere

Energy,

Inc.

......................

2,979

455,161

Chesapeake

Energy

Corp.

..................

5,321

461,437

Chevron

Corp.

...........................

2,509

436,616

ConocoPhillips

..........................

3,676

447,994

Coterra

Energy,

Inc.

.......................

19,303

483,154

Devon

Energy

Corp.

.......................

7,155

452,482

Diamondback

Energy,

Inc.

...................

3,247

474,452

EOG

Resources,

Inc.

......................

3,442

455,204

EQT

Corp.

.............................

12,686

414,452

Exxon

Mobil

Corp.

........................

4,054

470,304

Hess

Corp.

.............................

3,455

518,803

HF

Sinclair

Corp.

.........................

8,201

466,637

Kinder

Morgan,

Inc.

,

Class

P

.................

27,116

496,223

Marathon

Oil

Corp.

........................

16,677

458,117

Marathon

Petroleum

Corp.

..................

4,061

521,920

Occidental

Petroleum

Corp.

..................

6,879

445,690

ONEOK,

Inc.

............................

7,870

538,938

Ovintiv,

Inc.

.............................

9,600

472,608

Phillips

66

..............................

4,537

454,925

Pioneer

Natural

Resources

Co.

...............

1,968

453,329

Targa

Resources

Corp.

.....................

7,183

538,869

Texas

Pacific

Land

Corp.

....................

189

377,216

Valero

Energy

Corp.

.......................

3,591

502,848

Williams

Companies,

Inc.

(The)

...............

14,973

482,729

11,778,289

a

Personal

Products

 — 

0

.2

%

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

2,081

576,603

a

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

iShares

®

MSCI

USA

Size

Factor

ETF

(Percentages

shown

are

based

on

Net

Assets)

22

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Pharmaceuticals

 — 

1

.7

%

Bristol-Myers

Squibb

Co.

....................

6,106

$

443,601

Catalent,

Inc.

(a)

(b)

.........................

12,473

667,929

Elanco

Animal

Health,

Inc.

(a)

(b)

................

45,688

627,296

Eli

Lilly

&

Co.

...........................

1,271

437,415

Jazz

Pharmaceuticals

PLC

(a)

.................

3,619

566,952

Johnson

&

Johnson

.......................

2,573

420,480

Merck

&

Co.,

Inc.

.........................

4,458

478,834

Pfizer,

Inc.

.............................

9,619

424,775

Royalty

Pharma

PLC

,

Class

A

................

12,051

472,279

Viatris,

Inc.

.............................

47,626

579,132

Zoetis,

Inc.

,

Class

A

.......................

3,364

556,708

5,675,401

a

Professional

Services

 — 

1

.5

%

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.......

4,876

461,465

Clarivate

PLC

(a)

..........................

58,357

648,930

CoStar

Group,

Inc.

(a)

.......................

6,249

486,797

Equifax,

Inc.

............................

2,552

567,054

Jacobs

Solutions,

Inc.

......................

4,127

509,891

Leidos

Holdings,

Inc.

......................

4,912

485,502

Robert

Half

International,

Inc.

.................

7,084

594,773

TransUnion

.............................

8,719

625,588

Verisk

Analytics,

Inc.

.......................

2,933

533,190

4,913,190

a

Real

Estate

Management

&

Development

 — 

0

.4

%

CBRE

Group,

Inc.

,

Class

A

(a)

.................

6,786

580,271

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

(b)

............

15,116

668,278

1,248,549

a

Road

&

Rail

 — 

1

.3

%

CSX

Corp.

.............................

15,873

490,793

JB

Hunt

Transport

Services,

Inc.

..............

2,865

541,628

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

9,757

576,639

Norfolk

Southern

Corp.

.....................

1,997

490,883

Old

Dominion

Freight

Line,

Inc.

...............

1,690

563,176

Uber

Technologies,

Inc.

(a)

...................

17,027

526,645

U-Haul

Holding

Co.

,

Series

N

,

NVS

(b)

...........

9,055

559,508

Union

Pacific

Corp.

.......................

2,266

462,694

4,211,966

a

Semiconductors

&

Semiconductor

Equipment

 — 

3

.8

%

Advanced

Micro

Devices,

Inc.

(a)

...............

6,508

489,076

Analog

Devices,

Inc.

.......................

2,985

511,838

Applied

Materials,

Inc.

.....................

4,624

515,530

Broadcom,

Inc.

..........................

910

532,359

Enphase

Energy,

Inc.

(a)

.....................

1,599

353,987

Entegris,

Inc.

............................

7,211

582,000

First

Solar,

Inc.

(a)

.........................

3,107

551,803

Intel

Corp.

.............................

16,013

452,527

KLA

Corp.

..............................

1,315

516,111

Lam

Research

Corp.

......................

1,075

537,608

Marvell

Technology,

Inc.

....................

11,402

491,996

Microchip

Technology,

Inc.

...................

6,699

519,976

Micron

Technology,

Inc.

.....................

8,379

505,254

Monolithic

Power

Systems,

Inc.

...............

1,373

585,667

NVIDIA

Corp.

...........................

2,970

580,249

NXP

Semiconductors

NV

...................

2,896

533,762

ON

Semiconductor

Corp.

(a)

..................

6,936

509,449

Qorvo,

Inc.

(a)

............................

5,362

582,635

QUALCOMM,

Inc.

........................

3,846

512,326

Skyworks

Solutions,

Inc.

....................

5,527

606,146

SolarEdge

Technologies,

Inc.

(a)

................

1,694

540,606

Teradyne,

Inc.

(b)

..........................

5,619

571,452

Texas

Instruments,

Inc.

.....................

2,702

478,821

Security

Shares

Value

a

Semiconductors

&

Semiconductor

Equipment

(continued)

Wolfspeed,

Inc.

(a)

.........................

5,797

$

446,427

12,507,605

a

Software

 — 

6

.0

%

Adobe,

Inc.

(a)

............................

1,431

529,957

ANSYS,

Inc.

(a)

...........................

2,107

561,220

Aspen

Technology,

Inc.

(a)

....................

2,170

431,287

Autodesk,

Inc.

(a)

..........................

2,363

508,423

Bentley

Systems,

Inc.

,

Class

B

................

13,699

534,946

Bill.com

Holdings,

Inc.

(a)

....................

4,640

536,477

Black

Knight,

Inc.

(a)

........................

8,750

530,162

Cadence

Design

Systems,

Inc.

(a)

..............

3,016

551,415

Ceridian

HCM

Holding,

Inc.

(a)

(b)

................

8,118

586,769

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

............

3,632

384,629

Datadog,

Inc.

,

Class

A

(a)

....................

6,666

498,683

DocuSign,

Inc.

(a)

.........................

11,553

700,574

Dropbox,

Inc.

,

Class

A

(a)

....................

24,043

558,519

Dynatrace,

Inc.

(a)

.........................

14,462

555,775

Fair

Isaac

Corp.

(a)

.........................

905

602,685

Fortinet,

Inc.

(a)

...........................

9,568

500,789

Gen

Digital,

Inc.

..........................

23,052

530,427

HubSpot,

Inc.

(a)

..........................

1,920

666,259

Intuit,

Inc.

..............................

1,266

535,100

Microsoft

Corp.

..........................

1,795

444,819

Oracle

Corp.

............................

5,874

519,614

Palantir

Technologies,

Inc.

,

Class

A

(a)

...........

70,391

547,642

Palo

Alto

Networks,

Inc.

(a)

(b)

..................

2,968

470,844

Paycom

Software,

Inc.

(a)

....................

1,631

528,346

Paylocity

Holding

Corp.

(a)

...................

2,543

529,681

PTC,

Inc.

(a)

.............................

4,233

570,947

Roper

Technologies,

Inc.

....................

1,150

490,762

Salesforce,

Inc.

(a)

.........................

3,207

538,680

ServiceNow,

Inc.

(a)

........................

1,217

553,893

Splunk,

Inc.

(a)

...........................

6,791

650,374

Synopsys,

Inc.

(a)

.........................

1,522

538,407

Tyler

Technologies,

Inc.

(a)

...................

1,671

539,349

Unity

Software,

Inc.

(a)

(b)

.....................

15,078

535,571

VMware,

Inc.

,

Class

A

(a)

....................

4,257

521,355

Workday,

Inc.

,

Class

A

(a)

....................

3,416

619,765

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

......

6,252

468,900

Zscaler,

Inc.

(a)

(b)

..........................

3,716

461,379

19,834,424

a

Specialty

Retail

 — 

2

.2

%

Advance

Auto

Parts,

Inc.

....................

3,614

550,340

AutoZone,

Inc.

(a)

.........................

201

490,209

Bath

&

Body

Works,

Inc.

....................

13,948

641,747

Best

Buy

Co.,

Inc.

........................

7,219

640,470

Burlington

Stores,

Inc.

(a)

....................

3,362

772,688

CarMax,

Inc.

(a)

(b)

..........................

7,946

559,796

Home

Depot,

Inc.

(The)

....................

1,473

477,502

Lowe's

Companies,

Inc.

....................

2,274

473,560

O'Reilly

Automotive,

Inc.

(a)

...................

590

467,487

Ross

Stores,

Inc.

.........................

4,678

552,893

TJX

Companies,

Inc.

(The)

..................

6,193

506,959

Tractor

Supply

Co.

........................

2,325

530,077

Ulta

Beauty,

Inc.

(a)

........................

1,158

595,166

7,258,894

a

Technology

Hardware,

Storage

&

Peripherals

 — 

1

.1

%

Apple,

Inc.

.............................

2,832

408,629

Dell

Technologies,

Inc.

,

Class

C

...............

12,028

488,577

Hewlett

Packard

Enterprise

Co.

...............

32,641

526,499

HP,

Inc.

...............................

17,167

500,247

NetApp,

Inc.

............................

7,050

466,922

iShares

®

MSCI

USA

Size

Factor

ETF

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

23

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Technology

Hardware,

Storage

&

Peripherals

(continued)

Seagate

Technology

Holdings

PLC

.............

9,667

$

655,229

Western

Digital

Corp.

(a)

.....................

14,304

628,661

3,674,764

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.4

%

Lululemon

Athletica,

Inc.

(a)

...................

1,431

439,145

Nike,

Inc.

,

Class

B

........................

4,485

571,075

VF

Corp.

..............................

15,883

491,420

1,501,640

a

Tobacco

 — 

0

.3

%

Altria

Group,

Inc.

.........................

11,014

496,071

Philip

Morris

International,

Inc.

................

4,933

514,216

1,010,287

a

Trading

Companies

&

Distributors

 — 

0

.7

%

Fastenal

Co.

............................

9,775

494,126

Ferguson

PLC

...........................

4,249

604,803

United

Rentals,

Inc.

(a)

......................

1,478

651,724

WW

Grainger,

Inc.

........................

847

499,290

2,249,943

a

Water

Utilities

 — 

0

.3

%

American

Water

Works

Co.,

Inc.

...............

3,472

543,333

Essential

Utilities,

Inc.

......................

11,165

521,741

1,065,074

a

Security

Shares

Value

a

Wireless

Telecommunication

Services

 — 

0

.1

%

T-Mobile

U.S.,

Inc.

(a)

.......................

3,162

$

472,118

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

351,033,664

)

................................

331,479,102

a

Short-Term

Securities

Money

Market

Funds

 — 

5

.2

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.56

%

(c)

(d)

(e)

......................

16,779,213

16,789,281

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.18

%

(c)

(d)

............................

719,903

719,903

a

Total

Short-Term

Securities — 5.2%

(Cost:

$

17,493,529

)

.................................

17,509,184

Total

Investments

—

104.9%

(Cost:

$

368,527,193

)

................................

348,988,286

Liabilities

in

Excess

of

Other

Assets

—

(

4

.9

)

%

...............

(

16,428,015

)

Net

Assets

—

100.0%

.................................

$

332,560,271

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

January

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/23

  Shares

Held

at

01/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

21,388,783

$

—

$

(

4,612,464

)

(a)

$

4,534

$

8,428

$

16,789,281

16,779,213

$

84,753

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

450,149

269,754

(a)

—

—

—

719,903

719,903

8,591

—

BlackRock,

Inc.

..

578,841

20,953

(

166,757

)

(

24,920

)

95,239

503,356

663

7,598

—

$

(

20,386

)

$

103,667

$

18,012,540

$

100,942

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Dow

Jones

U.S.

Real

Estate

Index

..........................................................

10

03/17/23

$

360

$

22,724

Russell

2000

E-Mini

Index

................................................................

2

03/17/23

194

16,105

S&P

500

E-Mini

Index

...................................................................

1

03/17/23

205

4,621

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

iShares

®

MSCI

USA

Size

Factor

ETF

24

2023

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

January

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

S&P

MidCap

400

E-Mini

Index

.............................................................

1

03/17/23

$

266

$

14,850

$

58,300

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)

.............

$

—

$

—

$

58,300

$

—

$

—

$

—

$

58,300

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.................................

$

—

$

—

$

(

71,165

)

$

—

$

—

$

—

$

(

71,165

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

16,480

$

—

$

—

$

—

$

16,480

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

734,950

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

331,479,102

‌

$

—

‌

$

—

‌

$

331,479,102

‌

Short-Term

Securities

Money

Market

Funds

......................................

17,509,184

‌

—

‌

—

‌

17,509,184

‌

$

348,988,286

‌

$

—

‌

$

—

‌

$

348,988,286

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

58,300

‌

$

—

‌

$

—

‌

$

58,300

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

MSCI

USA

Value

Factor

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

25

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

3

.0

%

Huntington

Ingalls

Industries,

Inc.

..............

46,431

$

10,239,893

L3Harris

Technologies,

Inc.

..................

206,609

44,383,745

Raytheon

Technologies

Corp.

................

1,607,346

160,493,498

Textron,

Inc.

............................

293,753

21,399,906

236,517,042

a

Air

Freight

&

Logistics

 — 

1

.3

%

FedEx

Corp.

............................

505,184

97,934,970

a

Airlines

 — 

0

.2

%

Delta

Air

Lines,

Inc.

(a)

......................

142,034

5,553,530

Southwest

Airlines

Co.

.....................

189,708

6,785,855

12,339,385

a

Auto

Components

 — 

0

.7

%

BorgWarner,

Inc.

.........................

752,336

35,570,446

Lear

Corp.

.............................

151,285

22,054,327

57,624,773

a

Automobiles

 — 

5

.1

%

Ford

Motor

Co.

..........................

13,637,417

184,241,504

General

Motors

Co.

.......................

5,352,408

210,456,682

394,698,186

a

Banks

 — 

5

.1

%

Citigroup,

Inc.

...........................

3,459,019

180,629,972

Citizens

Financial

Group,

Inc.

................

533,910

23,128,981

Fifth

Third

Bancorp

.......................

474,009

17,201,787

Regions

Financial

Corp.

....................

723,849

17,039,406

SVB

Financial

Group

(a)

(b)

....................

36,571

11,060,533

Wells

Fargo

&

Co.

........................

3,236,184

151,679,944

400,740,623

a

Beverages

 — 

0

.4

%

Molson

Coors

Beverage

Co.

,

Class

B

...........

586,840

30,856,047

a

Biotechnology

 — 

4

.0

%

AbbVie,

Inc.

............................

1,014,099

149,833,127

Biogen,

Inc.

(a)

...........................

98,241

28,578,307

Gilead

Sciences,

Inc.

......................

995,637

83,573,770

Moderna,

Inc.

(a)

(b)

.........................

302,699

53,293,186

315,278,390

a

Building

Products

 — 

1

.0

%

Fortune

Brands

Innovations,

Inc.

..............

93,831

6,053,038

Johnson

Controls

International

PLC

............

668,142

46,482,639

Owens

Corning

..........................

245,690

23,745,938

76,281,615

a

Capital

Markets

 — 

2

.5

%

Bank

of

New

York

Mellon

Corp.

(The)

...........

730,708

36,951,904

Franklin

Resources,

Inc.

....................

293,472

9,156,326

Goldman

Sachs

Group,

Inc.

(The)

.............

321,388

117,566,944

Invesco

Ltd.

............................

503,167

9,313,621

State

Street

Corp.

........................

276,679

25,269,093

198,257,888

a

Chemicals

 — 

1

.5

%

CF

Industries

Holdings,

Inc.

..................

150,621

12,757,599

Dow,

Inc.

..............................

583,578

34,635,354

Eastman

Chemical

Co.

.....................

89,256

7,869,702

LyondellBasell

Industries

NV

,

Class

A

...........

332,915

32,189,551

Mosaic

Co.

(The)

.........................

448,859

22,236,475

Security

Shares

Value

a

Chemicals

(continued)

Westlake

Corp.

(b)

.........................

36,043

$

4,424,278

114,112,959

a

Communications

Equipment

 — 

4

.1

%

Cisco

Systems,

Inc.

.......................

5,938,928

289,047,626

F5,

Inc.

(a)

..............................

84,497

12,476,827

Juniper

Networks,

Inc.

.....................

571,171

18,448,823

319,973,276

a

Consumer

Finance

 — 

1

.0

%

Ally

Financial,

Inc.

........................

479,611

15,582,561

Capital

One

Financial

Corp.

..................

543,549

64,682,331

80,264,892

a

Containers

&

Packaging

 — 

0

.3

%

International

Paper

Co.

.....................

295,849

12,372,405

Westrock

Co.

...........................

311,739

12,232,639

24,605,044

a

Distributors

 — 

0

.4

%

LKQ

Corp.

.............................

517,978

30,539,983

a

Diversified

Financial

Services

 — 

0

.2

%

Equitable

Holdings,

Inc.

....................

464,711

14,903,282

a

Diversified

Telecommunication

Services

 — 

5

.9

%

AT&T,

Inc.

..............................

19,970,809

406,805,379

Liberty

Global

PLC

,

Class

A

(a)

................

483,012

10,476,531

Liberty

Global

PLC

,

Class

C

,

NVS

(a)

............

1,138,912

25,454,683

Lumen

Technologies,

Inc.

...................

3,261,009

17,120,297

459,856,890

a

Electric

Utilities

 — 

2

.1

%

Constellation

Energy

Corp.

..................

687,281

58,666,306

Evergy,

Inc.

.............................

261,113

16,358,729

NRG

Energy,

Inc.

.........................

357,127

12,220,886

PG&E

Corp.

(a)

...........................

2,449,283

38,943,600

PPL

Corp.

.............................

1,249,313

36,979,665

163,169,186

a

Electrical

Equipment

 — 

0

.1

%

Sensata

Technologies

Holding

PLC

............

207,203

10,536,273

a

Electronic

Equipment,

Instruments

&

Components

 — 

1

.6

%

Arrow

Electronics,

Inc.

(a)

(b)

...................

205,547

24,149,717

Corning,

Inc.

............................

1,508,240

52,200,186

TE

Connectivity

Ltd.

.......................

394,493

50,159,785

126,509,688

a

Entertainment

 — 

1

.2

%

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

(b)

.........

6,150,349

91,148,172

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 

1

.9

%

Simon

Property

Group,

Inc.

..................

567,794

72,938,817

Weyerhaeuser

Co.

........................

2,247,137

77,368,927

150,307,744

a

Food

&

Staples

Retailing

 — 

1

.6

%

Kroger

Co.

(The)

.........................

1,306,292

58,299,812

Walgreens

Boots

Alliance,

Inc.

................

1,845,616

68,029,406

126,329,218

a

Food

Products

 — 

3

.1

%

Archer-Daniels-Midland

Co.

..................

825,381

68,382,816

Conagra

Brands,

Inc.

......................

683,659

25,425,278

J

M

Smucker

Co.

(The)

.....................

173,918

26,574,670

Kraft

Heinz

Co.

(The)

......................

1,840,584

74,598,870

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

iShares

®

MSCI

USA

Value

Factor

ETF

(Percentages

shown

are

based

on

Net

Assets)

26

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Food

Products

(continued)

Tyson

Foods,

Inc.

,

Class

A

..................

729,348

$

47,954,631

242,936,265

a

Gas

Utilities

 — 

0

.3

%

UGI

Corp.

..............................

494,845

19,709,676

a

Health

Care

Equipment

&

Supplies

 — 

0

.1

%

Dentsply

Sirona,

Inc.

......................

117,949

4,344,062

a

Health

Care

Providers

&

Services

 — 

4

.7

%

Cardinal

Health,

Inc.

.......................

252,414

19,498,981

Centene

Corp.

(a)

(b)

........................

472,907

36,054,430

Cigna

Corp.

............................

264,757

83,840,599

CVS

Health

Corp.

........................

1,346,498

118,788,054

DaVita,

Inc.

(a)

(b)

..........................

42,321

3,486,827

Elevance

Health,

Inc.

......................

130,915

65,456,191

Laboratory

Corp.

of

America

Holdings

...........

68,838

17,355,437

Quest

Diagnostics,

Inc.

.....................

81,541

12,107,208

Universal

Health

Services,

Inc.

,

Class

B

.........

64,435

9,549,911

366,137,638

a

Household

Durables

 — 

4

.1

%

DR

Horton,

Inc.

..........................

955,950

94,342,705

Lennar

Corp.

,

Class

A

......................

997,958

102,190,899

Mohawk

Industries,

Inc.

(a)

...................

193,261

23,202,916

Newell

Brands,

Inc.

.......................

960,679

15,332,437

PulteGroup,

Inc.

.........................

989,292

56,280,822

Whirlpool

Corp.

..........................

181,053

28,170,036

319,519,815

a

Insurance

 — 

2

.5

%

American

International

Group,

Inc.

.............

883,940

55,882,687

Everest

Re

Group

Ltd.

.....................

36,163

12,645,839

Fidelity

National

Financial,

Inc.

................

203,655

8,966,930

Hartford

Financial

Services

Group,

Inc.

(The)

......

226,546

17,582,235

Lincoln

National

Corp.

.....................

257,271

9,115,112

Loews

Corp.

............................

221,326

13,607,123

MetLife,

Inc.

............................

591,163

43,166,722

Prudential

Financial,

Inc.

....................

337,327

35,399,095

196,365,743

a

IT

Services

 — 

6

.8

%

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

750,465

50,093,539

Fidelity

National

Information

Services,

Inc.

........

1,342,918

100,772,567

Fiserv,

Inc.

(a)

............................

894,898

95,467,719

Global

Payments,

Inc.

.....................

545,329

61,469,485

International

Business

Machines

Corp.

..........

1,416,773

190,881,826

SS&C

Technologies

Holdings,

Inc.

.............

387,647

23,394,496

Western

Union

Co.

(The)

...................

799,787

11,332,982

533,412,614

a

Machinery

 — 

1

.9

%

Cummins,

Inc.

...........................

173,626

43,326,632

PACCAR,

Inc.

...........................

456,524

49,902,639

Snap-on,

Inc.

...........................

71,252

17,722,510

Stanley

Black

&

Decker,

Inc.

.................

189,906

16,960,505

Westinghouse

Air

Brake

Technologies

Corp.

.......

227,941

23,662,555

151,574,841

a

Media

 — 

1

.0

%

DISH

Network

Corp.

,

Class

A

(a)

(b)

..............

676,787

9,738,965

Fox

Corp.

,

Class

A

,

NVS

....................

601,532

20,415,996

Fox

Corp.

,

Class

B

........................

300,308

9,519,764

Paramount

Global

,

Class

B

,

NVS

..............

1,541,503

35,701,209

75,375,934

a

Security

Shares

Value

a

Metals

&

Mining

 — 

1

.2

%

Alcoa

Corp.

.............................

129,914

$

6,786,707

Cleveland-Cliffs,

Inc.

(a)

(b)

....................

736,414

15,722,439

Nucor

Corp.

............................

290,062

49,026,279

Steel

Dynamics,

Inc.

.......................

205,932

24,843,637

96,379,062

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

 — 

0

.2

%

Annaly

Capital

Management,

Inc.

..............

701,862

16,472,701

a

Multi-Utilities

 — 

0

.4

%

Consolidated

Edison,

Inc.

...................

342,953

32,686,850

a

Oil,

Gas

&

Consumable

Fuels

 — 

4

.8

%

APA

Corp.

.............................

660,923

29,298,717

Chesapeake

Energy

Corp.

..................

147,139

12,759,894

Coterra

Energy,

Inc.

.......................

1,167,752

29,228,833

Diamondback

Energy,

Inc.

...................

420,832

61,491,972

EOG

Resources,

Inc.

......................

1,200,020

158,702,645

EQT

Corp.

.............................

438,426

14,323,377

Marathon

Oil

Corp.

........................

1,529,771

42,022,809

Ovintiv,

Inc.

.............................

509,356

25,075,596

372,903,843

a

Pharmaceuticals

 — 

5

.2

%

Bristol-Myers

Squibb

Co.

....................

1,832,014

133,095,817

Elanco

Animal

Health,

Inc.

(a)

(b)

................

290,499

3,988,551

Jazz

Pharmaceuticals

PLC

(a)

.................

54,708

8,570,556

Pfizer,

Inc.

.............................

5,251,095

231,888,355

Viatris,

Inc.

.............................

2,054,542

24,983,231

402,526,510

a

Professional

Services

 — 

0

.3

%

Clarivate

PLC

(a)

(b)

.........................

546,913

6,081,673

Leidos

Holdings,

Inc.

......................

132,306

13,077,125

19,158,798

a

Real

Estate

Management

&

Development

 — 

1

.0

%

CBRE

Group,

Inc.

,

Class

A

(a)

(b)

................

926,328

79,210,307

a

Road

&

Rail

 — 

0

.4

%

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

374,329

22,122,844

U-Haul

Holding

Co.

,

Series

N

,

NVS

(b)

...........

182,903

11,301,576

33,424,420

a

Semiconductors

&

Semiconductor

Equipment

 — 

10

.5

%

Applied

Materials,

Inc.

.....................

1,036,263

115,532,962

Intel

Corp.

.............................

11,450,513

323,591,497

Micron

Technology,

Inc.

.....................

3,667,927

221,175,998

NXP

Semiconductors

NV

...................

326,416

60,161,733

ON

Semiconductor

Corp.

(a)

(b)

.................

595,120

43,711,564

Qorvo,

Inc.

(a)

(b)

...........................

215,090

23,371,679

Skyworks

Solutions,

Inc.

....................

304,929

33,441,564

820,986,997

a

Software

 — 

0

.1

%

Aspen

Technology,

Inc.

(a)

(b)

...................

36,117

7,178,254

a

Specialty

Retail

 — 

0

.6

%

Best

Buy

Co.,

Inc.

........................

485,431

43,067,438

a

Technology

Hardware,

Storage

&

Peripherals

 — 

3

.4

%

Dell

Technologies,

Inc.

,

Class

C

...............

690,879

28,063,505

Hewlett

Packard

Enterprise

Co.

...............

4,540,773

73,242,669

HP,

Inc.

...............................

2,684,571

78,228,399

NetApp,

Inc.

............................

295,454

19,567,918

Seagate

Technology

Holdings

PLC

.............

343,435

23,278,024

iShares

®

MSCI

USA

Value

Factor

ETF

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

27

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Technology

Hardware,

Storage

&

Peripherals

(continued)

Western

Digital

Corp.

(a)

.....................

975,576

$

42,876,565

265,257,080

a

Tobacco

 — 

1

.3

%

Altria

Group,

Inc.

.........................

2,219,013

99,944,346

a

Trading

Companies

&

Distributors

 — 

0

.7

%

United

Rentals,

Inc.

(a)

......................

117,483

51,804,129

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

8,489,205,714

)

...............................

7,783,162,849

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.5

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.56

%

(c)

(d)

(e)

......................

24,867,441

$

24,882,361

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.18

%

(c)

(d)

............................

9,833,188

9,833,188

a

Total

Short-Term

Securities — 0.5%

(Cost:

$

34,705,927

)

.................................

34,715,549

Total

Investments

—

100.3%

(Cost:

$

8,523,911,641

)

...............................

7,817,878,398

Liabilities

in

Excess

of

Other

Assets

—

(

0

.3

)

%

...............

(

20,011,792

)

Net

Assets

—

100.0%

.................................

$

7,797,866,606

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

January

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/23

  Shares

Held

at

01/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

147,212,646

$

—

$

(

122,335,758

)

(a)

$

25,240

$

(

19,767

)

$

24,882,361

24,867,441

$

113,298

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

15,516,861

—

(

5,683,673

)

(a)

—

—

9,833,188

9,833,188

222,404

11

$

25,240

$

(

19,767

)

$

34,715,549

$

335,702

$

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.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

................................................................

51

03/17/23

$

4,945

$

319,122

S&P

500

E-Mini

Index

...................................................................

43

03/17/23

8,794

338,411

$

657,533

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

iShares

®

MSCI

USA

Value

Factor

ETF

28

2023

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

January

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

657,533

$

—

$

—

$

—

$

657,533

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.................................

$

—

$

—

$

(

899,386

)

$

—

$

—

$

—

$

(

899,386

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

740,555

)

$

—

$

—

$

—

$

(

740,555

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

12,453,235

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

7,783,162,849

‌

$

—

‌

$

—

‌

$

7,783,162,849

‌

Short-Term

Securities

Money

Market

Funds

......................................

34,715,549

‌

—

‌

—

‌

34,715,549

‌

$

7,817,878,398

‌

$

—

‌

$

—

‌

$

7,817,878,398

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

657,533

‌

$

—

‌

$

—

‌

$

657,533

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

29

Financial

Statements

Statements

of

Assets

and

Liabilities

(unaudited)

January

31,

2023

See

notes

to

financial

statements.

iShares

MSCI

USA

Momentum

Factor

ETF

iShares

MSCI

USA

Quality

Factor

ETF

iShares

MSCI

USA

Size

Factor

ETF

iShares

MSCI

USA

Value

Factor

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)(b)

....................................

$

12,182,715,803

‌

$

18,310,401,535

‌

$

330,975,746

‌

$

7,783,162,849

‌

Investments,

at

value

—

affiliated

(c)

.......................................

42,494,231

‌

671,538,304

‌

18,012,540

‌

34,715,549

‌

Cash

...........................................................

42,461

‌

164,060

‌

97,299

‌

535,000

‌

Cash

pledged:

Futures

contracts

.................................................

1,461,000

‌

1,614,000

‌

76,000

‌

836,000

‌

Receivables:

Securities

lending

income

—

affiliated

...................................

11,709

‌

48,677

‌

12,657

‌

6,962

‌

Dividends

—

unaffiliated

............................................

8,371,561

‌

11,686,715

‌

189,154

‌

13,390,804

‌

Dividends

—

affiliated

..............................................

57,624

‌

80,942

‌

2,063

‌

40,448

‌

Interest

—

unaffiliated

..............................................

2,857

‌

2,000

‌

62

‌

1,739

‌

Variation

margin

on

futures

contracts

....................................

356,500

‌

393,875

‌

20,355

‌

240,670

‌

Total

assets

......................................................

12,235,513,746

‌

18,995,930,108

‌

349,385,876

‌

7,832,930,021

‌

LIABILITIES

Collateral

on

securities

loaned

..........................................

25,035,798

‌

183,316,291

‌

16,783,490

‌

24,916,319

‌

Payables:

Investments

purchased

.............................................

—

‌

—

‌

—

‌

9,159,261

‌

Capital

shares

redeemed

............................................

—

‌

122,832

‌

—

‌

8,571

‌

Investment

advisory

fees

............................................

1,541,367

‌

2,325,219

‌

42,115

‌

979,264

‌

Total

liabilities

.....................................................

26,577,165

‌

185,764,342

‌

16,825,605

‌

35,063,415

‌

NET

ASSETS

.....................................................

$

12,208,936,581

‌

$

18,810,165,766

‌

$

332,560,271

‌

$

7,797,866,606

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................

$

15,073,580,740

‌

$

19,265,869,767

‌

$

395,416,721

‌

$

8,995,808,012

‌

Accumulated

loss

..................................................

(2,864,644,159

)

(455,704,001

)

(62,856,450

)

(1,197,941,406

)

NET

ASSETS

.....................................................

$

12,208,936,581

‌

$

18,810,165,766

‌

$

332,560,271

‌

$

7,797,866,606

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................

84,150,000

‌

154,100,000

‌

2,700,000

‌

79,850,000

‌

Net

asset

value

....................................................

$

145.09

‌

$

122.06

‌

$

123.17

‌

$

97.66

‌

Shares

authorized

..................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

..........................................

$

24,968,661

‌

$

182,611,393

‌

$

16,801,096

‌

$

24,977,903

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................

$

11,869,873,178

‌

$

17,641,816,374

‌

$

350,552,544

‌

$

8,489,205,714

‌

(c)

Investments,

at

cost

—

affiliated

.......................................

$

42,481,023

‌

$

645,005,690

‌

$

17,974,649

‌

$

34,705,927

‌

30

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Operations

(unaudited)

Six

Months

Ended

January

31,

2023

See

notes

to

financial

statements.

iShares

MSCI

USA

Momentum

Factor

ETF

iShares

MSCI

USA

Quality

Factor

ETF

iShares

MSCI

USA

Size

Factor

ETF

iShares

MSCI

USA

Value

Factor

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

127,022,717

‌

$

155,234,635

‌

$

2,892,913

‌

$

126,503,445

‌

Dividends

—

affiliated

..............................................

337,599

‌

3,598,718

‌

16,189

‌

222,404

‌

Interest

—

unaffiliated

..............................................

59,193

‌

69,852

‌

1,169

‌

28,914

‌

Securities

lending

income

—

affiliated

—

net

...............................

75,562

‌

686,558

‌

84,753

‌

113,298

‌

Foreign

taxes

withheld

.............................................

(

16,777

)

—

‌

(

1,068

)

(

84,610

)

Total

investment

income

..............................................

127,478,294

‌

159,589,763

‌

2,993,956

‌

126,783,451

‌

EXPENSES

Investment

advisory

...............................................

8,375,700

‌

13,848,080

‌

247,642

‌

6,074,542

‌

Total

expenses

....................................................

8,375,700

‌

13,848,080

‌

247,642

‌

6,074,542

‌

Net

investment

income

...............................................

119,102,594

‌

145,741,683

‌

2,746,314

‌

120,708,909

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(

123,610,362

)

(

428,642,807

)

(

11,387,908

)

12,732,376

‌

Investments

—

affiliated

...........................................

45,348

‌

44,238

‌

(

23,633

)

25,240

‌

Capital

gain

distributions

from

underlying

funds

—

affiliated

...................

14

‌

21

‌

—

‌

11

‌

Futures

contracts

...............................................

1,191,340

‌

(

1,483,195

)

(

71,165

)

(

899,386

)

In-kind

redemptions

—

unaffiliated

(a)

...................................

105,148,343

‌

343,592,020

‌

2,952,523

‌

53,795,427

‌

In-kind

redemptions

—

affiliated

(a)

....................................

—

‌

372,743

‌

3,247

‌

—

‌

(

17,225,317

)

(

86,116,980

)

(

8,526,936

)

65,653,668

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

261,826,999

‌

6,898,657

‌

17,725,012

‌

25,229,427

‌

Investments

—

affiliated

...........................................

(

989

)

26,477,464

‌

103,667

‌

(

19,767

)

Futures

contracts

...............................................

(

1,717,460

)

(

2,091,959

)

16,480

‌

(

740,555

)

260,108,550

‌

31,284,162

‌

17,845,159

‌

24,469,105

‌

Net

realized

and

unrealized

gain

(loss)

....................................

242,883,233

‌

(

54,832,818

)

9,318,223

‌

90,122,773

‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............

$

361,985,827

‌

$

90,908,865

‌

$

12,064,537

‌

$

210,831,682

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

31

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

MSCI

USA

Momentum

Factor

ETF

iShares

MSCI

USA

Quality

Factor

ETF

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

119,102,594

‌

$

141,223,962

‌

$

145,741,683

‌

$

289,671,290

‌

Net

realized

gain

(loss)

.........................................

(

17,225,317

)

(

717,988,922

)

(

86,116,980

)

1,883,361,480

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

260,108,550

‌

(

1,701,248,504

)

31,284,162

‌

(

4,675,517,034

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

361,985,827

‌

(

2,278,013,464

)

90,908,865

‌

(

2,502,484,264

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

139,272,456

)

(

120,180,940

)

(

158,456,928

)

(

281,237,239

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

1,944,368,327

‌

(

2,052,967,728

)

(

1,359,402,383

)

(

945,991,807

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

2,167,081,698

‌

(

4,451,162,132

)

(

1,426,950,446

)

(

3,729,713,310

)

Beginning

of

period

.............................................

10,041,854,883

‌

14,493,017,015

‌

20,237,116,212

‌

23,966,829,522

‌

End

of

period

.................................................

$

12,208,936,581

‌

$

10,041,854,883

‌

$

18,810,165,766

‌

$

20,237,116,212

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

32

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

MSCI

USA

Size

Factor

ETF

iShares

MSCI

USA

Value

Factor

ETF

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

2,746,314

‌

$

6,620,398

‌

$

120,708,909

‌

$

350,017,917

‌

Net

realized

gain

(loss)

.........................................

(

8,526,936

)

47,973,352

‌

65,653,668

‌

1,964,268,133

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

17,845,159

‌

(

86,151,464

)

24,469,105

‌

(

2,912,361,127

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

12,064,537

‌

(

31,557,714

)

210,831,682

‌

(

598,075,077

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

2,474,970

)

(

7,036,092

)

(

129,418,170

)

(

379,603,795

)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

..............

(

24,098,856

)

(

289,200,521

)

(

1,407,725,931

)

(

5,843,830,740

)

NET

ASSETS

Total

decrease

in

net

assets

.......................................

(

14,509,289

)

(

327,794,327

)

(

1,326,312,419

)

(

6,821,509,612

)

Beginning

of

period

.............................................

347,069,560

‌

674,863,887

‌

9,124,179,025

‌

15,945,688,637

‌

End

of

period

.................................................

$

332,560,271

‌

$

347,069,560

‌

$

7,797,866,606

‌

$

9,124,179,025

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

33

Financial

Highlights

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

MSCI

USA

Momentum

Factor

ETF

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Year

Ended

07/31/19

Year

Ended

07/31/18

Net

asset

value,

beginning

of

period

.......

$

143.35

‌

$

175.04

‌

$

140.10

‌

$

120.79

‌

$

111.68

‌

$

91.95

‌

Net

investment

income

(a)

...............

1

.55

‌

1

.79

‌

0

.85

‌

1

.50

‌

1

.67

‌

1

.32

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

2

.06

‌

(

31.95

)

34.86

‌

19.53

‌

9

.03

‌

19.60

‌

Net

increase

(decrease)

from

investment

operations

.........................

3

.61

‌

(

30.16

)

35.71

‌

21.03

‌

10.70

‌

20.92

‌

Distributions

from

net

investment

income

(c)

.....

(

1

.87

)

(

1

.53

)

(

0

.77

)

(

1

.72

)

(

1

.59

)

(

1

.19

)

Net

asset

value,

end

of

period

............

$

145.09

‌

$

143.35

‌

$

175.04

‌

$

140.10

‌

$

120.79

‌

$

111.68

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

................

2

.58

%

(e)

(

17.35

)

%

25.57

%

17.71

%

9

.71

%

22.86

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

.......................

0

.15

%

(g)

0

.15

%

0

.15

%

0

.15

%

0

.15

%

0

.15

%

Net

investment

income

..................

2

.13

%

(g)

1

.07

%

0

.53

%

1

.22

%

1

.49

%

1

.24

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

12,208,937

‌

$

10,041,855

‌

$

14,493,017

‌

$

10,647,455

‌

$

10,176,170

‌

$

9,196,715

‌

Portfolio

turnover

rate

(h)

..................

49

%

125

%

107

%

160

%

138

%

104

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

34

2023

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

MSCI

USA

Quality

Factor

ETF

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Year

Ended

07/31/19

Year

Ended

07/31/18

Net

asset

value,

beginning

of

period

.......

$

121.95

‌

$

137.31

‌

$

100.59

‌

$

92.73

‌

$

86.55

‌

$

75.09

‌

Net

investment

income

(a)

...............

0

.92

‌

1

.68

‌

1

.70

‌

1

.72

‌

1

.61

‌

1

.55

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

0

.20

‌

(

15.41

)

36.79

‌

7

.71

‌

6

.16

‌

11.38

‌

Net

increase

(decrease)

from

investment

operations

.........................

1

.12

‌

(

13.73

)

38.49

‌

9

.43

‌

7

.77

‌

12.93

‌

Distributions

from

net

investment

income

(c)

.....

(

1

.01

)

(

1

.63

)

(

1

.77

)

(

1

.57

)

(

1

.59

)

(

1

.47

)

Net

asset

value,

end

of

period

............

$

122.06

‌

$

121.95

‌

$

137.31

‌

$

100.59

‌

$

92.73

‌

$

86.55

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

................

1

.00

%

(e)

(

10.09

)

%

38.63

%

10.38

%

9

.13

%

17.36

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

.......................

0

.15

%

(g)

0

.15

%

0

.15

%

0

.15

%

0

.15

%

0

.15

%

Net

investment

income

..................

1

.58

%

(g)

1

.27

%

1

.45

%

1

.82

%

1

.85

%

1

.88

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

18,810,166

‌

$

20,237,116

‌

$

23,966,830

‌

$

18,851,143

‌

$

10,913,780

‌

$

5,781,433

‌

Portfolio

turnover

rate

(h)

..................

28

%

41

%

47

%

45

%

41

%

41

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

35

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

MSCI

USA

Size

Factor

ETF

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Year

Ended

07/31/19

Year

Ended

07/31/18

Net

asset

value,

beginning

of

period

.......

$

119.68

‌

$

131.04

‌

$

92.12

‌

$

91.99

‌

$

86.61

‌

$

78.73

‌

Net

investment

income

(a)

...............

0

.97

‌

1

.69

‌

1

.50

‌

1

.73

‌

1

.52

‌

1

.45

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

3

.40

‌

(

11.21

)

38.96

‌

(

0

.13

)

5

.49

‌

8

.02

‌

Net

increase

(decrease)

from

investment

operations

.........................

4

.37

‌

(

9

.52

)

40.46

‌

1

.60

‌

7

.01

‌

9

.47

‌

Distributions

from

net

investment

income

(c)

.....

(

0

.88

)

(

1

.84

)

(

1

.54

)

(

1

.47

)

(

1

.63

)

(

1

.59

)

Net

asset

value,

end

of

period

............

$

123.17

‌

$

119.68

‌

$

131.04

‌

$

92.12

‌

$

91.99

‌

$

86.61

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

................

3

.74

%

(e)

(

7

.35

)

%

44.28

%

1

.91

%

8

.26

%

12.16

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

.......................

0

.15

%

(g)

0

.15

%

0

.15

%

0

.15

%

0

.15

%

0

.15

%

Net

investment

income

..................

1

.66

%

(g)

1

.31

%

1

.34

%

1

.93

%

1

.74

%

1

.75

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

332,560

‌

$

347,070

‌

$

674,864

‌

$

741,572

‌

$

377,167

‌

$

207,862

‌

Portfolio

turnover

rate

(h)

..................

12

%

25

%

23

%

29

%

30

%

17

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

36

2023

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

MSCI

USA

Value

Factor

ETF

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Year

Ended

07/31/19

Year

Ended

07/31/18

Net

asset

value,

beginning

of

period

......

$

95.84

‌

$

104.29

‌

$

72.97

‌

$

82.49

‌

$

85.39

‌

$

75.00

‌

Net

investment

income

(a)

..............

1

.39

‌

2

.66

‌

2

.33

‌

2

.37

‌

2

.23

‌

1

.84

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

1

.92

‌

(

8

.22

)

30.96

‌

(

9

.65

)

(

2

.92

)

10.40

‌

Net

increase

(decrease)

from

investment

operations

........................

3

.31

‌

(

5

.56

)

33.29

‌

(

7

.28

)

(

0

.69

)

12.24

‌

Distributions

from

net

investment

income

(c)

....

(

1

.49

)

(

2

.89

)

(

1

.97

)

(

2

.24

)

(

2

.21

)

(

1

.85

)

Net

asset

value,

end

of

period

...........

$

97.66

‌

$

95.84

‌

$

104.29

‌

$

72.97

‌

$

82.49

‌

$

85.39

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

3

.62

%

(e)

(

5

.48

)

%

46.10

%

(

8

.83

)

%

(

0

.68

)

%

16.47

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

......................

0

.15

%

(g)

0

.15

%

0

.15

%

0

.15

%

0

.15

%

0

.15

%

Net

investment

income

.................

2

.98

%

(g)

2

.57

%

2

.47

%

3

.04

%

2

.74

%

2

.24

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

7,797,867

‌

$

9,124,179

‌

$

15,945,689

‌

$

5,611,044

‌

$

3,485,258

‌

$

3,786,862

‌

Portfolio

turnover

rate

(h)

.................

9

%

17

%

28

%

33

%

35

%

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)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

Notes

to

Financial

Statements

(unaudited)

37

Notes

to

Financial

Statements

1.

Organization

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios.

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method. Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value. Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest. Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

January

31,

2023,

if

any,

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

The Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments. 

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds. 

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

iShares

ETF

Diversification

Classification

MSCI

USA

Momentum

Factor

............................................................................................

Diversified

MSCI

USA

Quality

Factor

...............................................................................................

Diversified

MSCI

USA

Size

Factor

.................................................................................................

Diversified

MSCI

USA

Value

Factor

................................................................................................

Diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

38

2023

iShares

Semi-Annual

Report

to

Shareholders

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of each

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are

valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee,

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

��

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments 

Securities

Lending:

Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

Notes

to

Financial

Statements

(unaudited)

(

continued)

39

Notes

to

Financial

Statements

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

MSCI

USA

Momentum

Factor

Barclays

Bank

PLC

...............................................

$

1,944,200‌

$

(1,934,089‌)

$

—‌

$

10,111‌

Barclays

Capital,

Inc.

.............................................

1,587,964‌

(1,587,964‌)

—‌

—‌

BNP

Paribas

SA

.................................................

7,256‌

(6,900‌)

—‌

356‌

Citadel

Clearing

LLC

..............................................

686,026‌

(677,398‌)

—‌

8,628‌

Citigroup

Global

Markets,

Inc.

........................................

13,461,985‌

(13,461,985‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

24,886‌

(24,758‌)

—‌

128‌

Jefferies

LLC

...................................................

167,409‌

(167,018‌)

—‌

391‌

Morgan

Stanley

.................................................

827,701‌

(787,388‌)

—‌

40,313‌

UBS

Securities

LLC

..............................................

3,691,072‌

(3,650,602‌)

—‌

40,470‌

Virtu

Americas

LLC

...............................................

2,137,163‌

(2,114,869‌)

—‌

22,294‌

Wells

Fargo

Bank

NA

.............................................

432,999‌

(432,999‌)

—‌

—‌

$

24,968,661‌

$

(24,845,970‌)

$

—‌

$

122,691‌

a

MSCI

USA

Quality

Factor

Barclays

Bank

PLC

...............................................

53,197,187‌

(53,197,187‌)

—‌

—‌

Barclays

Capital,

Inc.

.............................................

5,567,668‌

(5,567,668‌)

—‌

—‌

Citadel

Clearing

LLC

..............................................

12,795,598‌

(12,795,598‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

277,068‌

(277,068‌)

—‌

—‌

Credit

Suisse

Securities

(USA)

LLC

....................................

212,912‌

(212,912‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

4,339,570‌

(3,905,200‌)

—‌

434,370‌

Morgan

Stanley

.................................................

57,317‌

(57,317‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

58,153,120‌

(58,055,772‌)

—‌

97,348‌

Scotia

Capital

(USA),

Inc.

..........................................

1,845,838‌

(1,845,838‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

46,165,115‌

(46,165,115‌)

—‌

—‌

$

182,611,393‌

$

(182,079,675‌)

$

—‌

$

531,718‌

a

MSCI

USA

Size

Factor

Barclays

Bank

PLC

...............................................

4,085‌

(3,940‌)

—‌

145‌

Barclays

Capital,

Inc.

.............................................

1,062,959‌

(1,062,959‌)

—‌

—‌

BMO

Capital

Markets

Corp.

.........................................

174,768‌

(174,682‌)

—‌

86‌

BNP

Paribas

SA

.................................................

318,568‌

(303,893‌)

—‌

14,675‌

BofA

Securities,

Inc.

..............................................

527,009‌

(527,009‌)

—‌

—‌

Citadel

Clearing

LLC

..............................................

512,813‌

(512,209‌)

—‌

604‌

Citigroup

Global

Markets,

Inc.

........................................

2,254‌

(2,254‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

4,409,410‌

(4,348,642‌)

—‌

60,768‌

HSBC

Bank

PLC

................................................

128,473‌

(128,473‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

1,357,733‌

(1,357,733‌)

—‌

—‌

Morgan

Stanley

.................................................

5,053,287‌

(5,010,920‌)

—‌

42,367‌

Natixis

SA

.....................................................

78,890‌

(76,095‌)

—‌

2,795‌

RBC

Capital

Markets

LLC

..........................................

535,680‌

(535,680‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

466,085‌

(466,085‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

686,199‌

(686,199‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

33,552‌

(33,542‌)

—‌

10‌

UBS

AG

......................................................

468,847‌

(468,847‌)

—‌

—‌

UBS

Securities

LLC

..............................................

480,032‌

(480,032‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

384,804‌

(384,804‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

115,648‌

(115,640‌)

—‌

8‌

$

16,801,096‌

$

(16,679,638‌)

$

—‌

$

121,458‌

a

Notes

to

Financial

Statements

(unaudited)

(continued)

40

2023

iShares

Semi-Annual

Report

to

Shareholders

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets. 

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.

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

MSCI

USA

Value

Factor

Barclays

Bank

PLC

...............................................

$

9,752‌

$

(9,752‌)

$

—‌

$

—‌

Barclays

Capital,

Inc.

.............................................

1,585,631‌

(1,585,631‌)

—‌

—‌

BNP

Paribas

SA

.................................................

32,567‌

(32,567‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

30,159‌

(29,874‌)

—‌

285‌

Goldman

Sachs

&

Co.

LLC

.........................................

15,206,346‌

(15,041,084‌)

—‌

165,262‌

J.P.

Morgan

Securities

LLC

.........................................

2,188,297‌

(2,188,297‌)

—‌

—‌

Jefferies

LLC

...................................................

769‌

(769‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

2,967,650‌

(2,967,650‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

2,538,942‌

(2,525,428‌)

—‌

13,514‌

UBS

AG

......................................................

92,784‌

(92,784‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

325,006‌

(325,006‌)

—‌

—‌

$

24,977,903‌

$

(24,798,842‌)

$

—‌

$

179,061‌

a

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Funds’

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

January

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

MSCI

USA

Momentum

Factor

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

MSCI

USA

Quality

Factor

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15

MSCI

USA

Size

Factor

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15

MSCI

USA

Value

Factor

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15

Notes

to

Financial

Statements

(unaudited)

(

continued)

41

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.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by

each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its Statements

of

Operations.

For

the six

months

ended January

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

six

months

ended

January

31,

2023,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the six

months

ended

January

31,

2023,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

iShares

ETF

Amounts

MSCI

USA

Momentum

Factor

...........................................................................................

$

29,774

‌

MSCI

USA

Quality

Factor

..............................................................................................

205,140

‌

MSCI

USA

Size

Factor

................................................................................................

23,092

‌

MSCI

USA

Value

Factor

...............................................................................................

44,713

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

MSCI

USA

Momentum

Factor

.......................................................

$

640,117,659

‌

$

779,696,564

‌

$

17,054,905

‌

MSCI

USA

Quality

Factor

..........................................................

415,296,118

‌

417,800,863

‌

252,802

‌

MSCI

USA

Size

Factor

............................................................

14,633,186

‌

18,944,988

‌

(372,255

)

MSCI

USA

Value

Factor

...........................................................

233,346,963

‌

288,179,762

‌

60,686,667

‌

iShares

ETF

Purchases

Sales

MSCI

USA

Momentum

Factor

.........................................................................

$

5,438,952,943

‌

$

5,435,715,692

‌

MSCI

USA

Quality

Factor

............................................................................

5,176,252,903

‌

5,146,683,217

‌

MSCI

USA

Size

Factor

..............................................................................

38,959,589

‌

39,072,495

‌

MSCI

USA

Value

Factor

.............................................................................

744,573,101

‌

752,985,565

‌

Notes

to

Financial

Statements

(unaudited)

(continued)

42

2023

iShares

Semi-Annual

Report

to

Shareholders

For

the six

months

ended

January

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

January

31,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

As

of July

31,

2022,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

As

of

January

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

In-kind

Purchases

In-kind

Sales

MSCI

USA

Momentum

Factor

.........................................................................

$

2,970,620,510

‌

$

1,046,741,688

‌

MSCI

USA

Quality

Factor

............................................................................

1,114,968,387

‌

2,440,499,077

‌

MSCI

USA

Size

Factor

..............................................................................

10,655,376

‌

34,603,185

‌

MSCI

USA

Value

Factor

.............................................................................

170,377,646

‌

1,601,759,316

‌

iShares

ETF

Amounts

MSCI

USA

Momentum

Factor

...........................................................................................

$

3,168,795,995

‌

MSCI

USA

Quality

Factor

..............................................................................................

1,058,650,854

‌

MSCI

USA

Size

Factor

................................................................................................

34,809,115

‌

MSCI

USA

Value

Factor

...............................................................................................

542,388,608

‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

MSCI

USA

Momentum

Factor

.....................................

$

11,913,385,547

‌

$

642,757,949

‌

$

(330,117,294

)

$

312,640,655

‌

MSCI

USA

Quality

Factor

........................................

18,309,483,192

‌

1,859,590,931

‌

(1,186,222,277

)

673,368,654

‌

MSCI

USA

Size

Factor

..........................................

368,793,299

‌

27,431,038

‌

(47,177,751

)

(19,746,713

)

MSCI

USA

Value

Factor

.........................................

8,557,269,335

‌

462,944,795

‌

(1,201,678,199

)

(738,733,404

)

Notes

to

Financial

Statements

(unaudited)

(

continued)

43

Notes

to

Financial

Statements

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.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a

phase

out

of

the

London

Interbank

Offered

Rate

(“LIBOR”).

Although

many

LIBOR

rates

ceased

to

be

published

or

no

longer

are

representative

of

the

underlying

market

they

seek

to

measure

after

December

31,

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

The

Funds

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain.

10.

Capital

Share

Transactions 

Capital

shares

are

issued

and

redeemed

by each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

Six

Months

Ended

01/31/23

‌

Year

Ended

07/31/22

‌

iShares

ETF

Shares

‌

Amount

‌

Shares

‌

Amount

‌

MSCI

USA

Momentum

Factor

Shares

sold

...............................................

21,200,000

‌

$

2,981,821,760

‌

38,950,000

‌

$

6,845,941,290

‌

Shares

redeemed

...........................................

(7,100,000

)

(1,037,453,433

)

(51,700,000

)

(8,898,909,018

)

14,100,000

‌

$

1,944,368,327

‌

(12,750,000

)

$

(2,052,967,728

)

MSCI

USA

Quality

Factor

Shares

sold

...............................................

9,450,000

‌

$

1,101,560,648

‌

57,000,000

‌

$

7,811,416,753

‌

Shares

redeemed

...........................................

(21,300,000

)

(2,460,963,031

)

(65,600,000

)

(8,757,408,560

)

(11,850,000

)

$

(1,359,402,383

)

(8,600,000

)

$

(945,991,807

)

MSCI

USA

Size

Factor

Shares

sold

...............................................

100,000

‌

$

10,676,107

‌

750,000

‌

$

100,341,016

‌

Shares

redeemed

...........................................

(300,000

)

(34,774,963

)

(3,000,000

)

(389,541,537

)

(200,000

)

$

(24,098,856

)

(2,250,000

)

$

(289,200,521

)

Notes

to

Financial

Statements

(unaudited)

(continued)

44

2023

iShares

Semi-Annual

Report

to

Shareholders

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

01/31/23

‌

Year

Ended

07/31/22

‌

iShares

ETF

Shares

‌

Amount

‌

Shares

‌

Amount

‌

MSCI

USA

Value

Factor

Shares

sold

...............................................

1,850,000

‌

$

170,813,701

‌

30,250,000

‌

$

3,183,847,456

‌

Shares

redeemed

...........................................

(17,200,000

)

(1,578,539,632

)

(87,950,000

)

(9,027,678,196

)

(15,350,000

)

$

(1,407,725,931

)

(57,700,000

)

$

(5,843,830,740

)

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

45

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

MSCI

USA

Momentum

Factor

ETF,

iShares

MSCI

USA

Quality

Factor

ETF,

iShares

MSCI

USA

Size

Factor

ETF

and

iShares

MSCI

USA

Value

Factor

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)

46

2023

iShares

Semi-Annual

Report

to

Shareholders

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

each

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

January

31,

2023

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

MSCI

USA

Size

Factor

...............

$

0

.883918

‌

$

—

‌

$

—

‌

$

0

.883918

‌

100

%

—

%

—

%

100

%

General

Information

47

General

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

Go

to

icsdelivery.com

.

If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Householding

Householding

is

an

option

available

to

certain

fund

investors.

Householding

is

a

method

of

delivery,

based

on

the

preference

of

the

individual

investor,

in

which

a

single

copy

of

certain

shareholder

documents

and

Rule

30e-3

notices

can

be

delivered

to

investors

who

share

the

same

address,

even

if

their

accounts

are

registered

under

different

names.

Please

contact

your

broker-dealer

if

you

are

interested

in

enrolling

in

householding

and

receiving

a

single

copy

of

prospectuses

and

other

shareholder

documents,

or

if

you

are

currently

enrolled

in

householding

and

wish

to

change

your

householding

status.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT

are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

iShares.com/fundreports

.

Availability

of

Proxy

Voting

Policies

and

Proxy

Voting

Records

A

description

of

the

policies

and

procedures

that

the

iShares

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

iShares

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

twelve-month

period

ending

June

30

is

available

without

charge,

upon

request

(1)

by

calling

toll-free

1-800-474-2737;

(2)

on

the

iShares

website

at

iShares.com

;

and

(3)

on

the

SEC

website

at

sec.gov

.

A

description

of

the Trust’s

policies

and

procedures

with

respect

to

the

disclosure

of

the

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets

at

iShares.com

.

Glossary

of

Terms

Used

in

this

Report

48

2023

iShares

Semi-Annual

Report

to

Shareholders

Portfolio

Abbreviation

NVS

Non-Voting

Shares

iS-SAR-718-0123

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by

MSCI

Inc.,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2023

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

(b) Not Applicable

Item 2.      Code of Ethics.

Not applicable to this semi-annual report.

Item 3.      Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4.      Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5.      Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6.      Investments.

(a)Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b)Not applicable.

Item 7.      Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

      Not applicable to the registrant.

Item 8.      Portfolio Managers of Closed-End Management Investment Companies.

      Not applicable to the registrant.

Item 9.      Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

      Not applicable to the registrant.

Item 10.    Submission of Matters to a Vote of Security Holders.

      There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11.    Controls and Procedures.

(a)The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b)There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.    Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13.    Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a)

(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

      (a) (4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares Trust
By: /s/ Dominik Rohe
Dominik Rohe, President (Principal Executive Officer)
Date:	March 31, 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:		March 31, 2023
By: /s/ Trent Walker
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:		March 31, 2023