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
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
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.
.
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.
.
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.
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.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15%
Core
Conservative
Allocation
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
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.
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.
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.
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.
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.
.
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.
.
.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15
Core
Growth
Allocation
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
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.
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.
.
.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15
Core
Moderate
Allocation
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
.
.
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.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15
Morningstar
Multi-Asset
Income
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
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.
.
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.
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.
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.
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.
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.
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.
.
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.
.
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.
.
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.
.
.
.
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.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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
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
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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:
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.
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)
(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a) (4) Change in Registrant’s independent public accountant – Not Applicable
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 | |||||||