UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-09729 | |||||
iShares Trust | ||||||
(Exact name of registrant as specified in charter) | ||||||
c/o: BlackRock Fund Advisors 400 Howard Street, San Francisco, CA | 94105 | |||||
(Address of principal executive offices) | (Zip code) | |||||
The Corporation Trust Company 1209 Orange Street, Wilmington, DE 19801 | ||||||
(Name and address of agent for service) | ||||||
Registrant’s telephone number, including area code: | (415) 670-2000 | |||||
Date of fiscal year end: | August 31, 2024 | |||||
Date of reporting period: | February 29, 2024 | |||||
Item 1. Reports to Stockholders.
(a) The Report to Shareholders is attached herewith.
February
29,
2024
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
2024
Semi-Annual
Report
(Unaudited)
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
cooling
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
February
29,
2024.
Significantly
tighter
monetary
policy
helped
to
rein
in
inflation,
and
the
Consumer
Price
Index
decelerated
substantially
while
remaining
above
pre-pandemic
levels.
A
moderating
labor
market
helped
ease
inflationary
pressure,
although
wages
continued
to
grow.
Wage
and
job
growth
powered
robust
consumer
spending,
backstopping
the
economy.
On
October
7,
2023,
Hamas
launched
a
horrific
attack
on
Israel.
The
ensuing
war
will
have
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
robust
during
the
period,
as
interest
rates
stabilized
and
the
economy
proved
to
be
more
resilient
than
many
investors
expected.
The
U.S.
economy
continued
to
show
strength,
and
growth
further
accelerated
in
the
second
half
of
2023.
Large-capitalization
U.S.
stocks
posted
particularly
substantial
gains,
supported
by
the
performance
of
a
few
notable
technology
companies,
while
small-
capitalization
U.S.
stocks
advanced
at
a
significantly
slower
pace.
Meanwhile,
international
developed
market
equities
also
gained
strongly,
while
emerging
market
stocks
advanced
at
a
more
modest
pace.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
However,
higher
yields
drove
positive
returns
overall
for
10-year
U.S.
Treasuries
and
solid
gains
in
shorter-duration
U.S.
Treasuries.
The
corporate
bond
market
benefited
from
improving
economic
sentiment,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
attempting
to
manage
persistent
inflation,
raised
interest
rates
three
times
during
the
12-month
period,
but
paused
its
tightening
after
its
July
meeting.
The
Fed
also
continued
to
reduce
its
balance
sheet
by
not
replacing
some
of
the
securities
that
reach
maturity.
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
stopped
tightening
for
now,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
despite
the
market’s
hopes
for
rapid
interest
rate
cuts,
as
reflected
in
the
recent
rally.
In
this
new
regime,
we
anticipate
greater
volatility
and
dispersion
of
returns,
creating
more
opportunities
for
selective
portfolio
management.
Looking
at
developed
market
stocks,
we
have
an
overweight
stance
on
U.S.
stocks
overall,
particularly
given
the
promise
of
emerging
AI
technologies.
We
are
also
overweight
Japanese
stocks
as
shareholder-
friendly
policies
generate
increased
investor
interest,
although
we
maintain
an
underweight
stance
on
European
stocks.
In
credit,
there
are
selective
opportunities
in
the
near
term
despite
tighter
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries
and
hard-currency
emerging
market
bonds.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Total
Returns
as
of
February
29,
2024
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
13.93%
30.45%
U.S.
small
cap
equities
(Russell
2000
®
Index)
8.97
10.05
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
9.23
14.41
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
4.93
8.73
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.69
5.22
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
0.58
0.69
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
2.35
3.33
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
4.33
5.42
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
6.18
11.01
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
.........................................................................................
48
Statements
of
Operations
................................................................................................
50
Statements
of
Changes
in
Net
Assets
........................................................................................
52
Financial
Highlights
.....................................................................................................
55
Notes
to
Financial
Statements
...............................................................................................
61
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
70
Supplemental
Information
.................................................................................................
71
General
Information
.....................................................................................................
72
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
73
iShares
®
ESG
Aware
MSCI
USA
ETF
4
2024
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
February
29,
2024
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
....................
13.59
%
29.27
%
14.49
%
14.16
%
29.27
%
96.74
%
161.15
%
Fund
Market
..................
13.49
29.24
14.45
14.15
–
%
29.24
96.37
160.86
Index
.......................
13.61
29.39
14.66
14.35
29.39
98.19
164.30
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(09/01/23)
Ending
Account
Value
(02/29/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(09/01/23)
Ending
Account
Value
(02/29/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
1,135.90
$
0.80
$
1,000.00
$
1,024.12
$
0.75
0.15
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
31.1
%
Health
Care
...................................
12.8
Financials
.....................................
11.9
Consumer
Discretionary
...........................
10.1
Industrials
.....................................
9.3
Communication
Services
...........................
8.0
Consumer
Staples
...............................
6.2
Energy
.......................................
3.9
Real
Estate
....................................
2.5
Materials
.....................................
2.3
Utilities
.......................................
1.9
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Microsoft
Corp.
.................................
6.8
%
Apple,
Inc.
....................................
5.7
NVIDIA
Corp.
..................................
4.5
Amazon.com,
Inc.
...............................
3.6
Alphabet,
Inc.,
Class
C,
NVS
........................
2.6
Meta
Platforms,
Inc.,
Class
A
........................
2.3
Eli
Lilly
&
Co.
..................................
1.4
Tesla,
Inc.
.....................................
1.3
JPMorgan
Chase
&
Co.
...........................
1.2
Broadcom,
Inc.
.................................
1.2
aaa
aa
iShares
®
ESG
Aware
MSCI
USA
Growth
ETF
5
Fund
Summary
Fund
Summary
as
of
February
29,
2024
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
Certain
sectors
and
markets
performed
exceptionally
well
based
on
market
conditions
during
the
one-year
period.
Achieving
such
exceptional
returns
involves
the
risk
of
volatility
and
investors
should
not
expect
that
such
exceptional
returns
will
be
repeated.
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
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
Since
Inception
1
Year
Since
Inception
Fund
NAV
................................................
17.42
%
47.48
%
41.45
%
47.48
%
45.27
%
Fund
Market
..............................................
17.45
47.40
41.54
–
%
47.40
45.37
Index
...................................................
17.39
47.62
41.34
47.62
45.47
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(09/01/23)
Ending
Account
Value
(02/29/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(09/01/23)
Ending
Account
Value
(02/29/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
1,174.20
$
0.97
$
1,000.00
$
1,023.97
$
0.91
0.18
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/
366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
48.9
%
Consumer
Discretionary
...........................
13.0
Communication
Services
...........................
11.3
Health
Care
...................................
9.4
Industrials
.....................................
6.3
Financials
.....................................
4.9
Real
Estate
....................................
2.0
Consumer
Staples
...............................
1.8
Energy
.......................................
1.4
Materials
.....................................
1.0
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Microsoft
Corp.
.................................
13.2
%
Apple,
Inc.
....................................
10.8
NVIDIA
Corp.
..................................
8.7
Amazon.com,
Inc.
...............................
6.7
Alphabet,
Inc.,
Class
C,
NVS
........................
4.5
Meta
Platforms,
Inc.,
Class
A
........................
4.1
Eli
Lilly
&
Co.
..................................
2.5
Tesla,
Inc.
.....................................
2.5
Visa,
Inc.,
Class
A
...............................
1.8
Alphabet,
Inc.,
Class
A
............................
1.7
aaa
aa
iShares
®
ESG
Aware
MSCI
USA
Small-Cap
ETF
6
2024
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
February
29,
2024
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
5
Years
Since
Inception
1
Year
5
Years
Since
Inception
Fund
NAV
....................
9.04
%
10.11
%
9.19
%
8.76
%
10.11
%
55.20
%
63.99
%
Fund
Market
..................
8.88
9.93
9.12
8.74
–
%
9.93
54.72
63.79
Index
.......................
9.07
10.09
9.27
8.86
10.09
55.77
64.89
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(09/01/23)
Ending
Account
Value
(02/29/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(09/01/23)
Ending
Account
Value
(02/29/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
1,090.40
$
0.88
$
1,000.00
$
1,024.02
$
0.86
0.17
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Industrials
.....................................
20.1
%
Financials
.....................................
15.1
Consumer
Discretionary
...........................
14.7
Information
Technology
............................
13.8
Health
Care
...................................
13.4
Real
Estate
....................................
5.7
Materials
.....................................
5.0
Energy
.......................................
4.9
Consumer
Staples
...............................
3.2
Utilities
.......................................
2.1
Communication
Services
...........................
2.0
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Federal
Realty
Investment
Trust
......................
0.6
%
EMCOR
Group,
Inc.
..............................
0.5
KBR,
Inc.
.....................................
0.4
Casey's
General
Stores,
Inc.
........................
0.4
Janus
Henderson
Group
PLC
.......................
0.4
Acuity
Brands,
Inc.
...............................
0.4
U.S.
Foods
Holding
Corp.
..........................
0.4
Nutanix
,
Inc.,
Class
A
.............................
0.4
Comfort
Systems
USA,
Inc.
.........................
0.4
Ingredion,
Inc.
..................................
0.4
aaa
aa
iShares
®
ESG
Aware
MSCI
USA
Value
ETF
7
Fund
Summary
Fund
Summary
as
of
February
29,
2024
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
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
Since
Inception
1
Year
Since
Inception
Fund
NAV
................................................
9.24
%
12.04
%
7.16
%
12.04
%
7.73
%
Fund
Market
..............................................
9.32
12.03
7.25
–
%
12.03
7.83
Index
...................................................
9.35
12.28
7.32
12.28
7.95
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(09/01/23)
Ending
Account
Value
(02/29/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(09/01/23)
Ending
Account
Value
(02/29/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
1,092.40
$
0.94
$
1,000.00
$
1,023.97
$
0.91
0.18
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Financials
.....................................
17.9
%
Health
Care
...................................
17.1
Information
Technology
............................
13.2
Industrials
.....................................
13.1
Consumer
Staples
...............................
10.3
Energy
.......................................
7.0
Consumer
Discretionary
...........................
5.9
Materials
.....................................
4.4
Utilities
.......................................
3.9
Real
Estate
....................................
3.8
Communication
Services
...........................
3.4
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
JPMorgan
Chase
&
Co.
...........................
2.5
%
UnitedHealth
Group,
Inc.
...........................
2.5
Broadcom,
Inc.
.................................
2.4
Home
Depot,
Inc.
(The)
...........................
2.2
Coca-Cola
Co.
(The)
.............................
1.8
Johnson
&
Johnson
..............................
1.7
Procter
&
Gamble
Co.
(The)
........................
1.6
Merck
&
Co.,
Inc.
................................
1.5
Texas
Instruments,
Inc.
............................
1.4
Chevron
Corp.
..................................
1.4
aaa
aa
iShares
®
ESG
MSCI
USA
Leaders
ETF
8
2024
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
February
29,
2024
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
................................................
15.02
%
34.01
%
15.27
%
34.01
%
98.24
%
Fund
Market
..............................................
14.95
34.09
15.27
–
%
34.09
98.27
Index
...................................................
15.01
34.08
15.37
34.08
99.04
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(09/01/23)
Ending
Account
Value
(02/29/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(09/01/23)
Ending
Account
Value
(02/29/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
1,150.20
$
0.53
$
1,000.00
$
1,024.37
$
0.50
0.10
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
33.1
%
Health
Care
...................................
12.3
Financials
.....................................
12.1
Consumer
Discretionary
...........................
9.7
Communication
Services
...........................
9.6
Industrials
.....................................
9.1
Consumer
Staples
...............................
5.6
Materials
.....................................
2.8
Real
Estate
....................................
2.5
Energy
.......................................
2.2
Utilities
.......................................
1.0
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Microsoft
Corp.
.................................
12.7
%
NVIDIA
Corp.
..................................
8.5
Alphabet,
Inc.,
Class
A
............................
3.6
Alphabet,
Inc.,
Class
C,
NVS
........................
3.1
Eli
Lilly
&
Co.
..................................
2.6
Tesla,
Inc.
.....................................
2.5
Visa,
Inc.,
Class
A
...............................
1.9
Mastercard
,
Inc.,
Class
A
...........................
1.7
Johnson
&
Johnson
..............................
1.7
Home
Depot,
Inc.
(The)
...........................
1.6
aaa
aa
iShares
®
Paris-Aligned
Climate
MSCI
USA
ETF
9
Fund
Summary
Fund
Summary
as
of
February
29,
2024
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
................................................
13.21
%
31.32
%
6.51
%
31.32
%
13.84
%
Fund
Market
..............................................
12.79
30.75
6.35
–
%
30.75
13.48
Index
...................................................
13.25
31.41
6.56
31.41
13.98
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(09/01/23)
Ending
Account
Value
(02/29/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(09/01/23)
Ending
Account
Value
(02/29/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
1,132.10
$
0.53
$
1,000.00
$
1,024.37
$
0.50
0.10
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
34.9
%
Health
Care
...................................
15.3
Financials
.....................................
13.0
Consumer
Discretionary
...........................
11.0
Communication
Services
...........................
7.6
Real
Estate
....................................
7.2
Industrials
.....................................
6.1
Consumer
Staples
...............................
1.7
Utilities
.......................................
1.7
Materials
.....................................
1.5
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Microsoft
Corp.
.................................
7.6
%
Apple,
Inc.
....................................
6.9
NVIDIA
Corp.
..................................
5.4
Amazon.com,
Inc.
...............................
3.7
Meta
Platforms,
Inc.,
Class
A
........................
2.4
Alphabet,
Inc.,
Class
C,
NVS
........................
2.2
Eli
Lilly
&
Co.
..................................
2.0
Tesla,
Inc.
.....................................
1.9
Visa,
Inc.,
Class
A
...............................
1.8
Broadcom,
Inc.
.................................
1.6
aaa
aa
About
Fund
Performance
10
2024
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, index
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included, index
returns
would
be
lower.
Disclosure
of
Expenses
Shareholders
of
each
Fund
may
incur
the
following
charges:
(1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown
(which
are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the Period.”
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
iShares
®
ESG
Aware
MSCI
USA
ETF
Schedule
of
Investments
(unaudited)
February
29,
2024
(Percentages
shown
are
based
on
Net
Assets)
11
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
—
0
.9
%
Axon
Enterprise,
Inc.
(a)
.....................
78,613
$
24,163,278
Huntington
Ingalls
Industries,
Inc.
..............
135,551
39,529,382
RTX
Corp.
.............................
674,040
60,441,167
124,133,827
a
Air
Freight
&
Logistics
—
0
.8
%
CH
Robinson
Worldwide,
Inc.
................
388,515
28,781,191
Expeditors
International
of
Washington,
Inc.
.......
342,372
40,947,691
FedEx
Corp.
............................
57,364
14,281,915
United
Parcel
Service,
Inc.
,
Class
B
............
173,772
25,763,437
109,774,234
a
Automobile
Components
—
0
.1
%
Aptiv
PLC
(a)
.............................
183,887
14,617,178
a
Automobiles
—
1
.4
%
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.............
810,220
9,171,690
Tesla,
Inc.
(a)
.............................
860,930
173,804,549
182,976,239
a
Banks
—
2
.9
%
Bank
of
America
Corp.
.....................
2,205,313
76,127,405
Citigroup,
Inc.
...........................
817,881
45,384,217
Huntington
Bancshares,
Inc.
.................
1,654,595
21,575,919
JPMorgan
Chase
&
Co.
....................
854,567
159,000,736
PNC
Financial
Services
Group,
Inc.
(The)
........
256,258
37,721,177
Regions
Financial
Corp.
....................
970,436
18,079,223
Truist
Financial
Corp.
......................
441,644
15,448,707
U.S.
Bancorp
...........................
423,610
17,774,675
391,112,059
a
Beverages
—
1
.7
%
Coca-Cola
Co.
(The)
......................
2,102,767
126,208,075
Keurig
Dr
Pepper,
Inc.
.....................
831,230
24,862,089
Molson
Coors
Beverage
Co.
,
Class
B
...........
325,320
20,306,475
PepsiCo,
Inc.
...........................
356,525
58,947,844
230,324,483
a
Biotechnology
—
2
.1
%
AbbVie,
Inc.
............................
390,397
68,729,392
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
89,842
13,574,228
Amgen,
Inc.
............................
206,424
56,525,084
Biogen,
Inc.
(a)
...........................
60,286
13,081,459
Gilead
Sciences,
Inc.
......................
872,842
62,931,908
Regeneron
Pharmaceuticals,
Inc.
(a)
(b)
............
33,191
32,065,493
Vertex
Pharmaceuticals,
Inc.
(a)
................
73,291
30,836,455
277,744,019
a
Broadline
Retail
—
3
.7
%
Amazon.com,
Inc.
(a)
.......................
2,724,570
481,594,993
MercadoLibre,
Inc.
(a)
.......................
14,561
23,229,164
504,824,157
a
Building
Products
—
1
.3
%
Allegion
PLC
............................
99,737
12,753,370
Carrier
Global
Corp.
.......................
419,639
23,323,536
Fortune
Brands
Innovations,
Inc.
..............
260,664
21,202,410
Johnson
Controls
International
PLC
............
303,821
18,007,471
Lennox
International,
Inc.
...................
55,168
25,995,713
Owens
Corning
..........................
94,374
14,135,338
Trane
Technologies
PLC
....................
199,621
56,287,133
171,704,971
a
Security
Shares
Value
a
Capital
Markets
—
2
.8
%
Bank
of
New
York
Mellon
Corp.
(The)
...........
755,804
$
42,393,046
BlackRock,
Inc.
(c)
.........................
29,866
24,231,480
Cboe
Global
Markets,
Inc.
...................
70,745
13,583,040
Charles
Schwab
Corp.
(The)
.................
380,699
25,423,079
FactSet
Research
Systems,
Inc.
...............
53,236
24,625,909
Goldman
Sachs
Group,
Inc.
(The)
.............
102,843
40,011,069
Moody's
Corp.
...........................
108,997
41,355,642
Morgan
Stanley
..........................
638,478
54,934,647
Nasdaq,
Inc.
............................
370,201
20,805,296
Northern
Trust
Corp.
.......................
165,201
13,567,958
S&P
Global,
Inc.
.........................
157,023
67,265,513
State
Street
Corp.
........................
182,193
13,433,090
381,629,769
a
Chemicals
—
1
.5
%
Dow,
Inc.
..............................
519,540
29,031,895
Ecolab,
Inc.
............................
248,708
55,919,507
International
Flavors
&
Fragrances,
Inc.
..........
199,014
15,025,557
Linde
PLC
.............................
108,311
48,612,143
LyondellBasell
Industries
NV
,
Class
A
...........
203,835
20,440,574
PPG
Industries,
Inc.
.......................
166,899
23,632,898
Sherwin-Williams
Co.
(The)
..................
42,731
14,187,974
206,850,548
a
Commercial
Services
&
Supplies
—
0
.2
%
Veralto
Corp.
............................
309,971
26,787,694
a
Communications
Equipment
—
0
.7
%
Arista
Networks,
Inc.
(a)
.....................
82,199
22,813,510
Cisco
Systems,
Inc.
.......................
1,220,611
59,040,954
Juniper
Networks,
Inc.
.....................
357,729
13,246,705
95,101,169
a
Construction
&
Engineering
—
0
.1
%
Quanta
Services,
Inc.
......................
62,464
15,085,681
a
Construction
Materials
—
0
.1
%
Martin
Marietta
Materials,
Inc.
................
24,464
14,133,097
a
Consumer
Finance
—
0
.9
%
American
Express
Co.
.....................
248,015
54,419,451
Capital
One
Financial
Corp.
..................
96,254
13,245,513
Discover
Financial
Services
..................
214,402
25,878,322
Synchrony
Financial
.......................
622,847
25,723,581
119,266,867
a
Consumer
Staples
Distribution
&
Retail
—
1
.4
%
Costco
Wholesale
Corp.
....................
137,425
102,229,083
Dollar
Tree,
Inc.
(a)
.........................
92,119
13,512,015
Kroger
Co.
(The)
.........................
581,160
28,831,347
Sysco
Corp.
............................
166,145
13,452,761
Target
Corp.
............................
216,590
33,120,943
191,146,149
a
Containers
&
Packaging
—
0
.2
%
Ball
Corp.
..............................
212,710
13,617,694
International
Paper
Co.
.....................
367,749
13,003,605
26,621,299
a
Distributors
—
0
.2
%
LKQ
Corp.
.............................
617,785
32,303,978
a
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
iShares
®
ESG
Aware
MSCI
USA
ETF
(Percentages
shown
are
based
on
Net
Assets)
12
2024
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Diversified
Telecommunication
Services
—
0
.7
%
AT&T,
Inc.
..............................
1,464,719
$
24,797,693
Verizon
Communications,
Inc.
................
1,563,618
62,575,992
87,373,685
a
Electric
Utilities
—
0
.9
%
Edison
International
.......................
252,637
17,184,369
Eversource
Energy
.......................
576,932
33,865,908
Exelon
Corp.
............................
611,333
21,910,175
NextEra
Energy,
Inc.
......................
834,295
46,044,741
119,005,193
a
Electrical
Equipment
—
0
.2
%
Eaton
Corp.
PLC
.........................
84,162
24,322,818
a
Electronic
Equipment,
Instruments
&
Components
—
0
.3
%
Keysight
Technologies,
Inc.
(a)
.................
216,451
33,398,389
Trimble,
Inc.
(a)
(b)
..........................
219,132
13,408,687
46,807,076
a
Energy
Equipment
&
Services
—
0
.3
%
Baker
Hughes
Co.
,
Class
A
..................
465,404
13,771,304
Schlumberger
Ltd.
........................
557,079
26,923,628
40,694,932
a
Entertainment
—
1
.2
%
Electronic
Arts,
Inc.
.......................
153,556
21,417,991
Netflix,
Inc.
(a)
(b)
...........................
114,448
69,002,988
Walt
Disney
Co.
(The)
.....................
640,638
71,482,388
161,903,367
a
Financial
Services
—
2
.8
%
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
............
120,343
49,268,424
Fidelity
National
Information
Services,
Inc.
........
373,659
25,853,466
Fiserv,
Inc.
(a)
............................
122,527
18,289,605
Mastercard,
Inc.
,
Class
A
....................
275,450
130,772,642
PayPal
Holdings,
Inc.
(a)
(b)
....................
268,243
16,185,783
Visa,
Inc.
,
Class
A
........................
503,415
142,285,216
382,655,136
a
Food
Products
—
1
.6
%
Archer-Daniels-Midland
Co.
..................
246,174
13,074,301
Bunge
Global
SA
.........................
271,461
25,617,775
Campbell
Soup
Co.
.......................
318,652
13,587,321
General
Mills,
Inc.
........................
791,733
50,813,424
Hormel
Foods
Corp.
.......................
455,623
16,092,604
Kellanova
..............................
1,032,753
56,956,328
Kraft
Heinz
Co.
(The)
......................
803,189
28,336,508
McCormick
&
Co.,
Inc.
,
NVS
.................
199,667
13,749,070
218,227,331
a
Ground
Transportation
—
0
.9
%
JB
Hunt
Transport
Services,
Inc.
..............
62,446
12,883,234
Old
Dominion
Freight
Line,
Inc.
...............
34,970
15,473,526
Uber
Technologies,
Inc.
(a)
...................
525,626
41,787,267
Union
Pacific
Corp.
.......................
198,674
50,401,607
120,545,634
a
Health
Care
Equipment
&
Supplies
—
2
.0
%
Abbott
Laboratories
.......................
115,846
13,743,970
Cooper
Cos.,
Inc.
The
......................
278,778
26,093,621
Dexcom,
Inc.
(a)
..........................
116,641
13,421,880
Edwards
Lifesciences
Corp.
(a)
................
507,386
43,061,850
GE
HealthCare
Technologies,
Inc.
.............
153,533
14,014,492
Hologic,
Inc.
(a)
...........................
178,996
13,209,905
IDEXX
Laboratories,
Inc.
(a)
...................
75,483
43,420,086
Intuitive
Surgical,
Inc.
(a)
.....................
99,215
38,257,304
STERIS
PLC
............................
103,376
24,077,304
Security
Shares
Value
a
Health
Care
Equipment
&
Supplies
(continued)
Stryker
Corp.
...........................
38,189
$
13,330,634
Teleflex,
Inc.
............................
52,608
11,720,536
Zimmer
Biomet
Holdings,
Inc.
................
105,939
13,174,574
267,526,156
a
Health
Care
Providers
&
Services
—
3
.1
%
Cardinal
Health,
Inc.
.......................
196,793
22,036,880
Cencora,
Inc.
...........................
129,842
30,590,775
Centene
Corp.
(a)
.........................
205,039
16,081,209
Cigna
Group
(The)
........................
124,959
42,003,718
Elevance
Health,
Inc.
......................
92,916
46,574,145
HCA
Healthcare,
Inc.
......................
56,816
17,709,547
Humana,
Inc.
...........................
35,994
12,609,418
Laboratory
Corp.
of
America
Holdings
...........
60,969
13,158,939
McKesson
Corp.
.........................
73,654
38,403,932
Molina
Healthcare,
Inc.
(a)
....................
32,880
12,951,761
Quest
Diagnostics,
Inc.
.....................
131,737
16,452,634
UnitedHealth
Group,
Inc.
....................
314,536
155,254,970
423,827,928
a
Health
Care
REITs
—
0
.2
%
Welltower,
Inc.
...........................
272,262
25,091,666
a
Health
Care
Technology
—
0
.1
%
Veeva
Systems,
Inc.
,
Class
A
(a)
...............
60,209
13,577,732
a
Hotels,
Restaurants
&
Leisure
—
1
.7
%
Airbnb,
Inc.
,
Class
A
(a)
......................
86,597
13,636,430
Booking
Holdings,
Inc.
(a)
....................
12,948
44,914,411
Chipotle
Mexican
Grill,
Inc.
(a)
.................
7,733
20,792,258
DoorDash,
Inc.
,
Class
A
(a)
...................
113,841
14,181,173
Hilton
Worldwide
Holdings,
Inc.
(b)
..............
98,951
20,217,668
McDonald's
Corp.
........................
186,332
54,461,117
Starbucks
Corp.
..........................
405,203
38,453,765
Vail
Resorts,
Inc.
.........................
82,283
18,950,598
225,607,420
a
Household
Durables
—
0
.1
%
DR
Horton,
Inc.
..........................
93,288
13,940,959
a
Household
Products
—
1
.5
%
Church
&
Dwight
Co.,
Inc.
...................
284,203
28,454,404
Clorox
Co.
(The)
.........................
201,035
30,820,676
Kimberly-Clark
Corp.
......................
304,908
36,945,702
Procter
&
Gamble
Co.
(The)
.................
637,986
101,401,495
197,622,277
a
Industrial
Conglomerates
—
1
.2
%
3M
Co.
................................
463,302
42,679,380
General
Electric
Co.
.......................
395,121
61,990,534
Honeywell
International,
Inc.
.................
295,491
58,722,926
163,392,840
a
Industrial
REITs
—
0
.2
%
Prologis,
Inc.
............................
207,309
27,628,070
a
Insurance
—
2
.4
%
Assurant,
Inc.
...........................
76,029
13,795,462
Chubb
Ltd.
.............................
52,647
13,249,670
Hartford
Financial
Services
Group,
Inc.
(The)
......
356,869
34,202,325
Marsh
&
McLennan
Companies,
Inc.
............
137,416
27,795,134
MetLife,
Inc.
............................
466,637
32,543,264
Principal
Financial
Group,
Inc.
................
165,018
13,343,355
Progressive
Corp.
(The)
....................
276,912
52,491,439
Prudential
Financial,
Inc.
....................
690,133
75,217,596
Travelers
Companies,
Inc.
(The)
...............
190,330
42,055,317
iShares
®
ESG
Aware
MSCI
USA
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
(Percentages
shown
are
based
on
Net
Assets)
13
Schedule
of
Investments
Security
Shares
Value
a
Insurance
(continued)
Willis
Towers
Watson
PLC
...................
47,632
$
12,984,960
317,678,522
a
Interactive
Media
&
Services
—
5
.6
%
Alphabet,
Inc.
,
Class
A
(a)
....................
737,325
102,090,019
Alphabet,
Inc.
,
Class
C
,
NVS
(a)
................
2,480,023
346,657,615
Meta
Platforms,
Inc.
,
Class
A
.................
622,337
305,026,034
753,773,668
a
IT
Services
—
1
.7
%
Accenture
PLC
,
Class
A
....................
188,922
70,804,187
Akamai
Technologies,
Inc.
(a)
..................
120,961
13,416,994
Gartner,
Inc.
(a)
...........................
49,299
22,951,643
International
Business
Machines
Corp.
..........
388,693
71,919,866
MongoDB,
Inc.
,
Class
A
(a)
...................
33,735
15,099,111
Snowflake,
Inc.
,
Class
A
(a)
...................
88,350
16,634,538
Twilio,
Inc.
,
Class
A
(a)
......................
225,413
13,432,361
224,258,700
a
Leisure
Products
—
0
.1
%
Hasbro,
Inc.
............................
337,797
16,987,811
a
Life
Sciences
Tools
&
Services
—
1
.7
%
Agilent
Technologies,
Inc.
...................
139,838
19,208,148
Avantor,
Inc.
(a)
(b)
..........................
555,847
13,696,070
Danaher
Corp.
..........................
297,455
75,297,759
IQVIA
Holdings,
Inc.
(a)
......................
110,096
27,211,327
Mettler-Toledo
International,
Inc.
(a)
.............
11,123
13,872,828
Repligen
Corp.
(a)
.........................
63,366
12,292,370
Thermo
Fisher
Scientific,
Inc.
.................
58,853
33,556,804
Waters
Corp.
(a)
..........................
63,385
21,387,367
West
Pharmaceutical
Services,
Inc.
............
38,762
13,890,750
230,413,423
a
Machinery
—
1
.9
%
Caterpillar,
Inc.
..........................
149,823
50,034,889
CNH
Industrial
N.V.
.......................
1,601,093
19,133,061
Cummins,
Inc.
...........................
136,541
36,676,278
Deere
&
Co.
............................
86,311
31,507,831
Dover
Corp.
............................
81,832
13,533,376
IDEX
Corp.
.............................
58,077
13,700,364
Ingersoll
Rand,
Inc.
.......................
159,036
14,524,758
Pentair
PLC
............................
591,143
45,985,014
Xylem,
Inc.
.............................
259,988
33,031,476
258,127,047
a
Media
—
0
.6
%
Comcast
Corp.
,
Class
A
....................
856,247
36,690,184
Fox
Corp.
,
Class
B
........................
497,794
13,629,600
Interpublic
Group
of
Companies,
Inc.
(The)
.......
407,099
12,782,908
Paramount
Global
,
Class
B
,
NVS
..............
1,100,568
12,150,271
75,252,963
a
Metals
&
Mining
—
0
.5
%
Freeport-McMoRan,
Inc.
....................
340,126
12,860,164
Newmont
Corp.
..........................
495,435
15,482,344
Nucor
Corp.
............................
117,453
22,586,212
Steel
Dynamics,
Inc.
.......................
107,179
14,342,694
65,271,414
a
Multi-Utilities
—
0
.7
%
CMS
Energy
Corp.
........................
345,033
19,794,543
Consolidated
Edison,
Inc.
...................
151,279
13,193,042
Public
Service
Enterprise
Group,
Inc.
...........
1,078,437
67,294,469
100,282,054
a
Security
Shares
Value
a
Oil,
Gas
&
Consumable
Fuels
—
3
.6
%
Cheniere
Energy,
Inc.
......................
163,059
$
25,306,757
Chevron
Corp.
...........................
558,679
84,924,795
ConocoPhillips
..........................
467,267
52,586,228
EQT
Corp.
.............................
380,600
14,139,290
Exxon
Mobil
Corp.
........................
639,050
66,793,506
Hess
Corp.
.............................
428,434
62,444,255
Kinder
Morgan,
Inc.
,
Class
P
.................
1,966,484
34,197,157
ONEOK,
Inc.
............................
468,764
35,213,552
Ovintiv,
Inc.
.............................
521,239
25,754,419
Phillips
66
..............................
172,126
24,529,676
Pioneer
Natural
Resources
Co.
...............
109,393
25,728,140
Targa
Resources
Corp.
.....................
227,333
22,333,194
Valero
Energy
Corp.
.......................
94,648
13,388,906
487,339,875
a
Pharmaceuticals
—
3
.8
%
Bristol-Myers
Squibb
Co.
....................
459,938
23,341,853
Eli
Lilly
&
Co.
...........................
249,107
187,746,964
Johnson
&
Johnson
.......................
633,548
102,241,976
Merck
&
Co.,
Inc.
.........................
700,882
89,117,146
Pfizer,
Inc.
.............................
1,458,010
38,724,746
Zoetis,
Inc.
,
Class
A
.......................
332,887
66,021,479
507,194,164
a
Professional
Services
—
1
.0
%
Automatic
Data
Processing,
Inc.
...............
326,142
81,904,040
Broadridge
Financial
Solutions,
Inc.
............
153,784
31,307,347
Dayforce,
Inc.
(a)
(b)
.........................
180,277
12,576,124
Paychex,
Inc.
...........................
107,050
13,126,471
138,913,982
a
Real
Estate
Management
&
Development
—
0
.3
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
396,890
36,470,222
a
Semiconductors
&
Semiconductor
Equipment
—
9
.8
%
Advanced
Micro
Devices,
Inc.
(a)
...............
509,921
98,175,090
Applied
Materials,
Inc.
.....................
399,904
80,628,644
Broadcom,
Inc.
..........................
119,587
155,521,698
Enphase
Energy,
Inc.
(a)
.....................
100,148
12,719,797
First
Solar,
Inc.
(a)
(b)
........................
84,132
12,947,073
Intel
Corp.
.............................
1,678,556
72,261,836
Lam
Research
Corp.
......................
58,993
55,350,182
Marvell
Technology,
Inc.
....................
343,413
24,608,976
Micron
Technology,
Inc.
.....................
284,957
25,819,954
NVIDIA
Corp.
...........................
759,235
600,645,993
NXP
Semiconductors
NV
...................
186,870
46,667,045
QUALCOMM,
Inc.
........................
253,902
40,063,197
Texas
Instruments,
Inc.
.....................
606,735
101,524,968
1,326,934,453
a
Software
—
12
.1
%
Adobe,
Inc.
(a)
............................
179,787
100,731,060
ANSYS,
Inc.
(a)
...........................
45,270
15,127,876
Atlassian
Corp.
,
Class
A
(a)
...................
70,441
14,610,872
Autodesk,
Inc.
(a)
(b)
.........................
187,086
48,299,993
Cadence
Design
Systems,
Inc.
(a)
..............
107,832
32,821,904
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
............
40,114
13,002,953
Fair
Isaac
Corp.
(a)
.........................
10,302
13,082,613
Gen
Digital,
Inc.
..........................
618,305
13,287,374
HubSpot,
Inc.
(a)
..........................
25,297
15,654,037
Intuit,
Inc.
..............................
124,727
82,680,281
Microsoft
Corp.
..........................
2,208,249
913,420,116
Oracle
Corp.
............................
496,368
55,434,378
Palo
Alto
Networks,
Inc.
(a)
(b)
..................
103,894
32,264,282
PTC,
Inc.
(a)
.............................
107,994
19,763,982
Salesforce,
Inc.
(a)
.........................
337,957
104,367,881
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
iShares
®
ESG
Aware
MSCI
USA
ETF
(Percentages
shown
are
based
on
Net
Assets)
14
2024
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Software
(continued)
ServiceNow,
Inc.
(a)
........................
72,031
$
55,560,392
Splunk,
Inc.
(a)
...........................
128,296
20,042,401
Synopsys,
Inc.
(a)
.........................
58,831
33,753,110
Workday,
Inc.
,
Class
A
(a)
....................
127,584
37,593,901
Zscaler,
Inc.
(a)
...........................
52,252
12,643,416
1,634,142,822
a
Specialized
REITs
—
1
.9
%
American
Tower
Corp.
.....................
254,608
50,631,347
Crown
Castle,
Inc.
........................
452,884
49,790,067
Digital
Realty
Trust,
Inc.
....................
215,938
31,701,858
Equinix,
Inc.
............................
64,162
57,028,469
Iron
Mountain,
Inc.
........................
298,142
23,445,887
SBA
Communications
Corp.
,
Class
A
............
99,533
20,825,289
Weyerhaeuser
Co.
........................
486,017
16,709,264
250,132,181
a
Specialty
Retail
—
2
.2
%
Best
Buy
Co.,
Inc.
........................
343,400
27,774,192
Home
Depot,
Inc.
(The)
....................
380,357
144,767,678
Lowe's
Companies,
Inc.
....................
215,543
51,874,734
TJX
Companies,
Inc.
(The)
..................
134,748
13,358,917
Tractor
Supply
Co.
........................
74,778
19,017,541
Ulta
Beauty,
Inc.
(a)
........................
24,822
13,616,356
Williams-Sonoma,
Inc.
.....................
86,023
20,260,997
290,670,415
a
Technology
Hardware,
Storage
&
Peripherals
—
6
.3
%
Apple,
Inc.
.............................
4,273,445
772,425,184
Dell
Technologies,
Inc.
,
Class
C
...............
156,832
14,845,717
Hewlett
Packard
Enterprise
Co.
...............
1,707,810
26,009,946
HP,
Inc.
...............................
462,110
13,091,577
Seagate
Technology
Holdings
PLC
.............
150,903
14,041,524
Western
Digital
Corp.
(a)
.....................
244,577
14,544,994
854,958,942
a
Textiles,
Apparel
&
Luxury
Goods
—
0
.5
%
Deckers
Outdoor
Corp.
(a)
....................
36,870
33,020,403
Lululemon
Athletica,
Inc.
(a)
...................
44,917
20,980,282
Security
Shares
Value
a
Textiles,
Apparel
&
Luxury
Goods
(continued)
Nike,
Inc.
,
Class
B
........................
127,593
$
13,260,740
67,261,425
a
Trading
Companies
&
Distributors
—
0
.7
%
Ferguson
PLC
...........................
236,699
50,050,003
United
Rentals,
Inc.
.......................
22,588
15,659,583
WW
Grainger,
Inc.
........................
30,510
29,700,265
95,409,851
a
Water
Utilities
—
0
.2
%
American
Water
Works
Co.,
Inc.
...............
116,336
13,790,469
Essential
Utilities,
Inc.
......................
405,441
14,101,238
27,891,707
a
Total
Long-Term
Investments — 99.6%
(Cost:
$
11,604,417,645
)
..............................
13,435,253,279
a
Short-Term
Securities
Money
Market
Funds
—
0
.7
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.50
%
(c)
(d)
(e)
......................
53,803,814
53,830,717
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.30
%
(c)
(d)
............................
40,191,142
40,191,142
a
Total
Short-Term
Securities — 0.7%
(Cost:
$
94,011,049
)
.................................
94,021,859
Total
Investments
—
100.3%
(Cost:
$
11,698,428,694
)
..............................
13,529,275,138
Liabilities
in
Excess
of
Other
Assets
—
(
0
.3
)
%
...............
(
43,589,472
)
Net
Assets
—
100.0%
.................................
$
13,485,685,666
(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
29,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
08/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
02/29/24
Shares
Held
at
02/29/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
51,503,808
$
2,334,057
(a)
$
—
$
(
11,468
)
$
4,320
$
53,830,717
53,803,814
$
73,428
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
......
68,480,952
—
(
28,289,810
)
(a)
—
—
40,191,142
40,191,142
1,151,741
—
BlackRock,
Inc.
..
21,839,335
3,384,034
(
4,183,031
)
339,298
2,851,844
24,231,480
29,866
297,750
—
$
327,830
$
2,856,164
$
118,253,339
$
1,522,919
$
—
iShares
®
ESG
Aware
MSCI
USA
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
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
29,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
500
Index
...................................................................
202
03/15/24
$
51,548
$
2,945,027
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
2,945,027
$
—
$
—
$
—
$
2,945,027
(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
..................................
$
—
$
—
$
4,228,961
$
—
$
—
$
—
$
4,228,961
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
1,216,521
$
—
$
—
$
—
$
1,216,521
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
65,248,406
a
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
iShares
®
ESG
Aware
MSCI
USA
ETF
16
2024
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
.........................................
$
13,435,253,279
$
—
$
—
$
13,435,253,279
Short-Term
Securities
Money
Market
Funds
......................................
94,021,859
—
—
94,021,859
$
13,529,275,138
$
—
$
—
$
13,529,275,138
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
2,945,027
$
—
$
—
$
2,945,027
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
29,
2024
(Percentages
shown
are
based
on
Net
Assets)
17
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
—
0
.3
%
Axon
Enterprise,
Inc.
(a)
.....................
54
$
16,598
a
Air
Freight
&
Logistics
—
0
.5
%
Expeditors
International
of
Washington,
Inc.
.......
259
30,976
a
Automobile
Components
—
0
.3
%
Aptiv
PLC
(a)
.............................
221
17,567
a
Automobiles
—
2
.5
%
Tesla,
Inc.
(a)
.............................
723
145,959
a
Biotechnology
—
0
.6
%
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
39
5,892
Exact
Sciences
Corp.
(a)
.....................
94
5,408
Regeneron
Pharmaceuticals,
Inc.
(a)
.............
6
5,797
Vertex
Pharmaceuticals,
Inc.
(a)
................
41
17,250
34,347
a
Broadline
Retail
—
7
.0
%
Amazon.com,
Inc.
(a)
.......................
2,242
396,296
MercadoLibre,
Inc.
(a)
.......................
11
17,548
413,844
a
Building
Products
—
0
.6
%
Lennox
International,
Inc.
...................
80
37,697
a
Capital
Markets
—
0
.8
%
FactSet
Research
Systems,
Inc.
...............
44
20,353
MarketAxess
Holdings,
Inc.
..................
26
5,549
Moody's
Corp.
...........................
60
22,765
48,667
a
Chemicals
—
0
.8
%
Ecolab,
Inc.
............................
210
47,216
a
Commercial
Services
&
Supplies
—
0
.4
%
Veralto
Corp.
............................
293
25,321
a
Communications
Equipment
—
0
.3
%
Arista
Networks,
Inc.
(a)
.....................
54
14,987
a
Construction
&
Engineering
—
0
.1
%
Quanta
Services,
Inc.
......................
27
6,521
a
Consumer
Staples
Distribution
&
Retail
—
1
.1
%
Costco
Wholesale
Corp.
....................
87
64,719
a
Distributors
—
0
.1
%
Pool
Corp.
.............................
21
8,361
a
Electronic
Equipment,
Instruments
&
Components
—
0
.6
%
Keysight
Technologies,
Inc.
(a)
.................
229
35,335
a
Energy
Equipment
&
Services
—
0
.3
%
Schlumberger
Ltd.
........................
309
14,934
a
Entertainment
—
0
.9
%
Netflix,
Inc.
(a)
............................
80
48,233
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
..........
587
5,160
53,393
a
Financial
Services
—
3
.6
%
Mastercard,
Inc.
,
Class
A
....................
201
95,427
PayPal
Holdings,
Inc.
(a)
.....................
232
13,999
Security
Shares
Value
a
Financial
Services
(continued)
Visa,
Inc.
,
Class
A
........................
364
$
102,881
212,307
a
Food
Products
—
0
.3
%
Darling
Ingredients,
Inc.
(a)
...................
186
7,869
Lamb
Weston
Holdings,
Inc.
.................
70
7,155
15,024
a
Ground
Transportation
—
1
.2
%
Old
Dominion
Freight
Line,
Inc.
...............
24
10,620
Uber
Technologies,
Inc.
(a)
...................
373
29,653
Union
Pacific
Corp.
.......................
125
31,711
71,984
a
Health
Care
Equipment
&
Supplies
—
2
.1
%
Cooper
Cos.,
Inc.
The
......................
211
19,750
Dexcom,
Inc.
(a)
..........................
49
5,638
Edwards
Lifesciences
Corp.
(a)
................
429
36,409
IDEXX
Laboratories,
Inc.
(a)
...................
74
42,567
Insulet
Corp.
(a)
...........................
30
4,920
Intuitive
Surgical,
Inc.
(a)
.....................
33
12,725
122,009
a
Health
Care
Providers
&
Services
—
1
.5
%
DaVita,
Inc.
(a)
............................
67
8,507
Elevance
Health,
Inc.
......................
80
40,100
McKesson
Corp.
.........................
57
29,720
Molina
Healthcare,
Inc.
(a)
....................
29
11,424
89,751
a
Health
Care
Technology
—
0
.1
%
Veeva
Systems,
Inc.
,
Class
A
(a)
...............
26
5,863
a
Hotels,
Restaurants
&
Leisure
—
1
.2
%
Booking
Holdings,
Inc.
(a)
....................
9
31,220
Chipotle
Mexican
Grill,
Inc.
(a)
.................
3
8,066
DraftKings,
Inc.
,
Class
A
(a)
...................
129
5,588
Starbucks
Corp.
..........................
287
27,236
72,110
a
Household
Products
—
0
.5
%
Church
&
Dwight
Co.,
Inc.
...................
266
26,632
a
Industrial
Conglomerates
—
0
.6
%
General
Electric
Co.
.......................
233
36,555
a
Insurance
—
0
.5
%
Progressive
Corp.
(The)
....................
139
26,349
a
Interactive
Media
&
Services
—
10
.3
%
Alphabet,
Inc.
,
Class
A
(a)
....................
740
102,461
Alphabet,
Inc.
,
Class
C
,
NVS
(a)
................
1,880
262,786
Meta
Platforms,
Inc.
,
Class
A
.................
495
242,614
607,861
a
IT
Services
—
1
.5
%
Accenture
PLC
,
Class
A
....................
46
17,240
Akamai
Technologies,
Inc.
(a)
..................
54
5,990
Gartner,
Inc.
(a)
...........................
38
17,691
MongoDB,
Inc.
,
Class
A
(a)
...................
35
15,665
Okta,
Inc.
,
Class
A
(a)
.......................
65
6,974
Snowflake,
Inc.
,
Class
A
(a)
...................
70
13,180
Twilio,
Inc.
,
Class
A
(a)
......................
193
11,501
88,241
a
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
iShares
®
ESG
Aware
MSCI
USA
Growth
ETF
(Percentages
shown
are
based
on
Net
Assets)
18
2024
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Life
Sciences
Tools
&
Services
—
1
.5
%
Agilent
Technologies,
Inc.
...................
43
$
5,906
Danaher
Corp.
..........................
97
24,554
IQVIA
Holdings,
Inc.
(a)
......................
80
19,773
Mettler-Toledo
International,
Inc.
(a)
.............
5
6,236
Repligen
Corp.
(a)
.........................
29
5,626
Waters
Corp.
(a)
..........................
61
20,583
West
Pharmaceutical
Services,
Inc.
............
22
7,884
90,562
a
Machinery
—
0
.3
%
Deere
&
Co.
............................
24
8,761
IDEX
Corp.
.............................
25
5,898
14,659
a
Metals
&
Mining
—
0
.2
%
Nucor
Corp.
............................
49
9,423
a
Oil,
Gas
&
Consumable
Fuels
—
1
.2
%
Cheniere
Energy,
Inc.
......................
103
15,986
Hess
Corp.
.............................
285
41,539
Targa
Resources
Corp.
.....................
109
10,708
68,233
a
Pharmaceuticals
—
3
.6
%
Eli
Lilly
&
Co.
...........................
196
147,721
Zoetis,
Inc.
,
Class
A
.......................
313
62,078
209,799
a
Professional
Services
—
1
.8
%
Automatic
Data
Processing,
Inc.
...............
304
76,344
Broadridge
Financial
Solutions,
Inc.
............
92
18,729
Dayforce,
Inc.
(a)
..........................
83
5,790
Paylocity
Holding
Corp.
(a)
...................
33
5,564
106,427
a
Real
Estate
Management
&
Development
—
0
.7
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
426
39,145
a
Semiconductors
&
Semiconductor
Equipment
—
12
.3
%
Advanced
Micro
Devices,
Inc.
(a)
...............
420
80,863
Applied
Materials,
Inc.
.....................
417
84,075
Enphase
Energy,
Inc.
(a)
.....................
58
7,367
NVIDIA
Corp.
...........................
644
509,481
NXP
Semiconductors
NV
...................
169
42,204
723,990
a
Software
—
23
.2
%
Adobe,
Inc.
(a)
............................
166
93,007
ANSYS,
Inc.
(a)
...........................
44
14,703
Atlassian
Corp.
,
Class
A
(a)
...................
68
14,105
Autodesk,
Inc.
(a)
..........................
210
54,216
Cadence
Design
Systems,
Inc.
(a)
..............
79
24,046
Confluent,
Inc.
,
Class
A
(a)
...................
170
5,758
DocuSign,
Inc.
(a)
.........................
115
6,126
Fair
Isaac
Corp.
(a)
.........................
4
5,080
HubSpot,
Inc.
(a)
..........................
25
15,470
Intuit,
Inc.
..............................
111
73,581
Microsoft
Corp.
..........................
1,878
776,816
Oracle
Corp.
............................
84
9,381
Security
Shares
Value
a
Software
(continued)
Palo
Alto
Networks,
Inc.
(a)
...................
84
$
26,086
PTC,
Inc.
(a)
.............................
92
16,837
Salesforce,
Inc.
(a)
.........................
286
88,323
ServiceNow,
Inc.
(a)
........................
57
43,966
Splunk,
Inc.
(a)
...........................
152
23,745
Synopsys,
Inc.
(a)
.........................
45
25,818
UiPath,
Inc.
,
Class
A
(a)
.....................
242
5,748
Workday,
Inc.
,
Class
A
(a)
....................
131
38,600
Zscaler,
Inc.
(a)
...........................
23
5,565
1,366,977
a
Specialized
REITs
—
1
.3
%
American
Tower
Corp.
.....................
114
22,670
Equinix,
Inc.
............................
45
39,997
SBA
Communications
Corp.
,
Class
A
............
78
16,320
78,987
a
Specialty
Retail
—
0
.9
%
Burlington
Stores,
Inc.
(a)
....................
46
9,435
Ulta
Beauty,
Inc.
(a)
........................
26
14,262
Williams-Sonoma,
Inc.
.....................
121
28,499
52,196
a
Technology
Hardware,
Storage
&
Peripherals
—
11
.0
%
Apple,
Inc.
(b)
............................
3,501
632,806
Seagate
Technology
Holdings
PLC
.............
139
12,934
645,740
a
Textiles,
Apparel
&
Luxury
Goods
—
0
.9
%
Deckers
Outdoor
Corp.
(a)
....................
42
37,615
Lululemon
Athletica,
Inc.
(a)
...................
36
16,815
54,430
a
Trading
Companies
&
Distributors
—
0
.4
%
WW
Grainger,
Inc.
........................
27
26,284
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
4,577,104
)
..................................
5,877,980
a
Short-Term
Securities
Money
Market
Funds
—
11
.8
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.50
%
(c)
(d)
(e)
......................
681,753
682,094
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.30
%
(c)
(d)
............................
10,169
10,169
a
Total
Short-Term
Securities — 11.8%
(Cost:
$
692,263
)
...................................
692,263
Total
Investments
—
111.7%
(Cost:
$
5,269,367
)
..................................
6,570,243
Liabilities
in
Excess
of
Other
Assets
—
(
11
.7
)
%
..............
(
687,385
)
Net
Assets
—
100.0%
.................................
$
5,882,858
(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
Growth
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
19
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
29,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
February
29,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
08/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
02/29/24
Shares
Held
at
02/29/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
4,212
$
677,872
(a)
$
—
$
11
$
(
1
)
$
682,094
681,753
$
67
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.
6,805
3,364
(a)
—
—
—
10,169
10,169
283
—
$
11
$
(
1
)
$
692,263
$
350
$
—
(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
Micro
E-Mini
Russell
2000
Index
............................................................
1
03/15/24
$
10
$
837
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)
.............
$
—
$
—
$
837
$
—
$
—
$
—
$
837
(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
..................................
$
—
$
—
$
436
$
—
$
—
$
—
$
436
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
837
$
—
$
—
$
—
$
837
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
iShares
®
ESG
Aware
MSCI
USA
Growth
ETF
20
2024
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
...................................................................................
$
9,674
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
5,877,980
$
—
$
—
$
5,877,980
Short-Term
Securities
Money
Market
Funds
......................................
692,263
—
—
692,263
$
6,570,243
$
—
$
—
$
6,570,243
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
837
$
—
$
—
$
837
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
Small-Cap
ETF
Schedule
of
Investments
(unaudited)
February
29,
2024
(Percentages
shown
are
based
on
Net
Assets)
21
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
—
1
.7
%
AeroVironment,
Inc.
(a)
(b)
.....................
9,789
$
1,241,147
BWX
Technologies,
Inc.
....................
46,108
4,649,070
Curtiss-Wright
Corp.
.......................
12,496
2,952,430
Ducommun,
Inc.
(a)
........................
16,219
773,971
Hexcel
Corp.
............................
43,999
3,276,165
Kaman
Corp.
,
Class
A
......................
17,283
791,734
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
.......
52,850
963,984
Leonardo
DRS,
Inc.
(a)
......................
46,101
1,046,954
Mercury
Systems,
Inc.
(a)
(b)
...................
45,154
1,348,750
Moog,
Inc.
,
Class
A
.......................
21,104
3,164,545
Rocket
Lab
USA,
Inc.
(a)
.....................
160,458
735,700
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
(a)
.......
29,376
840,154
Triumph
Group,
Inc.
(a)
......................
53,527
744,025
V2X,
Inc.
(a)
.............................
21,633
832,870
Woodward,
Inc.
..........................
19,781
2,798,814
26,160,313
a
Air
Freight
&
Logistics
—
0
.2
%
GXO
Logistics,
Inc.
(a)
(b)
.....................
50,865
2,632,772
a
Automobile
Components
—
0
.9
%
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
....
94,062
650,909
Autoliv,
Inc.
.............................
6,956
807,105
Dana,
Inc.
..............................
59,087
738,587
Dorman
Products,
Inc.
(a)
....................
9,392
884,914
Fox
Factory
Holding
Corp.
(a)
..................
11,800
596,962
Gentherm,
Inc.
(a)
(b)
........................
18,870
1,072,948
Goodyear
Tire
&
Rubber
Co.
(The)
(a)
............
68,023
808,113
LCI
Industries
...........................
21,468
2,704,539
Luminar
Technologies,
Inc.
,
Class
A
(a)
(b)
..........
308,750
737,913
Modine
Manufacturing
Co.
(a)
(b)
................
25,889
2,322,502
QuantumScape
Corp.
,
Class
A
(a)
(b)
.............
112,036
702,466
Visteon
Corp.
(a)
..........................
16,345
1,848,946
XPEL,
Inc.
(a)
............................
13,972
734,648
14,610,552
a
Automobiles
—
0
.7
%
Harley-Davidson,
Inc.
......................
111,515
4,044,649
Lucid
Group,
Inc.
(a)
........................
391,348
1,291,448
Thor
Industries,
Inc.
.......................
23,367
2,995,182
Winnebago
Industries,
Inc.
..................
31,916
2,289,335
10,620,614
a
Banks
—
6
.4
%
Amalgamated
Financial
Corp.
................
56,034
1,293,265
Ameris
Bancorp
..........................
26,194
1,213,568
Associated
Banc-Corp.
.....................
108,045
2,251,658
Atlantic
Union
Bankshares
Corp.
..............
49,416
1,643,576
Banc
of
California,
Inc.
.....................
70,321
1,028,796
Bancorp,
Inc.
(The)
(a)
......................
28,360
1,265,990
Bank
of
Hawaii
Corp.
......................
20,323
1,225,070
Bank
OZK
.............................
51,024
2,234,851
BankUnited,
Inc.
.........................
25,159
674,764
Banner
Corp.
...........................
41,616
1,824,445
Berkshire
Hills
Bancorp,
Inc.
.................
86,779
1,864,881
Cadence
Bank
..........................
69,173
1,914,709
Cambridge
Bancorp
.......................
12,487
789,928
Camden
National
Corp.
....................
28,778
914,565
Central
Pacific
Financial
Corp.
................
39,888
744,310
Columbia
Banking
System,
Inc.
...............
82,182
1,487,494
Comerica,
Inc.
...........................
58,321
2,879,891
Commerce
Bancshares,
Inc.
.................
57,479
2,991,207
Community
Bank
System,
Inc.
................
18,018
816,215
Security
Shares
Value
a
Banks
(continued)
Cullen/Frost
Bankers,
Inc.
...................
12,893
$
1,399,019
Customers
Bancorp,
Inc.
(a)
(b)
.................
15,069
818,397
CVB
Financial
Corp.
.......................
89,998
1,531,766
East
West
Bancorp,
Inc.
....................
71,082
5,179,035
Enterprise
Financial
Services
Corp.
............
32,506
1,297,640
First
BanCorp
...........................
73,550
1,248,879
First
Financial
Bancorp
.....................
34,652
751,948
First
Financial
Bankshares,
Inc.
...............
27,922
863,907
First
Horizon
Corp.
........................
212,503
2,996,292
First
Interstate
BancSystem,
Inc.
,
Class
A
........
81,461
2,144,054
FNB
Corp.
.............................
77,673
1,036,158
Fulton
Financial
Corp.
......................
96,992
1,493,677
Glacier
Bancorp,
Inc.
......................
90,019
3,368,511
Hancock
Whitney
Corp.
....................
29,617
1,291,301
Hanmi
Financial
Corp.
.....................
39,463
596,286
Independent
Bank
Corp.
....................
92,658
2,870,560
International
Bancshares
Corp.
...............
17,858
926,652
National
Bank
Holdings
Corp.
,
Class
A
..........
21,142
715,445
NBT
Bancorp,
Inc.
........................
22,201
763,492
OFG
Bancorp
...........................
18,725
678,220
Old
National
Bancorp
......................
151,991
2,497,212
Pinnacle
Financial
Partners,
Inc.
...............
43,040
3,560,269
Popular,
Inc.
............................
16,942
1,417,707
Provident
Financial
Services,
Inc.
..............
44,398
669,522
Renasant
Corp.
..........................
38,719
1,223,908
Sandy
Spring
Bancorp,
Inc.
..................
42,412
932,216
ServisFirst
Bancshares,
Inc.
.................
13,840
874,550
SouthState
Corp.
.........................
42,730
3,591,029
Synovus
Financial
Corp.
....................
103,518
3,927,473
Texas
Capital
Bancshares,
Inc.
(a)
..............
14,934
875,879
UMB
Financial
Corp.
......................
40,511
3,306,103
United
Bankshares,
Inc.
....................
64,942
2,252,838
United
Community
Banks,
Inc.
................
31,596
821,812
Valley
National
Bancorp
....................
293,153
2,400,923
Veritex
Holdings,
Inc.
......................
38,334
752,496
Webster
Financial
Corp.
....................
86,090
4,101,328
Western
Alliance
Bancorp
...................
43,529
2,512,929
Wintrust
Financial
Corp.
....................
10,629
1,024,104
WSFS
Financial
Corp.
.....................
19,419
823,171
Zions
Bancorp
NA
........................
75,114
2,961,745
101,557,636
a
Beverages
—
0
.0
%
Coca-Cola
Consolidated,
Inc.
.................
909
764,287
a
Biotechnology
—
5
.3
%
89Bio,
Inc.
(a)
............................
79,935
916,855
Alector,
Inc.
(a)
...........................
122,926
856,794
Alkermes
PLC
(a)
..........................
57,267
1,700,257
Alpine
Immune
Sciences,
Inc.
(a)
...............
24,983
879,901
Anavex
Life
Sciences
Corp.
(a)
(b)
...............
138,137
710,024
Apellis
Pharmaceuticals,
Inc.
(a)
(b)
...............
20,384
1,263,197
Arcellx,
Inc.
(a)
...........................
12,654
832,886
Arcturus
Therapeutics
Holdings,
Inc.
(a)
...........
21,168
820,472
Arcus
Biosciences,
Inc.
(a)
....................
46,449
888,569
Ardelyx,
Inc.
(a)
...........................
86,111
802,555
Arrowhead
Pharmaceuticals,
Inc.
(a)
.............
45,465
1,459,427
Beam
Therapeutics,
Inc.
(a)
...................
23,772
938,756
Biohaven
Ltd.
(a)
..........................
34,735
1,672,143
Blueprint
Medicines
Corp.
(a)
..................
14,266
1,334,156
Bridgebio
Pharma,
Inc.
(a)
(b)
...................
28,023
956,986
Cabaletta
Bio,
Inc.
(a)
.......................
34,164
781,672
Catalyst
Pharmaceuticals,
Inc.
(a)
...............
55,738
893,480
Celldex
Therapeutics,
Inc.
(a)
..................
25,999
1,249,512
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
iShares
®
ESG
Aware
MSCI
USA
Small-Cap
ETF
(Percentages
shown
are
based
on
Net
Assets)
22
2024
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Biotechnology
(continued)
Cerevel
Therapeutics
Holdings,
Inc.
(a)
(b)
..........
28,250
$
1,158,250
Crinetics
Pharmaceuticals,
Inc.
(a)
..............
22,930
938,754
CRISPR
Therapeutics
AG
(a)
(b)
.................
29,307
2,468,236
Cullinan
Oncology,
Inc.
(a)
....................
40,052
739,760
Cytokinetics,
Inc.
(a)
(b)
.......................
34,682
2,505,428
Day
One
Biopharmaceuticals,
Inc.
(a)
............
51,199
856,559
Denali
Therapeutics,
Inc.
(a)
..................
55,535
1,098,482
Disc
Medicine,
Inc.
(a)
.......................
11,851
813,808
Dynavax
Technologies
Corp.
(a)
(b)
...............
63,891
809,499
Dyne
Therapeutics,
Inc.
(a)
...................
34,158
918,850
Exelixis,
Inc.
(a)
...........................
37,478
820,768
Geron
Corp.
(a)
...........................
387,922
775,844
Halozyme
Therapeutics,
Inc.
(a)
................
38,391
1,528,346
Ideaya
Biosciences,
Inc.
(a)
(b)
..................
32,857
1,468,708
Immunovant,
Inc.
(a)
........................
22,778
805,658
Inhibrx,
Inc.
(a)
...........................
20,652
756,483
Insmed,
Inc.
(a)
(b)
..........................
37,428
1,037,504
Intellia
Therapeutics,
Inc.
(a)
..................
36,724
1,179,575
Ionis
Pharmaceuticals,
Inc.
(a)
(b)
................
17,957
811,836
Karuna
Therapeutics,
Inc.
(a)
..................
13,764
4,321,483
Keros
Therapeutics,
Inc.
(a)
...................
16,348
1,103,490
Krystal
Biotech,
Inc.
(a)
......................
6,835
1,089,978
Kura
Oncology,
Inc.
(a)
......................
37,792
796,655
Kymera
Therapeutics,
Inc.
(a)
..................
20,297
866,682
Madrigal
Pharmaceuticals,
Inc.
(a)
..............
3,337
788,199
Merus
NV
(a)
.............................
23,092
1,119,500
MoonLake
Immunotherapeutics
,
Class
A
(a)
........
13,000
627,120
Morphic
Holding,
Inc.
(a)
(b)
....................
20,775
767,636
Myriad
Genetics,
Inc.
(a)
.....................
33,742
706,220
Natera,
Inc.
(a)
...........................
28,775
2,488,750
Nuvalent,
Inc.
,
Class
A
(a)
....................
9,014
758,258
Protagonist
Therapeutics,
Inc.
(a)
...............
27,892
847,359
Prothena
Corp.
PLC
(a)
......................
34,338
947,385
PTC
Therapeutics,
Inc.
(a)
....................
30,180
850,774
Recursion
Pharmaceuticals,
Inc.
,
Class
A
(a)
(b)
......
75,116
1,011,061
Relay
Therapeutics,
Inc.
(a)
...................
72,497
726,420
Revolution
Medicines,
Inc.
(a)
(b)
................
29,159
859,607
Rhythm
Pharmaceuticals,
Inc.
(a)
...............
15,834
687,512
Rocket
Pharmaceuticals,
Inc.
(a)
................
34,007
996,405
Roivant
Sciences,
Ltd.
(a)
....................
73,679
842,888
Sarepta
Therapeutics,
Inc.
(a)
.................
27,731
3,546,795
Scholar
Rock
Holding
Corp.
(a)
(b)
...............
49,356
765,018
SpringWorks
Therapeutics,
Inc.
(a)
..............
19,983
984,363
Syndax
Pharmaceuticals,
Inc.
(a)
...............
45,521
1,067,012
Twist
Bioscience
Corp.
(a)
(b)
...................
22,396
879,939
Ultragenyx
Pharmaceutical,
Inc.
(a)
..............
31,321
1,619,922
Vaxcyte,
Inc.
(a)
...........................
38,716
2,858,015
Vera
Therapeutics,
Inc.
(a)
....................
12,742
599,893
Verve
Therapeutics,
Inc.
(a)
...................
59,649
1,017,016
Viking
Therapeutics,
Inc.
(a)
(b)
..................
32,456
2,500,735
Viridian
Therapeutics,
Inc.
(a)
..................
42,401
793,323
Xencor,
Inc.
(a)
...........................
33,041
758,291
Xenon
Pharmaceuticals,
Inc.
(a)
................
38,673
1,825,366
Zymeworks,
Inc.
(a)
........................
64,582
775,630
83,644,690
a
Broadline
Retail
—
0
.4
%
Kohl's
Corp.
............................
46,471
1,295,147
Macy's,
Inc.
............................
144,146
2,513,906
Nordstrom,
Inc.
..........................
46,762
980,599
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
(b)
..........
14,740
1,181,706
5,971,358
a
Security
Shares
Value
a
Building
Products
—
2
.0
%
AAON,
Inc.
.............................
31,410
$
2,637,812
Advanced
Drainage
Systems,
Inc.
(b)
............
29,918
4,883,814
American
Woodmark
Corp.
(a)
.................
12,916
1,294,700
Armstrong
World
Industries,
Inc.
...............
29,909
3,607,325
AZEK
Co.,
Inc.
(The)
,
Class
A
(a)
...............
50,948
2,451,108
AZZ,
Inc.
..............................
17,246
1,255,509
Gibraltar
Industries,
Inc.
(a)
...................
13,065
1,011,884
Hayward
Holdings,
Inc.
(a)
....................
59,329
877,476
JELD-WEN
Holding,
Inc.
(a)
(b)
..................
45,058
820,056
Masonite
International
Corp.
(a)
................
7,884
1,026,812
Resideo
Technologies,
Inc.
(a)
.................
156,098
3,485,668
Simpson
Manufacturing
Co.,
Inc.
..............
10,284
2,146,065
Trex
Co.,
Inc.
(a)
(b)
.........................
28,215
2,589,008
Zurn
Elkay
Water
Solutions
Corp.
..............
89,266
2,834,196
30,921,433
a
Capital
Markets
—
2
.1
%
Affiliated
Managers
Group,
Inc.
...............
23,224
3,630,143
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
...
34,636
1,491,772
BGC
Group,
Inc.
,
Class
A
(b)
..................
108,753
755,833
Donnelley
Financial
Solutions,
Inc.
(a)
............
33,651
2,172,509
Evercore,
Inc.
,
Class
A
.....................
7,966
1,490,279
Interactive
Brokers
Group,
Inc.
,
Class
A
..........
31,548
3,429,899
Invesco
Ltd.
............................
236,468
3,643,972
Janus
Henderson
Group
PLC
................
193,943
6,043,264
Jefferies
Financial
Group,
Inc.
................
28,003
1,171,085
Morningstar,
Inc.
.........................
9,173
2,738,966
Piper
Sandler
Companies
...................
5,294
996,701
PJT
Partners,
Inc.
,
Class
A
..................
11,734
1,236,764
Stifel
Financial
Corp.
......................
26,879
2,039,041
Virtus
Investment
Partners,
Inc.
...............
3,762
873,988
WisdomTree,
Inc.
.........................
106,743
860,349
32,574,565
a
Chemicals
—
1
.9
%
Arcadium
Lithium
PLC
(a)
....................
326,362
1,791,727
Ashland,
Inc.
............................
8,451
791,352
Avient
Corp.
............................
23,660
957,757
Axalta
Coating
Systems
Ltd.
(a)
................
132,510
4,337,052
Balchem
Corp.
..........................
15,139
2,379,699
Cabot
Corp.
............................
16,880
1,433,956
Chemours
Co.
(The)
.......................
46,702
918,628
Element
Solutions,
Inc.
.....................
83,751
1,968,149
Ginkgo
Bioworks
Holdings,
Inc.
,
Class
A
(a)
(b)
.......
530,814
806,837
Hawkins,
Inc.
...........................
13,989
982,727
HB
Fuller
Co.
...........................
22,806
1,813,761
Huntsman
Corp.
.........................
33,248
851,149
Innospec,
Inc.
...........................
18,364
2,282,094
Koppers
Holdings,
Inc.
.....................
36,687
2,077,218
Minerals
Technologies,
Inc.
..................
26,200
1,895,832
Orion
SA
..............................
33,527
755,699
Sensient
Technologies
Corp.
.................
16,825
1,125,256
Stepan
Co.
.............................
20,299
1,810,671
Tronox
Holdings
PLC
......................
83,865
1,232,816
30,212,380
a
Commercial
Services
&
Supplies
—
1
.3
%
ABM
Industries,
Inc.
.......................
27,897
1,152,425
ACCO
Brands
Corp.
.......................
122,082
681,218
ACV
Auctions,
Inc.
,
Class
A
(a)
(b)
................
54,670
970,392
Brady
Corp.
,
Class
A
......................
22,064
1,285,890
CECO
Environmental
Corp.
(a)
.................
37,489
849,126
Cimpress
PLC
(a)
..........................
8,767
859,254
Clean
Harbors,
Inc.
(a)
(b)
.....................
6,347
1,155,789
Deluxe
Corp.
............................
40,088
778,108
iShares
®
ESG
Aware
MSCI
USA
Small-Cap
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
(Percentages
shown
are
based
on
Net
Assets)
23
Schedule
of
Investments
Security
Shares
Value
a
Commercial
Services
&
Supplies
(continued)
HNI
Corp.
..............................
44,216
$
1,981,319
Interface,
Inc.
...........................
65,844
1,035,068
MillerKnoll,
Inc.
..........................
27,888
851,978
MSA
Safety,
Inc.
.........................
14,539
2,677,357
OPENLANE,
Inc.
(a)
........................
89,984
1,374,056
Pitney
Bowes,
Inc.
........................
86,602
349,006
Tetra
Tech,
Inc.
..........................
11,564
2,050,528
Vestis
Corp.
............................
41,763
783,474
Viad
Corp.
(a)
............................
23,741
883,877
VSE
Corp.
.............................
11,398
844,592
20,563,457
a
Communications
Equipment
—
0
.6
%
Calix,
Inc.
(a)
.............................
28,198
983,264
Ciena
Corp.
(a)
...........................
45,685
2,603,131
CommScope
Holding
Co.,
Inc.
(a)
...............
363,504
423,482
Digi
International,
Inc.
(a)
.....................
25,730
760,579
Harmonic,
Inc.
(a)
..........................
84,451
1,108,842
Infinera
Corp.
(a)
(b)
.........................
152,813
767,121
Lumentum
Holdings,
Inc.
(a)
..................
21,776
1,055,483
NETGEAR,
Inc.
(a)
.........................
53,612
803,644
Ribbon
Communications,
Inc.
(a)
...............
224,950
672,601
Viasat,
Inc.
(a)
............................
37,865
741,018
9,919,165
a
Construction
&
Engineering
—
2
.4
%
API
Group
Corp.
(a)
(b)
.......................
22,227
779,056
Arcosa,
Inc.
............................
22,735
1,887,005
Comfort
Systems
USA,
Inc.
..................
18,943
5,791,443
Dycom
Industries,
Inc.
(a)
....................
8,633
1,091,988
EMCOR
Group,
Inc.
(b)
......................
24,225
7,595,022
Fluor
Corp.
(a)
............................
35,711
1,314,165
Granite
Construction,
Inc.
...................
17,541
903,888
Great
Lakes
Dredge
&
Dock
Corp.
(a)
............
84,577
756,118
MasTec,
Inc.
(a)
...........................
22,265
1,680,117
MDU
Resources
Group,
Inc.
.................
204,299
4,429,202
MYR
Group,
Inc.
(a)
........................
18,513
3,007,622
Primoris
Services
Corp.
....................
27,248
1,076,569
Sterling
Infrastructure,
Inc.
(a)
.................
14,910
1,590,003
Valmont
Industries,
Inc.
.....................
7,715
1,635,040
WillScot
Mobile
Mini
Holdings
Corp.
,
Class
A
(a)
(b)
....
86,296
4,120,634
37,657,872
a
Construction
Materials
—
0
.4
%
Knife
River
Corp.
(a)
........................
24,395
1,807,425
Summit
Materials,
Inc.
,
Class
A
(a)
..............
98,587
4,210,651
6,018,076
a
Consumer
Finance
—
0
.7
%
Credit
Acceptance
Corp.
(a)
(b)
..................
1,442
798,291
Encore
Capital
Group,
Inc.
(a)
.................
32,927
1,580,496
Green
Dot
Corp.
,
Class
A
(a)
..................
13,074
107,338
OneMain
Holdings,
Inc.
.....................
61,980
2,927,316
PRA
Group,
Inc.
(a)
........................
28,179
720,255
SLM
Corp.
.............................
114,634
2,387,826
SoFi
Technologies,
Inc.
(a)
(b)
..................
262,635
2,358,462
Upstart
Holdings,
Inc.
(a)
(b)
....................
30,163
776,697
11,656,681
a
Consumer
Staples
Distribution
&
Retail
—
1
.5
%
Andersons,
Inc.
(The)
......................
21,491
1,188,022
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
(b)
...........
51,016
3,726,209
Casey's
General
Stores,
Inc.
.................
20,490
6,239,000
PriceSmart,
Inc.
..........................
10,244
861,930
Sprouts
Farmers
Market,
Inc.
(a)
................
81,381
5,081,430
U.S.
Foods
Holding
Corp.
(a)
..................
115,723
5,877,571
Security
Shares
Value
a
Consumer
Staples
Distribution
&
Retail
(continued)
United
Natural
Foods,
Inc.
(a)
..................
53,023
$
827,689
23,801,851
a
Containers
&
Packaging
—
1
.1
%
AptarGroup,
Inc.
.........................
27,255
3,828,237
Berry
Global
Group,
Inc.
....................
48,367
2,815,443
Graphic
Packaging
Holding
Co.
...............
181,595
4,712,390
Greif,
Inc.
,
Class
A
........................
13,096
844,168
Greif,
Inc.
,
Class
B
........................
13,605
870,992
Myers
Industries,
Inc.
......................
43,741
841,140
Sealed
Air
Corp.
.........................
36,275
1,264,909
Sonoco
Products
Co.
......................
36,101
2,046,205
17,223,484
a
Diversified
Consumer
Services
—
1
.6
%
ADT,
Inc.
..............................
219,942
1,596,779
Adtalem
Global
Education,
Inc.
(a)
..............
16,588
821,106
Bright
Horizons
Family
Solutions,
Inc.
(a)
(b)
.........
33,628
3,862,512
Carriage
Services,
Inc.
.....................
30,550
758,251
Chegg,
Inc.
(a)
............................
143,389
1,281,898
Coursera,
Inc.
(a)
..........................
46,385
745,407
Duolingo,
Inc.
,
Class
A
(a)
....................
8,260
1,974,140
European
Wax
Center,
Inc.
,
Class
A
(a)
...........
49,450
701,201
Frontdoor,
Inc.
(a)
..........................
84,146
2,638,818
Grand
Canyon
Education,
Inc.
(a)
...............
8,575
1,155,910
H&R
Block,
Inc.
..........................
63,949
3,130,303
Service
Corp.
International
..................
62,235
4,554,980
Stride,
Inc.
(a)
............................
24,993
1,493,332
24,714,637
a
Diversified
REITs
—
0
.3
%
American
Assets
Trust,
Inc.
..................
36,108
778,850
Armada
Hoffler
Properties,
Inc.
...............
71,933
732,278
Empire
State
Realty
Trust,
Inc.
,
Class
A
..........
126,883
1,265,023
Essential
Properties
Realty
Trust,
Inc.
...........
82,187
1,963,447
4,739,598
a
Diversified
Telecommunication
Services
—
0
.4
%
Cogent
Communications
Holdings,
Inc.
..........
12,884
1,042,444
Frontier
Communications
Parent,
Inc.
(a)
(b)
.........
63,866
1,512,347
Iridium
Communications,
Inc.
.................
81,942
2,372,221
Lumen
Technologies,
Inc.
(a)
..................
516,175
836,204
Shenandoah
Telecommunications
Co.
...........
39,678
740,391
6,503,607
a
Electrical
Equipment
—
1
.8
%
Acuity
Brands,
Inc.
........................
23,587
5,925,998
Array
Technologies,
Inc.
(a)
...................
58,459
797,381
Atkore,
Inc.
.............................
18,564
3,144,742
Bloom
Energy
Corp.
,
Class
A
(a)
(b)
..............
79,328
695,706
Enovix
Corp.
(a)
(b)
..........................
63,907
623,093
Generac
Holdings,
Inc.
(a)
(b)
...................
21,778
2,450,243
NEXTracker,
Inc.
,
Class
A
(a)
..................
46,112
2,593,339
nVent
Electric
PLC
........................
48,461
3,262,394
Plug
Power,
Inc.
(a)
(b)
.......................
226,857
800,805
Powell
Industries,
Inc.
......................
6,691
1,239,441
Regal
Rexnord
Corp.
......................
21,059
3,611,408
Sensata
Technologies
Holding
PLC
............
25,611
881,531
Shoals
Technologies
Group,
Inc.
,
Class
A
(a)
.......
52,159
669,200
Stem,
Inc.
(a)
(b)
...........................
250,079
670,212
Sunrun,
Inc.
(a)
(b)
..........................
82,958
998,814
28,364,307
a
Electronic
Equipment,
Instruments
&
Components
—
3
.6
%
Advanced
Energy
Industries,
Inc.
..............
16,268
1,646,322
Arrow
Electronics,
Inc.
(a)
....................
10,307
1,211,072
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
iShares
®
ESG
Aware
MSCI
USA
Small-Cap
ETF
(Percentages
shown
are
based
on
Net
Assets)
24
2024
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Electronic
Equipment,
Instruments
&
Components
(continued)
Avnet,
Inc.
.............................
83,679
$
3,898,605
Badger
Meter,
Inc.
........................
28,709
4,555,831
Belden,
Inc.
............................
30,922
2,633,936
Benchmark
Electronics,
Inc.
.................
78,629
2,414,697
Cognex
Corp.
...........................
49,775
1,963,624
Coherent
Corp.
(a)
(b)
........................
50,895
3,027,235
CTS
Corp.
.............................
23,836
1,062,132
ePlus,
Inc.
(a)
............................
14,152
1,165,983
Fabrinet
(a)
(b)
.............................
11,654
2,512,253
Flex
Ltd.
(a)
(b)
............................
194,815
5,484,042
Insight
Enterprises,
Inc.
(a)
...................
17,731
3,333,428
IPG
Photonics
Corp.
(a)
.....................
9,072
783,367
Itron,
Inc.
(a)
.............................
30,531
2,829,613
Kimball
Electronics,
Inc.
(a)
...................
53,692
1,208,607
Knowles
Corp.
(a)
.........................
48,196
787,523
Littelfuse,
Inc.
...........................
10,463
2,492,705
Methode
Electronics,
Inc.
...................
35,880
764,244
Mirion
Technologies,
Inc.
,
Class
A
(a)
............
96,903
947,711
Novanta,
Inc.
(a)
..........................
19,701
3,407,091
PAR
Technology
Corp.
(a)
(b)
...................
16,231
711,242
Plexus
Corp.
(a)
...........................
22,307
2,105,781
Rogers
Corp.
(a)
..........................
10,400
1,165,528
ScanSource,
Inc.
(a)
........................
21,367
923,695
Vontier
Corp.
............................
71,514
3,075,102
56,111,369
a
Energy
Equipment
&
Services
—
1
.6
%
Archrock,
Inc.
...........................
86,692
1,583,863
Cactus,
Inc.
,
Class
A
......................
30,927
1,419,549
ChampionX
Corp.
........................
104,153
3,234,992
Core
Laboratories,
Inc.
(b)
....................
54,319
813,155
Dril-Quip,
Inc.
(a)
..........................
37,211
840,969
Expro
Group
Holdings
NV
(a)
..................
66,448
1,188,755
Helix
Energy
Solutions
Group,
Inc.
(a)
............
80,745
726,705
Noble
Corp.
PLC
,
Class
A
...................
17,655
738,156
NOV,
Inc.
..............................
179,754
3,037,843
Oceaneering
International,
Inc.
(a)
..............
55,940
1,105,374
Patterson-UTI
Energy,
Inc.
..................
72,940
843,916
TechnipFMC
PLC
........................
232,508
5,043,098
Transocean,
Ltd.
(a)
(b)
.......................
159,278
747,014
Weatherford
International
PLC
(a)
...............
32,770
3,362,530
24,685,919
a
Entertainment
—
0
.3
%
Cinemark
Holdings,
Inc.
(a)
(b)
..................
47,292
823,354
Endeavor
Group
Holdings,
Inc.
,
Class
A
..........
31,932
767,965
IMAX
Corp.
(a)
...........................
66,613
1,141,081
Lions
Gate
Entertainment
Corp.
,
Class
A
(a)
........
85,868
833,778
TKO
Group
Holdings,
Inc.
,
Class
A
.............
19,892
1,665,557
5,231,735
a
Financial
Services
—
2
.0
%
Affirm
Holdings,
Inc.
,
Class
A
(a)
(b)
...............
72,149
2,707,030
AvidXchange
Holdings,
Inc.
(a)
.................
74,209
986,238
Essent
Group
Ltd.
........................
24,787
1,327,840
EVERTEC,
Inc.
..........................
18,873
681,882
Federal
Agricultural
Mortgage
Corp.
,
Class
C
......
6,217
1,112,035
Flywire
Corp.
(a)
..........................
44,561
1,265,087
Jackson
Financial,
Inc.
,
Class
A
...............
28,055
1,544,428
Marqeta,
Inc.
,
Class
A
(a)
....................
119,970
783,404
MGIC
Investment
Corp.
....................
178,181
3,544,020
Mr
Cooper
Group,
Inc.
(a)
....................
11,276
803,753
PennyMac
Financial
Services,
Inc.
.............
22,810
1,937,253
Radian
Group,
Inc.
........................
46,808
1,363,985
Remitly
Global,
Inc.
(a)
......................
42,393
874,144
Security
Shares
Value
a
Financial
Services
(continued)
Rocket
Companies,
Inc.
,
Class
A
(a)
.............
74,715
$
938,420
Shift4
Payments,
Inc.
,
Class
A
(a)
...............
10,856
892,580
Voya
Financial,
Inc.
.......................
51,273
3,505,022
Walker
&
Dunlop,
Inc.
......................
10,520
1,003,398
Western
Union
Co.
(The)
...................
136,110
1,825,235
WEX,
Inc.
(a)
(b)
............................
23,010
5,055,987
32,151,741
a
Food
Products
—
1
.1
%
Cal-Maine
Foods,
Inc.
......................
14,061
808,367
Flowers
Foods,
Inc.
.......................
102,116
2,289,441
Freshpet,
Inc.
(a)
..........................
24,398
2,757,706
Hain
Celestial
Group,
Inc.
(The)
(a)
..............
99,091
990,910
Ingredion,
Inc.
...........................
47,545
5,592,718
Post
Holdings,
Inc.
(a)
.......................
8,746
910,983
Simply
Good
Foods
Co.
(The)
(a)
...............
23,309
827,003
TreeHouse
Foods,
Inc.
(a)
....................
30,303
1,084,545
Vital
Farms,
Inc.
(a)
........................
54,231
974,531
WK
Kellogg
Co
..........................
51,915
760,036
16,996,240
a
Gas
Utilities
—
1
.4
%
Chesapeake
Utilities
Corp.
..................
15,489
1,580,343
National
Fuel
Gas
Co.
.....................
58,116
2,832,574
New
Jersey
Resources
Corp.
.................
90,043
3,746,689
Northwest
Natural
Holding
Co.
................
40,371
1,483,230
ONE
Gas,
Inc.
...........................
55,068
3,282,053
Southwest
Gas
Holdings,
Inc.
................
30,504
2,078,847
Spire,
Inc.
..............................
33,428
1,982,949
UGI
Corp.
..............................
190,660
4,667,357
21,654,042
a
Ground
Transportation
—
1
.8
%
ArcBest
Corp.
...........................
8,179
1,168,452
Avis
Budget
Group,
Inc.
....................
7,726
834,717
Landstar
System,
Inc.
......................
21,161
4,024,822
Lyft,
Inc.
,
Class
A
(a)
........................
105,452
1,674,578
RXO,
Inc.
(a)
.............................
67,792
1,458,884
Ryder
System,
Inc.
........................
33,789
3,855,325
Saia,
Inc.
(a)
.............................
9,536
5,487,014
Schneider
National,
Inc.
,
Class
B
..............
124,657
2,935,672
Werner
Enterprises,
Inc.
....................
48,582
1,950,082
XPO,
Inc.
(a)
.............................
39,770
4,785,126
28,174,672
a
Health
Care
Equipment
&
Supplies
—
2
.9
%
Alphatec
Holdings,
Inc.
(a)
....................
50,069
672,427
Artivion,
Inc.
(a)
...........................
41,323
797,534
AtriCure,
Inc.
(a)
..........................
23,946
837,392
Axonics,
Inc.
(a)
(b)
..........................
11,374
772,750
CONMED
Corp.
..........................
9,676
777,176
Dentsply
Sirona,
Inc.
......................
55,491
1,813,446
Embecta
Corp.
..........................
54,280
775,118
Enovis
Corp.
(a)
...........................
25,449
1,522,105
Envista
Holdings
Corp.
(a)
....................
65,799
1,358,749
Glaukos
Corp.
(a)
..........................
24,217
2,145,384
Globus
Medical,
Inc.
,
Class
A
(a)
...............
22,894
1,236,047
Haemonetics
Corp.
(a)
......................
20,423
1,490,471
Inari
Medical,
Inc.
(a)
.......................
24,274
1,119,517
Inspire
Medical
Systems,
Inc.
(a)
...............
7,556
1,352,826
Integer
Holdings
Corp.
(a)
(b)
...................
19,019
2,097,605
Integra
LifeSciences
Holdings
Corp.
(a)
(b)
..........
45,726
1,687,747
iRhythm
Technologies,
Inc.
(a)
(b)
................
6,829
810,261
Lantheus
Holdings,
Inc.
(a)
...................
21,197
1,385,860
LivaNova
PLC
(a)
..........................
15,578
853,830
iShares
®
ESG
Aware
MSCI
USA
Small-Cap
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
(Percentages
shown
are
based
on
Net
Assets)
25
Schedule
of
Investments
Security
Shares
Value
a
Health
Care
Equipment
&
Supplies
(continued)
Masimo
Corp.
(a)
(b)
.........................
7,374
$
947,854
Merit
Medical
Systems,
Inc.
(a)
.................
26,569
2,024,558
Neogen
Corp.
(a)
(b)
.........................
49,538
851,558
Novocure
Ltd.
(a)
..........................
48,492
742,412
Omnicell,
Inc.
(a)
..........................
27,348
717,612
OraSure
Technologies,
Inc.
(a)
.................
115,036
827,684
Orthofix
Medical,
Inc.
(a)
.....................
56,357
736,022
Paragon
28,
Inc.
(a)
(b)
.......................
56,484
704,920
Penumbra,
Inc.
(a)
.........................
12,838
3,015,903
PROCEPT
BioRobotics
Corp.
(a)
...............
19,114
923,971
QuidelOrtho
Corp.
(a)
.......................
18,506
843,874
RxSight,
Inc.
(a)
...........................
19,372
1,057,130
Shockwave
Medical,
Inc.
(a)
...................
13,950
3,639,136
SI-BONE,
Inc.
(a)
(b)
.........................
37,352
648,057
STAAR
Surgical
Co.
(a)
(b)
.....................
25,493
796,401
Tandem
Diabetes
Care,
Inc.
(a)
................
35,404
942,809
TransMedics
Group,
Inc.
(a)
(b)
..................
10,045
819,672
Treace
Medical
Concepts,
Inc.
(a)
...............
50,099
673,331
UFP
Technologies,
Inc.
(a)
....................
4,030
839,489
Varex
Imaging
Corp.
(a)
(b)
....................
45,070
775,204
46,033,842
a
Health
Care
Providers
&
Services
—
2
.9
%
Acadia
Healthcare
Co.,
Inc.
(a)
.................
44,525
3,715,611
Accolade,
Inc.
(a)
..........................
63,045
646,211
Addus
HomeCare
Corp.
(a)
...................
8,285
764,540
agilon
health,
Inc.
(a)
(b)
......................
113,250
694,223
Alignment
Healthcare,
Inc.
(a)
.................
88,161
528,966
Amedisys,
Inc.
(a)
.........................
14,621
1,360,045
AMN
Healthcare
Services,
Inc.
(a)
(b)
.............
31,999
1,800,584
Astrana
Health,
Inc.
(a)
(b)
.....................
20,367
917,330
Brookdale
Senior
Living,
Inc.
(a)
................
127,390
728,671
Castle
Biosciences,
Inc.
(a)
...................
30,854
557,223
Chemed
Corp.
...........................
3,781
2,367,398
CorVel
Corp.
(a)
...........................
6,847
1,670,668
Cross
Country
Healthcare,
Inc.
(a)
(b)
.............
44,492
812,869
DocGo,
Inc.
(a)
...........................
28,843
117,391
Encompass
Health
Corp.
...................
49,156
3,657,206
Enhabit,
Inc.
(a)
...........................
80,369
723,321
Ensign
Group,
Inc.
(The)
....................
25,592
3,196,953
Fulgent
Genetics,
Inc.
(a)
....................
30,970
698,683
Guardant
Health,
Inc.
(a)
.....................
36,317
690,023
HealthEquity,
Inc.
(a)
........................
30,151
2,490,774
Hims
&
Hers
Health,
Inc.
,
Class
A
(a)
.............
77,667
1,012,778
NeoGenomics,
Inc.
(a)
(b)
.....................
55,262
862,087
Option
Care
Health,
Inc.
(a)
...................
71,608
2,310,790
Owens
&
Minor,
Inc.
(a)
......................
47,145
1,147,038
Patterson
Companies,
Inc.
..................
100,814
2,731,051
PetIQ,
Inc.
,
Class
A
(a)
......................
41,195
750,161
Premier,
Inc.
,
Class
A
......................
103,169
2,152,105
Privia
Health
Group,
Inc.
(a)
(b)
..................
51,650
1,152,828
Progyny,
Inc.
(a)
...........................
42,537
1,553,451
R1
RCM,
Inc.
(a)
..........................
106,598
1,497,702
RadNet,
Inc.
(a)
...........................
20,801
787,526
Select
Medical
Holdings
Corp.
................
28,453
774,775
Tenet
Healthcare
Corp.
(a)
....................
16,829
1,565,097
46,436,079
a
Health
Care
REITs
—
0
.4
%
Healthcare
Realty
Trust,
Inc.
,
Class
A
...........
70,195
967,287
Medical
Properties
Trust,
Inc.
.................
221,078
930,739
Omega
Healthcare
Investors,
Inc.
..............
132,344
4,118,545
Sabra
Health
Care
REIT,
Inc.
.................
58,943
818,129
6,834,700
a
Security
Shares
Value
a
Health
Care
Technology
—
0
.2
%
Certara,
Inc.
(a)
...........................
43,514
$
734,516
Doximity,
Inc.
,
Class
A
(a)
(b)
...................
28,793
812,826
Health
Catalyst,
Inc.
(a)
......................
79,684
662,971
Teladoc
Health,
Inc.
(a)
(b)
.....................
80,669
1,216,489
3,426,802
a
Hotel
&
Resort
REITs
—
0
.4
%
Park
Hotels
&
Resorts,
Inc.
..................
71,123
1,180,642
Ryman
Hospitality
Properties,
Inc.
.............
27,829
3,297,180
Xenia
Hotels
&
Resorts,
Inc.
.................
79,710
1,222,751
5,700,573
a
Hotels,
Restaurants
&
Leisure
—
2
.6
%
Accel
Entertainment,
Inc.
,
Class
A
(a)
............
107,396
1,216,797
Aramark
...............................
105,781
3,208,338
Boyd
Gaming
Corp.
.......................
15,430
1,020,386
Brinker
International,
Inc.
(a)
..................
30,939
1,433,713
Cheesecake
Factory,
Inc.
(The)
...............
22,982
813,103
Choice
Hotels
International,
Inc.
(b)
..............
9,376
1,049,549
Churchill
Downs,
Inc.
......................
16,633
2,027,064
Dave
&
Buster's
Entertainment,
Inc.
(a)
...........
18,047
1,114,222
Dine
Brands
Global,
Inc.
....................
18,126
879,292
Everi
Holdings,
Inc.
(a)
......................
180,822
2,144,549
Hilton
Grand
Vacations,
Inc.
(a)
................
27,340
1,227,019
Jack
in
the
Box,
Inc.
.......................
10,460
763,580
Light
&
Wonder,
Inc.
(a)
......................
35,954
3,613,736
Marriott
Vacations
Worldwide
Corp.
.............
16,675
1,553,943
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
(b)
.........
161,663
3,134,646
Papa
John's
International,
Inc.
................
10,735
771,739
Planet
Fitness,
Inc.
,
Class
A
(a)
................
39,483
2,449,920
Playa
Hotels
&
Resorts
NV
(a)
.................
87,742
806,349
Shake
Shack,
Inc.
,
Class
A
(a)
.................
11,393
1,211,304
Travel
+
Leisure
Co.
.......................
46,291
2,068,745
United
Parks
&
Resorts,
Inc.
(a)
................
20,468
1,051,032
Wendy's
Co.
(The)
........................
88,189
1,597,103
Wingstop,
Inc.
...........................
9,992
3,507,692
Wyndham
Hotels
&
Resorts,
Inc.
..............
31,399
2,403,593
Xponential
Fitness,
Inc.
,
Class
A
(a)
.............
73,470
740,578
41,807,992
a
Household
Durables
—
2
.6
%
Beazer
Homes
USA,
Inc.
(a)
..................
26,665
835,414
Century
Communities,
Inc.
..................
16,544
1,427,582
Green
Brick
Partners,
Inc.
(a)
..................
14,298
836,433
Helen
of
Troy
Ltd.
(a)
.......................
14,089
1,761,125
Installed
Building
Products,
Inc.
...............
7,725
1,845,734
iRobot
Corp.
(a)
...........................
63,075
719,686
KB
Home
..............................
50,376
3,346,478
Leggett
&
Platt,
Inc.
.......................
99,787
2,037,650
MDC
Holdings,
Inc.
.......................
15,725
985,957
Meritage
Homes
Corp.
.....................
18,166
2,864,052
Mohawk
Industries,
Inc.
(a)
...................
7,898
936,861
Newell
Brands,
Inc.
.......................
148,418
1,113,135
Skyline
Champion
Corp.
(a)
...................
13,040
1,092,622
Sonos,
Inc.
(a)
............................
85,297
1,617,231
Taylor
Morrison
Home
Corp.
(a)
................
41,376
2,342,295
Tempur
Sealy
International,
Inc.
...............
54,120
2,947,916
Toll
Brothers,
Inc.
.........................
29,761
3,411,801
TopBuild
Corp.
(a)
.........................
12,962
5,215,650
Tri
Pointe
Homes,
Inc.
(a)
....................
51,255
1,813,402
Whirlpool
Corp.
..........................
33,045
3,548,703
40,699,727
a
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
iShares
®
ESG
Aware
MSCI
USA
Small-Cap
ETF
(Percentages
shown
are
based
on
Net
Assets)
26
2024
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Household
Products
—
0
.2
%
Energizer
Holdings,
Inc.
....................
35,689
$
1,018,921
Spectrum
Brands
Holdings,
Inc.
...............
15,928
1,280,930
WD-40
Co.
.............................
4,603
1,235,399
3,535,250
a
Independent
Power
and
Renewable
Electricity
Producers
—
0
.4
%
Clearway
Energy,
Inc.
,
Class
A
................
32,620
660,881
Clearway
Energy,
Inc.
,
Class
C
...............
63,449
1,383,188
NextEra
Energy
Partners,
LP
.................
43,338
1,190,495
Ormat
Technologies,
Inc.
....................
28,984
1,888,308
Sunnova
Energy
International,
Inc.
(a)
(b)
...........
69,123
503,215
5,626,087
a
Industrial
REITs
—
0
.7
%
Americold
Realty
Trust,
Inc.
..................
54,115
1,369,110
EastGroup
Properties,
Inc.
..................
9,171
1,611,253
First
Industrial
Realty
Trust,
Inc.
...............
28,963
1,535,039
LXP
Industrial
Trust
.......................
142,105
1,230,629
Rexford
Industrial
Realty,
Inc.
................
88,038
4,479,373
Terreno
Realty
Corp.
......................
24,920
1,602,356
11,827,760
a
Insurance
—
3
.1
%
Assured
Guaranty
Ltd.
.....................
14,904
1,365,206
Axis
Capital
Holdings
Ltd.
...................
45,638
2,855,570
BRP
Group,
Inc.
,
Class
A
(a)
(b)
.................
29,050
808,171
CNO
Financial
Group,
Inc.
...................
98,691
2,634,063
First
American
Financial
Corp.
................
47,275
2,761,333
Hanover
Insurance
Group,
Inc.
(The)
...........
16,778
2,205,804
Kemper
Corp.
...........................
15,732
901,915
Kinsale
Capital
Group,
Inc.
(b)
.................
7,756
4,003,492
Lincoln
National
Corp.
.....................
51,526
1,419,026
Old
Republic
International
Corp.
...............
61,139
1,770,585
Palomar
Holdings,
Inc.
(a)
....................
14,285
1,087,660
Primerica,
Inc.
...........................
14,435
3,540,328
Reinsurance
Group
of
America,
Inc.
............
24,268
4,291,796
RenaissanceRe
Holdings
Ltd.
................
17,898
4,023,828
RLI
Corp.
..............................
8,706
1,274,994
Ryan
Specialty
Holdings,
Inc.
,
Class
A
(a)
.........
34,395
1,801,610
Selective
Insurance
Group,
Inc.
...............
50,556
5,282,091
SiriusPoint,
Ltd.
(a)
.........................
64,715
794,053
Stewart
Information
Services
Corp.
.............
24,897
1,568,013
Unum
Group
............................
67,724
3,348,952
White
Mountains
Insurance
Group
Ltd.
..........
836
1,475,908
49,214,398
a
Interactive
Media
&
Services
—
0
.4
%
Vimeo,
Inc.
(a)
............................
172,127
824,488
Yelp,
Inc.
(a)
.............................
22,973
883,082
Ziff
Davis,
Inc.
(a)
(b)
.........................
25,763
1,771,464
ZoomInfo
Technologies,
Inc.
(a)
................
140,551
2,355,635
5,834,669
a
IT
Services
—
0
.4
%
Couchbase,
Inc.
(a)
........................
28,290
794,383
DigitalOcean
Holdings,
Inc.
(a)
.................
19,453
737,658
DXC
Technology
Co.
(a)
.....................
99,440
2,173,759
Fastly,
Inc.
,
Class
A
(a)
(b)
.....................
49,524
704,231
Kyndryl
Holdings,
Inc.
(a)
.....................
62,041
1,363,041
Squarespace,
Inc.
,
Class
A
(a)
.................
24,054
800,517
6,573,589
a
Leisure
Products
—
0
.7
%
Brunswick
Corp.
.........................
28,885
2,524,549
Malibu
Boats,
Inc.
,
Class
A
(a)
.................
16,365
714,168
Mattel,
Inc.
(a)
............................
140,723
2,772,243
Security
Shares
Value
a
Leisure
Products
(continued)
Polaris,
Inc.
.............................
8,459
$
784,234
Topgolf
Callaway
Brands
Corp.
(a)
..............
105,384
1,500,668
YETI
Holdings,
Inc.
(a)
(b)
.....................
60,992
2,503,112
10,798,974
a
Life
Sciences
Tools
&
Services
—
0
.8
%
10X
Genomics,
Inc.
,
Class
A
(a)
................
27,095
1,263,711
Azenta,
Inc.
(a)
...........................
24,510
1,596,826
Bruker
Corp.
............................
36,360
3,146,594
CryoPort,
Inc.
(a)
..........................
50,127
885,744
Fortrea
Holdings,
Inc.
(a)
(b)
....................
41,781
1,568,459
Medpace
Holdings,
Inc.
(a)
...................
6,078
2,416,127
Pacific
Biosciences
of
California,
Inc.
(a)
(b)
.........
135,824
751,107
Sotera
Health
Co.
(a)
(b)
......................
46,523
698,310
12,326,878
a
Machinery
—
4
.5
%
AGCO
Corp.
............................
25,098
2,753,251
Alamo
Group,
Inc.
........................
7,947
1,607,599
Albany
International
Corp.
,
Class
A
.............
8,625
809,629
Allison
Transmission
Holdings,
Inc.
.............
43,261
3,258,851
Barnes
Group,
Inc.
........................
21,588
754,285
Chart
Industries,
Inc.
(a)
.....................
18,139
2,591,337
Columbus
McKinnon
Corp.
..................
23,368
976,081
Crane
Co.
..............................
19,734
2,398,865
Donaldson
Co.,
Inc.
.......................
70,385
5,040,974
Douglas
Dynamics,
Inc.
....................
32,279
810,203
Energy
Recovery,
Inc.
(a)
....................
91,582
1,431,427
Enerpac
Tool
Group
Corp.
,
Class
A
.............
31,099
1,048,347
Enpro,
Inc.
.............................
11,475
1,788,034
ESCO
Technologies,
Inc.
...................
10,276
1,047,022
Federal
Signal
Corp.
......................
30,925
2,533,067
Flowserve
Corp.
.........................
47,697
2,018,537
Franklin
Electric
Co.,
Inc.
...................
33,199
3,451,368
Gates
Industrial
Corp.
PLC
(a)
.................
57,454
845,723
Greenbrier
Companies,
Inc.
(The)
..............
16,094
832,864
Hillenbrand,
Inc.
.........................
34,099
1,621,407
ITT,
Inc.
...............................
32,816
4,139,410
John
Bean
Technologies
Corp.
................
14,588
1,480,390
Lincoln
Electric
Holdings,
Inc.
................
19,055
4,889,513
Lindsay
Corp.
...........................
8,367
998,267
Manitowoc
Co.,
Inc.
(The)
(a)
..................
58,982
822,209
Mueller
Water
Products,
Inc.
,
Class
A
...........
170,804
2,656,002
Oshkosh
Corp.
..........................
46,337
5,136,920
Proto
Labs,
Inc.
(a)
.........................
21,509
783,573
SPX
Technologies,
Inc.
(a)
....................
20,540
2,407,083
Tennant
Co.
............................
23,098
2,614,463
Terex
Corp.
.............................
26,466
1,517,825
Timken
Co.
(The)
.........................
11,895
999,061
Trinity
Industries,
Inc.
......................
43,539
1,105,020
Wabash
National
Corp.
.....................
38,206
1,042,260
Watts
Water
Technologies,
Inc.
,
Class
A
..........
16,695
3,404,945
71,615,812
a
Media
—
0
.7
%
Cable
One,
Inc.
..........................
4,897
2,233,032
EW
Scripps
Co.
(The)
,
Class
A
(a)
..............
128,095
516,223
John
Wiley
&
Sons,
Inc.
,
Class
A
..............
23,642
788,461
Magnite,
Inc.
(a)
...........................
75,151
903,315
New
York
Times
Co.
(The)
,
Class
A
.............
47,683
2,111,403
Nexstar
Media
Group,
Inc.
...................
9,475
1,574,461
TEGNA,
Inc.
............................
203,140
2,845,991
10,972,886
a
iShares
®
ESG
Aware
MSCI
USA
Small-Cap
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
(Percentages
shown
are
based
on
Net
Assets)
27
Schedule
of
Investments
Security
Shares
Value
a
Metals
&
Mining
—
1
.4
%
Alcoa
Corp.
.............................
63,788
$
1,735,671
ATI,
Inc.
(a)
..............................
47,111
2,316,919
Carpenter
Technology
Corp.
.................
14,364
928,633
Commercial
Metals
Co.
.....................
63,548
3,431,592
Compass
Minerals
International,
Inc.
............
34,299
782,017
Materion
Corp.
..........................
10,599
1,423,658
Olympic
Steel,
Inc.
........................
15,007
1,020,776
Radius
Recycling,
Inc.
,
Class
A
...............
80,993
1,600,422
Royal
Gold,
Inc.
..........................
42,109
4,321,647
Ryerson
Holding
Corp.
.....................
22,697
716,771
United
States
Steel
Corp.
...................
69,230
3,277,348
Warrior
Met
Coal,
Inc.
......................
13,485
768,240
22,323,694
a
Mortgage
REITs
—
0
.6
%
AGNC
Investment
Corp.
....................
198,169
1,894,496
Apollo
Commercial
Real
Estate
Finance,
Inc.
......
72,941
817,669
Blackstone
Mortgage
Trust,
Inc.
,
Class
A
.........
70,744
1,441,055
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
................................
65,422
1,646,672
Invesco
Mortgage
Capital,
Inc.
................
91,182
823,373
KKR
Real
Estate
Finance
Trust,
Inc.
............
100,727
982,088
Starwood
Property
Trust,
Inc.
.................
101,665
2,072,949
9,678,302
a
Multi-Utilities
—
0
.2
%
Avista
Corp.
............................
79,721
2,646,737
a
Office
REITs
—
1
.1
%
Brandywine
Realty
Trust
....................
182,089
782,983
COPT
Defense
Properties
...................
129,412
3,135,653
Cousins
Properties,
Inc.
....................
104,443
2,382,345
Easterly
Government
Properties,
Inc.
...........
89,067
1,050,991
Highwoods
Properties,
Inc.
..................
90,496
2,212,627
Hudson
Pacific
Properties,
Inc.
................
108,891
690,369
JBG
SMITH
Properties
.....................
71,579
1,186,780
Kilroy
Realty
Corp.
........................
48,081
1,821,789
Paramount
Group,
Inc.
.....................
162,091
718,063
Piedmont
Office
Realty
Trust,
Inc.
,
Class
A
........
152,560
956,551
SL
Green
Realty
Corp.
.....................
23,155
1,122,554
Vornado
Realty
Trust
......................
35,911
944,459
17,005,164
a
Oil,
Gas
&
Consumable
Fuels
—
3
.3
%
Antero
Midstream
Corp.
....................
191,544
2,566,690
Antero
Resources
Corp.
(a)
...................
139,804
3,592,963
Berry
Corp.
.............................
121,608
857,336
California
Resources
Corp.
..................
22,468
1,172,155
Callon
Petroleum
Co.
(a)
.....................
23,927
745,565
Chord
Energy
Corp.
.......................
5,050
820,372
Civitas
Resources,
Inc.
.....................
26,225
1,801,133
Clean
Energy
Fuels
Corp.
(a)
..................
342,826
1,011,337
CNX
Resources
Corp.
(a)
(b)
...................
132,978
2,785,889
Delek
U.S.
Holdings,
Inc.
...................
34,931
891,090
DT
Midstream,
Inc.
........................
69,039
3,978,718
EnLink
Midstream
LLC
.....................
214,202
2,641,111
Equitrans
Midstream
Corp.
..................
196,420
2,099,730
Excelerate
Energy,
Inc.
,
Class
A
...............
57,128
896,910
Green
Plains,
Inc.
(a)
.......................
13,938
296,879
Kinetik
Holdings,
Inc.
,
Class
A
................
51,571
1,821,488
Kosmos
Energy
Ltd.
(a)
......................
510,484
3,134,372
Murphy
Oil
Corp.
.........................
68,980
2,736,437
New
Fortress
Energy,
Inc.
,
Class
A
.............
24,631
865,780
Par
Pacific
Holdings,
Inc.
(a)
..................
21,973
793,665
PBF
Energy,
Inc.
,
Class
A
...................
34,590
1,615,353
Security
Shares
Value
a
Oil,
Gas
&
Consumable
Fuels
(continued)
Permian
Resources
Corp.
,
Class
A
.............
219,117
$
3,409,460
Range
Resources
Corp.
....................
125,012
3,952,879
SM
Energy
Co.
..........................
24,859
1,088,078
Southwestern
Energy
Co.
(a)
..................
528,304
3,682,279
Talos
Energy,
Inc.
(a)
.......................
83,004
1,094,823
Uranium
Energy
Corp.
(a)
....................
124,367
805,898
VAALCO
Energy,
Inc.
......................
177,747
792,752
World
Kinect
Corp.
........................
35,890
874,280
52,825,422
a
Paper
&
Forest
Products
—
0
.2
%
Louisiana-Pacific
Corp.
.....................
27,085
2,003,477
Sylvamo
Corp.
..........................
13,999
845,680
2,849,157
a
Passenger
Airlines
—
0
.2
%
Alaska
Air
Group,
Inc.
(a)
.....................
95,905
3,585,888
a
Personal
Care
Products
—
0
.4
%
BellRing
Brands,
Inc.
(a)
.....................
28,276
1,610,318
Coty,
Inc.
,
Class
A
(a)
.......................
65,730
825,569
elf
Beauty,
Inc.
(a)
.........................
15,681
3,269,959
5,705,846
a
Pharmaceuticals
—
1
.2
%
Amphastar
Pharmaceuticals,
Inc.
(a)
.............
14,367
669,071
Arvinas,
Inc.
(a)
...........................
30,358
1,395,861
Axsome
Therapeutics,
Inc.
(a)
.................
10,373
844,155
Cassava
Sciences,
Inc.
(a)
(b)
..................
32,933
756,800
Cymabay
Therapeutics,
Inc.
(a)
................
48,476
1,560,442
Edgewise
Therapeutics,
Inc.
(a)
................
44,911
733,397
Elanco
Animal
Health,
Inc.
(a)
(b)
................
206,287
3,277,900
Harmony
Biosciences
Holdings,
Inc.
(a)
...........
23,163
743,532
Intra-Cellular
Therapies,
Inc.
(a)
................
30,599
2,127,243
Organon
&
Co.
..........................
83,808
1,459,097
Perrigo
Co.
PLC
.........................
45,879
1,204,783
Phathom
Pharmaceuticals,
Inc.
(a)
..............
83,714
895,740
Phibro
Animal
Health
Corp.
,
Class
A
............
65,584
848,001
Pliant
Therapeutics,
Inc.
(a)
(b)
..................
47,016
746,144
Tarsus
Pharmaceuticals,
Inc.
(a)
(b)
...............
29,200
1,116,024
18,378,190
a
Professional
Services
—
2
.5
%
ASGN,
Inc.
(a)
............................
30,233
3,002,742
CACI
International,
Inc.
,
Class
A
(a)
.............
5,801
2,174,505
CBIZ,
Inc.
(a)
.............................
11,914
899,864
Clarivate
PLC
(a)
(b)
.........................
167,856
1,205,206
Concentrix
Corp.
.........................
17,812
1,290,479
CSG
Systems
International,
Inc.
...............
33,199
1,811,337
ExlService
Holdings,
Inc.
(a)
..................
86,518
2,692,440
Exponent,
Inc.
...........................
9,975
806,878
First
Advantage
Corp.
......................
64,419
1,008,802
FTI
Consulting,
Inc.
(a)
......................
17,672
3,655,983
ICF
International,
Inc.
......................
12,713
1,968,608
KBR,
Inc.
..............................
109,038
6,545,551
Kelly
Services,
Inc.
,
Class
A
,
NVS
.............
57,568
1,412,143
Korn
Ferry
.............................
17,665
1,124,554
ManpowerGroup,
Inc.
......................
17,230
1,243,317
Parsons
Corp.
(a)
..........................
15,116
1,218,501
Paycor
HCM,
Inc.
(a)
(b)
......................
47,254
998,004
TriNet
Group,
Inc.
(a)
.......................
23,559
3,015,788
TrueBlue,
Inc.
(a)
..........................
113,541
1,334,107
Upwork,
Inc.
(a)
...........................
57,031
747,106
Verra
Mobility
Corp.
,
Class
A
(a)
................
40,158
868,216
39,024,131
a
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
iShares
®
ESG
Aware
MSCI
USA
Small-Cap
ETF
(Percentages
shown
are
based
on
Net
Assets)
28
2024
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Real
Estate
Management
&
Development
—
0
.7
%
Anywhere
Real
Estate,
Inc.
(a)
.................
110,698
$
694,077
Compass,
Inc.
,
Class
A
(a)
....................
209,434
827,264
Cushman
&
Wakefield
PLC
(a)
.................
89,650
895,604
DigitalBridge
Group,
Inc.
,
Class
A
..............
39,065
717,624
Howard
Hughes
Holdings,
Inc.
(a)
(b)
..............
38,435
2,936,434
Jones
Lang
LaSalle,
Inc.
(a)
...................
24,784
4,714,908
Marcus
&
Millichap,
Inc.
....................
20,490
751,778
11,537,689
a
Residential
REITs
—
0
.1
%
Elme
Communities
........................
78,993
1,017,430
Veris
Residential,
Inc.
......................
66,008
963,717
1,981,147
a
Retail
REITs
—
1
.3
%
Agree
Realty
Corp.
.......................
24,702
1,357,375
Brixmor
Property
Group,
Inc.
.................
87,796
1,985,068
Federal
Realty
Investment
Trust
...............
90,386
9,115,428
Macerich
Co.
(The)
.......................
89,017
1,460,769
NNN
REIT,
Inc.
..........................
68,047
2,768,832
Phillips
Edison
&
Co.,
Inc.
...................
38,813
1,386,400
SITE
Centers
Corp.
.......................
111,869
1,519,181
Tanger,
Inc.
.............................
32,043
923,159
20,516,212
a
Semiconductors
&
Semiconductor
Equipment
—
2
.1
%
Cirrus
Logic,
Inc.
(a)
........................
32,889
3,019,868
Credo
Technology
Group
Holding,
Ltd.
(a)
.........
34,932
752,435
Ichor
Holdings,
Ltd.
(a)
......................
20,622
882,622
Kulicke
&
Soffa
Industries,
Inc.
................
61,774
2,941,678
MKS
Instruments,
Inc.
.....................
26,898
3,301,999
Onto
Innovation,
Inc.
(a)
.....................
25,312
4,661,458
PDF
Solutions,
Inc.
(a)
......................
28,084
954,575
Power
Integrations,
Inc.
....................
34,092
2,436,214
Rambus,
Inc.
(a)
..........................
52,159
3,089,899
Silicon
Laboratories,
Inc.
(a)
...................
15,158
2,084,831
SMART
Global
Holdings,
Inc.
(a)
................
38,147
811,387
SolarEdge
Technologies,
Inc.
(a)
(b)
..............
19,936
1,339,101
Synaptics,
Inc.
(a)
.........................
8,307
831,531
Universal
Display
Corp.
....................
13,231
2,307,751
Veeco
Instruments,
Inc.
(a)
...................
69,878
2,530,282
Wolfspeed,
Inc.
(a)
.........................
60,894
1,584,462
33,530,093
a
Software
—
6
.5
%
A10
Networks,
Inc.
........................
61,451
817,913
ACI
Worldwide,
Inc.
(a)
......................
56,303
1,852,932
Adeia,
Inc.
.............................
64,477
731,169
Agilysys,
Inc.
(a)
..........................
9,951
774,188
Altair
Engineering,
Inc.
,
Class
A
(a)
..............
23,788
2,023,883
Alteryx,
Inc.
,
Class
A
(a)
.....................
19,619
942,497
Appfolio,
Inc.
,
Class
A
(a)
....................
8,834
2,138,623
Asana,
Inc.
,
Class
A
(a)
(b)
.....................
41,333
814,260
Aurora
Innovation,
Inc.
,
Class
A
(a)
..............
267,943
680,575
Avepoint,
Inc.
(a)
..........................
98,259
786,072
Blackbaud,
Inc.
(a)
.........................
27,367
1,893,249
BlackLine,
Inc.
(a)
.........................
27,024
1,533,071
Box,
Inc.
,
Class
A
(a)
.......................
77,032
1,986,655
Braze,
Inc.
,
Class
A
(a)
......................
19,993
1,137,602
C3.ai,
Inc.
,
Class
A
(a)
(b)
.....................
29,858
1,103,850
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
.........
72,640
850,614
Cerence,
Inc.
(a)
..........................
50,584
753,702
Cleanspark,
Inc.
(a)
........................
48,991
819,130
CommVault
Systems,
Inc.
(a)
..................
22,529
2,156,251
Digimarc
Corp.
(a)
.........................
20,470
717,678
Security
Shares
Value
a
Software
(continued)
Dolby
Laboratories,
Inc.
,
Class
A
..............
41,788
$
3,384,828
DoubleVerify
Holdings,
Inc.
(a)
.................
70,204
2,168,602
E2open
Parent
Holdings,
Inc.
,
Class
A
(a)
(b)
........
200,002
846,008
Elastic
NV
(a)
............................
33,891
4,534,955
Envestnet,
Inc.
(a)
.........................
18,920
974,948
Five9,
Inc.
(a)
............................
30,032
1,831,952
Freshworks,
Inc.
,
Class
A
(a)
(b)
.................
51,520
1,053,069
Gitlab,
Inc.
,
Class
A
(a)
......................
28,376
2,046,477
Guidewire
Software,
Inc.
(a)
...................
41,610
4,965,737
HashiCorp,
Inc.
,
Class
A
(a)
...................
34,425
897,460
Informatica,
Inc.
,
Class
A
(a)
..................
28,395
925,109
Intapp,
Inc.
(a)
............................
18,401
721,871
InterDigital,
Inc.
..........................
13,908
1,488,434
Jamf
Holding
Corp.
(a)
(b)
.....................
38,970
701,070
JFrog
Ltd.
(a)
.............................
30,709
1,375,456
LiveRamp
Holdings,
Inc.
(a)
...................
30,799
1,077,349
Marathon
Digital
Holdings,
Inc.
(a)
(b)
.............
66,274
1,716,497
Matterport,
Inc.
,
Class
A
(a)
...................
320,721
679,929
MicroStrategy,
Inc.
,
Class
A
(a)
(b)
................
4,952
5,065,104
Model
N,
Inc.
(a)
..........................
33,452
821,581
N-able,
Inc.
(a)
............................
59,364
799,633
NCR
Voyix
Corp.
(a)
(b)
.......................
53,455
780,978
Nutanix,
Inc.
,
Class
A
(a)
.....................
92,785
5,860,301
PagerDuty,
Inc.
(a)
(b)
........................
38,299
925,304
Pegasystems,
Inc.
........................
19,863
1,291,890
PowerSchool
Holdings,
Inc.
,
Class
A
(a)
(b)
.........
31,627
660,688
Procore
Technologies,
Inc.
(a)
.................
35,190
2,745,876
Progress
Software
Corp.
....................
52,369
2,794,410
PROS
Holdings,
Inc.
(a)
.....................
24,847
888,280
Q2
Holdings,
Inc.
(a)
(b)
.......................
22,493
1,039,851
Qualys,
Inc.
(a)
...........................
5,813
999,022
Rapid7,
Inc.
(a)
...........................
16,529
968,269
RingCentral,
Inc.
,
Class
A
(a)
..................
33,475
1,118,734
Riot
Platforms,
Inc.
(a)
......................
47,420
669,570
SentinelOne,
Inc.
,
Class
A
(a)
..................
74,612
2,101,820
Smartsheet,
Inc.
,
Class
A
(a)
..................
39,915
1,684,812
Sprinklr,
Inc.
,
Class
A
(a)
.....................
61,286
798,557
Sprout
Social,
Inc.
,
Class
A
(a)
(b)
................
18,075
1,117,396
SPS
Commerce,
Inc.
(a)
.....................
16,769
3,104,948
Tenable
Holdings,
Inc.
(a)
....................
41,009
1,974,993
Teradata
Corp.
(a)
.........................
51,111
1,922,796
Varonis
Systems,
Inc.
(a)
(b)
....................
27,845
1,414,526
Verint
Systems,
Inc.
(a)
......................
41,218
1,302,901
Workiva,
Inc.
,
Class
A
(a)
.....................
31,217
2,688,408
Xperi,
Inc.
(a)
.............................
70,628
774,083
Zuora,
Inc.
,
Class
A
(a)
......................
93,643
102,975,031
a
Specialized
REITs
—
0
.6
%
CubeSmart
.............................
73,087
3,187,324
EPR
Properties
..........................
23,697
973,473
Outfront
Media,
Inc.
.......................
77,936
1,119,940
PotlatchDeltic
Corp.
.......................
65,500
2,961,255
Uniti
Group,
Inc.
.........................
335,557
1,966,364
10,208,356
a
Specialty
Retail
—
3
.5
%
Abercrombie
&
Fitch
Co.
,
Class
A
(a)
.............
18,146
2,318,333
Advance
Auto
Parts,
Inc.
....................
19,805
1,337,630
American
Eagle
Outfitters,
Inc.
................
76,956
1,827,705
America's
Car-Mart,
Inc.
(a)
...................
12,446
838,114
Asbury
Automotive
Group,
Inc.
(a)
...............
7,889
1,647,460
AutoNation,
Inc.
(a)
(b)
.......................
10,072
1,508,786
Beyond,
Inc.
(a)
...........................
30,189
1,012,237
Boot
Barn
Holdings,
Inc.
(a)
(b)
..................
8,659
800,957
iShares
®
ESG
Aware
MSCI
USA
Small-Cap
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
(Percentages
shown
are
based
on
Net
Assets)
29
Schedule
of
Investments
Security
Shares
Value
a
Specialty
Retail
(continued)
Caleres,
Inc.
............................
22,855
$
882,432
Carvana
Co.
,
Class
A
(a)
(b)
....................
31,347
2,380,178
Five
Below,
Inc.
(a)
.........................
20,580
4,129,994
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
..........
34,096
4,129,708
Foot
Locker,
Inc.
.........................
43,154
1,485,792
GameStop
Corp.
,
Class
A
(a)
(b)
.................
85,108
1,214,491
Gap,
Inc.
(The)
..........................
103,805
1,966,067
Genesco,
Inc.
(a)
..........................
24,289
775,305
Group
1
Automotive,
Inc.
....................
10,102
2,734,106
Hibbett,
Inc.
............................
12,987
1,064,285
Leslie's,
Inc.
(a)
(b)
..........................
141,387
1,116,957
Lithia
Motors,
Inc.
........................
10,693
3,197,849
MarineMax,
Inc.
(a)
.........................
24,596
816,587
Murphy
USA,
Inc.
........................
10,808
4,507,044
National
Vision
Holdings,
Inc.
(a)
...............
78,346
1,833,296
ODP
Corp.
(The)
(a)
........................
14,478
817,717
Petco
Health
&
Wellness
Co.,
Inc.
,
Class
A
(a)
(b)
.....
286,247
744,242
RH
(a)
(b)
................................
3,714
1,019,122
Sally
Beauty
Holdings,
Inc.
(a)
.................
66,452
839,289
Signet
Jewelers
Ltd.
.......................
18,533
1,885,918
Upbound
Group,
Inc.
......................
24,271
819,389
Urban
Outfitters,
Inc.
(a)
.....................
18,119
752,844
Valvoline,
Inc.
(a)
..........................
62,153
2,650,204
Victoria's
Secret
&
Co.
(a)
....................
26,570
758,839
Wayfair,
Inc.
,
Class
A
(a)
(b)
....................
25,177
1,500,549
55,313,426
a
Technology
Hardware,
Storage
&
Peripherals
—
0
.5
%
IonQ,
Inc.
(a)
(b)
............................
72,467
750,758
Pure
Storage,
Inc.
,
Class
A
(a)
.................
101,485
5,343,185
Xerox
Holdings
Corp.
......................
73,749
1,375,419
7,469,362
a
Textiles,
Apparel
&
Luxury
Goods
—
1
.7
%
Capri
Holdings
Ltd.
(a)
......................
36,384
1,678,394
Carter's,
Inc.
............................
14,826
1,200,165
Columbia
Sportswear
Co.
...................
16,705
1,381,336
Crocs,
Inc.
(a)
............................
26,563
3,247,327
Hanesbrands,
Inc.
(a)
.......................
183,478
990,781
Kontoor
Brands,
Inc.
.......................
24,091
1,424,019
Levi
Strauss
&
Co.
,
Class
A
..................
51,848
942,078
Movado
Group,
Inc.
.......................
39,323
1,128,963
PVH
Corp.
.............................
29,307
4,005,388
Ralph
Lauren
Corp.
,
Class
A
.................
6,571
1,221,680
Steven
Madden,
Ltd.
......................
44,435
1,902,707
Tapestry,
Inc.
............................
83,047
3,947,224
Under
Armour,
Inc.
,
Class
A
(a)
.................
96,278
862,651
VF
Corp.
..............................
163,960
2,679,106
26,611,819
a
Trading
Companies
&
Distributors
—
1
.8
%
Air
Lease
Corp.
,
Class
A
....................
36,253
1,453,745
Applied
Industrial
Technologies,
Inc.
............
6,677
1,267,896
Beacon
Roofing
Supply,
Inc.
(a)
................
22,707
1,950,304
Boise
Cascade
Co.
.......................
22,695
3,084,477
Core
&
Main,
Inc.
,
Class
A
(a)
..................
64,483
3,077,774
DNOW,
Inc.
(a)
...........................
64,654
914,854
Security
Shares
Value
a
Trading
Companies
&
Distributors
(continued)
FTAI
Aviation,
Ltd.
........................
18,134
$
1,020,763
GATX
Corp.
............................
20,762
2,633,452
Herc
Holdings,
Inc.
........................
11,135
1,766,902
McGrath
RentCorp
........................
10,203
1,270,069
MRC
Global,
Inc.
(a)
........................
65,697
757,486
Rush
Enterprises,
Inc.
,
Class
A
...............
16,140
786,018
Rush
Enterprises,
Inc.
,
Class
B
...............
18,548
935,376
SiteOne
Landscape
Supply,
Inc.
(a)
(b)
.............
24,464
4,121,695
WESCO
International,
Inc.
...................
19,978
2,986,511
28,027,322
a
Water
Utilities
—
0
.2
%
American
States
Water
Co.
..................
27,304
1,949,778
SJW
Group
.............................
29,813
1,641,504
3,591,282
a
Wireless
Telecommunication
Services
—
0
.1
%
Gogo,
Inc.
(a)
............................
81,080
661,613
Telephone
and
Data
Systems,
Inc.
.............
55,588
850,496
United
States
Cellular
Corp.
(a)
(b)
...............
22,547
786,665
2,298,774
a
Total
Common
Stocks — 99.6%
(Cost:
$
1,442,364,511
)
...............................
1,573,188,115
a
Rights
Biotechnology
—
0
.0
%
Chinook
Therapeutics,
Inc.
,
CVR
(Expires
01/01/26)
(c)
30,052
13,223
a
Total
Rights — 0.0%
(Cost:
$
–
)
........................................
13,223
Total
Long-Term
Investments — 99.6%
(Cost:
$
1,442,364,511
)
...............................
1,573,201,338
a
Short-Term
Securities
Money
Market
Funds
—
6
.7
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.50
%
(d)
(e)
(f)
......................
100,480,571
100,530,811
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.30
%
(d)
(e)
............................
4,375,857
4,375,857
a
Total
Short-Term
Securities — 6.7%
(Cost:
$
104,856,977
)
................................
104,906,668
Total
Investments
—
106.3%
(Cost:
$
1,547,221,488
)
...............................
1,678,108,006
Liabilities
in
Excess
of
Other
Assets
—
(
6
.3
)
%
...............
(
99,170,222
)
Net
Assets
—
100.0%
.................................
$
1,578,937,784
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(d)
Affiliate
of
the
Fund.
(e)
Annualized
7-day
yield
as
of
period
end.
(f)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
iShares
®
ESG
Aware
MSCI
USA
Small-Cap
ETF
30
2024
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
February
29,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
February
29,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
08/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
02/29/24
Shares
Held
at
02/29/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
109,796,514
$
—
$
(
9,281,030
)
(a)
$
12,820
$
2,507
$
100,530,811
100,480,571
$
375,010
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
5,304,286
—
(
928,429
)
(a)
—
—
4,375,857
4,375,857
106,296
—
$
12,820
$
2,507
$
104,906,668
$
481,306
$
—
(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
Russell
2000
Index
................................................................
34
03/15/24
$
3,497
$
89,672
E-Mini
S&P
MidCap
400
Index
.............................................................
8
03/15/24
2,314
64,808
$
154,480
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)
.............
$
—
$
—
$
154,480
$
—
$
—
$
—
$
154,480
(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
..................................
$
—
$
—
$
433,792
$
—
$
—
$
—
$
433,792
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
119,700
$
—
$
—
$
—
$
119,700
iShares
®
ESG
Aware
MSCI
USA
Small-Cap
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
31
Schedule
of
Investments
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
5,744,985
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,570,719,879
$
2,468,236
$
—
$
1,573,188,115
Rights
................................................
—
—
13,223
13,223
Short-Term
Securities
Money
Market
Funds
......................................
104,906,668
—
—
104,906,668
$
1,675,626,547
$
2,468,236
$
13,223
$
1,678,108,006
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
154,480
$
—
$
—
$
154,480
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
February
29,
2024
iShares
®
ESG
Aware
MSCI
USA
Value
ETF
(Percentages
shown
are
based
on
Net
Assets)
32
2024
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
—
1
.3
%
Huntington
Ingalls
Industries,
Inc.
..............
77
$
22,455
RTX
Corp.
.............................
385
34,523
56,978
a
Air
Freight
&
Logistics
—
1
.6
%
CH
Robinson
Worldwide,
Inc.
................
226
16,742
Expeditors
International
of
Washington,
Inc.
.......
202
24,159
FedEx
Corp.
............................
38
9,461
United
Parcel
Service,
Inc.
,
Class
B
............
116
17,198
67,560
a
Automobiles
—
0
.1
%
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.............
257
2,909
a
Banks
—
5
.8
%
Bank
of
America
Corp.
.....................
1,377
47,534
Citigroup,
Inc.
...........................
483
26,802
Huntington
Bancshares,
Inc.
.................
783
10,210
JPMorgan
Chase
&
Co.
....................
576
107,171
PNC
Financial
Services
Group,
Inc.
(The)
........
144
21,197
Regions
Financial
Corp.
....................
559
10,414
Truist
Financial
Corp.
......................
236
8,255
U.S.
Bancorp
...........................
245
10,280
Wells
Fargo
&
Co.
........................
128
7,116
248,979
a
Beverages
—
3
.5
%
Coca-Cola
Co.
(The)
......................
1,283
77,006
Constellation
Brands,
Inc.
,
Class
A
.............
17
4,225
Keurig
Dr
Pepper,
Inc.
.....................
429
12,831
Molson
Coors
Beverage
Co.
,
Class
B
...........
176
10,986
PepsiCo,
Inc.
...........................
259
42,823
147,871
a
Biotechnology
—
3
.3
%
AbbVie,
Inc.
............................
272
47,886
Amgen,
Inc.
............................
130
35,598
Biogen,
Inc.
(a)
...........................
34
7,378
Gilead
Sciences,
Inc.
......................
524
37,780
Regeneron
Pharmaceuticals,
Inc.
(a)
.............
14
13,525
142,167
a
Building
Products
—
2
.3
%
Allegion
PLC
............................
42
5,371
Builders
FirstSource,
Inc.
(a)
..................
23
4,489
Carrier
Global
Corp.
.......................
280
15,562
Fortune
Brands
Innovations,
Inc.
..............
165
13,421
Johnson
Controls
International
PLC
............
207
12,269
Owens
Corning
..........................
59
8,837
Trane
Technologies
PLC
....................
135
38,066
98,015
a
Capital
Markets
—
4
.9
%
Bank
of
New
York
Mellon
Corp.
(The)
...........
459
25,745
BlackRock,
Inc.
(c)
.........................
24
19,472
Cboe
Global
Markets,
Inc.
...................
31
5,952
Charles
Schwab
Corp.
(The)
.................
237
15,827
Goldman
Sachs
Group,
Inc.
(The)
.............
76
29,568
Intercontinental
Exchange,
Inc.
...............
63
8,721
KKR
&
Co.,
Inc.
..........................
44
4,323
Morgan
Stanley
..........................
405
34,846
Nasdaq,
Inc.
............................
226
12,701
Northern
Trust
Corp.
.......................
72
5,913
S&P
Global,
Inc.
.........................
88
37,698
Security
Shares
Value
a
Capital
Markets
(continued)
State
Street
Corp.
........................
97
$
7,152
207,918
a
Chemicals
—
2
.9
%
Dow,
Inc.
..............................
290
16,205
DuPont
de
Nemours,
Inc.
...................
64
4,428
Ecolab,
Inc.
............................
139
31,253
International
Flavors
&
Fragrances,
Inc.
..........
107
8,078
Linde
PLC
.............................
81
36,354
LyondellBasell
Industries
NV
,
Class
A
...........
135
13,538
PPG
Industries,
Inc.
.......................
106
15,010
124,866
a
Communications
Equipment
—
1
.1
%
Cisco
Systems,
Inc.
.......................
850
41,115
Juniper
Networks,
Inc.
.....................
143
5,295
46,410
a
Construction
Materials
—
0
.2
%
Martin
Marietta
Materials,
Inc.
................
15
8,666
a
Consumer
Finance
—
1
.7
%
American
Express
Co.
.....................
162
35,546
Capital
One
Financial
Corp.
..................
46
6,330
Discover
Financial
Services
..................
130
15,691
Synchrony
Financial
.......................
369
15,240
72,807
a
Consumer
Staples
Distribution
&
Retail
—
1
.2
%
Dollar
General
Corp.
......................
30
4,359
Dollar
Tree,
Inc.
(a)
.........................
39
5,721
Kroger
Co.
(The)
.........................
340
16,868
Sysco
Corp.
............................
54
4,372
Target
Corp.
............................
133
20,338
51,658
a
Containers
&
Packaging
—
0
.5
%
Amcor
PLC
.............................
488
4,421
Avery
Dennison
Corp.
......................
25
5,413
Ball
Corp.
..............................
80
5,122
International
Paper
Co.
.....................
145
5,127
20,083
a
Distributors
—
0
.5
%
LKQ
Corp.
.............................
399
20,864
a
Diversified
Telecommunication
Services
—
1
.2
%
AT&T,
Inc.
..............................
909
15,389
Verizon
Communications,
Inc.
................
919
36,779
52,168
a
Electric
Utilities
—
1
.8
%
Edison
International
.......................
158
10,747
Eversource
Energy
.......................
341
20,017
Exelon
Corp.
............................
436
15,626
NextEra
Energy,
Inc.
......................
512
28,257
74,647
a
Electrical
Equipment
—
0
.6
%
Eaton
Corp.
PLC
.........................
62
17,918
Rockwell
Automation,
Inc.
...................
25
7,127
25,045
a
iShares
®
ESG
Aware
MSCI
USA
Value
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
(Percentages
shown
are
based
on
Net
Assets)
33
Schedule
of
Investments
Security
Shares
Value
a
Electronic
Equipment,
Instruments
&
Components
—
0
.6
%
Keysight
Technologies,
Inc.
(a)
.................
110
$
16,973
Trimble,
Inc.
(a)
...........................
136
8,322
25,295
a
Energy
Equipment
&
Services
—
0
.2
%
Baker
Hughes
Co.
,
Class
A
..................
288
8,522
a
Entertainment
—
1
.4
%
Electronic
Arts,
Inc.
.......................
118
16,459
Walt
Disney
Co.
(The)
.....................
385
42,958
59,417
a
Financial
Services
—
1
.7
%
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
............
112
45,853
Fidelity
National
Information
Services,
Inc.
........
192
13,285
Fiserv,
Inc.
(a)
............................
101
15,076
74,214
a
Food
Products
—
2
.9
%
Archer-Daniels-Midland
Co.
..................
96
5,099
Bunge
Global
SA
.........................
154
14,533
Campbell
Soup
Co.
.......................
101
4,307
Conagra
Brands,
Inc.
......................
153
4,296
Darling
Ingredients,
Inc.
(a)
...................
98
4,146
General
Mills,
Inc.
........................
428
27,469
Hormel
Foods
Corp.
.......................
145
5,121
Kellanova
..............................
558
30,774
Kraft
Heinz
Co.
(The)
......................
414
14,606
McCormick
&
Co.,
Inc.
,
NVS
.................
81
5,578
Mondelez
International,
Inc.
,
Class
A
............
74
5,407
121,336
a
Ground
Transportation
—
0
.3
%
CSX
Corp.
.............................
125
4,742
JB
Hunt
Transport
Services,
Inc.
..............
44
9,078
13,820
a
Health
Care
Equipment
&
Supplies
—
1
.8
%
Abbott
Laboratories
.......................
152
18,033
Becton
Dickinson
&
Co.
....................
18
4,240
GE
HealthCare
Technologies,
Inc.
.............
70
6,390
ResMed,
Inc.
...........................
23
3,995
STERIS
PLC
............................
78
18,167
Stryker
Corp.
...........................
12
4,189
Teleflex,
Inc.
............................
40
8,912
Zimmer
Biomet
Holdings,
Inc.
................
118
14,674
78,600
a
Health
Care
Providers
&
Services
—
5
.4
%
Cardinal
Health,
Inc.
.......................
128
14,334
Cencora,
Inc.
...........................
99
23,324
Centene
Corp.
(a)
.........................
147
11,529
Cigna
Group
(The)
........................
86
28,908
CVS
Health
Corp.
........................
92
6,842
HCA
Healthcare,
Inc.
......................
43
13,403
Humana,
Inc.
...........................
17
5,956
Laboratory
Corp.
of
America
Holdings
...........
51
11,007
Quest
Diagnostics,
Inc.
.....................
89
11,115
UnitedHealth
Group,
Inc.
....................
212
104,643
231,061
a
Health
Care
REITs
—
0
.4
%
Welltower,
Inc.
...........................
197
18,155
a
Security
Shares
Value
a
Hotels,
Restaurants
&
Leisure
—
1
.0
%
McDonald's
Corp.
........................
115
$
33,612
Vail
Resorts,
Inc.
.........................
43
9,904
43,516
a
Household
Durables
—
0
.2
%
DR
Horton,
Inc.
..........................
48
7,173
a
Household
Products
—
2
.8
%
Church
&
Dwight
Co.,
Inc.
...................
123
12,315
Clorox
Co.
(The)
.........................
107
16,404
Kimberly-Clark
Corp.
......................
164
19,872
Procter
&
Gamble
Co.
(The)
.................
435
69,139
117,730
a
Industrial
Conglomerates
—
1
.4
%
3M
Co.
................................
275
25,333
Honeywell
International,
Inc.
.................
182
36,169
61,502
a
Industrial
REITs
—
0
.5
%
Prologis,
Inc.
............................
166
22,123
a
Insurance
—
3
.7
%
Allstate
Corp.
(The)
.......................
26
4,148
Assurant,
Inc.
...........................
30
5,444
Chubb
Ltd.
.............................
35
8,808
Hartford
Financial
Services
Group,
Inc.
(The)
......
195
18,689
Marsh
&
McLennan
Companies,
Inc.
............
102
20,632
MetLife,
Inc.
............................
272
18,969
Principal
Financial
Group,
Inc.
................
69
5,579
Prudential
Financial,
Inc.
....................
393
42,833
Travelers
Companies,
Inc.
(The)
...............
119
26,294
Willis
Towers
Watson
PLC
...................
22
5,997
157,393
a
IT
Services
—
2
.1
%
Accenture
PLC
,
Class
A
....................
86
32,231
Akamai
Technologies,
Inc.
(a)
..................
38
4,215
International
Business
Machines
Corp.
..........
268
49,588
Twilio,
Inc.
,
Class
A
(a)
......................
71
4,231
90,265
a
Leisure
Products
—
0
.2
%
Hasbro,
Inc.
............................
165
8,298
a
Life
Sciences
Tools
&
Services
—
2
.1
%
Agilent
Technologies,
Inc.
...................
91
12,500
Avantor,
Inc.
(a)
...........................
270
6,653
Danaher
Corp.
..........................
154
38,983
Thermo
Fisher
Scientific,
Inc.
.................
51
29,079
87,215
a
Machinery
—
3
.9
%
Caterpillar,
Inc.
..........................
95
31,726
CNH
Industrial
N.V.
.......................
972
11,615
Cummins,
Inc.
...........................
87
23,369
Deere
&
Co.
............................
28
10,221
Dover
Corp.
............................
76
12,569
Fortive
Corp.
............................
75
6,385
IDEX
Corp.
.............................
38
8,964
Illinois
Tool
Works,
Inc.
.....................
17
4,457
Ingersoll
Rand,
Inc.
.......................
121
11,051
Pentair
PLC
............................
349
27,149
Xylem,
Inc.
.............................
162
20,582
168,088
a
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
iShares
®
ESG
Aware
MSCI
USA
Value
ETF
(Percentages
shown
are
based
on
Net
Assets)
34
2024
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Media
—
0
.7
%
Comcast
Corp.
,
Class
A
....................
504
$
21,596
Fox
Corp.
,
Class
B
........................
150
4,107
Interpublic
Group
of
Companies,
Inc.
(The)
.......
187
5,872
31,575
a
Metals
&
Mining
—
0
.8
%
Freeport-McMoRan,
Inc.
....................
174
6,579
Newmont
Corp.
..........................
325
10,156
Nucor
Corp.
............................
64
12,307
Steel
Dynamics,
Inc.
.......................
39
5,219
34,261
a
Multi-Utilities
—
1
.6
%
CMS
Energy
Corp.
........................
271
15,547
Consolidated
Edison,
Inc.
...................
155
13,518
Public
Service
Enterprise
Group,
Inc.
...........
651
40,622
69,687
a
Office
REITs
—
0
.1
%
Boston
Properties,
Inc.
.....................
65
4,207
a
Oil,
Gas
&
Consumable
Fuels
—
6
.8
%
Chevron
Corp.
...........................
379
57,612
ConocoPhillips
..........................
349
39,276
Diamondback
Energy,
Inc.
...................
23
4,198
EQT
Corp.
.............................
130
4,830
Exxon
Mobil
Corp.
........................
517
54,037
Kinder
Morgan,
Inc.
,
Class
P
.................
1,398
24,311
Marathon
Petroleum
Corp.
..................
25
4,231
Occidental
Petroleum
Corp.
..................
102
6,182
ONEOK,
Inc.
............................
335
25,165
Ovintiv,
Inc.
.............................
396
19,566
Phillips
66
..............................
129
18,384
Pioneer
Natural
Resources
Co.
...............
83
19,521
Valero
Energy
Corp.
.......................
59
8,346
Williams
Companies,
Inc.
(The)
...............
156
5,607
291,266
a
Pharmaceuticals
—
4
.4
%
Bristol-Myers
Squibb
Co.
....................
385
19,539
Johnson
&
Johnson
.......................
453
73,105
Merck
&
Co.,
Inc.
.........................
516
65,609
Pfizer,
Inc.
.............................
1,062
28,207
186,460
a
Professional
Services
—
0
.7
%
Broadridge
Financial
Solutions,
Inc.
............
86
17,508
Leidos
Holdings,
Inc.
......................
40
5,114
Paychex,
Inc.
...........................
43
5,273
27,895
a
Residential
REITs
—
0
.2
%
AvalonBay
Communities,
Inc.
................
39
6,904
a
Semiconductors
&
Semiconductor
Equipment
—
7
.8
%
Broadcom,
Inc.
..........................
79
102,739
First
Solar,
Inc.
(a)
.........................
27
4,155
Intel
Corp.
.............................
1,032
44,427
Lam
Research
Corp.
......................
39
36,592
Marvell
Technology,
Inc.
....................
194
13,902
Micron
Technology,
Inc.
.....................
181
16,400
NXP
Semiconductors
NV
...................
94
23,475
QUALCOMM,
Inc.
........................
173
27,298
Texas
Instruments,
Inc.
.....................
368
61,577
330,565
a
Security
Shares
Value
a
Software
—
0
.9
%
Aspen
Technology,
Inc.
(a)
....................
23
$
4,459
Gen
Digital,
Inc.
..........................
335
7,199
Oracle
Corp.
............................
235
26,245
37,903
a
Specialized
REITs
—
2
.5
%
American
Tower
Corp.
.....................
125
24,857
Crown
Castle,
Inc.
........................
268
29,464
Digital
Realty
Trust,
Inc.
....................
128
18,792
Iron
Mountain,
Inc.
........................
212
16,672
Public
Storage
...........................
15
4,258
Weyerhaeuser
Co.
........................
418
14,371
108,414
a
Specialty
Retail
—
3
.9
%
Best
Buy
Co.,
Inc.
........................
175
14,154
CarMax,
Inc.
(a)
...........................
57
4,503
Home
Depot,
Inc.
(The)
....................
246
93,630
Lowe's
Companies,
Inc.
....................
137
32,972
TJX
Companies,
Inc.
(The)
..................
109
10,806
Tractor
Supply
Co.
........................
41
10,427
166,492
a
Technology
Hardware,
Storage
&
Peripherals
—
0
.8
%
Dell
Technologies,
Inc.
,
Class
C
...............
50
4,733
Hewlett
Packard
Enterprise
Co.
...............
1,130
17,210
HP,
Inc.
...............................
173
4,901
Western
Digital
Corp.
(a)
.....................
82
4,876
31,720
a
Trading
Companies
&
Distributors
—
0
.9
%
Ferguson
PLC
...........................
144
30,449
United
Rentals,
Inc.
.......................
14
9,706
40,155
a
Water
Utilities
—
0
.5
%
American
Water
Works
Co.,
Inc.
...............
83
9,839
Essential
Utilities,
Inc.
......................
311
10,816
20,655
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
3,962,149
)
..................................
4,251,493
a
Short-Term
Securities
Money
Market
Funds
—
0
.3
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.50
%
(c)
(d)
(e)
......................
2,643
2,645
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.30
%
(c)
(d)
............................
9,791
9,791
a
Total
Short-Term
Securities — 0.3%
(Cost:
$
12,435
)
....................................
12,436
Total
Investments
—
100.0%
(Cost:
$
3,974,584
)
..................................
4,263,929
Liabilities
in
Excess
of
Other
Assets
—
0
.0
%
................
(
890
)
Net
Assets
—
100.0%
.................................
$
4,263,039
(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
Value
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
35
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
29,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
February
29,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
08/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
02/29/24
Shares
Held
at
02/29/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
4,259
$
—
$
(
1,614
)
(a)
$
(
1
)
$
1
$
2,645
2,643
$
10
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
......
4,698
5,093
(a)
—
—
—
9,791
9,791
255
—
BlackRock,
Inc.
..
18,214
—
(
1,436
)
(
82
)
2,776
19,472
24
255
—
$
(
83
)
$
2,777
$
31,908
$
520
$
—
(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
Micro
E-Mini
Russell
2000
Index
............................................................
1
03/15/24
$
10
$
414
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)
.............
$
—
$
—
$
414
$
—
$
—
$
—
$
414
(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
..................................
$
—
$
—
$
630
$
—
$
—
$
—
$
630
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
414
$
—
$
—
$
—
$
414
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
iShares
®
ESG
Aware
MSCI
USA
Value
ETF
36
2024
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
...................................................................................
$
9,674
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
4,251,493
$
—
$
—
$
4,251,493
Short-Term
Securities
Money
Market
Funds
......................................
12,436
—
—
12,436
$
4,263,929
$
—
$
—
$
4,263,929
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
414
$
—
$
—
$
414
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
ESG
MSCI
USA
Leaders
ETF
Schedule
of
Investments
(unaudited)
February
29,
2024
(Percentages
shown
are
based
on
Net
Assets)
37
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
—
0
.1
%
Axon
Enterprise,
Inc.
(a)
.....................
3,484
$
1,070,877
a
Air
Freight
&
Logistics
—
0
.6
%
CH
Robinson
Worldwide,
Inc.
................
5,730
424,478
Expeditors
International
of
Washington,
Inc.
.......
7,175
858,130
United
Parcel
Service,
Inc.
,
Class
B
............
35,245
5,225,424
6,508,032
a
Automobile
Components
—
0
.2
%
Aptiv
PLC
(a)
.............................
13,730
1,091,398
BorgWarner,
Inc.
.........................
11,256
350,399
Lear
Corp.
.............................
2,840
390,074
1,831,871
a
Automobiles
—
2
.5
%
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.............
31,984
362,059
Tesla,
Inc.
(a)
.............................
139,422
28,146,513
28,508,572
a
Banks
—
1
.0
%
Citizens
Financial
Group,
Inc.
................
22,896
718,706
Huntington
Bancshares,
Inc.
.................
70,238
915,904
PNC
Financial
Services
Group,
Inc.
(The)
........
19,412
2,857,446
Regions
Financial
Corp.
....................
45,191
841,908
Truist
Financial
Corp.
......................
64,992
2,273,420
U.S.
Bancorp
...........................
75,924
3,185,771
10,793,155
a
Beverages
—
2
.2
%
Coca-Cola
Co.
(The)
......................
200,152
12,013,123
Keurig
Dr
Pepper,
Inc.
.....................
51,196
1,531,272
PepsiCo,
Inc.
...........................
66,999
11,077,615
24,622,010
a
Biotechnology
—
1
.2
%
Amgen,
Inc.
............................
26,080
7,141,486
Biogen,
Inc.
(a)
...........................
7,042
1,528,044
Gilead
Sciences,
Inc.
......................
60,722
4,378,056
13,047,586
a
Broadline
Retail
—
0
.4
%
eBay,
Inc.
..............................
25,292
1,195,806
MercadoLibre,
Inc.
(a)
.......................
2,217
3,536,780
4,732,586
a
Building
Products
—
1
.0
%
Allegion
PLC
............................
4,242
542,424
Builders
FirstSource,
Inc.
(a)
..................
6,051
1,181,034
Carrier
Global
Corp.
.......................
39,393
2,189,463
Fortune
Brands
Innovations,
Inc.
..............
6,091
495,442
Johnson
Controls
International
PLC
............
33,170
1,965,986
Lennox
International,
Inc.
...................
1,577
743,098
Masco
Corp.
............................
10,983
843,055
Owens
Corning
..........................
4,338
649,746
Trane
Technologies
PLC
....................
11,071
3,121,690
11,731,938
a
Capital
Markets
—
3
.8
%
Ameriprise
Financial,
Inc.
...................
4,931
2,008,692
Bank
of
New
York
Mellon
Corp.
(The)
...........
37,004
2,075,554
BlackRock,
Inc.
(c)
.........................
7,249
5,881,404
Cboe
Global
Markets,
Inc.
...................
5,144
987,648
Charles
Schwab
Corp.
(The)
.................
73,386
4,900,717
FactSet
Research
Systems,
Inc.
...............
1,851
856,236
Franklin
Resources,
Inc.
....................
14,326
393,249
Security
Shares
Value
a
Capital
Markets
(continued)
Intercontinental
Exchange,
Inc.
...............
27,892
$
3,860,811
LPL
Financial
Holdings,
Inc.
..................
3,665
981,817
MarketAxess
Holdings,
Inc.
..................
1,828
390,113
Moody's
Corp.
...........................
8,028
3,045,984
Morgan
Stanley
..........................
59,988
5,161,368
Nasdaq,
Inc.
............................
16,871
948,150
Northern
Trust
Corp.
.......................
10,065
826,638
Raymond
James
Financial,
Inc.
...............
9,706
1,167,826
S&P
Global,
Inc.
.........................
15,805
6,770,546
State
Street
Corp.
........................
15,038
1,108,752
T
Rowe
Price
Group,
Inc.
...................
10,927
1,238,575
42,604,080
a
Chemicals
—
1
.9
%
Ecolab,
Inc.
............................
12,512
2,813,198
International
Flavors
&
Fragrances,
Inc.
..........
12,385
935,067
Linde
PLC
.............................
23,629
10,605,168
LyondellBasell
Industries
NV
,
Class
A
...........
12,613
1,264,832
PPG
Industries,
Inc.
.......................
11,513
1,630,241
Sherwin-Williams
Co.
(The)
..................
11,850
3,934,555
21,183,061
a
Commercial
Services
&
Supplies
—
0
.6
%
Cintas
Corp.
............................
4,446
2,794,800
Waste
Management,
Inc.
....................
19,638
4,038,555
6,833,355
a
Construction
&
Engineering
—
0
.2
%
AECOM
...............................
6,627
588,677
Quanta
Services,
Inc.
......................
7,087
1,711,581
2,300,258
a
Construction
Materials
—
0
.2
%
Martin
Marietta
Materials,
Inc.
................
3,012
1,740,063
a
Consumer
Finance
—
0
.8
%
Ally
Financial,
Inc.
........................
13,169
487,121
American
Express
Co.
.....................
28,410
6,233,722
Discover
Financial
Services
..................
12,192
1,471,574
Synchrony
Financial
.......................
20,165
832,815
9,025,232
a
Consumer
Staples
Distribution
&
Retail
—
0
.5
%
Kroger
Co.
(The)
.........................
33,151
1,644,621
Target
Corp.
............................
22,497
3,440,241
5,084,862
a
Containers
&
Packaging
—
0
.3
%
Amcor
PLC
.............................
70,829
641,711
Avery
Dennison
Corp.
......................
3,938
852,695
Ball
Corp.
..............................
15,338
981,939
International
Paper
Co.
.....................
15,931
563,320
Westrock
Co.
...........................
12,584
569,929
3,609,594
a
Distributors
—
0
.2
%
Genuine
Parts
Co.
........................
6,810
1,016,461
LKQ
Corp.
.............................
13,089
684,424
Pool
Corp.
.............................
1,894
754,039
2,454,924
a
Diversified
Telecommunication
Services
—
0
.7
%
Liberty
Global,
Ltd.
,
Class
C
(a)
(b)
...............
8,984
166,653
Verizon
Communications,
Inc.
................
204,872
8,198,978
8,365,631
a
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
iShares
®
ESG
MSCI
USA
Leaders
ETF
(Percentages
shown
are
based
on
Net
Assets)
38
2024
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Electric
Utilities
—
0
.4
%
Edison
International
.......................
18,624
$
1,266,804
Eversource
Energy
.......................
16,918
993,086
Exelon
Corp.
............................
48,596
1,741,681
NRG
Energy,
Inc.
.........................
11,002
608,631
4,610,202
a
Electrical
Equipment
—
0
.9
%
Eaton
Corp.
PLC
.........................
19,458
5,623,362
Emerson
Electric
Co.
......................
27,728
2,962,737
Rockwell
Automation,
Inc.
...................
5,597
1,595,593
10,181,692
a
Electronic
Equipment,
Instruments
&
Components
—
0
.2
%
Keysight
Technologies,
Inc.
(a)
.................
8,582
1,324,202
Trimble,
Inc.
(a)
...........................
12,125
741,929
2,066,131
a
Energy
Equipment
&
Services
—
0
.6
%
Baker
Hughes
Co.
,
Class
A
..................
49,123
1,453,549
Halliburton
Co.
..........................
43,600
1,529,052
Schlumberger
Ltd.
........................
69,611
3,364,300
6,346,901
a
Entertainment
—
1
.2
%
Electronic
Arts,
Inc.
.......................
12,467
1,738,897
Take-Two
Interactive
Software,
Inc.
(a)
............
8,252
1,212,466
Walt
Disney
Co.
(The)
.....................
89,351
9,969,785
12,921,148
a
Financial
Services
—
4
.3
%
Equitable
Holdings,
Inc.
....................
16,495
564,789
Fidelity
National
Information
Services,
Inc.
........
28,916
2,000,698
Fiserv,
Inc.
(a)
............................
29,248
4,365,849
Mastercard,
Inc.
,
Class
A
....................
40,803
19,371,632
Visa,
Inc.
,
Class
A
........................
77,133
21,800,871
48,103,839
a
Food
Products
—
0
.7
%
Bunge
Global
SA
.........................
7,080
668,140
Campbell
Soup
Co.
.......................
9,434
402,266
Conagra
Brands,
Inc.
......................
23,285
653,843
Darling
Ingredients,
Inc.
(a)
...................
7,873
333,107
General
Mills,
Inc.
........................
27,674
1,776,117
Hormel
Foods
Corp.
.......................
14,810
523,089
J
M
Smucker
Co.
(The)
.....................
5,140
617,674
Kellanova
..............................
13,334
735,370
Lamb
Weston
Holdings,
Inc.
.................
7,039
719,456
McCormick
&
Co.,
Inc.
,
NVS
.................
12,211
840,849
7,269,911
a
Gas
Utilities
—
0
.1
%
Atmos
Energy
Corp.
.......................
7,350
829,889
a
Ground
Transportation
—
1
.5
%
CSX
Corp.
.............................
96,300
3,653,622
JB
Hunt
Transport
Services,
Inc.
..............
4,013
827,922
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
7,782
438,438
Norfolk
Southern
Corp.
.....................
11,038
2,796,808
Old
Dominion
Freight
Line,
Inc.
...............
4,792
2,120,364
Union
Pacific
Corp.
.......................
29,707
7,536,369
17,373,523
a
Health
Care
Equipment
&
Supplies
—
1
.2
%
Align
Technology,
Inc.
(a)
(b)
....................
3,563
1,077,523
Cooper
Cos.,
Inc.
The
......................
9,630
901,368
Dexcom,
Inc.
(a)
..........................
18,819
2,165,502
Edwards
Lifesciences
Corp.
(a)
................
29,620
2,513,849
Security
Shares
Value
a
Health
Care
Equipment
&
Supplies
(continued)
Hologic,
Inc.
(a)
...........................
11,696
$
863,165
IDEXX
Laboratories,
Inc.
(a)
...................
4,047
2,327,956
Insulet
Corp.
(a)
...........................
3,374
553,336
STERIS
PLC
............................
4,815
1,121,462
Teleflex,
Inc.
............................
2,304
513,308
Zimmer
Biomet
Holdings,
Inc.
................
10,150
1,262,254
13,299,723
a
Health
Care
Providers
&
Services
—
1
.8
%
Cencora,
Inc.
...........................
8,321
1,960,428
Cigna
Group
(The)
........................
14,260
4,793,356
DaVita,
Inc.
(a)
............................
2,646
335,963
Elevance
Health,
Inc.
......................
11,450
5,739,312
HCA
Healthcare,
Inc.
......................
9,783
3,049,361
Humana,
Inc.
...........................
6,025
2,110,678
Laboratory
Corp.
of
America
Holdings
...........
4,137
892,889
Molina
Healthcare,
Inc.
(a)
....................
2,839
1,118,310
Quest
Diagnostics,
Inc.
.....................
5,448
680,401
20,680,698
a
Health
Care
REITs
—
0
.3
%
Healthpeak
Properties,
Inc.
..................
34,329
575,011
Welltower,
Inc.
...........................
26,971
2,485,647
3,060,658
a
Hotels,
Restaurants
&
Leisure
—
1
.9
%
Booking
Holdings,
Inc.
(a)
....................
1,700
5,897,011
Hilton
Worldwide
Holdings,
Inc.
...............
12,497
2,553,387
McDonald's
Corp.
........................
35,341
10,329,467
Vail
Resorts,
Inc.
.........................
1,854
426,995
Yum!
Brands,
Inc.
........................
13,674
1,892,755
21,099,615
a
Household
Durables
—
0
.2
%
NVR,
Inc.
(a)
.............................
155
1,181,964
PulteGroup,
Inc.
.........................
10,506
1,138,640
2,320,604
a
Household
Products
—
2
.3
%
Church
&
Dwight
Co.,
Inc.
...................
12,059
1,207,347
Clorox
Co.
(The)
.........................
6,039
925,839
Colgate-Palmolive
Co.
.....................
38,102
3,296,585
Kimberly-Clark
Corp.
......................
16,420
1,989,611
Procter
&
Gamble
Co.
(The)
.................
114,855
18,255,054
25,674,436
a
Industrial
Conglomerates
—
0
.2
%
3M
Co.
................................
26,915
2,479,410
a
Industrial
REITs
—
0
.5
%
Prologis,
Inc.
............................
45,027
6,000,748
a
Insurance
—
2
.2
%
Aflac,
Inc.
..............................
27,054
2,184,340
Allstate
Corp.
(The)
.......................
12,752
2,034,199
Arch
Capital
Group
Ltd.
(a)
...................
18,099
1,585,291
Assurant,
Inc.
...........................
2,563
465,056
Hartford
Financial
Services
Group,
Inc.
(The)
......
14,657
1,404,727
Marsh
&
McLennan
Companies,
Inc.
............
24,028
4,860,144
Principal
Financial
Group,
Inc.
................
11,618
939,432
Progressive
Corp.
(The)
....................
28,510
5,404,356
Prudential
Financial,
Inc.
....................
17,561
1,913,973
Travelers
Companies,
Inc.
(The)
...............
11,130
2,459,285
Willis
Towers
Watson
PLC
...................
5,033
1,372,046
24,622,849
a
iShares
®
ESG
MSCI
USA
Leaders
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
(Percentages
shown
are
based
on
Net
Assets)
39
Schedule
of
Investments
Security
Shares
Value
a
Interactive
Media
&
Services
—
6
.7
%
Alphabet,
Inc.
,
Class
A
(a)
....................
288,393
$
39,930,895
Alphabet,
Inc.
,
Class
C
,
NVS
(a)
................
251,089
35,097,220
Snap,
Inc.
,
Class
A
,
NVS
(a)
..................
50,884
560,742
75,588,857
a
IT
Services
—
2
.0
%
Accenture
PLC
,
Class
A
....................
30,554
11,451,028
Akamai
Technologies,
Inc.
(a)
..................
7,318
811,713
Gartner,
Inc.
(a)
...........................
3,799
1,768,662
International
Business
Machines
Corp.
..........
44,498
8,233,465
Twilio,
Inc.
,
Class
A
(a)
......................
8,274
493,048
22,757,916
a
Leisure
Products
—
0
.0
%
Hasbro,
Inc.
............................
6,298
316,726
a
Life
Sciences
Tools
&
Services
—
1
.5
%
Agilent
Technologies,
Inc.
...................
14,288
1,962,600
Avantor,
Inc.
(a)
...........................
33,015
813,490
Bio-Techne
Corp.
.........................
7,760
570,903
Danaher
Corp.
..........................
34,209
8,659,666
Illumina,
Inc.
(a)
...........................
7,739
1,082,144
Mettler-Toledo
International,
Inc.
(a)
(b)
............
1,057
1,318,312
Repligen
Corp.
(a)
(b)
........................
2,560
496,614
Waters
Corp.
(a)
..........................
2,885
973,457
West
Pharmaceutical
Services,
Inc.
............
3,616
1,295,830
17,173,016
a
Machinery
—
2
.2
%
Caterpillar,
Inc.
..........................
24,808
8,284,880
Cummins,
Inc.
...........................
6,907
1,855,289
Dover
Corp.
............................
6,792
1,123,261
Fortive
Corp.
............................
17,151
1,460,065
Graco,
Inc.
.............................
8,247
752,621
IDEX
Corp.
.............................
3,671
865,989
Illinois
Tool
Works,
Inc.
.....................
14,644
3,838,924
Ingersoll
Rand,
Inc.
.......................
19,762
1,804,863
Otis
Worldwide
Corp.
......................
20,020
1,907,906
Pentair
PLC
............................
8,096
629,788
Toro
Co.
(The)
...........................
5,060
467,089
Xylem,
Inc.
.............................
11,693
1,485,596
24,476,271
a
Media
—
0
.9
%
Comcast
Corp.
,
Class
A
....................
195,688
8,385,231
Fox
Corp.
,
Class
A
,
NVS
....................
12,141
361,680
Fox
Corp.
,
Class
B
........................
7,012
191,989
Interpublic
Group
of
Companies,
Inc.
(The)
.......
18,702
587,243
Omnicom
Group,
Inc.
......................
9,617
850,046
Sirius
XM
Holdings,
Inc.
(b)
...................
38,095
168,380
10,544,569
a
Metals
&
Mining
—
0
.5
%
Newmont
Corp.
..........................
55,910
1,747,187
Nucor
Corp.
............................
11,980
2,303,754
Steel
Dynamics,
Inc.
.......................
7,491
1,002,446
5,053,387
a
Mortgage
REITs
—
0
.0
%
Annaly
Capital
Management,
Inc.
..............
24,500
467,705
a
Multi-Utilities
—
0
.4
%
CMS
Energy
Corp.
........................
14,163
812,531
Consolidated
Edison,
Inc.
...................
16,823
1,467,134
Sempra
...............................
30,668
2,165,161
4,444,826
a
Security
Shares
Value
a
Office
REITs
—
0
.0
%
Boston
Properties,
Inc.
.....................
7,178
$
464,560
a
Oil,
Gas
&
Consumable
Fuels
—
1
.6
%
Cheniere
Energy,
Inc.
......................
11,611
1,802,027
HF
Sinclair
Corp.
.........................
7,782
431,901
Kinder
Morgan,
Inc.
,
Class
P
.................
97,152
1,689,473
Marathon
Petroleum
Corp.
..................
18,503
3,131,263
ONEOK,
Inc.
............................
28,417
2,134,685
Phillips
66
..............................
21,440
3,055,414
Targa
Resources
Corp.
.....................
10,336
1,015,409
Valero
Energy
Corp.
.......................
16,591
2,346,963
Williams
Companies,
Inc.
(The)
...............
59,312
2,131,673
17,738,808
a
Passenger
Airlines
—
0
.0
%
Delta
Air
Lines,
Inc.
.......................
7,930
335,201
a
Pharmaceuticals
—
6
.6
%
Bristol-Myers
Squibb
Co.
....................
99,157
5,032,218
Eli
Lilly
&
Co.
...........................
39,322
29,636,205
Jazz
Pharmaceuticals
PLC
(a)
.................
2,900
344,810
Johnson
&
Johnson
.......................
117,310
18,931,488
Merck
&
Co.,
Inc.
.........................
123,487
15,701,372
Zoetis,
Inc.
,
Class
A
.......................
22,347
4,432,080
74,078,173
a
Professional
Services
—
0
.9
%
Automatic
Data
Processing,
Inc.
...............
20,044
5,033,650
Broadridge
Financial
Solutions,
Inc.
............
5,745
1,169,567
Dayforce,
Inc.
(a)
(b)
.........................
7,281
507,923
Paychex,
Inc.
...........................
15,762
1,932,736
Paylocity
Holding
Corp.
(a)
(b)
..................
2,206
371,954
Robert
Half,
Inc.
.........................
5,191
417,356
TransUnion
.............................
9,455
733,992
10,167,178
a
Real
Estate
Management
&
Development
—
0
.1
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
14,853
1,364,842
a
Semiconductors
&
Semiconductor
Equipment
—
11
.7
%
Applied
Materials,
Inc.
.....................
40,499
8,165,408
Intel
Corp.
.............................
205,452
8,844,709
Lam
Research
Corp.
......................
6,423
6,026,380
Marvell
Technology,
Inc.
....................
42,128
3,018,892
NVIDIA
Corp.
...........................
120,367
95,224,741
NXP
Semiconductors
NV
...................
12,561
3,136,859
Texas
Instruments,
Inc.
.....................
44,258
7,405,691
131,822,680
a
Software
—
18
.6
%
Adobe,
Inc.
(a)
............................
22,027
12,341,288
ANSYS,
Inc.
(a)
...........................
4,245
1,418,552
Autodesk,
Inc.
(a)
(b)
.........................
10,424
2,691,164
Cadence
Design
Systems,
Inc.
(a)
..............
13,258
4,035,470
DocuSign,
Inc.
(a)
.........................
9,934
529,184
Fair
Isaac
Corp.
(a)
.........................
1,211
1,537,861
Gen
Digital,
Inc.
..........................
28,094
603,740
HubSpot,
Inc.
(a)
..........................
2,330
1,441,827
Intuit,
Inc.
..............................
13,642
9,043,145
Microsoft
Corp.
..........................
344,076
142,323,597
PTC,
Inc.
(a)
(b)
............................
5,840
1,068,778
Salesforce,
Inc.
(a)
.........................
47,184
14,571,363
ServiceNow,
Inc.
(a)
........................
9,990
7,705,687
Splunk,
Inc.
(a)
...........................
7,782
1,215,704
Synopsys,
Inc.
(a)
.........................
7,407
4,249,618
Workday,
Inc.
,
Class
A
(a)
....................
10,185
3,001,112
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
iShares
®
ESG
MSCI
USA
Leaders
ETF
(Percentages
shown
are
based
on
Net
Assets)
40
2024
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Software
(continued)
Zscaler,
Inc.
(a)
...........................
4,343
$
1,050,876
208,828,966
a
Specialized
REITs
—
1
.5
%
American
Tower
Corp.
.....................
22,717
4,517,503
Crown
Castle,
Inc.
........................
21,147
2,324,901
Digital
Realty
Trust,
Inc.
....................
14,698
2,157,813
Equinix,
Inc.
............................
4,575
4,066,351
Iron
Mountain,
Inc.
........................
14,168
1,114,172
SBA
Communications
Corp.
,
Class
A
............
5,272
1,103,061
Weyerhaeuser
Co.
........................
35,601
1,223,962
16,507,763
a
Specialty
Retail
—
3
.4
%
AutoZone,
Inc.
(a)
.........................
843
2,534,075
Best
Buy
Co.,
Inc.
........................
9,510
769,169
Burlington
Stores,
Inc.
(a)
....................
3,165
649,141
CarMax,
Inc.
(a)
(b)
..........................
7,614
601,506
Home
Depot,
Inc.
(The)
....................
48,502
18,460,346
Lowe's
Companies,
Inc.
....................
28,042
6,748,868
TJX
Companies,
Inc.
(The)
..................
55,475
5,499,792
Tractor
Supply
Co.
........................
5,291
1,345,607
Ulta
Beauty,
Inc.
(a)
........................
2,366
1,297,893
37,906,397
a
Technology
Hardware,
Storage
&
Peripherals
—
0
.4
%
Hewlett
Packard
Enterprise
Co.
...............
63,333
964,562
HP,
Inc.
...............................
45,874
1,299,610
NetApp,
Inc.
............................
10,125
902,340
Seagate
Technology
Holdings
PLC
.............
9,690
901,655
Western
Digital
Corp.
(a)
.....................
15,707
934,095
5,002,262
a
Textiles,
Apparel
&
Luxury
Goods
—
0
.9
%
Deckers
Outdoor
Corp.
(a)
....................
1,254
1,123,070
Lululemon
Athletica,
Inc.
(a)
...................
5,605
2,618,040
Security
Shares
Value
a
Textiles,
Apparel
&
Luxury
Goods
(continued)
Nike,
Inc.
,
Class
B
........................
59,311
$
6,164,192
9,905,302
a
Trading
Companies
&
Distributors
—
0
.8
%
Fastenal
Co.
............................
27,871
2,034,862
Ferguson
PLC
...........................
9,901
2,093,566
United
Rentals,
Inc.
.......................
3,317
2,299,577
WW
Grainger,
Inc.
........................
2,177
2,119,222
8,547,227
a
Water
Utilities
—
0
.1
%
American
Water
Works
Co.,
Inc.
...............
9,451
1,120,321
Essential
Utilities,
Inc.
......................
12,652
440,037
1,560,358
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
952,973,518
)
................................
1,120,042,654
a
Short-Term
Securities
Money
Market
Funds
—
0
.6
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.50
%
(c)
(d)
(e)
......................
5,469,948
5,472,683
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.30
%
(c)
(d)
............................
1,683,126
1,683,126
a
Total
Short-Term
Securities — 0.6%
(Cost:
$
7,155,487
)
..................................
7,155,809
Total
Investments
—
100.3%
(Cost:
$
960,129,005
)
................................
1,127,198,463
Liabilities
in
Excess
of
Other
Assets
—
(
0
.3
)
%
...............
(
3,918,276
)
Net
Assets
—
100.0%
.................................
$
1,123,280,187
(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
29,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
08/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
02/29/24
Shares
Held
at
02/29/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
1,150,322
$
4,318,748
(a)
$
—
$
3,444
$
169
$
5,472,683
5,469,948
$
32,057
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
1,878,833
—
(
195,707
)
(a)
—
—
1,683,126
1,683,126
73,061
—
BlackRock,
Inc.
..
5,850,210
299,076
(
1,160,653
)
91,426
801,345
5,881,404
7,249
84,115
—
$
94,870
$
801,514
$
13,037,213
$
189,233
$
—
(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
29,
2024
41
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
29,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
500
Index
...................................................................
12
03/15/24
$
3,062
$
143,494
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)
.............
$
—
$
—
$
143,494
$
—
$
—
$
—
$
143,494
(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
..................................
$
—
$
—
$
192,250
$
—
$
—
$
—
$
192,250
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
109,079
$
—
$
—
$
—
$
109,079
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
3,132,988
a
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
iShares
®
ESG
MSCI
USA
Leaders
ETF
42
2024
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
.........................................
$
1,120,042,654
$
—
$
—
$
1,120,042,654
Short-Term
Securities
Money
Market
Funds
......................................
7,155,809
—
—
7,155,809
$
1,127,198,463
$
—
$
—
$
1,127,198,463
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
143,494
$
—
$
—
$
143,494
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
29,
2024
(Percentages
shown
are
based
on
Net
Assets)
43
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
—
0
.4
%
Axon
Enterprise,
Inc.
(a)
.....................
16,555
$
5,088,510
L3Harris
Technologies,
Inc.
..................
10,393
2,199,783
7,288,293
a
Automobiles
—
2
.1
%
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.............
291,683
3,301,851
Tesla,
Inc.
(a)
.............................
166,159
33,544,179
36,846,030
a
Banks
—
1
.4
%
JPMorgan
Chase
&
Co.
....................
115,312
21,454,951
M&T
Bank
Corp.
.........................
9,440
1,319,146
U.S.
Bancorp
...........................
34,264
1,437,717
24,211,814
a
Beverages
—
1
.1
%
Brown-Forman
Corp.
,
Class
B
,
NVS
............
198,986
11,984,927
Keurig
Dr
Pepper,
Inc.
.....................
47,513
1,421,114
Monster
Beverage
Corp.
(a)
...................
90,200
5,330,820
18,736,861
a
Biotechnology
—
1
.9
%
AbbVie,
Inc.
............................
71,081
12,513,810
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
10,960
1,655,946
Amgen,
Inc.
............................
14,408
3,945,343
Biogen,
Inc.
(a)
...........................
7,226
1,567,970
BioMarin
Pharmaceutical,
Inc.
(a)
...............
16,418
1,416,545
Exact
Sciences
Corp.
(a)
.....................
6,781
390,111
Moderna,
Inc.
(a)
..........................
6,835
630,460
Neurocrine
Biosciences,
Inc.
(a)
................
6,270
817,608
Regeneron
Pharmaceuticals,
Inc.
(a)
.............
5,180
5,004,346
Vertex
Pharmaceuticals,
Inc.
(a)
................
11,893
5,003,861
32,946,000
a
Broadline
Retail
—
4
.1
%
Amazon.com,
Inc.
(a)
.......................
368,737
65,177,952
eBay,
Inc.
..............................
56,798
2,685,410
Etsy,
Inc.
(a)
(b)
............................
14,704
1,054,130
MercadoLibre,
Inc.
(a)
.......................
2,838
4,527,461
73,444,953
a
Building
Products
—
0
.1
%
Allegion
PLC
............................
11,015
1,408,488
Fortune
Brands
Innovations,
Inc.
..............
3,038
247,111
1,655,599
a
Capital
Markets
—
3
.8
%
Ameriprise
Financial,
Inc.
...................
1,850
753,616
Bank
of
New
York
Mellon
Corp.
(The)
...........
60,424
3,389,182
BlackRock,
Inc.
(c)
.........................
10,339
8,388,444
Cboe
Global
Markets,
Inc.
...................
11,102
2,131,584
Charles
Schwab
Corp.
(The)
.................
106,169
7,089,966
CME
Group,
Inc.
,
Class
A
...................
28,706
6,325,367
FactSet
Research
Systems,
Inc.
...............
4,247
1,964,577
Intercontinental
Exchange,
Inc.
...............
36,280
5,021,878
KKR
&
Co.,
Inc.
..........................
22,445
2,205,446
MarketAxess
Holdings,
Inc.
..................
3,316
707,667
Moody's
Corp.
...........................
20,781
7,884,727
Nasdaq,
Inc.
............................
32,116
1,804,919
Northern
Trust
Corp.
.......................
18,492
1,518,748
Raymond
James
Financial,
Inc.
...............
2,655
319,450
S&P
Global,
Inc.
.........................
31,903
13,666,607
SEI
Investments
Co.
.......................
28,311
1,903,915
T
Rowe
Price
Group,
Inc.
...................
18,211
2,064,217
Security
Shares
Value
a
Capital
Markets
(continued)
Tradeweb
Markets,
Inc.
,
Class
A
...............
3,063
$
324,127
67,464,437
a
Chemicals
—
1
.5
%
Albemarle
Corp.
.........................
4,655
641,692
Sherwin-Williams
Co.
(The)
..................
79,732
26,473,416
27,115,108
a
Commercial
Services
&
Supplies
—
0
.6
%
Cintas
Corp.
............................
7,957
5,001,850
Copart,
Inc.
(a)
...........................
52,947
2,814,133
Rollins,
Inc.
.............................
70,048
3,087,015
10,902,998
a
Communications
Equipment
—
1
.6
%
Arista
Networks,
Inc.
(a)
.....................
3,911
1,085,459
Cisco
Systems,
Inc.
.......................
260,636
12,606,963
F5,
Inc.
(a)
..............................
7,851
1,469,864
Juniper
Networks,
Inc.
.....................
183,355
6,789,636
Motorola
Solutions,
Inc.
....................
21,798
7,201,841
29,153,763
a
Construction
&
Engineering
—
0
.1
%
AECOM
...............................
16,181
1,437,358
a
Consumer
Finance
—
0
.5
%
American
Express
Co.
.....................
29,222
6,411,891
Discover
Financial
Services
..................
14,271
1,722,510
8,134,401
a
Consumer
Staples
Distribution
&
Retail
—
0
.1
%
Dollar
General
Corp.
......................
14,101
2,049,016
a
Distributors
—
0
.0
%
Pool
Corp.
.............................
835
332,430
a
Diversified
REITs
—
0
.0
%
WP
Carey,
Inc.
..........................
8,281
505,111
a
Electric
Utilities
—
1
.2
%
Edison
International
.......................
303,032
20,612,237
a
Electrical
Equipment
—
0
.4
%
AMETEK,
Inc.
...........................
18,833
3,393,330
Rockwell
Automation,
Inc.
...................
11,605
3,308,353
6,701,683
a
Electronic
Equipment,
Instruments
&
Components
—
0
.8
%
Amphenol
Corp.
,
Class
A
...................
22,334
2,439,766
CDW
Corp.
.............................
20,175
4,967,287
Keysight
Technologies,
Inc.
(a)
.................
18,623
2,873,529
TE
Connectivity
Ltd.
.......................
6,568
942,902
Teledyne
Technologies,
Inc.
(a)
.................
2,737
1,169,438
Trimble,
Inc.
(a)
...........................
39,126
2,394,120
14,787,042
a
Entertainment
—
1
.3
%
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
NVS
(a)
...............................
16,898
1,229,498
Netflix,
Inc.
(a)
............................
19,613
11,825,070
Take-Two
Interactive
Software,
Inc.
(a)
............
2,776
407,878
Walt
Disney
Co.
(The)
.....................
81,767
9,123,562
22,586,008
a
Financial
Services
—
3
.9
%
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
............
23,807
9,746,586
Fidelity
National
Information
Services,
Inc.
........
11,968
828,066
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
iShares
®
Paris-Aligned
Climate
MSCI
USA
ETF
(Percentages
shown
are
based
on
Net
Assets)
44
2024
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Financial
Services
(continued)
Fiserv,
Inc.
(a)
............................
31,864
$
4,756,339
FleetCor
Technologies,
Inc.
(a)
.................
5,576
1,557,209
Global
Payments,
Inc.
.....................
12,174
1,578,968
Jack
Henry
&
Associates,
Inc.
................
1,456
253,009
Mastercard,
Inc.
,
Class
A
....................
37,006
17,568,969
PayPal
Holdings,
Inc.
(a)
.....................
39,787
2,400,748
Visa,
Inc.
,
Class
A
........................
110,261
31,164,169
69,854,063
a
Food
Products
—
0
.4
%
Darling
Ingredients,
Inc.
(a)
...................
126,264
5,342,230
Hershey
Co.
(The)
........................
5,774
1,085,050
6,427,280
a
Ground
Transportation
—
0
.7
%
Old
Dominion
Freight
Line,
Inc.
...............
9,635
4,263,295
Uber
Technologies,
Inc.
(a)
...................
19,346
1,538,007
U-Haul
Holding
Co.
,
Series
N
,
NVS
.............
27,653
1,757,901
Union
Pacific
Corp.
.......................
16,123
4,090,244
11,649,447
a
Health
Care
Equipment
&
Supplies
—
3
.3
%
Align
Technology,
Inc.
(a)
.....................
2,569
776,917
Baxter
International,
Inc.
....................
4,435
181,480
Becton
Dickinson
&
Co.
....................
9,351
2,202,628
Boston
Scientific
Corp.
(a)
....................
74,598
4,939,134
Cooper
Cos.,
Inc.
The
......................
20,552
1,923,667
Dexcom,
Inc.
(a)
..........................
19,126
2,200,829
Edwards
Lifesciences
Corp.
(a)
................
132,917
11,280,666
Hologic,
Inc.
(a)
...........................
21,678
1,599,836
IDEXX
Laboratories,
Inc.
(a)
...................
17,302
9,952,630
Insulet
Corp.
(a)
...........................
3,506
574,984
Intuitive
Surgical,
Inc.
(a)
.....................
14,317
5,520,635
Medtronic
PLC
..........................
72,403
6,035,514
ResMed,
Inc.
...........................
12,141
2,109,135
Stryker
Corp.
...........................
18,359
6,408,576
Teleflex,
Inc.
............................
3,917
872,668
Zimmer
Biomet
Holdings,
Inc.
................
13,636
1,695,773
58,275,072
a
Health
Care
Providers
&
Services
—
1
.5
%
Elevance
Health,
Inc.
......................
11,415
5,721,769
Humana,
Inc.
...........................
6,398
2,241,347
Laboratory
Corp.
of
America
Holdings
...........
1,614
348,350
Quest
Diagnostics,
Inc.
.....................
3,897
486,696
UnitedHealth
Group,
Inc.
....................
37,817
18,666,471
27,464,633
a
Health
Care
REITs
—
0
.5
%
Healthpeak
Properties,
Inc.
..................
294,312
4,929,726
Ventas,
Inc.
............................
26,493
1,120,389
Welltower,
Inc.
...........................
33,008
3,042,017
9,092,132
a
Health
Care
Technology
—
0
.1
%
Veeva
Systems,
Inc.
,
Class
A
(a)
...............
6,858
1,546,548
a
Hotels,
Restaurants
&
Leisure
—
2
.4
%
Airbnb,
Inc.
,
Class
A
(a)
......................
24,329
3,831,088
Booking
Holdings,
Inc.
(a)
....................
159
551,544
Chipotle
Mexican
Grill,
Inc.
(a)
.................
904
2,430,648
Hilton
Worldwide
Holdings,
Inc.
...............
7,939
1,622,096
Marriott
International,
Inc.
,
Class
A
.............
6,604
1,650,142
McDonald's
Corp.
........................
75,799
22,154,532
Starbucks
Corp.
..........................
61,786
5,863,491
Vail
Resorts,
Inc.
.........................
694
159,835
Security
Shares
Value
a
Hotels,
Restaurants
&
Leisure
(continued)
Wynn
Resorts
Ltd.
........................
4,540
$
477,608
Yum!
Brands,
Inc.
........................
26,555
3,675,743
42,416,727
a
Household
Durables
—
0
.2
%
Garmin
Ltd.
.............................
24,860
3,414,521
a
Household
Products
—
0
.1
%
Church
&
Dwight
Co.,
Inc.
...................
12,316
1,233,078
Clorox
Co.
(The)
.........................
2,748
421,296
1,654,374
a
Industrial
REITs
—
1
.1
%
Prologis,
Inc.
............................
147,191
19,616,145
a
Insurance
—
3
.4
%
Aflac,
Inc.
..............................
109,079
8,807,038
Allstate
Corp.
(The)
.......................
17,119
2,730,823
American
Financial
Group,
Inc.
...............
29,873
3,813,886
Arch
Capital
Group
Ltd.
(a)
...................
53,593
4,694,211
Arthur
J
Gallagher
&
Co.
....................
4,083
995,966
Brown
&
Brown,
Inc.
.......................
40,249
3,389,368
Chubb
Ltd.
.............................
28,538
7,182,158
Cincinnati
Financial
Corp.
...................
19,562
2,230,068
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
4,912
1,998,595
Globe
Life,
Inc.
..........................
9,478
1,203,042
Hartford
Financial
Services
Group,
Inc.
(The)
......
32,769
3,140,581
Markel
Group,
Inc.
(a)
.......................
2,010
2,999,885
Marsh
&
McLennan
Companies,
Inc.
............
30,473
6,163,774
MetLife,
Inc.
............................
39,853
2,779,348
Progressive
Corp.
(The)
....................
30,121
5,709,737
Willis
Towers
Watson
PLC
...................
9,554
2,604,516
60,442,996
a
Interactive
Media
&
Services
—
5
.6
%
Alphabet,
Inc.
,
Class
A
(a)
....................
109,172
15,115,955
Alphabet,
Inc.
,
Class
C
,
NVS
(a)
................
279,683
39,094,090
Match
Group,
Inc.
(a)
.......................
12,589
453,708
Meta
Platforms,
Inc.
,
Class
A
.................
88,413
43,333,864
Pinterest,
Inc.
,
Class
A
(a)
....................
14,566
534,572
Snap,
Inc.
,
Class
A
,
NVS
(a)
..................
26,716
294,410
98,826,599
a
IT
Services
—
1
.5
%
Accenture
PLC
,
Class
A
....................
22,539
8,447,167
Gartner,
Inc.
(a)
...........................
940
437,626
International
Business
Machines
Corp.
..........
84,409
15,618,197
Okta,
Inc.
,
Class
A
(a)
.......................
3,363
360,850
Snowflake,
Inc.
,
Class
A
(a)
...................
977
183,950
VeriSign,
Inc.
(a)
..........................
9,645
1,883,572
26,931,362
a
Life
Sciences
Tools
&
Services
—
2
.2
%
Avantor,
Inc.
(a)
...........................
8,133
200,397
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
............
2,218
722,802
Bio-Techne
Corp.
.........................
59,981
4,412,802
Danaher
Corp.
..........................
28,611
7,242,589
Illumina,
Inc.
(a)
...........................
12,461
1,742,422
IQVIA
Holdings,
Inc.
(a)
......................
1,685
416,465
Mettler-Toledo
International,
Inc.
(a)
.............
3,232
4,031,015
Repligen
Corp.
(a)
.........................
9,511
1,845,039
Revvity,
Inc.
............................
23,902
2,619,420
Thermo
Fisher
Scientific,
Inc.
.................
20,508
11,693,251
Waters
Corp.
(a)
..........................
1,526
514,903
iShares
®
Paris-Aligned
Climate
MSCI
USA
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
(Percentages
shown
are
based
on
Net
Assets)
45
Schedule
of
Investments
Security
Shares
Value
a
Life
Sciences
Tools
&
Services
(continued)
West
Pharmaceutical
Services,
Inc.
............
11,620
$
4,164,143
39,605,248
a
Machinery
—
2
.6
%
Fortive
Corp.
............................
63,512
5,406,776
Graco,
Inc.
.............................
8,466
772,607
IDEX
Corp.
.............................
23,760
5,604,984
Illinois
Tool
Works,
Inc.
.....................
24,138
6,327,777
Ingersoll
Rand,
Inc.
.......................
26,466
2,417,140
Pentair
PLC
............................
37,637
2,927,782
Westinghouse
Air
Brake
Technologies
Corp.
.......
3,165
447,183
Xylem,
Inc.
.............................
181,879
23,107,727
47,011,976
a
Media
—
0
.8
%
Charter
Communications,
Inc.
,
Class
A
(a)
.........
6,820
2,004,603
Comcast
Corp.
,
Class
A
....................
111,730
4,787,631
Fox
Corp.
,
Class
A
,
NVS
....................
12,660
377,141
Fox
Corp.
,
Class
B
........................
20,899
572,215
Liberty
Broadband
Corp.
,
Class
C
,
NVS
(a)
........
39,002
2,347,140
Liberty
Media
Corp.-Liberty
SiriusXM
,
Series
C
,
NVS
(a)
39,595
1,147,463
Sirius
XM
Holdings,
Inc.
(b)
...................
287,903
1,272,531
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
..............
13,123
1,121,098
13,629,822
a
Mortgage
REITs
—
0
.0
%
Annaly
Capital
Management,
Inc.
..............
8,889
169,691
a
Office
REITs
—
0
.6
%
Alexandria
Real
Estate
Equities,
Inc.
............
28,153
3,511,524
Boston
Properties,
Inc.
.....................
109,831
7,108,262
10,619,786
a
Personal
Care
Products
—
0
.0
%
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
4,891
726,705
a
Pharmaceuticals
—
6
.3
%
Bristol-Myers
Squibb
Co.
....................
137,487
6,977,465
Catalent,
Inc.
(a)
..........................
13,796
791,063
Eli
Lilly
&
Co.
...........................
48,222
36,343,957
Jazz
Pharmaceuticals
PLC
(a)
.................
10,590
1,259,151
Johnson
&
Johnson
.......................
115,815
18,690,225
Merck
&
Co.,
Inc.
.........................
139,159
17,694,067
Pfizer,
Inc.
.............................
290,499
7,715,653
Royalty
Pharma
PLC
,
Class
A
................
110,903
3,364,797
Zoetis,
Inc.
,
Class
A
.......................
94,904
18,822,310
111,658,688
a
Professional
Services
—
0
.9
%
Automatic
Data
Processing,
Inc.
...............
20,645
5,184,579
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
7,164
1,058,195
Equifax,
Inc.
............................
7,798
2,133,455
Paychex,
Inc.
...........................
35,652
4,371,648
Paycom
Software,
Inc.
.....................
852
155,396
Robert
Half,
Inc.
.........................
7,476
601,070
SS&C
Technologies
Holdings,
Inc.
.............
2,899
184,840
Verisk
Analytics,
Inc.
.......................
10,804
2,613,488
16,302,671
a
Real
Estate
Management
&
Development
—
0
.2
%
CoStar
Group,
Inc.
(a)
.......................
36,884
3,210,014
Zillow
Group,
Inc.
,
Class
C
,
NVS
(a)
.............
4,245
238,357
3,448,371
a
Residential
REITs
—
0
.7
%
AvalonBay
Communities,
Inc.
................
44,279
7,838,711
Equity
Residential
........................
30,825
1,855,973
Security
Shares
Value
a
Residential
REITs
(continued)
Essex
Property
Trust,
Inc.
...................
8,089
$
1,871,795
Sun
Communities,
Inc.
.....................
1,626
217,494
11,783,973
a
Retail
REITs
—
0
.5
%
Realty
Income
Corp.
.......................
91,471
4,766,554
Regency
Centers
Corp.
....................
30,230
1,872,748
Simon
Property
Group,
Inc.
..................
18,015
2,668,742
9,308,044
a
Semiconductors
&
Semiconductor
Equipment
—
11
.6
%
Advanced
Micro
Devices,
Inc.
(a)
...............
69,305
13,343,292
Analog
Devices,
Inc.
.......................
59,721
11,455,682
Broadcom,
Inc.
..........................
21,643
28,146,505
Enphase
Energy,
Inc.
(a)
.....................
68,054
8,643,539
First
Solar,
Inc.
(a)
.........................
64,450
9,918,210
Intel
Corp.
.............................
183,896
7,916,723
KLA
Corp.
..............................
6,154
4,198,874
Marvell
Technology,
Inc.
....................
82,963
5,945,129
NVIDIA
Corp.
...........................
121,826
96,378,985
QUALCOMM,
Inc.
........................
58,339
9,205,311
Skyworks
Solutions,
Inc.
....................
6,133
643,474
Texas
Instruments,
Inc.
.....................
65,771
11,005,461
206,801,185
a
Software
—
12
.3
%
Adobe,
Inc.
(a)
............................
22,668
12,700,427
ANSYS,
Inc.
(a)
...........................
3,373
1,127,155
Autodesk,
Inc.
(a)
(b)
.........................
9,011
2,326,370
Fortinet,
Inc.
(a)
...........................
29,648
2,048,973
Intuit,
Inc.
..............................
18,645
12,359,584
Microsoft
Corp.
..........................
325,469
134,626,997
Oracle
Corp.
............................
82,054
9,163,791
Palo
Alto
Networks,
Inc.
(a)
...................
13,685
4,249,877
Roper
Technologies,
Inc.
....................
5,863
3,193,752
Salesforce,
Inc.
(a)
.........................
43,801
13,526,625
ServiceNow,
Inc.
(a)
........................
22,968
17,716,137
Splunk,
Inc.
(a)
...........................
17,511
2,735,568
Tyler
Technologies,
Inc.
(a)
...................
1,545
675,381
Workday,
Inc.
,
Class
A
(a)
....................
5,910
1,741,441
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
......
10,226
723,285
218,915,363
a
Specialized
REITs
—
3
.6
%
American
Tower
Corp.
.....................
23,066
4,586,905
Crown
Castle,
Inc.
........................
20,643
2,269,491
Digital
Realty
Trust,
Inc.
....................
168,281
24,705,334
Equinix,
Inc.
............................
13,057
11,605,323
Extra
Space
Storage,
Inc.
...................
11,987
1,689,807
Public
Storage
...........................
16,033
4,551,288
SBA
Communications
Corp.
,
Class
A
............
5,810
1,215,626
VICI
Properties,
Inc.
.......................
432,255
12,937,392
63,561,166
a
Specialty
Retail
—
1
.8
%
Burlington
Stores,
Inc.
(a)
....................
2,048
420,045
Home
Depot,
Inc.
(The)
....................
46,791
17,809,122
Lowe's
Companies,
Inc.
....................
7,870
1,894,073
Ross
Stores,
Inc.
.........................
21,350
3,180,296
TJX
Companies,
Inc.
(The)
..................
70,491
6,988,478
Ulta
Beauty,
Inc.
(a)
........................
3,892
2,134,995
32,427,009
a
Technology
Hardware,
Storage
&
Peripherals
—
6
.9
%
Apple,
Inc.
.............................
680,449
122,991,156
a
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
iShares
®
Paris-Aligned
Climate
MSCI
USA
ETF
(Percentages
shown
are
based
on
Net
Assets)
46
2024
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)
...................
9,182
$
4,288,821
Nike,
Inc.
,
Class
B
........................
19,361
2,012,189
6,301,010
a
Trading
Companies
&
Distributors
—
0
.3
%
Fastenal
Co.
............................
62,362
4,553,050
a
Water
Utilities
—
0
.5
%
American
Water
Works
Co.,
Inc.
...............
72,773
8,626,511
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
1,517,490,406
)
...............................
1,772,964,466
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
—
0
.6
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.50
%
(c)
(d)
(e)
......................
8,389,081
$
8,393,275
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.30
%
(c)
(d)
............................
2,153,142
2,153,142
a
Total
Short-Term
Securities — 0.6%
(Cost:
$
10,542,865
)
.................................
10,546,417
Total
Investments
—
100.4%
(Cost:
$
1,528,033,271
)
...............................
1,783,510,883
Liabilities
in
Excess
of
Other
Assets
—
(
0
.4
)
%
...............
(
7,443,468
)
Net
Assets
—
100.0%
.................................
$
1,776,067,415
(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
29,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
08/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
02/29/24
Shares
Held
at
02/29/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
18,112,745
$
—
$
(
9,721,694
)
(a)
$
1,103
$
1,121
$
8,393,275
8,389,081
$
280,267
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
2,674,081
—
(
520,939
)
(a)
—
—
2,153,142
2,153,142
69,813
—
BlackRock,
Inc.
...
6,798,741
1,383,873
(
888,745
)
156,387
938,188
8,388,444
10,339
96,655
—
$
157,490
$
939,309
$
18,934,861
$
446,735
$
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Health
Care
Select
Sector
Index
.......................................................
5
03/15/24
$
732
$
59,810
E-Mini
NASDAQ
100
Index
...............................................................
6
03/15/24
2,170
182,102
$
241,912
iShares
®
Paris-Aligned
Climate
MSCI
USA
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
47
Schedule
of
Investments
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
29,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
241,912
$
—
$
—
$
—
$
241,912
(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
..................................
$
—
$
—
$
206,708
$
—
$
—
$
—
$
206,708
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
139,401
$
—
$
—
$
—
$
139,401
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
3,365,740
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,772,964,466
$
—
$
—
$
1,772,964,466
Short-Term
Securities
Money
Market
Funds
......................................
10,546,417
—
—
10,546,417
$
1,783,510,883
$
—
$
—
$
1,783,510,883
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
241,912
$
—
$
—
$
241,912
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
48
2024
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Assets
and
Liabilities
(unaudited)
February
29,
2024
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)
......................................
$
13,411,021,799
$
5,877,980
$
1,573,201,338
$
4,232,021
Investments,
at
value
—
affiliated
(c)
.........................................
118,253,339
692,263
104,906,668
31,908
Cash
.............................................................
—
126
—
139
Cash
pledged:
Futures
contracts
...................................................
2,872,000
1,000
346,000
1,000
Receivables:
Investments
sold
...................................................
634,692,177
298,702
79,352,892
211,290
Securities
lending
income
—
affiliated
.....................................
9,900
11
44,518
1
Dividends
—
unaffiliated
..............................................
18,473,330
2,975
1,332,870
9,726
Dividends
—
affiliated
................................................
147,399
46
20,115
39
Variation
margin
on
futures
contracts
......................................
250,340
70
41,230
70
Total
assets
........................................................
14,185,720,284
6,873,173
1,759,245,631
4,486,194
LIABILITIES
Bank
overdraft
.......................................................
1,184
—
236
—
Collateral
on
securities
loaned
............................................
53,823,517
682,094
100,507,710
2,644
Payables:
Investments
purchased
...............................................
644,565,370
306,913
79,598,117
219,913
Capital
shares
redeemed
..............................................
69,800
478
—
—
Investment
advisory
fees
..............................................
1,574,747
830
201,784
598
Total
liabilities
.......................................................
700,034,618
990,315
180,307,847
223,155
Commitments
and
contingent
liabilities
NET
ASSETS
.......................................................
$
13,485,685,666
$
5,882,858
$
1,578,937,784
$
4,263,039
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.......................................................
$
13,051,430,837
$
4,059,213
$
1,591,899,901
$
4,056,114
Accumulated
earnings
(loss)
.............................................
434,254,829
1,823,645
(
12,962,117
)
206,925
NET
ASSETS
.......................................................
$
13,485,685,666
$
5,882,858
$
1,578,937,784
$
4,263,039
NET
ASSET
VALUE
Shares
outstanding
...................................................
120,550,000
160,000
40,650,000
160,000
Net
asset
value
......................................................
$
111.87
$
36.77
$
38.84
$
26.64
Shares
authorized
....................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
..........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
............................................
$
52,037,326
$
632,806
$
96,130,165
$
2,547
(b)
Investments,
at
cost
—
unaffiliated
.......................................
$
11,583,657,483
$
4,577,104
$
1,442,364,511
$
3,943,928
(c)
Investments,
at
cost
—
affiliated
.........................................
$
114,771,211
$
692,263
$
104,856,977
$
30,656
49
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
February
29,
2024
Financial
Statements
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)
.....................................................................
$
1,114,161,250
$
1,764,576,022
Investments,
at
value
—
affiliated
(c)
........................................................................
13,037,213
18,934,861
Cash
............................................................................................
—
11,284
Cash
pledged:
Futures
contracts
..................................................................................
144,000
175,000
Receivables:
Investments
sold
..................................................................................
4,904,271
2,518,966
Securities
lending
income
—
affiliated
....................................................................
5,922
71,902
Capital
shares
sold
.................................................................................
47,091
—
Dividends
—
unaffiliated
.............................................................................
1,537,067
1,765,441
Dividends
—
affiliated
...............................................................................
10,824
12,882
Variation
margin
on
futures
contracts
.....................................................................
13,650
16,760
Total
assets
.......................................................................................
1,133,861,288
1,788,083,118
LIABILITIES
Collateral
on
securities
loaned
...........................................................................
5,477,971
8,388,467
Payables:
Investments
purchased
..............................................................................
4,940,044
3,166,594
Capital
shares
redeemed
.............................................................................
70,637
319,804
Investment
advisory
fees
.............................................................................
92,449
140,838
Total
liabilities
......................................................................................
10,581,101
12,015,703
Commitments
and
contingent
liabilities
NET
ASSETS
......................................................................................
$
1,123,280,187
$
1,776,067,415
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................................................
$
997,311,517
$
1,492,701,232
Accumulated
earnings
................................................................................
125,968,670
283,366,183
NET
ASSETS
......................................................................................
$
1,123,280,187
$
1,776,067,415
NET
ASSET
VALUE
Shares
outstanding
..................................................................................
12,350,000
31,650,000
Net
asset
value
.....................................................................................
$
90.95
$
56.12
Shares
authorized
...................................................................................
Unlimited
Unlimited
Par
value
.........................................................................................
None
None
(a)
Securities
loaned,
at
value
...........................................................................
$
5,360,342
$
5,572,625
(b)
Investments,
at
cost
—
unaffiliated
......................................................................
$
946,965,615
$
1,509,909,157
(c)
Investments,
at
cost
—
affiliated
........................................................................
$
13,163,390
$
18,124,114
50
2024
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Operations
(unaudited)
Six
Months
Ended
February
29,
2024
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
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................
$
98,627,549
$
14,204
$
10,602,128
$
52,327
Dividends
—
affiliated
..............................................
1,449,491
283
106,296
510
Interest
—
unaffiliated
..............................................
124,805
11
26,240
(31
)
Securities
lending
income
—
affiliated
—
net
...............................
73,428
67
375,010
10
Foreign
taxes
withheld
.............................................
(121,638
)
(50
)
(3,345
)
(57
)
Total
investment
income
..............................................
100,153,635
14,515
11,106,329
52,759
EXPENSES
Investment
advisory
...............................................
9,536,296
4,650
1,155,941
3,541
Total
expenses
....................................................
9,536,296
4,650
1,155,941
3,541
Net
investment
income
...............................................
90,617,339
9,865
9,950,388
49,218
—
—
—
—
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................
(64,421,133
)
(24,493
)
(43,718,673
)
(16,708
)
Investments
—
affiliated
...........................................
83,603
11
12,820
(83
)
Futures
contracts
...............................................
4,228,961
436
433,792
630
In-kind
redemptions
—
unaffiliated
(a)
...................................
279,447,511
569,409
16,727,473
—
In-kind
redemptions
—
affiliated
(a)
....................................
244,227
—
—
—
219,583,169
545,363
(26,544,588
)
(16,161
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................
1,345,397,807
323,868
136,772,392
323,906
Investments
—
affiliated
...........................................
2,856,164
(1
)
2,507
2,777
Futures
contracts
...............................................
1,216,521
837
119,700
414
1,349,470,492
324,704
136,894,599
327,097
Net
realized
and
unrealized
gain
........................................
1,569,053,661
870,067
110,350,011
310,936
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............
$
1,659,671,000
$
879,932
$
120,300,399
$
360,154
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
51
Statements
of
Operations
(unaudited)
(continued)
Six
Months
Ended
February
29,
2024
Financial
Statements
See
notes
to
financial
statements.
iShares
ESG
MSCI
USA
Leaders
ETF
iShares
Paris-Aligned
Climate
MSCI
USA
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................................................
$
7,985,918
$
9,549,300
Dividends
—
affiliated
..............................................................................
157,176
166,468
Interest
—
unaffiliated
..............................................................................
5,766
6,734
Securities
lending
income
—
affiliated
—
net
...............................................................
32,057
280,267
Foreign
taxes
withheld
.............................................................................
(6,048
)
(351
)
Total
investment
income
..............................................................................
8,174,869
10,002,418
EXPENSES
Investment
advisory
...............................................................................
559,889
756,555
Total
expenses
....................................................................................
559,889
756,555
Net
investment
income
...............................................................................
7,614,980
9,245,863
—
—
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................................................
(2,153,698
)
(3,413,516
)
Investments
—
affiliated
...........................................................................
(203
)
3,075
Futures
contracts
...............................................................................
192,250
206,708
In-kind
redemptions
—
unaffiliated
(a)
...................................................................
43,317,866
51,236,104
In-kind
redemptions
—
affiliated
(a)
....................................................................
95,073
154,415
41,451,288
48,186,786
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................................................
109,672,024
142,526,371
Investments
—
affiliated
...........................................................................
801,514
939,309
Futures
contracts
...............................................................................
109,079
139,401
110,582,617
143,605,081
Net
realized
and
unrealized
gain
........................................................................
152,033,905
191,791,867
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............................................
$
159,648,885
$
201,037,730
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
52
2024
iShares
Semi-Annual
Report
to
Shareholders
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
02/29/24
(unaudited)
Year
Ended
08/31/23
Six
Months
Ended
02/29/24
(unaudited)
Period
From
01/31/23
(a)
to
08/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
90,617,339
$
265,400,305
$
9,865
$
13,168
Net
realized
gain
(loss)
.........................................
219,583,169
1,167,339,918
545,363
(
27,157
)
Net
change
in
unrealized
appreciation
(depreciation)
.....................
1,349,470,492
335,543,629
324,704
977,009
Net
increase
in
net
assets
resulting
from
operations
........................
1,659,671,000
1,768,283,852
879,932
963,020
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
94,025,750
)
(
299,525,568
)
(
10,582
)
(
8,725
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
904,786,716
)
(
10,838,359,355
)
(
7,285
)
4,066,498
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
660,858,534
(
9,369,601,071
)
862,065
5,020,793
Beginning
of
period
.............................................
12,824,827,132
22,194,428,203
5,020,793
—
End
of
period
.................................................
$
13,485,685,666
$
12,824,827,132
$
5,882,858
$
5,020,793
(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
Aware
MSCI
USA
Small-Cap
ETF
iShares
ESG
Aware
MSCI
USA
Value
ETF
Six
Months
Ended
02/29/24
(unaudited)
Year
Ended
08/31/23
Six
Months
Ended
02/29/24
(unaudited)
Period
From
01/31/23
(a)
to
08/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.......................................
$
9,950,388
$
19,907,542
$
49,218
$
61,708
Net
realized
gain
(loss)
.......................................
(
26,544,588
)
33,582,091
(
16,161
)
(
82,612
)
Net
change
in
unrealized
appreciation
(depreciation)
...................
136,894,599
52,617,686
327,097
(
37,338
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..............
120,300,399
106,107,319
360,154
(
58,242
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
............
(
10,470,327
)
(c)
(
21,620,054
)
(
57,760
)
(c)
(
37,227
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
....
65,530,244
(
160,006,934
)
—
4,056,114
NET
ASSETS
Total
increase
(decrease)
in
net
assets
..............................
175,360,316
(
75,519,669
)
302,394
3,960,645
Beginning
of
period
...........................................
1,403,577,468
1,479,097,137
3,960,645
—
End
of
period
...............................................
$
1,578,937,784
$
1,403,577,468
$
4,263,039
$
3,960,645
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
54
2024
iShares
Semi-Annual
Report
to
Shareholders
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
02/29/24
(unaudited)
Year
Ended
08/31/23
Six
Months
Ended
02/29/24
(unaudited)
Year
Ended
08/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
........................................
$
7,614,980
$
40,619,626
$
9,245,863
$
13,137,751
Net
realized
gain
(loss)
........................................
41,451,288
595,291,557
48,186,786
(
1,045,884
)
Net
change
in
unrealized
appreciation
(depreciation)
....................
110,582,617
(
237,898,685
)
143,605,081
183,255,399
Net
increase
in
net
assets
resulting
from
operations
.......................
159,648,885
398,012,498
201,037,730
195,347,266
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.............
(
8,099,696
)
(b)
(
47,370,942
)
(
10,019,273
)
(
11,538,632
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.....
(
167,575,522
)
(
2,327,985,279
)
95,275,133
549,083,534
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...............................
(
16,026,333
)
(
1,977,343,723
)
286,293,590
732,892,168
Beginning
of
period
............................................
1,139,306,520
3,116,650,243
1,489,773,825
756,881,657
End
of
period
................................................
$
1,123,280,187
$
1,139,306,520
$
1,776,067,415
$
1,489,773,825
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
55
Financial
Highlights
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
ESG
Aware
MSCI
USA
ETF
Six
Months
Ended
02/29/24
(unaudited)
Year
Ended
08/31/23
Year
Ended
08/31/22
Year
Ended
08/31/21
Year
Ended
08/31/20
Year
Ended
08/31/19
Net
asset
value,
beginning
of
period
.......
$
99.22
$
88.13
$
103.69
$
79.74
$
64.33
$
63.85
Net
investment
income
(a)
...............
0
.72
1
.37
1
.29
1
.18
1
.22
1
.17
Net
realized
and
unrealized
gain
(loss)
(b)
.....
12.67
11.23
(
15.62
)
23.87
15.13
0
.40
Net
increase
(decrease)
from
investment
operations
.........................
13.39
12.60
(
14.33
)
25.05
16.35
1
.57
Distributions
from
net
investment
income
(c)
.....
(
0
.74
)
(
1
.51
)
(
1
.23
)
(
1
.10
)
(
0
.94
)
(
1
.09
)
Net
asset
value,
end
of
period
............
$
111.87
$
99.22
$
88.13
$
103.69
$
79.74
$
64.33
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
................
13.59
%
(e)
14.57
%
(
13.96
)
%
31.71
%
25.79
%
2
.59
%
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
.42
%
(g)
1
.54
%
1
.32
%
1
.30
%
1
.76
%
1
.88
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
13,485,686
$
12,824,827
$
22,194,428
$
22,262,630
$
8,991,145
$
295,905
Portfolio
turnover
rate
(h)
..................
12
%
25
%
22
%
21
%
38
%
27
%
(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,
if
any.
56
2024
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
Growth
ETF
Six
Months
Ended
02/29/24
(unaudited)
Period
From
01/31/23
(a)
to
08/31/23
Net
asset
value,
beginning
of
period
.....................................................................
$
31.38
$
25.42
Net
investment
income
(b)
.............................................................................
0
.06
0
.08
Net
realized
and
unrealized
gain
(c)
.......................................................................
5
.40
5
.93
Net
increase
from
investment
operations
....................................................................
5
.46
6
.01
Distributions
from
net
investment
income
(d)
...................................................................
(
0
.07
)
(
0
.05
)
Net
asset
value,
end
of
period
..........................................................................
$
36.77
$
31.38
Total
Return
(e)
–
–
Based
on
net
asset
value
..............................................................................
17.42
%
(f)
23.72
%
(f)
Ratios
to
Average
Net
Assets
(g)
–
–
Total
expenses
.....................................................................................
0
.18
%
(h)
0
.18
%
(h)
Net
investment
income
................................................................................
0
.38
%
(h)
0
.50
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
..........................................................................
$
5,883
$
5,021
Portfolio
turnover
rate
(i)
................................................................................
16
%
20
%
(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,
if
any.
57
Financial
Highlights
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
02/29/24
(unaudited)
Year
Ended
08/31/23
Year
Ended
08/31/22
Year
Ended
08/31/21
Year
Ended
08/31/20
Year
Ended
08/31/19
Net
asset
value,
beginning
of
period
......
$
35.90
$
33.85
$
40.26
$
27.34
$
26.21
$
28.76
Net
investment
income
(a)
..............
0
.26
0
.48
0
.42
0
.35
0
.33
0
.36
Net
realized
and
unrealized
gain
(loss)
(b)
....
2
.95
2
.09
(
6
.43
)
12.95
1
.10
(
2
.58
)
Net
increase
(decrease)
from
investment
operations
........................
3
.21
2
.57
(
6
.01
)
13.30
1
.43
(
2
.22
)
Distributions
from
net
investment
income
(c)
....
(
0
.27
)
(d)
(
0
.52
)
(
0
.40
)
(
0
.38
)
(
0
.30
)
(
0
.33
)
Net
asset
value,
end
of
period
...........
$
38.84
$
35.90
$
33.85
$
40.26
$
27.34
$
26.21
Total
Return
(e)
–
–
–
–
–
–
Based
on
net
asset
value
...............
9
.04
%
(f)
7
.75
%
(
15.03
)
%
48.95
%
5
.57
%
(
7
.69
)
%
Ratios
to
Average
Net
Assets
(g)
–
–
–
–
–
–
Total
expenses
......................
0
.17
%
(h)
0
.17
%
0
.17
%
0
.17
%
0
.17
%
0
.17
%
Net
investment
income
.................
1
.46
%
(h)
1
.41
%
1
.15
%
0
.96
%
1
.32
%
1
.35
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
1,578,938
$
1,403,577
$
1,479,097
$
1,099,038
$
366,339
$
57,664
Portfolio
turnover
rate
(i)
.................
18
%
37
%
37
%
33
%
50
%
34
%
(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)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(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,
if
any.
58
2024
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
Value
ETF
Six
Months
Ended
02/29/24
(unaudited)
Period
From
01/31/23
(a)
to
08/31/23
Net
asset
value,
beginning
of
period
.....................................................................
$
24.75
$
25.35
Net
investment
income
(b)
.............................................................................
0
.31
0
.39
Net
realized
and
unrealized
gain
(loss)
(c)
...................................................................
1
.94
(
0
.76
)
Net
increase
(decrease)
from
investment
operations
............................................................
2
.25
(
0
.37
)
Distributions
from
net
investment
income
(d)
...................................................................
(
0
.36
)
(e)
(
0
.23
)
Net
asset
value,
end
of
period
..........................................................................
$
26.64
$
24.75
Total
Return
(f)
–
–
Based
on
net
asset
value
..............................................................................
9
.24
%
(g)
(
1
.38
)
%
(g)
Ratios
to
Average
Net
Assets
(h)
–
–
Total
expenses
.....................................................................................
0
.18
%
(i)
0
.18
%
(i)
Net
investment
income
................................................................................
2
.50
%
(i)
2
.72
%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
..........................................................................
$
4,263
$
3,961
Portfolio
turnover
rate
(j)
................................................................................
17
%
21
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
59
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
ESG
MSCI
USA
Leaders
ETF
Six
Months
Ended
02/29/24
(unaudited)
Year
Ended
08/31/23
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
......
$
79.67
$
68.20
$
79.65
$
60.55
$
50.77
$
49.23
Net
investment
income
(b)
..............
0
.55
1
.08
1
.00
0
.94
0
.94
0
.32
Net
realized
and
unrealized
gain
(loss)
(c)
....
11.32
11.45
(
11.48
)
19.08
9
.75
1
.34
Net
increase
(decrease)
from
investment
operations
........................
11.87
12.53
(
10.48
)
20.02
10.69
1
.66
Distributions
from
net
investment
income
(d)
....
(
0
.59
)
(e)
(
1
.06
)
(
0
.97
)
(
0
.92
)
(
0
.91
)
(
0
.12
)
Net
asset
value,
end
of
period
...........
$
90.95
$
79.67
$
68.20
$
79.65
$
60.55
$
50.77
Total
Return
(f)
–
–
–
–
–
–
Based
on
net
asset
value
...............
15.02
%
(g)
18.66
%
(
13.29
)
%
33.44
%
21.45
%
3
.38
%
(g)
Ratios
to
Average
Net
Assets
(h)
–
–
–
–
–
–
Total
expenses
......................
0
.10
%
(i)
0
.10
%
0
.10
%
0
.10
%
0
.10
%
0
.11
%
(i)
Total
expenses
after
fees
waived
..........
0
.10
%
(i)
0
.10
%
0
.10
%
0
.10
%
0
.10
%
0
.10
%
(i)
Net
investment
income
.................
1
.36
%
(i)
1
.55
%
1
.32
%
1
.38
%
1
.77
%
2
.00
%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
1,123,280
$
1,139,307
$
3,116,650
$
4,077,962
$
2,564,228
$
1,579,065
Portfolio
turnover
rate
(j)
.................
2
%
14
%
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)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
60
2024
iShares
Semi-Annual
Report
to
Shareholders
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
02/29/24
(unaudited)
Year
Ended
08/31/23
Period
From
02/08/22
(a)
to
08/31/22
Net
asset
value,
beginning
of
period
.....................................................
$
49.91
$
43.50
$
50.43
Net
investment
income
(b)
.............................................................
0
.31
0
.55
0
.32
Net
realized
and
unrealized
gain
(loss)
(c)
...................................................
6
.24
6
.38
(
7
.08
)
Net
increase
(decrease)
from
investment
operations
............................................
6
.55
6
.93
(
6
.76
)
Distributions
from
net
investment
income
(d)
...................................................
(
0
.34
)
(
0
.52
)
(
0
.17
)
Net
asset
value,
end
of
period
..........................................................
$
56.12
$
49.91
$
43.50
Total
Return
(e)
–
–
–
Based
on
net
asset
value
..............................................................
13.21
%
(f)
16.13
%
(
13.42
)
%
(f)
Ratios
to
Average
Net
Assets
(g)
–
–
–
Total
expenses
.....................................................................
0
.10
%
(h)
0
.10
%
0
.11
%
(h)
Total
expenses
after
fees
waived
.........................................................
0
.10
%
(h)
0
.10
%
0
.10
%
(h)
Net
investment
income
................................................................
1
.22
%
(h)
1
.23
%
1
.26
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
..........................................................
$
1,776,067
$
1,489,774
$
756,882
Portfolio
turnover
rate
(i)
................................................................
6
%
12
%
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,
if
any.
Notes
to
Financial
Statements
(unaudited)
61
Notes
to
Financial
Statements
1.
Organization
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method. Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value. Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest. Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
February
29,
2024,
if
any,
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
The Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Bank
Overdraft:
Certain
Funds
had
outstanding
cash
disbursements
exceeding
deposited
cash
amounts
at
the
custodian
during
the
reporting
period. The
Funds
are
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statements
of
Operations.
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
portion
of
distributions
that
exceeds
each
Fund’s
current
and
accumulated
earnings
and
profits
will
constitute
a
non-taxable
return
of
capital.
Distributions
in
excess
of
each
Fund’s
minimum
distribution
requirements,
but
not
in
excess
of
the
Fund’s
earning
and
profits,
will
be
taxable
to
the
Fund’s
shareholders
and
will
not
constitute
non-
taxable
returns
of
capital.
Return
of
capital
distributions
will
reduce
a
shareholder’s
cost
basis
and
will
result
in
higher
capital
gains
or
lower
capital
losses
when
each
Fund’s
shares
on
which
distributions
were
received
are
sold.
Once
a
shareholder’s
cost
basis
is
reduced
to
zero,
further
distributions
will
be
treated
as
capital
gains.
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
...........................................................................................
Non-diversified
ESG
Aware
MSCI
USA
Small-Cap
.........................................................................................
Diversified
ESG
Aware
MSCI
USA
Value
.............................................................................................
Non-diversified
ESG
MSCI
USA
Leaders
................................................................................................
Non-diversified
Paris-Aligned
Climate
MSCI
USA
..........................................................................................
Non-diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
62
2024
iShares
Semi-Annual
Report
to
Shareholders
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)
63
Notes
to
Financial
Statements
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
Barclays
Bank
PLC
...............................................
$
793,303
$
(784,954)
$
—
$
8,349
BofA
Securities,
Inc.
..............................................
7,920,909
(7,920,909)
—
—
Citigroup
Global
Markets,
Inc.
........................................
4,609,324
(
4,609,324)
—
—
HSBC
Bank
PLC
................................................
3,614
(3,609)
—
5
J.P.
Morgan
Securities
LLC
.........................................
1,713,916
(1,713,916)
—
—
Morgan
Stanley
.................................................
31,941,621
(31,941,621)
—
—
Scotia
Capital
(USA),
Inc.
..........................................
4,065,822
(4,065,822)
—
—
Virtu
Americas
LLC
...............................................
594,163
(594,163)
—
—
Wells
Fargo
Bank
NA
.............................................
394,654
(394,654)
—
—
$
52,037,326
$
(52,028,972)
$
—
$
8,354
a
ESG
Aware
MSCI
USA
Growth
UBS
AG
......................................................
632,806
(632,806)
—
—
$
632,806
$
(632,806)
$
—
$
—
a
ESG
Aware
MSCI
USA
Small-Cap
Barclays
Capital,
Inc.
.............................................
2,030,510
(2,030,510)
—
—
BMO
Capital
Markets
Corp.
.........................................
41,081
(41,081)
—
—
BNP
Paribas
SA
.................................................
10,524,628
(10,524,628)
—
—
BofA
Securities,
Inc.
..............................................
14,810,005
(14,810,005)
—
—
Citadel
Clearing
LLC
..............................................
1,187,631
(
1,187,631)
—
—
Citigroup
Global
Markets,
Inc.
........................................
1,923,771
(1,852,351)
—
71,420
Credit
Suisse
Securities
(USA)
LLC
....................................
795,820
(795,820)
—
—
HSBC
Bank
PLC
................................................
964,607
(964,607)
—
—
J.P.
Morgan
Securities
LLC
.........................................
25,398,233
(25,398,233)
—
—
Jefferies
LLC
...................................................
29,293
(29,293)
—
—
Morgan
Stanley
.................................................
23,852,555
(23,852,555)
—
—
National
Financial
Services
LLC
......................................
3,514,265
(
3,514,265)
—
—
RBC
Capital
Markets
LLC
..........................................
719,236
(719,236)
—
—
Scotia
Capital
(USA),
Inc.
..........................................
4,893,966
(4,893,966)
—
—
State
Street
Bank
&
Trust
Co.
........................................
1,229,440
(1,229,440)
—
—
Toronto-Dominion
Bank
............................................
2,012,738
(2,012,738)
—
—
UBS
AG
......................................................
1,348,200
(1,348,200)
—
—
Virtu
Americas
LLC
...............................................
13,513
(13,513)
—
—
Wells
Fargo
Bank
NA
.............................................
246,686
(246,686)
—
—
Wells
Fargo
Securities
LLC
.........................................
593,987
(593,987)
—
—
$
96,130,165
$
(96,058,745)
$
—
$
71,420
a
ESG
Aware
MSCI
USA
Value
BofA
Securities,
Inc.
..............................................
2,547
(2,547)
—
—
$
2,547
$
(2,547
)
$
—
$
—
a
Notes
to
Financial
Statements
(unaudited)
(continued)
64
2024
iShares
Semi-Annual
Report
to
Shareholders
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
ESG
MSCI
USA
Leaders
Barclays
Capital,
Inc.
.............................................
$
653,855
$
(653,855)
$
—
$
—
BNP
Paribas
SA
.................................................
1,460
(1,460)
—
—
Citigroup
Global
Markets,
Inc.
........................................
369,240
(369,240)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
1,601,133
(1,601,133)
—
—
J.P.
Morgan
Securities
LLC
.........................................
1,058,168
(1,058,168)
—
—
Morgan
Stanley
.................................................
354,079
(354,079)
—
—
RBC
Capital
Markets
LLC
..........................................
753,120
(
752,919)
—
201
Virtu
Americas
LLC
...............................................
311,117
(311,117)
—
—
Wells
Fargo
Bank
NA
.............................................
258,170
(258,170)
—
—
$
5,360,342
$
(5,360,141)
$
—
$
201
a
Paris-Aligned
Climate
MSCI
USA
Barclays
Capital,
Inc.
.............................................
1,071,965
(1,071,965)
—
—
BMO
Capital
Markets
Corp.
.........................................
43,014
(43,014)
—
—
BofA
Securities,
Inc.
..............................................
2,620,369
(2,620,369)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
487,846
(
487,846)
—
—
J.P.
Morgan
Securities
LLC
.........................................
150,222
(150,222)
—
—
Jefferies
LLC
...................................................
955,229
(955,229)
—
—
UBS
AG
......................................................
243,980
(243,980)
—
—
$
5,572,625
$
(5,572,625)
$
—
$
—
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
29,
2024.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
Notes
to
Financial
Statements
(unaudited)
(
continued)
65
Notes
to
Financial
Statements
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust, BFA manages
the
investment
of
each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly
owned
by BlackRock.
Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees).
For
its
investment
advisory
services
to
each
of
the
following
Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of
each
Fund
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. The
Funds
do
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by
each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its Statements
of
Operations.
For
the six
months
ended February
29,
2024,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or
trustees
of
the
Trust
are
officers
and/or trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
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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.
.
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
iShares
ETF
Amounts
ESG
Aware
MSCI
USA
................................................................................................
$
30,343
ESG
Aware
MSCI
USA
Growth
..........................................................................................
27
ESG
Aware
MSCI
USA
Small-Cap
........................................................................................
107,976
ESG
Aware
MSCI
USA
Value
............................................................................................
4
ESG
MSCI
USA
Leaders
...............................................................................................
8,281
Paris-Aligned
Climate
MSCI
USA
.........................................................................................
68,484
Notes
to
Financial
Statements
(unaudited)
(continued)
66
2024
iShares
Semi-Annual
Report
to
Shareholders
For
the
six
months
ended
February
29,
2024,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the six
months
ended
February
29,
2024,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
February
29,
2024,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s
other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
February
29,
2024,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
As
of August
31,
2023,
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.
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
ESG
Aware
MSCI
USA
............................................................
$
388,102,404
$
492,148,255
$
(35,719,887
)
ESG
Aware
MSCI
USA
Small-Cap
....................................................
63,006,661
46,544,633
627,313
ESG
MSCI
USA
Leaders
...........................................................
7,885,216
2,350,499
(1,118,317
)
Paris-Aligned
Climate
MSCI
USA
.....................................................
35,977,602
37,508,468
(1,334,512
)
iShares
ETF
Purchases
Sales
ESG
Aware
MSCI
USA
..............................................................................
$
1,582,523,676
$
1,540,028,613
ESG
Aware
MSCI
USA
Growth
........................................................................
848,548
843,164
ESG
Aware
MSCI
USA
Small-Cap
......................................................................
247,367,861
246,070,545
ESG
Aware
MSCI
USA
Value
..........................................................................
660,196
665,796
ESG
MSCI
USA
Leaders
.............................................................................
19,454,728
18,929,014
Paris-Aligned
Climate
MSCI
USA
.......................................................................
87,393,418
87,641,505
iShares
ETF
In-kind
Purchases
In-kind
Sales
ESG
Aware
MSCI
USA
..............................................................................
$
543,923,029
$
1,444,121,496
ESG
Aware
MSCI
USA
Growth
........................................................................
1,465,200
1,470,240
ESG
Aware
MSCI
USA
Small-Cap
......................................................................
148,381,862
85,918,220
ESG
MSCI
USA
Leaders
.............................................................................
48,137,536
214,802,714
Paris-Aligned
Climate
MSCI
USA
.......................................................................
283,300,842
188,474,129
iShares
ETF
Non-Expiring
Capital
Loss
Carryforwards
ESG
Aware
MSCI
USA
...............................................................................................
$
(1,637,135,284
)
ESG
Aware
MSCI
USA
Growth
.........................................................................................
(26,873
)
ESG
Aware
MSCI
USA
Small-Cap
.......................................................................................
(112,577,877
)
ESG
Aware
MSCI
USA
Value
...........................................................................................
(80,737
)
ESG
MSCI
USA
Leaders
..............................................................................................
(77,270,870
)
Paris-Aligned
Climate
MSCI
USA
........................................................................................
(22,574,664
)
Notes
to
Financial
Statements
(unaudited)
(
continued)
67
Notes
to
Financial
Statements
As
of
February
29,
2024,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
an
indexing
approach
to
try
to
achieve
each
Fund’s
investment
objective.
The
Fund
is
not
actively
managed,
and
BFA
generally
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
The
price
each
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from
each
Fund's
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
each
Fund's
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by
each
Fund,
and
each
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
Each
Fund's
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
ESG
Aware
MSCI
USA
..........................................
$
11,710,536,470
$
2,456,582,192
$
(634,898,497
)
$
1,821,683,695
ESG
Aware
MSCI
USA
Growth
....................................
5,269,651
1,322,855
(21,426
)
1,301,429
ESG
Aware
MSCI
USA
Small-Cap
..................................
1,554,734,210
263,242,789
(139,714,513
)
123,528,276
ESG
Aware
MSCI
USA
Value
......................................
3,976,459
476,173
(188,289
)
287,884
ESG
MSCI
USA
Leaders
.........................................
967,887,670
234,138,962
(74,684,675
)
159,454,287
Paris-Aligned
Climate
MSCI
USA
...................................
1,529,023,843
312,260,313
(57,531,361
)
254,728,952
Notes
to
Financial
Statements
(unaudited)
(continued)
68
2024
iShares
Semi-Annual
Report
to
Shareholders
The Funds
invest
a
significant
portion
of
their
assets
in securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Funds
invest.
Certain Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
10.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the
Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
Six
Months
Ended
02/29/24
Year
Ended
08/31/23
iShares
ETF
Shares
Amount
Shares
Amount
ESG
Aware
MSCI
USA
Shares
sold
...............................................
5,350,000
$
546,889,827
17,200,000
$
1,558,381,916
Shares
redeemed
...........................................
(14,050,000
)
(1,451,676,543
)
(139,800,000
)
(12,396,741,271
)
(8,700,000
)
$
(904,786,716
)
(122,600,000
)
$
(10,838,359,355
)
ESG
Aware
MSCI
USA
Growth
(a)
Shares
sold
...............................................
40,000
$
1,463,433
160,000
$
4,066,498
Shares
redeemed
...........................................
(40,000
)
(1,470,718
)
—
—
—
$
(7,285
)
160,000
$
4,066,498
ESG
Aware
MSCI
USA
Small-Cap
Shares
sold
...............................................
4,200,000
$
154,738,892
4,400,000
$
151,123,851
Shares
redeemed
...........................................
(2,650,000
)
(89,208,648
)
(9,000,000
)
(311,130,785
)
1,550,000
$
65,530,244
(4,600,000
)
$
(160,006,934
)
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
...............................................
600,000
$
48,382,019
5,000,000
$
345,135,056
Shares
redeemed
...........................................
(2,550,000
)
(215,957,541
)
(36,400,000
)
(2,673,120,335
)
(1,950,000
)
$
(167,575,522
)
(31,400,000
)
$
(2,327,985,279
)
Paris-Aligned
Climate
MSCI
USA
Shares
sold
...............................................
5,350,000
$
284,614,765
14,200,000
$
633,618,230
Shares
redeemed
...........................................
(3,550,000
)
(189,339,632
)
(1,750,000
)
(84,534,696
)
1,800,000
$
95,275,133
12,450,000
$
549,083,534
(a)
The
Fund
commenced
operations
on
January
31,
2023.
Notes
to
Financial
Statements
(unaudited)
(
continued)
69
Notes
to
Financial
Statements
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.
Statement
Regarding
Liquidity
Risk
Management
Program
(unaudited)
70
2024
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
8,
2023
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Fund
Advisors
(“BlackRock”),
the
investment
adviser
to
the
Funds,
as
the
program
administrator
for
each
Fund’s
Program.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
each
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2022
through
September
30,
2023
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
each
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
each
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
each Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
extended
market
holidays,
delays
in
the
repatriation
of
the
local
currency
in
certain
non-U.S.
countries,
the
continued
illiquidity
of
Russian
equity
securities
and
the
suspension
of
select
sanctions
in
Venezuela.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure,
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Derivative
exposure
was
also
considered
in
the
calculation
of
a
fund’s
liquidity
bucketing.
Finally,
a
factor
for
consideration
under
the
Liquidity
Rule
is
a
Fund’s
use
of
borrowings
for
investment
purposes.
However,
the
Funds
do
not
borrow
for
investment
purposes.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
ETF’s
reasonably
anticipated
trading
size
utilized
for
liquidity
classifications.
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements.
The
Committee
considered
that
ETFs
generally
do
not
hold
more
than
de
minimis
amounts
of
cash.
The
Committee
also
considered
that
ETFs
generally
do
not
engage
in
borrowing.
d)
The
relationship
between
an
ETF’s
portfolio
liquidity
and
the
way
in
which,
and
the
prices
and
spreads
at
which,
ETF
shares
trade,
including
the
efficiency
of
the
arbitrage
function
and
the
level
of
active
participation
by
market
participants,
including
authorized
participants.
The
Committee
monitored
the
prevailing
bid/ask
spread
and
the
ETF
price
premium
(or
discount)
to
NAV
for
all
ETFs.
However,
there
were
no
ETFs
with
persistent
deviations
of
fund
premium/
discount
or
bid/ask
spreads
from
long-term
averages
over
the
Program
Reporting
Period.
e)
The
effect
of
the
composition
of
baskets
on
the
overall
liquidity
of
an
ETF’s
portfolio.
In
reviewing
the
linkage
between
the
composition
of
custom
baskets
accepted
by
an
ETF
and
any
significant
change
in
the
liquidity
profile
of
such
ETF,
the
Committee
reviewed
changes
in
the
proportion
of
each
ETF’s
portfolio
comprised
of
less
liquid
and
illiquid
holdings
to
determine
if
applicable
thresholds
were
met
requiring
enhanced
review.
There
were
no
ETFs
for
which
the
custom
baskets
accepted
by
the
ETF
had
a
significant
change
in
its
liquidity
profile.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Supplemental
Information
(unaudited)
71
Supplemental
Information
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
February
29,
2024
Tailored
Shareholder
Reports
for
Open-End
Mutual
Funds
and
ETFs
Effective
January
24,
2023,
the
SEC adopted
rule
and
form
amendments
to
require
open-end
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
ESG
Aware
MSCI
USA
...............
$
0
.736323
$
—
$
—
$
0
.736323
100
%
—
%
—
%
100
%
ESG
Aware
MSCI
USA
Small-Cap
(a)
......
0
.267656
—
0
.003172
0
.270828
99
—
1
100
ESG
Aware
MSCI
USA
Value
(a)
..........
0
.358866
—
0
.002135
0
.361001
99
—
1
100
ESG
MSCI
USA
Leaders
(a)
............
0
.578250
—
0
.008168
0
.586418
99
—
1
100
(a)
The
Fund
estimates
that
it
has
distributed
more
than
its
net
investment
income
and
net
realized
capital
gains;
therefore,
a
portion
of
the
distribution
may
be
a
return
of
capital.
A
return
of
capital
may
occur,
for
example,
when
some
or
all
of
the
shareholder’s
investment
in
the
Fund
is
returned
to
the
shareholder.
A
return
of
capital
does
not
necessarily
reflect
the
Fund’s
investment
performance
and
should
not
be
confused
with
“yield”
or
“income”.
When
distributions
exceed
total
return
performance,
the
difference
will
incrementally
reduce
the
Fund’s
net
asset
value
per
share.
General
Information
72
2024
iShares
Semi-Annual
Report
to
Shareholders
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.
Additionally,
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30
is
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(2)
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at
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;
and
(3)
on
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at
sec.gov
.
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description
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Fund
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sheets
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.
Glossary
of
Terms
Used
in
this
Report
73
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
CVR
Contingent
Value
Rights
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
iS-SAR-822-0224
Want
to
know
more?
iShares.com
|
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“BlackRock”).
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©2024
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iSHARES
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Inc.
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February
29,
2024
iShares
Trust
iShares
Climate
Conscious
&
Transition
MSCI
USA
ETF
|
USCL
|
NASDAQ
iShares
ESG
Advanced
MSCI
USA
ETF
|
USXF
|
NASDAQ
2024
Semi-Annual
Report
(Unaudited)
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
cooling
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
February
29,
2024.
Significantly
tighter
monetary
policy
helped
to
rein
in
inflation,
and
the
Consumer
Price
Index
decelerated
substantially
while
remaining
above
pre-pandemic
levels.
A
moderating
labor
market
helped
ease
inflationary
pressure,
although
wages
continued
to
grow.
Wage
and
job
growth
powered
robust
consumer
spending,
backstopping
the
economy.
On
October
7,
2023,
Hamas
launched
a
horrific
attack
on
Israel.
The
ensuing
war
will
have
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
robust
during
the
period,
as
interest
rates
stabilized
and
the
economy
proved
to
be
more
resilient
than
many
investors
expected.
The
U.S.
economy
continued
to
show
strength,
and
growth
further
accelerated
in
the
second
half
of
2023.
Large-capitalization
U.S.
stocks
posted
particularly
substantial
gains,
supported
by
the
performance
of
a
few
notable
technology
companies,
while
small-
capitalization
U.S.
stocks
advanced
at
a
significantly
slower
pace.
Meanwhile,
international
developed
market
equities
also
gained
strongly,
while
emerging
market
stocks
advanced
at
a
more
modest
pace.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
However,
higher
yields
drove
positive
returns
overall
for
10-year
U.S.
Treasuries
and
solid
gains
in
shorter-duration
U.S.
Treasuries.
The
corporate
bond
market
benefited
from
improving
economic
sentiment,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
attempting
to
manage
persistent
inflation,
raised
interest
rates
three
times
during
the
12-month
period,
but
paused
its
tightening
after
its
July
meeting.
The
Fed
also
continued
to
reduce
its
balance
sheet
by
not
replacing
some
of
the
securities
that
reach
maturity.
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
stopped
tightening
for
now,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
despite
the
market’s
hopes
for
rapid
interest
rate
cuts,
as
reflected
in
the
recent
rally.
In
this
new
regime,
we
anticipate
greater
volatility
and
dispersion
of
returns,
creating
more
opportunities
for
selective
portfolio
management.
Looking
at
developed
market
stocks,
we
have
an
overweight
stance
on
U.S.
stocks
overall,
particularly
given
the
promise
of
emerging
AI
technologies.
We
are
also
overweight
Japanese
stocks
as
shareholder-
friendly
policies
generate
increased
investor
interest,
although
we
maintain
an
underweight
stance
on
European
stocks.
In
credit,
there
are
selective
opportunities
in
the
near
term
despite
tighter
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries
and
hard-currency
emerging
market
bonds.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Total
Returns
as
of
February
29,
2024
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
13.93%
30.45%
U.S.
small
cap
equities
(Russell
2000
®
Index)
8.97
10.05
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
9.23
14.41
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
4.93
8.73
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.69
5.22
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
0.58
0.69
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
2.35
3.33
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
4.33
5.42
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
6.18
11.01
2
This
Page
is
not
Part
of
Your
Fund
Report
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
6
Disclosure
of
Expenses
...................................................................................................
6
Schedules
of
Investments
.................................................................................................
7
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
19
Statements
of
Operations
................................................................................................
20
Statements
of
Changes
in
Net
Assets
........................................................................................
21
Financial
Highlights
.....................................................................................................
22
Notes
to
Financial
Statements
...............................................................................................
24
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
31
Supplemental
Information
.................................................................................................
32
General
Information
.....................................................................................................
33
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
34
iShares
®
Climate
Conscious
&
Transition
MSCI
USA
ETF
4
2024
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
February
29,
2024
Investment
Objective
The
iShares Climate
Conscious
&
Transition
MSCI
USA
ETF (the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
large-
and
mid-capitalization
companies
based
on
their
positioning,
relative
to
their
sector
peers,
with
respect
to
the
transition
to
a
low-carbon
economy,
as
determined
by
the
Index
Provider,
based
primarily
on
current
emissions
intensity,
emissions
reduction
targets,
green
business
revenue,
and/or
climate
risk
management,
as
represented
by
the
MSCI
USA
Extended
Climate
Action
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
6,
2023.
The
first
day
of
secondary
market
trading
was
June
8,
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
6-Month
Total
Returns
Since
Inception
Fund
NAV
..........................................................................................
14.76
%
22.12
%
Fund
Market
........................................................................................
14.73
–
%
22.24
Index
.............................................................................................
14.77
22.16
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(09/01/23)
Ending
Account
Value
(02/29/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(09/01/23)
Ending
Account
Value
(02/29/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
1,147.60
$
0.43
$
1,000.00
$
1,024.47
$
0.40
0.08
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
27.4
%
Health
Care
...................................
13.6
Financials
.....................................
12.7
Consumer
Discretionary
...........................
12.1
Communication
Services
...........................
11.4
Industrials
.....................................
6.8
Consumer
Staples
...............................
5.4
Energy
.......................................
4.0
Real
Estate
....................................
2.3
Materials
.....................................
2.3
Utilities
.......................................
2.0
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
NVIDIA
Corp.
..................................
6.1
%
Amazon.com,
Inc.
...............................
5.1
Microsoft
Corp.
.................................
4.9
Apple,
Inc.
....................................
3.9
Meta
Platforms,
Inc.,
Class
A
........................
3.4
Alphabet,
Inc.,
Class
A
............................
2.4
Alphabet,
Inc.,
Class
C,
NVS
........................
2.1
Eli
Lilly
&
Co.
..................................
1.9
Broadcom,
Inc.
.................................
1.8
Tesla,
Inc.
.....................................
1.8
aaa
aa
iShares
®
ESG
Advanced
MSCI
USA
ETF
5
Fund
Summary
Fund
Summary
as
of
February
29,
2024
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
Certain
sectors
and
markets
performed
exceptionally
well
based
on
market
conditions
during
the
one-year
period.
Achieving
such
exceptional
returns
involves
the
risk
of
volatility
and
investors
should
not
expect
that
such
exceptional
returns
will
be
repeated.
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
................................................
19.38
%
37.53
%
16.98
%
37.53
%
78.86
%
Fund
Market
..............................................
19.35
37.63
16.96
–
%
37.63
78.75
Index
...................................................
19.44
37.67
17.14
37.67
79.74
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(09/01/23)
Ending
Account
Value
(02/29/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(09/01/23)
Ending
Account
Value
(02/29/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
1,193.80
$
0.55
$
1,000.00
$
1,024.37
$
0.50
0.10
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
36.2
%
Financials
.....................................
18.8
Industrials
.....................................
12.6
Health
Care
...................................
10.1
Consumer
Discretionary
...........................
8.6
Real
Estate
....................................
4.5
Materials
.....................................
3.8
Consumer
Staples
...............................
2.8
Communication
Services
...........................
2.5
Utilities
.......................................
0.1
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
NVIDIA
Corp.
..................................
10.9
%
Broadcom,
Inc.
.................................
3.2
Visa,
Inc.,
Class
A
...............................
2.5
Mastercard,
Inc.,
Class
A
...........................
2.2
Home
Depot,
Inc.
(The)
...........................
2.1
Advanced
Micro
Devices,
Inc.
.......................
1.7
Adobe,
Inc.
....................................
1.4
Linde
PLC
....................................
1.2
Intuit,
Inc.
.....................................
1.0
Intel
Corp.
....................................
1.0
aaa
aa
About
Fund
Performance
6
2024
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, index
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included, index
returns
would
be
lower.
Disclosure
of
Expenses
Shareholders
of
each
Fund
may
incur
the
following
charges:
(1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown
(which
are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the Period.”
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
iShares
®
Climate
Conscious
&
Transition
MSCI
USA
ETF
Schedule
of
Investments
(unaudited)
February
29,
2024
(Percentages
shown
are
based
on
Net
Assets)
7
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Air
Freight
&
Logistics
—
0
.6
%
Expeditors
International
of
Washington,
Inc.
.......
8,861
$
1,059,775
FedEx
Corp.
............................
14,439
3,594,878
United
Parcel
Service,
Inc.
,
Class
B
............
43,814
6,495,864
11,150,517
a
Automobiles
—
2
.1
%
Ford
Motor
Co.
..........................
238,200
2,963,208
General
Motors
Co.
.......................
82,940
3,398,881
Tesla,
Inc.
(a)
.............................
173,312
34,988,227
41,350,316
a
Banks
—
3
.4
%
Bank
of
America
Corp.
.....................
431,460
14,893,999
JPMorgan
Chase
&
Co.
....................
175,132
32,585,060
PNC
Financial
Services
Group,
Inc.
(The)
........
24,128
3,551,641
U.S.
Bancorp
...........................
94,384
3,960,353
Wells
Fargo
&
Co.
........................
220,159
12,238,639
67,229,692
a
Beverages
—
1
.8
%
Coca-Cola
Co.
(The)
......................
248,812
14,933,696
Constellation
Brands,
Inc.
,
Class
A
.............
9,964
2,476,253
Keurig
Dr
Pepper,
Inc.
.....................
63,660
1,904,071
Monster
Beverage
Corp.
(a)
...................
47,153
2,786,742
PepsiCo,
Inc.
...........................
83,284
13,770,177
35,870,939
a
Biotechnology
—
2
.5
%
AbbVie,
Inc.
............................
106,954
18,829,252
Amgen,
Inc.
............................
32,422
8,878,116
Biogen,
Inc.
(a)
...........................
8,776
1,904,304
Gilead
Sciences,
Inc.
......................
75,479
5,442,036
Incyte
Corp.
(a)
...........................
11,419
666,413
Regeneron
Pharmaceuticals,
Inc.
(a)
.............
6,490
6,269,924
Vertex
Pharmaceuticals,
Inc.
(a)
................
15,611
6,568,172
48,558,217
a
Broadline
Retail
—
5
.4
%
Amazon.com,
Inc.
(a)
.......................
563,411
99,588,529
eBay,
Inc.
..............................
31,444
1,486,672
Etsy,
Inc.
(a)
.............................
7,290
522,620
MercadoLibre,
Inc.
(a)
.......................
2,757
4,398,242
105,996,063
a
Building
Products
—
0
.5
%
Allegion
PLC
............................
5,329
681,419
Carlisle
Companies,
Inc.
....................
2,952
1,033,200
Johnson
Controls
International
PLC
............
41,234
2,443,939
Owens
Corning
..........................
5,496
823,191
Trane
Technologies
PLC
....................
13,782
3,886,111
8,867,860
a
Capital
Markets
—
3
.1
%
Ares
Management
Corp.
,
Class
A
..............
10,117
1,341,818
Bank
of
New
York
Mellon
Corp.
(The)
...........
45,997
2,579,972
BlackRock,
Inc.
(b)
.........................
9,011
7,310,985
Blackstone,
Inc.
,
NVS
......................
43,048
5,502,395
Cboe
Global
Markets,
Inc.
...................
6,419
1,232,448
Charles
Schwab
Corp.
(The)
.................
91,225
6,092,005
FactSet
Research
Systems,
Inc.
...............
2,305
1,066,247
Goldman
Sachs
Group,
Inc.
(The)
.............
19,759
7,687,239
Intercontinental
Exchange,
Inc.
...............
34,672
4,799,298
MarketAxess
Holdings,
Inc.
..................
2,294
489,562
Moody's
Corp.
...........................
9,975
3,784,714
Security
Shares
Value
a
Capital
Markets
(continued)
Morgan
Stanley
..........................
74,570
$
6,416,003
Nasdaq,
Inc.
............................
20,730
1,165,026
Northern
Trust
Corp.
.......................
12,551
1,030,814
S&P
Global,
Inc.
.........................
19,666
8,424,521
T
Rowe
Price
Group,
Inc.
...................
13,513
1,531,699
Tradeweb
Markets,
Inc.
,
Class
A
...............
6,595
697,883
61,152,629
a
Chemicals
—
1
.5
%
Albemarle
Corp.
.........................
7,078
975,702
Corteva,
Inc.
............................
42,791
2,290,174
DuPont
de
Nemours,
Inc.
...................
26,054
1,802,676
Ecolab,
Inc.
............................
15,547
3,495,588
FMC
Corp.
.............................
7,430
418,978
Linde
PLC
.............................
29,372
13,182,741
PPG
Industries,
Inc.
.......................
14,310
2,026,296
RPM
International,
Inc.
.....................
7,762
895,347
Sherwin-Williams
Co.
(The)
..................
14,735
4,892,462
29,979,964
a
Commercial
Services
&
Supplies
—
0
.8
%
Cintas
Corp.
............................
5,530
3,476,213
Copart,
Inc.
(a)
...........................
52,358
2,782,828
Republic
Services,
Inc.
.....................
13,346
2,450,325
Waste
Connections,
Inc.
....................
15,638
2,602,789
Waste
Management,
Inc.
....................
24,346
5,006,755
16,318,910
a
Communications
Equipment
—
0
.6
%
Cisco
Systems,
Inc.
.......................
246,160
11,906,759
a
Construction
&
Engineering
—
0
.1
%
AECOM
...............................
8,242
732,137
Quanta
Services,
Inc.
......................
8,799
2,125,046
2,857,183
a
Construction
Materials
—
0
.1
%
Vulcan
Materials
Co.
......................
8,090
2,150,727
a
Consumer
Finance
—
0
.4
%
American
Express
Co.
.....................
35,321
7,750,134
a
Consumer
Staples
Distribution
&
Retail
—
1
.1
%
Target
Corp.
............................
27,964
4,276,255
Walgreens
Boots
Alliance,
Inc.
................
44,336
942,583
Walmart,
Inc.
............................
268,004
15,707,715
20,926,553
a
Containers
&
Packaging
—
0
.1
%
Avery
Dennison
Corp.
......................
4,876
1,055,800
Ball
Corp.
..............................
19,145
1,225,663
Crown
Holdings,
Inc.
......................
7,360
563,923
2,845,386
a
Diversified
Telecommunication
Services
—
0
.9
%
AT&T,
Inc.
..............................
433,129
7,332,874
Liberty
Global,
Ltd.
,
Class
C
(a)
(c)
...............
11,165
207,111
Verizon
Communications,
Inc.
................
254,675
10,192,093
17,732,078
a
Electric
Utilities
—
1
.5
%
Alliant
Energy
Corp.
.......................
15,520
741,080
American
Electric
Power
Co.,
Inc.
..............
31,854
2,713,642
Constellation
Energy
Corp.
..................
19,367
3,262,371
Duke
Energy
Corp.
.......................
46,691
4,287,635
Edison
International
.......................
23,316
1,585,954
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
iShares
®
Climate
Conscious
&
Transition
MSCI
USA
ETF
(Percentages
shown
are
based
on
Net
Assets)
8
2024
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Electric
Utilities
(continued)
Eversource
Energy
.......................
21,150
$
1,241,505
Exelon
Corp.
............................
60,420
2,165,453
NextEra
Energy,
Inc.
......................
124,284
6,859,234
Southern
Co.
(The)
.......................
66,071
4,443,275
Xcel
Energy,
Inc.
.........................
33,428
1,761,321
29,061,470
a
Electrical
Equipment
—
0
.8
%
AMETEK,
Inc.
...........................
13,980
2,518,916
Eaton
Corp.
PLC
.........................
24,187
6,990,043
Emerson
Electric
Co.
......................
34,534
3,689,958
Hubbell,
Inc.
............................
3,221
1,226,138
Rockwell
Automation,
Inc.
...................
6,945
1,979,881
16,404,936
a
Electronic
Equipment,
Instruments
&
Components
—
0
.0
%
Trimble,
Inc.
(a)
...........................
15,079
922,684
a
Energy
Equipment
&
Services
—
0
.4
%
Baker
Hughes
Co.
,
Class
A
..................
60,806
1,799,249
Halliburton
Co.
..........................
54,072
1,896,305
Schlumberger
Ltd.
........................
86,535
4,182,237
7,877,791
a
Entertainment
—
1
.6
%
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
NVS
(a)
...............................
11,951
869,555
Netflix,
Inc.
(a)
............................
26,510
15,983,409
Take-Two
Interactive
Software,
Inc.
(a)
............
10,318
1,516,024
Walt
Disney
Co.
(The)
.....................
111,075
12,393,748
30,762,736
a
Financial
Services
—
3
.6
%
Apollo
Global
Management,
Inc.
...............
24,064
2,690,355
Block,
Inc.
,
Class
A
(a)
......................
33,535
2,665,026
Fidelity
National
Information
Services,
Inc.
........
35,890
2,483,229
Fiserv,
Inc.
(a)
............................
36,361
5,427,607
Global
Payments,
Inc.
.....................
15,715
2,038,236
Jack
Henry
&
Associates,
Inc.
................
4,416
767,368
Mastercard,
Inc.
,
Class
A
....................
50,760
24,098,818
PayPal
Holdings,
Inc.
(a)
.....................
62,048
3,743,976
Visa,
Inc.
,
Class
A
........................
95,878
27,098,958
71,013,573
a
Food
Products
—
0
.7
%
Bunge
Global
SA
.........................
8,800
830,456
Campbell
Soup
Co.
.......................
11,678
497,950
General
Mills,
Inc.
........................
34,399
2,207,728
Hershey
Co.
(The)
........................
9,114
1,712,703
Kellanova
..............................
16,392
904,019
McCormick
&
Co.,
Inc.
,
NVS
.................
15,289
1,052,800
Mondelez
International,
Inc.
,
Class
A
............
82,441
6,023,964
13,229,620
a
Ground
Transportation
—
1
.5
%
CSX
Corp.
.............................
119,710
4,541,797
JB
Hunt
Transport
Services,
Inc.
..............
5,010
1,033,613
Norfolk
Southern
Corp.
.....................
13,695
3,470,039
Old
Dominion
Freight
Line,
Inc.
...............
5,945
2,630,544
Uber
Technologies,
Inc.
(a)
...................
112,197
8,919,662
Union
Pacific
Corp.
.......................
36,925
9,367,503
29,963,158
a
Health
Care
Equipment
&
Supplies
—
1
.3
%
Abbott
Laboratories
.......................
105,164
12,476,657
Boston
Scientific
Corp.
(a)
....................
88,745
5,875,807
Security
Shares
Value
a
Health
Care
Equipment
&
Supplies
(continued)
Edwards
Lifesciences
Corp.
(a)
................
36,766
$
3,120,330
IDEXX
Laboratories,
Inc.
(a)
...................
5,030
2,893,407
Zimmer
Biomet
Holdings,
Inc.
................
12,658
1,574,149
25,940,350
a
Health
Care
Providers
&
Services
—
2
.7
%
Cigna
Group
(The)
........................
17,741
5,963,460
CVS
Health
Corp.
........................
77,953
5,797,365
DaVita,
Inc.
(a)
............................
3,295
418,366
Elevance
Health,
Inc.
......................
14,234
7,134,792
Laboratory
Corp.
of
America
Holdings
...........
5,143
1,110,014
McKesson
Corp.
.........................
8,063
4,204,129
UnitedHealth
Group,
Inc.
....................
56,025
27,653,940
52,282,066
a
Health
Care
REITs
—
0
.2
%
Healthpeak
Properties,
Inc.
..................
42,891
718,424
Welltower,
Inc.
...........................
33,529
3,090,033
3,808,457
a
Hotels,
Restaurants
&
Leisure
—
2
.6
%
Airbnb,
Inc.
,
Class
A
(a)
......................
26,434
4,162,562
Booking
Holdings,
Inc.
(a)
....................
2,110
7,319,231
Caesars
Entertainment,
Inc.
(a)
................
12,984
564,415
Chipotle
Mexican
Grill,
Inc.
(a)
.................
1,662
4,468,736
Darden
Restaurants,
Inc.
...................
7,230
1,234,233
Hilton
Worldwide
Holdings,
Inc.
...............
15,535
3,174,111
Hyatt
Hotels
Corp.
,
Class
A
..................
2,680
411,621
Las
Vegas
Sands
Corp.
....................
22,782
1,242,075
Marriott
International,
Inc.
,
Class
A
.............
15,191
3,795,775
McDonald's
Corp.
........................
43,942
12,843,368
MGM
Resorts
International
(a)
.................
16,947
733,466
Starbucks
Corp.
..........................
68,590
6,509,191
Vail
Resorts,
Inc.
.........................
2,298
529,252
Wynn
Resorts
Ltd.
........................
6,078
639,406
Yum!
Brands,
Inc.
........................
16,901
2,339,436
49,966,878
a
Household
Durables
—
0
.1
%
Garmin
Ltd.
.............................
9,288
1,275,707
a
Household
Products
—
1
.6
%
Church
&
Dwight
Co.,
Inc.
...................
14,802
1,481,976
Clorox
Co.
(The)
.........................
7,514
1,151,971
Colgate-Palmolive
Co.
.....................
47,382
4,099,491
Kimberly-Clark
Corp.
......................
20,471
2,480,471
Procter
&
Gamble
Co.
(The)
.................
142,775
22,692,659
31,906,568
a
Industrial
Conglomerates
—
0
.2
%
3M
Co.
................................
33,458
3,082,151
a
Industrial
REITs
—
0
.4
%
Prologis,
Inc.
............................
55,977
7,460,055
a
Insurance
—
2
.0
%
American
International
Group,
Inc.
.............
42,529
3,099,939
Aon
PLC
,
Class
A
........................
12,133
3,833,907
Arch
Capital
Group
Ltd.
(a)
...................
22,656
1,984,439
Arthur
J
Gallagher
&
Co.
....................
13,080
3,190,604
Chubb
Ltd.
.............................
24,717
6,220,527
Hartford
Financial
Services
Group,
Inc.
(The)
......
18,222
1,746,397
Marsh
&
McLennan
Companies,
Inc.
............
29,871
6,042,007
Progressive
Corp.
(The)
....................
35,368
6,704,358
Travelers
Companies,
Inc.
(The)
...............
13,833
3,056,540
W
R
Berkley
Corp.
........................
12,494
1,044,498
iShares
®
Climate
Conscious
&
Transition
MSCI
USA
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
(Percentages
shown
are
based
on
Net
Assets)
9
Schedule
of
Investments
Security
Shares
Value
a
Insurance
(continued)
Willis
Towers
Watson
PLC
...................
6,329
$
1,725,349
38,648,565
a
Interactive
Media
&
Services
—
8
.0
%
Alphabet,
Inc.
,
Class
A
(a)
....................
334,788
46,354,746
Alphabet,
Inc.
,
Class
C
,
NVS
(a)
................
291,487
40,744,053
Match
Group,
Inc.
(a)
.......................
16,734
603,094
Meta
Platforms,
Inc.
,
Class
A
.................
134,464
65,904,840
Pinterest,
Inc.
,
Class
A
(a)
....................
35,640
1,307,988
Snap,
Inc.
,
Class
A
,
NVS
(a)
..................
63,497
699,737
155,614,458
a
IT
Services
—
1
.9
%
Accenture
PLC
,
Class
A
....................
37,977
14,233,020
Akamai
Technologies,
Inc.
(a)
..................
9,171
1,017,247
Cloudflare,
Inc.
,
Class
A
(a)
...................
17,940
1,767,808
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
30,231
2,388,854
EPAM
Systems,
Inc.
(a)
......................
3,493
1,063,269
Gartner,
Inc.
(a)
...........................
4,719
2,196,978
International
Business
Machines
Corp.
..........
55,315
10,234,934
Okta,
Inc.
,
Class
A
(a)
.......................
9,580
1,027,934
Snowflake,
Inc.
,
Class
A
(a)
...................
16,903
3,182,497
37,112,541
a
Leisure
Products
—
0
.0
%
Hasbro,
Inc.
............................
8,004
402,521
a
Life
Sciences
Tools
&
Services
—
1
.9
%
Agilent
Technologies,
Inc.
...................
17,748
2,437,865
Charles
River
Laboratories
International,
Inc.
(a)
.....
3,112
791,039
Danaher
Corp.
..........................
42,525
10,764,778
Illumina,
Inc.
(a)
...........................
9,702
1,356,631
IQVIA
Holdings,
Inc.
(a)
......................
11,018
2,723,209
Mettler-Toledo
International,
Inc.
(a)
.............
1,326
1,653,814
Repligen
Corp.
(a)
.........................
3,206
621,932
Revvity,
Inc.
............................
7,381
808,884
Thermo
Fisher
Scientific,
Inc.
.................
23,408
13,346,773
Waters
Corp.
(a)
..........................
3,580
1,207,964
West
Pharmaceutical
Services,
Inc.
............
4,490
1,609,036
37,321,925
a
Machinery
—
1
.3
%
Cummins,
Inc.
...........................
8,583
2,305,480
Deere
&
Co.
............................
16,108
5,880,225
Dover
Corp.
............................
8,405
1,390,019
Fortive
Corp.
............................
21,192
1,804,075
Graco,
Inc.
.............................
10,124
923,916
IDEX
Corp.
.............................
4,536
1,070,042
Illinois
Tool
Works,
Inc.
.....................
18,250
4,784,238
PACCAR,
Inc.
...........................
31,683
3,513,328
Stanley
Black
&
Decker,
Inc.
.................
9,294
829,861
Westinghouse
Air
Brake
Technologies
Corp.
.......
10,943
1,546,137
Xylem,
Inc.
.............................
14,608
1,855,946
25,903,267
a
Media
—
0
.6
%
Charter
Communications,
Inc.
,
Class
A
(a)
.........
5,847
1,718,609
Comcast
Corp.
,
Class
A
....................
243,259
10,423,648
12,142,257
a
Metals
&
Mining
—
0
.5
%
Freeport-McMoRan,
Inc.
....................
86,872
3,284,630
Newmont
Corp.
..........................
69,871
2,183,469
Nucor
Corp.
............................
14,903
2,865,847
Security
Shares
Value
a
Metals
&
Mining
(continued)
Steel
Dynamics,
Inc.
.......................
9,315
$
1,246,533
9,580,479
a
Mortgage
REITs
—
0
.0
%
Annaly
Capital
Management,
Inc.
..............
29,761
568,137
a
Multi-Utilities
—
0
.5
%
Consolidated
Edison,
Inc.
...................
20,805
1,814,404
Dominion
Energy,
Inc.
......................
50,828
2,431,103
Public
Service
Enterprise
Group,
Inc.
...........
30,137
1,880,549
Sempra
...............................
38,053
2,686,542
8,812,598
a
Office
REITs
—
0
.1
%
Alexandria
Real
Estate
Equities,
Inc.
............
9,998
1,247,051
a
Oil,
Gas
&
Consumable
Fuels
—
3
.6
%
Chevron
Corp.
...........................
108,312
16,464,507
ConocoPhillips
..........................
72,043
8,107,719
Diamondback
Energy,
Inc.
...................
10,304
1,880,686
EOG
Resources,
Inc.
......................
35,330
4,043,872
Exxon
Mobil
Corp.
........................
242,118
25,306,173
Hess
Corp.
.............................
16,746
2,440,730
Kinder
Morgan,
Inc.
,
Class
P
.................
120,504
2,095,565
Marathon
Oil
Corp.
........................
35,449
859,638
Occidental
Petroleum
Corp.
..................
39,935
2,420,460
ONEOK,
Inc.
............................
35,154
2,640,769
Pioneer
Natural
Resources
Co.
...............
14,152
3,328,409
69,588,528
a
Personal
Care
Products
—
0
.1
%
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
14,072
2,090,818
a
Pharmaceuticals
—
5
.2
%
Bristol-Myers
Squibb
Co.
....................
123,259
6,255,394
Eli
Lilly
&
Co.
...........................
48,881
36,840,632
Johnson
&
Johnson
.......................
145,831
23,534,207
Merck
&
Co.,
Inc.
.........................
153,509
19,518,669
Pfizer,
Inc.
.............................
342,046
9,084,742
Zoetis,
Inc.
,
Class
A
.......................
27,808
5,515,161
100,748,805
a
Professional
Services
—
0
.9
%
Automatic
Data
Processing,
Inc.
...............
24,894
6,251,630
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
7,942
1,173,113
Broadridge
Financial
Solutions,
Inc.
............
7,088
1,442,975
Dayforce,
Inc.
(a)
..........................
8,856
617,794
Equifax,
Inc.
............................
7,462
2,041,529
Paychex,
Inc.
...........................
19,653
2,409,851
Paycom
Software,
Inc.
.....................
3,266
595,686
Robert
Half,
Inc.
.........................
6,446
518,258
TransUnion
.............................
11,648
904,234
Verisk
Analytics,
Inc.
.......................
8,802
2,129,204
18,084,274
a
Real
Estate
Management
&
Development
—
0
.1
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
18,662
1,714,851
a
Residential
REITs
—
0
.2
%
AvalonBay
Communities,
Inc.
................
8,600
1,522,458
Equity
Residential
........................
21,911
1,319,261
Essex
Property
Trust,
Inc.
...................
3,862
893,667
3,735,386
a
Retail
REITs
—
0
.4
%
Kimco
Realty
Corp.
.......................
40,831
806,820
Realty
Income
Corp.
.......................
50,406
2,626,657
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
iShares
®
Climate
Conscious
&
Transition
MSCI
USA
ETF
(Percentages
shown
are
based
on
Net
Assets)
10
2024
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Retail
REITs
(continued)
Regency
Centers
Corp.
....................
10,625
$
658,219
Simon
Property
Group,
Inc.
..................
19,822
2,936,431
7,028,127
a
Semiconductors
&
Semiconductor
Equipment
—
10
.3
%
Advanced
Micro
Devices,
Inc.
(a)
...............
97,864
18,841,756
Analog
Devices,
Inc.
.......................
30,104
5,774,549
Broadcom,
Inc.
..........................
26,940
35,035,200
Enphase
Energy,
Inc.
(a)
.....................
8,370
1,063,074
First
Solar,
Inc.
(a)
.........................
6,147
945,962
NVIDIA
Corp.
...........................
149,630
118,375,286
QUALCOMM,
Inc.
........................
67,722
10,685,854
Texas
Instruments,
Inc.
.....................
55,015
9,205,660
199,927,341
a
Software
—
10
.5
%
Adobe,
Inc.
(a)
............................
27,384
15,342,708
ANSYS,
Inc.
(a)
...........................
5,248
1,753,724
Aspen
Technology,
Inc.
(a)
....................
1,740
337,369
Atlassian
Corp.
,
Class
A
(a)
...................
9,451
1,960,326
Autodesk,
Inc.
(a)
..........................
12,959
3,345,625
Bentley
Systems,
Inc.
,
Class
B
................
12,759
655,430
Cadence
Design
Systems,
Inc.
(a)
..............
16,479
5,015,878
Confluent,
Inc.
,
Class
A
(a)
...................
11,485
388,997
Datadog,
Inc.
,
Class
A
(a)
....................
16,546
2,175,137
Dropbox,
Inc.
,
Class
A
(a)
....................
15,674
375,392
Fortinet,
Inc.
(a)
...........................
39,538
2,732,471
Gen
Digital,
Inc.
..........................
34,587
743,275
HubSpot,
Inc.
(a)
..........................
2,899
1,793,930
Intuit,
Inc.
..............................
16,960
11,242,614
Microsoft
Corp.
..........................
229,161
94,790,156
Oracle
Corp.
............................
99,911
11,158,061
Palo
Alto
Networks,
Inc.
(a)
...................
19,099
5,931,194
PTC,
Inc.
(a)
.............................
7,255
1,327,738
Roper
Technologies,
Inc.
....................
6,471
3,524,948
Salesforce,
Inc.
(a)
.........................
58,635
18,107,661
ServiceNow,
Inc.
(a)
........................
12,415
9,576,186
Splunk,
Inc.
(a)
...........................
9,652
1,507,835
Synopsys,
Inc.
(a)
.........................
9,196
5,276,021
Workday,
Inc.
,
Class
A
(a)
....................
12,659
3,730,101
Zscaler,
Inc.
(a)
...........................
5,371
1,299,621
204,092,398
a
Specialized
REITs
—
1
.0
%
American
Tower
Corp.
.....................
28,239
5,615,607
Crown
Castle,
Inc.
........................
26,206
2,881,088
Digital
Realty
Trust,
Inc.
....................
18,284
2,684,274
Equinix,
Inc.
............................
5,691
5,058,275
VICI
Properties,
Inc.
.......................
62,667
1,875,623
Security
Shares
Value
a
Specialized
REITs
(continued)
Weyerhaeuser
Co.
........................
44,045
$
1,514,267
19,629,134
a
Specialty
Retail
—
1
.3
%
Home
Depot,
Inc.
(The)
....................
60,289
22,946,596
Ulta
Beauty,
Inc.
(a)
........................
2,945
1,615,509
24,562,105
a
Technology
Hardware,
Storage
&
Peripherals
—
4
.1
%
Apple,
Inc.
.............................
424,319
76,695,659
Dell
Technologies,
Inc.
,
Class
C
...............
14,549
1,377,209
Hewlett
Packard
Enterprise
Co.
...............
78,731
1,199,073
79,271,941
a
Textiles,
Apparel
&
Luxury
Goods
—
0
.6
%
Deckers
Outdoor
Corp.
(a)
....................
1,561
1,398,016
Lululemon
Athletica,
Inc.
(a)
...................
6,972
3,256,552
Nike,
Inc.
,
Class
B
........................
73,737
7,663,486
12,318,054
a
Water
Utilities
—
0
.1
%
American
Water
Works
Co.,
Inc.
...............
11,759
1,393,912
Essential
Utilities,
Inc.
......................
15,730
547,089
1,941,001
a
Wireless
Telecommunication
Services
—
0
.3
%
T-Mobile
U.S.,
Inc.
........................
31,531
5,149,012
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
1,630,660,734
)
...............................
1,944,837,701
a
Short-Term
Securities
Money
Market
Funds
—
0
.3
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.50
%
(b)
(d)
(e)
.....................
408,413
408,617
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.30
%
(b)
(d)
............................
5,198,241
5,198,241
a
Total
Short-Term
Securities — 0.3%
(Cost:
$
5,606,816
)
..................................
5,606,858
Total
Investments
—
100.0%
(Cost:
$
1,636,267,550
)
...............................
1,950,444,559
Liabilities
in
Excess
of
Other
Assets
—
0
.0
%
................
(
704,546
)
Net
Assets
—
100.0%
.................................
$
1,949,740,013
(a)
Non-income
producing
security.
(b)
Affiliate
of
the
Fund.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
iShares
®
Climate
Conscious
&
Transition
MSCI
USA
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
11
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
February
29,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
February
29,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
08/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
02/29/24
Shares
Held
at
02/29/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
6,588,268
$
—
$
(
6,182,067
)
(a)
$
2,374
$
42
$
408,617
408,413
$
21,171
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
5,087,833
110,408
(a)
—
—
—
5,198,241
5,198,241
118,711
—
BlackRock,
Inc.
..
9,649,238
1,166,626
(
4,915,271
)
528,364
882,028
7,310,985
9,011
129,500
—
$
530,738
$
882,070
$
12,917,843
$
269,382
$
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
500
Index
...................................................................
18
03/15/24
$
4,593
$
170,357
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)
.............
$
—
$
—
$
170,357
$
—
$
—
$
—
$
170,357
(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
..................................
$
—
$
—
$
282,280
$
—
$
—
$
—
$
282,280
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
146,229
$
—
$
—
$
—
$
146,229
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
iShares
®
Climate
Conscious
&
Transition
MSCI
USA
ETF
12
2024
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
...................................................................................
$
7,216,694
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,944,837,701
$
—
$
—
$
1,944,837,701
Short-Term
Securities
Money
Market
Funds
......................................
5,606,858
—
—
5,606,858
$
1,950,444,559
$
—
$
—
$
1,950,444,559
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
170,357
$
—
$
—
$
170,357
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
ESG
Advanced
MSCI
USA
ETF
Schedule
of
Investments
(unaudited)
February
29,
2024
(Percentages
shown
are
based
on
Net
Assets)
13
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
—
0
.4
%
Axon
Enterprise,
Inc.
(a)
.....................
3,710
$
1,140,343
HEICO
Corp.
(b)
..........................
2,280
440,952
HEICO
Corp.
,
Class
A
......................
3,917
609,446
Howmet
Aerospace,
Inc.
....................
20,380
1,356,289
3,547,030
a
Air
Freight
&
Logistics
—
0
.1
%
CH
Robinson
Worldwide,
Inc.
................
6,078
450,258
Expeditors
International
of
Washington,
Inc.
.......
7,576
906,090
1,356,348
a
Automobile
Components
—
0
.2
%
Aptiv
PLC
(a)
.............................
14,738
1,171,524
BorgWarner,
Inc.
.........................
12,246
381,218
Lear
Corp.
.............................
3,035
416,857
1,969,599
a
Automobiles
—
0
.0
%
Rivian
Automotive,
Inc.
,
Class
A
(a)
..............
34,646
392,193
a
Banks
—
1
.4
%
Huntington
Bancshares,
Inc.
.................
75,449
983,855
KeyCorp
...............................
48,781
696,105
M&T
Bank
Corp.
.........................
8,647
1,208,331
PNC
Financial
Services
Group,
Inc.
(The)
........
20,754
3,054,989
Regions
Financial
Corp.
....................
48,460
902,810
Truist
Financial
Corp.
......................
69,489
2,430,725
U.S.
Bancorp
...........................
81,177
3,406,187
12,683,002
a
Beverages
—
0
.2
%
Keurig
Dr
Pepper,
Inc.
.....................
54,643
1,634,372
a
Biotechnology
—
2
.8
%
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
6,538
987,826
Amgen,
Inc.
............................
27,885
7,635,750
Biogen,
Inc.
(a)
...........................
7,551
1,638,492
BioMarin
Pharmaceutical,
Inc.
(a)
...............
9,815
846,838
Exact
Sciences
Corp.
(a)
.....................
9,423
542,105
Incyte
Corp.
(a)
...........................
9,925
579,223
Moderna,
Inc.
(a)
..........................
16,886
1,557,565
Neurocrine
Biosciences,
Inc.
(a)
................
5,119
667,518
Regeneron
Pharmaceuticals,
Inc.
(a)
.............
5,582
5,392,714
United
Therapeutics
Corp.
(a)
..................
2,449
552,592
Vertex
Pharmaceuticals,
Inc.
(a)
................
13,426
5,648,855
26,049,478
a
Broadline
Retail
—
0
.6
%
eBay,
Inc.
..............................
27,042
1,278,546
Etsy,
Inc.
(a)
.............................
6,277
449,998
MercadoLibre,
Inc.
(a)
.......................
2,372
3,784,052
5,512,596
a
Building
Products
—
1
.3
%
A
O
Smith
Corp.
.........................
6,400
530,560
Allegion
PLC
............................
4,575
585,005
Builders
FirstSource,
Inc.
(a)
..................
6,427
1,254,422
Carlisle
Companies,
Inc.
....................
2,537
887,950
Carrier
Global
Corp.
.......................
42,130
2,341,585
Fortune
Brands
Innovations,
Inc.
..............
6,569
534,323
Lennox
International,
Inc.
...................
1,667
785,507
Masco
Corp.
............................
11,697
897,862
Owens
Corning
..........................
4,631
693,631
Security
Shares
Value
a
Building
Products
(continued)
Trane
Technologies
PLC
....................
11,857
$
3,343,318
11,854,163
a
Capital
Markets
—
5
.4
%
Ameriprise
Financial,
Inc.
...................
5,272
2,147,602
Bank
of
New
York
Mellon
Corp.
(The)
...........
39,564
2,219,145
BlackRock,
Inc.
(c)
.........................
7,750
6,287,885
Carlyle
Group,
Inc.
(The)
....................
11,279
517,142
Cboe
Global
Markets,
Inc.
...................
5,500
1,056,000
Charles
Schwab
Corp.
(The)
.................
78,463
5,239,759
CME
Group,
Inc.
,
Class
A
...................
18,757
4,133,105
FactSet
Research
Systems,
Inc.
...............
1,985
918,221
Franklin
Resources,
Inc.
....................
15,491
425,228
Intercontinental
Exchange,
Inc.
...............
29,821
4,127,823
LPL
Financial
Holdings,
Inc.
..................
3,940
1,055,487
MarketAxess
Holdings,
Inc.
..................
1,976
421,698
Moody's
Corp.
...........................
8,582
3,256,182
Morgan
Stanley
..........................
64,138
5,518,434
Nasdaq,
Inc.
............................
18,037
1,013,679
Northern
Trust
Corp.
.......................
10,787
885,936
Raymond
James
Financial,
Inc.
...............
10,387
1,249,764
S&P
Global,
Inc.
.........................
16,881
7,231,483
State
Street
Corp.
........................
15,998
1,179,533
T
Rowe
Price
Group,
Inc.
...................
11,643
1,319,734
50,203,840
a
Chemicals
—
2
.6
%
Air
Products
and
Chemicals,
Inc.
..............
11,579
2,709,949
Albemarle
Corp.
.........................
6,114
842,815
CF
Industries
Holdings,
Inc.
..................
9,954
803,487
FMC
Corp.
.............................
6,500
366,535
International
Flavors
&
Fragrances,
Inc.
..........
13,301
1,004,226
Linde
PLC
.............................
25,265
11,339,437
Mosaic
Co.
(The)
.........................
17,035
530,811
PPG
Industries,
Inc.
.......................
12,287
1,739,839
RPM
International,
Inc.
.....................
6,715
774,575
Sherwin-Williams
Co.
(The)
..................
12,669
4,206,488
Westlake
Corp.
..........................
1,964
272,426
24,590,588
a
Commercial
Services
&
Supplies
—
1
.7
%
Cintas
Corp.
............................
4,753
2,987,783
Copart,
Inc.
(a)
...........................
45,029
2,393,291
Republic
Services,
Inc.
.....................
11,476
2,106,994
Rollins,
Inc.
.............................
15,132
666,867
Veralto
Corp.
............................
12,191
1,053,546
Waste
Connections,
Inc.
....................
13,424
2,234,291
Waste
Management,
Inc.
....................
20,986
4,315,771
15,758,543
a
Communications
Equipment
—
0
.5
%
Arista
Networks,
Inc.
(a)
.....................
13,778
3,823,946
F5,
Inc.
(a)
..............................
3,110
582,254
Juniper
Networks,
Inc.
.....................
16,688
617,957
5,024,157
a
Construction
&
Engineering
—
0
.3
%
AECOM
...............................
7,084
629,272
Quanta
Services,
Inc.
......................
7,571
1,828,472
2,457,744
a
Construction
Materials
—
0
.4
%
Martin
Marietta
Materials,
Inc.
................
3,219
1,859,648
Vulcan
Materials
Co.
......................
6,923
1,840,480
3,700,128
a
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
iShares
®
ESG
Advanced
MSCI
USA
ETF
(Percentages
shown
are
based
on
Net
Assets)
14
2024
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Consumer
Finance
—
1
.3
%
Ally
Financial,
Inc.
........................
14,144
$
523,187
American
Express
Co.
.....................
30,377
6,665,321
Capital
One
Financial
Corp.
..................
19,843
2,730,595
Discover
Financial
Services
..................
13,028
1,572,480
Synchrony
Financial
.......................
21,560
890,428
12,382,011
a
Consumer
Staples
Distribution
&
Retail
—
0
.8
%
Dollar
General
Corp.
......................
11,437
1,661,910
Dollar
Tree,
Inc.
(a)
.........................
10,784
1,581,797
Target
Corp.
............................
24,054
3,678,338
Walgreens
Boots
Alliance,
Inc.
................
38,193
811,983
7,734,028
a
Containers
&
Packaging
—
0
.5
%
Avery
Dennison
Corp.
......................
4,196
908,560
Ball
Corp.
..............................
16,428
1,051,721
Crown
Holdings,
Inc.
......................
6,287
481,710
International
Paper
Co.
.....................
17,128
605,646
Packaging
Corp.
of
America
.................
4,670
846,157
Westrock
Co.
...........................
13,365
605,301
4,499,095
a
Distributors
—
0
.3
%
Genuine
Parts
Co.
........................
7,305
1,090,344
LKQ
Corp.
.............................
13,942
729,027
Pool
Corp.
.............................
2,016
802,610
2,621,981
a
Diversified
REITs
—
0
.1
%
WP
Carey,
Inc.
..........................
8,485
641,768
a
Diversified
Telecommunication
Services
—
0
.9
%
Verizon
Communications,
Inc.
................
219,047
8,766,261
a
Electrical
Equipment
—
1
.3
%
AMETEK,
Inc.
...........................
12,025
2,166,665
Eaton
Corp.
PLC
.........................
20,804
6,012,356
Hubbell,
Inc.
............................
2,793
1,063,211
Rockwell
Automation,
Inc.
...................
5,970
1,701,928
Vertiv
Holdings
Co.
,
Class
A
.................
18,881
1,276,733
12,220,893
a
Electronic
Equipment,
Instruments
&
Components
—
1
.5
%
Amphenol
Corp.
,
Class
A
...................
31,173
3,405,338
CDW
Corp.
.............................
6,979
1,718,300
Corning,
Inc.
............................
42,230
1,361,495
Jabil,
Inc.
..............................
6,645
957,478
Keysight
Technologies,
Inc.
(a)
.................
9,120
1,407,216
TE
Connectivity
Ltd.
.......................
16,119
2,314,044
Teledyne
Technologies,
Inc.
(a)
.................
2,459
1,050,657
Trimble,
Inc.
(a)
...........................
12,961
793,084
Zebra
Technologies
Corp.
,
Class
A
(a)
............
2,676
747,888
13,755,500
a
Entertainment
—
0
.3
%
Electronic
Arts,
Inc.
.......................
13,313
1,856,897
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
..........
120,705
1,060,997
2,917,894
a
Financial
Services
—
6
.3
%
Apollo
Global
Management,
Inc.
...............
20,700
2,314,260
Fidelity
National
Information
Services,
Inc.
........
30,871
2,135,965
Fiserv,
Inc.
(a)
............................
31,272
4,667,971
Global
Payments,
Inc.
.....................
13,568
1,759,770
Jack
Henry
&
Associates,
Inc.
................
3,795
659,457
Mastercard,
Inc.
,
Class
A
....................
43,630
20,713,779
Security
Shares
Value
a
Financial
Services
(continued)
PayPal
Holdings,
Inc.
(a)
.....................
53,366
$
3,220,104
Toast,
Inc.
,
Class
A
(a)
(b)
.....................
17,726
407,698
Visa,
Inc.
,
Class
A
........................
82,470
23,309,321
59,188,325
a
Food
Products
—
0
.9
%
Campbell
Soup
Co.
.......................
10,095
430,451
Conagra
Brands,
Inc.
......................
24,906
699,361
Darling
Ingredients,
Inc.
(a)
...................
8,311
351,638
General
Mills,
Inc.
........................
29,589
1,899,022
Hormel
Foods
Corp.
.......................
15,670
553,464
J
M
Smucker
Co.
(The)
.....................
5,531
664,660
Kellanova
..............................
14,277
787,377
Kraft
Heinz
Co.
(The)
......................
44,735
1,578,251
Lamb
Weston
Holdings,
Inc.
.................
7,521
768,721
McCormick
&
Co.,
Inc.
,
NVS
.................
13,092
901,515
8,634,460
a
Ground
Transportation
—
0
.4
%
JB
Hunt
Transport
Services,
Inc.
..............
4,299
886,927
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
8,409
473,763
Old
Dominion
Freight
Line,
Inc.
...............
5,117
2,264,170
U-Haul
Holding
Co.
,
Series
N
,
NVS
.............
5,058
321,537
3,946,397
a
Health
Care
Equipment
&
Supplies
—
2
.5
%
Align
Technology,
Inc.
(a)
.....................
3,791
1,146,474
Cooper
Cos.,
Inc.
The
......................
10,322
966,139
Dexcom,
Inc.
(a)
..........................
20,132
2,316,589
Edwards
Lifesciences
Corp.
(a)
................
31,600
2,681,892
GE
HealthCare
Technologies,
Inc.
.............
21,348
1,948,646
Hologic,
Inc.
(a)
...........................
12,505
922,869
IDEXX
Laboratories,
Inc.
(a)
...................
4,327
2,489,020
Insulet
Corp.
(a)
...........................
3,637
596,468
ResMed,
Inc.
...........................
7,664
1,331,390
STERIS
PLC
............................
5,148
1,199,021
Stryker
Corp.
...........................
17,816
6,219,031
Teleflex,
Inc.
............................
2,449
545,613
Zimmer
Biomet
Holdings,
Inc.
................
10,888
1,354,032
23,717,184
a
Health
Care
Providers
&
Services
—
1
.5
%
DaVita,
Inc.
(a)
............................
2,824
358,563
Elevance
Health,
Inc.
......................
12,241
6,135,801
HCA
Healthcare,
Inc.
......................
10,459
3,260,070
Henry
Schein,
Inc.
(a)
.......................
6,771
517,778
Humana,
Inc.
...........................
6,415
2,247,303
Molina
Healthcare,
Inc.
(a)
....................
3,037
1,196,305
Quest
Diagnostics,
Inc.
.....................
5,859
731,731
14,447,551
a
Health
Care
REITs
—
0
.4
%
Healthpeak
Properties,
Inc.
..................
36,888
617,874
Ventas,
Inc.
............................
20,966
886,652
Welltower,
Inc.
...........................
28,837
2,657,618
4,162,144
a
Health
Care
Technology
—
0
.2
%
Veeva
Systems,
Inc.
,
Class
A
(a)
...............
7,971
1,797,540
a
Hotel
&
Resort
REITs
—
0
.1
%
Host
Hotels
&
Resorts,
Inc.
..................
36,755
762,299
a
Hotels,
Restaurants
&
Leisure
—
1
.6
%
Booking
Holdings,
Inc.
(a)
....................
1,817
6,302,864
Darden
Restaurants,
Inc.
...................
6,221
1,061,987
iShares
®
ESG
Advanced
MSCI
USA
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
(Percentages
shown
are
based
on
Net
Assets)
15
Schedule
of
Investments
Security
Shares
Value
a
Hotels,
Restaurants
&
Leisure
(continued)
Domino's
Pizza,
Inc.
.......................
1,817
$
814,652
DoorDash,
Inc.
,
Class
A
(a)
...................
13,521
1,684,311
Hilton
Worldwide
Holdings,
Inc.
...............
13,361
2,729,920
Hyatt
Hotels
Corp.
,
Class
A
..................
2,318
356,022
Vail
Resorts,
Inc.
.........................
1,979
455,783
Yum!
Brands,
Inc.
........................
14,605
2,021,624
15,427,163
a
Household
Durables
—
0
.6
%
DR
Horton,
Inc.
..........................
15,623
2,334,701
Garmin
Ltd.
.............................
7,976
1,095,504
NVR,
Inc.
(a)
.............................
167
1,273,470
PulteGroup,
Inc.
.........................
11,233
1,217,432
5,921,107
a
Household
Products
—
0
.5
%
Church
&
Dwight
Co.,
Inc.
...................
12,838
1,285,341
Clorox
Co.
(The)
.........................
6,464
990,996
Kimberly-Clark
Corp.
......................
17,608
2,133,561
4,409,898
a
Industrial
REITs
—
0
.7
%
Prologis,
Inc.
............................
48,142
6,415,884
a
Insurance
—
4
.3
%
Aflac,
Inc.
..............................
28,925
2,335,404
American
International
Group,
Inc.
.............
36,578
2,666,170
Aon
PLC
,
Class
A
........................
10,431
3,296,092
Arch
Capital
Group
Ltd.
(a)
...................
19,443
1,703,012
Arthur
J
Gallagher
&
Co.
....................
11,249
2,743,969
Assurant,
Inc.
...........................
2,727
494,814
Brown
&
Brown,
Inc.
.......................
12,604
1,061,383
Chubb
Ltd.
.............................
21,257
5,349,749
Everest
Group
Ltd.
........................
2,260
833,669
Hartford
Financial
Services
Group,
Inc.
(The)
......
15,670
1,501,813
Marsh
&
McLennan
Companies,
Inc.
............
25,691
5,196,519
Principal
Financial
Group,
Inc.
................
12,422
1,004,443
Progressive
Corp.
(The)
....................
30,483
5,778,357
Prudential
Financial,
Inc.
....................
18,809
2,049,993
Travelers
Companies,
Inc.
(The)
...............
11,901
2,629,645
Willis
Towers
Watson
PLC
...................
5,352
1,459,009
40,104,041
a
IT
Services
—
1
.4
%
Akamai
Technologies,
Inc.
(a)
..................
7,858
871,609
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
26,126
2,064,477
EPAM
Systems,
Inc.
(a)
......................
3,006
915,026
Gartner,
Inc.
(a)
...........................
4,060
1,890,174
GoDaddy,
Inc.
,
Class
A
(a)
....................
7,002
799,278
MongoDB,
Inc.
,
Class
A
(a)
...................
3,761
1,683,348
Okta,
Inc.
,
Class
A
(a)
.......................
8,234
883,508
Snowflake,
Inc.
,
Class
A
(a)
...................
14,584
2,745,876
Twilio,
Inc.
,
Class
A
(a)
......................
8,962
534,046
VeriSign,
Inc.
(a)
..........................
4,788
935,048
13,322,390
a
Leisure
Products
—
0
.0
%
Hasbro,
Inc.
............................
6,869
345,442
a
Life
Sciences
Tools
&
Services
—
2
.4
%
Agilent
Technologies,
Inc.
...................
15,267
2,097,075
Avantor,
Inc.
(a)
...........................
35,242
868,363
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
............
1,129
367,919
Bio-Techne
Corp.
.........................
8,240
606,217
Charles
River
Laboratories
International,
Inc.
(a)
.....
2,672
679,196
Danaher
Corp.
..........................
36,575
9,258,595
Security
Shares
Value
a
Life
Sciences
Tools
&
Services
(continued)
Illumina,
Inc.
(a)
...........................
8,274
$
1,156,953
IQVIA
Holdings,
Inc.
(a)
......................
9,509
2,350,244
Mettler-Toledo
International,
Inc.
(a)
.............
1,131
1,410,606
Repligen
Corp.
(a)
.........................
2,763
535,994
Revvity,
Inc.
............................
6,430
704,664
Waters
Corp.
(a)
..........................
3,080
1,039,254
West
Pharmaceutical
Services,
Inc.
............
3,855
1,381,478
22,456,558
a
Machinery
—
4
.5
%
Caterpillar,
Inc.
..........................
26,526
8,858,623
CNH
Industrial
N.V.
.......................
52,143
623,109
Cummins,
Inc.
...........................
7,385
1,983,685
Deere
&
Co.
............................
13,859
5,059,228
Dover
Corp.
............................
7,289
1,205,455
Fortive
Corp.
............................
18,312
1,558,901
Graco,
Inc.
.............................
8,794
802,540
IDEX
Corp.
.............................
3,940
929,446
Illinois
Tool
Works,
Inc.
.....................
15,676
4,109,463
Ingersoll
Rand,
Inc.
.......................
21,091
1,926,241
Nordson
Corp.
...........................
2,823
749,930
Otis
Worldwide
Corp.
......................
21,325
2,032,273
PACCAR,
Inc.
...........................
27,253
3,022,085
Parker-Hannifin
Corp.
......................
6,695
3,584,838
Pentair
PLC
............................
8,613
670,005
Snap-on,
Inc.
...........................
2,749
757,789
Stanley
Black
&
Decker,
Inc.
.................
7,989
713,338
Toro
Co.
(The)
...........................
5,413
499,674
Westinghouse
Air
Brake
Technologies
Corp.
.......
9,335
1,318,942
Xylem,
Inc.
.............................
12,561
1,595,875
42,001,440
a
Media
—
1
.3
%
Charter
Communications,
Inc.
,
Class
A
(a)
(b)
........
5,010
1,472,589
Comcast
Corp.
,
Class
A
....................
209,229
8,965,463
Interpublic
Group
of
Companies,
Inc.
(The)
.......
19,955
626,587
Omnicom
Group,
Inc.
......................
10,313
911,566
Sirius
XM
Holdings,
Inc.
(b)
...................
40,248
177,896
12,154,101
a
Metals
&
Mining
—
0
.3
%
Cleveland-Cliffs,
Inc.
(a)
.....................
26,305
547,144
Reliance,
Inc.
...........................
2,995
962,054
Steel
Dynamics,
Inc.
.......................
8,010
1,071,898
2,581,096
a
Mortgage
REITs
—
0
.1
%
Annaly
Capital
Management,
Inc.
..............
26,057
497,428
a
Office
REITs
—
0
.2
%
Alexandria
Real
Estate
Equities,
Inc.
............
8,602
1,072,927
Boston
Properties,
Inc.
.....................
7,768
502,745
1,575,672
a
Personal
Care
Products
—
0
.4
%
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
12,104
1,798,412
Kenvue,
Inc.
............................
89,800
1,706,200
3,504,612
a
Pharmaceuticals
—
0
.7
%
Catalent,
Inc.
(a)
..........................
9,412
539,684
Jazz
Pharmaceuticals
PLC
(a)
.................
3,116
370,493
Royalty
Pharma
PLC
,
Class
A
................
19,783
600,216
Zoetis,
Inc.
,
Class
A
.......................
23,922
4,744,450
6,254,843
a
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
iShares
®
ESG
Advanced
MSCI
USA
ETF
(Percentages
shown
are
based
on
Net
Assets)
16
2024
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Professional
Services
—
1
.5
%
Automatic
Data
Processing,
Inc.
...............
21,431
$
5,381,967
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
6,794
1,003,542
Broadridge
Financial
Solutions,
Inc.
............
6,129
1,247,742
Dayforce,
Inc.
(a)
(b)
.........................
7,728
539,105
Paychex,
Inc.
...........................
16,873
2,068,967
Paycom
Software,
Inc.
.....................
2,830
516,164
Paylocity
Holding
Corp.
(a)
...................
2,352
396,571
Robert
Half,
Inc.
.........................
5,526
444,290
TransUnion
.............................
10,091
783,364
Verisk
Analytics,
Inc.
.......................
7,555
1,827,555
14,209,267
a
Real
Estate
Management
&
Development
—
0
.2
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
15,881
1,459,305
a
Residential
REITs
—
0
.5
%
American
Homes
4
Rent
,
Class
A
..............
16,934
626,727
AvalonBay
Communities,
Inc.
................
7,399
1,309,845
Camden
Property
Trust
.....................
5,563
525,592
Invitation
Homes,
Inc.
......................
31,885
1,086,322
Mid-America
Apartment
Communities,
Inc.
........
6,080
764,135
4,312,621
a
Retail
REITs
—
0
.4
%
Kimco
Realty
Corp.
.......................
35,122
694,011
Regency
Centers
Corp.
....................
9,136
565,975
Simon
Property
Group,
Inc.
..................
16,999
2,518,232
3,778,218
a
Semiconductors
&
Semiconductor
Equipment
—
23
.8
%
Advanced
Micro
Devices,
Inc.
(a)
...............
84,173
16,205,828
Analog
Devices,
Inc.
.......................
25,857
4,959,890
Applied
Materials,
Inc.
.....................
43,302
8,730,549
Broadcom,
Inc.
..........................
23,172
30,134,954
Enphase
Energy,
Inc.
(a)
(b)
....................
7,116
903,803
Entegris,
Inc.
(b)
..........................
7,823
1,051,098
First
Solar,
Inc.
(a)
(b)
........................
5,288
813,770
Intel
Corp.
.............................
219,668
9,456,707
KLA
Corp.
..............................
7,082
4,832,049
Lam
Research
Corp.
......................
6,867
6,442,963
Lattice
Semiconductor
Corp.
(a)
................
7,192
550,979
Marvell
Technology,
Inc.
....................
45,044
3,227,853
Microchip
Technology,
Inc.
...................
28,191
2,371,991
Micron
Technology,
Inc.
.....................
57,518
5,211,706
Monolithic
Power
Systems,
Inc.
...............
2,497
1,797,940
NVIDIA
Corp.
...........................
128,695
101,813,188
NXP
Semiconductors
NV
...................
13,430
3,353,874
ON
Semiconductor
Corp.
(a)
..................
22,440
1,770,965
Qorvo,
Inc.
(a)
............................
5,072
580,998
QUALCOMM,
Inc.
........................
58,250
9,191,267
Skyworks
Solutions,
Inc.
....................
8,333
874,298
Teradyne,
Inc.
...........................
7,966
825,198
Texas
Instruments,
Inc.
.....................
47,320
7,918,056
223,019,924
a
Software
—
8
.4
%
Adobe,
Inc.
(a)
............................
23,551
13,195,154
ANSYS,
Inc.
(a)
...........................
4,527
1,512,788
Aspen
Technology,
Inc.
(a)
....................
1,459
282,886
Atlassian
Corp.
,
Class
A
(a)
(b)
..................
8,077
1,675,331
Autodesk,
Inc.
(a)
(b)
.........................
11,146
2,877,563
Bentley
Systems,
Inc.
,
Class
B
................
11,112
570,823
BILL
Holdings,
Inc.
(a)
.......................
5,007
317,093
Cadence
Design
Systems,
Inc.
(a)
..............
14,175
4,314,586
Confluent,
Inc.
,
Class
A
(a)
...................
9,806
332,129
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
............
11,867
3,846,688
Security
Shares
Value
a
Software
(continued)
Datadog,
Inc.
,
Class
A
(a)
....................
14,232
$
1,870,939
DocuSign,
Inc.
(a)
.........................
10,626
566,047
Dropbox,
Inc.
,
Class
A
(a)
....................
13,443
321,960
Dynatrace,
Inc.
(a)
.........................
14,274
707,277
Fair
Isaac
Corp.
(a)
.........................
1,294
1,643,264
Fortinet,
Inc.
(a)
...........................
34,009
2,350,362
Gen
Digital,
Inc.
..........................
30,045
645,667
HubSpot,
Inc.
(a)
..........................
2,492
1,542,075
Intuit,
Inc.
..............................
14,586
9,668,914
Manhattan
Associates,
Inc.
(a)
.................
3,207
812,429
Palo
Alto
Networks,
Inc.
(a)
...................
16,428
5,101,715
PTC,
Inc.
(a)
.............................
6,222
1,138,688
Roper
Technologies,
Inc.
....................
5,566
3,031,967
Samsara,
Inc.
,
Class
A
(a)
....................
8,966
309,775
ServiceNow,
Inc.
(a)
........................
10,681
8,238,683
Splunk,
Inc.
(a)
...........................
8,340
1,302,875
Synopsys,
Inc.
(a)
.........................
7,918
4,542,794
Tyler
Technologies,
Inc.
(a)
...................
2,195
959,522
UiPath,
Inc.
,
Class
A
(a)
.....................
20,159
478,776
Unity
Software,
Inc.
(a)
(b)
.....................
12,870
377,348
Workday,
Inc.
,
Class
A
(a)
....................
10,889
3,208,553
Zscaler,
Inc.
(a)
...........................
4,638
1,122,257
78,866,928
a
Specialized
REITs
—
2
.0
%
American
Tower
Corp.
.....................
24,288
4,829,912
Crown
Castle,
Inc.
........................
22,598
2,484,424
Digital
Realty
Trust,
Inc.
....................
15,780
2,316,662
Equinix,
Inc.
............................
4,891
4,347,219
Iron
Mountain,
Inc.
........................
15,213
1,196,350
Public
Storage
...........................
8,245
2,340,508
SBA
Communications
Corp.
,
Class
A
............
5,621
1,176,082
18,691,157
a
Specialty
Retail
—
4
.7
%
AutoZone,
Inc.
(a)
.........................
901
2,708,424
Bath
&
Body
Works,
Inc.
....................
11,184
511,109
Best
Buy
Co.,
Inc.
........................
10,100
816,888
CarMax,
Inc.
(a)
(b)
..........................
8,228
650,012
Home
Depot,
Inc.
(The)
....................
51,857
19,737,293
Lowe's
Companies,
Inc.
....................
29,966
7,211,917
Ross
Stores,
Inc.
.........................
17,542
2,613,056
TJX
Companies,
Inc.
(The)
..................
59,381
5,887,032
Tractor
Supply
Co.
........................
5,633
1,432,585
Ulta
Beauty,
Inc.
(a)
........................
2,530
1,387,857
Williams-Sonoma,
Inc.
.....................
3,174
747,572
43,703,745
a
Technology
Hardware,
Storage
&
Peripherals
—
0
.4
%
Hewlett
Packard
Enterprise
Co.
...............
67,714
1,031,284
NetApp,
Inc.
............................
10,735
956,703
Seagate
Technology
Holdings
PLC
.............
10,354
963,440
Western
Digital
Corp.
(a)
.....................
16,894
1,004,686
3,956,113
a
Textiles,
Apparel
&
Luxury
Goods
—
0
.4
%
Deckers
Outdoor
Corp.
(a)
....................
1,344
1,203,673
Lululemon
Athletica,
Inc.
(a)
...................
5,993
2,799,270
4,002,943
a
Trading
Companies
&
Distributors
—
1
.0
%
Fastenal
Co.
............................
29,772
2,173,654
Ferguson
PLC
...........................
10,603
2,242,004
United
Rentals,
Inc.
.......................
3,531
2,447,936
Watsco,
Inc.
............................
1,764
695,228
iShares
®
ESG
Advanced
MSCI
USA
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
(Percentages
shown
are
based
on
Net
Assets)
17
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Trading
Companies
&
Distributors
(continued)
WW
Grainger,
Inc.
........................
2,327
$
2,265,241
9,824,063
a
Water
Utilities
—
0
.1
%
American
Water
Works
Co.,
Inc.
...............
10,146
1,202,707
a
Total
Long-Term
Investments — 99.6%
(Cost:
$
794,180,211
)
................................
932,927,778
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
—
1
.1
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.50
%
(c)
(d)
(e)
......................
7,919,176
$
7,923,136
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.30
%
(c)
(d)
............................
2,178,434
2,178,434
a
Total
Short-Term
Securities — 1.1%
(Cost:
$
10,098,599
)
.................................
10,101,570
Total
Investments
—
100.7%
(Cost:
$
804,278,810
)
................................
943,029,348
Liabilities
in
Excess
of
Other
Assets
—
(
0
.7
)
%
...............
(
6,155,603
)
Net
Assets
—
100.0%
.................................
$
936,873,745
(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
29,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
08/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
02/29/24
Shares
Held
at
02/29/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
14,467,489
$
—
$
(
6,547,222
)
(a)
$
1,579
$
1,290
$
7,923,136
7,919,176
$
39,482
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
1,047,206
1,131,228
(a)
—
—
—
2,178,434
2,178,434
35,496
—
BlackRock,
Inc.
..
4,082,047
1,577,638
(
78,309
)
12,347
694,162
6,287,885
7,750
60,335
—
$
13,926
$
695,452
$
16,389,455
$
135,313
$
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
500
Index
...................................................................
5
03/15/24
$
1,276
$
40,058
E-Mini
Technology
Select
Sector
Index
.......................................................
4
03/15/24
836
10,011
$
50,069
Schedule
of
Investments
(unaudited)
(continued)
February
29,
2024
iShares
®
ESG
Advanced
MSCI
USA
ETF
18
2024
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
29,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
50,069
$
—
$
—
$
—
$
50,069
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
76,591
$
—
$
—
$
—
$
76,591
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
24,171
$
—
$
—
$
—
$
24,171
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
2,365,708
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
932,927,778
$
—
$
—
$
932,927,778
Short-Term
Securities
Money
Market
Funds
......................................
10,101,570
—
—
10,101,570
$
943,029,348
$
—
$
—
$
943,029,348
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
50,069
$
—
$
—
$
50,069
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
19
Financial
Statements
Statements
of
Assets
and
Liabilities
(unaudited)
February
29,
2024
See
notes
to
financial
statements.
iShares
Climate
Conscious
&
Transition
MSCI
USA
ETF
iShares
ESG
Advanced
MSCI
USA
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.....................................................................
$
1,937,526,716
$
926,639,893
Investments,
at
value
—
affiliated
(c)
........................................................................
12,917,843
16,389,455
Cash
............................................................................................
27,481
—
Cash
pledged:
Futures
contracts
..................................................................................
381,000
132,000
Receivables:
Investments
sold
..................................................................................
8,269,083
32,398,466
Securities
lending
income
—
affiliated
....................................................................
4,260
7,461
Capital
shares
sold
.................................................................................
—
36,300
Dividends
—
unaffiliated
.............................................................................
2,715,486
844,618
Dividends
—
affiliated
...............................................................................
19,310
6,492
Due
from
broker
...................................................................................
—
197,240
Variation
margin
on
futures
contracts
.....................................................................
33,719
20,062
Total
assets
.......................................................................................
1,961,894,898
976,671,987
LIABILITIES
Collateral
on
securities
loaned
...........................................................................
406,202
7,920,858
Payables:
Investments
purchased
..............................................................................
11,572,268
31,806,117
Capital
shares
redeemed
.............................................................................
54,279
—
Investment
advisory
fees
.............................................................................
122,136
71,267
Total
liabilities
......................................................................................
12,154,885
39,798,242
Commitments
and
contingent
liabilities
NET
ASSETS
......................................................................................
$
1,949,740,013
$
936,873,745
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................................................
$
1,552,199,341
$
792,740,948
Accumulated
earnings
................................................................................
397,540,672
144,132,797
NET
ASSETS
......................................................................................
$
1,949,740,013
$
936,873,745
NET
ASSET
VALUE
Shares
outstanding
..................................................................................
32,175,000
21,500,000
Net
asset
value
.....................................................................................
$
60.60
$
43.58
Shares
authorized
...................................................................................
Unlimited
Unlimited
Par
value
.........................................................................................
None
None
(a)
Securities
loaned,
at
value
...........................................................................
$
206,684
$
7,768,581
(b)
Investments,
at
cost
—
unaffiliated
......................................................................
$
1,624,504,543
$
788,586,456
(c)
Investments,
at
cost
—
affiliated
........................................................................
$
11,763,007
$
15,692,354
20
2024
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Operations
(unaudited)
Six
Months
Ended
February
29,
2024
See
notes
to
financial
statements.
iShares
Climate
Conscious
&
Transition
MSCI
USA
ETF
iShares
ESG
Advanced
MSCI
USA
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................................................
$
16,032,547
$
5,121,007
Dividends
—
affiliated
..............................................................................
248,211
95,831
Interest
—
unaffiliated
..............................................................................
11,399
6,246
Securities
lending
income
—
affiliated
—
net
...............................................................
21,171
39,482
Foreign
taxes
withheld
.............................................................................
(
3,805
)
(
4,638
)
Total
investment
income
..............................................................................
16,309,523
5,257,928
EXPENSES
Investment
advisory
...............................................................................
842,831
387,393
Total
expenses
....................................................................................
842,831
387,393
Net
investment
income
...............................................................................
15,466,692
4,870,535
—
—
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................................................
(
12,834,607
)
2,805,161
Investments
—
affiliated
...........................................................................
19,223
1,603
Futures
contracts
...............................................................................
282,280
76,591
In-kind
redemptions
—
unaffiliated
(a)
...................................................................
92,448,939
33,454,547
In-kind
redemptions
—
affiliated
(a)
....................................................................
511,515
12,323
80,427,350
36,350,225
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................................................
187,588,029
107,521,570
Investments
—
affiliated
...........................................................................
882,070
695,452
Futures
contracts
...............................................................................
146,229
24,171
188,616,328
108,241,193
Net
realized
and
unrealized
gain
........................................................................
269,043,678
144,591,418
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............................................
$
284,510,370
$
149,461,953
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
21
Financial
Statements
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
Climate
Conscious
&
Transition
MSCI
USA
ETF
iShares
ESG
Advanced
MSCI
USA
ETF
Six
Months
Ended
02/29/24
(unaudited)
Period
From
06/06/23
(a)
to
08/31/23
Six
Months
Ended
02/29/24
(unaudited)
Year
Ended
08/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
........................................
$
15,466,692
$
7,650,854
$
4,870,535
$
8,992,143
Net
realized
gain
............................................
80,427,350
572,163
36,350,225
1,566,048
Net
change
in
unrealized
appreciation
(depreciation)
....................
188,616,328
125,731,038
108,241,193
117,603,944
Net
increase
in
net
assets
resulting
from
operations
.......................
284,510,370
133,954,055
149,461,953
128,162,135
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.............
(
20,364,584
)
(c)
—
(
5,940,716
)
(c)
(
8,675,446
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.....
(
613,451,472
)
2,165,091,644
70,358,417
14,324,978
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...............................
(
349,305,686
)
2,299,045,699
213,879,654
133,811,667
Beginning
of
period
............................................
2,299,045,699
—
722,994,091
589,182,424
End
of
period
................................................
$
1,949,740,013
$
2,299,045,699
$
936,873,745
$
722,994,091
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
22
2024
iShares
Semi-Annual
Report
to
Shareholders
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Climate
Conscious
&
Transition
MSCI
USA
ETF
Six
Months
Ended
02/29/24
(unaudited)
Period
From
06/06/23
(a)
to
08/31/23
Net
asset
value,
beginning
of
period
.....................................................................
$
53.28
$
50.07
Net
investment
income
(b)
.............................................................................
0
.39
0
.18
Net
realized
and
unrealized
gain
(c)
.......................................................................
7
.41
3
.03
Net
increase
from
investment
operations
....................................................................
7
.80
3
.21
Distributions
from
net
investment
income
(d)
...................................................................
(
0
.48
)
(e)
—
Net
asset
value,
end
of
period
..........................................................................
$
60.60
$
53.28
Total
Return
(f)
–
–
Based
on
net
asset
value
..............................................................................
14.76
%
(g)
6
.41
%
(g)
Ratios
to
Average
Net
Assets
(h)
–
–
Total
expenses
.....................................................................................
0
.08
%
(i)
0
.08
%
(i)
Net
investment
income
................................................................................
1
.47
%
(i)
1
.48
%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
..........................................................................
$
1,949,740
$
2,299,046
Portfolio
turnover
rate
(j)
................................................................................
17
%
1
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
23
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
ESG
Advanced
MSCI
USA
ETF
Six
Months
Ended
02/29/24
(unaudited)
Year
Ended
08/31/23
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
.....................
$
36.79
$
30.93
$
38.10
$
29.04
$
25.43
Net
investment
income
(b)
.............................
0
.24
0
.45
0
.42
0
.38
0
.06
Net
realized
and
unrealized
gain
(loss)
(c)
...................
6
.84
5
.85
(
7
.20
)
8
.99
3
.55
Net
increase
(decrease)
from
investment
operations
............
7
.08
6
.30
(
6
.78
)
9
.37
3
.61
Distributions
(d)
–
–
–
–
–
From
net
investment
income
..........................
(
0
.29
)
(e)
(
0
.44
)
(
0
.39
)
(
0
.30
)
—
From
net
realized
gains
..............................
—
—
—
(
0
.01
)
—
Total
distributions
...................................
(
0
.29
)
(
0
.44
)
(
0
.39
)
(
0
.31
)
—
Net
asset
value,
end
of
period
..........................
$
43.58
$
36.79
$
30.93
$
38.10
$
29.04
Total
Return
(f)
–
–
–
–
–
Based
on
net
asset
value
..............................
19.38
%
(g)
20.65
%
(
17.95
)
%
32.53
%
14.20
%
(g)
Ratios
to
Average
Net
Assets
(h)
–
–
–
–
–
Total
expenses
.....................................
0
.10
%
(i)
0
.10
%
0
.10
%
0
.10
%
0
.10
%
(i)
Net
investment
income
................................
1
.25
%
(i)
1
.39
%
1
.23
%
1
.09
%
1
.16
%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
..........................
$
936,874
$
722,994
$
589,182
$
419,105
$
5,808
Portfolio
turnover
rate
(j)
................................
17
%
12
%
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)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
Notes
to
Financial
Statements
(unaudited)
24
2024
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
29,
2024,
if
any,
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
The Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income,
and net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
reinvested
in
additional
shares
of
the
Funds.
The
portion
of
distributions
that
exceeds
each
Fund’s
current
and
accumulated
earnings
and
profits
will
constitute
a
non-taxable
return
of
capital.
Distributions
in
excess
of
each
Fund’s
minimum
distribution
requirements,
but
not
in
excess
of
the
Fund’s
earning
and
profits,
will
be
taxable
to
the
Fund’s
shareholders
and
will
not
constitute
non-
taxable
returns
of
capital.
Return
of
capital
distributions
will
reduce
a
shareholder’s
cost
basis
and
will
result
in
higher
capital
gains
or
lower
capital
losses
when
each
Fund’s
shares
on
which
distributions
were
received
are
sold.
Once
a
shareholder’s
cost
basis
is
reduced
to
zero,
further
distributions
will
be
treated
as
capital
gains.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of Trustees of
the
Trust (the
“Board”)
of
each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser,
as
the
valuation
designee
for each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
iShares
ETF
Diversification
Classification
Climate
Conscious
&
Transition
MSCI
USA
...................................................................................
Non-diversified
ESG
Advanced
MSCI
USA
..............................................................................................
Non-diversified
Notes
to
Financial
Statements
(unaudited)
(
continued)
25
Notes
to
Financial
Statements
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s
policies
and
procedures
as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are
valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee,
in
accordance
with BFA’s
policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
Notes
to
Financial
Statements
(unaudited)
(continued)
26
2024
iShares
Semi-Annual
Report
to
Shareholders
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:
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
Climate
Conscious
&
Transition
MSCI
USA
J.P.
Morgan
Securities
LLC
.....................................
$
26,230
$
(26,230
)
$
—
$
—
RBC
Capital
Markets
LLC
......................................
179,842
(179,842
)
—
—
Toronto-Dominion
Bank
........................................
612
(612
)
—
—
$
206,684
$
(206,684
)
$
—
$
—
a
ESG
Advanced
MSCI
USA
Barclays
Bank
PLC
...........................................
34,470
(34,470
)
—
—
Barclays
Capital,
Inc.
.........................................
886,542
(886,542
)
—
—
BNP
Paribas
SA
.............................................
1,007,792
(984,943
)
—
22,849
Citadel
Clearing
LLC
..........................................
676,477
(676,477
)
—
—
HSBC
Bank
PLC
............................................
1,876,896
(1,874,381
)
—
2,515
J.P.
Morgan
Securities
LLC
.....................................
1,444,737
(1,444,737
)
—
—
Morgan
Stanley
.............................................
1,204,689
(1,204,689
)
—
—
Scotia
Capital
(USA),
Inc.
......................................
107,570
(107,570
)
—
—
Toronto-Dominion
Bank
........................................
529,408
(524,614
)
—
4,794
$
7,768,581
$
(7,738,423
)
$
—
$
30,158
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
29,
2024.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
Notes
to
Financial
Statements
(unaudited)
(
continued)
27
Notes
to
Financial
Statements
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust, BFA manages
the
investment
of
each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly
owned
by BlackRock.
Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees).
For
its
investment
advisory
services
to
each
of
the
following
Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of
each
Fund
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. The
Funds
do
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by
each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its Statements
of
Operations.
For
the six
months
ended February
29,
2024,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or
trustees
of
the
Trust
are
officers
and/or trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the
six
months
ended
February
29,
2024,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
iShares
ETF
Investment
Advisory
Fees
Climate
Conscious
&
Transition
MSCI
USA
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.08%
ESG
Advanced
MSCI
USA
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.10
iShares
ETF
Amounts
Climate
Conscious
&
Transition
MSCI
USA
..................................................................................
$
7,631
ESG
Advanced
MSCI
USA
.............................................................................................
11,447
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Climate
Conscious
&
Transition
MSCI
USA
..............................................
$
164,034,420
$
238,936,427
$
(9,998,016
)
ESG
Advanced
MSCI
USA
.........................................................
37,546,983
38,489,356
(531,395
)
Notes
to
Financial
Statements
(unaudited)
(continued)
28
2024
iShares
Semi-Annual
Report
to
Shareholders
7.
Purchases
and
Sales
For
the six
months
ended
February
29,
2024,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
February
29,
2024,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s
other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
February
29,
2024,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
As
of August
31,
2023,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows:
As
of
February
29,
2024,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
an
indexing
approach
to
try
to
achieve
each
Fund’s
investment
objective.
The
Fund
is
not
actively
managed,
and
BFA
generally
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
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
iShares
ETF
Purchases
Sales
Climate
Conscious
&
Transition
MSCI
USA
................................................................
$
361,970,870
$
367,473,732
ESG
Advanced
MSCI
USA
...........................................................................
134,278,678
135,223,657
iShares
ETF
In-kind
Purchases
In-kind
Sales
Climate
Conscious
&
Transition
MSCI
USA
................................................................
$
252,893,747
$
862,656,592
ESG
Advanced
MSCI
USA
...........................................................................
221,304,554
152,046,738
iShares
ETF
Non-Expiring
Capital
Loss
Carryforwards
Climate
Conscious
&
Transition
MSCI
USA
.................................................................................
$
—
ESG
Advanced
MSCI
USA
............................................................................................
(29,981,927
)
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Climate
Conscious
&
Transition
MSCI
USA
............................
$
1,636,267,556
$
343,976,394
$
(29,629,034
)
$
314,347,360
ESG
Advanced
MSCI
USA
.......................................
806,265,510
184,062,648
(47,248,741
)
136,813,907
Notes
to
Financial
Statements
(unaudited)
(
continued)
29
Notes
to
Financial
Statements
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.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The Funds
invest
a
significant
portion
of
their
assets
in securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Funds
invest.
The Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
funds
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund's
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
10.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the
Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
Six
Months
Ended
02/29/24
Year
Ended
08/31/23
iShares
ETF
Shares
Amount
Shares
Amount
Climate
Conscious
&
Transition
MSCI
USA
(a)
Shares
sold
...............................................
4,725,000
$
254,096,555
43,275,000
$
2,171,705,502
Shares
redeemed
...........................................
(15,700,000
)
(867,548,027
)
(125,000
)
(6,613,858
)
(10,975,000
)
$
(613,451,472
)
43,150,000
$
2,165,091,644
ESG
Advanced
MSCI
USA
Shares
sold
...............................................
5,350,000
$
222,237,651
2,400,000
$
75,640,973
Shares
redeemed
...........................................
(3,500,000
)
(151,879,234
)
(1,800,000
)
(61,315,995
)
1,850,000
$
70,358,417
600,000
$
14,324,978
(a)
The
Fund
commenced
operations
on
June
6,
2023.
Notes
to
Financial
Statements
(unaudited)
(continued)
30
2024
iShares
Semi-Annual
Report
to
Shareholders
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Statement
Regarding
Liquidity
Risk
Management
Program
(unaudited)
31
Statement
Regarding
Liquidity
Risk
Management
Program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
iShares
Trust
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for iShares
Climate
Conscious
&
Transition
MSCI
USA
ETF
and
iShares
ESG
Advanced
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
8,
2023
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Fund
Advisors
(“BlackRock”),
the
investment
adviser
to
the
Funds,
as
the
program
administrator
for
each
Fund’s
Program.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
each
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2022
through
September
30,
2023
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
each
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
each
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
each Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
extended
market
holidays,
delays
in
the
repatriation
of
the
local
currency
in
certain
non-U.S.
countries,
the
continued
illiquidity
of
Russian
equity
securities
and
the
suspension
of
select
sanctions
in
Venezuela.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure,
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Derivative
exposure
was
also
considered
in
the
calculation
of
a
fund’s
liquidity
bucketing.
Finally,
a
factor
for
consideration
under
the
Liquidity
Rule
is
a
Fund’s
use
of
borrowings
for
investment
purposes.
However,
the
Funds
do
not
borrow
for
investment
purposes.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
ETF’s
reasonably
anticipated
trading
size
utilized
for
liquidity
classifications.
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements.
The
Committee
considered
that
ETFs
generally
do
not
hold
more
than
de
minimis
amounts
of
cash.
The
Committee
also
considered
that
ETFs
generally
do
not
engage
in
borrowing.
d)
The
relationship
between
an
ETF’s
portfolio
liquidity
and
the
way
in
which,
and
the
prices
and
spreads
at
which,
ETF
shares
trade,
including
the
efficiency
of
the
arbitrage
function
and
the
level
of
active
participation
by
market
participants,
including
authorized
participants.
The
Committee
monitored
the
prevailing
bid/ask
spread
and
the
ETF
price
premium
(or
discount)
to
NAV
for
all
ETFs.
However,
there
were
no
ETFs
with
persistent
deviations
of
fund
premium/
discount
or
bid/ask
spreads
from
long-term
averages
over
the
Program
Reporting
Period.
e)
The
effect
of
the
composition
of
baskets
on
the
overall
liquidity
of
an
ETF’s
portfolio.
In
reviewing
the
linkage
between
the
composition
of
custom
baskets
accepted
by
an
ETF
and
any
significant
change
in
the
liquidity
profile
of
such
ETF,
the
Committee
reviewed
changes
in
the
proportion
of
each
ETF’s
portfolio
comprised
of
less
liquid
and
illiquid
holdings
to
determine
if
applicable
thresholds
were
met
requiring
enhanced
review.
There
were
no
ETFs
for
which
the
custom
baskets
accepted
by
the
ETF
had
a
significant
change
in
its
liquidity
profile.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Supplemental
Information
(unaudited)
32
2024
iShares
Semi-Annual
Report
to
Shareholders
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
February
29,
2024
Tailored
Shareholder
Reports
for
Open-End
Mutual
Funds
and
ETFs
Effective
January
24,
2023,
the
SEC adopted
rule
and
form
amendments
to
require
open-end
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Climate
Conscious
&
Transition
MSCI
USA
(a)
$
0
.434464
$
—
$
0
.042041
$
0
.476505
91
%
—
%
9
%
100
%
ESG
Advanced
MSCI
USA
(a)
...........
0
.269259
—
0
.024584
0
.293843
92
—
8
100
(a)
The
Fund
estimates
that
it
has
distributed
more
than
its
net
investment
income
and
net
realized
capital
gains;
therefore,
a
portion
of
the
distribution
may
be
a
return
of
capital.
A
return
of
capital
may
occur,
for
example,
when
some
or
all
of
the
shareholder’s
investment
in
the
Fund
is
returned
to
the
shareholder.
A
return
of
capital
does
not
necessarily
reflect
the
Fund’s
investment
performance
and
should
not
be
confused
with
“yield”
or
“income”.
When
distributions
exceed
total
return
performance,
the
difference
will
incrementally
reduce
the
Fund’s
net
asset
value
per
share.
General
Information
33
General
Information
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
Go
to
icsdelivery.com
.
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the Trust’s
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
34
2024
iShares
Semi-Annual
Report
to
Shareholders
Portfolio
Abbreviation
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
iS-SAR-824-0224
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.
©2024
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
(b) Not Applicable
Item 2. Code of Ethics.
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. Recovery of Erroneously Awarded Compensation.
Not applicable
Item 14. Exhibits.
(a) (1) Not applicable to this semi-annual report.
(a)
(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a) (4) Change in Registrant’s independent public accountant – Not Applicable
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. | ||||||||
iShares Trust | ||||||||
By: /s/ Jessica Tan | ||||||||
Jessica Tan, President (Principal Executive Officer) | ||||||||
Date: | April 19, 2024 | |||||||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | ||||||||
By: /s/ Jessica Tan | ||||||||
Jessica Tan, President (Principal Executive Officer) | ||||||||
Date: | April 19, 2024 | |||||||
By: /s/ Trent Walker | ||||||||
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer) | ||||||||
Date: | April 19, 2024 | |||||||