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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number		811-09729
iShares Trust
(Exact name of registrant as specified in charter)
c/o: Citi Fund Services Ohio, Inc. 4400 Easton Way Suite 200 Columbus, Ohio				43219
(Address of principal executive offices)				(Zip code)
The Corporation Trust Company 1209 Orange Street, Wilmington, DE  19801
(Name and address of agent for service)
Registrant’s telephone number, including area code:			(415) 670-2000
Date of fiscal year end:	August 31, 2023
Date of reporting period:	February 28, 2023

Item 1.      Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

February

28,

2023

iShares

Trust

iShares

ESG

Aware

MSCI

USA

ETF

|

ESGU

|

NASDAQ

iShares

ESG

Aware

MSCI

USA

Growth

ETF

|

EGUS

|

Cboe

BZX

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

|

ESML

|

Cboe

BZX

iShares

ESG

Aware

MSCI

USA

Value

ETF

|

EVUS

|

Cboe

BZX

iShares

ESG

MSCI

USA

Leaders

ETF

|

SUSL

|

NASDAQ

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

|

PABU

|

NASDAQ

2023

Semi-Annual

Report

(Unaudited)

Dear

Shareholder,

Significant

economic

headwinds

emerged

during

the

12-month

reporting

period

ended

February

28,

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

eight

times.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

accelerated

the

reduction

of

its

balance

sheet.

Restricted

labor

supply

kept

inflation

elevated

even

as

other

inflation

drivers,

such

as

goods

prices

and

energy

costs,

moderated.

While

economic

growth

slowed

in

the

last

year,

we

believe

that

taming

inflation

requires

a

more

substantial

decline

that

lowers

demand

to

a

level

more

in

line

with

the

economy’s

productive

capacity.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes,

it

still

seems

determined

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near-term

is

high,

but

the

dimming

economic

outlook

has

not

yet

been

fully

reflected

in

current

market

prices.

We

believe

investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

Turmoil

in

the

banking

sector

shortly

following

the

end

of

the

period

highlighted

the

potential

for

the

knock-on

effects

of

substantially

higher

interest

rates

to

disrupt

markets

with

little

warning.

While

we

favor

an

overweight

to

equities

in

the

long

term,

several

factors

lead

us

to

take

an

underweight

stance

on

equities

overall

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

the

possibility

of

a

recession

in

a

business

environment

characterized

by

higher

costs

and

reduced

pricing

power.

Nevertheless,

we

are

overweight

on

emerging

market

stocks

as

a

weaker

U.S.

dollar

provides

a

supportive

backdrop.

We

also

see

long-term

opportunities

in

credit,

where

valuations

are

appealing

and

higher

yields

provide

attractive

income,

although

we

are

neutral

on

credit

in

the

near

term,

as

we

believe

that

troubles

in

the

banking

sector

will

likely

lead

to

reduced

lending.

However,

we

believe

there

are

still

some

strong

opportunities

for

a

six-

to

twelve-month

horizon,

particularly

short-term

U.S.

Treasuries,

global

inflation-linked

bonds,

and

emerging

market

bonds

denominated

in

local

currency.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Total

Returns

as

of

February

28,

2023

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

1.26%

(7.69)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

3.63

(6.02)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

12.58

(3.14)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(2.29)

(15.28)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

1.74

2.11

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(4.81)

(14.06)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(2.13)

(9.72)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

0.66

(5.10)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

2.52

(5.45)

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

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

10

Disclosure

of

Expenses

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

10

Schedules

of

Investments

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

11

Financial

Statements:

Statements

of

Assets

and

Liabilities

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

47

Statements

of

Operations

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

49

Statements

of

Changes

in

Net

Assets

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

51

Financial

Highlights

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

54

Notes

to

Financial

Statements

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

60

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

68

Statement

Regarding

Liquidity

Risk

Management

Program

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

70

General

Information

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

71

Glossary

of

Terms

Used

in

this

Report

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

72

iShares

®

ESG

Aware

MSCI

USA

ETF

4

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

February

28,

2023

Investment

Objective

The

iShares

ESG

Aware

MSCI

USA

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

companies

that

have

positive

environmental,

social

and

governance

characteristics,

as

identified

by

the

index

provider

while

exhibiting

risk

and

return

characteristics

similar

to

those

of

the

parent

index,

as

represented

by

the

MSCI

USA

Extended

ESG

Focus

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

December

1,

2016.

The

first

day

of

secondary

market

trading

was

December

2,

2016.

Index

performance

through

May

31,

2018

reflects

the

performance

of

the

MSCI

USA

ESG

Focus

Index.

Index

performance

beginning

on

June

1,

2018

reflects

the

performance

of

the

MSCI

USA

Extended

ESG

Focus

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

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

0.68

%

(9.11

)

%

9.83

%

11.92

%

(9.11

)

%

59.82

%

102.02

%

Fund

Market

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

0.51

(9.12

)

9.80

11.90

–

%

(9.12

)

59.62

101.84

Index

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

0.75

(8.98

)

10.00

‌

12.11

(8.98

)

61.06

104.27

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(09/01/22)

Ending

Account

Value

(02/28/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(09/01/22)

Ending

Account

Value

(02/28/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,006.80

‌

$

0.75

‌

$

1,000.00

‌

$

1,024.05

‌

$

0.75

‌

0.15

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(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

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

28.6‌

%

Health

Care

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

14.3‌

Financials

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

10.6‌

Consumer

Discretionary

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

10.2‌

Industrials

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

9.3‌

Consumer

Staples

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

6.9‌

Communication

Services

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

6.8‌

Energy

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

4.9‌

Real

Estate

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

3.0‌

Materials

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

2.9‌

Utilities

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

2.5‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Apple,

Inc.

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

6.5‌

%

Microsoft

Corp.

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

5.3‌

Amazon.com,

Inc.

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

2.4‌

NVIDIA

Corp.

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

1.7‌

Tesla,

Inc.

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

1.6‌

Alphabet,

Inc.,

Class

C,

NVS

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

1.4‌

Alphabet,

Inc.,

Class

A

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

1.4‌

UnitedHealth

Group,

Inc.

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

1.4‌

JPMorgan

Chase

&

Co.

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

1.2‌

Coca-Cola

Co.

(The)

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

1.2‌

      aaa

aa

iShares

®

ESG

Aware

MSCI

USA

Growth

ETF

5

Fund

Summary

Fund

Summary

as

of

February

28,

2023

Investment

Objective

The

iShares

ESG

Aware

MSCI

USA Growth

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

large-

and

mid-capitalization

equities

that

exhibit

growth

characteristics

as

well

as

positive

environmental,

social

and

governance

characteristics,

as represented

by

the

MSCI

USA

Growth

Extended

ESG

Focus

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

January

31,

2023.

The

first

day

of

secondary

market

trading

was

February

2,

2023.

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

Cumulative

Total

Returns

Since

Inception

Fund

NAV

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

(1.50

)

%

Fund

Market

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

–

%

(1.38

)

Index

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

(1.46

)

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(01/31/23)

(a)

Ending

Account

Value

(02/28/23)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(09/01/22)

Ending

Account

Value

(02/28/23)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

$

1,000.00

‌

$

985.00

‌

$

0.14

‌

$

1,000.00

‌

$

1,023.90

‌

$

0.90

‌

0.18

%

(a)

Commencement

of

operations.

(b)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

28/365

for

actual

expenses

and

181/365

for

hypothetical

expenses

(to

reflect

the

six

month

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

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

46.1‌

%

Consumer

Discretionary

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

15.3‌

Health

Care

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

11.6‌

Communication

Services

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

9.7‌

Industrials

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

6.1‌

Financials

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

3.2‌

Consumer

Staples

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

2.5‌

Real

Estate

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

2.3‌

Energy

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

1.7‌

Materials

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

1.5‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Apple,

Inc.

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

12.8‌

%

Microsoft

Corp.

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

10.9‌

Amazon.com,

Inc.

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

4.9‌

NVIDIA

Corp.

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

3.5‌

Tesla,

Inc.

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

3.2‌

Alphabet,

Inc.,

Class

A

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

2.8‌

Alphabet,

Inc.,

Class

C,

NVS

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

2.6‌

Home

Depot,

Inc.

(The)

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

2.2‌

Visa,

Inc.,

Class

A

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

2.0‌

Mastercard,

Inc.,

Class

A

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

1.7‌

      aaa

aa

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

6

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

February

28,

2023

Investment

Objective

The

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

optimized

index

designed

to

produce

investment

results

comparable

to

a

capitalization

weighted

index

of

small-capitalization

U.S.

companies,

while

reflecting

a

higher

allocation

to

those

companies

with

favorable

environmental,

social

and

governance

(“ESG”)

profiles

(as

determined

by

the

index

provider),

as

represented

by

the

MSCI

USA

Small

Cap

Extended

ESG

Focus

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

10,

2018.

The

first

day

of

secondary

market

trading

was

April

12,

2018.

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

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

6.71

%

(3.52

)

%

8.49

%

(3.52

)

%

48.94

%

Fund

Market

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

6.66

(3.59

)

8.50

–

%

(3.59

)

49.00

Index

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

6.75

(3.52

)

8.62

(3.52

)

49.78

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(09/01/22)

Ending

Account

Value

(02/28/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(09/01/22)

Ending

Account

Value

(02/28/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,067.10

‌

$

0.87

‌

$

1,000.00

‌

$

1,023.95

‌

$

0.85

‌

0.17

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(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)

Industrials

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

18.5‌

%

Financials

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

14.9‌

Consumer

Discretionary

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

14.4‌

Information

Technology

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

14.3‌

Health

Care

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

12.9‌

Real

Estate

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

6.7‌

Materials

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

5.1‌

Energy

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

4.9‌

Consumer

Staples

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

3.3‌

Utilities

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

2.6‌

Communication

Services

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

2.4‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Comerica,

Inc.

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

0.4‌

%

EMCOR

Group,

Inc.

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

0.4‌

Flex

Ltd.

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

0.4‌

MDU

Resources

Group,

Inc.

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

0.4‌

WillScot

Mobile

Mini

Holdings

Corp.,

Class

A

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

0.4‌

Janus

Henderson

Group

PLC

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

0.3‌

Deckers

Outdoor

Corp.

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

0.3‌

Synovus

Financial

Corp.

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

0.3‌

Builders

FirstSource

,

Inc.

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

0.3‌

Ingredion,

Inc.

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

0.3‌

aaa

aa

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

7

Fund

Summary

Fund

Summary

as

of

February

28,

2023

Investment

Objective

The

iShares

ESG

Aware

MSCI

USA Value

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

large-

and

mid-capitalization

equities

that

exhibit

value

characteristics

as

well

as

positive

environmental,

social

and

governance

characteristics,

as

represented

by

the

MSCI

USA

Value

Extended

ESG Focus

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

January

31,

2023.

The

first

day

of

secondary

market

trading

was

February

2,

2023.

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

Cumulative

Total

Returns

Since

Inception

Fund

NAV

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

(3.85

)

%

Fund

Market

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

–

%

(3.75

)

Index

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

(3.85

)

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(01/31/23)

(a)

Ending

Account

Value

(02/28/23)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(09/01/22)

Ending

Account

Value

(02/28/23)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

$

1,000.00

‌

$

961.50

‌

$

0.14

‌

$

1,000.00

‌

$

1,023.90

‌

$

0.90

‌

0.18

%

(a)

Commencement

of

operations.

(b)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

28/365

for

actual

expenses

and

181/365

for

hypothetical

expenses

(to

reflect

the

six

month

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)

Financials

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

17.4‌

%

Health

Care

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

17.0‌

Industrials

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

12.3‌

Information

Technology

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

11.9‌

Consumer

Staples

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

11.2‌

Energy

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

8.3‌

Utilities

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

5.0‌

Materials

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

5.0‌

Consumer

Discretionary

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

4.5‌

Real

Estate

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

4.3‌

Communication

Services

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

3.1‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

UnitedHealth

Group,

Inc.

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

2.9‌

%

JPMorgan

Chase

&

Co.

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

2.4‌

Exxon

Mobil

Corp.

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

2.3‌

Coca-Cola

Co.

(The)

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

2.2‌

Johnson

&

Johnson

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

2.0‌

PepsiCo,

Inc.

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

1.8‌

Merck

&

Co.,

Inc.

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

1.7‌

Procter

&

Gamble

Co.

(The)

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

1.7‌

Chevron

Corp.

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

1.6‌

Bank

of

America

Corp.

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

1.5‌

      aaa

aa

iShares

®

ESG

MSCI

USA

Leaders

ETF

8

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

February

28,

2023

Investment

Objective

The

iShares

ESG

MSCI

USA

Leaders

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

large-

and

mid-capitalization

stocks

of

companies

with

high

environmental,

social,

and

governance

performance

relative

to

their

sector

peers,

as

determined

by

the

index

provider,

as

represented

by

the

MSCI

USA

Extended

ESG

Leaders

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

May

7,

2019.

The

first

day

of

secondary

market

trading

was

May

9,

2019.

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

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

1.84

%

(8.61

)

%

10.81

%

(8.61

)

%

47.93

%

Fund

Market

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

1.70

(8.52

)

10.79

–

%

(8.52

)

47.86

Index

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

1.90

(8.52

)

10.91

(8.52

)

48.45

‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(09/01/22)

Ending

Account

Value

(02/28/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(09/01/22)

Ending

Account

Value

(02/28/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,018.40

‌

$

0.50

‌

$

1,000.00

‌

$

1,024.30

‌

$

0.50

‌

0.10

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(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

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

28.6‌

%

Health

Care

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

14.9‌

Financials

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

11.6‌

Consumer

Discretionary

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

10.9‌

Industrials

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

8.8‌

Communication

Services

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

8.6‌

Consumer

Staples

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

6.8‌

Materials

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

3.1‌

Real

Estate

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

2.8‌

Energy

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

2.6‌

Utilities

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

1.3‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Microsoft

Corp.

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

10.2‌

%

NVIDIA

Corp.

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

3.3‌

Tesla,

Inc.

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

3.2‌

Alphabet,

Inc.,

Class

A

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

3.1‌

Alphabet,

Inc.,

Class

C,

NVS

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

2.9‌

Johnson

&

Johnson

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

2.3‌

Visa,

Inc.,

Class

A

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

2.1‌

Procter

&

Gamble

Co.

(The)

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

1.9‌

Mastercard,

Inc.,

Class

A

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

1.8‌

Home

Depot,

Inc.

(The)

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

1.7‌

      aaa

aa

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

9

Fund

Summary

Fund

Summary

as

of

February

28,

2023

Investment

Objective

The

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

large-

and

mid-capitalization

stocks

that

is

designed

to

be

compatible

with

the

objectives

of

the

Paris

Agreement

by,

in

aggregate,

following

a

decarbonization

trajectory,

reducing

exposure

to

climate-related

transition

and

physical

risks

and

increasing

exposure

to

companies

favorably

positioned

for

the

transition

to

a

low-carbon

economy,

as

represented

by

the

MSCI

USA

Climate

Paris

Aligned

Benchmark

Extended

Select

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

The

inception

date

of

the

Fund

was

February

8,

2022.

The

first

day

of

secondary

market

trading

was

February

10,

2022.

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

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

0.12

%

(10.49

)

%

(12.67

)

%

(10.49

)

%

(13.32

)

%

Fund

Market

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

0.14

(10.35

)

(12.57

)

–

%

(10.35

)

(13.21

)

Index

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

0.14

(10.44

)

(12.57

)

(10.44

)

(13.26

)

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(09/01/22)

Ending

Account

Value

(02/28/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(09/01/22)

Ending

Account

Value

(02/28/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,001.20

‌

$

0.50

‌

$

1,000.00

‌

$

1,024.30

‌

$

0.50

‌

0.10

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(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

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

32.3‌

%

Health

Care

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

17.5‌

Consumer

Discretionary

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

12.2‌

Financials

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

11.8‌

Industrials

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

7.2‌

Real

Estate

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

7.0‌

Communication

Services

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

6.6‌

Consumer

Staples

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

2.4‌

Materials

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

1.8‌

Utilities

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

1.2‌

Energy

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

0.0‌

(b)

a

a

(a)

Excludes

money

market

funds.

(b)

Rounds

to

less

than

0.1%.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Apple,

Inc.

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

8.0‌

%

Microsoft

Corp.

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

6.1‌

Amazon.com,

Inc.

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

2.5‌

Tesla,

Inc.

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

2.2‌

NVIDIA

Corp.

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

2.1‌

Alphabet,

Inc.,

Class

C,

NVS

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

1.8‌

Sherwin-Williams

Co.

(The)

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

1.7‌

McDonald's

Corp.

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

1.5‌

Visa,

Inc.,

Class

A

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

1.3‌

Prologis,

Inc.

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

1.3‌

aaa

aa

About

Fund

Performance

10

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

Aware

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

February

28,

2023

(Percentages

shown

are

based

on

Net

Assets)

11

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 1.5%

Axon

Enterprise,

Inc.

(a)

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

109,108

$

21,855,424

Huntington

Ingalls

Industries,

Inc.

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

236,397

50,872,634

L3Harris

Technologies,

Inc.

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

283,405

59,852,302

Raytheon

Technologies

Corp.

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

1,427,219

139,995,912

Textron,

Inc.

(b)

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

265,970

19,290,804

291,867,076

a

Air

Freight

&

Logistics

 — 0.9%

CH

Robinson

Worldwide,

Inc.

(b)

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

304,923

30,480,103

Expeditors

International

of

Washington,

Inc.

.......

479,740

50,161,614

FedEx

Corp.

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

93,650

19,031,553

United

Parcel

Service,

Inc.,

Class

B

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

368,538

67,254,500

166,927,770

a

Auto

Components

 — 0.2%

Aptiv

PLC

(a)(b)

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

283,478

32,962,822

a

Automobiles

 — 1.8%

General

Motors

Co.

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

459,927

17,817,572

Rivian

Automotive,

Inc.,

Class

A

(a)(b)

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

958,561

18,500,227

Tesla,

Inc.

(a)

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

1,475,052

303,432,947

339,750,746

a

Banks

 — 3.9%

Bank

of

America

Corp.

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

4,448,326

152,577,582

Citigroup,

Inc.

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

1,317,376

66,777,789

First

Republic

Bank

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

151,642

18,653,482

Huntington

Bancshares,

Inc.

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

2,502,833

38,343,402

JPMorgan

Chase

&

Co.

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

1,617,413

231,856,154

PNC

Financial

Services

Group,

Inc.

(The)

........

440,601

69,579,710

Regions

Financial

Corp.

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

2,757,622

64,307,745

Truist

Financial

Corp.

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

774,120

36,344,934

U.S.

Bancorp

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

446,546

21,313,641

Wells

Fargo

&

Co.

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

1,166,937

54,577,643

754,332,082

a

Beverages

 — 2.4%

Coca-Cola

Co.

(The)

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

3,724,387

221,638,270

Keurig

Dr

Pepper,

Inc.

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

1,213,205

41,916,233

Molson

Coors

Beverage

Co.,

Class

B

...........

494,748

26,315,646

PepsiCo,

Inc.

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

977,208

169,574,904

459,445,053

a

Biotechnology

 — 2.4%

AbbVie,

Inc.

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

801,835

123,402,406

Alnylam

Pharmaceuticals,

Inc.

(a)

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

100,097

19,163,571

Amgen,

Inc.

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

363,197

84,138,217

Biogen,

Inc.

(a)

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

132,507

35,758,339

Gilead

Sciences,

Inc.

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

1,034,910

83,341,302

Horizon

Therapeutics

PLC

(a)

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

180,846

19,800,829

Moderna,

Inc.

(a)

(b)

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

151,456

21,023,607

Regeneron

Pharmaceuticals,

Inc.

(a)(b)

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

57,224

43,514,274

Vertex

Pharmaceuticals,

Inc.

(a)

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

121,726

35,335,841

465,478,386

a

Building

Products

 — 1.3%

Allegion

PLC

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

166,962

18,818,287

Carrier

Global

Corp.

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

857,947

38,633,353

Fortune

Brands

Innovations,

Inc.

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

565,492

35,032,229

Johnson

Controls

International

PLC

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

1,105,923

69,363,491

Owens

Corning

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

194,957

19,064,845

Trane

Technologies

PLC

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

397,183

73,466,940

254,379,145

a

Security

Shares

Value

a

Capital

Markets

 — 3.5%

Ameriprise

Financial,

Inc.

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

100,822

$

34,568,839

Bank

of

New

York

Mellon

Corp.

(The)

...........

836,496

42,560,916

BlackRock,

Inc.

(c)

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

73,823

50,895,791

Charles

Schwab

Corp.

(The)

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

690,316

53,789,423

FactSet

Research

Systems,

Inc.

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

51,879

21,506,439

Goldman

Sachs

Group,

Inc.

(The)

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

214,584

75,458,463

Intercontinental

Exchange,

Inc.

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

185,042

18,837,275

Invesco

Ltd.

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

1,073,851

18,964,209

LPL

Financial

Holdings,

Inc.

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

79,869

19,932,108

MarketAxess

Holdings,

Inc.

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

55,138

18,826,870

Moody's

Corp.

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

158,312

45,934,227

Morgan

Stanley

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

1,119,424

108,024,416

Nasdaq,

Inc.

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

751,727

42,141,816

Northern

Trust

Corp.

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

208,875

19,899,521

S&P

Global,

Inc.

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

215,878

73,657,574

State

Street

Corp.

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

371,188

32,916,952

677,914,839

a

Chemicals

 — 1.9%

Corteva,

Inc.

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

315,906

19,677,785

Dow,

Inc.

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

696,598

39,845,406

DuPont

de

Nemours,

Inc.

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

262,668

19,182,644

Ecolab,

Inc.

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

550,196

87,684,736

International

Flavors

&

Fragrances,

Inc.

..........

342,566

31,927,151

Linde

PLC

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

248,888

86,705,113

Mosaic

Co.

(The)

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

394,774

20,998,029

PPG

Industries,

Inc.

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

282,631

37,324,250

Sherwin-Williams

Co.

(The)

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

87,298

19,323,412

362,668,526

a

Commercial

Services

&

Supplies

 — 0.2%

Cintas

Corp.

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

44,912

19,692,565

Waste

Management,

Inc.

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

129,145

19,340,755

39,033,320

a

Communications

Equipment

 — 0.9%

Arista

Networks,

Inc.

(a)(b)

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

139,915

19,406,210

Cisco

Systems,

Inc.

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

2,374,687

114,982,345

Motorola

Solutions,

Inc.

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

119,579

31,426,557

165,815,112

a

Construction

&

Engineering

 — 0.1%

Quanta

Services,

Inc.

(b)

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

135,898

21,933,937

a

Consumer

Finance

 — 0.7%

American

Express

Co.

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

464,639

80,842,540

Discover

Financial

Services

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

242,479

27,157,648

Synchrony

Financial

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

992,037

35,425,641

143,425,829

a

Containers

&

Packaging

 — 0.5%

Amcor

PLC

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

3,807,766

42,418,513

Avery

Dennison

Corp.

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

121,671

22,167,240

Ball

Corp.

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

408,343

22,952,960

International

Paper

Co.

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

513,031

18,669,198

106,207,911

a

Distributors

 — 0.4%

LKQ

Corp.

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

988,649

56,639,701

Pool

Corp.

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

50,870

18,153,468

74,793,169

a

Diversified

Financial

Services

 — 0.4%

Berkshire

Hathaway,

Inc.,

Class

B

(a)

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

266,542

81,343,288

a

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

iShares

®

ESG

Aware

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

12

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Diversified

Telecommunication

Services

 — 0.9%

AT&T,

Inc.

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

3,628,512

$

68,615,162

Verizon

Communications,

Inc.

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

2,784,746

108,075,992

176,691,154

a

Electric

Utilities

 — 1.1%

Eversource

Energy

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

914,826

68,941,287

Exelon

Corp.

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

948,513

38,310,440

NextEra

Energy,

Inc.

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

1,394,902

99,079,889

206,331,616

a

Electrical

Equipment

 — 0.2%

Eaton

Corp.

PLC

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

113,856

19,916,830

Rockwell

Automation,

Inc.

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

66,995

19,758,835

39,675,665

a

Electronic

Equipment,

Instruments

&

Components

 — 0.4%

Keysight

Technologies,

Inc.

(a)

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

254,671

40,737,173

Trimble,

Inc.

(a)

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

549,938

28,629,772

69,366,945

a

Energy

Equipment

&

Services

 — 0.5%

Baker

Hughes

Co.,

Class

A

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

847,381

25,929,858

Halliburton

Co.

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

513,818

18,615,626

Schlumberger

Ltd.

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

932,613

49,624,338

94,169,822

a

Entertainment

 — 1.3%

Electronic

Arts,

Inc.

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

268,124

29,745,677

Netflix,

Inc.

(a)

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

228,271

73,532,937

Walt

Disney

Co.

(The)

(a)

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

1,241,618

123,677,569

Warner

Bros

Discovery,

Inc.,

Series

A

(a)(b)

.........

1,454,729

22,722,867

249,679,050

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 2.7%

Alexandria

Real

Estate

Equities,

Inc.

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

122,358

18,326,781

American

Tower

Corp.

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

363,029

71,883,372

AvalonBay

Communities,

Inc.

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

110,054

18,986,516

Boston

Properties,

Inc.

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

277,749

18,187,005

Crown

Castle,

Inc.

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

390,266

51,027,280

Digital

Realty

Trust,

Inc.

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

257,222

26,810,249

Equinix,

Inc.

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

89,180

61,379,919

Healthpeak

Properties,

Inc.

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

763,607

18,372,384

Iron

Mountain,

Inc.

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

372,895

19,670,211

Prologis,

Inc.

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

644,128

79,485,395

SBA

Communications

Corp.,

Class

A

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

69,195

17,945,723

Ventas,

Inc.

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

795,116

38,682,393

Welltower,

Inc.

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

717,355

53,170,353

Weyerhaeuser

Co.

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

754,842

23,588,813

517,516,394

a

Food

&

Staples

Retailing

 — 0.9%

Costco

Wholesale

Corp.

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

241,799

117,074,240

Kroger

Co.

(The)

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

829,731

35,794,595

Sysco

Corp.

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

317,648

23,687,012

176,555,847

a

Food

Products

 — 2.0%

Archer-Daniels-Midland

Co.

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

460,583

36,662,407

Bunge

Ltd.

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

380,228

36,311,774

Campbell

Soup

Co.

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

389,523

20,457,748

Conagra

Brands,

Inc.

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

565,622

20,594,297

Darling

Ingredients,

Inc.

(a)

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

292,717

18,520,204

General

Mills,

Inc.

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

1,240,162

98,605,281

Hormel

Foods

Corp.

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

444,402

19,722,561

Kellogg

Co.

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

1,152,143

75,972,309

McCormick

&

Co.,

Inc.,

NVS

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

266,764

19,825,900

Security

Shares

Value

a

Food

Products

(continued)

Mondelez

International,

Inc.,

Class

A

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

561,259

$

36,582,862

383,255,343

a

Gas

Utilities

 — 0.2%

UGI

Corp.

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

830,347

30,913,819

a

Health

Care

Equipment

&

Supplies

 — 2.4%

Abbott

Laboratories

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

984,775

100,171,313

Baxter

International,

Inc.

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

498,065

19,897,697

Becton

Dickinson

and

Co.

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

108,216

25,382,063

Cooper

Companies,

Inc.

(The)

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

127,049

41,541,212

Dexcom,

Inc.

(a)

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

259,644

28,823,080

Edwards

Lifesciences

Corp.

(a)

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

628,412

50,549,461

Hologic,

Inc.

(a)

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

262,211

20,882,484

IDEXX

Laboratories,

Inc.

(a)(b)

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

74,662

35,333,045

Insulet

Corp.

(a)(b)

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

83,281

23,015,537

Intuitive

Surgical,

Inc.

(a)

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

183,471

42,086,413

Medtronic

PLC

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

322,055

26,666,154

ResMed,

Inc.

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

92,679

19,740,627

STERIS

PLC

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

124,544

23,418,008

457,507,094

a

Health

Care

Providers

&

Services

 — 3.3%

Cigna

Corp.

(The)

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

232,348

67,868,851

CVS

Health

Corp.

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

541,723

45,255,539

DaVita,

Inc.

(a)

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

237,629

19,547,362

Elevance

Health,

Inc.

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

176,141

82,728,143

HCA

Healthcare,

Inc.

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

128,818

31,360,742

Humana,

Inc.

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

46,418

22,977,838

Laboratory

Corp.

of

America

Holdings

...........

105,312

25,207,480

McKesson

Corp.

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

54,494

19,062,546

Molina

Healthcare,

Inc.

(a)

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

67,660

18,628,828

Quest

Diagnostics,

Inc.

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

273,846

37,889,333

UnitedHealth

Group,

Inc.

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

564,990

268,901,341

639,428,003

a

Health

Care

Technology

 — 0.1%

Veeva

Systems,

Inc.,

Class

A

(a)(b)

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

114,564

18,978,672

a

Hotels,

Restaurants

&

Leisure

 — 1.9%

Airbnb,

Inc.,

Class

A

(a)(b)

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

142,185

17,528,567

Booking

Holdings,

Inc.

(a)

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

26,376

66,573,024

Caesars

Entertainment,

Inc.

(a)

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

379,901

19,283,775

Chipotle

Mexican

Grill,

Inc.

(a)(b)

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

13,096

19,527,184

Hilton

Worldwide

Holdings,

Inc.

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

462,412

66,823,158

Las

Vegas

Sands

Corp.

(a)

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

348,872

20,049,674

McDonald's

Corp.

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

178,354

47,069,404

Starbucks

Corp.

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

802,011

81,877,303

Vail

Resorts,

Inc.

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

113,464

26,492,709

365,224,798

a

Household

Products

 — 1.5%

Clorox

Co.

(The)

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

131,271

20,404,764

Colgate-Palmolive

Co.

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

677,664

49,672,771

Kimberly-Clark

Corp.

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

394,831

49,373,617

Procter

&

Gamble

Co.

(The)

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

1,206,592

165,978,795

285,429,947

a

Industrial

Conglomerates

 — 1.0%

3M

Co.

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

652,901

70,343,554

General

Electric

Co.

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

540,786

45,809,982

Honeywell

International,

Inc.

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

428,989

82,142,814

198,296,350

a

iShares

®

ESG

Aware

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

(Percentages

shown

are

based

on

Net

Assets)

13

Schedule

of

Investments

Security

Shares

Value

a

Insurance

 — 1.9%

Allstate

Corp.

(The)

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

145,369

$

18,720,620

Arch

Capital

Group

Ltd.

(a)

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

335,584

23,490,880

Assurant,

Inc.

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

115,546

14,719,405

Chubb

Ltd.

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

162,624

34,316,917

Hartford

Financial

Services

Group,

Inc.

(The)

......

255,837

20,026,920

Marsh

&

McLennan

Companies,

Inc.

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

304,307

49,340,337

Progressive

Corp.

(The)

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

395,400

56,747,808

Prudential

Financial,

Inc.

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

912,814

91,281,400

Travelers

Companies,

Inc.

(The)

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

366,252

67,800,570

376,444,857

a

Interactive

Media

&

Services

 — 3.8%

Alphabet,

Inc.,

Class

A

(a)

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

2,988,017

269,100,811

Alphabet,

Inc.,

Class

C,

NVS

(a)

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

2,985,500

269,590,650

Meta

Platforms,

Inc.,

Class

A

(a)

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

1,025,153

179,340,266

ZoomInfo

Technologies,

Inc.

(a)(b)

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

750,875

18,148,649

736,180,376

a

Internet

&

Direct

Marketing

Retail

 — 2.6%

Amazon.com,

Inc.

(a)

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

4,987,568

469,978,533

MercadoLibre,

Inc.

(a)

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

28,670

34,977,400

504,955,933

a

IT

Services

 — 4.9%

Accenture

PLC,

Class

A

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

387,705

102,955,063

Akamai

Technologies,

Inc.

(a)

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

348,482

25,299,793

Automatic

Data

Processing,

Inc.

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

509,707

112,043,793

Block,

Inc.,

Class

A

(a)

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

252,103

19,343,863

Fidelity

National

Information

Services,

Inc.

........

608,937

38,588,338

Fiserv,

Inc.

(a)(b)

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

341,271

39,276,879

Gartner,

Inc.

(a)

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

57,297

18,782,530

GoDaddy,

Inc.,

Class

A

(a)

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

249,599

18,897,140

International

Business

Machines

Corp.

..........

656,725

84,914,542

Mastercard,

Inc.,

Class

A

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

489,913

174,061,190

MongoDB,

Inc.,

Class

A

(a)

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

91,214

19,111,157

PayPal

Holdings,

Inc.

(a)

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

531,432

39,113,395

Snowflake,

Inc.,

Class

A

(a)(b)

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

124,934

19,287,311

Twilio,

Inc.,

Class

A

(a)

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

335,322

22,536,992

VeriSign,

Inc.

(a)

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

95,571

18,811,240

Visa,

Inc.,

Class

A

(b)

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

905,420

199,138,075

952,161,301

a

Leisure

Products

 — 0.2%

Hasbro,

Inc.

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

720,871

39,655,114

a

Life

Sciences

Tools

&

Services

 — 2.1%

Agilent

Technologies,

Inc.

(b)

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

380,085

53,960,667

Avantor,

Inc.

(a)

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

813,464

19,824,118

Danaher

Corp.

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

505,614

125,154,633

Illumina,

Inc.

(a)

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

106,126

21,140,299

IQVIA

Holdings,

Inc.

(a)

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

88,502

18,450,012

Mettler-Toledo

International,

Inc.

(a)

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

14,311

20,517,824

Repligen

Corp.

(a)

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

100,068

17,448,857

Thermo

Fisher

Scientific,

Inc.

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

139,223

75,425,452

Waters

Corp.

(a)

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

100,368

31,203,408

West

Pharmaceutical

Services,

Inc.

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

61,992

19,653,324

402,778,594

a

Machinery

 — 2.2%

Caterpillar,

Inc.

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

262,234

62,818,155

Cummins,

Inc.

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

299,142

72,715,437

Deere

&

Co.

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

146,189

61,288,276

Dover

Corp.

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

175,181

26,259,632

Fortive

Corp.

(b)

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

355,777

23,716,095

IDEX

Corp.

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

180,377

40,581,217

Illinois

Tool

Works,

Inc.

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

83,474

19,462,798

Security

Shares

Value

a

Machinery

(continued)

Ingersoll

Rand,

Inc.

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

345,433

$

20,059,294

Pentair

PLC

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

956,250

53,492,625

Toro

Co.

(The)

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

174,027

19,219,542

Xylem,

Inc.

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

337,207

34,614,299

434,227,370

a

Media

 — 0.6%

Comcast

Corp.,

Class

A

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

2,394,805

89,014,902

Interpublic

Group

of

Companies,

Inc.

(The)

.......

532,884

18,938,697

Paramount

Global,

Class

B,

NVS

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

843,559

18,069,034

126,022,633

a

Metals

&

Mining

 — 0.5%

Freeport-McMoRan,

Inc.

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

642,140

26,308,476

Newmont

Corp.

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

571,939

24,942,260

Nucor

Corp.

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

139,868

23,419,498

Steel

Dynamics,

Inc.

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

157,103

19,812,259

94,482,493

a

Multiline

Retail

 — 0.4%

Dollar

Tree,

Inc.

(a)

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

134,990

19,611,347

Target

Corp.

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

354,061

59,659,279

79,270,626

a

Multi-Utilities

 — 1.0%

Consolidated

Edison,

Inc.

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

662,108

59,159,350

Public

Service

Enterprise

Group,

Inc.

...........

1,836,833

110,999,818

Sempra

Energy

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

225,742

33,852,270

204,011,438

a

Oil,

Gas

&

Consumable

Fuels

 — 4.3%

Cheniere

Energy,

Inc.

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

269,766

42,444,982

Chevron

Corp.

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

931,523

149,760,953

ConocoPhillips

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

801,012

82,784,590

EOG

Resources,

Inc.

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

283,756

32,070,103

EQT

Corp.

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

622,774

20,663,641

Exxon

Mobil

Corp.

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

1,959,763

215,397,551

Hess

Corp.

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

540,975

72,869,333

Marathon

Petroleum

Corp.

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

260,092

32,147,371

Occidental

Petroleum

Corp.

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

317,171

18,573,534

ONEOK,

Inc.

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

1,149,658

75,245,116

Ovintiv,

Inc.

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

646,170

27,636,691

Phillips

66

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

220,733

22,638,377

Pioneer

Natural

Resources

Co.

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

91,673

18,372,186

Valero

Energy

Corp.

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

219,526

28,918,160

839,522,588

a

Personal

Products

 — 0.1%

Estee

Lauder

Companies,

Inc.

(The),

Class

A

......

79,443

19,308,621

a

Pharmaceuticals

 — 4.0%

Bristol-Myers

Squibb

Co.

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

1,357,320

93,600,787

Eli

Lilly

&

Co.

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

448,770

139,666,200

Johnson

&

Johnson

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

1,226,397

187,957,604

Merck

&

Co.,

Inc.

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

1,547,571

164,413,943

Pfizer,

Inc.

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

2,955,323

119,897,454

Zoetis,

Inc.,

Class

A

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

419,272

70,018,424

775,554,412

a

Professional

Services

 — 0.2%

Leidos

Holdings,

Inc.

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

210,495

20,432,750

Robert

Half

International,

Inc.

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

239,117

19,277,612

39,710,362

a

Real

Estate

Management

&

Development

 — 0.3%

CBRE

Group,

Inc.,

Class

A

(a)

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

698,000

59,427,720

a

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

iShares

®

ESG

Aware

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

14

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Road

&

Rail

 — 0.8%

CSX

Corp.

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

637,206

$

19,428,411

JB

Hunt

Transport

Services,

Inc.

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

119,447

21,594,823

Norfolk

Southern

Corp.

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

100,567

22,609,473

Old

Dominion

Freight

Line,

Inc.

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

56,328

19,109,837

Uber

Technologies,

Inc.

(a)(b)

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

900,513

29,951,063

Union

Pacific

Corp.

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

231,136

47,909,870

160,603,477

a

Semiconductors

&

Semiconductor

Equipment

 — 5.7%

Advanced

Micro

Devices,

Inc.

(a)

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

887,325

69,725,999

Applied

Materials,

Inc.

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

597,389

69,386,732

Broadcom,

Inc.

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

152,892

90,862,187

Enphase

Energy,

Inc.

(a)

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

97,745

20,578,255

First

Solar,

Inc.

(a)

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

120,130

20,318,788

Intel

Corp.

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

2,952,488

73,605,526

Lam

Research

Corp.

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

140,898

68,477,837

Marvell

Technology,

Inc.

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

617,163

27,864,909

Micron

Technology,

Inc.

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

535,184

30,944,339

NVIDIA

Corp.

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

1,429,763

331,933,778

NXP

Semiconductors

NV

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

315,930

56,387,186

ON

Semiconductor

Corp.

(a)(b)

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

235,627

18,239,886

QUALCOMM,

Inc.

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

571,150

70,554,160

Texas

Instruments,

Inc.

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

848,898

145,543,562

Wolfspeed,

Inc.

(a)(b)

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

245,366

18,152,177

1,112,575,321

a

Software

 — 9.6%

Adobe,

Inc.

(a)

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

349,769

113,307,668

ANSYS,

Inc.

(a)

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

93,583

28,412,735

Autodesk,

Inc.

(a)

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

274,419

54,524,311

Black

Knight,

Inc.

(a)

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

307,478

18,325,689

Cadence

Design

Systems,

Inc.

(a)

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

237,566

45,835,984

Ceridian

HCM

Holding,

Inc.

(a)

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

261,308

19,057,192

Gen

Digital,

Inc.

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

928,479

18,114,625

HubSpot,

Inc.

(a)(b)

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

54,769

21,187,935

Intuit,

Inc.

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

176,167

71,731,679

Microsoft

Corp.

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

4,119,108

1,027,387,917

Oracle

Corp.

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

807,369

70,564,051

Palo

Alto

Networks,

Inc.

(a)

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

115,111

21,683,459

PTC,

Inc.

(a)

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

175,623

22,010,830

Roper

Technologies,

Inc.

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

52,882

22,749,836

Salesforce,

Inc.

(a)

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

661,155

108,171,570

ServiceNow,

Inc.

(a)

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

136,892

59,160,616

Splunk,

Inc.

(a)

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

185,106

18,973,365

Synopsys,

Inc.

(a)

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

134,829

49,045,397

VMware,

Inc.,

Class

A

(a)

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

211,802

23,325,754

Workday,

Inc.,

Class

A

(a)(b)

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

232,080

43,043,878

1,856,614,491

a

Specialty

Retail

 — 2.2%

AutoZone,

Inc.

(a)

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

7,711

19,173,710

Best

Buy

Co.,

Inc.

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

454,171

37,746,152

Home

Depot,

Inc.

(The)

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

655,228

194,301,311

Lowe's

Companies,

Inc.

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

404,894

83,306,941

TJX

Companies,

Inc.

(The)

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

504,423

38,638,802

Security

Shares

Value

a

Specialty

Retail

(continued)

Tractor

Supply

Co.

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

126,643

$

29,540,746

Ulta

Beauty,

Inc.

(a)

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

37,289

19,345,533

422,053,195

a

Technology

Hardware,

Storage

&

Peripherals

 — 7.0%

Apple,

Inc.

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

8,474,802

1,249,270,563

Hewlett

Packard

Enterprise

Co.

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

3,381,437

52,784,231

HP,

Inc.

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

931,405

27,495,076

Seagate

Technology

Holdings

PLC

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

281,059

18,145,169

1,347,695,039

a

Textiles,

Apparel

&

Luxury

Goods

 — 0.5%

Lululemon

Athletica,

Inc.

(a)

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

68,421

21,155,773

Nike,

Inc.,

Class

B

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

562,443

66,812,604

VF

Corp.

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

732,285

18,175,314

106,143,691

a

Trading

Companies

&

Distributors

 — 0.7%

Ferguson

PLC

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

372,166

53,629,121

United

Rentals,

Inc.

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

61,982

29,040,426

WW

Grainger,

Inc.

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

83,425

55,763,773

138,433,320

a

Water

Utilities

 — 0.2%

Essential

Utilities,

Inc.

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

815,440

34,884,523

a

Wireless

Telecommunication

Services

 — 0.1%

T-Mobile

U.S.,

Inc.

(a)

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

135,101

19,208,660

a

Total

Long-Term

Investments — 99.3%

(Cost:

$19,570,649,456)

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

19,229,225,685

a

Short-Term

Securities

Money

Market

Funds

 — 

0.6%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

4.81%

(c)(d)(e)

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

39,750,800

39,774,651

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.41%

(c)(d)

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

70,844,519

70,844,519

a

Total

Short-Term

Securities — 0.6%

(Cost:

$110,598,482)

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

110,619,170

Total

Investments

—

99.9%

(Cost:

$19,681,247,938)

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

19,339,844,855

Other

Assets

Less

Liabilities

—

0.1%

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

16,627,655

Net

Assets

—

100.0%

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

$

19,356,472,510

(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

®

ESG

Aware

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

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: 

For

the period

ended

February

28,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

28,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/23

  Shares

Held

at

02/28/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

182,787,820

‌

$

—

‌

$

(143,015,432

)

(a)

$

80,119

‌

$

(77,856

)

$

39,774,651

‌

39,750,800

‌

$

285,002

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

92,176,498

‌

—

‌

(21,331,979

)

(a)

—

‌

—

‌

70,844,519

‌

70,844,519

‌

1,450,052

‌

56

‌

BlackRock,

Inc.

...

117,271,979

‌

4,580,319

‌

(74,506,085

)

(9,493,278

)

13,042,856

‌

50,895,791

‌

73,823

‌

1,540,260

‌

—

‌

$

(9,413,159

)

$

12,965,000

‌

$

161,514,961

‌

$

3,275,314

‌

$

56

‌

(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

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

602

03/17/23

$

119,663

$

(429,489

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

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

$

—

$

—

$

429,489

$

—

$

—

$

—

$

429,489

(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

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

$

—

$

—

$

(1,007,937

)

$

—

$

—

$

—

$

(1,007,937

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

723,886

$

—

$

—

$

—

$

723,886

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

iShares

®

ESG

Aware

MSCI

USA

ETF

16

2023

iShares

Semi-Annual

Report

to

Shareholders

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

108,602,213

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

19,229,225,685

‌

$

—

‌

$

—

‌

$

19,229,225,685

‌

Short-Term

Securities

Money

Market

Funds

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

110,619,170

‌

—

‌

—

‌

110,619,170

‌

$

19,339,844,855

‌

$

—

‌

$

—

‌

$

19,339,844,855

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

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

$

(429,489

)

$

—

‌

$

—

‌

$

(429,489

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

ESG

Aware

MSCI

USA

Growth

ETF

Schedule

of

Investments

(unaudited)

February

28,

2023

(Percentages

shown

are

based

on

Net

Assets)

17

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.2

%

Axon

Enterprise,

Inc.

(a)

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

44

$

8,814

a

Auto

Components

 — 

0

.2

%

Aptiv

PLC

(a)

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

77

8,954

a

Automobiles

 — 

3

.4

%

Lucid

Group,

Inc.

(a)

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

389

3,552

Rivian

Automotive,

Inc.

,

Class

A

(a)

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

250

4,825

Tesla,

Inc.

(a)

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

614

126,306

134,683

a

Beverages

 — 

0

.1

%

Brown-Forman

Corp.

,

Class

B

,

NVS

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

63

4,087

a

Biotechnology

 — 

1

.3

%

Alnylam

Pharmaceuticals,

Inc.

(a)

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

43

8,232

Horizon

Therapeutics

PLC

(a)

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

76

8,321

Incyte

Corp.

(a)

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

72

5,543

Moderna,

Inc.

(a)

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

55

7,635

Regeneron

Pharmaceuticals,

Inc.

(a)

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

14

10,646

Vertex

Pharmaceuticals,

Inc.

(a)

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

46

13,353

53,730

a

Building

Products

 — 

1

.3

%

Allegion

PLC

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

97

10,933

Lennox

International,

Inc.

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

16

4,077

Trane

Technologies

PLC

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

210

38,844

53,854

a

Capital

Markets

 — 

2

.0

%

FactSet

Research

Systems,

Inc.

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

21

8,706

LPL

Financial

Holdings,

Inc.

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

17

4,243

MarketAxess

Holdings,

Inc.

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

21

7,170

Moody's

Corp.

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

48

13,927

Nasdaq,

Inc.

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

272

15,248

S&P

Global,

Inc.

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

89

30,367

79,661

a

Chemicals

 — 

1

.0

%

Ecolab,

Inc.

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

223

35,539

Sherwin-Williams

Co.

(The)

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

19

4,206

39,745

a

Communications

Equipment

 — 

0

.3

%

Arista

Networks,

Inc.

(a)

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

33

4,577

Motorola

Solutions,

Inc.

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

31

8,147

12,724

a

Construction

&

Engineering

 — 

0

.2

%

Quanta

Services,

Inc.

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

60

9,684

a

Consumer

Finance

 — 

0

.8

%

American

Express

Co.

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

180

31,318

a

Containers

&

Packaging

 — 

0

.5

%

Avery

Dennison

Corp.

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

43

7,834

Ball

Corp.

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

200

11,242

19,076

a

Distributors

 — 

0

.2

%

Pool

Corp.

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

20

7,137

a

Electrical

Equipment

 — 

0

.1

%

Plug

Power,

Inc.

(a)

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

261

3,881

a

Security

Shares

Value

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.8

%

Keysight

Technologies,

Inc.

(a)

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

118

$

18,875

Trimble,

Inc.

(a)

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

257

13,380

32,255

a

Energy

Equipment

&

Services

 — 

0

.5

%

Schlumberger

Ltd.

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

369

19,634

a

Entertainment

 — 

2

.2

%

Electronic

Arts,

Inc.

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

90

9,985

Netflix,

Inc.

(a)

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

87

28,025

Walt

Disney

Co.

(The)

(a)

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

515

51,299

89,309

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 

1

.5

%

American

Tower

Corp.

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

79

15,643

Equinix,

Inc.

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

36

24,778

SBA

Communications

Corp.

,

Class

A

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

16

4,149

Welltower,

Inc.

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

219

16,232

60,802

a

Food

&

Staples

Retailing

 — 

1

.2

%

Costco

Wholesale

Corp.

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

87

42,124

Sysco

Corp.

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

78

5,816

47,940

a

Food

Products

 — 

0

.4

%

Darling

Ingredients,

Inc.

(a)

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

95

6,011

Hershey

Co.

(The)

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

22

5,243

Lamb

Weston

Holdings,

Inc.

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

54

5,434

16,688

a

Health

Care

Equipment

&

Supplies

 — 

2

.2

%

Cooper

Companies,

Inc.

(The)

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

49

16,022

Dexcom,

Inc.

(a)

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

86

9,547

Edwards

Lifesciences

Corp.

(a)

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

210

16,892

Hologic,

Inc.

(a)

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

82

6,530

IDEXX

Laboratories,

Inc.

(a)

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

28

13,251

Insulet

Corp.

(a)

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

32

8,843

Intuitive

Surgical,

Inc.

(a)

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

43

9,864

Novocure

Ltd.

(a)

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

48

3,695

ResMed,

Inc.

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

19

4,047

88,691

a

Health

Care

Providers

&

Services

 — 

2

.0

%

DaVita,

Inc.

(a)

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

113

9,295

Elevance

Health,

Inc.

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

86

40,392

HCA

Healthcare,

Inc.

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

30

7,303

Humana,

Inc.

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

23

11,385

McKesson

Corp.

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

11

3,848

Molina

Healthcare,

Inc.

(a)

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

29

7,985

80,208

a

Hotels,

Restaurants

&

Leisure

 — 

2

.5

%

Booking

Holdings,

Inc.

(a)

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

10

25,240

Caesars

Entertainment,

Inc.

(a)

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

98

4,975

Chipotle

Mexican

Grill,

Inc.

(a)

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

2

2,982

Hilton

Worldwide

Holdings,

Inc.

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

197

28,469

Las

Vegas

Sands

Corp.

(a)

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

73

4,195

Starbucks

Corp.

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

225

22,970

Vail

Resorts,

Inc.

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

53

12,375

101,206

a

Household

Products

 — 

0

.7

%

Church

&

Dwight

Co.,

Inc.

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

51

4,273

Colgate-Palmolive

Co.

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

310

22,723

26,996

a

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

iShares

®

ESG

Aware

MSCI

USA

Growth

ETF

(Percentages

shown

are

based

on

Net

Assets)

18

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Industrial

Conglomerates

 — 

0

.3

%

General

Electric

Co.

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

146

$

12,368

a

Insurance

 — 

0

.5

%

Marsh

&

McLennan

Companies,

Inc.

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

32

5,188

Progressive

Corp.

(The)

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

96

13,778

18,966

a

Interactive

Media

&

Services

 — 

7

.4

%

Alphabet,

Inc.

,

Class

A

(a)

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

1,250

112,575

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

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

1,173

105,922

Meta

Platforms,

Inc.

,

Class

A

(a)

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

388

67,877

Snap,

Inc.

,

Class

A

,

NVS

(a)

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

386

3,918

ZoomInfo

Technologies,

Inc.

(a)

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

278

6,719

297,011

a

Internet

&

Direct

Marketing

Retail

 — 

5

.2

%

Amazon.com,

Inc.

(a)

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

2,062

194,302

MercadoLibre,

Inc.

(a)

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

11

13,420

207,722

a

IT

Services

 — 

7

.5

%

Accenture

PLC

,

Class

A

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

86

22,837

Akamai

Technologies,

Inc.

(a)

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

179

12,995

Automatic

Data

Processing,

Inc.

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

238

52,317

Block,

Inc.

,

Class

A

(a)

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

53

4,067

Gartner,

Inc.

(a)

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

15

4,917

GoDaddy,

Inc.

,

Class

A

(a)

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

71

5,376

Mastercard,

Inc.

,

Class

A

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

197

69,992

MongoDB,

Inc.

,

Class

A

(a)

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

31

6,495

Okta,

Inc.

,

Class

A

(a)

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

69

4,919

PayPal

Holdings,

Inc.

(a)

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

197

14,499

Snowflake,

Inc.

,

Class

A

(a)

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

45

6,947

Twilio,

Inc.

,

Class

A

(a)

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

141

9,477

VeriSign,

Inc.

(a)

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

29

5,708

Visa,

Inc.

,

Class

A

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

367

80,718

301,264

a

Life

Sciences

Tools

&

Services

 — 

3

.8

%

Agilent

Technologies,

Inc.

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

175

24,845

Avantor,

Inc.

(a)

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

410

9,992

Danaher

Corp.

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

207

51,239

Illumina,

Inc.

(a)

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

22

4,382

IQVIA

Holdings,

Inc.

(a)

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

20

4,169

Mettler-Toledo

International,

Inc.

(a)

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

5

7,168

Repligen

Corp.

(a)

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

25

4,359

Thermo

Fisher

Scientific,

Inc.

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

38

20,587

Waters

Corp.

(a)

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

56

17,410

West

Pharmaceutical

Services,

Inc.

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

20

6,341

150,492

a

Machinery

 — 

1

.1

%

Deere

&

Co.

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

48

20,124

IDEX

Corp.

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

42

9,449

Xylem,

Inc.

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

120

12,318

41,891

a

Media

 — 

0

.1

%

Charter

Communications,

Inc.

,

Class

A

(a)

.........

10

3,676

a

Multiline

Retail

 — 

0

.1

%

Dollar

Tree,

Inc.

(a)

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

28

4,068

a

Oil,

Gas

&

Consumable

Fuels

 — 

1

.2

%

Cheniere

Energy,

Inc.

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

106

16,678

Hess

Corp.

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

193

25,997

Security

Shares

Value

a

Oil,

Gas

&

Consumable

Fuels

(continued)

Ovintiv,

Inc.

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

139

$

5,945

48,620

a

Personal

Products

 — 

0

.1

%

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

19

4,618

a

Pharmaceuticals

 — 

2

.3

%

Eli

Lilly

&

Co.

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

185

57,576

Zoetis,

Inc.

,

Class

A

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

205

34,235

91,811

a

Professional

Services

 — 

0

.2

%

Robert

Half

International,

Inc.

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

76

6,127

a

Real

Estate

Management

&

Development

 — 

0

.7

%

CBRE

Group,

Inc.

,

Class

A

(a)

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

344

29,288

a

Road

&

Rail

 — 

1

.1

%

JB

Hunt

Transport

Services,

Inc.

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

74

13,379

Old

Dominion

Freight

Line,

Inc.

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

12

4,071

Uber

Technologies,

Inc.

(a)

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

336

11,175

Union

Pacific

Corp.

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

71

14,717

43,342

a

Semiconductors

&

Semiconductor

Equipment

 — 

5

.8

%

Advanced

Micro

Devices,

Inc.

(a)

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

349

27,424

Applied

Materials,

Inc.

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

137

15,913

Enphase

Energy,

Inc.

(a)

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

25

5,263

First

Solar,

Inc.

(a)

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

46

7,780

Lam

Research

Corp.

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

48

23,329

NVIDIA

Corp.

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

602

139,760

QUALCOMM,

Inc.

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

58

7,165

Wolfspeed,

Inc.

(a)

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

51

3,773

230,407

a

Software

 — 

18

.8

%

Adobe,

Inc.

(a)

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

161

52,156

ANSYS,

Inc.

(a)

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

41

12,448

Autodesk,

Inc.

(a)

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

129

25,631

Black

Knight,

Inc.

(a)

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

94

5,602

Cadence

Design

Systems,

Inc.

(a)

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

104

20,066

Ceridian

HCM

Holding,

Inc.

(a)

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

55

4,011

DocuSign,

Inc.

(a)

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

62

3,804

Fair

Isaac

Corp.

(a)

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

7

4,742

HubSpot,

Inc.

(a)

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

21

8,124

Intuit,

Inc.

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

71

28,910

Microsoft

Corp.

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

1,753

437,233

Oracle

Corp.

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

51

4,457

Palo

Alto

Networks,

Inc.

(a)

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

24

4,521

Paylocity

Holding

Corp.

(a)

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

20

3,852

PTC,

Inc.

(a)

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

82

10,277

Salesforce,

Inc.

(a)

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

276

45,156

ServiceNow,

Inc.

(a)

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

57

24,634

Splunk,

Inc.

(a)

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

73

7,483

Synopsys,

Inc.

(a)

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

51

18,552

VMware,

Inc.

,

Class

A

(a)

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

85

9,361

Workday,

Inc.

,

Class

A

(a)

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

117

21,700

752,720

a

Specialty

Retail

 — 

3

.0

%

AutoZone,

Inc.

(a)

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

2

4,973

Burlington

Stores,

Inc.

(a)

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

20

4,285

Home

Depot,

Inc.

(The)

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

294

87,183

Tractor

Supply

Co.

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

67

15,628

iShares

®

ESG

Aware

MSCI

USA

Growth

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

(Percentages

shown

are

based

on

Net

Assets)

19

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.

Security

Shares

Value

a

Specialty

Retail

(continued)

Ulta

Beauty,

Inc.

(a)

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

15

$

7,782

119,851

a

Technology

Hardware,

Storage

&

Peripherals

 — 

12

.8

%

Apple,

Inc.

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

3,487

514,019

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.7

%

Lululemon

Athletica,

Inc.

(a)

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

23

7,111

Nike,

Inc.

,

Class

B

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

182

21,620

28,731

a

Trading

Companies

&

Distributors

 — 

1

.6

%

Ferguson

PLC

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

188

27,091

United

Rentals,

Inc.

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

13

6,091

WW

Grainger,

Inc.

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

44

29,411

62,593

a

Total

Long-Term

Investments — 99.9%

(Cost:

$

4,062,080

)

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

4,000,662

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.1

%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.41

%

(b)

(c)

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

3,570

$

3,570

a

Total

Short-Term

Securities — 0.1%

(Cost:

$

3,570

)

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

3,570

Total

Investments

—

100.0%

(Cost:

$

4,065,650

)

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

4,004,232

Other

Assets

Less

Liabilities

—

0

.0

%

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

1,083

Net

Assets

—

100.0%

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

$

4,005,315

(a)

Non-income

producing

security.

(b)

Affiliate

of

the

Fund.

(c)

Annualized

7-day

yield

as

of

period

end.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

February

28,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

01/31/23

(a)

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/23

  Shares

Held

at

02/28/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.........

$

—

$

3,570

(b)

$

—

$

—

$

—

$

3,570

3,570

$

20

$

—

(a)

Commencement

of

operations.

(b)

Represents

net

amount

purchased

(sold).

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

4,000,662

‌

$

—

‌

$

—

‌

$

4,000,662

‌

Short-Term

Securities

Money

Market

Funds

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

3,570

‌

—

‌

—

‌

3,570

‌

$

4,004,232

‌

$

—

‌

$

—

‌

$

4,004,232

‌

Schedule

of

Investments

(unaudited)

February

28,

2023

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

20

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 1.6%

AeroVironment,

Inc.

(a)

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

9,538

$

817,788

BWX

Technologies,

Inc.

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

47,549

2,905,719

Curtiss-Wright

Corp.

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

17,815

3,113,884

Ducommun,

Inc.

(a)

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

14,384

773,859

Hexcel

Corp.

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

49,196

3,588,848

Kaman

Corp.,

Class

A

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

30,396

790,296

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

.......

76,367

966,043

Leonardo

DRS,

Inc.

(a)

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

56,810

738,530

Maxar

Technologies,

Inc.

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

32,710

1,684,565

Mercury

Systems,

Inc.

(a)

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

36,510

1,910,934

Moog,

Inc.,

Class

A

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

21,578

2,128,022

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

........

25,884

884,715

V2X,

Inc.

(a)

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

19,715

914,185

Virgin

Galactic

Holdings,

Inc.

(a)(b)

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

126,515

726,196

Woodward,

Inc.

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

14,598

1,445,202

23,388,786

a

Air

Freight

&

Logistics

 — 0.2%

GXO

Logistics,

Inc.

(a)

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

45,187

2,239,920

Hub

Group,

Inc.,

Class

A

(a)

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

10,061

922,895

3,162,815

a

Airlines

 — 0.2%

Alaska

Air

Group,

Inc.

(a)

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

44,529

2,129,822

Hawaiian

Holdings,

Inc.

(a)(b)

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

72,268

809,402

2,939,224

a

Auto

Components

 — 1.1%

Adient

PLC

(a)

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

21,246

907,629

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

....

75,380

663,344

Autoliv,

Inc.

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

12,236

1,132,809

Dana,

Inc.

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

65,968

1,044,933

Dorman

Products,

Inc.

(a)

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

8,741

813,175

Fox

Factory

Holding

Corp.

(a)(b)

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

8,876

1,042,930

Gentex

Corp.

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

26,644

760,686

Gentherm,

Inc.

(a)

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

18,003

1,143,371

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

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

64,146

728,699

LCI

Industries

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

17,780

2,005,762

Luminar

Technologies,

Inc.,

Class

A

(a)(b)

..........

112,769

1,009,283

Modine

Manufacturing

Co.

(a)

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

46,661

1,138,995

QuantumScape

Corp.,

Class

A

(a)

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

76,354

730,708

Visteon

Corp.

(a)

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

16,407

2,740,625

XPEL,

Inc.

(a)(b)

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

12,071

806,463

16,669,412

a

Automobiles

 — 0.6%

Fisker,

Inc.,

Class

A

(a)(b)

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

107,722

800,374

Harley-Davidson,

Inc.

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

78,622

3,738,476

Thor

Industries,

Inc.

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

23,634

2,150,458

Winnebago

Industries,

Inc.

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

23,889

1,518,385

Workhorse

Group,

Inc.

(a)(b)

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

350,614

722,265

8,929,958

a

Banks

 — 7.5%

Amalgamated

Financial

Corp.

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

45,936

1,081,793

Amerant

Bancorp,

Inc.,

Class

A

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

28,791

817,664

Ameris

Bancorp

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

33,686

1,612,549

Associated

Banc-Corp.

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

63,186

1,462,756

Atlantic

Union

Bankshares

Corp.

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

69,901

2,618,491

Banc

of

California,

Inc.

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

45,603

800,333

Bank

of

Hawaii

Corp.

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

49,420

3,699,581

Bank

OZK

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

70,946

3,265,644

Banner

Corp.

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

26,994

1,700,082

Berkshire

Hills

Bancorp,

Inc.

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

24,215

703,688

Security

Shares

Value

a

Banks

(continued)

BOK

Financial

Corp.

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

20,994

$

2,197,652

Byline

Bancorp,

Inc.

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

37,776

931,178

Cadence

Bank

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

69,173

1,837,235

Camden

National

Corp.

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

22,112

909,909

Columbia

Banking

System,

Inc.

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

35,234

1,047,507

Comerica,

Inc.

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

87,095

6,105,360

Commerce

Bancshares,

Inc.

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

13,759

910,158

Community

Bank

System,

Inc.

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

24,925

1,521,671

East

West

Bancorp,

Inc.

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

54,945

4,187,358

Eastern

Bankshares,

Inc.

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

73,780

1,156,870

Enterprise

Financial

Services

Corp.

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

18,047

982,840

First

Financial

Bancorp

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

46,051

1,134,697

First

Hawaiian,

Inc.

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

83,853

2,293,380

First

Interstate

BancSystem,

Inc.,

Class

A

........

70,906

2,519,999

FNB

Corp.

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

130,666

1,864,604

Fulton

Financial

Corp.

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

114,857

1,975,540

Glacier

Bancorp,

Inc.

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

91,099

4,316,271

Hancock

Whitney

Corp.

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

52,145

2,561,362

Hanmi

Financial

Corp.

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

22,353

527,978

Independent

Bank

Corp.

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

61,321

2,341,923

International

Bancshares

Corp.

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

36,133

1,753,535

National

Bank

Holdings

Corp.,

Class

A

..........

33,369

1,351,111

NBT

Bancorp,

Inc.

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

21,610

877,150

OceanFirst

Financial

Corp.

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

37,703

894,315

Old

National

Bancorp

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

159,478

2,817,976

PacWest

Bancorp

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

32,696

907,314

Park

National

Corp.

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

7,158

914,578

Pinnacle

Financial

Partners,

Inc.

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

36,810

2,727,253

Popular,

Inc.

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

23,220

1,657,908

Premier

Financial

Corp.

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

35,334

876,990

QCR

Holdings,

Inc.

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

17,236

921,954

Sandy

Spring

Bancorp,

Inc.

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

39,319

1,295,561

Seacoast

Banking

Corp.

of

Florida

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

28,489

869,199

ServisFirst

Bancshares,

Inc.

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

21,767

1,609,670

Southside

Bancshares,

Inc.

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

24,102

920,455

SouthState

Corp.

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

31,177

2,515,360

Synovus

Financial

Corp.

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

115,541

4,830,769

Texas

Capital

Bancshares,

Inc.

(a)

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

15,718

1,041,003

Trustmark

Corp.

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

23,223

682,756

UMB

Financial

Corp.

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

36,443

3,303,922

Umpqua

Holdings

Corp.

(a)

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

157,461

2,780,761

United

Bankshares,

Inc.

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

43,324

1,766,320

United

Community

Banks,

Inc.

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

34,109

1,129,349

Valley

National

Bancorp

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

251,120

2,907,970

Veritex

Holdings,

Inc.

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

4,591

122,396

Western

Alliance

Bancorp

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

45,202

3,355,797

Wintrust

Financial

Corp.

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

20,765

1,913,079

Zions

Bancorp

NA

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

67,514

3,417,559

109,248,083

a

Beverages

 — 0.2%

Boston

Beer

Co.,

Inc.

(The),

Class

A,

NVS

(a)(b)

......

2,209

715,274

Celsius

Holdings,

Inc.

(a)

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

14,325

1,300,710

MGP

Ingredients,

Inc.

(b)

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

7,740

785,146

2,801,130

a

Biotechnology

 — 4.5%

ACADIA

Pharmaceuticals,

Inc.

(a)

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

45,959

950,892

Agios

Pharmaceuticals,

Inc.

(a)

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

27,836

704,529

Akero

Therapeutics,

Inc.

(a)

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

16,711

760,518

Alector,

Inc.

(a)(b)

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

79,844

681,868

Alkermes

PLC

(a)

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

57,434

1,535,785

Allogene

Therapeutics,

Inc.

(a)(b)

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

107,169

680,523

AnaptysBio,

Inc.

(a)

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

28,958

721,054

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

(Percentages

shown

are

based

on

Net

Assets)

21

Schedule

of

Investments

Security

Shares

Value

a

Biotechnology

(continued)

Anavex

Life

Sciences

Corp.

(a)(b)

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

72,032

$

685,745

Apellis

Pharmaceuticals,

Inc.

(a)

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

27,568

1,805,153

Arcutis

Biotherapeutics,

Inc.

(a)(b)

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

45,152

730,559

Arrowhead

Pharmaceuticals,

Inc.

(a)(b)

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

34,651

1,119,227

Atara

Biotherapeutics,

Inc.

(a)

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

173,189

701,415

Avidity

Biosciences,

Inc.

(a)

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

31,208

739,630

Beam

Therapeutics,

Inc.

(a)

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

23,445

943,427

BioCryst

Pharmaceuticals,

Inc.

(a)

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

75,181

665,352

Blueprint

Medicines

Corp.

(a)

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

16,763

710,248

Bridgebio

Pharma,

Inc.

(a)

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

59,659

681,306

Caribou

Biosciences,

Inc.

(a)(b)

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

112,504

685,149

Celldex

Therapeutics,

Inc.

(a)

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

17,877

764,957

Cerevel

Therapeutics

Holdings,

Inc.

(a)

...........

26,494

707,125

Chinook

Therapeutics,

Inc.

(a)

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

34,509

752,986

Crinetics

Pharmaceuticals,

Inc.

(a)

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

37,688

740,192

CRISPR

Therapeutics

AG

(a)(b)

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

24,970

1,231,520

Cytokinetics,

Inc.

(a)(b)

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

30,115

1,305,786

Denali

Therapeutics,

Inc.

(a)

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

35,828

972,730

Dynavax

Technologies

Corp.

(a)

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

67,439

694,622

Exelixis,

Inc.

(a)

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

50,574

863,804

FibroGen,

Inc.

(a)

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

31,917

708,557

Halozyme

Therapeutics,

Inc.

(a)(b)

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

46,970

2,254,090

Ideaya

Biosciences,

Inc.

(a)

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

43,074

760,256

Immunovant,

Inc.

(a)

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

41,923

732,395

Inovio

Pharmaceuticals,

Inc.

(a)(b)

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

498,488

628,095

Insmed,

Inc.

(a)

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

37,647

767,246

Intellia

Therapeutics,

Inc.

(a)(b)

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

26,057

1,046,710

Ionis

Pharmaceuticals,

Inc.

(a)

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

22,580

810,622

Iovance

Biotherapeutics,

Inc.

(a)

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

107,897

786,569

IVERIC

bio,

Inc.

(a)

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

50,315

1,045,546

Karuna

Therapeutics,

Inc.

(a)

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

11,227

2,238,888

Keros

Therapeutics,

Inc.

(a)

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

13,874

738,374

Kezar

Life

Sciences,

Inc.

(a)(b)

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

118,065

742,629

Krystal

Biotech,

Inc.

(a)

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

10,038

822,212

Kura

Oncology,

Inc.

(a)

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

62,594

746,120

Kymera

Therapeutics,

Inc.

(a)(b)

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

23,238

729,208

Madrigal

Pharmaceuticals,

Inc.

(a)

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

3,727

1,010,054

MannKind

Corp.

(a)

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

139,656

737,384

Merus

NV

(a)(b)

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

41,523

791,844

Mirati

Therapeutics,

Inc.

(a)

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

18,474

846,848

Myovant

Sciences,

Ltd.

(a)(b)

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

27,726

747,493

Natera,

Inc.

(a)

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

31,808

1,544,278

Nurix

Therapeutics,

Inc.

(a)

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

75,966

716,359

Prometheus

Biosciences,

Inc.

(a)

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

9,381

1,148,141

Prothena

Corp.

PLC

(a)

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

21,008

1,171,406

PTC

Therapeutics,

Inc.

(a)

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

16,470

719,245

RAPT

Therapeutics,

Inc.

(a)

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

27,137

799,185

Replimune

Group,

Inc.

(a)

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

30,824

675,046

Rhythm

Pharmaceuticals,

Inc.

(a)

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

29,118

707,859

Rocket

Pharmaceuticals,

Inc.

(a)

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

39,679

762,234

Roivant

Sciences,

Ltd.

(a)

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

130,609

1,056,627

Sarepta

Therapeutics,

Inc.

(a)(b)

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

27,287

3,332,561

SpringWorks

Therapeutics,

Inc.

(a)

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

25,474

812,621

Syndax

Pharmaceuticals,

Inc.

(a)

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

29,359

744,251

TG

Therapeutics,

Inc.

(a)

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

40,984

656,564

Ultragenyx

Pharmaceutical,

Inc.

(a)

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

31,296

1,392,359

uniQure

NV

(a)

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

37,158

778,832

Vaxcyte,

Inc.

(a)(b)

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

29,474

1,207,550

Veracyte,

Inc.

(a)

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

29,495

725,872

Verve

Therapeutics,

Inc.

(a)(b)

..................

36,467

692,873

Vir

Biotechnology,

Inc.

(a)

....................

28,975

660,630

Viridian

Therapeutics,

Inc.

(a)

..................

22,882

749,614

Xencor,

Inc.

(a)(b)

..........................

30,639

984,431

Security

Shares

Value

a

Biotechnology

(continued)

Xenon

Pharmaceuticals,

Inc.

(a)(b)

...............

27,367

$

1,079,902

66,345,682

a

Building

Products

 — 1.3%

AAON,

Inc.

.............................

24,983

2,272,454

Advanced

Drainage

Systems,

Inc.

(b)

............

29,826

2,646,461

Armstrong

World

Industries,

Inc.

...............

29,672

2,339,637

AZEK

Co.,

Inc.

(The),

Class

A

(a)(b)

..............

48,126

1,159,355

Builders

FirstSource,

Inc.

(a)

..................

54,051

4,582,444

Gibraltar

Industries,

Inc.

(a)

...................

14,058

750,838

Resideo

Technologies,

Inc.

(a)

.................

109,443

2,007,185

Trex

Co.,

Inc.

(a)(b)

.........................

41,181

2,105,584

UFP

Industries,

Inc.

.......................

8,757

748,986

Zurn

Elkay

Water

Solutions

Corp.

..............

46,266

1,064,118

19,677,062

a

Capital

Markets

 — 1.9%

Affiliated

Managers

Group,

Inc.

...............

20,588

3,281,933

Artisan

Partners

Asset

Management,

Inc.,

Class

A

...

33,653

1,109,539

Cohen

&

Steers,

Inc.

......................

10,756

778,304

Cowen,

Inc.,

Class

A

(a)

.....................

18,190

709,228

Diamond

Hill

Investment

Group,

Inc.

............

4,393

767,018

Donnelley

Financial

Solutions,

Inc.

(a)

............

24,044

1,017,302

Evercore,

Inc.,

Class

A

.....................

6,983

916,030

Interactive

Brokers

Group,

Inc.,

Class

A

..........

28,714

2,472,562

Janus

Henderson

Group

PLC

................

179,693

4,934,370

Jefferies

Financial

Group,

Inc.

................

44,320

1,674,853

Morningstar,

Inc.

.........................

10,971

2,274,617

Open

Lending

Corp.

,

Class

A

(a)

................

86,474

612,236

Perella

Weinberg

Partners,

Class

A

.............

74,467

752,861

PJT

Partners,

Inc.,

Class

A

..................

12,143

957,840

Stifel

Financial

Corp.

......................

12,260

819,336

StoneX

Group,

Inc.

(a)

......................

8,804

887,707

Victory

Capital

Holdings,

Inc.

,

Class

A

...........

23,300

791,268

Virtu

Financial,

Inc.,

Class

A

..................

37,142

682,670

Virtus

Investment

Partners,

Inc.

...............

7,692

1,618,628

27,058,302

a

Chemicals

 — 2.3%

Ashland,

Inc.

............................

12,243

1,246,093

Avient

Corp.

............................

40,090

1,749,127

Axalta

Coating

Systems

Ltd.

(a)(b)

...............

147,847

4,405,841

Balchem

Corp.

..........................

14,459

1,879,670

Cabot

Corp.

............................

17,063

1,357,020

Chemours

Co.

(The)

.......................

57,826

1,976,493

Element

Solutions,

Inc.

.....................

49,553

1,017,819

Ginkgo

Bioworks

Holdings,

Inc.,

Class

A

(a)(b)

.......

424,127

623,467

Hawkins,

Inc.

...........................

18,867

767,321

HB

Fuller

Co.

...........................

16,961

1,183,199

Ingevity

Corp.

(a)

..........................

13,674

1,128,925

Innospec,

Inc.

...........................

17,280

1,891,469

Koppers

Holdings,

Inc.

.....................

30,780

1,104,694

Livent

Corp.

(a)

...........................

61,789

1,448,952

Minerals

Technologies,

Inc.

..................

23,002

1,397,372

Orion

Engineered

Carbons

SA

(b)

...............

62,388

1,590,894

Scotts

Miracle-Gro

Co.

(The),

Class

A

...........

12,359

1,019,618

Sensient

Technologies

Corp.

.................

15,201

1,146,003

Stepan

Co.

.............................

22,248

2,315,794

Trinseo

PLC

............................

33,191

769,367

Tronox

Holdings

PLC

......................

59,029

920,852

Valvoline,

Inc.

...........................

78,462

2,761,862

33,701,852

a

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

22

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Commercial

Services

&

Supplies

 — 1.1%

ABM

Industries,

Inc.

.......................

31,352

$

1,517,750

ACCO

Brands

Corp.

.......................

130,464

739,731

Deluxe

Corp.

............................

39,263

724,010

Healthcare

Services

Group,

Inc.

...............

56,720

752,674

HNI

Corp.

..............................

25,327

791,469

IAA,

Inc.

(a)

..............................

65,714

2,688,360

KAR

Auction

Services,

Inc.

(a)

.................

77,318

1,104,874

Liquidity

Services,

Inc.

(a)

....................

57,505

728,013

Matthews

International

Corp.,

Class

A

...........

30,189

1,152,012

MillerKnoll,

Inc.

..........................

43,663

1,042,236

Montrose

Environmental

Group,

Inc.

(a)

...........

18,372

894,533

MSA

Safety,

Inc.

.........................

10,274

1,380,312

Pitney

Bowes,

Inc.

........................

26,949

116,959

Tetra

Tech,

Inc.

..........................

13,086

1,791,343

VSE

Corp.

.............................

13,828

793,865

16,218,141

a

Communications

Equipment

 — 0.8%

ADTRAN

Holdings,

Inc.

....................

43,737

763,210

Calix,

Inc.

(a)

.............................

24,978

1,277,625

Ciena

Corp.

(a)

...........................

58,396

2,815,855

CommScope

Holding

Co.,

Inc.

(a)

...............

106,666

772,262

Digi

International,

Inc.

(a)

.....................

22,475

749,991

Harmonic,

Inc.

(a)

..........................

91,052

1,200,976

Infinera

Corp.

(a)(b)

.........................

162,690

1,150,218

Lumentum

Holdings,

Inc.

(a)

..................

25,079

1,349,501

Ribbon

Communications,

Inc.

(a)

...............

165,085

736,279

Viasat,

Inc.

(a)(b)

...........................

22,679

720,285

11,536,202

a

Construction

&

Engineering

 — 2.5%

Ameresco,

Inc.,

Class

A

(a)(b)

..................

13,477

592,314

API

Group

Corp.

(a)

........................

49,918

1,172,574

Arcosa,

Inc.

............................

17,869

1,082,861

Argan,

Inc.

.............................

20,512

797,096

Comfort

Systems

USA,

Inc.

..................

24,624

3,581,314

Dycom

Industries,

Inc.

(a)(b)

...................

10,457

880,584

EMCOR

Group,

Inc.

.......................

35,030

5,857,717

Fluor

Corp.

(a)

............................

39,186

1,436,951

Granite

Construction,

Inc.

...................

21,774

940,637

Great

Lakes

Dredge

&

Dock

Corp.

(a)

............

122,964

705,198

MasTec,

Inc.

(a)

...........................

22,380

2,186,974

MDU

Resources

Group,

Inc.

.................

164,998

5,255,186

MYR

Group,

Inc.

(a)

........................

22,933

2,765,949

Primoris

Services

Corp.

....................

37,448

1,029,820

Sterling

Infrastructure,

Inc.

(a)

.................

21,757

836,774

Valmont

Industries,

Inc.

.....................

8,129

2,579,576

WillScot

Mobile

Mini

Holdings

Corp.,

Class

A

(a)

.....

99,457

5,112,090

36,813,615

a

Construction

Materials

 — 0.2%

Summit

Materials,

Inc.,

Class

A

(a)

..............

104,837

3,096,885

a

Consumer

Finance

 — 0.8%

Bread

Financial

Holdings,

Inc.

................

18,136

744,846

Credit

Acceptance

Corp.

(a)(b)

..................

1,563

694,503

Encore

Capital

Group,

Inc.

(a)(b)

................

25,982

1,342,750

Green

Dot

Corp.,

Class

A

(a)

..................

13,074

247,491

OneMain

Holdings,

Inc.

.....................

46,509

2,004,073

PRA

Group,

Inc.

(a)

........................

37,850

1,610,896

PROG

Holdings,

Inc.

(a)

.....................

32,377

800,359

SLM

Corp.

.............................

145,003

2,085,143

SoFi

Technologies,

Inc.

(a)(b)

..................

167,057

1,102,576

Upstart

Holdings,

Inc.

(a)(b)

....................

39,892

738,401

11,371,038

a

Security

Shares

Value

a

Containers

&

Packaging

 — 1.0%

AptarGroup,

Inc.

.........................

32,033

$

3,738,892

Berry

Global

Group,

Inc.

....................

35,425

2,199,892

Graphic

Packaging

Holding

Co.

...............

168,602

4,012,728

Greif,

Inc.,

Class

A

........................

11,146

791,923

Greif,

Inc.,

Class

B

........................

11,253

925,897

Myers

Industries,

Inc.

......................

41,037

1,060,396

O-I

Glass,

Inc.

(a)

..........................

45,545

1,012,010

Sonoco

Products

Co.

......................

23,379

1,380,764

15,122,502

a

Diversified

Consumer

Services

 — 1.3%

2U,

Inc.

(a)

..............................

75,309

674,769

ADT,

Inc.

..............................

103,498

780,375

Adtalem

Global

Education,

Inc.

(a)

..............

18,713

732,052

Bright

Horizons

Family

Solutions,

Inc.

(a)

..........

28,397

2,238,819

Carriage

Services,

Inc.

.....................

28,300

959,936

Chegg,

Inc.

(a)

............................

88,767

1,410,508

Coursera,

Inc.

(a)

..........................

57,071

643,190

European

Wax

Center,

Inc.,

Class

A

(a)

...........

42,908

792,082

Frontdoor,

Inc.

(a)

..........................

44,488

1,256,786

Grand

Canyon

Education,

Inc.

(a)

...............

10,618

1,202,913

H&R

Block,

Inc.

..........................

58,664

2,158,835

Rover

Group,

Inc.,

Class

A

(a)(b)

................

188,349

787,299

Service

Corp.

International

..................

55,757

3,765,270

Stride,

Inc.

(a)

............................

19,797

840,779

18,243,613

a

Diversified

Financial

Services

 — 0.4%

A-Mark

Precious

Metals,

Inc.

.................

23,310

683,216

Jackson

Financial,

Inc.,

Class

A

...............

21,935

995,410

Voya

Financial,

Inc.

.......................

55,209

4,112,519

5,791,145

a

Diversified

Telecommunication

Services

 — 0

.7%

Bandwidth,

Inc.,

Class

A

(a)

...................

28,898

459,478

Cogent

Communications

Holdings,

Inc.

..........

21,521

1,393,269

Frontier

Communications

Parent,

Inc.

(a)(b)

.........

60,233

1,647,975

Globalstar,

Inc.

(a)(b)

........................

623,152

797,635

Iridium

Communications,

Inc.

(a)

................

57,502

3,528,898

Lumen

Technologies,

Inc.

(a)

..................

303,729

1,032,679

Radius

Global

Infrastructure,

Inc.,

Class

A

(a)(b)

......

69,100

941,833

9,801,767

a

Electric

Utilities

 — 0.3%

Hawaiian

Electric

Industries,

Inc.

..............

93,622

3,787,010

a

Electrical

Equipment

 — 1.7%

Acuity

Brands,

Inc.

........................

19,322

3,747,695

Array

Technologies,

Inc.

(a)

...................

41,255

773,119

Atkore,

Inc.

(a)

............................

18,592

2,714,804

AZZ,

Inc.

..............................

28,849

1,172,712

Blink

Charging

Co.

(a)(b)

......................

71,432

646,460

Bloom

Energy

Corp.,

Class

A

(a)

................

63,044

1,367,424

ChargePoint

Holdings,

Inc.,

Class

A

(a)(b)

..........

81,678

927,862

FREYR

Battery

SA

(a)(b)

.....................

84,461

766,906

FuelCell

Energy,

Inc.

(a)(b)

....................

207,135

691,831

nVent

Electric

PLC

........................

56,195

2,575,979

Regal

Rexnord

Corp.

......................

26,006

4,099,586

Shoals

Technologies

Group,

Inc.,

Class

A

(a)

.......

42,102

1,033,183

Stem,

Inc.

(a)(b)

...........................

77,000

628,320

SunPower

Corp.

(a)

........................

45,976

690,559

Sunrun,

Inc.

(a)(b)

..........................

80,050

1,924,402

Vertiv

Holdings

Co.,

Class

A

.................

106,654

1,733,127

25,493,969

a

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

(Percentages

shown

are

based

on

Net

Assets)

23

Schedule

of

Investments

Security

Shares

Value

a

Electronic

Equipment,

Instruments

&

Components

 — 3.4%

Advanced

Energy

Industries,

Inc.

(b)

.............

10,751

$

1,000,703

Avnet,

Inc.

.............................

61,957

2,770,098

Badger

Meter,

Inc.

........................

31,363

3,814,368

Belden,

Inc.

............................

16,856

1,422,309

Benchmark

Electronics,

Inc.

.................

52,704

1,253,828

Coherent

Corp.

(a)

.........................

39,809

1,716,962

CTS

Corp.

.............................

28,468

1,232,949

ePlus,

Inc.

(a)

............................

13,986

757,622

Fabrinet

(a)

..............................

8,379

1,021,149

Flex

Ltd.

(a)

..............................

233,714

5,319,331

Insight

Enterprises,

Inc.

(a)

...................

21,175

2,835,756

IPG

Photonics

Corp.

(a)

.....................

6,913

851,958

Itron,

Inc.

(a)

.............................

31,262

1,743,482

Jabil,

Inc.

..............................

35,304

2,931,291

Kimball

Electronics,

Inc.

(a)

...................

40,445

1,011,529

Knowles

Corp.

(a)

.........................

59,436

1,009,223

Littelfuse,

Inc.

...........................

9,343

2,417,314

Methode

Electronics,

Inc.

...................

28,340

1,381,008

Mirion

Technologies,

Inc.,

Class

A

(a)(b)

...........

95,185

864,280

National

Instruments

Corp.

..................

57,589

2,908,820

Novanta,

Inc.

(a)

..........................

17,491

2,744,513

OSI

Systems,

Inc.

(a)

.......................

9,398

869,785

PAR

Technology

Corp.

(a)(b)

...................

21,896

747,748

Plexus

Corp.

(a)

...........................

21,866

2,096,731

Rogers

Corp.

(a)

..........................

12,508

1,841,178

TD

SYNNEX

Corp.

........................

7,586

732,201

Vishay

Precision

Group,

Inc.

(a)

................

18,905

824,258

Vontier

Corp.

............................

52,483

1,373,480

49,493,874

a

Energy

Equipment

&

Services

 — 1.6%

Archrock,

Inc.

...........................

113,179

1,252,891

Cactus,

Inc.,

Class

A

......................

28,788

1,322,809

ChampionX

Corp.

........................

87,531

2,675,823

Core

Laboratories

NV

(b)

.....................

46,249

1,103,964

Dril-Quip,

Inc.

(a)

..........................

32,275

1,105,419

Expro

Group

Holdings

NV

(a)(b)

.................

39,907

907,086

Helmerich

&

Payne,

Inc.

....................

26,614

1,119,917

Liberty

Energy,

Inc.,

Class

A

.................

46,364

707,051

NexTier

Oilfield

Solutions,

Inc.

(a)

...............

76,461

698,089

Noble

Corp.

PLC,

Class

A

(a)

..................

22,897

954,576

NOV,

Inc.

..............................

163,890

3,585,913

Oceaneering

International,

Inc.

(a)

..............

50,518

1,055,321

Patterson-UTI

Energy,

Inc.

..................

53,310

730,347

TechnipFMC

PLC

(a)

.......................

234,657

3,587,905

Transocean,

Ltd.

(a)(b)

.......................

171,917

1,201,700

Weatherford

International

PLC

(a)

...............

27,356

1,822,457

23,831,268

a

Entertainment

 — 0.4%

AMC

Entertainment

Holdings,

Inc.,

Class

A

(a)(b)

.....

160,261

1,144,263

Cinemark

Holdings,

Inc.

(a)(b)

..................

64,042

871,612

IMAX

Corp.

(a)

...........................

52,399

966,238

Lions

Gate

Entertainment

Corp.,

Class

A

(a)

........

73,354

778,286

World

Wrestling

Entertainment,

Inc.,

Class

A

......

18,163

1,525,692

5,286,091

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 5.9%

Acadia

Realty

Trust

.......................

46,525

677,869

Alexander

&

Baldwin,

Inc.

...................

74,036

1,382,252

American

Assets

Trust,

Inc.

..................

42,083

1,061,754

Americold

Realty

Trust,

Inc.

..................

79,106

2,325,716

Apartment

Income

REIT

Corp.

................

49,791

1,882,100

Brandywine

Realty

Trust

....................

315,936

1,860,863

Brixmor

Property

Group,

Inc.

.................

180,241

4,080,656

Security

Shares

Value

a

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

City

Office

REIT,

Inc.

......................

82,421

$

697,282

Corporate

Office

Properties

Trust

..............

171,778

4,368,315

Cousins

Properties,

Inc.

....................

60,562

1,483,163

CubeSmart

.............................

78,125

3,671,094

DiamondRock

Hospitality

Co.

.................

86,041

750,277

Douglas

Emmett,

Inc.

......................

116,705

1,649,042

Easterly

Government

Properties,

Inc.

...........

98,964

1,494,356

Elme

Communities

........................

76,315

1,420,222

Empire

State

Realty

Trust,

Inc.,

Class

A

..........

99,271

723,686

EPR

Properties

..........................

24,799

1,012,791

Essential

Properties

Realty

Trust,

Inc.

...........

85,725

2,208,276

Federal

Realty

Investment

Trust

...............

38,657

4,127,794

First

Industrial

Realty

Trust,

Inc.

...............

25,008

1,319,172

Four

Corners

Property

Trust,

Inc.

..............

35,884

974,251

Highwoods

Properties,

Inc.

..................

89,464

2,370,796

Hudson

Pacific

Properties,

Inc.

................

126,338

1,166,100

Innovative

Industrial

Properties,

Inc.

............

8,533

754,403

iStar,

Inc.

..............................

90,720

698,544

JBG

SMITH

Properties

.....................

106,172

1,831,467

Kilroy

Realty

Corp.

........................

61,158

2,202,911

Kite

Realty

Group

Trust

.....................

77,572

1,684,864

Life

Storage,

Inc.

.........................

33,961

4,092,980

Macerich

Co.

(The)

.......................

125,261

1,496,869

National

Retail

Properties,

Inc.

................

84,896

3,847,487

Omega

Healthcare

Investors,

Inc.

..............

106,932

2,864,708

Outfront

Media,

Inc.

.......................

77,950

1,360,227

Park

Hotels

&

Resorts,

Inc.

..................

97,753

1,344,104

Phillips

Edison

&

Co.,

Inc.

(b)

..................

25,820

880,204

Physicians

Realty

Trust

.....................

217,461

3,224,947

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

........

111,962

1,024,452

PotlatchDeltic

Corp.

.......................

38,503

1,777,298

Rayonier,

Inc.

...........................

25,442

854,342

Rexford

Industrial

Realty,

Inc.

................

58,371

3,529,111

Ryman

Hospitality

Properties,

Inc.

.............

23,869

2,214,327

Sabra

Health

Care

REIT,

Inc.

.................

91,402

1,088,598

SITE

Centers

Corp.

.......................

104,543

1,397,740

SL

Green

Realty

Corp.

.....................

30,146

1,026,471

STAG

Industrial,

Inc.

......................

37,370

1,257,127

Sunstone

Hotel

Investors,

Inc.

................

72,481

766,124

Uniti

Group,

Inc.

.........................

307,544

1,688,417

Xenia

Hotels

&

Resorts,

Inc.

.................

62,912

883,284

86,498,833

a

Food

&

Staples

Retailing

 — 1.4%

Andersons,

Inc.

(The)

......................

20,116

917,893

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

............

49,061

3,522,580

Casey's

General

Stores,

Inc.

.................

21,160

4,400,222

Chefs'

Warehouse,

Inc.

(The)

(a)

...............

21,305

693,478

Grocery

Outlet

Holding

Corp.

(a)

................

24,817

671,300

PriceSmart,

Inc.

..........................

13,994

975,662

SpartanNash

Co.

.........................

32,077

858,380

Sprouts

Farmers

Market,

Inc.

(a)

................

93,874

2,843,443

U.S.

Foods

Holding

Corp.

(a)

..................

109,772

4,119,743

United

Natural

Foods,

Inc.

(a)

..................

31,440

1,280,551

20,283,252

a

Food

Products

 — 1.3%

B&G

Foods,

Inc.

.........................

60,774

770,006

Cal-Maine

Foods,

Inc.

......................

14,257

809,798

Flowers

Foods,

Inc.

.......................

121,400

3,384,632

Fresh

Del

Monte

Produce,

Inc.

................

27,317

854,476

Freshpet,

Inc.

(a)(b)

.........................

24,132

1,500,528

Hain

Celestial

Group,

Inc.

(The)

(a)

(b)

.............

66,976

1,194,182

Hostess

Brands,

Inc.,

Class

A

(a)(b)

..............

32,979

814,581

Ingredion,

Inc.

...........................

45,775

4,550,035

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

24

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Food

Products

(continued)

Lancaster

Colony

Corp.

....................

3,848

$

738,739

Mission

Produce,

Inc.

(a)

.....................

62,572

720,829

Post

Holdings,

Inc.

(a)

.......................

11,235

1,010,701

Simply

Good

Foods

Co.

(The)

(a)(b)

..............

20,248

775,296

TreeHouse

Foods,

Inc.

(a)(b)

...................

28,651

1,397,882

Vital

Farms,

Inc.

(a)

........................

50,006

808,097

19,329,782

a

Gas

Utilities

 — 1.1%

Chesapeake

Utilities

Corp.

..................

5,003

640,834

National

Fuel

Gas

Co.

.....................

40,107

2,297,329

New

Jersey

Resources

Corp.

.................

73,056

3,728,048

Northwest

Natural

Holding

Co.

................

35,346

1,708,626

ONE

Gas,

Inc.

...........................

45,667

3,660,667

Southwest

Gas

Holdings,

Inc.

................

30,447

1,918,465

Spire,

Inc.

..............................

29,042

2,044,557

15,998,526

a

Health

Care

Equipment

&

Supplies

 — 3.0%

Alphatec

Holdings,

Inc.

(a)

....................

69,720

1,032,553

AngioDynamics,

Inc.

(a)

.....................

57,705

714,388

Artivion,

Inc.

(a)

...........................

56,978

754,389

AtriCure,

Inc.

(a)

..........................

25,819

994,031

Cardiovascular

Systems,

Inc.

(a)

................

38,253

753,967

Cerus

Corp.

(a)

...........................

248,265

710,038

CONMED

Corp.

..........................

11,197

1,077,039

Embecta

Corp.

..........................

24,965

797,632

Envista

Holdings

Corp.

(a)

....................

53,344

2,062,279

Establishment

Labs

Holdings,

Inc.

(a)(b)

...........

11,764

843,008

Glaukos

Corp.

(a)

..........................

19,814

935,815

Globus

Medical,

Inc.,

Class

A

(a)

...............

15,052

878,134

Haemonetics

Corp.

(a)

......................

22,330

1,736,604

Heska

Corp.

(a)

...........................

9,088

740,036

Inari

Medical,

Inc.

(a)

.......................

21,077

1,185,792

Inogen,

Inc.

(a)

...........................

32,870

515,073

Inspire

Medical

Systems,

Inc.

(a)

...............

9,015

2,343,269

Integer

Holdings

Corp.

(a)

....................

10,741

805,360

Integra

LifeSciences

Holdings

Corp.

(a)(b)

..........

22,598

1,256,901

iRhythm

Technologies,

Inc.

(a)

.................

10,770

1,267,414

Lantheus

Holdings,

Inc.

(a)

...................

21,139

1,563,440

LivaNova

PLC

(a)

..........................

16,773

793,698

Merit

Medical

Systems,

Inc.

(a)

.................

32,884

2,320,953

Neogen

Corp.

(a)

..........................

46,692

825,981

Nevro

Corp.

(a)

...........................

19,088

600,127

Orthofix

Medical,

Inc.

(a)

.....................

35,916

739,870

Outset

Medical,

Inc.

(a)(b)

.....................

30,701

700,290

Paragon

28,

Inc.

(a)

........................

42,422

747,051

Penumbra,

Inc.

(a)

.........................

14,240

3,702,258

QuidelOrtho

Corp.

(a)

.......................

16,914

1,470,503

Shockwave

Medical,

Inc.

(a)(b)

.................

13,342

2,538,182

SI-BONE,

Inc.

(a)

..........................

45,906

907,791

Sight

Sciences,

Inc.

(a)

......................

62,787

689,401

Silk

Road

Medical,

Inc.

(a)

....................

14,190

751,928

STAAR

Surgical

Co.

(a)

......................

15,886

879,925

Tandem

Diabetes

Care,

Inc.

(a)

................

29,921

1,072,967

TransMedics

Group,

Inc.

(a)

...................

11,369

910,316

Treace

Medical

Concepts,

Inc.

(a)

...............

34,365

737,473

Varex

Imaging

Corp.

(a)

.....................

40,827

722,230

44,078,106

a

Health

Care

Providers

&

Services

 — 2.9%

Acadia

Healthcare

Co.,

Inc.

(a)

.................

32,780

2,376,878

Accolade,

Inc.

(a)

..........................

63,774

708,529

AdaptHealth

Corp.

(a)

.......................

33,211

531,044

Addus

HomeCare

Corp.

(a)

...................

7,226

785,033

Security

Shares

Value

a

Health

Care

Providers

&

Services

(continued)

Agiliti,

Inc.

(a)(b)

...........................

44,102

$

840,584

agilon

health,

Inc.

(a)(b)

......................

70,455

1,494,350

Amedisys,

Inc.

(a)

.........................

13,802

1,269,094

AMN

Healthcare

Services,

Inc.

(a)

...............

19,416

1,747,634

Apollo

Medical

Holdings,

Inc.

(a)

................

21,634

755,027

Brookdale

Senior

Living,

Inc.

(a)

................

243,176

785,458

Castle

Biosciences,

Inc.

(a)

...................

29,081

732,260

Chemed

Corp.

...........................

4,198

2,189,593

CorVel

Corp.

(a)

...........................

7,132

1,285,757

Cross

Country

Healthcare,

Inc.

(a)

..............

27,705

732,797

Encompass

Health

Corp.

...................

45,167

2,552,839

Enhabit,

Inc.

(a)

...........................

47,957

736,140

Ensign

Group,

Inc.

(The)

....................

17,860

1,598,113

Fulgent

Genetics,

Inc.

(a)(b)

...................

22,723

745,087

Guardant

Health,

Inc.

(a)(b)

....................

27,002

834,092

HealthEquity,

Inc.

(a)

........................

21,674

1,412,494

ModivCare,

Inc.

(a)

.........................

7,675

753,608

National

Research

Corp.

....................

26,350

1,189,966

Oak

Street

Health,

Inc.

(a)(b)

...................

34,797

1,231,814

Option

Care

Health,

Inc.

(a)

...................

46,186

1,416,525

Owens

&

Minor,

Inc.

(a)

......................

43,227

662,670

Patterson

Companies,

Inc.

..................

51,262

1,359,468

Premier,

Inc.,

Class

A

......................

80,238

2,582,861

Privia

Health

Group,

Inc.

(a)

...................

39,846

1,112,899

Progyny,

Inc.

(a)

...........................

30,153

1,132,547

R1

RCM,

Inc.

(a)

..........................

107,645

1,528,559

RadNet,

Inc.

(a)

...........................

35,970

848,352

Select

Medical

Holdings

Corp.

................

28,921

786,362

Signify

Health,

Inc.,

Class

A

(a)(b)

...............

36,892

1,062,121

Surgery

Partners,

Inc.

(a)

....................

21,082

705,193

Tenet

Healthcare

Corp.

(a)

....................

26,165

1,531,437

42,017,185

a

Health

Care

Technology

 — 0.3%

Doximity,

Inc.,

Class

A

(a)

....................

26,622

895,298

NextGen

Healthcare,

Inc.

(a)

..................

40,942

741,460

Teladoc

Health,

Inc.

(a)(b)

.....................

75,262

1,993,690

Veradigm,

Inc.

(a)

..........................

42,589

707,403

4,337,851

a

Hotels,

Restaurants

&

Leisure

 — 3.0%

Accel

Entertainment,

Inc.,

Class

A

(a)

............

105,083

961,509

Boyd

Gaming

Corp.

.......................

23,896

1,556,346

Brinker

International,

Inc.

(a)

..................

32,485

1,234,430

Cheesecake

Factory,

Inc.

(The)

...............

19,370

725,213

Churchill

Downs,

Inc.

(b)

.....................

9,519

2,339,580

Dave

&

Buster's

Entertainment,

Inc.

(a)

...........

17,319

693,106

Denny's

Corp.

(a)

..........................

59,595

695,474

Dine

Brands

Global,

Inc.

....................

9,986

765,627

DraftKings,

Inc.,

Class

A

(a)

...................

128,840

2,429,922

Everi

Holdings,

Inc.

(a)

......................

78,607

1,492,747

Hilton

Grand

Vacations,

Inc.

(a)

................

58,757

2,805,059

Hyatt

Hotels

Corp.,

Class

A

(a)(b)

................

16,286

1,893,085

Jack

in

the

Box,

Inc.

.......................

9,186

720,182

Light

&

Wonder,

Inc.

(a)

......................

28,034

1,755,209

Marriott

Vacations

Worldwide

Corp.

.............

16,837

2,575,893

Norwegian

Cruise

Line

Holdings

Ltd.

(a)(b)

.........

138,545

2,053,237

Penn

Entertainment,

Inc.

(a)

...................

47,839

1,460,525

Planet

Fitness,

Inc.,

Class

A

(a)

................

41,545

3,367,222

Playa

Hotels

&

Resorts

NV

(a)

.................

99,224

885,078

SeaWorld

Entertainment,

Inc.

(a)(b)

..............

27,650

1,786,190

Shake

Shack,

Inc.,

Class

A

(a)

.................

13,445

750,097

Six

Flags

Entertainment

Corp.

(a)

...............

33,105

873,972

Texas

Roadhouse,

Inc.

.....................

12,011

1,219,597

Travel

+

Leisure

Co.

.......................

43,431

1,821,930

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

(Percentages

shown

are

based

on

Net

Assets)

25

Schedule

of

Investments

Security

Shares

Value

a

Hotels,

Restaurants

&

Leisure

(continued)

Wendy's

Co.

(The)

........................

83,542

$

1,834,582

Wingstop,

Inc.

...........................

11,118

1,893,951

Wyndham

Hotels

&

Resorts,

Inc.

..............

43,727

3,367,854

43,957,617

a

Household

Durables

 — 1.6%

Cavco

Industries,

Inc.

(a)

.....................

2,646

754,110

Century

Communities,

Inc.

..................

21,780

1,302,662

Ethan

Allen

Interiors,

Inc.

...................

29,142

861,146

Helen

of

Troy

Ltd.

(a)

.......................

11,710

1,319,600

Installed

Building

Products,

Inc.

...............

8,776

1,012,575

iRobot

Corp.

(a)

...........................

19,569

804,090

KB

Home

..............................

42,807

1,509,803

Leggett

&

Platt,

Inc.

.......................

81,088

2,796,725

LGI

Homes,

Inc.

(a)

........................

6,718

700,755

MDC

Holdings,

Inc.

.......................

21,927

811,299

Meritage

Homes

Corp.

.....................

15,832

1,729,329

Skyline

Champion

Corp.

(a)

...................

17,475

1,195,465

Sonos,

Inc.

(a)(b)

...........................

56,501

1,097,814

Taylor

Morrison

Home

Corp.

(a)

................

40,307

1,444,200

Tempur

Sealy

International,

Inc.

...............

30,723

1,313,101

Toll

Brothers,

Inc.

.........................

15,181

909,949

TopBuild

Corp.

(a)

.........................

13,224

2,745,170

Tri

Pointe

Homes,

Inc.

(a)

....................

39,009

929,975

23,237,768

a

Household

Products

 — 0.1%

Spectrum

Brands

Holdings,

Inc.

...............

12,481

799,033

WD-40

Co.

.............................

4,276

741,587

1,540,620

a

Independent

Power

and

Renewable

Electricity

Producers

 — 0.7%

Clearway

Energy,

Inc.,

Class

A

................

26,946

800,566

Clearway

Energy,

Inc.,

Class

C

...............

73,994

2,324,151

Montauk

Renewables,

Inc.

(a)(b)

................

70,358

693,730

NextEra

Energy

Partners,

LP

.................

45,346

3,004,626

Ormat

Technologies,

Inc.

(b)

..................

22,608

1,910,828

Sunnova

Energy

International,

Inc.

(a)(b)

...........

52,569

934,677

9,668,578

a

Insurance

 — 2.8%

Argo

Group

International

Holdings,

Ltd.

..........

35,598

1,034,122

Assured

Guaranty

Ltd.

.....................

16,722

1,043,620

Axis

Capital

Holdings

Ltd.

...................

46,120

2,800,406

CNO

Financial

Group,

Inc.

...................

136,391

3,494,337

Employers

Holdings,

Inc.

....................

10,148

450,673

First

American

Financial

Corp.

................

48,728

2,766,776

Genworth

Financial,

Inc.,

Class

A

(a)

.............

111,625

695,424

Hanover

Insurance

Group,

Inc.

(The)

...........

21,289

2,969,390

Horace

Mann

Educators

Corp.

................

23,179

856,696

Kemper

Corp.

...........................

24,476

1,507,722

Kinsale

Capital

Group,

Inc.

..................

6,120

1,950,444

Lincoln

National

Corp.

.....................

51,069

1,619,909

Primerica,

Inc.

...........................

18,399

3,531,504

ProAssurance

Corp.

.......................

30,564

607,918

Reinsurance

Group

of

America,

Inc.

............

25,927

3,745,674

RenaissanceRe

Holdings

Ltd.

................

14,941

3,210,821

Ryan

Specialty

Holdings,

Inc.,

Class

A

(a)(b)

........

28,604

1,204,800

Selective

Insurance

Group,

Inc.

...............

38,655

3,924,642

Trupanion,

Inc.

(a)

.........................

13,106

778,234

Unum

Group

............................

68,526

3,052,833

41,245,945

a

Interactive

Media

&

Services

 — 0.4%

Bumble,

Inc.,

Class

A

(a)

.....................

32,505

785,971

TripAdvisor,

Inc.

(a)

........................

33,350

719,359

Security

Shares

Value

a

Interactive

Media

&

Services

(continued)

Vimeo,

Inc.

(a)

............................

176,936

$

677,665

Yelp,

Inc.

(a)

.............................

30,883

927,108

Ziff

Davis,

Inc.

(a)

..........................

26,507

2,093,523

5,203,626

a

Internet

&

Direct

Marketing

Retail

 — 0.1%

Wayfair,

Inc.,

Class

A

(a)(b)

....................

21,133

855,675

a

IT

Services

 — 1.7%

Affirm

Holdings,

Inc.,

Class

A

(a)

................

54,819

746,635

Concentrix

Corp.

.........................

16,989

2,324,775

CSG

Systems

International,

Inc.

...............

35,815

2,012,803

DigitalOcean

Holdings,

Inc.

(a)(b)

................

21,035

672,699

DXC

Technology

Co.

(a)

.....................

88,816

2,463,756

Euronet

Worldwide,

Inc.

(a)

...................

7,743

842,826

EVERTEC,

Inc.

..........................

22,034

811,072

ExlService

Holdings,

Inc.

(a)

..................

14,301

2,352,657

Fastly,

Inc.,

Class

A

(a)

......................

49,740

690,889

Kyndryl

Holdings,

Inc.

(a)

.....................

59,170

928,377

Marqeta,

Inc.,

Class

A

(a)

....................

123,859

718,382

Maximus,

Inc.

...........................

11,644

955,739

Perficient,

Inc.

(a)

..........................

9,902

701,062

Shift4

Payments,

Inc.,

Class

A

(a)

...............

14,501

935,314

Squarespace,

Inc.,

Class

A

(a)

.................

32,272

755,488

Verra

Mobility

Corp.,

Class

A

(a)

................

46,470

800,678

Western

Union

Co.

(The)

...................

182,109

2,360,133

WEX,

Inc.

(a)

.............................

20,888

4,027,415

25,100,700

a

Leisure

Products

 — 0.8%

Brunswick

Corp.

.........................

23,755

2,076,662

Malibu

Boats,

Inc.,

Class

A

(a)

.................

13,148

785,724

Mattel,

Inc.

(a)

............................

126,243

2,271,112

Peloton

Interactive,

Inc.,

Class

A

(a)

.............

68,650

886,958

Polaris,

Inc.

.............................

13,619

1,549,161

Topgolf

Callaway

Brands

Corp.

(a)

..............

96,514

2,237,195

YETI

Holdings,

Inc.

(a)

......................

40,560

1,581,029

11,387,841

a

Life

Sciences

Tools

&

Services

 — 0.7%

10X

Genomics,

Inc.,

Class

A

(a)(b)

...............

22,872

1,086,878

Adaptive

Biotechnologies

Corp.

(a)

..............

78,864

674,287

Azenta,

Inc.

(a)

...........................

23,033

1,010,918

Bruker

Corp.

............................

12,181

839,515

CryoPort,

Inc.

(a)

..........................

35,420

767,197

Medpace

Holdings,

Inc.

(a)

...................

6,753

1,309,272

NeoGenomics,

Inc.

(a)

......................

71,915

1,211,768

Pacific

Biosciences

of

California,

Inc.

(a)

..........

69,055

627,019

Sotera

Health

Co.

(a)

.......................

43,077

718,955

Syneos

Health,

Inc.,

Class

A

(a)

................

42,160

1,695,675

9,941,484

a

Machinery

 — 4.2%

AGCO

Corp.

............................

23,799

3,351,137

Alamo

Group,

Inc.

........................

8,655

1,578,585

Allison

Transmission

Holdings,

Inc.

.............

51,608

2,451,380

Altra

Industrial

Motion

Corp.

.................

27,622

1,699,582

Astec

Industries,

Inc.

......................

16,464

741,374

Barnes

Group,

Inc.

........................

20,758

874,742

Chart

Industries,

Inc.

(a)(b)

....................

15,854

2,116,509

Columbus

McKinnon

Corp.

..................

22,679

841,845

Donaldson

Co.,

Inc.

.......................

40,448

2,558,336

Energy

Recovery,

Inc.

(a)

....................

48,208

1,063,951

Enerpac

Tool

Group

Corp.,

Class

A

.............

29,132

784,525

EnPro

Industries,

Inc.

......................

9,639

1,036,193

ESCO

Technologies,

Inc.

...................

10,502

978,681

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

26

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Machinery

(continued)

Evoqua

Water

Technologies

Corp.

(a)

............

59,513

$

2,889,951

Federal

Signal

Corp.

......................

35,787

1,888,480

Flowserve

Corp.

.........................

45,631

1,582,939

Franklin

Electric

Co.,

Inc.

...................

22,685

2,168,005

Gates

Industrial

Corp.

PLC

(a)

.................

60,224

845,545

Hillenbrand,

Inc.

.........................

26,045

1,227,761

Hyliion

Holdings

Corp.

(a)

....................

234,636

664,020

ITT,

Inc.

...............................

19,255

1,750,087

John

Bean

Technologies

Corp.

................

14,442

1,601,473

Lincoln

Electric

Holdings,

Inc.

................

14,404

2,418,864

Lindsay

Corp.

...........................

7,726

1,162,686

Luxfer

Holdings

PLC

......................

50,760

841,093

Manitowoc

Co.,

Inc.

(The)

(a)(b)

.................

55,610

1,051,585

Middleby

Corp.

(The)

(a)

.....................

13,838

2,151,671

Mueller

Water

Products,

Inc.,

Class

A

...........

132,597

1,839,120

Oshkosh

Corp.

..........................

49,407

4,406,610

Proto

Labs,

Inc.

(a)

.........................

22,656

712,305

Shyft

Group,

Inc.

(The)

.....................

25,028

648,976

SPX

Technologies,

Inc.

(a)

....................

19,365

1,364,071

Tennant

Co.

............................

30,351

2,149,458

Terex

Corp.

(a)

...........................

15,871

939,722

Timken

Co.

(The)

.........................

16,220

1,385,999

Trinity

Industries,

Inc.

......................

27,066

755,412

Wabash

National

Corp.

.....................

34,848

954,835

Watts

Water

Technologies,

Inc.,

Class

A

..........

20,483

3,589,236

61,066,744

a

Media

 — 0.8%

Cable

One,

Inc.

..........................

2,912

2,011,056

EW

Scripps

Co.

(The),

Class

A

(a)

..............

62,782

792,309

iHeartMedia,

Inc.,

Class

A

(a)

..................

98,280

713,513

John

Wiley

&

Sons,

Inc.,

Class

A

..............

22,140

985,009

New

York

Times

Co.

(The),

Class

A

.............

54,012

2,079,462

Nexstar

Media

Group,

Inc.

...................

13,686

2,544,227

TEGNA,

Inc.

............................

127,185

2,213,019

WideOpenWest,

Inc.

(a)

.....................

63,420

693,181

12,031,776

a

Metals

&

Mining

 — 1.4%

Alpha

Metallurgical

Resources,

Inc.

............

4,375

733,862

Arconic

Corp.

(a)

..........................

38,853

1,027,273

ATI,

Inc.

(a)

..............................

44,929

1,826,364

Commercial

Metals

Co.

.....................

63,997

3,311,845

Compass

Minerals

International,

Inc.

............

22,839

879,987

Hecla

Mining

Co.

.........................

145,234

747,955

Kaiser

Aluminum

Corp.

.....................

8,524

676,124

Materion

Corp.

..........................

12,431

1,388,294

MP

Materials

Corp.,

Class

A

(a)

................

22,099

773,465

Piedmont

Lithium,

Inc.

(a)

(b)

...................

10,265

666,199

Royal

Gold,

Inc.

..........................

33,980

4,036,484

Ryerson

Holding

Corp.

.....................

18,927

680,047

Schnitzer

Steel

Industries,

Inc.,

Class

A

..........

37,718

1,233,001

United

States

Steel

Corp.

...................

65,451

2,004,764

19,985,664

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

 — 0.5%

AGNC

Investment

Corp.

....................

169,545

1,842,954

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

................................

50,127

1,574,489

KKR

Real

Estate

Finance

Trust,

Inc.

............

49,544

718,388

Starwood

Property

Trust,

Inc.

.................

128,050

2,453,438

6,589,269

a

Security

Shares

Value

a

Multiline

Retail

 — 0.5%

Big

Lots,

Inc.

............................

44,940

$

644,889

Dillard's,

Inc.,

Class

A

(b)

.....................

1,877

668,982

Franchise

Group,

Inc.,

Class

A

................

26,655

741,276

Kohl's

Corp.

............................

45,305

1,270,352

Macy's,

Inc.

............................

106,896

2,187,092

Nordstrom,

Inc.

..........................

51,919

1,011,382

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)(b)

..........

12,623

726,327

7,250,300

a

Multi-Utilities

 — 0.3%

Avista

Corp.

............................

76,973

3,165,130

Unitil

Corp.

.............................

13,942

757,329

3,922,459

a

Oil,

Gas

&

Consumable

Fuels

 — 3.2%

Antero

Midstream

Corp.

....................

178,291

1,879,187

Antero

Resources

Corp.

(a)

...................

110,486

2,894,733

Berry

Corp.

.............................

83,185

784,435

California

Resources

Corp.

..................

24,385

1,029,047

Callon

Petroleum

Co.

(a)(b)

....................

19,452

753,960

Chord

Energy

Corp.

.......................

15,544

2,092,533

Civitas

Resources,

Inc.

.....................

20,057

1,407,400

Clean

Energy

Fuels

Corp.

(a)(b)

.................

149,608

837,805

CNX

Resources

Corp.

(a)

....................

107,247

1,646,241

Delek

U.S.

Holdings,

Inc.

...................

40,148

1,010,525

Denbury,

Inc.

(a)

..........................

15,792

1,316,579

DT

Midstream,

Inc.

........................

60,494

3,036,799

EnLink

Midstream

LLC

.....................

150,605

1,695,812

Enviva,

Inc.

.............................

24,457

1,065,347

Equitrans

Midstream

Corp.

..................

181,964

1,097,243

Excelerate

Energy,

Inc.

.....................

34,316

741,569

Green

Plains,

Inc.

(a)

.......................

13,938

483,230

Kinetik

Holdings,

Inc.,

Class

A

................

25,777

766,866

Kosmos

Energy

Ltd.

(a)

......................

330,662

2,602,310

Matador

Resources

Co.

....................

30,496

1,640,380

Murphy

Oil

Corp.

.........................

60,395

2,356,613

New

Fortress

Energy,

Inc.,

Class

A

.............

19,165

632,253

Par

Pacific

Holdings,

Inc.

(a)

..................

29,503

819,593

PBF

Energy,

Inc.,

Class

A

...................

36,016

1,574,259

PDC

Energy,

Inc.

.........................

43,196

2,898,884

Permian

Resources

Corp.,

Class

A

.............

92,051

995,071

Range

Resources

Corp.

....................

107,213

2,888,318

SM

Energy

Co.

..........................

51,992

1,534,284

Southwestern

Energy

Co.

(a)

..................

397,951

2,109,140

Talos

Energy,

Inc.

(a)

.......................

41,032

730,780

Uranium

Energy

Corp.

(a)

....................

189,785

702,205

World

Fuel

Services

Corp.

...................

36,368

998,302

47,021,703

a

Paper

&

Forest

Products

 — 0.2%

Louisiana-Pacific

Corp.

.....................

30,217

1,767,997

Sylvamo

Corp.

..........................

16,535

815,671

2,583,668

a

Personal

Products

 — 0.3%

BellRing

Brands,

Inc.

(a)

.....................

31,361

968,428

Coty,

Inc.,

Class

A

(a)

.......................

96,414

1,089,478

Edgewell

Personal

Care

Co.

.................

27,859

1,189,579

Herbalife

Nutrition

Ltd.

(a)

....................

37,321

722,162

Medifast,

Inc.

...........................

6,739

755,644

4,725,291

a

Pharmaceuticals

 — 1.4%

Aclaris

Therapeutics,

Inc.

(a)

..................

57,251

713,347

Amphastar

Pharmaceuticals,

Inc.

(a)

.............

24,074

766,998

Arvinas,

Inc.

(a)

...........................

22,142

678,652

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

(Percentages

shown

are

based

on

Net

Assets)

27

Schedule

of

Investments

Security

Shares

Value

a

Pharmaceuticals

(continued)

ATAI

Life

Sciences

NV

(a)(b)

...................

412,973

$

693,795

Atea

Pharmaceuticals,

Inc.

(a)

.................

181,535

642,634

Axsome

Therapeutics,

Inc.

(a)(b)

................

14,208

968,844

Cassava

Sciences,

Inc.

(a)(b)

..................

28,449

702,690

Collegium

Pharmaceutical,

Inc.

(a)

..............

28,429

754,221

Corcept

Therapeutics,

Inc.

(a)

.................

33,832

704,721

DICE

Therapeutics,

Inc.

(a)

(b)

..................

25,657

765,605

Fulcrum

Therapeutics,

Inc.

(a)

.................

59,297

358,154

Harmony

Biosciences

Holdings,

Inc.

(a)

...........

15,181

668,419

Intra-Cellular

Therapies,

Inc.

(a)

................

33,071

1,621,471

NGM

Biopharmaceuticals,

Inc.

(a)

...............

161,990

767,833

Nuvation

Bio,

Inc.,

Class

A

(a)(b)

................

355,520

689,709

Organon

&

Co.

..........................

73,743

1,805,966

Perrigo

Co.

PLC

.........................

57,164

2,154,511

Pliant

Therapeutics,

Inc.

(a)(b)

..................

28,711

914,732

Provention

Bio,

Inc.

(a)

......................

80,045

664,373

Reata

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

.........

17,679

551,054

Revance

Therapeutics,

Inc.

(a)

.................

39,663

1,376,306

Tarsus

Pharmaceuticals,

Inc.

(a)

................

46,991

727,891

Tilray

Brands,

Inc.

(a)(b)

......................

246,691

698,136

Ventyx

Biosciences,

Inc.

(a)

...................

17,060

737,845

21,127,907

a

Professional

Services

 — 1.9%

ASGN,

Inc.

(a)

............................

28,822

2,559,394

CACI

International,

Inc.,

Class

A

(a)(b)

............

4,885

1,431,305

Exponent,

Inc.

...........................

12,080

1,243,032

First

Advantage

Corp.

(a)

.....................

56,459

819,220

FTI

Consulting,

Inc.

(a)

......................

19,163

3,520,435

Huron

Consulting

Group,

Inc.

(a)

................

11,335

795,604

ICF

International,

Inc.

......................

15,305

1,522,694

Insperity,

Inc.

............................

12,867

1,596,666

KBR,

Inc.

..............................

33,693

1,856,821

Kelly

Services,

Inc.,

Class

A,

NVS

.............

54,251

907,619

Kforce,

Inc.

.............................

12,605

787,686

Korn

Ferry

.............................

25,966

1,451,240

ManpowerGroup,

Inc.

......................

30,219

2,564,989

NV5

Global,

Inc.

(a)

........................

5,933

624,270

Science

Applications

International

Corp.

.........

12,099

1,290,237

Sterling

Check

Corp.

(a)(b)

....................

60,729

772,473

TriNet

Group,

Inc.

(a)

.......................

32,065

2,657,227

TrueBlue,

Inc.

(a)

..........................

63,832

1,193,658

Upwork,

Inc.

(a)

...........................

64,005

725,817

28,320,387

a

Real

Estate

Management

&

Development

 — 0.8%

Anywhere

Real

Estate,

Inc.

(a)(b)

................

120,093

695,338

Cushman

&

Wakefield

PLC

(a)

.................

83,384

1,078,989

DigitalBridge

Group,

Inc.,

Class

A

..............

52,133

639,672

Howard

Hughes

Corp.

(The)

(a)(b)

...............

27,066

2,249,726

Jones

Lang

LaSalle,

Inc.

(a)

...................

23,028

4,017,465

Kennedy-Wilson

Holdings,

Inc.

................

44,047

736,025

Marcus

&

Millichap,

Inc.

....................

22,372

768,926

St.

Joe

Co.

(The)

.........................

18,830

806,489

10,992,630

a

Road

&

Rail

 — 1.4%

ArcBest

Corp.

...........................

14,479

1,392,880

Avis

Budget

Group,

Inc.

(a)

...................

9,839

2,161,235

Hertz

Global

Holdings,

Inc.

(a)

.................

65,614

1,214,515

Landstar

System,

Inc.

......................

22,381

4,046,261

Lyft,

Inc.,

Class

A

(a)(b)

.......................

97,728

977,280

RXO,

Inc.

(a)

.............................

70,220

1,444,425

Ryder

System,

Inc.

........................

26,427

2,587,467

Saia,

Inc.

(a)(b)

............................

9,885

2,677,550

Security

Shares

Value

a

Road

&

Rail

(continued)

Schneider

National,

Inc.,

Class

B

..............

41,730

$

1,170,944

Werner

Enterprises,

Inc.

....................

50,007

2,322,825

XPO,

Inc.

(a)

.............................

29,355

979,283

20,974,665

a

Semiconductors

&

Semiconductor

Equipment

 — 2.3%

Ambarella,

Inc.

(a)

.........................

11,218

1,057,970

Axcelis

Technologies,

Inc.

(a)

..................

11,765

1,512,273

Cirrus

Logic,

Inc.

(a)

........................

34,185

3,512,509

Ichor

Holdings,

Ltd.

(a)

......................

32,106

1,057,893

Impinj,

Inc.

(a)

............................

5,648

749,038

Kulicke

&

Soffa

Industries,

Inc.

................

32,921

1,754,689

Lattice

Semiconductor

Corp.

(a)

................

51,743

4,396,085

MKS

Instruments,

Inc.

.....................

18,563

1,799,312

Onto

Innovation,

Inc.

(a)

.....................

31,225

2,575,126

PDF

Solutions,

Inc.

(a)

......................

22,445

840,341

Power

Integrations,

Inc.

....................

23,410

1,925,472

Rambus,

Inc.

(a)

..........................

46,361

2,050,547

Silicon

Laboratories,

Inc.

(a)

...................

14,283

2,549,944

SiTime

Corp.

(a)

...........................

6,009

746,017

SMART

Global

Holdings,

Inc.

(a)(b)

..............

43,866

732,562

Synaptics,

Inc.

(a)

.........................

14,586

1,715,459

Universal

Display

Corp.

....................

21,827

2,965,198

Veeco

Instruments,

Inc.

(a)

...................

86,219

1,833,878

33,774,313

a

Software

 — 5.4%

A10

Networks,

Inc.

........................

51,406

782,399

ACI

Worldwide,

Inc.

(a)

......................

78,117

2,019,324

Adeia,

Inc.

.............................

72,227

712,158

Agilysys,

Inc.

(a)

..........................

10,787

861,989

Alarm.com

Holdings,

Inc.

(a)

..................

14,302

726,971

Altair

Engineering,

Inc.,

Class

A

(a)

..............

31,601

2,024,360

Alteryx,

Inc.,

Class

A

(a)(b)

....................

15,901

1,038,494

Appfolio,

Inc.,

Class

A

(a)(b)

...................

6,014

794,209

Appian

Corp.,

Class

A

(a)

....................

16,931

701,790

Asana,

Inc.,

Class

A

(a)

......................

47,416

701,283

Blackbaud,

Inc.

(a)(b)

........................

18,170

1,011,887

Blackline,

Inc.

(a)

..........................

27,304

1,866,501

Box,

Inc.,

Class

A

(a)

.......................

77,420

2,581,957

Cerence,

Inc.

(a)

..........................

31,020

849,328

CommVault

Systems,

Inc.

(a)

..................

19,112

1,125,315

Dolby

Laboratories,

Inc.,

Class

A

..............

42,560

3,501,837

DoubleVerify

Holdings,

Inc.

(a)(b)

................

36,527

959,564

Duck

Creek

Technologies,

Inc.

(a)

...............

52,374

991,964

E2open

Parent

Holdings,

Inc.,

Class

A

(a)(b)

........

129,899

805,374

Elastic

NV

(a)

............................

34,040

2,009,041

Envestnet,

Inc.

(a)

.........................

14,847

928,086

Everbridge,

Inc.

(a)

.........................

22,311

729,123

Five9,

Inc.

(a)

............................

28,531

1,883,046

Freshworks,

Inc.,

Class

A

(a)(b)

.................

54,544

814,887

Gitlab,

Inc.,

Class

A

(a)(b)

.....................

21,175

932,547

Guidewire

Software,

Inc.

(a)

...................

36,804

2,584,009

Intapp,

Inc.

(a)

............................

19,663

778,262

InterDigital,

Inc.

..........................

14,447

1,054,487

Jamf

Holding

Corp.

(a)(b)

.....................

36,263

769,501

JFrog

Ltd.

(a)(b)

...........................

31,985

735,655

LivePerson,

Inc.

(a)

........................

52,583

532,140

Manhattan

Associates,

Inc.

(a)

.................

21,196

3,046,925

MicroStrategy,

Inc.,

Class

A

(a)(b)

................

3,350

878,604

Model

N,

Inc.

(a)

..........................

30,195

1,002,474

Momentive

Global,

Inc.

(a)

....................

96,936

668,858

N-able,

Inc.

(a)

............................

74,691

884,341

nCino,

Inc.

(a)

............................

25,686

699,943

NCR

Corp.

(a)

............................

45,878

1,171,265

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

28

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Software

(continued)

New

Relic,

Inc.

(a)

.........................

28,358

$

2,069,283

Nutanix,

Inc.,

Class

A

(a)

.....................

90,752

2,563,744

PagerDuty,

Inc.

(a)

.........................

33,500

1,000,310

Paycor

HCM,

Inc.

(a)(b)

......................

28,550

707,184

Pegasystems,

Inc.

(b)

.......................

19,704

913,872

Progress

Software

Corp.

....................

44,188

2,538,159

PROS

Holdings,

Inc.

(a)(b)

....................

31,911

832,558

Q2

Holdings,

Inc.

(a)

........................

22,535

727,430

Qualys,

Inc.

(a)

...........................

8,818

1,041,847

Rapid7,

Inc.

(a)

...........................

17,747

839,433

RingCentral,

Inc.,

Class

A

(a)

..................

41,466

1,370,037

Samsara,

Inc.,

Class

A

(a)(b)

...................

47,656

793,949

Smartsheet,

Inc.,

Class

A

(a)

..................

43,961

1,935,163

Sprout

Social,

Inc.,

Class

A

(a)(b)

................

19,394

1,182,646

SPS

Commerce,

Inc.

(a)

.....................

17,135

2,581,216

Sumo

Logic,

Inc.

(a)

........................

67,894

805,902

Tenable

Holdings,

Inc.

(a)

....................

34,816

1,539,912

Teradata

Corp.

(a)

.........................

45,973

1,873,859

Varonis

Systems,

Inc.

(a)

.....................

34,055

922,209

Verint

Systems,

Inc.

(a)

......................

44,433

1,660,906

Workiva,

Inc.,

Class

A

(a)(b)

...................

30,757

2,743,524

Xperi,

Inc.

(a)(b)

...........................

72,811

851,161

Zuora,

Inc.,

Class

A

(a)

......................

94,004

796,214

78,450,416

a

Specialty

Retail

 — 3.3%

Aaron's

Co.,

Inc.

(The)

.....................

57,639

827,120

Abercrombie

&

Fitch

Co.,

Class

A

(a)

.............

25,043

736,515

American

Eagle

Outfitters,

Inc.

................

54,748

786,729

America's

Car-Mart,

Inc.

(a)

...................

7,987

678,575

Arko

Corp.

.............................

92,586

742,540

Asbury

Automotive

Group,

Inc.

(a)(b)

..............

7,004

1,590,608

AutoNation,

Inc.

(a)

.........................

11,727

1,600,853

Boot

Barn

Holdings,

Inc.

(a)

...................

11,649

902,215

Caleres,

Inc.

............................

29,242

763,509

Camping

World

Holdings,

Inc.,

Class

A

(b)

.........

29,109

664,558

Chico's

FAS,

Inc.

(a)(b)

.......................

144,961

833,526

Five

Below,

Inc.

(a)

.........................

21,518

4,396,127

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)(b)

.........

34,098

3,130,537

Foot

Locker,

Inc.

.........................

39,525

1,728,033

GameStop

Corp.,

Class

A

(a)(b)

.................

90,681

1,743,796

Gap,

Inc.

(The)

..........................

113,497

1,476,596

Genesco,

Inc.

(a)

..........................

16,567

745,018

Group

1

Automotive,

Inc.

(b)

...................

8,921

1,972,165

Hibbett,

Inc.

............................

11,715

842,660

Leslie's,

Inc.

(a)(b)

..........................

84,096

1,060,451

Lithia

Motors,

Inc.

........................

11,118

2,837,091

MarineMax,

Inc.

(a)

.........................

22,523

756,322

Monro,

Inc.

.............................

20,115

1,014,601

Murphy

USA,

Inc.

(b)

.......................

10,465

2,669,517

National

Vision

Holdings,

Inc.

(a)

...............

37,184

1,389,194

ODP

Corp.

(The)

(a)

........................

16,161

731,770

Petco

Health

&

Wellness

Co.,

Inc.,

Class

A

(a)(b)

.....

73,449

756,525

RH

(a)(b)

................................

4,693

1,403,348

Sally

Beauty

Holdings,

Inc.

(a)

.................

58,050

934,024

Signet

Jewelers

Ltd.

(b)

......................

21,587

1,546,061

Sleep

Number

Corp.

(a)

.....................

22,328

889,994

TravelCenters

of

America,

Inc.

(a)

...............

10,530

888,205

Upbound

Group,

Inc.

......................

26,755

718,372

Victoria's

Secret

&

Co.

(a)

....................

28,981

1,148,807

Williams-Sonoma,

Inc.

.....................

30,077

3,757,219

48,663,181

a

Security

Shares

Value

a

Technology

Hardware,

Storage

&

Peripherals

 — 0.4%

Avid

Technology,

Inc.

(a)(b)

....................

24,570

$

714,004

Pure

Storage,

Inc.,

Class

A

(a)(b)

................

97,450

2,781,223

Super

Micro

Computer,

Inc.

(a)

.................

10,978

1,075,515

Xerox

Holdings

Corp.

......................

114,637

1,890,364

6,461,106

a

Textiles,

Apparel

&

Luxury

Goods

 — 2.0%

Allbirds,

Inc.,

Class

A

(a)(b)

....................

278,009

795,106

Capri

Holdings

Ltd.

(a)

......................

37,685

1,868,045

Carter's,

Inc.

............................

17,999

1,356,945

Columbia

Sportswear

Co.

...................

22,427

1,955,634

Crocs,

Inc.

(a)

............................

23,917

2,910,938

Deckers

Outdoor

Corp.

(a)

....................

11,815

4,919,175

Hanesbrands,

Inc.

........................

236,716

1,344,547

Kontoor

Brands,

Inc.

.......................

20,786

1,083,990

Levi

Strauss

&

Co.,

Class

A

..................

43,791

785,611

Movado

Group,

Inc.

.......................

22,331

773,099

Oxford

Industries,

Inc.

.....................

6,583

774,227

PVH

Corp.

.............................

33,760

2,708,902

Ralph

Lauren

Corp.,

Class

A

.................

14,184

1,676,407

Steven

Madden,

Ltd.

......................

41,862

1,519,591

Tapestry,

Inc.

............................

83,394

3,628,473

Under

Armour,

Inc.,

Class

A

(a)

.................

82,055

814,806

Wolverine

World

Wide,

Inc.

..................

48,186

807,115

29,722,611

a

Thrifts

&

Mortgage

Finance

 — 1.0%

Essent

Group

Ltd.

........................

27,297

1,172,406

Federal

Agricultural

Mortgage

Corp.,

Class

C

......

13,863

1,966,605

MGIC

Investment

Corp.

....................

211,450

2,909,552

Mr

Cooper

Group,

Inc.

(a)

....................

32,286

1,499,039

New

York

Community

Bancorp,

Inc.

............

168,932

1,500,116

PennyMac

Financial

Services,

Inc.

.............

23,448

1,417,901

Radian

Group,

Inc.

........................

95,002

2,028,293

Rocket

Companies,

Inc.,

Class

A

(a)

.............

83,801

658,676

Walker

&

Dunlop,

Inc.

......................

9,889

862,617

WSFS

Financial

Corp.

.....................

11,214

559,691

14,574,896

a

Trading

Companies

&

Distributors

 — 2.1%

Air

Lease

Corp.,

Class

A

....................

31,625

1,368,730

Applied

Industrial

Technologies,

Inc.

............

8,068

1,152,594

Beacon

Roofing

Supply,

Inc.

(a)

................

22,271

1,447,615

Boise

Cascade

Co.

.......................

20,838

1,440,114

Core

&

Main,

Inc.,

Class

A

(a)(b)

................

31,697

738,857

GATX

Corp.

............................

13,673

1,491,588

GMS,

Inc.

(a)

.............................

17,673

1,072,928

Herc

Holdings,

Inc.

........................

10,302

1,479,264

McGrath

RentCorp

........................

21,045

2,164,268

MRC

Global,

Inc.

(a)

........................

64,682

724,438

NOW,

Inc.

(a)

............................

56,297

723,416

Rush

Enterprises,

Inc.,

Class

A

...............

16,337

925,981

SiteOne

Landscape

Supply,

Inc.

(a)(b)

.............

24,032

3,564,907

Titan

Machinery,

Inc.

(a)

.....................

20,924

958,110

Triton

International,

Ltd.,

Class

A

..............

27,763

1,913,981

Univar

Solutions,

Inc.

(a)(b)

....................

35,954

1,249,402

Veritiv

Corp.

............................

7,333

1,110,510

Watsco,

Inc.

............................

9,560

2,913,028

WESCO

International,

Inc.

...................

22,741

3,765,455

30,205,186

a

Water

Utilities

 — 0.3%

American

States

Water

Co.

..................

24,881

2,221,873

California

Water

Service

Group

...............

16,826

963,120

Middlesex

Water

Co.

......................

7,796

596,394

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

(Percentages

shown

are

based

on

Net

Assets)

29

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Water

Utilities

(continued)

SJW

Group

.............................

11,309

$

864,460

4,645,847

a

Wireless

Telecommunication

Services

 — 0.2%

Gogo,

Inc.

(a)

............................

47,125

775,677

Shenandoah

Telecommunications

Co.

...........

40,736

795,167

Telephone

and

Data

Systems,

Inc.

.............

68,506

869,341

2,440,185

a

Total

Common

Stocks — 99.3%

(Cost:

$1,454,847,475)

...............................

1,450,023,019

a

Preferred

Stocks

Entertainment

 — 0

.0%

AMC

Entertainment

Holdings,

Inc.,

Preferred

Equity

Unit

Series

A

(a)

.........................

313,232

648,390

a

Total

Preferred

Stocks — 0.0%

(Cost:

$650,896)

...................................

648,390

Total

Long-Term

Investments — 99.3%

(Cost:

$1,455,498,371)

...............................

1,450,671,409

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

7.2%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

4.81%

(c)(d)(e)

......................

98,930,217

$

98,989,575

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.41%

(c)(d)

............................

5,556,505

5,556,505

a

Total

Short-Term

Securities — 7.2%

(Cost:

$104,469,126)

................................

104,546,080

Total

Investments

—

106.5%

(Cost:

$1,559,967,497)

...............................

1,555,217,489

Liabilities

in

Excess

of

Other

Assets

—

(6.5)%

...............

(94,963,272)

Net

Assets

—

100.0%

.................................

$

1,460,254,217

(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

February

28,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/23

  Shares

Held

at

02/28/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

85,575,153

$

13,381,159

(a)

$

—

$

690

$

32,573

$

98,989,575

98,930,217

$

772,988

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

4,174,100

1,382,405

(a)

—

—

—

5,556,505

5,556,505

61,908

2

$

690

$

32,573

$

104,546,080

$

834,896

$

2

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

...............................................................

45

03/17/23

$

4,273

$

53,874

S&P

MidCap

400

E-Mini

Index

............................................................

10

03/17/23

2,603

(20,239

)

$

33,635

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

30

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

February

28,

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)

.............

$

—

$

—

$

33,635

$

—

$

—

$

—

$

33,635

(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

..................................

$

—

$

—

$

(24,713

)

$

—

$

—

$

—

$

(24,713

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

284,261

$

—

$

—

$

—

$

284,261

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

6,344,935

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,446,533,030

‌

$

—

‌

$

—

‌

$

1,450,023,019

‌

Preferred

Stocks

.........................................

648,390

‌

—

‌

—

‌

648,390

‌

Short-Term

Securities

Money

Market

Funds

......................................

104,546,080

‌

—

‌

—

‌

104,546,080

‌

$

1,551,727,500

‌

$

—

‌

$

—

‌

$

1,555,217,489

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

53,874

‌

$

—

‌

$

—

‌

$

53,874

‌

Liabilities

Equity

Contracts

...........................................

(20,239

)

—

‌

—

‌

(20,239

)

$

33,635

‌

$

—

‌

$

—

‌

$

33,635

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

Schedule

of

Investments

(unaudited)

February

28,

2023

(Percentages

shown

are

based

on

Net

Assets)

31

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

2

.3

%

Huntington

Ingalls

Industries,

Inc.

..............

73

$

15,709

L3Harris

Technologies,

Inc.

..................

88

18,585

Raytheon

Technologies

Corp.

................

489

47,966

Textron,

Inc.

............................

92

6,673

88,933

a

Air

Freight

&

Logistics

 — 

1

.7

%

CH

Robinson

Worldwide,

Inc.

................

122

12,195

Expeditors

International

of

Washington,

Inc.

.......

195

20,389

FedEx

Corp.

............................

31

6,300

United

Parcel

Service,

Inc.

,

Class

B

............

153

27,921

66,805

a

Auto

Components

 — 

0

.3

%

Aptiv

PLC

(a)

.............................

71

8,256

Lear

Corp.

.............................

28

3,910

12,166

a

Automobiles

 — 

0

.2

%

Ford

Motor

Co.

..........................

313

3,778

General

Motors

Co.

.......................

93

3,603

7,381

a

Banks

 — 

7

.6

%

Bank

of

America

Corp.

.....................

1,751

60,059

Citigroup,

Inc.

...........................

476

24,129

First

Republic

Bank

.......................

36

4,428

Huntington

Bancshares,

Inc.

.................

915

14,018

JPMorgan

Chase

&

Co.

....................

653

93,608

PNC

Financial

Services

Group,

Inc.

(The)

........

171

27,004

Regions

Financial

Corp.

....................

1,076

25,092

SVB

Financial

Group

(a)

.....................

13

3,745

Truist

Financial

Corp.

......................

289

13,569

U.S.

Bancorp

...........................

193

9,212

Wells

Fargo

&

Co.

........................

473

22,122

296,986

a

Beverages

 — 

4

.6

%

Coca-Cola

Co.

(The)

......................

1,463

87,063

Keurig

Dr

Pepper,

Inc.

.....................

418

14,442

Molson

Coors

Beverage

Co.

,

Class

B

...........

176

9,361

PepsiCo,

Inc.

...........................

402

69,759

180,625

a

Biotechnology

 — 

3

.4

%

AbbVie,

Inc.

............................

323

49,709

Amgen,

Inc.

............................

138

31,969

Biogen,

Inc.

(a)

...........................

44

11,874

Gilead

Sciences,

Inc.

......................

407

32,776

Regeneron

Pharmaceuticals,

Inc.

(a)

.............

7

5,323

131,651

a

Building

Products

 — 

2

.0

%

Allegion

PLC

............................

67

7,552

Carrier

Global

Corp.

.......................

373

16,796

Fortune

Brands

Innovations,

Inc.

..............

204

12,638

Johnson

Controls

International

PLC

............

472

29,604

Lennox

International,

Inc.

...................

15

3,822

Owens

Corning

..........................

77

7,530

77,942

a

Capital

Markets

 — 

5

.2

%

Ameriprise

Financial,

Inc.

...................

24

8,229

Bank

of

New

York

Mellon

Corp.

(The)

...........

336

17,096

Security

Shares

Value

a

Capital

Markets

(continued)

BlackRock,

Inc.

(b)

.........................

32

$

22,062

Charles

Schwab

Corp.

(The)

.................

282

21,973

CME

Group,

Inc.

,

Class

A

...................

21

3,893

Goldman

Sachs

Group,

Inc.

(The)

.............

89

31,297

Intercontinental

Exchange,

Inc.

...............

78

7,940

Invesco

Ltd.

............................

376

6,640

Morgan

Stanley

..........................

455

43,908

Nasdaq,

Inc.

............................

253

14,183

Northern

Trust

Corp.

.......................

83

7,907

State

Street

Corp.

........................

146

12,947

T

Rowe

Price

Group,

Inc.

...................

37

4,154

202,229

a

Chemicals

 — 

3

.1

%

Air

Products

and

Chemicals,

Inc.

..............

15

4,290

Dow,

Inc.

..............................

270

15,444

DuPont

de

Nemours,

Inc.

...................

79

5,769

Ecolab,

Inc.

............................

181

28,846

International

Flavors

&

Fragrances,

Inc.

..........

116

10,811

Linde

PLC

.............................

105

36,579

Mosaic

Co.

(The)

.........................

112

5,957

PPG

Industries,

Inc.

.......................

102

13,470

121,166

a

Communications

Equipment

 — 

1

.2

%

Cisco

Systems,

Inc.

.......................

982

47,548

a

Construction

Materials

 — 

0

.1

%

Martin

Marietta

Materials,

Inc.

................

11

3,959

a

Consumer

Finance

 — 

0

.6

%

Discover

Financial

Services

..................

103

11,536

Synchrony

Financial

.......................

367

13,106

24,642

a

Containers

&

Packaging

 — 

0

.7

%

Amcor

PLC

.............................

1,379

15,362

Avery

Dennison

Corp.

......................

42

7,652

International

Paper

Co.

.....................

154

5,604

28,618

a

Distributors

 — 

0

.6

%

LKQ

Corp.

.............................

375

21,484

a

Diversified

Financial

Services

 — 

1

.1

%

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

............

125

38,148

Equitable

Holdings,

Inc.

....................

132

4,147

42,295

a

Diversified

Telecommunication

Services

 — 

1

.6

%

AT&T,

Inc.

..............................

1,326

25,075

Verizon

Communications,

Inc.

................

1,008

39,120

64,195

a

Electric

Utilities

 — 

2

.2

%

Constellation

Energy

Corp.

..................

47

3,520

Eversource

Energy

.......................

329

24,793

Exelon

Corp.

............................

406

16,398

NextEra

Energy,

Inc.

......................

558

39,635

84,346

a

Electrical

Equipment

 — 

0

.4

%

Eaton

Corp.

PLC

.........................

38

6,648

Emerson

Electric

Co.

......................

54

4,466

Rockwell

Automation,

Inc.

...................

14

4,129

15,243

a

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

32

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.3

%

TE

Connectivity

Ltd.

.......................

30

$

3,820

Trimble,

Inc.

(a)

...........................

152

7,913

11,733

a

Energy

Equipment

&

Services

 — 

0

.3

%

Baker

Hughes

Co.

,

Class

A

..................

318

9,731

Halliburton

Co.

..........................

104

3,768

13,499

a

Entertainment

 — 

0

.4

%

Electronic

Arts,

Inc.

.......................

99

10,983

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

..........

261

4,077

15,060

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 

4

.3

%

Alexandria

Real

Estate

Equities,

Inc.

............

45

6,740

American

Tower

Corp.

.....................

109

21,583

AvalonBay

Communities,

Inc.

................

31

5,348

Boston

Properties,

Inc.

.....................

63

4,125

Crown

Castle,

Inc.

........................

156

20,397

Digital

Realty

Trust,

Inc.

....................

105

10,944

Healthpeak

Properties,

Inc.

..................

294

7,074

Host

Hotels

&

Resorts,

Inc.

..................

230

3,864

Iron

Mountain,

Inc.

........................

129

6,805

Prologis,

Inc.

............................

270

33,318

Regency

Centers

Corp.

....................

63

3,963

Ventas,

Inc.

............................

322

15,665

Welltower,

Inc.

...........................

254

18,826

Weyerhaeuser

Co.

........................

342

10,688

169,340

a

Food

&

Staples

Retailing

 — 

0

.4

%

Kroger

Co.

(The)

.........................

295

12,726

Walgreens

Boots

Alliance,

Inc.

................

110

3,909

16,635

a

Food

Products

 — 

3

.4

%

Archer-Daniels-Midland

Co.

..................

192

15,283

Bunge

Ltd.

.............................

154

14,707

Campbell

Soup

Co.

.......................

79

4,149

Conagra

Brands,

Inc.

......................

190

6,918

General

Mills,

Inc.

........................

465

36,972

Hormel

Foods

Corp.

.......................

159

7,057

Kellogg

Co.

.............................

418

27,563

McCormick

&

Co.,

Inc.

,

NVS

.................

98

7,283

Mondelez

International,

Inc.

,

Class

A

............

198

12,906

132,838

a

Gas

Utilities

 — 

0

.3

%

UGI

Corp.

..............................

320

11,914

a

Health

Care

Equipment

&

Supplies

 — 

2

.3

%

Abbott

Laboratories

.......................

409

41,603

Baxter

International,

Inc.

....................

107

4,275

Becton

Dickinson

and

Co.

...................

45

10,555

Medtronic

PLC

..........................

144

11,923

STERIS

PLC

............................

68

12,786

Stryker

Corp.

...........................

15

3,943

Teleflex,

Inc.

............................

16

3,812

88,897

a

Health

Care

Providers

&

Services

 — 

5

.1

%

Centene

Corp.

(a)

.........................

55

3,762

Cigna

Corp.

(The)

........................

100

29,210

CVS

Health

Corp.

........................

234

19,548

HCA

Healthcare,

Inc.

......................

33

8,034

Security

Shares

Value

a

Health

Care

Providers

&

Services

(continued)

Laboratory

Corp.

of

America

Holdings

...........

44

$

10,532

Quest

Diagnostics,

Inc.

.....................

101

13,974

UnitedHealth

Group,

Inc.

....................

237

112,798

197,858

a

Hotels,

Restaurants

&

Leisure

 — 

0

.7

%

Aramark

...............................

104

3,827

McDonald's

Corp.

........................

23

6,070

MGM

Resorts

International

..................

90

3,871

Starbucks

Corp.

..........................

147

15,007

28,775

a

Household

Products

 — 

2

.7

%

Clorox

Co.

(The)

.........................

37

5,751

Colgate-Palmolive

Co.

.....................

202

14,807

Kimberly-Clark

Corp.

......................

152

19,008

Procter

&

Gamble

Co.

(The)

.................

481

66,166

105,732

a

Industrial

Conglomerates

 — 

1

.5

%

3M

Co.

................................

250

26,935

Honeywell

International,

Inc.

.................

169

32,360

59,295

a

Insurance

 — 

2

.9

%

Allstate

Corp.

(The)

.......................

41

5,280

American

International

Group,

Inc.

.............

69

4,217

Arch

Capital

Group

Ltd.

(a)

...................

86

6,020

Chubb

Ltd.

.............................

72

15,194

Hartford

Financial

Services

Group,

Inc.

(The)

......

73

5,714

Marsh

&

McLennan

Companies,

Inc.

............

67

10,863

MetLife,

Inc.

............................

55

3,945

Prudential

Financial,

Inc.

....................

380

38,000

Travelers

Companies,

Inc.

(The)

...............

123

22,770

112,003

a

Internet

&

Direct

Marketing

Retail

 — 

0

.1

%

eBay,

Inc.

..............................

82

3,764

a

IT

Services

 — 

2

.7

%

Accenture

PLC

,

Class

A

....................

99

26,290

Akamai

Technologies,

Inc.

(a)

..................

90

6,534

Fidelity

National

Information

Services,

Inc.

........

236

14,955

Fiserv,

Inc.

(a)

............................

140

16,113

International

Business

Machines

Corp.

..........

266

34,394

Twilio,

Inc.

,

Class

A

(a)

......................

83

5,578

103,864

a

Leisure

Products

 — 

0

.3

%

Hasbro,

Inc.

............................

243

13,367

a

Life

Sciences

Tools

&

Services

 — 

0

.2

%

Illumina,

Inc.

(a)

...........................

29

5,777

a

Machinery

 — 

3

.6

%

Caterpillar,

Inc.

..........................

108

25,872

Cummins,

Inc.

...........................

112

27,225

Dover

Corp.

............................

81

12,142

Fortive

Corp.

............................

140

9,332

Graco,

Inc.

.............................

56

3,894

IDEX

Corp.

.............................

60

13,499

Illinois

Tool

Works,

Inc.

.....................

33

7,694

Ingersoll

Rand,

Inc.

.......................

142

8,246

Pentair

PLC

............................

365

20,418

Xylem,

Inc.

.............................

124

12,729

141,051

a

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

(Percentages

shown

are

based

on

Net

Assets)

33

Schedule

of

Investments

Security

Shares

Value

a

Media

 — 

1

.0

%

Comcast

Corp.

,

Class

A

....................

814

$

30,256

Interpublic

Group

of

Companies,

Inc.

(The)

.......

159

5,651

Paramount

Global

,

Class

B

,

NVS

..............

215

4,605

40,512

a

Metals

&

Mining

 — 

1

.0

%

Alcoa

Corp.

.............................

81

3,964

Freeport-McMoRan,

Inc.

....................

207

8,481

Newmont

Corp.

..........................

244

10,641

Nucor

Corp.

............................

60

10,046

Steel

Dynamics,

Inc.

.......................

51

6,432

39,564

a

Multiline

Retail

 — 

0

.6

%

Target

Corp.

............................

134

22,579

a

Multi-Utilities

 — 

2

.1

%

Consolidated

Edison,

Inc.

...................

263

23,499

Public

Service

Enterprise

Group,

Inc.

...........

716

43,268

Sempra

Energy

..........................

101

15,146

81,913

a

Oil,

Gas

&

Consumable

Fuels

 — 

7

.9

%

Chevron

Corp.

...........................

393

63,183

ConocoPhillips

..........................

366

37,826

EOG

Resources,

Inc.

......................

137

15,484

EQT

Corp.

.............................

136

4,512

Exxon

Mobil

Corp.

........................

826

90,786

Kinder

Morgan,

Inc.

,

Class

P

.................

370

6,312

Marathon

Petroleum

Corp.

..................

118

14,585

Occidental

Petroleum

Corp.

..................

126

7,379

ONEOK,

Inc.

............................

469

30,696

Ovintiv,

Inc.

.............................

271

11,591

Phillips

66

..............................

92

9,435

Pioneer

Natural

Resources

Co.

...............

28

5,611

Valero

Energy

Corp.

.......................

88

11,592

308,992

a

Pharmaceuticals

 — 

6

.1

%

Bristol-Myers

Squibb

Co.

....................

572

39,445

Johnson

&

Johnson

.......................

517

79,236

Merck

&

Co.,

Inc.

.........................

639

67,887

Pfizer,

Inc.

.............................

1,237

50,185

236,753

a

Professional

Services

 — 

0

.2

%

Leidos

Holdings,

Inc.

......................

79

7,668

a

Road

&

Rail

 — 

0

.4

%

CSX

Corp.

.............................

221

6,738

Norfolk

Southern

Corp.

.....................

38

8,543

15,281

a

Semiconductors

&

Semiconductor

Equipment

 — 

5

.8

%

Analog

Devices,

Inc.

.......................

39

7,155

Applied

Materials,

Inc.

.....................

97

11,267

Broadcom,

Inc.

..........................

64

38,035

Intel

Corp.

.............................

1,090

27,174

Lam

Research

Corp.

......................

35

17,010

Marvell

Technology,

Inc.

....................

235

10,610

Security

Shares

Value

a

Semiconductors

&

Semiconductor

Equipment

(continued)

Micron

Technology,

Inc.

.....................

199

$

11,506

NXP

Semiconductors

NV

...................

117

20,882

ON

Semiconductor

Corp.

(a)

..................

48

3,716

QUALCOMM,

Inc.

........................

142

17,541

Texas

Instruments,

Inc.

.....................

331

56,750

Wolfspeed,

Inc.

(a)

.........................

49

3,625

225,271

a

Software

 — 

1

.0

%

Black

Knight,

Inc.

(a)

........................

68

4,053

Gen

Digital,

Inc.

..........................

311

6,068

Oracle

Corp.

............................

219

19,140

Roper

Technologies,

Inc.

....................

19

8,174

37,435

a

Specialty

Retail

 — 

1

.6

%

Best

Buy

Co.,

Inc.

........................

160

13,298

Lowe's

Companies,

Inc.

....................

159

32,714

TJX

Companies,

Inc.

(The)

..................

194

14,860

60,872

a

Technology

Hardware,

Storage

&

Peripherals

 — 

0

.9

%

Hewlett

Packard

Enterprise

Co.

...............

1,408

21,979

HP,

Inc.

...............................

353

10,420

Seagate

Technology

Holdings

PLC

.............

57

3,680

36,079

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.1

%

VF

Corp.

..............................

155

3,847

a

Trading

Companies

&

Distributors

 — 

0

.1

%

Fastenal

Co.

............................

87

4,486

a

Water

Utilities

 — 

0

.5

%

American

Water

Works

Co.,

Inc.

...............

33

4,633

Essential

Utilities,

Inc.

......................

312

13,347

17,980

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

4,043,743

)

..................................

3,888,848

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.1

%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.41

%

(b)

(c)

............................

3,908

3,908

a

Total

Short-Term

Securities — 0.1%

(Cost:

$

3,908

)

.....................................

3,908

Total

Investments

—

99.8%

(Cost:

$

4,047,651

)

..................................

3,892,756

Other

Assets

Less

Liabilities

—

0

.2

%

.....................

6,973

Net

Assets

—

100.0%

.................................

$

3,899,729

(a)

Non-income

producing

security.

(b)

Affiliate

of

the

Fund.

(c)

Annualized

7-day

yield

as

of

period

end.

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

34

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

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

February

28,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

01/31/23

(a)

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/23

  Shares

Held

at

02/28/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

$

—

$

3,908

(b)

$

—

$

—

$

—

$

3,908

3,908

$

18

$

—

BlackRock,

Inc.

....

—

43,278

(

17,235

)

(

1,748

)

(

2,233

)

22,062

32

—

—

$

(

1,748

)

$

(

2,233

)

$

25,970

$

18

$

—

(a)

Commencement

of

operations.

(b)

Represents

net

amount

purchased

(sold).

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

3,888,848

‌

$

—

‌

$

—

‌

$

3,888,848

‌

Short-Term

Securities

Money

Market

Funds

......................................

3,908

‌

—

‌

—

‌

3,908

‌

$

3,892,756

‌

$

—

‌

$

—

‌

$

3,892,756

‌

iShares

®

ESG

MSCI

USA

Leaders

ETF

Schedule

of

Investments

(unaudited)

February

28,

2023

(Percentages

shown

are

based

on

Net

Assets)

35

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Air

Freight

&

Logistics

 — 0.9%

CH

Robinson

Worldwide,

Inc.

................

20,749

$

2,074,070

Expeditors

International

of

Washington,

Inc.

.......

28,052

2,933,117

United

Parcel

Service,

Inc.,

Class

B

............

128,533

23,455,987

28,463,174

a

Airlines

 — 0.0%

Delta

Air

Lines,

Inc.

(a)

......................

27,958

1,071,910

a

Auto

Components

 — 0.3%

Aptiv

PLC

(a)

.............................

47,560

5,530,277

BorgWarner,

Inc.

.........................

41,768

2,100,095

Lear

Corp.

.............................

10,335

1,443,283

9,073,655

a

Automobiles

 — 3.2%

Rivian

Automotive,

Inc.,

Class

A

(a)(b)

.............

55,832

1,077,558

Tesla,

Inc.

(a)

.............................

473,138

97,329,218

98,406,776

a

Banks

 — 1.9%

Citizens

Financial

Group,

Inc.

................

87,097

3,637,171

First

Republic

Bank

.......................

32,335

3,977,528

Huntington

Bancshares,

Inc.

.................

253,216

3,879,269

KeyCorp

...............................

163,776

2,995,463

PNC

Financial

Services

Group,

Inc.

(The)

........

71,095

11,227,322

Regions

Financial

Corp.

....................

164,222

3,829,657

SVB

Financial

Group

(a)

.....................

10,404

2,997,497

Truist

Financial

Corp.

......................

233,983

10,985,502

U.S.

Bancorp

...........................

248,818

11,876,083

Webster

Financial

Corp.

....................

31,109

1,652,510

57,058,002

a

Beverages

 — 2.9%

Coca-Cola

Co.

(The)

......................

724,189

43,096,487

Keurig

Dr

Pepper,

Inc.

.....................

137,533

4,751,765

PepsiCo,

Inc.

...........................

242,856

42,142,802

89,991,054

a

Biotechnology

 — 2.1%

Amgen,

Inc.

............................

93,948

21,763,993

Biogen,

Inc.

(a)

...........................

25,486

6,877,652

BioMarin

Pharmaceutical,

Inc.

(a)

...............

32,646

3,251,215

Gilead

Sciences,

Inc.

......................

221,092

17,804,539

Vertex

Pharmaceuticals,

Inc.

(a)

................

45,248

13,135,042

62,832,441

a

Building

Products

 — 1.0%

A

O

Smith

Corp.

.........................

22,739

1,492,360

Allegion

PLC

............................

15,339

1,728,859

Carrier

Global

Corp.

.......................

147,822

6,656,425

Fortune

Brands

Innovations,

Inc.

..............

22,863

1,416,363

Johnson

Controls

International

PLC

............

121,046

7,592,005

Lennox

International,

Inc.

...................

5,642

1,437,751

Masco

Corp.

............................

39,584

2,075,389

Owens

Corning

..........................

16,474

1,610,992

Trane

Technologies

PLC

....................

40,695

7,527,354

31,537,498

a

Capital

Markets

 — 5.2%

Ameriprise

Financial,

Inc.

...................

18,759

6,431,898

Bank

of

New

York

Mellon

Corp.

(The)

...........

135,054

6,871,548

BlackRock,

Inc.

(c)

.........................

26,445

18,231,976

Carlyle

Group,

Inc.

(The)

....................

35,660

1,226,704

Cboe

Global

Markets,

Inc.

...................

18,627

2,350,169

Security

Shares

Value

a

Capital

Markets

(continued)

Charles

Schwab

Corp.

(The)

.................

256,071

$

19,953,052

CME

Group,

Inc.,

Class

A

...................

63,411

11,753,863

FactSet

Research

Systems,

Inc.

...............

6,692

2,774,169

Franklin

Resources,

Inc.

....................

52,432

1,545,171

Intercontinental

Exchange,

Inc.

...............

98,459

10,023,126

Invesco

Ltd.

............................

59,463

1,050,117

LPL

Financial

Holdings,

Inc.

..................

14,074

3,512,307

MarketAxess

Holdings,

Inc.

..................

6,675

2,279,179

Moody's

Corp.

...........................

29,036

8,424,795

Morgan

Stanley

..........................

223,443

21,562,249

Nasdaq,

Inc.

............................

60,592

3,396,788

Northern

Trust

Corp.

.......................

34,813

3,316,634

Raymond

James

Financial,

Inc.

...............

34,119

3,700,547

S&P

Global,

Inc.

.........................

58,700

20,028,440

State

Street

Corp.

........................

64,534

5,722,875

T

Rowe

Price

Group,

Inc.

...................

39,620

4,448,534

158,604,141

a

Chemicals

 — 2.0%

Celanese

Corp.

..........................

19,075

2,217,087

Ecolab,

Inc.

............................

45,244

7,210,536

International

Flavors

&

Fragrances,

Inc.

..........

44,757

4,171,352

Linde

PLC

.............................

87,065

30,330,834

Mosaic

Co.

(The)

.........................

60,018

3,192,358

PPG

Industries,

Inc.

.......................

41,373

5,463,718

Sherwin-Williams

Co.

(The)

..................

43,396

9,605,705

62,191,590

a

Commercial

Services

&

Supplies

 — 0.4%

Copart,

Inc.

(a)

...........................

75,564

5,324,240

Republic

Services,

Inc.

.....................

38,845

5,008,286

Rollins,

Inc.

.............................

39,336

1,384,627

11,717,153

a

Communications

Equipment

 — 1.4%

Cisco

Systems,

Inc.

.......................

724,156

35,063,633

Motorola

Solutions,

Inc.

....................

29,497

7,752,107

42,815,740

a

Construction

&

Engineering

 — 0.1%

Quanta

Services,

Inc.

......................

25,238

4,073,413

a

Construction

Materials

 — 0.1%

Martin

Marietta

Materials,

Inc.

................

10,956

3,942,736

a

Consumer

Finance

 — 1.0%

Ally

Financial,

Inc.

........................

52,644

1,581,952

American

Express

Co.

.....................

111,925

19,473,831

Discover

Financial

Services

..................

47,978

5,373,536

Synchrony

Financial

.......................

79,419

2,836,052

29,265,371

a

Containers

&

Packaging

 — 0.3%

Amcor

PLC

.............................

261,869

2,917,221

Ball

Corp.

..............................

55,023

3,092,843

International

Paper

Co.

.....................

60,391

2,197,628

Westrock

Co.

...........................

44,558

1,399,121

9,606,813

a

Distributors

 — 0.3%

Genuine

Parts

Co.

........................

24,821

4,389,842

LKQ

Corp.

.............................

44,741

2,563,212

Pool

Corp.

.............................

6,884

2,456,624

9,409,678

a

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

iShares

®

ESG

MSCI

USA

Leaders

ETF

(Percentages

shown

are

based

on

Net

Assets)

36

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Diversified

Financial

Services

 — 0.1%

Equitable

Holdings,

Inc.

....................

65,594

$

2,060,963

a

Diversified

Telecommunication

Services

 — 0.9%

Verizon

Communications,

Inc.

................

740,323

28,731,936

a

Electric

Utilities

 — 0.5%

Edison

International

.......................

67,412

4,463,349

Eversource

Energy

.......................

61,398

4,626,953

Exelon

Corp.

............................

175,172

7,075,197

16,165,499

a

Electrical

Equipment

 — 0.7%

Eaton

Corp.

PLC

.........................

70,105

12,263,468

Generac

Holdings,

Inc.

(a)(b)

...................

11,158

1,339,072

Plug

Power,

Inc.

(a)(b)

.......................

92,007

1,368,144

Rockwell

Automation,

Inc.

...................

20,324

5,994,157

20,964,841

a

Electronic

Equipment,

Instruments

&

Components

 — 0.4%

Cognex

Corp.

...........................

30,275

1,435,641

Keysight

Technologies,

Inc.

(a)

.................

31,476

5,034,901

Trimble,

Inc.

(a)

...........................

43,716

2,275,855

Zebra

Technologies

Corp.,

Class

A

(a)

............

9,138

2,743,684

11,490,081

a

Energy

Equipment

&

Services

 — 0.8%

Baker

Hughes

Co.,

Class

A

..................

176,534

5,401,941

Halliburton

Co.

..........................

160,066

5,799,191

Schlumberger

Ltd.

........................

249,957

13,300,212

24,501,344

a

Entertainment

 — 1.5%

Electronic

Arts,

Inc.

.......................

48,666

5,399,006

Take-Two

Interactive

Software,

Inc.

(a)

............

29,582

3,240,708

Walt

Disney

Co.

(The)

(a)

....................

321,360

32,010,669

Warner

Bros

Discovery,

Inc.,

Series

A

(a)(b)

.........

406,877

6,355,419

47,005,802

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 2.6%

American

Tower

Corp.

.....................

82,075

16,251,671

Boston

Properties,

Inc.

.....................

26,237

1,717,999

Crown

Castle,

Inc.

........................

76,336

9,980,932

Equinix,

Inc.

............................

16,312

11,227,060

Healthpeak

Properties,

Inc.

..................

95,069

2,287,360

Prologis,

Inc.

............................

162,716

20,079,154

SBA

Communications

Corp.,

Class

A

............

19,054

4,941,655

Ventas,

Inc.

............................

70,290

3,419,608

Welltower,

Inc.

...........................

83,294

6,173,751

Weyerhaeuser

Co.

........................

129,726

4,053,938

80,133,128

a

Food

&

Staples

Retailing

 — 0.2%

Kroger

Co.

(The)

.........................

119,367

5,149,492

a

Food

Products

 — 0.8%

Bunge

Ltd.

.............................

26,406

2,521,773

Campbell

Soup

Co.

.......................

36,710

1,928,009

Conagra

Brands,

Inc.

......................

84,397

3,072,895

General

Mills,

Inc.

........................

104,664

8,321,834

Hormel

Foods

Corp.

.......................

52,826

2,344,418

Kellogg

Co.

.............................

45,232

2,982,598

McCormick

&

Co.,

Inc.,

NVS

.................

43,968

3,267,702

24,439,229

a

Gas

Utilities

 — 0.1%

Atmos

Energy

Corp.

.......................

24,838

2,801,975

Security

Shares

Value

a

Gas

Utilities

(continued)

UGI

Corp.

..............................

36,498

$

1,358,820

4,160,795

a

Health

Care

Equipment

&

Supplies

 — 1.7%

Align

Technology,

Inc.

(a)

.....................

13,027

4,031,857

Baxter

International,

Inc.

....................

89,178

3,562,661

Dentsply

Sirona,

Inc.

......................

37,548

1,429,452

Dexcom,

Inc.

(a)

..........................

68,088

7,558,449

Edwards

Lifesciences

Corp.

(a)

................

108,838

8,754,929

Hologic,

Inc.

(a)

...........................

43,334

3,451,120

IDEXX

Laboratories,

Inc.

(a)

...................

14,629

6,923,028

Insulet

Corp.

(a)

...........................

12,270

3,390,937

Novocure

Ltd.

(a)(b)

.........................

16,776

1,291,249

ResMed,

Inc.

...........................

25,751

5,484,963

STERIS

PLC

............................

17,599

3,309,140

Teleflex,

Inc.

............................

8,293

1,975,641

51,163,426

a

Health

Care

Providers

&

Services

 — 2.3%

AmerisourceBergen

Corp.

...................

27,303

4,247,255

Cardinal

Health,

Inc.

.......................

46,208

3,498,408

Cigna

Corp.

(The)

........................

53,894

15,742,437

DaVita,

Inc.

(a)

............................

9,498

781,305

Elevance

Health,

Inc.

......................

42,150

19,796,591

HCA

Healthcare,

Inc.

......................

37,377

9,099,431

Humana,

Inc.

...........................

22,281

11,029,541

Laboratory

Corp.

of

America

Holdings

...........

15,618

3,738,324

Quest

Diagnostics,

Inc.

.....................

20,076

2,777,715

70,711,007

a

Hotels,

Restaurants

&

Leisure

 — 1.4%

Hilton

Worldwide

Holdings,

Inc.

...............

47,675

6,889,514

McDonald's

Corp.

........................

129,212

34,100,339

Vail

Resorts,

Inc.

.........................

7,054

1,647,039

42,636,892

a

Household

Durables

 — 0.0%

Newell

Brands,

Inc.

.......................

68,449

1,005,516

a

Household

Products

 — 2.6%

Clorox

Co.

(The)

.........................

21,651

3,365,431

Colgate-Palmolive

Co.

.....................

139,866

10,252,178

Kimberly-Clark

Corp.

......................

59,530

7,444,226

Procter

&

Gamble

Co.

(The)

.................

417,719

57,461,426

78,523,261

a

Industrial

Conglomerates

 — 0.3%

3M

Co.

................................

97,435

10,497,647

a

Insurance

 — 3.5%

Aflac,

Inc.

..............................

104,126

7,096,187

Allstate

Corp.

(The)

.......................

46,750

6,020,465

American

International

Group,

Inc.

.............

130,969

8,003,516

Arch

Capital

Group

Ltd.

(a)

...................

65,262

4,568,340

Arthur

J

Gallagher

&

Co.

....................

37,166

6,963,050

Assurant,

Inc.

...........................

9,040

1,151,606

Chubb

Ltd.

.............................

73,163

15,438,856

Hartford

Financial

Services

Group,

Inc.

(The)

......

56,073

4,389,394

Loews

Corp.

............................

35,843

2,189,649

Marsh

&

McLennan

Companies,

Inc.

............

87,434

14,176,549

Principal

Financial

Group,

Inc.

................

43,132

3,862,902

Progressive

Corp.

(The)

....................

103,133

14,801,648

Prudential

Financial,

Inc.

....................

65,066

6,506,600

Travelers

Companies,

Inc.

(The)

...............

41,310

7,647,307

iShares

®

ESG

MSCI

USA

Leaders

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

(Percentages

shown

are

based

on

Net

Assets)

37

Schedule

of

Investments

Security

Shares

Value

a

Insurance

(continued)

Willis

Towers

Watson

PLC

...................

19,080

$

4,471,589

107,287,658

a

Interactive

Media

&

Services

 — 6.0%

Alphabet,

Inc.,

Class

A

(a)

....................

1,053,058

94,838,403

Alphabet,

Inc.,

Class

C,

NVS

(a)

................

965,529

87,187,269

ZoomInfo

Technologies,

Inc.

(a)(b)

...............

46,607

1,126,491

183,152,163

a

Internet

&

Direct

Marketing

Retail

 — 0.5%

eBay,

Inc.

..............................

95,657

4,390,656

MercadoLibre,

Inc.

(a)

.......................

7,960

9,711,200

14,101,856

a

IT

Services

 — 6.0%

Accenture

PLC,

Class

A

....................

111,093

29,500,746

Automatic

Data

Processing,

Inc.

...............

73,148

16,079,393

International

Business

Machines

Corp.

..........

159,375

20,607,187

Mastercard,

Inc.,

Class

A

....................

151,319

53,762,128

Visa,

Inc.,

Class

A

........................

287,006

63,124,100

183,073,554

a

Leisure

Products

 — 0.0%

Hasbro,

Inc.

............................

22,992

1,264,790

a

Life

Sciences

Tools

&

Services

 — 2.1%

Agilent

Technologies,

Inc.

...................

52,014

7,384,428

Bio-Techne

Corp.

.........................

27,812

2,020,264

Illumina,

Inc.

(a)

...........................

27,640

5,505,888

Mettler-Toledo

International,

Inc.

(a)

.............

3,930

5,634,480

Thermo

Fisher

Scientific,

Inc.

.................

69,134

37,454,036

Waters

Corp.

(a)

..........................

10,491

3,261,547

West

Pharmaceutical

Services,

Inc.

............

13,049

4,136,924

65,397,567

a

Machinery

 — 2.9%

Caterpillar,

Inc.

..........................

91,735

21,975,119

Cummins,

Inc.

...........................

24,818

6,032,760

Deere

&

Co.

............................

50,543

21,189,647

Dover

Corp.

............................

24,741

3,708,676

Fortive

Corp.

............................

59,309

3,953,538

IDEX

Corp.

.............................

13,235

2,977,610

Illinois

Tool

Works,

Inc.

.....................

54,149

12,625,381

Ingersoll

Rand,

Inc.

.......................

71,378

4,144,921

Otis

Worldwide

Corp.

......................

73,668

6,233,786

Pentair

PLC

............................

28,843

1,613,477

Snap-on,

Inc.

...........................

9,312

2,315,708

Xylem,

Inc.

.............................

31,720

3,256,058

90,026,681

a

Media

 — 0.1%

Interpublic

Group

of

Companies,

Inc.

(The)

.......

68,744

2,443,162

Sirius

XM

Holdings,

Inc.

(b)

...................

137,271

602,619

3,045,781

a

Metals

&

Mining

 — 0.6%

Newmont

Corp.

..........................

139,615

6,088,610

Nucor

Corp.

............................

45,222

7,571,972

Steel

Dynamics,

Inc.

.......................

30,949

3,902,978

17,563,560

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

 — 0.1%

Annaly

Capital

Management,

Inc.

..............

82,165

1,699,172

a

Multiline

Retail

 — 0.4%

Target

Corp.

............................

81,141

13,672,259

a

Security

Shares

Value

a

Multi-Utilities

 — 0.5%

Consolidated

Edison,

Inc.

...................

62,594

$

5,592,774

Sempra

Energy

..........................

55,409

8,309,134

13,901,908

a

Oil,

Gas

&

Consumable

Fuels

 — 1.8%

Cheniere

Energy,

Inc.

......................

39,464

6,209,266

HF

Sinclair

Corp.

(a)

........................

26,538

1,319,469

Kinder

Morgan,

Inc.,

Class

P

.................

356,599

6,083,579

Marathon

Petroleum

Corp.

..................

82,613

10,210,967

ONEOK,

Inc.

............................

78,900

5,164,005

Phillips

66

..............................

83,313

8,544,581

Targa

Resources

Corp.

.....................

37,784

2,799,795

Valero

Energy

Corp.

.......................

67,958

8,952,107

Williams

Companies,

Inc.

(The)

...............

214,910

6,468,791

55,752,560

a

Personal

Products

 — 0.3%

Estee

Lauder

Companies,

Inc.

(The),

Class

A

......

40,767

9,908,419

a

Pharmaceuticals

 — 6.7%

Bristol-Myers

Squibb

Co.

....................

375,008

25,860,552

Catalent,

Inc.

(a)

..........................

30,245

2,063,314

Elanco

Animal

Health,

Inc.

(a)(b)

................

76,229

874,347

Eli

Lilly

&

Co.

...........................

142,369

44,308,080

Jazz

Pharmaceuticals

PLC

(a)

.................

11,114

1,560,405

Johnson

&

Johnson

.......................

460,868

70,632,630

Merck

&

Co.,

Inc.

.........................

446,927

47,481,524

Zoetis,

Inc.,

Class

A

.......................

82,145

13,718,215

206,499,067

a

Professional

Services

 — 0.1%

Robert

Half

International,

Inc.

.................

19,372

1,561,771

a

Real

Estate

Management

&

Development

 — 0.2%

CBRE

Group,

Inc.,

Class

A

(a)

.................

55,694

4,741,787

a

Road

&

Rail

 — 1.7%

CSX

Corp.

.............................

370,602

11,299,655

JB

Hunt

Transport

Services,

Inc.

..............

14,569

2,633,929

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

..

27,065

1,538,375

Norfolk

Southern

Corp.

.....................

40,810

9,174,904

Old

Dominion

Freight

Line,

Inc.

...............

16,554

5,616,110

U-Haul

Holding

Co.,

Series

N,

NVS

(a)

...........

15,327

852,641

Union

Pacific

Corp.

.......................

108,374

22,463,763

53,579,377

a

Semiconductors

&

Semiconductor

Equipment

 — 6.0%

Applied

Materials,

Inc.

.....................

151,651

17,614,264

Intel

Corp.

.............................

727,487

18,136,251

Lam

Research

Corp.

......................

24,059

11,692,914

NVIDIA

Corp.

...........................

433,637

100,673,166

NXP

Semiconductors

NV

...................

45,679

8,152,788

Texas

Instruments,

Inc.

.....................

159,982

27,428,914

183,698,297

a

Software

 — 14.4%

Adobe,

Inc.

(a)

............................

81,950

26,547,702

ANSYS,

Inc.

(a)

...........................

15,283

4,640,072

Autodesk,

Inc.

(a)

..........................

38,180

7,585,984

Cadence

Design

Systems,

Inc.

(a)

..............

48,355

9,329,614

Gen

Digital,

Inc.

..........................

103,337

2,016,105

HubSpot,

Inc.

(a)

..........................

8,135

3,147,106

Intuit,

Inc.

..............................

47,072

19,166,777

Microsoft

Corp.

..........................

1,248,336

311,359,965

Roper

Technologies,

Inc.

....................

18,694

8,042,159

Salesforce,

Inc.

(a)

.........................

176,275

28,840,353

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

iShares

®

ESG

MSCI

USA

Leaders

ETF

(Percentages

shown

are

based

on

Net

Assets)

38

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Software

(continued)

ServiceNow,

Inc.

(a)

........................

35,678

$

15,418,961

Splunk,

Inc.

(a)

...........................

28,565

2,927,912

VMware,

Inc.,

Class

A

(a)

....................

37,412

4,120,184

443,142,894

a

Specialty

Retail

 — 3.6%

Advance

Auto

Parts,

Inc.

....................

10,564

1,531,357

Best

Buy

Co.,

Inc.

........................

35,632

2,961,376

Burlington

Stores,

Inc.

(a)

....................

11,512

2,466,446

CarMax,

Inc.

(a)(b)

..........................

27,920

1,927,597

Home

Depot,

Inc.

(The)

....................

179,657

53,275,487

Lowe's

Companies,

Inc.

....................

106,594

21,931,715

TJX

Companies,

Inc.

(The)

..................

204,665

15,677,339

Tractor

Supply

Co.

........................

19,495

4,547,404

Ulta

Beauty,

Inc.

(a)

........................

9,026

4,682,689

109,001,410

a

Technology

Hardware,

Storage

&

Peripherals

 — 0.3%

Hewlett

Packard

Enterprise

Co.

...............

228,528

3,567,322

HP,

Inc.

...............................

177,322

5,234,546

8,801,868

a

Textiles,

Apparel

&

Luxury

Goods

 — 1.1%

Lululemon

Athletica,

Inc.

(a)

...................

20,417

6,312,936

Nike,

Inc.,

Class

B

........................

221,931

26,363,184

VF

Corp.

..............................

58,530

1,452,715

34,128,835

a

Trading

Companies

&

Distributors

 — 0.5%

Fastenal

Co.

............................

100,804

5,197,454

United

Rentals,

Inc.

.......................

12,217

5,724,031

WW

Grainger,

Inc.

........................

8,062

5,388,883

16,310,368

a

Security

Shares

Value

a

Water

Utilities

 — 0.2%

American

Water

Works

Co.,

Inc.

...............

32,074

$

4,502,548

Essential

Utilities,

Inc.

......................

43,525

1,862,000

6,364,548

a

Total

Long-Term

Investments — 99.6%

(Cost:

$2,809,826,382)

...............................

3,057,080,154

a

Short-Term

Securities

Money

Market

Funds

 — 

0.4%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

4.81%

(c)(d)(e)

......................

4,987,637

4,990,629

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.41%

(c)(d)

............................

6,796,929

6,796,929

a

Total

Short-Term

Securities — 0.4%

(Cost:

$11,783,568)

.................................

11,787,558

Total

Investments

—

100.0%

(Cost:

$2,821,609,950)

...............................

3,068,867,712

Liabilities

in

Excess

of

Other

Assets

—

0.0%

................

(1,523,984)

Net

Assets

—

100.0%

.................................

$

3,067,343,728

(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

February

28,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/23

  Shares

Held

at

02/28/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

40,579,854

$

—

$

(35,591,171

)

(a)

$

9,195

$

(7,249

)

$

4,990,629

4,987,637

$

73,308

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

5,325,318

1,471,611

(a)

—

—

—

6,796,929

6,796,929

125,713

5

BlackRock,

Inc.

..

18,098,486

1,462,326

(1,863,372

)

505,540

28,996

18,231,976

26,445

255,629

—

$

514,735

$

21,747

$

30,019,534

$

454,650

$

5

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

iShares

®

ESG

MSCI

USA

Leaders

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

39

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

February

28,

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

S&P

500

E-Mini

Index

..................................................................

47

03/17/23

$

9,342

$

(58,834

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

58,834

$

—

$

—

$

—

$

58,834

(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

.................................

$

—

$

—

$

(6,715

)

$

—

$

—

$

—

$

(6,715

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(10,623

)

$

—

$

—

$

—

$

(10,623

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

9,364,650

a

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

iShares

®

ESG

MSCI

USA

Leaders

ETF

40

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

.........................................

$

3,057,080,154

‌

$

—

‌

$

—

‌

$

3,057,080,154

‌

Short-Term

Securities

Money

Market

Funds

......................................

11,787,558

‌

—

‌

—

‌

11,787,558

‌

$

3,068,867,712

‌

$

—

‌

$

—

‌

$

3,068,867,712

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(58,834

)

$

—

‌

$

—

‌

$

(58,834

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

February

28,

2023

(Percentages

shown

are

based

on

Net

Assets)

41

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.8

%

HEICO

Corp.

...........................

16,327

$

2,703,261

HEICO

Corp.

,

Class

A

......................

3,204

417,001

Howmet

Aerospace,

Inc.

....................

27,518

1,160,709

L3Harris

Technologies,

Inc.

..................

6,930

1,463,547

TransDigm

Group,

Inc.

.....................

2,569

1,911,002

7,655,520

a

Automobiles

 — 

2

.6

%

Ford

Motor

Co.

..........................

146,891

1,772,974

Lucid

Group,

Inc.

(a)

(b)

.......................

165,751

1,513,307

Rivian

Automotive,

Inc.

,

Class

A

(a)

..............

32,912

635,202

Tesla,

Inc.

(a)

.............................

98,665

20,296,377

24,217,860

a

Banks

 — 

2

.4

%

Bank

of

America

Corp.

.....................

45,019

1,544,152

First

Republic

Bank

.......................

16,520

2,032,125

JPMorgan

Chase

&

Co.

....................

77,029

11,042,107

KeyCorp

...............................

57,917

1,059,302

M&T

Bank

Corp.

.........................

6,327

982,520

PNC

Financial

Services

Group,

Inc.

(The)

........

8,135

1,284,679

SVB

Financial

Group

(a)

.....................

5,341

1,538,796

U.S.

Bancorp

...........................

47,217

2,253,667

21,737,348

a

Beverages

 — 

1

.4

%

Brown-Forman

Corp.

,

Class

B

,

NVS

............

44,200

2,867,254

Coca-Cola

Co.

(The)

......................

114,140

6,792,471

Keurig

Dr

Pepper,

Inc.

.....................

31,913

1,102,594

Monster

Beverage

Corp.

(a)

...................

18,555

1,888,157

12,650,476

a

Biotechnology

 — 

2

.2

%

AbbVie,

Inc.

............................

47,508

7,311,481

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

5,459

1,045,126

Amgen,

Inc.

............................

9,615

2,227,411

Biogen,

Inc.

(a)

...........................

4,802

1,295,868

BioMarin

Pharmaceutical,

Inc.

(a)

...............

11,010

1,096,486

Exact

Sciences

Corp.

(a)

(b)

....................

5,628

350,793

Horizon

Therapeutics

PLC

(a)

.................

1,858

203,432

Moderna,

Inc.

(a)

..........................

8,082

1,121,862

Neurocrine

Biosciences,

Inc.

(a)

................

4,190

431,989

Regeneron

Pharmaceuticals,

Inc.

(a)

.............

3,460

2,631,053

Seagen,

Inc.

(a)

...........................

2,550

458,210

Vertex

Pharmaceuticals,

Inc.

(a)

................

7,939

2,304,612

20,478,323

a

Building

Products

 — 

0

.2

%

A

O

Smith

Corp.

.........................

6,675

438,080

Allegion

PLC

............................

7,352

828,644

Fortune

Brands

Innovations,

Inc.

..............

5,950

368,603

Masco

Corp.

............................

9,003

472,027

2,107,354

a

Capital

Markets

 — 

4

.5

%

Ameriprise

Financial,

Inc.

...................

1,231

422,073

Bank

of

New

York

Mellon

Corp.

(The)

...........

40,385

2,054,789

BlackRock,

Inc.

(c)

.........................

6,903

4,759,135

Blackstone,

Inc.

,

NVS

......................

20,526

1,863,761

Cboe

Global

Markets,

Inc.

...................

7,339

925,962

Charles

Schwab

Corp.

(The)

.................

70,989

5,531,463

CME

Group,

Inc.

,

Class

A

...................

18,089

3,352,977

FactSet

Research

Systems,

Inc.

...............

2,840

1,177,322

Intercontinental

Exchange,

Inc.

...............

24,257

2,469,363

Security

Shares

Value

a

Capital

Markets

(continued)

Invesco

Ltd.

............................

18,116

$

319,928

KKR

&

Co.,

Inc.

..........................

14,940

841,869

MarketAxess

Holdings,

Inc.

..................

2,215

756,312

Moody's

Corp.

...........................

13,897

4,032,214

Nasdaq,

Inc.

............................

21,511

1,205,907

Northern

Trust

Corp.

.......................

12,443

1,185,445

Raymond

James

Financial,

Inc.

...............

1,823

197,722

S&P

Global,

Inc.

.........................

21,313

7,271,996

SEI

Investments

Co.

.......................

18,854

1,135,953

T

Rowe

Price

Group,

Inc.

...................

12,174

1,366,897

Tradeweb

Markets,

Inc.

,

Class

A

...............

2,023

143,410

41,014,498

a

Chemicals

 — 

1

.8

%

Albemarle

Corp.

.........................

3,132

796,499

International

Flavors

&

Fragrances,

Inc.

..........

1,321

123,117

PPG

Industries,

Inc.

.......................

776

102,479

Sherwin-Williams

Co.

(The)

..................

70,813

15,674,457

16,696,552

a

Commercial

Services

&

Supplies

 — 

0

.6

%

Cintas

Corp.

............................

5,304

2,325,645

Copart,

Inc.

(a)

...........................

17,741

1,250,031

Rollins,

Inc.

.............................

46,763

1,646,057

5,221,733

a

Communications

Equipment

 — 

1

.7

%

Cisco

Systems,

Inc.

.......................

158,552

7,677,088

Juniper

Networks,

Inc.

.....................

122,721

3,777,352

Motorola

Solutions,

Inc.

....................

14,554

3,824,937

15,279,377

a

Consumer

Finance

 — 

0

.5

%

American

Express

Co.

.....................

19,504

3,393,501

Discover

Financial

Services

..................

9,496

1,063,552

4,457,053

a

Distributors

 — 

0

.0

%

Pool

Corp.

.............................

552

196,987

a

Diversified

Financial

Services

 — 

0

.6

%

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

............

15,904

4,853,583

Equitable

Holdings,

Inc.

....................

17,791

558,993

5,412,576

a

Electric

Utilities

 — 

1

.2

%

Edison

International

.......................

170,500

11,288,805

a

Electrical

Equipment

 — 

1

.2

%

AMETEK,

Inc.

...........................

12,595

1,782,948

Eaton

Corp.

PLC

.........................

30,794

5,386,794

Generac

Holdings,

Inc.

(a)

(b)

...................

4,085

490,241

Plug

Power,

Inc.

(a)

(b)

.......................

94,727

1,408,591

Rockwell

Automation,

Inc.

...................

7,745

2,284,233

11,352,807

a

Electronic

Equipment,

Instruments

&

Components

 — 

1

.2

%

Amphenol

Corp.

,

Class

A

...................

14,872

1,152,878

CDW

Corp.

.............................

13,509

2,734,492

Cognex

Corp.

...........................

6,800

322,456

Keysight

Technologies,

Inc.

(a)

.................

12,465

1,993,902

TE

Connectivity

Ltd.

.......................

4,360

555,115

Teledyne

Technologies,

Inc.

(a)

(b)

...............

5,704

2,453,119

Trimble,

Inc.

(a)

...........................

26,239

1,366,002

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

42

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Electronic

Equipment,

Instruments

&

Components

(continued)

Zebra

Technologies

Corp.

,

Class

A

(a)

............

1,373

$

412,243

10,990,207

a

Entertainment

 — 

1

.4

%

Activision

Blizzard,

Inc.

.....................

23,307

1,777,159

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

,

NVS

(a)

...............................

11,183

758,990

Live

Nation

Entertainment,

Inc.

(a)

..............

8,104

583,974

Netflix,

Inc.

(a)

............................

13,252

4,268,867

Roku,

Inc.

,

Class

A

(a)

......................

1,636

105,833

Take-Two

Interactive

Software,

Inc.

(a)

............

1,852

202,886

Walt

Disney

Co.

(The)

(a)

....................

54,552

5,433,925

13,131,634

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 

6

.7

%

American

Tower

Corp.

.....................

15,353

3,040,048

AvalonBay

Communities,

Inc.

................

29,586

5,104,177

Boston

Properties,

Inc.

.....................

60,125

3,936,985

Crown

Castle,

Inc.

........................

20,021

2,617,746

Digital

Realty

Trust,

Inc.

....................

65,909

6,869,695

Equinix,

Inc.

............................

8,728

6,007,221

Equity

Residential

........................

20,541

1,284,223

Essex

Property

Trust,

Inc.

...................

5,402

1,231,980

Extra

Space

Storage,

Inc.

...................

8,035

1,322,963

Healthpeak

Properties,

Inc.

..................

130,746

3,145,749

Medical

Properties

Trust,

Inc.

.................

93,669

964,791

Prologis,

Inc.

............................

98,483

12,152,802

Public

Storage

...........................

10,730

3,207,733

Realty

Income

Corp.

.......................

61,131

3,909,327

Regency

Centers

Corp.

....................

20,277

1,275,423

SBA

Communications

Corp.

,

Class

A

............

3,896

1,010,428

Simon

Property

Group,

Inc.

..................

12,060

1,472,405

Sun

Communities,

Inc.

.....................

1,116

159,744

Ventas,

Inc.

............................

17,757

863,878

Welltower,

Inc.

...........................

22,010

1,631,381

WP

Carey,

Inc.

..........................

6,055

491,424

61,700,123

a

Food

Products

 — 

0

.2

%

Darling

Ingredients,

Inc.

(a)

...................

17,310

1,095,204

Hershey

Co.

(The)

........................

3,859

919,677

2,014,881

a

Health

Care

Equipment

&

Supplies

 — 

3

.8

%

Align

Technology,

Inc.

(a)

.....................

1,737

537,602

Baxter

International,

Inc.

....................

1,700

67,915

Becton

Dickinson

and

Co.

...................

6,247

1,465,234

Boston

Scientific

Corp.

(a)

....................

49,772

2,325,348

Cooper

Companies,

Inc.

(The)

................

3,430

1,121,507

Dexcom,

Inc.

(a)

..........................

12,725

1,412,602

Edwards

Lifesciences

Corp.

(a)

................

88,845

7,146,692

GE

HealthCare

Technologies,

Inc.

(a)

............

6,295

478,420

Hologic,

Inc.

(a)

...........................

14,591

1,162,027

IDEXX

Laboratories,

Inc.

(a)

...................

11,547

5,464,502

Insulet

Corp.

(a)

...........................

2,323

641,984

Intuitive

Surgical,

Inc.

(a)

.....................

9,577

2,196,868

Masimo

Corp.

(a)

..........................

1,534

256,654

Medtronic

PLC

..........................

48,438

4,010,666

Novocure

Ltd.

(a)

(b)

.........................

2,386

183,650

ResMed,

Inc.

...........................

8,100

1,725,300

Stryker

Corp.

...........................

12,238

3,217,126

Teleflex,

Inc.

............................

2,588

616,539

Zimmer

Biomet

Holdings,

Inc.

................

9,129

1,130,809

35,161,445

a

Security

Shares

Value

a

Health

Care

Providers

&

Services

 — 

2

.0

%

Elevance

Health,

Inc.

......................

7,607

$

3,572,780

Humana,

Inc.

...........................

4,417

2,186,503

Laboratory

Corp.

of

America

Holdings

...........

1,088

260,424

Molina

Healthcare,

Inc.

(a)

....................

578

159,141

Quest

Diagnostics,

Inc.

.....................

2,649

366,515

UnitedHealth

Group,

Inc.

....................

25,263

12,023,672

18,569,035

a

Health

Care

Technology

 — 

0

.1

%

Veeva

Systems,

Inc.

,

Class

A

(a)

(b)

..............

4,570

757,066

a

Hotels,

Restaurants

&

Leisure

 — 

2

.7

%

Airbnb,

Inc.

,

Class

A

(a)

(b)

.....................

918

113,171

Booking

Holdings,

Inc.

(a)

....................

758

1,913,192

Caesars

Entertainment,

Inc.

(a)

................

5,281

268,064

Chipotle

Mexican

Grill,

Inc.

(a)

.................

588

876,755

Hilton

Worldwide

Holdings,

Inc.

...............

5,357

774,140

Marriott

International,

Inc.

,

Class

A

.............

4,385

742,118

McDonald's

Corp.

........................

50,640

13,364,402

Starbucks

Corp.

..........................

41,335

4,219,890

Vail

Resorts,

Inc.

.........................

404

94,330

Wynn

Resorts

Ltd.

(a)

.......................

3,084

334,213

Yum!

Brands,

Inc.

........................

17,676

2,247,680

24,947,955

a

Household

Durables

 — 

0

.4

%

DR

Horton,

Inc.

..........................

5,287

488,942

Garmin

Ltd.

.............................

16,625

1,631,411

NVR,

Inc.

(a)

.............................

262

1,355,489

PulteGroup,

Inc.

.........................

2,115

115,627

3,591,469

a

Household

Products

 — 

0

.7

%

Church

&

Dwight

Co.,

Inc.

...................

8,180

685,321

Clorox

Co.

(The)

.........................

1,798

279,481

Colgate-Palmolive

Co.

.....................

28,664

2,101,071

Procter

&

Gamble

Co.

(The)

.................

22,809

3,137,606

6,203,479

a

Industrial

Conglomerates

 — 

0

.2

%

General

Electric

Co.

.......................

18,993

1,608,897

a

Insurance

 — 

3

.8

%

Aflac,

Inc.

..............................

72,961

4,972,292

Allstate

Corp.

(The)

.......................

11,405

1,468,736

American

Financial

Group,

Inc.

...............

19,975

2,678,847

Arch

Capital

Group

Ltd.

(a)

...................

35,937

2,515,590

Arthur

J

Gallagher

&

Co.

....................

2,704

506,595

Assurant,

Inc.

...........................

5,722

728,926

Brown

&

Brown,

Inc.

.......................

26,946

1,510,862

Chubb

Ltd.

.............................

19,067

4,023,519

Cincinnati

Financial

Corp.

...................

13,114

1,582,860

Erie

Indemnity

Co.

,

Class

A

,

NVS

..............

3,277

771,373

Globe

Life,

Inc.

..........................

6,358

773,705

Hartford

Financial

Services

Group,

Inc.

(The)

......

21,926

1,716,367

Markel

Corp.

(a)

...........................

1,341

1,783,342

Marsh

&

McLennan

Companies,

Inc.

............

20,371

3,302,954

MetLife,

Inc.

............................

26,789

1,921,575

Progressive

Corp.

(The)

....................

20,114

2,886,761

Willis

Towers

Watson

PLC

...................

6,131

1,436,861

34,581,165

a

Interactive

Media

&

Services

 — 

4

.0

%

Alphabet,

Inc.

,

Class

A

(a)

....................

72,861

6,561,862

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

................

186,850

16,872,555

Match

Group,

Inc.

(a)

.......................

8,429

349,129

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

(Percentages

shown

are

based

on

Net

Assets)

43

Schedule

of

Investments

Security

Shares

Value

a

Interactive

Media

&

Services

(continued)

Meta

Platforms,

Inc.

,

Class

A

(a)

................

69,423

$

12,144,860

Pinterest,

Inc.

,

Class

A

(a)

....................

9,782

245,626

Snap,

Inc.

,

Class

A

,

NVS

(a)

..................

22,557

228,953

36,402,985

a

Internet

&

Direct

Marketing

Retail

 — 

3

.1

%

Amazon.com,

Inc.

(a)

.......................

246,348

23,213,372

eBay,

Inc.

..............................

37,884

1,738,876

Etsy,

Inc.

(a)

.............................

9,920

1,204,387

MercadoLibre,

Inc.

(a)

.......................

2,072

2,527,840

28,684,475

a

IT

Services

 — 

4

.2

%

Accenture

PLC

,

Class

A

....................

15,061

3,999,448

Automatic

Data

Processing,

Inc.

...............

13,773

3,027,581

Fidelity

National

Information

Services,

Inc.

........

8,016

507,974

Fiserv,

Inc.

(a)

............................

21,334

2,455,330

FleetCor

Technologies,

Inc.

(a)

.................

3,724

799,878

Gartner,

Inc.

(a)

...........................

620

203,242

Global

Payments,

Inc.

.....................

8,101

908,932

International

Business

Machines

Corp.

..........

976

126,197

Jack

Henry

&

Associates,

Inc.

................

935

153,564

Mastercard,

Inc.

,

Class

A

....................

22,282

7,916,572

Okta,

Inc.

,

Class

A

(a)

.......................

2,323

165,607

Paychex,

Inc.

...........................

23,792

2,626,637

PayPal

Holdings,

Inc.

(a)

.....................

26,647

1,961,219

Snowflake,

Inc.

,

Class

A

(a)

...................

660

101,891

SS&C

Technologies

Holdings,

Inc.

.............

1,763

103,488

VeriSign,

Inc.

(a)

..........................

6,459

1,271,325

Visa,

Inc.

,

Class

A

(b)

.......................

55,613

12,231,523

38,560,408

a

Leisure

Products

 — 

0

.0

%

Hasbro,

Inc.

............................

7,504

412,795

a

Life

Sciences

Tools

&

Services

 — 

2

.8

%

Avantor,

Inc.

(a)

...........................

4,675

113,930

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

............

1,497

715,326

Bio-Techne

Corp.

.........................

40,031

2,907,852

Danaher

Corp.

..........................

19,084

4,723,863

Illumina,

Inc.

(a)

...........................

8,325

1,658,340

IQVIA

Holdings,

Inc.

(a)

......................

1,136

236,822

Mettler-Toledo

International,

Inc.

(a)

.............

2,155

3,089,645

PerkinElmer,

Inc.

.........................

15,998

1,992,871

Thermo

Fisher

Scientific,

Inc.

.................

13,696

7,419,945

Waters

Corp.

(a)

..........................

1,012

314,621

West

Pharmaceutical

Services,

Inc.

............

7,782

2,467,127

25,640,342

a

Machinery

 — 

2

.6

%

Deere

&

Co.

............................

1,005

421,336

Fortive

Corp.

............................

42,515

2,834,050

IDEX

Corp.

.............................

15,827

3,560,758

Illinois

Tool

Works,

Inc.

.....................

16,153

3,766,234

Ingersoll

Rand,

Inc.

.......................

17,768

1,031,788

Pentair

PLC

............................

30,784

1,722,057

Stanley

Black

&

Decker,

Inc.

.................

4,623

395,775

Westinghouse

Air

Brake

Technologies

Corp.

.......

2,125

221,701

Xylem,

Inc.

.............................

93,174

9,564,311

23,518,010

a

Media

 — 

1

.1

%

Charter

Communications,

Inc.

,

Class

A

(a)

.........

4,573

1,681,081

Comcast

Corp.

,

Class

A

....................

74,579

2,772,101

Fox

Corp.

,

Class

A

,

NVS

....................

8,500

297,670

Fox

Corp.

,

Class

B

........................

13,600

438,600

Security

Shares

Value

a

Media

(continued)

Liberty

Broadband

Corp.

,

Class

C

,

NVS

(a)

........

26,155

$

2,266,854

Liberty

Media

Corp.-Liberty

SiriusXM

,

Series

C

,

NVS

(a)

26,661

859,017

Paramount

Global

,

Class

B

,

NVS

..............

14,450

309,519

Sirius

XM

Holdings,

Inc.

(b)

...................

240,727

1,056,792

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

..............

8,755

489,930

10,171,564

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

 — 

0

.1

%

Annaly

Capital

Management,

Inc.

..............

27,204

562,579

a

Multiline

Retail

 — 

0

.2

%

Dollar

General

Corp.

......................

9,417

2,036,897

a

Oil,

Gas

&

Consumable

Fuels

 — 

0

.0

%

Texas

Pacific

Land

Corp.

....................

147

261,688

a

Personal

Products

 — 

0

.1

%

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

3,139

762,934

a

Pharmaceuticals

 — 

6

.5

%

Bristol-Myers

Squibb

Co.

....................

70,602

4,868,714

Catalent,

Inc.

(a)

..........................

9,220

628,988

Elanco

Animal

Health,

Inc.

(a)

..................

35,105

402,654

Eli

Lilly

&

Co.

...........................

33,397

10,393,814

Jazz

Pharmaceuticals

PLC

(a)

.................

7,054

990,382

Johnson

&

Johnson

.......................

65,917

10,102,439

Merck

&

Co.,

Inc.

.........................

92,971

9,877,239

Pfizer,

Inc.

.............................

194,021

7,871,432

Royalty

Pharma

PLC

,

Class

A

................

73,817

2,646,340

Zoetis,

Inc.

,

Class

A

.......................

72,408

12,092,136

59,874,138

a

Professional

Services

 — 

0

.5

%

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.......

4,758

450,725

CoStar

Group,

Inc.

(a)

.......................

15,118

1,068,238

Equifax,

Inc.

............................

5,219

1,057,004

Robert

Half

International,

Inc.

.................

4,980

401,488

Verisk

Analytics,

Inc.

.......................

7,254

1,241,232

4,218,687

a

Real

Estate

Management

&

Development

 — 

0

.3

%

CBRE

Group,

Inc.

,

Class

A

(a)

.................

28,538

2,429,725

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

(b)

............

2,806

117,852

2,547,577

a

Road

&

Rail

 — 

0

.8

%

Old

Dominion

Freight

Line,

Inc.

...............

6,447

2,187,209

Uber

Technologies,

Inc.

(a)

...................

38,557

1,282,406

U-Haul

Holding

Co.

,

Series

N

,

NVS

(a)

...........

26,515

1,475,029

Union

Pacific

Corp.

.......................

10,771

2,232,613

7,177,257

a

Semiconductors

&

Semiconductor

Equipment

 — 

7

.0

%

Advanced

Micro

Devices,

Inc.

(a)

...............

44,637

3,507,575

Analog

Devices,

Inc.

.......................

39,898

7,320,086

Applied

Materials,

Inc.

.....................

11,585

1,345,598

Broadcom,

Inc.

..........................

2,835

1,684,812

Enphase

Energy,

Inc.

(a)

.....................

20,683

4,354,392

First

Solar,

Inc.

(a)

.........................

12,010

2,031,371

Intel

Corp.

.............................

109,307

2,725,024

KLA

Corp.

..............................

4,115

1,561,149

Marvell

Technology,

Inc.

....................

55,496

2,505,644

NVIDIA

Corp.

...........................

84,468

19,610,091

QUALCOMM,

Inc.

........................

38,974

4,814,458

Skyworks

Solutions,

Inc.

....................

4,092

456,544

SolarEdge

Technologies,

Inc.

(a)

................

15,594

4,957,645

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

44

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Semiconductors

&

Semiconductor

Equipment

(continued)

Texas

Instruments,

Inc.

.....................

43,951

$

7,535,399

64,409,788

a

Software

 — 

10

.3

%

Adobe,

Inc.

(a)

............................

21,545

6,979,503

ANSYS,

Inc.

(a)

...........................

2,244

681,301

Autodesk,

Inc.

(a)

..........................

6,031

1,198,299

Fortinet,

Inc.

(a)

...........................

19,856

1,180,241

Intuit,

Inc.

..............................

15,126

6,159,005

Microsoft

Corp.

..........................

223,375

55,714,192

Oracle

Corp.

............................

54,823

4,791,530

Palo

Alto

Networks,

Inc.

(a)

...................

9,163

1,726,034

Paycom

Software,

Inc.

(a)

....................

425

122,850

Roper

Technologies,

Inc.

....................

3,900

1,677,780

Salesforce,

Inc.

(a)

.........................

29,269

4,788,701

ServiceNow,

Inc.

(a)

........................

16,396

7,085,859

Splunk,

Inc.

(a)

...........................

5,985

613,463

Tyler

Technologies,

Inc.

(a)

...................

1,002

321,893

Workday,

Inc.

,

Class

A

(a)

(b)

...................

3,963

735,018

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

......

6,898

514,522

94,290,191

a

Specialty

Retail

 — 

2

.4

%

Burlington

Stores,

Inc.

(a)

....................

3,296

706,168

Home

Depot,

Inc.

(The)

....................

31,265

9,271,323

Lowe's

Companies,

Inc.

....................

26,182

5,386,947

O'Reilly

Automotive,

Inc.

(a)

...................

614

509,681

Ross

Stores,

Inc.

.........................

14,296

1,580,280

TJX

Companies,

Inc.

(The)

..................

47,079

3,606,251

Ulta

Beauty,

Inc.

(a)

........................

2,603

1,350,436

22,411,086

a

Technology

Hardware,

Storage

&

Peripherals

 — 

8

.0

%

Apple,

Inc.

.............................

495,681

73,068,336

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.5

%

Lululemon

Athletica,

Inc.

(a)

...................

10,049

3,107,151

Nike,

Inc.

,

Class

B

........................

12,912

1,533,816

Security

Shares

Value

a

Textiles,

Apparel

&

Luxury

Goods

(continued)

VF

Corp.

..............................

12,711

$

315,487

4,956,454

a

Trading

Companies

&

Distributors

 — 

0

.3

%

Fastenal

Co.

............................

41,696

2,149,846

WW

Grainger,

Inc.

........................

921

615,624

2,765,470

a

Wireless

Telecommunication

Services

 — 

0

.1

%

T-Mobile

U.S.,

Inc.

(a)

.......................

6,534

929,004

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

992,248,002

)

................................

916,687,290

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.5

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.81

%

(c)

(d)

(e)

......................

12,793,112

12,800,788

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.41

%

(c)

(d)

............................

923,307

923,307

a

Total

Short-Term

Securities — 1.5%

(Cost:

$

13,721,380

)

.................................

13,724,095

Total

Investments

—

101.3%

(Cost:

$

1,005,969,382

)

...............................

930,411,385

Liabilities

in

Excess

of

Other

Assets

—

(

1

.3

)

%

...............

(

11,590,315

)

Net

Assets

—

100.0%

.................................

$

918,821,070

(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

February

28,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/23

  Shares

Held

at

02/28/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

3,189,711

$

9,608,291

(a)

$

—

$

1,147

$

1,639

$

12,800,788

12,793,112

$

84,943

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

1,301,375

—

(

378,068

)

(a)

—

—

923,307

923,307

23,227

1

BlackRock,

Inc.

...

3,725,120

953,763

(

61,260

)

1,312

140,200

4,759,135

6,903

60,019

—

$

2,459

$

141,839

$

18,483,230

$

168,189

$

1

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

45

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

February

28,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Health

Care

Sector

Index

...........................................................

5

03/17/23

$

643

$

(

21,351

)

NASDAQ

100

E-Mini

Index

..............................................................

5

03/17/23

1,207

66,029

$

44,678

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)

.............

$

—

$

—

$

44,678

$

—

$

—

$

—

$

44,678

(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

..................................

$

—

$

—

$

22,579

$

—

$

—

$

—

$

22,579

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

44,678

$

—

$

—

$

—

$

44,678

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

2,450,088

a

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

46

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

.........................................

$

916,687,290

$

—

$

—

$

916,687,290

Short-Term

Securities

Money

Market

Funds

......................................

13,724,095

—

—

13,724,095

$

930,411,385

$

—

$

—

$

930,411,385

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

66,029

$

—

$

—

$

66,029

Liabilities

Equity

Contracts

...........................................

(

21,351

)

—

—

(

21,351

)

$

44,678

$

—

$

—

$

44,678

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

47

Financial

Statements

Statements

of

Assets

and

Liabilities

(unaudited)

February

28,

2023

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

ETF

iShares

ESG

Aware

MSCI

USA

Growth

ETF

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

iShares

ESG

Aware

MSCI

USA

Value

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................

$

19,178,329,894

‌

$

4,000,662

‌

$

1,450,671,409

‌

$

3,866,786

‌

Investments,

at

value

—

affiliated

(c)

.......................................

161,514,961

‌

3,570

‌

104,546,080

‌

25,970

‌

Cash

...........................................................

286,986

‌

—

‌

3,281,323

‌

—

‌

Cash

pledged:

Futures

contracts

.................................................

5,995,000

‌

—

‌

438,000

‌

—

‌

Receivables:

Investments

sold

.................................................

974,733,852

‌

206,292

‌

74,193,440

‌

197,753

‌

Securities

lending

income

—

affiliated

...................................

14,638

‌

—

‌

186,488

‌

—

‌

Capital

shares

sold

................................................

23,438

‌

—

‌

—

‌

—

‌

Dividends

—

unaffiliated

............................................

30,212,573

‌

2,541

‌

942,081

‌

8,821

‌

Dividends

—

affiliated

..............................................

222,193

‌

20

‌

10,613

‌

18

‌

Interest

—

unaffiliated

..............................................

3,156

‌

—

‌

4,456

‌

—

‌

Total

assets

......................................................

20,351,336,691

‌

4,213,085

‌

1,634,273,890

‌

4,099,348

‌

LIABILITIES

Collateral

on

securities

loaned

..........................................

39,723,407

‌

—

‌

98,950,731

‌

—

‌

Payables:

Investments

purchased

.............................................

952,532,270

‌

207,201

‌

74,871,471

‌

199,066

‌

Investment

advisory

fees

............................................

2,292,469

‌

569

‌

193,234

‌

553

‌

Variation

margin

on

futures

contracts

....................................

316,035

‌

—

‌

4,237

‌

—

‌

Total

liabilities

.....................................................

994,864,181

‌

207,770

‌

174,019,673

‌

199,619

‌

NET

ASSETS

.....................................................

$

19,356,472,510

‌

$

4,005,315

‌

$

1,460,254,217

‌

$

3,899,729

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................

$

20,307,073,207

‌

$

4,066,498

‌

$

1,508,010,500

‌

$

4,056,114

‌

Accumulated

loss

..................................................

(

950,600,697

)

(

61,183

)

(

47,756,283

)

(

156,385

)

NET

ASSETS

.....................................................

$

19,356,472,510

‌

$

4,005,315

‌

$

1,460,254,217

‌

$

3,899,729

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................

220,100,000

‌

160,000

‌

40,800,000

‌

160,000

‌

Net

asset

value

....................................................

$

87.94

‌

$

25.03

‌

$

35.79

‌

$

24.37

‌

Shares

authorized

..................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

..........................................

$

38,895,449

‌

$

—

‌

$

95,642,893

‌

$

—

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................

$

19,522,247,868

‌

$

4,062,080

‌

$

1,455,498,371

‌

$

4,019,448

‌

(c)

Investments,

at

cost

—

affiliated

.......................................

$

159,000,070

‌

$

3,570

‌

$

104,469,126

‌

$

28,203

‌

48

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

February

28,

2023

See

notes

to

financial

statements.

iShares

ESG

MSCI

USA

Leaders

ETF

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................................................

$

3,038,848,178

‌

$

911,928,155

‌

Investments,

at

value

—

affiliated

(c)

.......................................................................

30,019,534

‌

18,483,230

‌

Cash

...........................................................................................

—

‌

7,025

‌

Cash

pledged:

Futures

contracts

.................................................................................

611,000

‌

115,000

‌

Receivables:

Investments

sold

.................................................................................

11,585,194

‌

—

‌

Securities

lending

income

—

affiliated

...................................................................

6,722

‌

21,741

‌

Capital

shares

sold

................................................................................

—

‌

75,773

‌

Dividends

—

unaffiliated

............................................................................

4,911,313

‌

1,057,357

‌

Dividends

—

affiliated

..............................................................................

23,966

‌

5,042

‌

Interest

—

unaffiliated

..............................................................................

271

‌

73

‌

Total

assets

......................................................................................

3,086,006,178

‌

931,693,396

‌

LIABILITIES

Collateral

on

securities

loaned

..........................................................................

4,988,821

‌

12,796,806

‌

Payables:

Investments

purchased

.............................................................................

13,396,787

‌

—

‌

Investment

advisory

fees

............................................................................

241,171

‌

70,408

‌

Variation

margin

on

futures

contracts

....................................................................

35,671

‌

5,112

‌

Total

liabilities

.....................................................................................

18,662,450

‌

12,872,326

‌

NET

ASSETS

.....................................................................................

$

3,067,343,728

‌

$

918,821,070

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................................................

$

2,789,596,237

‌

$

998,501,567

‌

Accumulated

earnings

(loss)

...........................................................................

277,747,491

‌

(

79,680,497

)

NET

ASSETS

.....................................................................................

$

3,067,343,728

‌

$

918,821,070

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................................................

44,550,000

‌

21,250,000

‌

Net

asset

value

....................................................................................

$

68.85

‌

$

43.24

‌

Shares

authorized

..................................................................................

Unlimited

Unlimited

Par

value

........................................................................................

None

None

(a)

Securities

loaned,

at

value

..........................................................................

$

4,736,808

‌

$

12,547,564

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................................................

$

2,792,709,727

‌

$

987,224,420

‌

(c)

Investments,

at

cost

—

affiliated

.......................................................................

$

28,900,223

‌

$

18,744,962

‌

49

Financial

Statements

Statements

of

Operations

(unaudited)

Six

Months

Ended

February

28,

2023

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

ETF

iShares

ESG

Aware

MSCI

USA

Growth

ETF

(a)

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

iShares

ESG

Aware

MSCI

USA

Value

ETF

(a)

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

173,871,657

‌

$

3,649

‌

$

11,073,985

‌

$

9,826

‌

Dividends

—

affiliated

..............................................

2,990,312

‌

20

‌

61,908

‌

18

‌

Interest

—

unaffiliated

..............................................

137,493

‌

—

‌

8,292

‌

—

‌

Securities

lending

income

—

affiliated

—

net

...............................

285,002

‌

—

‌

772,988

‌

—

‌

Foreign

taxes

withheld

.............................................

(

71,189

)

—

‌

(

1,781

)

—

‌

Total

investment

income

..............................................

177,213,275

‌

3,669

‌

11,915,392

‌

9,844

‌

EXPENSES

Investment

advisory

...............................................

15,095,381

‌

569

‌

1,208,696

‌

553

‌

Total

expenses

....................................................

15,095,381

‌

569

‌

1,208,696

‌

553

‌

Net

investment

income

...............................................

162,117,894

‌

3,100

‌

10,706,696

‌

9,291

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(

373,252,392

)

(

2,865

)

(

18,057,945

)

(

9,033

)

Investments

—

affiliated

...........................................

(

13,128,517

)

—

‌

690

‌

(

1,748

)

Capital

gain

distributions

from

underlying

funds

—

affiliated

...................

56

‌

—

‌

2

‌

—

‌

Futures

contracts

...............................................

(

1,007,937

)

—

‌

(

24,713

)

—

‌

In-kind

redemptions

—

unaffiliated

(b)

...................................

732,561,646

‌

—

‌

45,756,712

‌

—

‌

In-kind

redemptions

—

affiliated

(b)

....................................

3,715,358

‌

—

‌

—

‌

—

‌

348,888,214

‌

(

2,865

)

27,674,746

‌

(

10,781

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

(

504,298,808

)

(

61,418

)

53,438,080

‌

(

152,662

)

Investments

—

affiliated

...........................................

12,965,000

‌

—

‌

32,573

‌

(

2,233

)

Futures

contracts

...............................................

723,886

‌

—

‌

284,261

‌

—

‌

(

490,609,922

)

(

61,418

)

53,754,914

‌

(

154,895

)

Net

realized

and

unrealized

gain

(loss)

....................................

(

141,721,708

)

(

64,283

)

81,429,660

‌

(

165,676

)

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

20,396,186

‌

$

(

61,183

)

$

92,136,356

‌

$

(

156,385

)

(a)

For

the

period

from

January

31,

2023

(commencement

of

operations)

to

February

28,

2023.

(b)

See

Note

2

of

the

Notes

to

Financial

Statements.

50

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

February

28,

2023

See

notes

to

financial

statements.

iShares

ESG

MSCI

USA

Leaders

ETF

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................

$

24,848,170

‌

$

5,770,456

‌

Dividends

—

affiliated

..............................................................................

381,342

‌

83,246

‌

Interest

—

unaffiliated

..............................................................................

10,941

‌

2,787

‌

Securities

lending

income

—

affiliated

—

net

...............................................................

73,308

‌

84,943

‌

Foreign

taxes

withheld

.............................................................................

(

11,624

)

(

303

)

Total

investment

income

..............................................................................

25,302,137

‌

5,941,129

‌

EXPENSES

Investment

advisory

...............................................................................

1,483,924

‌

412,867

‌

Total

expenses

....................................................................................

1,483,924

‌

412,867

‌

Net

investment

income

...............................................................................

23,818,213

‌

5,528,262

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................

(

13,175,303

)

(

2,422,219

)

Investments

—

affiliated

...........................................................................

(

32,129

)

(

858

)

Capital

gain

distributions

from

underlying

funds

—

affiliated

...................................................

5

‌

1

‌

Futures

contracts

...............................................................................

(

6,715

)

22,579

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................................................

84,835,058

‌

442,149

‌

In-kind

redemptions

—

affiliated

(a)

....................................................................

546,864

‌

3,317

‌

72,167,780

‌

(

1,955,031

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................

(

47,341,216

)

(

4,558,880

)

Investments

—

affiliated

...........................................................................

21,747

‌

141,839

‌

Futures

contracts

...............................................................................

(

10,623

)

44,678

‌

(

47,330,092

)

(

4,372,363

)

Net

realized

and

unrealized

gain

(loss)

....................................................................

24,837,688

‌

(

6,327,394

)

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....................................

$

48,655,901

‌

$

(

799,132

)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

51

Financial

Statements

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

ETF

iShares

ESG

Aware

MSCI

USA

Growth

ETF

Six

Months

Ended

02/28/23

(unaudited)

Year

Ended

08/31/22

Period

From

01/31/23

(a)

to

02/28/23

(unaudited)

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

...........................................................

$

162,117,894

‌

$

310,012,226

‌

$

3,100

‌

Net

realized

gain

(loss)

...........................................................

348,888,214

‌

397,025,406

‌

(

2,865

)

Net

change

in

unrealized

appreciation

(depreciation)

.......................................

(

490,609,922

)

(

4,350,702,060

)

(

61,418

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..................................

20,396,186

‌

(

3,643,664,428

)

(

61,183

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

................................

(

180,564,390

)

(

290,135,112

)

—

‌

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

........................

(

2,677,787,489

)

3,865,597,340

‌

4,066,498

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..................................................

(

2,837,955,693

)

(

68,202,200

)

4,005,315

‌

Beginning

of

period

...............................................................

22,194,428,203

‌

22,262,630,403

‌

—

‌

End

of

period

...................................................................

$

19,356,472,510

‌

$

22,194,428,203

‌

$

4,005,315

‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

52

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

iShares

ESG

Aware

MSCI

USA

Value

ETF

Six

Months

Ended

02/28/23

(unaudited)

Year

Ended

08/31/22

Period

From

01/31/23

(a)

to

02/28/23

(unaudited)

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

...........................................................

$

10,706,696

‌

$

15,950,050

‌

$

9,291

‌

Net

realized

gain

(loss)

...........................................................

27,674,746

‌

(

13,342,322

)

(

10,781

)

Net

change

in

unrealized

appreciation

(depreciation)

.......................................

53,754,914

‌

(

240,102,101

)

(

154,895

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..................................

92,136,356

‌

(

237,494,373

)

(

156,385

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

................................

(

12,425,421

)

(

14,247,210

)

—

‌

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

........................

(

98,553,855

)

631,800,423

‌

4,056,114

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..................................................

(

18,842,920

)

380,058,840

‌

3,899,729

‌

Beginning

of

period

...............................................................

1,479,097,137

‌

1,099,038,297

‌

—

‌

End

of

period

...................................................................

$

1,460,254,217

‌

$

1,479,097,137

‌

$

3,899,729

‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

53

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

ESG

MSCI

USA

Leaders

ETF

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

Six

Months

Ended

02/28/23

(unaudited)

Year

Ended

08/31/22

Six

Months

Ended

02/28/23

(unaudited)

Period

From

02/08/22

(a)

to

08/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

23,818,213

‌

$

48,701,009

‌

$

5,528,262

‌

$

4,479,031

‌

Net

realized

gain

(loss)

.........................................

72,167,780

‌

398,082,579

‌

(

1,955,031

)

(

4,078,372

)

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

47,330,092

)

(

929,260,080

)

(

4,372,363

)

(

71,140,956

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

48,655,901

‌

(

482,476,492

)

(

799,132

)

(

70,740,297

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

25,530,642

)

(

48,112,074

)

(

5,961,621

)

(

2,179,447

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

72,431,774

)

(

430,723,595

)

168,700,166

‌

829,801,401

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

49,306,515

)

(

961,312,161

)

161,939,413

‌

756,881,657

‌

Beginning

of

period

.............................................

3,116,650,243

‌

4,077,962,404

‌

756,881,657

‌

—

‌

End

of

period

.................................................

$

3,067,343,728

‌

$

3,116,650,243

‌

$

918,821,070

‌

$

756,881,657

‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

54

2023

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

ETF

Six

Months

Ended

02/28/23

(unaudited)

Year

Ended

08/31/22

Year

Ended

08/31/21

Year

Ended

08/31/20

Year

Ended

08/31/19

Year

Ended

08/31/18

Net

asset

value,

beginning

of

period

.......

$

88.13

‌

$

103.69

‌

$

79.74

‌

$

64.33

‌

$

63.85

‌

$

54.15

‌

Net

investment

income

(a)

...............

0

.69

‌

1

.29

‌

1

.18

‌

1

.22

‌

1

.17

‌

1

.09

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

(

0

.13

)

(

15.62

)

23.87

‌

15.13

‌

0

.40

‌

9

.52

‌

Net

increase

(decrease)

from

investment

operations

.........................

0

.56

‌

(

14.33

)

25.05

‌

16.35

‌

1

.57

‌

10.61

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

............

(

0

.75

)

(

1

.23

)

(

1

.10

)

(

0

.94

)

(

1

.09

)

(

0

.80

)

From

net

realized

gains

................

—

‌

—

‌

—

‌

—

‌

—

‌

(

0

.11

)

Total

distributions

.....................

(

0

.75

)

(

1

.23

)

(

1

.10

)

(

0

.94

)

(

1

.09

)

(

0

.91

)

Net

asset

value,

end

of

period

............

$

87.94

‌

$

88.13

‌

$

103.69

‌

$

79.74

‌

$

64.33

‌

$

63.85

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

................

0

.68

%

(e)

(

13.96

)

%

31.71

%

25.79

%

2

.59

%

19.79

%

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

.62

%

(g)

1

.32

%

1

.30

%

1

.76

%

1

.88

%

1

.83

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

19,356,473

‌

$

22,194,428

‌

$

22,262,630

‌

$

8,991,145

‌

$

295,905

‌

$

98,974

‌

Portfolio

turnover

rate

(h)

..................

13

%

22

%

21

%

38

%

27

%

28

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

55

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

Growth

ETF

Period

From

01/31/23

(a)

to

02/28/23

(unaudited)

Net

asset

value,

beginning

of

period

.....................................................................................

$

25.42

‌

Net

investment

income

(b)

.............................................................................................

0

.02

‌

Net

realized

and

unrealized

loss

(c)

.......................................................................................

(

0

.41

)

Net

decrease

from

investment

operations

...................................................................................

(

0

.39

)

Net

asset

value,

end

of

period

..........................................................................................

$

25.03

‌

Total

Return

(d)

–

Based

on

net

asset

value

..............................................................................................

(

1

.50

)

%

(e)

Ratios

to

Average

Net

Assets

(f)

–

Total

expenses

.....................................................................................................

0

.18

%

(g)

Net

investment

income

................................................................................................

0

.98

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................................................................................

$

4,005

‌

Portfolio

turnover

rate

(h)

................................................................................................

5

%

(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)

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.

56

2023

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

Six

Months

Ended

02/28/23

(unaudited)

Year

Ended

08/31/22

Year

Ended

08/31/21

Year

Ended

08/31/20

Year

Ended

08/31/19

Period

From

04/10/18

(a)

to

08/31/18

Net

asset

value,

beginning

of

period

......

$

33.85

‌

$

40.26

‌

$

27.34

‌

$

26.21

‌

$

28.76

‌

$

25.47

‌

Net

investment

income

(b)

..............

0

.25

‌

0

.42

‌

0

.35

‌

0

.33

‌

0

.36

‌

0

.12

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....

1

.98

‌

(

6

.43

)

12.95

‌

1

.10

‌

(

2

.58

)

3

.23

‌

Net

increase

(decrease)

from

investment

operations

........................

2

.23

‌

(

6

.01

)

13.30

‌

1

.43

‌

(

2

.22

)

3

.35

‌

Distributions

from

net

investment

income

(d)

....

(

0

.29

)

(

0

.40

)

(

0

.38

)

(

0

.30

)

(

0

.33

)

(

0

.06

)

Net

asset

value,

end

of

period

...........

$

35.79

‌

$

33.85

‌

$

40.26

‌

$

27.34

‌

$

26.21

‌

$

28.76

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

...............

6

.71

%

(f)

(

15.03

)

%

48.95

%

5

.57

%

(

7

.69

)

%

13.16

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

......................

0

.17

%

(h)

0

.17

%

0

.17

%

0

.17

%

0

.17

%

0

.17

%

(h)

Net

investment

income

.................

1

.51

%

(h)

1

.15

%

0

.96

%

1

.32

%

1

.35

%

1

.17

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

1,460,254

‌

$

1,479,097

‌

$

1,099,038

‌

$

366,339

‌

$

57,664

‌

$

11,506

‌

Portfolio

turnover

rate

(i)

.................

19

%

37

%

33

%

50

%

34

%

15

%

(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)

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.

57

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

Value

ETF

Period

From

01/31/23

(a)

to

02/28/23

(unaudited)

Net

asset

value,

beginning

of

period

.....................................................................................

$

25.35

‌

Net

investment

income

(b)

.............................................................................................

0

.06

‌

Net

realized

and

unrealized

loss

(c)

.......................................................................................

(

1

.04

)

Net

decrease

from

investment

operations

...................................................................................

(

0

.98

)

Net

asset

value,

end

of

period

..........................................................................................

$

24.37

‌

Total

Return

(d)

–

Based

on

net

asset

value

..............................................................................................

(

3

.85

)

%

(e)

Ratios

to

Average

Net

Assets

(f)

–

Total

expenses

.....................................................................................................

0

.18

%

(g)

Net

investment

income

................................................................................................

3

.03

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................................................................................

$

3,900

‌

Portfolio

turnover

rate

(h)

................................................................................................

5

%

(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)

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.

58

2023

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

MSCI

USA

Leaders

ETF

Six

Months

Ended

02/28/23

(unaudited)

Year

Ended

08/31/22

Year

Ended

08/31/21

Year

Ended

08/31/20

Period

From

05/07/19

(a)

to

08/31/19

Net

asset

value,

beginning

of

period

......................

$

68.20

‌

$

79.65

‌

$

60.55

‌

$

50.77

‌

$

49.23

‌

Net

investment

income

(b)

..............................

0

.54

‌

1

.00

‌

0

.94

‌

0

.94

‌

0

.32

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....................

0

.68

‌

(

11.48

)

19.08

‌

9

.75

‌

1

.34

‌

Net

increase

(decrease)

from

investment

operations

.............

1

.22

‌

(

10.48

)

20.02

‌

10.69

‌

1

.66

‌

Distributions

from

net

investment

income

(d)

....................

(

0

.57

)

(

0

.97

)

(

0

.92

)

(

0

.91

)

(

0

.12

)

Net

asset

value,

end

of

period

...........................

$

68.85

‌

$

68.20

‌

$

79.65

‌

$

60.55

‌

$

50.77

‌

Total

Return

(e)

–

–

–

–

–

Based

on

net

asset

value

...............................

1

.84

%

(f)

(

13.29

)

%

33.44

%

21.45

%

3

.38

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

Total

expenses

......................................

0

.10

%

(h)

0

.10

%

0

.10

%

0

.10

%

0

.11

%

(h)

Total

expenses

after

fees

waived

..........................

0

.10

%

(h)

0

.10

%

0

.10

%

0

.10

%

0

.10

%

(h)

Net

investment

income

.................................

1

.61

%

(h)

1

.32

%

1

.38

%

1

.77

%

2

.00

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................

$

3,067,344

‌

$

3,116,650

‌

$

4,077,962

‌

$

2,564,228

‌

$

1,579,065

‌

Portfolio

turnover

rate

(i)

.................................

2

%

10

%

12

%

9

%

4

%

(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)

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.

59

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

Six

Months

Ended

02/28/23

(unaudited)

Period

From

02/08/22

(a)

to

08/31/22

Net

asset

value,

beginning

of

period

.....................................................................

$

43.50

‌

$

50.43

‌

Net

investment

income

(b)

.............................................................................

0

.28

‌

0

.32

‌

Net

realized

and

unrealized

loss

(c)

.......................................................................

(

0

.24

)

(

7

.08

)

Net

increase

(decrease)

from

investment

operations

............................................................

0

.04

‌

(

6

.76

)

Distributions

from

net

investment

income

(d)

...................................................................

(

0

.30

)

(

0

.17

)

Net

asset

value,

end

of

period

..........................................................................

$

43.24

‌

$

43.50

‌

Total

Return

(e)

–

–

Based

on

net

asset

value

..............................................................................

0

.12

%

(f)

(

13.42

)

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

–

Total

expenses

.....................................................................................

0

.10

%

(h)

0

.11

%

(h)

Total

expenses

after

fees

waived

.........................................................................

0

.10

%

(h)

0

.10

%

(h)

Net

investment

income

................................................................................

1

.35

%

(h)

1

.26

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................................................................

$

918,821

‌

$

756,882

‌

Portfolio

turnover

rate

(i)

................................................................................

7

%

6

%

(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)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

Notes

to

Financial

Statements

(unaudited)

60

2023

iShares

Semi-Annual

Report

to

Shareholders

1.

Organization

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios.

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method. Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value. Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest. Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

February

28,

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.

iShares

ETF

Diversification

Classification

ESG

Aware

MSCI

USA

.................................................................................................

Diversified

ESG

Aware

MSCI

USA

Growth

(a)

..........................................................................................

Non-diversified

ESG

Aware

MSCI

USA

Small-Cap

.........................................................................................

Diversified

ESG

Aware

MSCI

USA

Value

(a)

............................................................................................

Non-diversified

ESG

MSCI

USA

Leaders

................................................................................................

Non-diversified

Paris-Aligned

Climate

MSCI

USA

..........................................................................................

Non-diversified

(a)

The

Fund

commenced

operations

on

January

31,

2023.

Notes

to

Financial

Statements

(unaudited)

(

continued)

61

Notes

to

Financial

Statements

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of Trustees of

the

Trust (the

“Board”)

of

each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser,

as

the

valuation

designee

for each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s

policies

and

procedures

as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of each

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are

valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee,

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments 

Securities

Lending:

Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

Notes

to

Financial

Statements

(unaudited)

(continued)

62

2023

iShares

Semi-Annual

Report

to

Shareholders

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

ESG

Aware

MSCI

USA

BNP

Paribas

SA

.................................................

$

6,504‌

$

(6,411‌)

$

—‌

$

93‌

BofA

Securities,

Inc.

..............................................

1,033,230‌

(1,033,230‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

207,137‌

(207,137‌)

—‌

—‌

HSBC

Bank

PLC

................................................

3,343,892‌

(3,343,892‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

14,852,560‌

(14,852,560‌)

—‌

—‌

Jefferies

LLC

...................................................

225,192‌

(225,192‌)

—‌

—‌

Morgan

Stanley

.................................................

23,990‌

(23,990‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

3,261,986‌

(3,261,986‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

3,442,866‌

(3,442,866‌)

—‌

—‌

UBS

AG

......................................................

6,693,064‌

(6,563,400‌)

—‌

129,664‌

Virtu

Americas

LLC

...............................................

5,762,280‌

(5,762,280‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

42,748‌

(42,748‌)

—‌

—‌

$

38,895,449‌

$

(38,765,692‌)

$

—‌

$

129,757‌

a

ESG

Aware

MSCI

USA

Small-Cap

Barclays

Capital,

Inc.

.............................................

1,181,153‌

(1,181,153‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

11,816,178‌

(11,816,178‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

8,719,911‌

(8,719,911‌)

—‌

—‌

Credit

Suisse

Securities

(USA)

LLC

....................................

54,986‌

(54,986‌)

—‌

—‌

HSBC

Bank

PLC

................................................

3,982,522‌

(3,979,695‌)

—‌

2,827‌

J.P.

Morgan

Securities

LLC

.........................................

26,762,058‌

(26,762,058‌)

—‌

—‌

Jefferies

LLC

...................................................

1,591,675‌

(1,591,675‌)

—‌

—‌

Morgan

Stanley

.................................................

15,957,178‌

(15,957,178‌)

—‌

—‌

National

Financial

Services

LLC

......................................

2,618,144‌

(2,618,144‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

2,725,375‌

(2,725,375‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

328,519‌

(328,023‌)

—‌

496‌

Toronto-Dominion

Bank

............................................

5,094,175‌

(5,094,175‌)

—‌

—‌

UBS

AG

......................................................

2,566,137‌

(2,566,137‌)

—‌

—‌

UBS

Securities

LLC

..............................................

9,805,548‌

(9,805,548‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

2,439,334‌

(2,439,334‌)

—‌

—‌

$

95,642,893‌

$

(95,639,570‌)

$

—‌

$

3,323‌

a

ESG

MSCI

USA

Leaders

BNP

Paribas

SA

.................................................

8,511‌

(8,382‌)

—‌

129‌

Citigroup

Global

Markets,

Inc.

........................................

88,705‌

(88,705‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

3,305,264‌

(3,305,264‌)

—‌

—‌

HSBC

Bank

PLC

................................................

988,599‌

(988,599‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

192,152‌

(192,152‌)

—‌

—‌

Jefferies

LLC

...................................................

10,044‌

(10,044‌)

—‌

—‌

Morgan

Stanley

.................................................

50,640‌

(50,640‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

70,491‌

(70,057‌)

—‌

434‌

UBS

AG

......................................................

22,402‌

(21,988‌)

—‌

414‌

$

4,736,808‌

$

(4,735,831‌)

$

—‌

$

977‌

a

Notes

to

Financial

Statements

(unaudited)

(

continued)

63

Notes

to

Financial

Statements

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets. 

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates 

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

of

each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by BlackRock.

Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees).

For

its

investment

advisory

services

to

each

of

the

following

Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of

each

Fund

as

follows:

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)

Paris-Aligned

Climate

MSCI

USA

Barclays

Capital,

Inc.

.............................................

$

219,659‌

$

(216,598‌)

$

—‌

$

3,061‌

BofA

Securities,

Inc.

..............................................

340,367‌

(340,367‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

8,557,983‌

(8,557,983‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

2,867,989‌

(2,867,989‌)

—‌

—‌

Jefferies

LLC

...................................................

350,017‌

(350,017‌)

—‌

—‌

UBS

AG

......................................................

113,442‌

(113,442‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

98,107‌

(96,831‌)

—‌

1,276‌

$

12,547,564‌

$

(12,543,227‌)

$

—‌

$

4,337‌

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

February

28,

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

ESG

Aware

MSCI

USA

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

0.15%

ESG

Aware

MSCI

USA

Growth

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

0.18

ESG

Aware

MSCI

USA

Small-Cap

.

.

.

.

.

.

.

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.

.

0.17

ESG

Aware

MSCI

USA

Value

.

.

.

.

.

.

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.

.

.

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.

0.18

ESG

MSCI

USA

Leaders

.

.

.

.

.

.

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.

0.10

Paris-Aligned

Climate

MSCI

USA

.

.

.

.

.

.

.

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.

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.

0.10

Notes

to

Financial

Statements

(unaudited)

(continued)

64

2023

iShares

Semi-Annual

Report

to

Shareholders

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 February

28,

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

February

28,

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

February

28,

2023,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

iShares

ETF

Amounts

ESG

Aware

MSCI

USA

................................................................................................

$

92,635

‌

ESG

Aware

MSCI

USA

Small-Cap

........................................................................................

204,940

‌

ESG

MSCI

USA

Leaders

...............................................................................................

22,102

‌

Paris-Aligned

Climate

MSCI

USA

.........................................................................................

21,329

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

ESG

Aware

MSCI

USA

............................................................

$

509,304,604

‌

$

833,214,426

‌

$

(87,907,799

)

ESG

Aware

MSCI

USA

Small-Cap

....................................................

46,537,487

‌

114,886,129

‌

15,278,567

‌

ESG

MSCI

USA

Leaders

...........................................................

17,886,470

‌

9,678,654

‌

(1,792,643

)

Paris-Aligned

Climate

MSCI

USA

.....................................................

36,234,471

‌

30,781,269

‌

(350,874

)

iShares

ETF

Purchases

Sales

ESG

Aware

MSCI

USA

..............................................................................

$

2,710,904,245

‌

$

2,780,263,511

‌

ESG

Aware

MSCI

USA

Growth

........................................................................

300,147

‌

208,702

‌

ESG

Aware

MSCI

USA

Small-Cap

......................................................................

266,784,063

‌

273,737,648

‌

ESG

Aware

MSCI

USA

Value

..........................................................................

241,945

‌

200,975

‌

ESG

MSCI

USA

Leaders

.............................................................................

44,894,776

‌

47,204,171

‌

Paris-Aligned

Climate

MSCI

USA

.......................................................................

56,853,737

‌

56,369,511

‌

Notes

to

Financial

Statements

(unaudited)

(

continued)

65

Notes

to

Financial

Statements

For

the six

months

ended

February

28,

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

February

28,

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 August

31,

2022,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

A

fund

may

own

shares

in

certain

foreign

investment

entities,

referred

to,

under

U.S.

tax

law,

as

“passive

foreign

investment

companies.”

Such

fund

may

elect

to

mark-to-

market

annually

the

shares

of

each

passive

foreign

investment

company

and

would

be

required

to

distribute

to

shareholders

any

such

marked-to-market

gains.

As

of

February

28,

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

iShares

ETF

In-kind

Purchases

In-kind

Sales

ESG

Aware

MSCI

USA

..............................................................................

$

792,246,490

‌

$

3,485,474,945

‌

ESG

Aware

MSCI

USA

Growth

........................................................................

3,973,500

‌

—

‌

ESG

Aware

MSCI

USA

Small-Cap

......................................................................

73,574,277

‌

169,477,676

‌

ESG

Aware

MSCI

USA

Value

..........................................................................

4,013,554

‌

—

‌

ESG

MSCI

USA

Leaders

.............................................................................

239,341,582

‌

312,229,940

‌

Paris-Aligned

Climate

MSCI

USA

.......................................................................

173,819,072

‌

6,008,647

‌

iShares

ETF

Amounts

ESG

Aware

MSCI

USA

................................................................................................

$

1,004,082,875

‌

ESG

Aware

MSCI

USA

Small-Cap

........................................................................................

65,584,944

‌

ESG

MSCI

USA

Leaders

...............................................................................................

38,766,242

‌

Paris-Aligned

Climate

MSCI

USA

.........................................................................................

3,737,069

‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

ESG

Aware

MSCI

USA

..........................................

$

19,686,913,709

‌

$

1,437,269,587

‌

$

(1,784,767,930

)

$

(347,498,343

)

ESG

Aware

MSCI

USA

Growth

....................................

4,065,650

‌

88,159

‌

(149,577

)

(61,418

)

ESG

Aware

MSCI

USA

Small-Cap

..................................

1,568,161,308

‌

146,259,999

‌

(159,170,183

)

(12,910,184

)

ESG

Aware

MSCI

USA

Value

......................................

4,047,651

‌

16,318

‌

(171,213

)

(154,895

)

ESG

MSCI

USA

Leaders

.........................................

2,832,403,119

‌

393,930,973

‌

(157,525,214

)

236,405,759

‌

Paris-Aligned

Climate

MSCI

USA

...................................

1,006,262,449

‌

25,713,965

‌

(101,520,351

)

(75,806,386

)

Notes

to

Financial

Statements

(unaudited)

(continued)

66

2023

iShares

Semi-Annual

Report

to

Shareholders

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.

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

Funds

may

be

exposed

to

financial

instruments

that

are

tied

to

the

London

Interbank

Offered

Rate

(“LIBOR”)

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

United

Kingdom’s

Financial

Conduct

Authority,

which

regulates

LIBOR,

announced

that

a

majority

of

USD

LIBOR

settings

will

no

longer

be

published

after

June

30,

2023.

All

other

LIBOR

settings

and

certain

other

interbank

offered

rates

ceased

to

be

published

after

December

31,

2021.

The

Secured

Overnight

Financing

Rate

(“SOFR”)

has

been

used

increasingly

on

a

voluntary

basis

in

new

instruments

and

transactions.

The

Federal

Reserve

Board

adopted

regulations

that

provide

a

fallback

mechanism

by

identifying

benchmark

rates

based

on

SOFR

that

will

replace

LIBOR

in certain

financial

contracts

after

June

30,

2023.

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

02/28/23

‌

Year

Ended

08/31/22

‌

iShares

ETF

Shares

‌

Amount

‌

Shares

‌

Amount

‌

ESG

Aware

MSCI

USA

Shares

sold

...............................................

9,050,000

‌

$

784,462,910

‌

76,150,000

‌

$

7,652,118,218

‌

Shares

redeemed

...........................................

(40,800,000

)

(3,462,250,399

)

(39,000,000

)

(3,786,520,878

)

(31,750,000

)

$

(2,677,787,489

)

37,150,000

‌

$

3,865,597,340

‌

ESG

Aware

MSCI

USA

Growth

(a)

Shares

sold

...............................................

160,000

‌

$

4,066,498

‌

—

‌

$

—

‌

Shares

redeemed

...........................................

—

‌

—

‌

—

‌

—

‌

160,000

‌

$

4,066,498

‌

—

‌

$

—

‌

Notes

to

Financial

Statements

(unaudited)

(

continued)

67

Notes

to

Financial

Statements

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

02/28/23

‌

Year

Ended

08/31/22

‌

iShares

ETF

Shares

‌

Amount

‌

Shares

‌

Amount

‌

ESG

Aware

MSCI

USA

Small-Cap

Shares

sold

...............................................

2,250,000

‌

$

76,192,845

‌

19,800,000

‌

$

755,585,893

‌

Shares

redeemed

...........................................

(5,150,000

)

(174,746,700

)

(3,400,000

)

(123,785,470

)

(2,900,000

)

$

(98,553,855

)

16,400,000

‌

$

631,800,423

‌

ESG

Aware

MSCI

USA

Value

(a)

Shares

sold

...............................................

160,000

‌

$

4,056,114

‌

—

‌

$

—

‌

Shares

redeemed

...........................................

—

‌

—

‌

—

‌

—

‌

160,000

‌

$

4,056,114

‌

—

‌

$

—

‌

ESG

MSCI

USA

Leaders

Shares

sold

...............................................

3,600,000

‌

$

241,292,677

‌

7,950,000

‌

$

610,710,681

‌

Shares

redeemed

...........................................

(4,750,000

)

(313,724,451

)

(13,450,000

)

(1,041,434,276

)

(1,150,000

)

$

(72,431,774

)

(5,500,000

)

$

(430,723,595

)

Paris-Aligned

Climate

MSCI

USA

(b)

Shares

sold

...............................................

4,000,000

‌

$

174,734,604

‌

17,400,000

‌

$

829,801,401

‌

Shares

redeemed

...........................................

(150,000

)

(6,034,438

)

—

‌

—

‌

3,850,000

‌

$

168,700,166

‌

17,400,000

‌

$

829,801,401

‌

(a)

The

Fund

commenced

operations

on

January

31,

2023.

(b)

The

Fund

commenced

operations

on

February

8,

2022.

Board

Review

and

Approval

of

Investment

Advisory

Contract

68

2023

iShares

Semi-Annual

Report

to

Shareholders

iShares

ESG

Aware

MSCI

USA

Growth

ETF,

iShares

ESG

Aware

MSCI

USA

Value

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

to

consider

and

approve

the

proposed

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

terms

of

the

proposed

Advisory

Agreement.

At

a

meeting

held

on

September

21-22,

2022,

the

Board,

including

the

Independent

Board

Members,

approved

the

selection

of

BFA

as

investment

adviser

and

approved

the

proposed

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA.

The

Board

also

considered

information

previously

provided

by

BFA,

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

and

BlackRock,

Inc.

(“BlackRock”),

as

applicable,

at

prior

Board

meetings.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

to

be

provided

by

BFA;

(iii)

the

costs

of

services

to

be

provided

to

the

Fund

and

the

availability

of

information

related

to

profits

to

be

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

no

one

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

Advisory

Agreement

are

discussed

below.

Expenses

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

of

the

Fund

supported

the

Board’s

approval

of

the

Advisory

Agreement.

Nature,

Extent

and

Quality

of

Services:

The

Board

reviewed

the

scope

of

services

to

be

provided

by

BFA

under

the

Advisory

Agreement.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time

and

have

made

significant

investments

into

the

iShares

business

to

support

the

iShares

funds

and

their

shareholders.

The

Board

considered

representations

by

BFA,

BTC,

and

BlackRock

that

the

scope

and

quality

of

services

to

be

provided

to

the

Fund

would

be

similar

to

the

scope

and

quality

of

services

provided

to

other

iShares

funds.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

other

iShares

funds.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

who

will

be

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

that

will

be

available

to

them

in

managing

the

Fund.

The

Board

also

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

which

were

provided

throughout

the

year

with

respect

to

other

iShares

funds,

and

other

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

to

be

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

Advisory

Agreement.

Costs

of

Services

to

be

Provided

to

the

Fund

and

Profits

to

be

Realized

by

BFA

and

Affiliates:

The

Board

did

not

consider

the

profitability

of

the

Fund

to

BFA

based

on

the

fees

payable

under

the

Advisory

Agreement

or

revenue

to

be

received

by

BFA

or

its

affiliates

in

connection

with

services

to

be

provided

to

the

Fund

since

the

proposed

relationship

had

not

yet

commenced.

The

Board

noted

that

it

expects

to

receive

profitability

information

from

BFA

periodically

following

the

Fund’s

launch

and

will

thus

be

in

a

position

to

evaluate

whether

any

new

or

additional

breakpoints

or

other

adjustments

in

Fund

fees

would

be

appropriate.

Economies

of

Scale:

The

Board

considered

information

that

it

had

previously

received

regarding

potential

economies

of

scale,

efficiencies

and

scale

benefits

shared

with

the

iShares

funds

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

This

consideration

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

Advisory

Agreement.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

further

noted

that

BFA

previously

provided

the

Board

with

detailed

information

regarding

how

the

Other

Accounts

(particularly

institutional

clients)

generally

differ

from

the

iShares

funds,

including

in

terms

of

the

different

and

generally

more

extensive

services

provided

to

the

iShares

funds,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

69

Board

Review

and

Approval

of

Investment

Advisory

Contract

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement.

Other

Benefits

to

BFA

and/or

its

Affiliates:

Except

as

noted

below,

the

Board

did

not

consider

the

“fallout”

benefits

or

ancillary

revenue

to

be

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

to

be

provided

to

the

Fund

by

BFA

since

the

proposed

relationship

had

not

yet

commenced.

However,

the

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

considered

the

potential

payment

of

advisory

fees

and/or

administration

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

and/or

administration

services.

The

Board

also

noted

the

potential

revenue

to

be

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

would

permit

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

also

considered

the

potential

for

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

and

its

affiliates

in

the

event

of

any

loaning

of

portfolio

securities

of

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

Advisory

Agreement.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

to

be

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

Advisory

Agreement.

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

70

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

Aware

MSCI

USA

ETF,

iShares

ESG

Aware

MSCI

USA

Growth

ETF,

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF,

iShares

ESG

Aware

MSCI

USA

Value

ETF,

iShares

ESG

MSCI

USA

Leaders

ETF

and

iShares

Paris-Aligned

Climate

MSCI

USA

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.

General

Information

71

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

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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

72

2023

iShares

Semi-Annual

Report

to

Shareholders

Portfolio

Abbreviation

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

iS-SAR-822-0223

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.

February

28,

2023

iShares

Trust

iShares

ESG

Advanced

MSCI

USA

ETF

|

USXF

|

NASDAQ

2023

Semi-Annual

Report

(Unaudited)

Dear

Shareholder,

Significant

economic

headwinds

emerged

during

the

12-month

reporting

period

ended

February

28,

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

eight

times.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

accelerated

the

reduction

of

its

balance

sheet.

Restricted

labor

supply

kept

inflation

elevated

even

as

other

inflation

drivers,

such

as

goods

prices

and

energy

costs,

moderated.

While

economic

growth

slowed

in

the

last

year,

we

believe

that

taming

inflation

requires

a

more

substantial

decline

that

lowers

demand

to

a

level

more

in

line

with

the

economy’s

productive

capacity.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes,

it

still

seems

determined

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near-term

is

high,

but

the

dimming

economic

outlook

has

not

yet

been

fully

reflected

in

current

market

prices.

We

believe

investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

Turmoil

in

the

banking

sector

shortly

following

the

end

of

the

period

highlighted

the

potential

for

the

knock-on

effects

of

substantially

higher

interest

rates

to

disrupt

markets

with

little

warning.

While

we

favor

an

overweight

to

equities

in

the

long

term,

several

factors

lead

us

to

take

an

underweight

stance

on

equities

overall

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

the

possibility

of

a

recession

in

a

business

environment

characterized

by

higher

costs

and

reduced

pricing

power.

Nevertheless,

we

are

overweight

on

emerging

market

stocks

as

a

weaker

U.S.

dollar

provides

a

supportive

backdrop.

We

also

see

long-term

opportunities

in

credit,

where

valuations

are

appealing

and

higher

yields

provide

attractive

income,

although

we

are

neutral

on

credit

in

the

near

term,

as

we

believe

that

troubles

in

the

banking

sector

will

likely

lead

to

reduced

lending.

However,

we

believe

there

are

still

some

strong

opportunities

for

a

six-

to

twelve-month

horizon,

particularly

short-term

U.S.

Treasuries,

global

inflation-linked

bonds,

and

emerging

market

bonds

denominated

in

local

currency.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Total

Returns

as

of

February

28,

2023

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

1.26%

(7.69)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

3.63

(6.02)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

12.58

(3.14)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(2.29)

(15.28)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

1.74

2.11

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(4.81)

(14.06)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(2.13)

(9.72)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

0.66

(5.10)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

2.52

(5.45)

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

..................................................................................................

5

Disclosure

of Expenses

...................................................................................................

5

Schedule

of

Investments

..................................................................................................

6

Financial

Statements:

Statement

of

Assets

and

Liabilities

..........................................................................................

12

Statement

of

Operations

................................................................................................

13

Statements

of

Changes

in

Net

Assets

........................................................................................

14

Financial

Highlights

.....................................................................................................

15

Notes

to

Financial

Statements

...............................................................................................

16

Statement

Regarding

Liquidity

Risk

Management

Program

.............................................................................

22

General

Information

.....................................................................................................

23

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

24

iShares

®

ESG

Advanced

MSCI

USA

ETF

4

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

February

28,

2023

Investment

Objective

The

iShares

ESG

Advanced

MSCI

USA

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

large-

and

mid-capitalization

U.S.

companies

that

have

a

favorable

environmental,

social

and

governance

rating

while

applying

extensive

screens

for

company

involvement

in

controversial

activities,

as

represented

by

the

MSCI

USA

Choice

ESG

Screened

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

June

16,

2020.

The

first

day

of

secondary

market

trading

was

June

18,

2020.

The

performance

for

the

Index

shown

is

calculated

with

gross

dividends

reinvested

since

inception.

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

...............................................

4.73

%

(6.83

)

%

10.20

%

(6.83

)

%

30.06

%

Fund

Market

.............................................

4.89

(7.09

)

10.14

–

%

(7.09

)

29.88

Index

..................................................

4.79

(6.74

)

10.36

(6.74

)

30.56

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(09/01/22)

Ending

Account

Value

(02/28/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(09/01/22)

Ending

Account

Value

(02/28/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,047.30

‌

$

0.51

‌

$

1,000.00

‌

$

1,024.30

‌

$

0.50

‌

0.10

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(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

............................

40.6‌

%

Health

Care

...................................

12.6‌

Financials

.....................................

12.1‌

Industrials

.....................................

9.0‌

Consumer

Discretionary

...........................

8.7‌

Consumer

Staples

...............................

5.4‌

Real

Estate

....................................

4.9‌

Materials

.....................................

3.7‌

Communication

Services

...........................

2.8‌

Utilities

.......................................

0.2‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Microsoft

Corp.

.................................

10.8‌

%

NVIDIA

Corp.

..................................

3.5‌

Visa,

Inc.,

Class

A

...............................

2.2‌

Mastercard

,

Inc.,

Class

A

...........................

1.9‌

Home

Depot,

Inc.

(The)

...........................

1.8‌

Eli

Lilly

&

Co.

..................................

1.5‌

Broadcom,

Inc.

.................................

1.5‌

Coca-Cola

Co.

(The)

.............................

1.5‌

PepsiCo,

Inc.

..................................

1.5‌

Cisco

Systems,

Inc.

..............................

1.2‌

aaa

aa

About

Fund

Performance

5

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

the

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

the

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

example

shown

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

example

provides

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

example

also

provides

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

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

example

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

example

is

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)

February

28,

2023

iShares

®

ESG

Advanced

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

6

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 0.3%

Axon

Enterprise,

Inc.

(a)

.....................

2,631

$

527,016

HEICO

Corp.

...........................

1,698

281,138

HEICO

Corp.,

Class

A

......................

2,861

372,359

Howmet

Aerospace,

Inc.

....................

14,502

611,694

1,792,207

a

Air

Freight

&

Logistics

 — 0.2%

CH

Robinson

Worldwide,

Inc.

................

4,581

457,917

Expeditors

International

of

Washington,

Inc.

.......

6,193

647,540

1,105,457

a

Auto

Components

 — 0.3%

Aptiv

PLC

(a)

.............................

10,563

1,228,266

BorgWarner,

Inc.

.........................

9,187

461,922

Lear

Corp.

.............................

2,293

320,217

2,010,405

a

Automobiles

 — 0.1%

Lucid

Group,

Inc.

(a)(b)

.......................

16,193

147,842

Rivian

Automotive,

Inc.,

Class

A

(a)(b)

.............

12,548

242,176

390,018

a

Banks

 — 2.0%

Citizens

Financial

Group,

Inc.

................

19,213

802,335

First

Horizon

Corp.

........................

20,816

515,612

First

Republic

Bank

.......................

7,141

878,414

Huntington

Bancshares,

Inc.

.................

56,206

861,076

KeyCorp

...............................

36,104

660,342

PNC

Financial

Services

Group,

Inc.

(The)

........

15,697

2,478,870

Regions

Financial

Corp.

....................

36,243

845,187

SVB

Financial

Group

(a)

.....................

2,302

663,229

Truist

Financial

Corp.

......................

51,637

2,424,357

U.S.

Bancorp

...........................

54,868

2,618,850

Webster

Financial

Corp.

....................

6,821

362,332

13,110,604

a

Beverages

 — 3.1%

Coca-Cola

Co.

(The)

......................

159,891

9,515,113

Keurig

Dr

Pepper,

Inc.

.....................

30,219

1,044,067

PepsiCo,

Inc.

...........................

53,619

9,304,505

19,863,685

a

Biotechnology

 — 3.0%

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

4,788

916,663

Amgen,

Inc.

............................

20,763

4,809,957

Biogen,

Inc.

(a)

...........................

5,604

1,512,295

BioMarin

Pharmaceutical,

Inc.

(a)(b)

..............

7,223

719,339

Exact

Sciences

Corp.

(a)(b)

....................

6,922

431,448

Horizon

Therapeutics

PLC

(a)

.................

8,379

917,417

Incyte

Corp.

(a)

...........................

7,348

565,649

Moderna,

Inc.

(a)

..........................

12,709

1,764,136

Neurocrine

Biosciences,

Inc.

(a)

................

3,725

384,047

Regeneron

Pharmaceuticals,

Inc.

(a)

.............

4,170

3,170,951

Seagen,

Inc.

(a)(b)

..........................

5,419

973,740

United

Therapeutics

Corp.

(a)

..................

1,774

436,475

Vertex

Pharmaceuticals,

Inc.

(a)

................

9,990

2,899,997

19,502,114

a

Building

Products

 — 0.9%

A

O

Smith

Corp.

.........................

4,981

326,903

Allegion

PLC

............................

3,431

386,708

Carlisle

Companies,

Inc.

....................

2,020

521,604

Carrier

Global

Corp.

.......................

32,648

1,470,140

Fortune

Brands

Innovations,

Inc.

..............

5,030

311,609

Security

Shares

Value

a

Building

Products

(continued)

Lennox

International,

Inc.

...................

1,236

$

314,970

Masco

Corp.

............................

8,749

458,710

Owens

Corning

..........................

3,637

355,662

Trane

Technologies

PLC

....................

8,987

1,662,325

5,808,631

a

Capital

Markets

 — 4.9%

Ameriprise

Financial,

Inc.

...................

4,142

1,420,168

Bank

of

New

York

Mellon

Corp.

(The)

...........

29,909

1,521,770

Carlyle

Group,

Inc.

(The)

....................

7,661

263,538

Cboe

Global

Markets,

Inc.

...................

4,116

519,316

Charles

Schwab

Corp.

(The)

.................

56,474

4,400,454

CME

Group,

Inc.,

Class

A

...................

14,008

2,596,523

Coinbase

Global,

Inc.,

Class

A

(a)(b)

..............

4,893

317,213

FactSet

Research

Systems,

Inc.

...............

1,488

616,850

Franklin

Resources,

Inc.

....................

11,703

344,887

Intercontinental

Exchange,

Inc.

...............

21,738

2,212,928

Invesco

Ltd.

............................

13,344

235,655

LPL

Financial

Holdings,

Inc.

..................

3,095

772,388

MarketAxess

Holdings,

Inc.

..................

1,455

496,810

Moody's

Corp.

...........................

6,406

1,858,701

Morgan

Stanley

..........................

49,333

4,760,635

Nasdaq,

Inc.

............................

13,416

752,101

Northern

Trust

Corp.

.......................

7,729

736,342

Raymond

James

Financial,

Inc.

...............

7,535

817,246

S&P

Global,

Inc.

.........................

12,960

4,421,952

State

Street

Corp.

........................

14,261

1,264,666

T

Rowe

Price

Group,

Inc.

...................

8,697

976,499

31,306,642

a

Chemicals

 — 2.5

%

Air

Products

and

Chemicals,

Inc.

..............

8,635

2,469,437

Albemarle

Corp.

.........................

4,569

1,161,942

CF

Industries

Holdings,

Inc.

..................

7,636

655,856

FMC

Corp.

.............................

4,916

634,901

International

Flavors

&

Fragrances,

Inc.

..........

9,891

921,841

Linde

PLC

.............................

19,223

6,696,717

PPG

Industries,

Inc.

.......................

9,116

1,203,859

Sherwin-Williams

Co.

(The)

..................

9,576

2,119,648

15,864,201

a

Commercial

Services

&

Supplies

 — 1.2%

Cintas

Corp.

............................

3,557

1,559,638

Copart,

Inc.

(a)(b)

..........................

16,693

1,176,189

Republic

Services,

Inc.

.....................

8,580

1,106,219

Rollins,

Inc.

.............................

8,664

304,973

Waste

Connections,

Inc.

....................

10,025

1,342,548

Waste

Management,

Inc.

....................

15,975

2,392,416

7,881,983

a

Communications

Equipment

 — 1.5%

Arista

Networks,

Inc.

(a)

.....................

9,514

1,319,592

Cisco

Systems,

Inc.

.......................

159,884

7,741,583

F5,

Inc.

(a)

..............................

2,357

337,004

Juniper

Networks,

Inc.

.....................

12,648

389,305

9,787,484

a

Construction

&

Engineering

 — 0.2%

AECOM

...............................

5,126

442,682

Quanta

Services,

Inc.

......................

5,548

895,447

1,338,129

a

iShares

®

ESG

Advanced

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

(Percentages

shown

are

based

on

Net

Assets)

7

Schedule

of

Investments

Security

Shares

Value

a

Construction

Materials

 — 0.3%

Martin

Marietta

Materials,

Inc.

................

2,417

$

869,806

Vulcan

Materials

Co.

......................

5,156

932,772

1,802,578

a

Consumer

Finance

 — 1.3%

Ally

Financial,

Inc.

........................

11,623

349,271

American

Express

Co.

.....................

24,728

4,302,425

Capital

One

Financial

Corp.

..................

14,855

1,620,383

Discover

Financial

Services

..................

10,598

1,186,976

Synchrony

Financial

.......................

17,535

626,175

8,085,230

a

Containers

&

Packaging

 — 0.4%

Avery

Dennison

Corp.

......................

3,152

574,263

Ball

Corp.

..............................

12,194

685,425

International

Paper

Co.

.....................

13,150

478,528

Packaging

Corp.

of

America

.................

3,601

492,329

Sealed

Air

Corp.

.........................

5,702

277,231

Westrock

Co.

...........................

9,980

313,372

2,821,148

a

Distributors

 — 0.3%

Genuine

Parts

Co.

........................

5,487

970,431

LKQ

Corp.

.............................

9,878

565,910

Pool

Corp.

.............................

1,536

548,137

2,084,478

a

Diversified

Telecommunication

Services

 — 1.0%

Liberty

Global

PLC,

Class

A

(a)

................

6,356

130,234

Liberty

Global

PLC,

Class

C,

NVS

.............

10,162

215,943

Verizon

Communications,

Inc.

................

163,453

6,343,611

6,689,788

a

Electrical

Equipment

 — 0.9%

Eaton

Corp.

PLC

.........................

15,444

2,701,619

Generac

Holdings,

Inc.

(a)(b)

...................

2,490

298,825

Hubbell,

Inc.

............................

2,082

523,706

Plug

Power,

Inc.

(a)(b)

.......................

20,300

301,861

Rockwell

Automation,

Inc.

...................

4,477

1,320,402

Sensata

Technologies

Holding

PLC

............

5,982

302,569

5,448,982

a

Electronic

Equipment,

Instruments

&

Components

 — 1.4%

Amphenol

Corp.,

Class

A

...................

23,161

1,795,441

Arrow

Electronics,

Inc.

(a)

....................

2,394

282,468

CDW

Corp.

.............................

5,273

1,067,361

Cognex

Corp.

...........................

6,781

321,555

Corning,

Inc.

............................

31,155

1,057,712

Keysight

Technologies,

Inc.

(a)

.................

6,958

1,113,002

TE

Connectivity

Ltd.

.......................

12,346

1,571,893

Teledyne

Technologies,

Inc.

(a)

.................

1,819

782,297

Trimble,

Inc.

(a)

...........................

9,607

500,140

Zebra

Technologies

Corp.,

Class

A

(a)

............

2,009

603,202

9,095,071

a

Entertainment

 — 0.4%

Electronic

Arts,

Inc.

.......................

10,786

1,196,599

Warner

Bros

Discovery,

Inc.,

Series

A

(a)

..........

89,574

1,399,146

2,595,745

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 4.7%

Alexandria

Real

Estate

Equities,

Inc.

............

6,067

908,715

American

Tower

Corp.

.....................

18,121

3,588,139

AvalonBay

Communities,

Inc.

................

5,425

935,921

Boston

Properties,

Inc.

.....................

5,819

381,028

Camden

Property

Trust

.....................

3,926

450,548

Crown

Castle,

Inc.

........................

16,854

2,203,660

Security

Shares

Value

a

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Digital

Realty

Trust,

Inc.

....................

11,192

$

1,166,542

Equinix,

Inc.

............................

3,602

2,479,149

Equity

Residential

........................

13,973

873,592

Healthpeak

Properties,

Inc.

..................

21,075

507,065

Host

Hotels

&

Resorts,

Inc.

..................

27,927

469,174

Iron

Mountain,

Inc.

........................

11,250

593,437

Kimco

Realty

Corp.

.......................

24,160

497,938

Medical

Properties

Trust,

Inc.

.................

23,236

239,331

Prologis,

Inc.

............................

35,925

4,433,145

Public

Storage

...........................

6,152

1,839,140

Realty

Income

Corp.

.......................

24,408

1,560,892

Regency

Centers

Corp.

....................

5,961

374,947

SBA

Communications

Corp.,

Class

A

............

4,211

1,092,123

Simon

Property

Group,

Inc.

..................

12,724

1,553,473

Ventas,

Inc.

............................

15,602

759,037

VICI

Properties,

Inc.

.......................

37,362

1,252,748

Welltower,

Inc.

...........................

18,390

1,363,067

WP

Carey,

Inc.

..........................

8,096

657,071

30,179,882

a

Food

Products

 — 1

.1%

Campbell

Soup

Co.

.......................

8,138

427,408

Conagra

Brands,

Inc.

......................

18,766

683,270

Darling

Ingredients,

Inc.

(a)

...................

6,222

393,666

General

Mills,

Inc.

........................

23,109

1,837,396

Hormel

Foods

Corp.

.......................

11,705

519,468

J

M

Smucker

Co.

(The)

.....................

4,132

611,081

Kraft

Heinz

Co.

(The)

......................

28,523

1,110,686

Lamb

Weston

Holdings,

Inc.

.................

5,580

561,571

McCormick

&

Co.,

Inc.,

NVS

.................

9,709

721,573

6,866,119

a

Health

Care

Equipment

&

Supplies

 — 2.6%

Align

Technology,

Inc.

(a)

.....................

2,878

890,741

Baxter

International,

Inc.

....................

19,540

780,623

Cooper

Companies,

Inc.

(The)

................

1,908

623,859

Dentsply

Sirona,

Inc

.......................

8,416

320,397

Dexcom,

Inc.

(a)

..........................

15,033

1,668,813

Edwards

Lifesciences

Corp.

(a)

................

24,046

1,934,260

GE

HealthCare

Technologies,

Inc.

(a)

............

14,158

1,076,008

Hologic,

Inc.

(a)

...........................

9,568

761,996

IDEXX

Laboratories,

Inc.

(a)

...................

3,229

1,528,092

Insulet

Corp.

(a)

...........................

2,713

749,765

Novocure

Ltd.

(a)(b)

.........................

3,674

282,788

ResMed,

Inc.

...........................

5,712

1,216,656

STERIS

PLC

............................

3,880

729,556

Stryker

Corp.

...........................

13,255

3,484,474

Teleflex,

Inc.

............................

1,811

431,435

16,479,463

a

Health

Care

Providers

&

Services

 — 2.0%

Centene

Corp.

(a)

.........................

22,038

1,507,399

DaVita,

Inc.

(a)(b)

..........................

2,124

174,720

Elevance

Health,

Inc.

......................

9,295

4,365,583

HCA

Healthcare,

Inc.

......................

8,252

2,008,949

Henry

Schein,

Inc.

(a)

.......................

5,280

413,477

Humana,

Inc.

...........................

4,930

2,440,449

Laboratory

Corp.

of

America

Holdings

...........

3,448

825,313

Molina

Healthcare,

Inc.

(a)

....................

2,278

627,202

Quest

Diagnostics,

Inc.

.....................

4,432

613,211

12,976,303

a

Health

Care

Technology

 — 0.1%

Veeva

Systems,

Inc.,

Class

A

(a)

...............

5,474

906,823

a

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

iShares

®

ESG

Advanced

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

8

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Hotels,

Restaurants

&

Leisure

 — 1.3%

Aramark

...............................

9,063

$

333,519

Booking

Holdings,

Inc.

(a)

....................

1,510

3,811,240

Darden

Restaurants,

Inc.

...................

4,763

681,061

Domino's

Pizza,

Inc.

.......................

1,397

410,732

Hilton

Worldwide

Holdings,

Inc.

...............

10,526

1,521,112

Vail

Resorts,

Inc.

.........................

1,561

364,478

Yum!

Brands,

Inc.

........................

10,963

1,394,055

8,516,197

a

Household

Durables

 — 0.5%

DR

Horton,

Inc.

..........................

12,731

1,177,363

Garmin

Ltd.

.............................

5,964

585,247

Newell

Brands,

Inc.

.......................

15,357

225,595

NVR,

Inc.

(a)

.............................

118

610,487

PulteGroup,

Inc.

.........................

8,981

490,991

Whirlpool

Corp.

..........................

2,114

291,690

3,381,373

a

Household

Products

 — 0.8%

Church

&

Dwight

Co.,

Inc.

...................

9,491

795,156

Clorox

Co.

(The)

.........................

4,808

747,355

Colgate-Palmolive

Co.

.....................

30,897

2,264,750

Kimberly-Clark

Corp.

......................

13,096

1,637,655

5,444,916

a

Insurance

 — 3.8%

Aflac,

Inc.

..............................

22,989

1,566,700

Allstate

Corp.

(The)

.......................

10,322

1,329,267

American

International

Group,

Inc.

.............

28,916

1,767,057

Arch

Capital

Group

Ltd.

(a)

...................

14,409

1,008,630

Arthur

J

Gallagher

&

Co.

....................

8,206

1,537,394

Assurant,

Inc.

...........................

2,007

255,672

Brown

&

Brown,

Inc.

.......................

9,313

522,180

Chubb

Ltd.

.............................

16,153

3,408,606

Everest

Re

Group

Ltd.

.....................

1,529

587,090

Hartford

Financial

Services

Group,

Inc.

(The)

......

12,380

969,106

Marsh

&

McLennan

Companies,

Inc.

............

19,304

3,129,951

Principal

Financial

Group,

Inc.

................

9,523

852,880

Progressive

Corp.

(The)

....................

22,770

3,267,950

Prudential

Financial,

Inc.

....................

14,323

1,432,300

Travelers

Companies,

Inc.

(The)

...............

9,121

1,688,480

Willis

Towers

Watson

PLC

...................

4,213

987,359

24,310,622

a

Interactive

Media

&

Services

 — 0.1%

Snap,

Inc.,

Class

A,

NVS

(a)

..................

42,308

429,426

ZoomInfo

Technologies,

Inc.

(a)

................

10,239

247,477

676,903

a

Internet

&

Direct

Marketing

Retail

 — 0.7%

DoorDash,

Inc.,

Class

A

(a)

...................

9,143

499,756

eBay,

Inc.

..............................

21,120

969,408

Etsy,

Inc.

(a)

.............................

4,907

595,759

MercadoLibre,

Inc.

(a)

.......................

1,758

2,144,760

4,209,683

a

IT

Services

 — 7.7%

Akamai

Technologies,

Inc.

(a)

..................

6,165

447,579

Automatic

Data

Processing,

Inc.

...............

16,146

3,549,214

Block,

Inc.,

Class

A

(a)

......................

20,916

1,604,885

Broadridge

Financial

Solutions,

Inc.

............

4,544

639,704

Cognizant

Technology

Solutions

Corp.,

Class

A

.....

20,085

1,257,924

EPAM

Systems,

Inc.

(a)

......................

2,246

690,982

Fidelity

National

Information

Services,

Inc.

........

23,094

1,463,467

Fiserv,

Inc.

(a)(b)

...........................

23,479

2,702,198

Gartner,

Inc.

(a)

...........................

3,069

1,006,049

Security

Shares

Value

a

IT

Services

(continued)

Global

Payments,

Inc.

.....................

10,524

$

1,180,793

GoDaddy,

Inc.,

Class

A

(a)

....................

6,065

459,181

Jack

Henry

&

Associates,

Inc.

................

2,848

467,755

Mastercard,

Inc.,

Class

A

....................

33,409

11,869,884

MongoDB,

Inc.,

Class

A

(a)

...................

2,654

556,066

Okta,

Inc.,

Class

A

(a)

.......................

5,884

419,470

Paychex,

Inc.

...........................

12,626

1,393,910

PayPal

Holdings,

Inc.

(a)

.....................

42,150

3,102,240

Snowflake,

Inc.,

Class

A

(a)(b)

..................

8,718

1,345,885

Toast,

Inc.,

Class

A

(a)

......................

9,762

184,697

Twilio,

Inc.,

Class

A

(a)

......................

6,718

451,517

VeriSign,

Inc.

(a)

..........................

3,744

736,931

Visa,

Inc.,

Class

A

........................

63,367

13,936,938

49,467,269

a

Leisure

Products

 — 0.0%

Hasbro,

Inc.

............................

5,075

279,176

a

Life

Sciences

Tools

&

Services

 — 2.6%

Agilent

Technologies,

Inc.

...................

11,483

1,630,241

Avantor,

Inc.

(a)

...........................

26,148

637,227

Bio-Techne

Corp.

.........................

6,120

444,557

Charles

River

Laboratories

International,

Inc.

(a)

.....

1,973

432,758

Danaher

Corp.

..........................

26,915

6,662,270

Illumina,

Inc.

(a)

...........................

6,102

1,215,518

IQVIA

Holdings,

Inc.

(a)

......................

7,235

1,508,280

Mettler-Toledo

International,

Inc.

(a)

.............

868

1,244,460

PerkinElmer,

Inc.

.........................

4,929

614,006

Repligen

Corp.

(a)

.........................

2,045

356,587

Waters

Corp.

(a)

..........................

2,323

722,197

West

Pharmaceutical

Services,

Inc.

............

2,887

915,266

16,383,367

a

Machinery

 — 4.0%

Caterpillar,

Inc.

..........................

20,254

4,851,846

Cummins,

Inc.

...........................

5,497

1,336,211

Deere

&

Co.

............................

11,159

4,678,299

Dover

Corp.

............................

5,462

818,754

Fortive

Corp.

............................

13,110

873,913

Graco,

Inc.

.............................

6,559

456,113

IDEX

Corp.

.............................

2,927

658,516

Illinois

Tool

Works,

Inc.

.....................

11,955

2,787,428

Ingersoll

Rand,

Inc.

.......................

15,759

915,125

Nordson

Corp.

...........................

1,994

437,962

Otis

Worldwide

Corp.

......................

16,213

1,371,944

PACCAR,

Inc.

...........................

20,321

1,467,176

Parker-Hannifin

Corp.

......................

5,002

1,759,954

Pentair

PLC

............................

6,434

359,918

Snap-on,

Inc.

...........................

2,056

511,286

Stanley

Black

&

Decker,

Inc.

.................

5,733

490,802

Toro

Co.

(The)

...........................

4,048

447,061

Westinghouse

Air

Brake

Technologies

Corp.

.......

6,703

699,324

Xylem,

Inc.

.............................

6,986

717,113

25,638,745

a

Media

 — 1.3%

Comcast

Corp.,

Class

A

....................

167,896

6,240,695

Fox

Corp.,

Class

A,

NVS

....................

11,889

416,353

Fox

Corp.,

Class

B

........................

5,647

182,116

Interpublic

Group

of

Companies,

Inc.

(The)

.......

15,169

539,106

Omnicom

Group,

Inc.

......................

7,946

719,669

Sirius

XM

Holdings,

Inc.

(b)

...................

30,775

135,102

8,233,041

a

iShares

®

ESG

Advanced

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

(Percentages

shown

are

based

on

Net

Assets)

9

Schedule

of

Investments

Security

Shares

Value

a

Metals

&

Mining

 — 0.5%

Cleveland-Cliffs,

Inc.

(a)

.....................

20,066

$

428,008

Newmont

Corp.

..........................

30,929

1,348,814

Reliance

Steel

&

Aluminum

Co.

...............

2,284

566,066

Steel

Dynamics,

Inc.

.......................

6,833

861,710

3,204,598

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

 — 0.1%

Annaly

Capital

Management,

Inc.

..............

18,156

375,466

a

Multiline

Retail

 — 1.0%

Dollar

General

Corp.

......................

8,777

1,898,465

Dollar

Tree,

Inc.

(a)

.........................

8,608

1,250,570

Target

Corp.

............................

17,920

3,019,520

6,168,555

a

Personal

Products

 — 0.3%

Estee

Lauder

Companies,

Inc.

(The),

Class

A

......

9,001

2,187,693

a

Pharmaceuticals

 — 2.2%

Catalent,

Inc.

(a)

..........................

6,660

454,345

Elanco

Animal

Health,

Inc.

(a)

..................

16,675

191,262

Eli

Lilly

&

Co.

...........................

31,433

9,782,579

Jazz

Pharmaceuticals

PLC

(a)

.................

2,420

339,768

Zoetis,

Inc.,

Class

A

.......................

18,139

3,029,213

13,797,167

a

Professional

Services

 — 0.4%

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

.......

5,108

483,881

Clarivate

PLC

(a)

..........................

11,831

119,848

Robert

Half

International,

Inc.

.................

4,239

341,748

TransUnion

.............................

7,505

491,052

Verisk

Analytics,

Inc.

.......................

6,088

1,041,718

2,478,247

a

Real

Estate

Management

&

Development

 — 0.2%

CBRE

Group,

Inc.,

Class

A

(a)

.................

12,296

1,046,881

a

Road

&

Rail

 — 0.4%

JB

Hunt

Transport

Services,

Inc.

..............

3,222

582,505

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

..

5,921

336,550

Old

Dominion

Freight

Line,

Inc.

...............

3,655

1,239,995

U-Haul

Holding

Co.,

Series

N,

NVS

(a)

...........

3,447

191,757

2,350,807

a

Semiconductors

&

Semiconductor

Equipment

 — 11.5%

Advanced

Micro

Devices,

Inc.

(a)

...............

62,777

4,933,017

Analog

Devices,

Inc.

.......................

19,821

3,636,559

Applied

Materials,

Inc.

.....................

33,482

3,888,934

Broadcom,

Inc.

..........................

16,230

9,645,327

Enphase

Energy,

Inc.

(a)

.....................

5,295

1,114,756

Entegris,

Inc.

............................

5,806

494,845

First

Solar,

Inc.

(a)

.........................

3,721

629,370

KLA

Corp.

..............................

5,518

2,093,419

Lam

Research

Corp.

......................

5,311

2,581,199

Marvell

Technology,

Inc.

....................

33,197

1,498,845

Microchip

Technology,

Inc.

...................

21,439

1,737,202

Micron

Technology,

Inc.

.....................

42,312

2,446,480

NVIDIA

Corp.

...........................

95,741

22,227,231

NXP

Semiconductors

NV

...................

10,085

1,799,971

ON

Semiconductor

Corp.

(a)

..................

16,806

1,300,952

Qorvo,

Inc.

(a)

............................

4,003

403,863

QUALCOMM,

Inc.

........................

43,593

5,385,043

Skyworks

Solutions,

Inc.

....................

6,225

694,523

SolarEdge

Technologies,

Inc.

(a)(b)

..............

2,157

685,753

Texas

Instruments,

Inc.

.....................

35,322

6,055,957

Security

Shares

Value

a

Semiconductors

&

Semiconductor

Equipment

(continued)

Wolfspeed,

Inc.

(a)

.........................

4,818

$

356,436

73,609,682

a

Software

 — 17.7%

Adobe,

Inc.

(a)

............................

18,093

5,861,227

ANSYS,

Inc.

(a)

...........................

3,398

1,031,667

Aspen

Technology,

Inc.

(a)

....................

1,125

238,511

Autodesk,

Inc.

(a)

..........................

8,428

1,674,559

Bentley

Systems,

Inc.,

Class

B

................

7,471

302,277

BILL

Holdings,

Inc.

(a)(b)

......................

3,663

310,000

Black

Knight,

Inc.

(a)

........................

6,083

362,547

Cadence

Design

Systems,

Inc.

(a)

..............

10,676

2,059,827

Ceridian

HCM

Holding,

Inc.

(a)

.................

5,360

390,905

Crowdstrike

Holdings,

Inc.,

Class

A

(a)

............

7,943

958,641

Datadog,

Inc.,

Class

A

(a)(b)

...................

9,672

740,101

DocuSign,

Inc.

(a)

.........................

7,796

478,285

Dropbox,

Inc.,

Class

A

(a)

....................

10,679

217,852

Dynatrace,

Inc.

(a)

.........................

8,364

355,721

Fair

Isaac

Corp.

(a)

.........................

980

663,842

Fortinet,

Inc.

(a)

...........................

25,844

1,536,167

Gen

Digital,

Inc.

..........................

23,127

451,208

HubSpot,

Inc.

(a)

..........................

1,796

694,801

Intuit,

Inc.

..............................

10,395

4,232,636

Microsoft

Corp.

..........................

275,615

68,743,893

Palo

Alto

Networks,

Inc.

(a)

...................

11,767

2,216,550

Paycom

Software,

Inc.

(a)

....................

1,979

572,050

Paylocity

Holding

Corp.

(a)

...................

1,608

309,717

PTC,

Inc.

(a)

.............................

4,342

544,183

Roper

Technologies,

Inc.

....................

4,127

1,775,435

Salesforce,

Inc.

(a)

.........................

38,919

6,367,538

ServiceNow,

Inc.

(a)

........................

7,877

3,404,203

Splunk,

Inc.

(a)

...........................

6,291

644,827

Synopsys,

Inc.

(a)

.........................

5,951

2,164,736

Tyler

Technologies,

Inc.

(a)

...................

1,619

520,104

Unity

Software,

Inc.

(a)(b)

.....................

9,676

294,537

VMware,

Inc.,

Class

A

(a)

....................

8,260

909,674

Workday,

Inc.,

Class

A

(a)

....................

7,818

1,450,004

Zscaler,

Inc.

(a)

...........................

3,368

441,713

112,919,938

a

Specialty

Retail

 — 4.2%

Advance

Auto

Parts,

Inc.

....................

2,328

337,467

AutoZone,

Inc.

(a)

.........................

739

1,837,553

Best

Buy

Co.,

Inc.

........................

7,838

651,416

CarMax,

Inc.

(a)(b)

..........................

6,165

425,632

Home

Depot,

Inc.

(The)

....................

39,666

11,762,556

Lowe's

Companies,

Inc.

....................

23,534

4,842,120

Ross

Stores,

Inc.

.........................

13,507

1,493,064

TJX

Companies,

Inc.

(The)

..................

45,187

3,461,324

Tractor

Supply

Co.

........................

4,306

1,004,418

Ulta

Beauty,

Inc.

(a)

........................

1,988

1,031,374

26,846,924

a

Technology

Hardware,

Storage

&

Peripherals

 — 0.6%

Dell

Technologies,

Inc.,

Class

C

...............

10,085

409,854

Hewlett

Packard

Enterprise

Co.

...............

50,405

786,822

HP,

Inc.

...............................

39,150

1,155,708

NetApp,

Inc.

............................

8,523

550,160

Seagate

Technology

Holdings

PLC

.............

7,693

496,660

Western

Digital

Corp.

(a)

.....................

12,256

471,611

3,870,815

a

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

iShares

®

ESG

Advanced

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

10

2023

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Textiles,

Apparel

&

Luxury

Goods

 — 0.3%

Lululemon

Athletica,

Inc.

(a)

...................

4,510

$

1,394,492

VF

Corp.

..............................

12,889

319,905

1,714,397

a

Trading

Companies

&

Distributors

 — 0.6%

Ferguson

PLC

...........................

8,080

1,164,328

United

Rentals,

Inc.

.......................

2,697

1,263,626

WW

Grainger,

Inc.

........................

1,775

1,186,463

3,614,417

a

Water

Utilities

 — 0.2%

American

Water

Works

Co.,

Inc.

...............

7,053

990,100

a

Total

Long-Term

Investments — 99.7%

(Cost:

$695,639,783)

................................

637,510,149

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

1.7%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

4.81%

(c)(d)(e)

......................

9,856,884

$

9,862,798

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.41%

(c)(d)

............................

911,917

911,917

a

Total

Short-Term

Securities — 1.7%

(Cost:

$10,771,837)

.................................

10,774,715

Total

Investments

—

101.4%

(Cost:

$706,411,620)

................................

648,284,864

Liabilities

in

Excess

of

Other

Assets

—

(1.4)%

...............

(9,059,463)

Net

Assets

—

100.0%

.................................

$

639,225,401

(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

February

28,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/23

  Shares

Held

at

02/28/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

9,393,974

$

469,312

(a)

$

—

$

(346

)

$

(142

)

$

9,862,798

9,856,884

$

33,981

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

746,046

165,871

(a)

—

—

—

911,917

911,917

16,091

—

$

(346

)

$

(142

)

$

10,774,715

$

50,072

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Technology

Select

Sector

Index

......................................................

2

03/17/23

$

276

$

(13,524

)

S&P

500

E-Mini

Index

..................................................................

7

03/17/23

1,391

(13,276

)

$

(26,800

)

iShares

®

ESG

Advanced

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2023

11

Schedule

of

Investments

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statement

of

Assets

and

Liabilities

were

as

follows: 

For

the

period

ended

February

28,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

26,800

$

—

$

—

$

—

$

26,800

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

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

.................................

$

—

$

—

$

(9,386

)

$

—

$

—

$

—

$

(9,386

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

12,849

$

—

$

—

$

—

$

12,849

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

1,412,069

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

637,510,149

‌

$

—

‌

$

—

‌

$

637,510,149

‌

Short-Term

Securities

Money

Market

Funds

......................................

10,774,715

‌

—

‌

—

‌

10,774,715

‌

$

648,284,864

‌

$

—

‌

$

—

‌

$

648,284,864

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(26,800

)

$

—

‌

$

—

‌

$

(26,800

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

12

2023

iShares

Semi-Annual

Report

to

Shareholders

Statement

of

Assets

and

Liabilities

(unaudited)

February

28,

2023

See

notes

to

financial

statements.

iShares

ESG

Advanced

MSCI

USA

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................................................................

$

637,510,149

‌

Investments,

at

value

—

affiliated

(c)

.......................................................................................

10,774,715

‌

Cash

...........................................................................................................

9,663

‌

Cash

pledged:

Futures

contracts

.................................................................................................

84,000

‌

Receivables:

Investments

sold

.................................................................................................

12,431,409

‌

Securities

lending

income

—

affiliated

...................................................................................

4,495

‌

Dividends

—

unaffiliated

............................................................................................

691,448

‌

Dividends

—

affiliated

..............................................................................................

3,084

‌

Interest

—

unaffiliated

..............................................................................................

55

‌

Total

assets

......................................................................................................

661,509,018

‌

LIABILITIES

Collateral

on

securities

loaned

..........................................................................................

9,860,975

‌

Payables:

Investments

purchased

.............................................................................................

12,368,609

‌

Investment

advisory

fees

............................................................................................

50,025

‌

Variation

margin

on

futures

contracts

....................................................................................

4,008

‌

Total

liabilities

.....................................................................................................

22,283,617

‌

NET

ASSETS

.....................................................................................................

$

639,225,401

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................................................................

$

719,861,803

‌

Accumulated

loss

..................................................................................................

(

80,636,402

)

NET

ASSETS

.....................................................................................................

$

639,225,401

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................................................................

19,900,000

‌

Net

asset

value

....................................................................................................

$

32.12

‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

None

(a)

Securities

loaned,

at

value

..........................................................................................

$

9,706,928

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................................................................

$

695,639,783

‌

(c)

Investments,

at

cost

—

affiliated

.......................................................................................

$

10,771,837

‌

13

Financial

Statements

Statement

of

Operations

(unaudited)

Six

Months

Ended

February

28,

2023

See

notes

to

financial

statements.

iShares

ESG

Advanced

MSCI

USA

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................................

$

4,607,134

‌

Dividends

—

affiliated

..............................................................................................

16,091

‌

Interest

—

unaffiliated

..............................................................................................

757

‌

Securities

lending

income

—

affiliated

—

net

...............................................................................

33,981

‌

Foreign

taxes

withheld

.............................................................................................

(

3,283

)

Total

investment

income

..............................................................................................

4,654,680

‌

EXPENSES

Investment

advisory

...............................................................................................

301,796

‌

Total

expenses

....................................................................................................

301,796

‌

Net

investment

income

...............................................................................................

4,352,884

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................................

(

5,618,967

)

Investments

—

affiliated

...........................................................................................

(

346

)

Futures

contracts

...............................................................................................

(

9,386

)

In-kind

redemptions

—

unaffiliated

(a)

...................................................................................

2,900,113

‌

(

2,728,586

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................................

28,878,267

‌

Investments

—

affiliated

...........................................................................................

(

142

)

Futures

contracts

...............................................................................................

12,849

‌

28,890,974

‌

Net

realized

and

unrealized

gain

........................................................................................

26,162,388

‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............................................................

$

30,515,272

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

14

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

ESG

Advanced

MSCI

USA

ETF

Six

Months

Ended

02/28/23

(unaudited)

Year

Ended

08/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................................................

$

4,352,884

‌

$

6,996,390

‌

Net

realized

loss

................................................................................

(

2,728,586

)

(

3,147,196

)

Net

change

in

unrealized

appreciation

(depreciation)

........................................................

28,890,974

‌

(

128,331,485

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................................................

30,515,272

‌

(

124,482,291

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................................................

(

4,870,258

)

(

6,071,436

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

.................................................

24,397,963

‌

300,630,783

‌

NET

ASSETS

Total

increase

in

net

assets

...........................................................................

50,042,977

‌

170,077,056

‌

Beginning

of

period

................................................................................

589,182,424

‌

419,105,368

‌

End

of

period

....................................................................................

$

639,225,401

‌

$

589,182,424

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

15

Financial

Highlights

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Advanced

MSCI

USA

ETF

Six

Months

Ended

02/28/23

(unaudited)

Year

Ended

08/31/22

Year

Ended

08/31/21

Period

From

06/16/20

(a)

to

08/31/20

Net

asset

value,

beginning

of

period

......................................

$

30.93

‌

$

38.10

‌

$

29.04

‌

$

25.43

‌

Net

investment

income

(b)

..............................................

0.22

‌

0.42

‌

0.38

‌

0.06

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....................................

1.22

‌

(7.20

)

8.99

‌

3.55

‌

Net

increase

(decrease)

from

investment

operations

.............................

1.44

‌

(6.78

)

9.37

‌

3.61

‌

Distributions

(d)

–

–

–

–

From

net

investment

income

...........................................

(0.25

)

(0.39

)

(0.30

)

—

‌

From

net

realized

gains

...............................................

—

‌

—

‌

(0.01

)

—

‌

Total

distributions

....................................................

(0.25

)

(0.39

)

(0.31

)

—

‌

Net

asset

value,

end

of

period

...........................................

$

32.12

‌

$

30.93

‌

$

38.10

‌

$

29.04

‌

Total

Return

(e)

–

–

–

–

Based

on

net

asset

value

...............................................

4.73

%

(f)

(17.95

)%

32.53

%

14.20

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

Total

expenses

......................................................

0.10

%

(h)

0.10

%

0.10

%

0.10

%

(h)

Net

investment

income

.................................................

1.44

%

(h)

1.23

%

1.09

%

1.16

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................................

$

639,225

‌

$

589,182

‌

$

419,105

‌

$

5,808

‌

Portfolio

turnover

rate

(i)

.................................................

6

%

24

%

29

%

4

%

(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)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

Notes

to

Financial

Statements

(unaudited)

16

2023

iShares

Semi-Annual

Report

to

Shareholders

1.

Organization

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios.

These

financial

statements

relate

only

to

the

following

fund

(the

“Fund”):

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. The

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

Fund

is

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

Fund

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

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

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

February

28,

2023,

if

any,

are

disclosed

in

the

Statement

of

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statement

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

Fund

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

Fund.

Because

such

gains

or

losses

are

not

taxable

to

the

Fund

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 Fund’s

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by the

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

Fund. 

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,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

The

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

the

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Fund’s

investment

adviser, as

the

valuation

designee

for

the

Fund.

The

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

Advanced

MSCI

USA

..............................................................................................

Non-diversified

Notes

to

Financial

Statements

(unaudited)

(

continued)

17

Notes

to

Financial

Statements

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

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 the

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 the

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:

The

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

the

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,

the

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

the

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

Statement

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Fund

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

Fund,

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 Fund

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)

18

2023

iShares

Semi-Annual

Report

to

Shareholders

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,

the

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.

The

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

the

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

Fund

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

Fund

is

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

Statement

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

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

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

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

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

the

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

Fund,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees).

For

its

investment

advisory

services

to the

Fund,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on

the

average

daily

net

assets

of the

Fund

as

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

the

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Fund. 

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

ESG

Advanced

MSCI

USA

Barclays

Bank

PLC

...........................................

$

5,740

‌

$

(5,688

)

$

—

‌

$

52

‌

Barclays

Capital,

Inc.

.........................................

5,540

‌

(5,507

)

—

‌

33

‌

Citigroup

Global

Markets,

Inc.

....................................

1,349,278

‌

(1,349,278

)

—

‌

—

‌

HSBC

Bank

PLC

............................................

27,505

‌

(27,505

)

—

‌

—

‌

J.P.

Morgan

Securities

LLC

.....................................

2,850,071

‌

(2,850,071

)

—

‌

—

‌

Jefferies

LLC

...............................................

121,762

‌

(121,762

)

—

‌

—

‌

Morgan

Stanley

.............................................

1,713,016

‌

(1,698,865

)

—

‌

14,151

‌

RBC

Capital

Markets

LLC

......................................

573,611

‌

(573,611

)

—

‌

—

‌

State

Street

Bank

&

Trust

Co.

....................................

489,983

‌

(489,983

)

—

‌

—

‌

Toronto-Dominion

Bank

........................................

714,143

‌

(714,143

)

—

‌

—

‌

UBS

AG

..................................................

1,575,227

‌

(1,575,227

)

—

‌

—

‌

UBS

Securities

LLC

..........................................

281,052

‌

(279,812

)

—

‌

1,240

‌

$

9,706,928

‌

$

(9,691,452

)

$

—

‌

$

15,476

‌

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

the

Fund

is

disclosed

in

the

Fund’s

Statement

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

February

28,

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

ESG

Advanced

MSCI

USA

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.10%

Notes

to

Financial

Statements

(unaudited)

(

continued)

19

Notes

to

Financial

Statements

ETF

Servicing

Fees:

The

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

Fund

does

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

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

The

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 the

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. 

The

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,

the

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, the

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

the

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statement

of

Operations.

For

the six

months

ended

February

28,

2023,

the

Fund

paid

BTC

$9,909 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

February

28,

2023,

transactions

executed

by

the

Fund

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

The

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

Statement

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

February

28,

2023,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the six

months

ended

February

28,

2023,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

The

Fund

is

treated

as

an

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

the

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

Fund

as

of

February

28,

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

Fund’s

financial

statements.

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

ESG

Advanced

MSCI

USA

.........................................................

$

13,306,134

‌

$

15,186,263

‌

$

(1,352,061

)

iShares

ETF

Purchases

Sales

ESG

Advanced

MSCI

USA

...........................................................................

$

35,117,447

‌

$

35,852,119

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

ESG

Advanced

MSCI

USA

...........................................................................

$

44,346,127

‌

$

20,031,549

‌

Notes

to

Financial

Statements

(unaudited)

(continued)

20

2023

iShares

Semi-Annual

Report

to

Shareholders

As

of August

31,

2022,

the

Fund

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

As

of

February

28,

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,

the

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

Fund

and

its

investments. The

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

the

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

Fund

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

Fund

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

Fund

manages

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

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund.

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

Fund

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

Fund.

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

the

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

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.

iShares

ETF

Amounts

ESG

Advanced

MSCI

USA

.............................................................................................

$

19,923,087

‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

ESG

Advanced

MSCI

USA

.......................................

$

707,496,935

‌

$

31,782,256

‌

$

(91,021,127

)

$

(59,238,871

)

Notes

to

Financial

Statements

(unaudited)

(

continued)

21

Notes

to

Financial

Statements

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

Fund

may

be

exposed

to

financial

instruments

that

are

tied

to

the

London

Interbank

Offered

Rate

(“LIBOR”)

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

United

Kingdom’s

Financial

Conduct

Authority,

which

regulates

LIBOR,

announced

that

a

majority

of

USD

LIBOR

settings

will

no

longer

be

published

after

June

30,

2023.

All

other

LIBOR

settings

and

certain

other

interbank

offered

rates

ceased

to

be

published

after

December

31,

2021.

The

Secured

Overnight

Financing

Rate

(“SOFR”)

has

been

used

increasingly

on

a

voluntary

basis

in

new

instruments

and

transactions.

The

Federal

Reserve

Board

adopted

regulations

that

provide

a

fallback

mechanism

by

identifying

benchmark

rates

based

on

SOFR

that

will

replace

LIBOR

in certain

financial

contracts

after

June

30,

2023.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain.

10.

Capital

Share

Transactions 

Capital

shares

are

issued

and

redeemed

by the

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

the

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

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

Statement

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

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

02/28/23

Year

Ended

08/31/22

iShares

ETF

Shares

Amount

Shares

Amount

ESG

Advanced

MSCI

USA

Shares

sold

...............................................

1,500,000

‌

$

44,537,644

‌

11,500,000

‌

$

415,134,537

‌

Shares

redeemed

...........................................

(650,000

)

(20,139,681

)

(3,450,000

)

(114,503,754

)

850,000

‌

$

24,397,963

‌

8,050,000

‌

$

300,630,783

‌

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

22

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

Advanced

MSCI

USA

ETF

(the

“Fund”

or

“ETF”),

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage the

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Fund,

met

on

December

9,

2022

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Fund

Advisors

(“BlackRock”),

the

investment

adviser

to

the

Fund,

as

the

program

administrator

for

the

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 the

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

the

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish

the

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

the

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

the

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

the

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

Fund

does

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 the

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 the

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.

General

Information

23

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

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund’s

Form

N-PORT

are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

the

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

24

2023

iShares

Semi-Annual

Report

to

Shareholders

Portfolio

Abbreviation

NVS

Non-Voting

Shares

iS-SAR-824-0223

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Fund’s

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by

MSCI

Inc.,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2023

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

(b) Not Applicable

Item 2.      Code of Ethics.

Not applicable to this semi-annual report.

Item 3.      Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4.      Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5.      Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6.      Investments.

(a)Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b)Not applicable.

Item 7.      Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

      Not applicable to the registrant.

Item 8.      Portfolio Managers of Closed-End Management Investment Companies.

      Not applicable to the registrant.

Item 9.      Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

      Not applicable to the registrant.

Item 10.    Submission of Matters to a Vote of Security Holders.

      There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11.    Controls and Procedures.

(a)The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b)There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.    Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13.    Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

      (a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

      (a) (4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares Trust
By: /s/ Dominik Rohe
Dominik Rohe, President (Principal Executive Officer)
Date:	April 20, 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:		April 20, 2023
By: /s/ Trent Walker
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:		April 20, 2023