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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09729

iShares Trust

(Exact name of registrant as specified in charter)

c/o: BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway, Wilmington, DE 19809

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: March 31, 2023

Date of reporting period: September 30, 2022

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

SEPTEMBER 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

·  iShares S&P 100 ETF | OEF | NYSE Arca

·  iShares S&P 500 Growth ETF | IVW | NYSE Arca

·  iShares S&P 500 Value ETF | IVE | NYSE Arca

·  iShares S&P Small-Cap 600 Value ETF | IJS | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large-and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is proving more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six-to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of September 30, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		(20.20)	%		(15.47)	%
U.S. small cap equities (Russell 2000® Index)		(19.01)			(23.50)
International equities (MSCI Europe, Australasia, Far East Index)		(22.51)			(25.13)
Emerging market equities (MSCI Emerging Markets Index)		(21.70)			(28.11)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.58			0.63
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(10.81)			(16.20)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(9.22)			(14.60)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(6.30)			(11.50)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(10.42)			(14.15)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		8
Disclosure of Expenses		8
Schedules of Investments		9
Financial Statements:
Statements of Assets and Liabilities		35
Statements of Operations		36
Statements of Changes in Net Assets		37
Financial Highlights		39
Notes to Financial Statements		43
Board Review and Approval of Investment Advisory Contract		52
Supplemental Information		56
General Information		57
Glossary of Terms Used in this Report		58

3

Fund Summary as of September 30, 2022 iShares^® S&P 100 ETF

Investment Objective

The iShares S&P 100 ETF (the “Fund”) seeks to track the investment results of an index composed of 100 large-capitalization U.S. equities, as represented by the S&P 100^® (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

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(21.50	)%		(16.71	)%		9.65	%		11.43	%		(16.71	)%		58.54	%		195.07	%
Fund Market		(21.49	)		(16.60	)		9.69			11.45			(16.60	)		58.82			195.68
Index		(21.43	)		(16.55	)		9.87			11.65			(16.55	)		60.14			200.97

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

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$           785.00	$          0.89			$        1,000.00	$        1,024.07	$          1.01		0.20	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	31.3	%
Health Care	15.0
Consumer Discretionary	13.6
Communication Services	11.0
Financials	9.6
Consumer Staples	7.7
Industrials	4.9
Energy	3.8
Utilities	1.7
Other (each representing less than 1%)	1.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple, Inc.	10.5	%
Microsoft Corp.	8.7
Amazon.com, Inc.	5.0
Tesla, Inc.	3.6
Alphabet, Inc., Class A	2.9
Alphabet, Inc., Class C	2.6
Berkshire Hathaway, Inc., Class B	2.4
UnitedHealth Group, Inc.	2.4
Johnson & Johnson	2.2
Exxon Mobil Corp.	1.8

^(a)  Excludes money market funds.

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Fund Summary as of September 30, 2022  iShares^® S&P 500 Growth ETF

Investment Objective

The iShares S&P 500 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit growth characteristics, as represented by the S&P 500 Growth Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(23.93	)%		(21.24	)%		11.22	%		12.99	%		(21.24	)%		70.19	%		239.13	%
Fund Market		(23.94	)		(21.18	)		11.24			13.00			(21.18	)		70.33			239.40
Index		(23.87	)		(21.11	)		11.42			13.19			(21.11	)		71.70			245.29

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

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$         760.70	$          0.79			$        1,000.00	$        1,024.17	$          0.91		0.18	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Information Technology	42.8	%
Consumer Discretionary	17.4
Health Care	12.3
Communication Services	10.5
Financials	6.9
Industrials	3.5
Real Estate	2.3
Consumer Staples	1.8
Materials	1.3
Energy	1.2
Utilities	0.0	(b)

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Apple, Inc.	14.3	%
Microsoft Corp.	11.9
Amazon.com, Inc.	6.8
Tesla, Inc.	4.8
Alphabet, Inc., Class A	3.9
Alphabet, Inc., Class C	3.5
Meta Platforms, Inc., Class A	2.1
NVIDIA Corp.	2.1
Eli Lilly & Co.	1.7
Home Depot, Inc.	1.5

^(a)  Excludes money market funds.

^(b)  Rounds to less than 0.1%.

F U N D   S U M M A R Y 5

Fund Summary as of September 30, 2022  iShares^® S&P 500 Value ETF

Investment Objective

The iShares S&P 500 Value ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P 500 Value Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(16.51	)%		(9.80	)%		6.00	%		9.45	%		(9.80	)%		33.80	%		146.68	%
Fund Market		(16.55	)		(9.79	)		6.01			9.45			(9.79	)		33.86			146.76
Index		(16.43	)		(9.63	)		6.17			9.63			(9.63	)		34.91			150.89

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

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$           834.90	$          0.83			$          1,000.00	$        1,024.17	$          0.91		0.18	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Health Care	17.7	%
Financials	14.9
Industrials	12.0
Consumer Staples	11.6
Information Technology	10.9
Energy	7.8
Consumer Discretionary	6.3
Utilities	6.1
Communication Services	5.8
Materials	3.6
Real Estate	3.3

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Berkshire Hathaway, Inc., Class B	3.1	%
Johnson & Johnson	2.8
Exxon Mobil Corp.	2.3
Procter & Gamble Co.	1.9
UnitedHealth Group, Inc.	1.8
Chevron Corp.	1.7
Merck & Co., Inc.	1.4
Coca-Cola Co.	1.4
Walmart, Inc.	1.2
Walt Disney Co.	1.1

^(a)  Excludes money market funds.

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Fund Summary as of September 30, 2022 iShares^® S&P Small-Cap 600 Value ETF

Investment Objective

The iShares S&P Small-Cap 600 Value ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P SmallCap 600 Value Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(18.76	)%		(16.70	)%		3.77	%		9.31	%		(16.70	)%		20.35	%		143.50	%
Fund Market		(18.74	)		(16.72	)		3.78			9.31			(16.72	)		20.36			143.55
Index		(18.66	)		(16.41	)		3.99			9.51			(16.41	)		21.58			148.12

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

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$           812.40	$          0.82			$        1,000.00	$        1,024.17	$          0.91		0.18	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Financials	21.2	%
Industrials	17.1
Consumer Discretionary	12.6
Health Care	9.5
Real Estate	8.5
Information Technology	7.5
Materials	6.7
Energy	6.0
Consumer Staples	5.8
Utilities	3.0
Communication Services	2.1

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
South Jersey Industries, Inc.	1.0	%
Helmerich & Payne, Inc.	0.9
PBF Energy, Inc., Class A	0.9
CVB Financial Corp.	0.8
Hostess Brands, Inc.	0.7
First Hawaiian, Inc.	0.7
Agree Realty Corp.	0.7
Mr Cooper Group, Inc.	0.7
Simmons First National Corp., Class A	0.7
Resideo Technologies, Inc.	0.7

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 7

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

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Schedule of Investments (unaudited)  September 30, 2022 iShares^® S&P 100 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.6%
Boeing Co.(a)(b)		200,435	$	24,268,670
General Dynamics Corp.		80,751		17,132,940
Lockheed Martin Corp.		84,739		32,733,828
Raytheon Technologies Corp.		530,194		43,401,681
				117,537,119
Air Freight & Logistics — 0.8%
FedEx Corp.		85,843		12,745,110
United Parcel Service, Inc., Class B		262,798		42,452,389
				55,197,499
Automobiles — 4.0%
Ford Motor Co.		1,419,754		15,901,245
General Motors Co.		524,177		16,820,840
Tesla, Inc.(a)		956,405		253,686,426
				286,408,511
Banks — 4.0%
Bank of America Corp.		2,510,239		75,809,218
Citigroup, Inc.		695,444		28,979,151
JPMorgan Chase & Co.		1,053,042		110,042,889
US Bancorp		486,079		19,598,705
Wells Fargo & Co.		1,362,025		54,780,646
				289,210,609
Beverages — 2.2%
Coca-Cola Co.		1,397,617		78,294,504
PepsiCo, Inc.		495,567		80,906,269
				159,200,773
Biotechnology — 2.2%
AbbVie, Inc.		634,896		85,209,392
Amgen, Inc.		192,085		43,295,959
Gilead Sciences, Inc.		449,881		27,753,159
				156,258,510
Capital Markets — 2.2%
Bank of New York Mellon Corp.		265,165		10,214,156
BlackRock, Inc.(c)		54,140		29,792,159
Charles Schwab Corp.		548,303		39,406,537
Goldman Sachs Group, Inc.		122,575		35,920,604
Morgan Stanley		480,860		37,992,748
				153,326,204
Chemicals — 0.8%
Dow, Inc.		257,279		11,302,267
Linde PLC		178,955		48,244,478
				59,546,745
Communications Equipment — 0.8%
Cisco Systems, Inc.		1,486,957		59,478,280
Consumer Finance — 0.6%
American Express Co.		215,379		29,056,781
Capital One Financial Corp.		137,612		12,683,698
				41,740,479
Diversified Financial Services — 2.4%
Berkshire Hathaway, Inc., Class B(a)		648,086		173,051,924
Diversified Telecommunication Services — 1.4%
AT&T Inc.		2,558,839		39,252,590
Verizon Communications, Inc.		1,508,054		57,260,811
				96,513,401
Electric Utilities — 1.7%
Duke Energy Corp.		276,484		25,718,542

Security	Shares		Value
Electric Utilities (continued)
Exelon Corp.		355,813	$	13,328,755
NextEra Energy, Inc.		705,522		55,319,980
Southern Co.		381,707		25,956,076
				120,323,353
Electrical Equipment — 0.2%
Emerson Electric Co.		212,217		15,538,529
Entertainment — 1.4%
Netflix, Inc.(a)(b)		159,687		37,596,707
Walt Disney Co.(a)(b)		654,632		61,751,437
				99,348,144
Equity Real Estate Investment Trusts (REITs) — 0.7%
American Tower Corp.		167,185		35,894,619
Simon Property Group, Inc.		117,392		10,535,932
				46,430,551
Food & Staples Retailing — 2.1%
Costco Wholesale Corp.		159,062		75,120,211
Walgreens Boots Alliance, Inc.		257,582		8,088,075
Walmart, Inc.		511,839		66,385,518
				149,593,804
Food Products — 0.5%
Kraft Heinz Co.		287,219		9,578,754
Mondelez International, Inc., Class A		492,150		26,984,584
				36,563,338
Health Care Equipment & Supplies — 1.4%
Abbott Laboratories		628,837		60,846,268
Medtronic PLC		477,119		38,527,359
				99,373,627
Health Care Providers & Services — 3.0%
CVS Health Corp.		471,418		44,959,135
UnitedHealth Group, Inc.		335,882		169,633,845
				214,592,980
Hotels, Restaurants & Leisure — 1.7%
Booking Holdings, Inc.(a)		14,258		23,428,888
McDonald’s Corp.		264,184		60,957,816
Starbucks Corp.		412,014		34,716,300
				119,103,004
Household Products — 1.8%
Colgate-Palmolive Co.		299,519		21,041,210
Procter & Gamble Co.		858,052		108,329,065
				129,370,275
Industrial Conglomerates — 1.2%
3M Co.		198,794		21,966,737
General Electric Co.		393,757		24,377,496
Honeywell International, Inc.		241,914		40,392,380
				86,736,613
Insurance — 0.4%
American International Group, Inc.		272,728		12,949,125
MetLife, Inc.		240,405		14,611,816
				27,560,941
Interactive Media & Services — 7.0%
Alphabet, Inc., Class A(a)		2,153,073		205,941,432
Alphabet, Inc., Class C, NVS(a)		1,925,344		185,121,826
Meta Platforms, Inc., Class A(a)		818,954		111,115,679
				502,178,937
Internet & Direct Marketing Retail — 5.0%
Amazon.com, Inc.(a)		3,182,631		359,637,303

S C H E D U L E S   O F   I N V E  S T M E N T S 9

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® S&P 100 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services — 4.5%
Accenture PLC, Class A		227,137	$	58,442,350
International Business Machines Corp.		324,318		38,532,221
Mastercard, Inc., Class A		306,379		87,115,805
PayPal Holdings, Inc.(a)(b)		415,272		35,742,461
Visa, Inc., Class A		587,109		104,299,914
				324,132,751
Life Sciences Tools & Services — 1.9%
Danaher Corp.		235,092		60,721,913
Thermo Fisher Scientific, Inc.		140,685		71,354,025
				132,075,938
Machinery — 0.4%
Caterpillar, Inc.		189,564		31,103,661
Media — 0.8%
Charter Communications, Inc., Class A(a)		39,748		12,057,556
Comcast Corp., Class A		1,581,336		46,380,585
				58,438,141
Multiline Retail — 0.4%
Target Corp.		166,505		24,707,677
Oil, Gas & Consumable Fuels — 3.8%
Chevron Corp.		646,655		92,904,924
ConocoPhillips		457,128		46,782,479
Exxon Mobil Corp.		1,496,534		130,662,384
				270,349,787
Pharmaceuticals — 6.5%
Bristol-Myers Squibb Co.		766,738		54,507,404
Eli Lilly & Co.		283,191		91,569,810
Johnson & Johnson		944,099		154,228,013
Merck & Co., Inc.		909,663		78,340,178
Pfizer, Inc.		2,015,311		88,190,009
				466,835,414
Road & Rail — 0.6%
Union Pacific Corp.		224,242		43,686,826
Semiconductors & Semiconductor Equipment — 4.8%
Advanced Micro Devices, Inc.(a)		579,679		36,728,461
Broadcom, Inc.		145,006		64,384,114
Intel Corp.		1,474,401		37,995,314
NVIDIA Corp.		899,154		109,148,304
QUALCOMM, Inc.		403,253		45,559,524
Texas Instruments, Inc.		328,098		50,783,009
				344,598,726
Software — 10.6%
Adobe, Inc.(a)		168,051		46,247,635

Security	Shares		Value
Software (continued)
Microsoft Corp.		2,678,016	$	623,709,926
Oracle Corp.		545,453		33,310,815
Salesforce, Inc.(a)		357,289		51,392,450
				754,660,826
Specialty Retail — 2.0%
Home Depot, Inc.		369,052		101,836,209
Lowe’s Cos., Inc.		229,502		43,102,770
				144,938,979
Technology Hardware, Storage & Peripherals — 10.5%
Apple Inc.		5,424,517		749,668,249
Textiles, Apparel & Luxury Goods — 0.5%
Nike, Inc., Class B(b)		453,759		37,716,448
Tobacco — 1.0%
Altria Group, Inc.		646,649		26,111,687
Philip Morris International, Inc.		556,641		46,206,769
				72,318,456
Wireless Telecommunication Services — 0.4%
T-Mobile U.S., Inc.(a)(b)		216,148		29,000,577
Total Long-Term Investments — 99.8% (Cost: $7,061,272,975)				7,138,053,909
Short-Term Securities(c)(d)
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(e)		19,741,638		19,747,561
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		10,708,836		10,708,836
Total Short-Term Securities — 0.4% (Cost: $30,455,320)				30,456,397
Total Investments — 100.2% (Cost: $7,091,728,295)				7,168,510,306
Liabilities in Excess of Other Assets — (0.2)%				(13,127,508	)
Net Assets — 100.0%			$	7,155,382,798

^(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.

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Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® S&P 100 ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	9,415,762	$	10,327,378	(a)	$	—		$	3,335	$	1,086		$	19,747,561		19,741,638	$	96,480	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		16,943,000		—			(6,234,164	)(a)		—		—			10,708,836		10,708,836		120,621			—
BlackRock, Inc.		37,188,333		6,170,775			(2,544,842	)		613,091		(11,635,198	)		29,792,159		54,140		493,939			—
									$	616,426	$	(11,634,112	)	$	60,248,556			$	711,040		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		96		12/16/22	$	17,287	$	(1,828,277	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	1,828,277	$	—	$	—	$	—	$	1,828,277

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(962,171	)	$	—	$	—	$	—	$	(962,171	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(2,953,922	)	$	—	$	—	$	—	$	(2,953,922	)

S C H E D U L E S   O F   I N V E  S T M E N T S 11

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® S&P 100 ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	18,875,250

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.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	7,138,053,909		$	—	$	—	$	7,138,053,909
Short-Term Securities
Money Market Funds		30,456,397			—		—		30,456,397
	$	7,168,510,306		$	—	$	—	$	7,168,510,306
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(1,828,277	)	$	—	$	—	$	(1,828,277	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Schedule of Investments (unaudited)  September 30, 2022 iShares^® S&P 500 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.2%
L3Harris Technologies, Inc.		146,630	$	30,474,113
TransDigm Group, Inc.		41,161		21,602,116
				52,076,229
Air Freight & Logistics — 0.4%
Expeditors International of Washington, Inc.		299,730		26,469,156
United Parcel Service, Inc., Class B		574,920		92,872,577
				119,341,733
Auto Components — 0.1%
Aptiv PLC(a)		203,636		15,926,372
Automobiles — 4.8%
Tesla, Inc.(a)		4,868,097		1,291,262,729
Banks — 2.1%
Bank of America Corp.		5,621,946		169,782,769
Comerica, Inc.		104,617		7,438,269
First Republic Bank		334,748		43,701,351
JPMorgan Chase & Co.		2,465,606		257,655,827
Regions Financial Corp.		770,584		15,465,621
Signature Bank		114,760		17,328,760
SVB Financial Group(a)		108,243		36,345,835
Zions Bancorp NA		132,729		6,750,597
				554,469,029
Beverages — 0.8%
Keurig Dr Pepper, Inc.		373,595		13,382,173
Monster Beverage Corp.(a)		366,397		31,861,883
PepsiCo, Inc.		1,060,301		173,104,741
				218,348,797
Biotechnology — 2.3%
AbbVie, Inc.		1,745,095		234,209,200
Amgen, Inc.		400,874		90,357,000
Incyte Corp.(a)		143,990		9,595,494
Moderna, Inc.(a)(b)		614,106		72,618,034
Regeneron Pharmaceuticals, Inc.(a)		195,921		134,964,099
Vertex Pharmaceuticals, Inc.(a)		280,944		81,344,526
				623,088,353
Building Products — 0.2%
A O Smith Corp.		116,090		5,639,652
Fortune Brands Home & Security, Inc.		102,202		5,487,226
Johnson Controls International PLC		769,551		37,877,300
Masco Corp.		196,739		9,185,744
				58,189,922
Capital Markets — 3.4%
Ameriprise Financial, Inc.		120,883		30,456,472
BlackRock, Inc.(c)		143,173		78,785,238
Cboe Global Markets, Inc.		112,749		13,233,350
Charles Schwab Corp.		1,897,790		136,394,167
FactSet Research Systems, Inc.(b)		40,150		16,064,417
Franklin Resources, Inc.		231,463		4,981,084
Goldman Sachs Group, Inc.		623,925		182,841,221
Intercontinental Exchange, Inc.		580,626		52,459,559
MarketAxess Holdings, Inc.		32,427		7,214,683
Moody’s Corp.		190,796		46,384,416
Morgan Stanley		1,198,836		94,720,032
MSCI, Inc., Class A		147,481		62,206,011
Nasdaq, Inc.(b)		484,365		27,453,808
Raymond James Financial, Inc.		209,452		20,698,047

Security	Shares		Value
Capital Markets (continued)
S&P Global, Inc.		379,855	$	115,988,724
T Rowe Price Group, Inc.		287,575		30,198,251
				920,079,480
Chemicals — 0.9%
Albemarle Corp.(b)		145,566		38,493,473
Celanese Corp.		78,549		7,096,117
CF Industries Holdings, Inc.		219,015		21,080,194
Linde PLC		464,558		125,240,191
Sherwin-Williams Co.		228,999		46,887,545
				238,797,520
Commercial Services & Supplies — 0.5%
Cintas Corp.		72,310		28,070,019
Copart, Inc.(a)		265,642		28,264,309
Republic Services, Inc.		165,531		22,518,837
Rollins, Inc.		189,626		6,576,230
Waste Management, Inc.		351,436		56,303,561
				141,732,956
Communications Equipment — 0.9%
Arista Networks, Inc.(a)		451,525		50,972,657
Cisco Systems, Inc.		3,405,875		136,235,000
F5, Inc.(a)(b)		56,467		8,172,469
Motorola Solutions, Inc.		179,978		40,309,673
				235,689,799
Construction & Engineering — 0.1%
Quanta Services, Inc.		141,683		18,048,997
Construction Materials — 0.2%
Martin Marietta Materials, Inc.		66,209		21,325,257
Vulcan Materials Co.		116,673		18,400,499
				39,725,756
Consumer Finance — 0.6%
American Express Co.		481,539		64,964,426
Capital One Financial Corp.		337,543		31,111,338
Discover Financial Services		500,462		45,502,005
Synchrony Financial		503,098		14,182,333
				155,760,102
Containers & Packaging — 0.1%
Avery Dennison Corp.		75,490		12,282,223
Sealed Air Corp.		143,205		6,374,055
				18,656,278
Distributors — 0.1%
LKQ Corp.		204,029		9,619,967
Pool Corp.		71,869		22,869,435
				32,489,402
Electric Utilities — 0.1%
NRG Energy, Inc.		425,554		16,285,952
Electrical Equipment — 0.2%
Generac Holdings, Inc.(a)(b)		116,525		20,757,764
Rockwell Automation, Inc.		109,446		23,542,929
				44,300,693
Electronic Equipment, Instruments & Components — 0.5%
Amphenol Corp., Class A		575,361		38,526,173
CDW Corp.		146,730		22,901,618
Keysight Technologies, Inc.(a)		247,236		38,905,057
Trimble, Inc.(a)(b)		252,319		13,693,352
Zebra Technologies Corp., Class A(a)		69,035		18,087,860
				132,114,060

S C H E D U L E S   O F   I N V E  S T M E N T S 13

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® S&P 500 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Entertainment — 0.8%
Live Nation Entertainment, Inc.(a)		111,932	$	8,511,309
Netflix, Inc.(a)(b)		812,802		191,366,103
Take-Two Interactive Software, Inc.(a)		177,988		19,400,692
				219,278,104
Equity Real Estate Investment Trusts (REITs) — 2.2%
American Tower Corp.		433,806		93,138,148
AvalonBay Communities, Inc.		107,303		19,764,140
Camden Property Trust		194,466		23,228,964
Crown Castle, Inc.(b)		355,759		51,424,963
Duke Realty Corp.		462,683		22,301,321
Equinix, Inc.(b)		76,456		43,491,231
Essex Property Trust, Inc.		51,460		12,465,156
Extra Space Storage, Inc.		244,772		42,274,572
Federal Realty Investment Trust		54,315		4,894,868
Invitation Homes, Inc.		488,643		16,501,474
Iron Mountain, Inc.		323,205		14,211,324
Mid-America Apartment Communities, Inc.		130,611		20,253,848
Prologis, Inc.		809,984		82,294,374
Public Storage(b)		170,791		50,009,313
SBA Communications Corp., Class A(b)		110,239		31,379,531
Simon Property Group, Inc.		361,151		32,413,302
UDR, Inc.		307,766		12,836,920
Weyerhaeuser Co.		565,667		16,155,449
				589,038,898
Food & Staples Retailing — 0.7%
Costco Wholesale Corp.		412,894		194,997,449
Food Products — 0.1%
Hershey Co.		121,290		26,740,806
Health Care Equipment & Supplies — 2.1%
Abbott Laboratories		1,696,422		164,145,793
ABIOMED, Inc.(a)		44,954		11,043,400
Align Technology, Inc.(a)		133,098		27,565,927
Dexcom, Inc.(a)(b)		716,418		57,700,306
Edwards Lifesciences Corp.(a)		715,239		59,100,198
Hologic, Inc.(a)(b)		335,624		21,654,460
IDEXX Laboratories, Inc.(a)		104,861		34,163,714
Intuitive Surgical, Inc.(a)(b)		450,796		84,497,202
ResMed, Inc.(b)		154,823		33,797,861
STERIS PLC		77,089		12,818,359
Stryker Corp.		251,904		51,020,636
				557,507,856
Health Care Providers & Services — 1.7%
HCA Healthcare, Inc.		228,726		42,037,551
Laboratory Corp. of America Holdings		87,465		17,913,707
Molina Healthcare, Inc.(a)		52,139		17,197,528
Quest Diagnostics, Inc.		97,839		12,003,867
UnitedHealth Group, Inc.		718,034		362,635,891
				451,788,544
Hotels, Restaurants & Leisure — 1.3%
Caesars Entertainment, Inc.(a)(b)		246,616		7,955,832
Chipotle Mexican Grill, Inc.(a)(b)		34,065		51,191,519
Domino’s Pizza, Inc.		44,096		13,678,579
Hilton Worldwide Holdings, Inc.		204,525		24,669,806
McDonald’s Corp.		605,128		139,627,235
Starbucks Corp.(b)		1,069,566		90,121,631
Yum! Brands, Inc.		244,135		25,961,316
				353,205,918
Household Durables — 0.2%
DR Horton, Inc.		307,039		20,679,077

Security	Shares		Value
Household Durables (continued)
Garmin Ltd.		145,382	$	11,675,629
Newell Brands, Inc.		369,252		5,128,910
NVR, Inc.(a)		2,654		10,581,710
				48,065,326
Insurance — 0.8%
Aon PLC, Class A(b)		231,610		62,041,371
Arthur J. Gallagher & Co.(b)		169,631		29,044,220
Brown & Brown, Inc.		296,141		17,910,607
Cincinnati Financial Corp.		137,070		12,277,360
Marsh & McLennan Cos., Inc.		555,824		82,978,965
				204,252,523
Interactive Media & Services — 9.6%
Alphabet, Inc., Class A(a)		10,959,176		1,048,245,184
Alphabet, Inc., Class C, NVS(a)(b)		9,800,032		942,273,077
Meta Platforms, Inc., Class A(a)		4,168,492		565,580,994
Twitter, Inc.(a)		591,252		25,920,488
				2,582,019,743
Internet & Direct Marketing Retail — 7.0%
Amazon.com, Inc.(a)		16,199,634		1,830,558,642
eBay, Inc.		774,961		28,526,315
Etsy, Inc.(a)(b)		229,687		22,998,559
				1,882,083,516
IT Services — 3.5%
Accenture PLC, Class A		670,573		172,538,433
Akamai Technologies, Inc.(a)(b)		121,789		9,782,093
Automatic Data Processing, Inc.		402,974		91,148,689
Broadridge Financial Solutions, Inc.(b)		94,092		13,579,357
EPAM Systems, Inc.(a)(b)		105,115		38,071,602
Gartner, Inc.(a)		144,886		40,088,507
Mastercard, Inc., Class A		732,957		208,408,993
Paychex, Inc.		310,823		34,877,449
PayPal Holdings, Inc.(a)		1,140,695		98,179,619
VeriSign, Inc.(a)		80,024		13,900,169
Visa, Inc., Class A		1,285,000		228,280,250
				948,855,161
Life Sciences Tools & Services — 3.2%
Agilent Technologies, Inc.		328,368		39,913,130
Bio-Rad Laboratories, Inc., Class A(a)		22,003		9,178,332
Bio-Techne Corp.		71,181		20,215,404
Charles River Laboratories International, Inc.(a)		94,146		18,527,933
Danaher Corp.		813,701		210,170,831
Illumina, Inc.(a)(b)	��	140,067		26,723,383
IQVIA Holdings, Inc.(a)		249,430		45,181,750
Mettler-Toledo International, Inc.(a)(b)		25,961		28,144,839
PerkinElmer, Inc.(b)		231,246		27,825,831
Thermo Fisher Scientific, Inc.		716,102		363,199,773
Waters Corp.(a)		80,386		21,666,439
West Pharmaceutical Services, Inc.		135,687		33,389,857
				844,137,502
Machinery — 0.7%
Deere & Co.		233,627		78,005,719
Dover Corp.		118,903		13,861,712
IDEX Corp.		55,470		11,085,680
Illinois Tool Works, Inc.		211,605		38,226,443
Nordson Corp.		60,348		12,810,070
Otis Worldwide Corp.		306,241		19,538,176
Pentair PLC		169,607		6,891,132
Xylem, Inc.		135,247		11,815,178
				192,234,110

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Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® S&P 500 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining — 0.2%
Freeport-McMoRan, Inc.		1,152,741	$	31,504,412
Nucor Corp.		258,982		27,708,484
				59,212,896
Multiline Retail — 0.3%
Target Corp.		467,251		69,335,376
Oil, Gas & Consumable Fuels — 1.2%
APA Corp.		328,996		11,248,373
Devon Energy Corp.		1,195,172		71,865,693
Diamondback Energy, Inc.		325,656		39,228,522
EOG Resources, Inc.		491,888		54,958,646
Hess Corp.(b)		362,464		39,504,951
Occidental Petroleum Corp.(b)		559,763		34,397,436
ONEOK, Inc.		350,440		17,956,546
Pioneer Natural Resources Co.		244,879		53,023,650
				322,183,817
Personal Products — 0.2%
Estee Lauder Cos., Inc., Class A		249,400		53,845,460
Pharmaceuticals — 3.0%
Catalent, Inc.(a)		199,305		14,421,710
Eli Lilly & Co.		1,441,431		466,086,714
Pfizer, Inc.		5,539,299		242,399,724
Zoetis, Inc.		564,171		83,660,917
				806,569,065
Professional Services — 0.4%
CoStar Group, Inc.(a)		362,705		25,262,403
Equifax, Inc.		225,105		38,589,750
Jacobs Solutions, Inc.		102,256		11,093,753
Robert Half International, Inc.		135,413		10,359,095
Verisk Analytics, Inc.		145,430		24,800,178
				110,105,179
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(a)(b)		294,188		19,860,632
Road & Rail — 0.5%
JB Hunt Transport Services, Inc.		88,530		13,847,863
Old Dominion Freight Line, Inc.(b)		167,524		41,674,945
Union Pacific Corp.		468,759		91,323,628
				146,846,436
Semiconductors & Semiconductor Equipment — 6.9%
Advanced Micro Devices, Inc.(a)(b)		2,950,555		186,947,165
Applied Materials, Inc.(b)		1,590,031		130,271,240
Broadcom, Inc.		420,718		186,802,999
Enphase Energy, Inc.(a)(b)		247,161		68,579,763
KLA Corp.		258,894		78,349,091
Lam Research Corp.		250,220		91,580,520
Microchip Technology, Inc.		482,695		29,458,876
Monolithic Power Systems, Inc.		81,423		29,589,118
NVIDIA Corp.(b)		4,576,707		555,566,463
NXP Semiconductors N.V.(b)		302,072		44,558,641
ON Semiconductor Corp.(a)(b)		601,802		37,510,318
Qorvo, Inc.(a)		92,646		7,357,019
QUALCOMM, Inc.		2,052,546		231,896,647
Skyworks Solutions, Inc.		139,505		11,895,591
SolarEdge Technologies, Inc.(a)(b)		76,765		17,768,027
Teradyne, Inc.		287,231		21,585,409
Texas Instruments, Inc.		818,324		126,660,189
				1,856,377,076
Software — 16.4%
Adobe, Inc.(a)		855,397		235,405,254

Security	Shares		Value
Software (continued)
ANSYS, Inc.(a)		99,216	$	21,996,187
Autodesk, Inc.(a)		254,090		47,464,012
Cadence Design Systems, Inc.(a)		500,015		81,717,451
Ceridian HCM Holding, Inc.(a)(b)		114,986		6,425,418
Fortinet, Inc.(a)(b)		1,193,268		58,625,257
Intuit, Inc.		515,554		199,684,375
Microsoft Corp.		13,631,126		3,174,689,245
Oracle Corp.		2,776,353		169,551,878
Paycom Software, Inc.(a)(b)		66,909		22,079,301
PTC, Inc.(a)		96,331		10,076,223
Salesforce, Inc.(a)(b)		1,109,343		159,567,897
ServiceNow, Inc.(a)		369,200		139,413,612
Synopsys, Inc.(a)		187,333		57,232,105
Tyler Technologies, Inc.(a)		46,933		16,309,218
				4,400,237,433
Specialty Retail — 3.2%
Advance Auto Parts, Inc.		54,077		8,454,398
AutoZone, Inc.(a)		35,560		76,167,031
Bath & Body Works, Inc.		271,882		8,863,353
CarMax, Inc.(a)(b)		153,751		10,150,641
Home Depot, Inc.		1,427,646		393,944,637
Lowe’s Cos., Inc.		1,168,170		219,394,008
O’Reilly Automotive, Inc.(a)(b)		116,373		81,850,950
Tractor Supply Co.		202,697		37,677,318
Ulta Beauty, Inc.(a)(b)		52,703		21,143,917
				857,646,253
Technology Hardware, Storage & Peripherals — 14.4%
Apple Inc.		27,610,867		3,815,821,819
HP, Inc.		833,616		20,773,711
NetApp, Inc.		285,813		17,677,534
Seagate Technology Holdings PLC		258,729		13,772,145
				3,868,045,209
Textiles, Apparel & Luxury Goods — 0.4%
Nike, Inc., Class B		1,247,193		103,666,682
Trading Companies & Distributors — 0.2%
Fastenal Co.(b)		505,628		23,279,113
United Rentals, Inc.(a)		76,944		20,784,113
				44,063,226
Total Long-Term Investments — 99.8% (Cost: $23,667,167,454)				26,738,584,355

S C H E D U L E S   O F   I N V E  S T M E N T S 15

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® S&P 500 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities(c)(d)
Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(e)		306,572,400	$	306,664,372
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		31,865,108		31,865,108
Total Short-Term Securities — 1.3% (Cost: $338,430,178)				338,529,480
Total Investments — 101.1% (Cost: $24,005,597,632)				27,077,113,835
Liabilities in Excess of Other Assets — (1.1)%				(295,371,994	)
Net Assets — 100.0%			$	26,781,741,841

^(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 September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	67,653,659	$	238,892,038	(a)	$	—		$	35,495	$	83,180		$	306,664,372		306,572,400	$	191,951	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		48,780,000		—			(16,914,892	)(a)		—		—			31,865,108		31,865,108		271,671			—
BlackRock, Inc.		107,435,424		11,794,947			(10,427,484	)		2,309,898		(32,327,547	)		78,785,238		143,173		1,326,125			—
									$	2,345,393	$	(32,244,367	)	$	417,314,718			$	1,789,747		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		218		12/16/22	$	39,256	$	(4,486,704	)

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Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® S&P 500 Growth ETF

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	4,486,704	$	—	$	—	$	—	$	4,486,704

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	86,149		$	—	$	—	$	—	$	86,149
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(7,370,510	)	$	—	$	—	$	—	$	(7,370,510	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	41,512,538

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.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	26,738,584,355		$	—	$	—	$	26,738,584,355
Short-Term Securities
Money Market Funds		338,529,480			—		—		338,529,480
	$	27,077,113,835		$	—	$	—	$	27,077,113,835
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(4,486,704	)	$	—	$	—	$	(4,486,704	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E S   O F   I N V E  S T M E N T S 17

Schedule of Investments (unaudited) September 30, 2022 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.0%
Boeing Co.(a)(b)		765,449	$	92,680,565
General Dynamics Corp.		308,053		65,359,605
Howmet Aerospace, Inc.		511,346		15,815,932
Huntington Ingalls Industries, Inc.		54,505		12,072,857
L3Harris Technologies, Inc.		152,219		31,635,675
Lockheed Martin Corp.		323,759		125,064,864
Northrop Grumman Corp.(b)		199,857		93,996,744
Raytheon Technologies Corp.		2,026,496		165,888,962
Textron, Inc.(b)		290,722		16,937,464
TransDigm Group, Inc.		39,741		20,856,872
				640,309,540
Air Freight & Logistics — 0.7%
CH Robinson Worldwide, Inc.		169,137		16,289,585
FedEx Corp.		327,069		48,559,934
United Parcel Service, Inc., Class B		573,287		92,608,782
				157,458,301
Airlines — 0.4%
Alaska Air Group, Inc.(a)		174,034		6,813,431
American Airlines Group, Inc.(a)(b)		893,064		10,752,491
Delta Air Lines, Inc.(a)		879,842		24,688,366
Southwest Airlines Co.(a)		813,908		25,100,923
United Airlines Holdings, Inc.(a)		449,035		14,607,108
				81,962,319
Auto Components — 0.1%
Aptiv PLC(a)(b)		219,677		17,180,938
BorgWarner, Inc.		325,902		10,233,323
				27,414,261
Automobiles — 0.6%
Ford Motor Co.		5,409,519		60,586,613
General Motors Co.		2,003,751		64,300,369
				124,886,982
Banks — 5.2%
Bank of America Corp.		5,372,888		162,261,218
Citigroup, Inc.		2,656,508		110,696,688
Citizens Financial Group, Inc.		679,183		23,336,728
Comerica, Inc.		97,736		6,949,030
Fifth Third Bancorp		943,010		30,138,600
Huntington Bancshares, Inc.		1,981,084		26,110,687
JPMorgan Chase & Co.		2,174,072		227,190,524
KeyCorp.		1,276,516		20,449,786
M&T Bank Corp.		241,342		42,553,421
PNC Financial Services Group, Inc.		562,174		84,000,039
Regions Financial Corp.		703,534		14,119,927
Truist Financial Corp.		1,822,822		79,365,670
US Bancorp		1,858,098		74,918,511
Wells Fargo & Co.		5,207,298		209,437,526
Zions Bancorp NA		106,884		5,436,120
				1,116,964,475
Beverages — 2.9%
Brown-Forman Corp., Class B		251,273		16,727,244
Coca-Cola Co.		5,343,463		299,340,797
Constellation Brands, Inc., Class A		218,962		50,291,192
Keurig Dr Pepper, Inc.		887,099		31,775,886
Molson Coors Beverage Co., Class B		260,169		12,485,510
Monster Beverage Corp.(a)(b)		252,896		21,991,836
PepsiCo, Inc.		1,098,733		179,379,150
				611,991,615

Security	Shares		Value
Biotechnology — 2.1%
AbbVie, Inc.		1,116,208	$	149,806,276
Amgen, Inc.		433,733		97,763,418
Biogen, Inc.(a)		199,144		53,171,448
Gilead Sciences, Inc.		1,719,035		106,047,269
Incyte Corp.(a)		145,139		9,672,063
Vertex Pharmaceuticals, Inc.(a)		140,977		40,818,481
				457,278,955
Building Products — 0.6%
A O Smith Corp.		85,942		4,175,062
Allegion PLC		122,511		10,986,787
Carrier Global Corp.		1,153,732		41,026,710
Fortune Brands Home & Security, Inc.		94,541		5,075,906
Johnson Controls International PLC		370,383		18,230,251
Masco Corp.		161,742		7,551,734
Trane Technologies PLC		318,442		46,113,586
				133,160,036
Capital Markets — 2.5%
Ameriprise Financial, Inc.		58,334		14,697,251
Bank of New York Mellon Corp.		1,010,601		38,928,350
BlackRock, Inc.(c)		99,455		54,728,097
Cboe Global Markets, Inc.		60,791		7,135,040
Charles Schwab Corp.(b)		671,499		48,260,633
CME Group, Inc.		492,736		87,278,328
FactSet Research Systems, Inc.		21,876		8,752,806
Franklin Resources, Inc.		209,605		4,510,699
Intercontinental Exchange, Inc.		329,763		29,794,087
Invesco Ltd.		629,177		8,619,725
MarketAxess Holdings, Inc.		26,561		5,909,557
Moody’s Corp.		73,342		17,830,174
Morgan Stanley		938,563		74,155,863
Nasdaq, Inc.		101,004		5,724,907
Northern Trust Corp.		285,727		24,446,802
Raymond James Financial, Inc.		109,172		10,788,377
S&P Global, Inc.		182,603		55,757,826
State Street Corp.		505,207		30,721,638
T Rowe Price Group, Inc.		93,476		9,815,915
				537,856,075
Chemicals — 2.6%
Air Products and Chemicals, Inc.		304,812		70,938,897
Albemarle Corp.		51,356		13,580,581
Celanese Corp.		78,584		7,099,278
CF Industries Holdings, Inc.		110,241		10,610,696
Corteva, Inc.		987,549		56,438,425
Dow, Inc.		986,956		43,356,977
DuPont de Nemours, Inc.		688,374		34,694,050
Eastman Chemical Co.		169,859		12,068,482
Ecolab, Inc.		340,738		49,209,382
FMC Corp.		172,180		18,199,426
International Flavors & Fragrances, Inc.		350,365		31,823,653
Linde PLC		335,596		90,473,326
LyondellBasell Industries NV, Class A		348,322		26,221,680
Mosaic Co.		473,291		22,874,154
PPG Industries, Inc.		321,630		35,601,225
Sherwin-Williams Co.		152,250		31,173,187
				554,363,419
Commercial Services & Supplies — 0.5%
Cintas Corp.		63,667		24,714,893
Copart, Inc.(a)		94,636		10,069,270
Republic Services, Inc.		158,595		21,575,264

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Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
Rollins, Inc.		178,700	$	6,197,316
Waste Management, Inc.(b)		253,286		40,578,950
				103,135,693
Communications Equipment — 0.8%
Cisco Systems, Inc.		3,129,939		125,197,560
F5, Inc.(a)		38,307		5,544,172
Juniper Networks, Inc.		440,534		11,506,748
Motorola Solutions, Inc.(b)		94,016		21,056,764
				163,305,244
Construction & Engineering — 0.1%
Quanta Services, Inc.(b)		91,009		11,593,637
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		35,569		11,456,419
Vulcan Materials Co.		94,975		14,978,507
				26,434,926
Consumer Finance — 0.4%
American Express Co.		461,599		62,274,321
Capital One Financial Corp.		273,711		25,227,943
Synchrony Financial		286,521		8,077,027
				95,579,291
Containers & Packaging — 0.5%
Amcor PLC		2,065,207		22,159,671
Avery Dennison Corp.		54,945		8,939,552
Ball Corp.		429,179		20,737,929
International Paper Co.		500,707		15,872,412
Packaging Corp. of America		128,098		14,384,124
Sealed Air Corp.		90,402		4,023,793
Westrock Co.		348,174		10,755,095
				96,872,576
Distributors — 0.2%
Genuine Parts Co.		194,365		29,022,582
LKQ Corp.		203,059		9,574,232
				38,596,814
Diversified Financial Services — 3.1%
Berkshire Hathaway, Inc., Class B(a)		2,477,809		661,624,559
Diversified Telecommunication Services — 1.8%
AT&T Inc.		9,779,192		150,012,805
Lumen Technologies, Inc.		1,317,424		9,590,847
Verizon Communications, Inc.		5,765,689		218,923,211
				378,526,863
Electric Utilities — 3.9%
Alliant Energy Corp.		344,840		18,273,072
American Electric Power Co., Inc.		706,010		61,034,564
Constellation Energy Corp.		449,173		37,366,702
Duke Energy Corp.		1,058,146		98,428,741
Edison International		524,191		29,658,727
Entergy Corp.		279,551		28,131,217
Evergy, Inc.		313,683		18,632,770
Eversource Energy		476,105		37,117,146
Exelon Corp.		1,362,940		51,055,732
FirstEnergy Corp.		743,229		27,499,473
NextEra Energy, Inc.		2,697,399		211,503,055
PG&E Corp.(a)		2,481,514		31,018,925
Pinnacle West Capital Corp.		153,311		9,890,093
PPL Corp.		1,011,717		25,647,026
Southern Co.		1,457,826		99,132,168
Xcel Energy, Inc.		751,712		48,109,568
				832,498,979

Security	Shares		Value
Electrical Equipment — 0.9%
AMETEK, Inc.(b)		315,494	$	35,780,174
Eaton Corp. PLC		547,372		72,997,530
Emerson Electric Co.		812,606		59,499,011
Rockwell Automation, Inc.		76,579		16,472,909
				184,749,624
Electronic Equipment, Instruments & Components — 0.8%
Amphenol Corp., Class A		384,204		25,726,300
CDW Corp.		75,626		11,803,706
Corning, Inc.		1,045,526		30,341,164
Keysight Technologies, Inc.(a)		61,028		9,603,366
TE Connectivity Ltd.		439,100		48,459,076
Teledyne Technologies, Inc.(a)		64,404		21,734,418
Trimble, Inc.(a)(b)		149,926		8,136,484
Zebra Technologies Corp., Class A(a)		18,883		4,947,535
				160,752,049
Energy Equipment & Services — 0.6%
Baker Hughes Co.		1,389,654		29,127,148
Halliburton Co.		1,246,112		30,679,277
Schlumberger NV		1,937,563		69,558,512
				129,364,937
Entertainment — 1.9%
Activision Blizzard, Inc.		978,342		72,729,944
Electronic Arts, Inc.		363,003		42,003,077
Live Nation Entertainment, Inc.(a)(b)		112,011		8,517,316
Take-Two Interactive Software, Inc.(a)		81,925		8,929,825
Walt Disney Co.(a)		2,502,833		236,092,237
Warner Bros Discovery, Inc.(a)		3,035,911		34,912,977
				403,185,376
Equity Real Estate Investment Trusts (REITs) — 3.2%
Alexandria Real Estate Equities, Inc.		204,055		28,606,471
American Tower Corp.		313,522		67,313,173
AvalonBay Communities, Inc.		110,985		20,442,327
Boston Properties, Inc.		195,319		14,643,065
Crown Castle, Inc.		327,313		47,313,094
Digital Realty Trust, Inc.		394,976		39,173,720
Duke Realty Corp.		184,370		8,886,634
Equinix, Inc.		67,587		38,446,189
Equity Residential		464,920		31,251,922
Essex Property Trust, Inc.		50,119		12,140,325
Federal Realty Investment Trust		58,001		5,227,050
Healthpeak Properties, Inc.		739,028		16,938,522
Host Hotels & Resorts, Inc.		981,162		15,580,853
Invitation Homes, Inc.(b)		433,073		14,624,875
Iron Mountain, Inc.		153,632		6,755,199
Kimco Realty Corp.		847,583		15,604,003
Mid-America Apartment Communities, Inc.		60,567		9,392,125
Prologis, Inc.		406,722		41,322,955
Public Storage		88,600		25,942,966
Realty Income Corp.		848,716		49,395,271
Regency Centers Corp.		212,873		11,463,211
SBA Communications Corp., Class A		64,963		18,491,718
Simon Property Group, Inc.		179,948		16,150,333
UDR, Inc.		187,802		7,833,221
Ventas, Inc.		548,651		22,039,311
VICI Properties, Inc.		1,323,548		39,507,908
Vornado Realty Trust		214,647		4,971,225
Welltower, Inc.		636,796		40,958,719
Weyerhaeuser Co.		588,468		16,806,646
				687,223,031

S C H E D U L E S   O F   I N V E  S T M E N T S 19

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food & Staples Retailing — 2.4%
Costco Wholesale Corp.(b)		297,838	$	140,659,953
Kroger Co.		893,260		39,080,125
Sysco Corp.		700,158		49,508,172
Walgreens Boots Alliance, Inc.		985,810		30,954,434
Walmart, Inc.		1,956,896		253,809,411
				514,012,095
Food Products — 2.1%
Archer-Daniels-Midland Co.		770,363		61,975,703
Campbell Soup Co.		275,079		12,961,722
Conagra Brands, Inc.		658,119		21,474,423
General Mills, Inc.		818,665		62,717,926
Hershey Co.		110,732		24,413,084
Hormel Foods Corp.		395,615		17,976,746
J M Smucker Co.		146,985		20,197,209
Kellogg Co.		350,421		24,410,327
Kraft Heinz Co.		1,094,656		36,506,778
Lamb Weston Holdings, Inc.		197,512		15,283,478
McCormick & Co., Inc., NVS(b)		343,521		24,482,742
Mondelez International, Inc., Class A		1,879,730		103,065,596
Tyson Foods, Inc., Class A		398,012		26,240,931
				451,706,665
Gas Utilities — 0.1%
Atmos Energy Corp.		191,635		19,518,025
Health Care Equipment & Supplies — 3.2%
Abbott Laboratories		1,128,902		109,232,557
ABIOMED, Inc.(a)		27,784		6,825,417
Baxter International, Inc.		692,096		37,276,291
Becton Dickinson and Co.		390,983		87,122,742
Boston Scientific Corp.(a)		1,967,422		76,198,254
Cooper Cos., Inc.		68,235		18,007,216
DENTSPLY SIRONA, Inc.		294,571		8,351,088
Edwards Lifesciences Corp.(a)		315,032		26,031,094
Hologic, Inc.(a)		89,569		5,778,992
IDEXX Laboratories, Inc.(a)		35,047		11,418,313
Intuitive Surgical, Inc.(a)		152,361		28,558,546
Medtronic PLC		1,823,349		147,235,432
ResMed, Inc.		84,220		18,385,226
STERIS PLC(b)		80,233		13,341,143
Stryker Corp.		273,007		55,294,838
Teleflex, Inc.		64,352		12,964,354
Zimmer Biomet Holdings, Inc.		288,141		30,125,142
				692,146,645
Health Care Providers & Services — 5.5%
AmerisourceBergen Corp.		213,399		28,879,287
Cardinal Health, Inc.		374,389		24,964,258
Centene Corp.(a)		785,505		61,120,144
Cigna Corp.		418,536		116,131,184
CVS Health Corp.		1,801,946		171,851,590
DaVita, Inc.(a)(b)		77,030		6,375,773
Elevance Health, Inc.		329,342		149,600,310
HCA Healthcare, Inc.		123,898		22,771,213
Henry Schein, Inc.(a)		187,971		12,362,853
Humana, Inc.		173,919		84,383,760
Laboratory Corp. of America Holdings		58,764		12,035,455
McKesson Corp.		197,523		67,132,142
Molina Healthcare, Inc.(a)		40,356		13,311,023
Quest Diagnostics, Inc.		86,410		10,601,643
UnitedHealth Group, Inc.		744,815		376,161,367
Universal Health Services, Inc., Class B(b)		89,459		7,888,495
				1,165,570,497

Security	Shares		Value
Hotels, Restaurants & Leisure — 2.4%
Booking Holdings, Inc.(a)		54,439	$	89,454,709
Caesars Entertainment, Inc.(a)(b)		101,941		3,288,617
Carnival Corp.(a)(b)		1,365,238		9,597,623
Chipotle Mexican Grill, Inc.(a)(b)		12,592		18,922,754
Darden Restaurants, Inc.		168,954		21,342,269
Domino’s Pizza, Inc.		16,274		5,048,195
Expedia Group, Inc.(a)		207,859		19,474,310
Hilton Worldwide Holdings, Inc.		221,962		26,773,056
Las Vegas Sands Corp.(a)(b)		448,948		16,844,529
Marriott International, Inc., Class A(b)		379,117		53,129,456
McDonald’s Corp.		555,163		128,098,311
MGM Resorts International		451,272		13,411,804
Norwegian Cruise Line Holdings Ltd.(a)(b)		571,493		6,492,160
Royal Caribbean Cruises Ltd.(a)		303,387		11,498,367
Starbucks Corp.		770,134		64,891,491
Wynn Resorts Ltd.(a)(b)		142,135		8,958,769
Yum! Brands, Inc.		206,426		21,951,341
				519,177,761
Household Durables — 0.4%
DR Horton, Inc.(b)		204,997		13,806,548
Garmin Ltd.		102,989		8,271,047
Lennar Corp., Class A		351,431		26,199,181
Mohawk Industries, Inc.(a)		72,935		6,650,943
Newell Brands, Inc.		241,005		3,347,559
NVR, Inc.(a)		2,230		8,891,188
PulteGroup, Inc.		319,229		11,971,088
Whirlpool Corp.		75,324		10,154,428
				89,291,982
Household Products — 2.8%
Church & Dwight Co., Inc.		333,821		23,848,172
Clorox Co.		169,259		21,731,163
Colgate-Palmolive Co.		1,143,297		80,316,614
Kimberly-Clark Corp.		463,984		52,216,760
Procter & Gamble Co.		3,280,563		414,171,079
				592,283,788
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		915,783		20,696,696
Industrial Conglomerates — 1.6%
3M Co.		758,896		83,858,008
General Electric Co.		1,506,960		93,295,893
Honeywell International, Inc.		924,573		154,375,954
				331,529,855
Insurance — 3.6%
Aflac, Inc.		790,266		44,412,949
Allstate Corp.		371,460		46,257,914
American International Group, Inc.		1,045,018		49,617,455
Aon PLC, Class A		115,522		30,944,878
Arthur J. Gallagher & Co.(b)		161,873		27,715,895
Assurant, Inc.		73,221		10,636,815
Brown & Brown, Inc.		99,101		5,993,628
Chubb Ltd.(b)		572,736		104,169,224
Cincinnati Financial Corp.		116,701		10,452,909
Everest Re Group Ltd.		54,159		14,213,488
Globe Life, Inc.		123,755		12,338,373
Hartford Financial Services Group, Inc.		443,361		27,461,780
Lincoln National Corp.		214,254		9,407,893
Loews Corp.		276,603		13,785,894
Marsh & McLennan Cos., Inc.		266,900		39,845,501
MetLife, Inc.		920,754		55,963,428
Principal Financial Group, Inc.		318,633		22,989,371

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Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Progressive Corp.		803,831	$	93,413,200
Prudential Financial, Inc.		510,352		43,777,995
Travelers Cos., Inc.		326,132		49,963,422
W R Berkley Corp.		279,058		18,021,566
Willis Towers Watson PLC(b)		151,465		30,435,377
				761,818,955
Interactive Media & Services — 0.2%
Match Group, Inc.(a)		388,899		18,569,927
Twitter, Inc.(a)		478,500		20,977,440
				39,547,367
Internet & Direct Marketing Retail — 0.0%
eBay, Inc.		170,736		6,284,792
IT Services — 5.1%
Accenture PLC, Class A		364,264		93,725,127
Akamai Technologies, Inc.(a)(b)		126,547		10,164,255
Automatic Data Processing, Inc.		268,113		60,644,479
Broadridge Financial Solutions, Inc.		90,216		13,019,973
Cognizant Technology Solutions Corp., Class A		711,207		40,851,730
DXC Technology Co.(a)		317,943		7,783,245
Fidelity National Information Services, Inc.		835,528		63,140,851
Fiserv, Inc.(a)		878,961		82,244,381
FleetCor Technologies, Inc.(a)		102,532		18,063,062
Global Payments, Inc.		380,897		41,155,921
International Business Machines Corp.		1,239,427		147,256,322
Jack Henry & Associates, Inc.		100,126		18,249,966
Mastercard, Inc., Class A		620,699		176,489,554
Paychex, Inc.		206,763		23,200,876
PayPal Holdings, Inc.(a)		731,082		62,924,228
VeriSign, Inc.(a)(b)		67,343		11,697,479
Visa, Inc., Class A(b)		1,279,464		227,296,780
				1,097,908,229
Leisure Products — 0.1%
Hasbro, Inc.		178,567		12,038,987
Life Sciences Tools & Services — 0.7%
Agilent Technologies, Inc.		164,201		19,958,631
Bio-Rad Laboratories, Inc., Class A(a)		13,197		5,504,997
Danaher Corp.		287,916		74,365,824
Illumina, Inc.(a)(b)		109,953		20,977,933
IQVIA Holdings, Inc.(a)		68,802		12,462,794
Mettler-Toledo International, Inc.(a)		11,510		12,478,221
Waters Corp.(a)(b)		21,507		5,796,782
				151,545,182
Machinery — 2.5%
Caterpillar, Inc.		724,181		118,823,618
Cummins, Inc.		193,760		39,432,098
Deere & Co.		206,401		68,915,230
Dover Corp.		107,153		12,491,897
Fortive Corp.		489,405		28,532,311
IDEX Corp.		60,948		12,180,458
Illinois Tool Works, Inc.		228,454		41,270,215
Ingersoll Rand, Inc.(b)		554,080		23,969,501
Nordson Corp.		29,402		6,241,163
Otis Worldwide Corp.		345,730		22,057,574
PACCAR, Inc.		477,860		39,992,103
Parker-Hannifin Corp.		176,417		42,747,603
Pentair PLC		93,497		3,798,783
Snap-on, Inc.		72,939		14,686,268
Stanley Black & Decker, Inc.		203,938		15,338,177

Security	Shares		Value
Machinery (continued)
Westinghouse Air Brake Technologies Corp.		249,945	$	20,333,026
Xylem, Inc.(b)		144,743		12,644,748
				523,454,773
Media — 1.4%
Charter Communications, Inc., Class A(a)		152,341		46,212,642
Comcast Corp., Class A		6,044,962		177,298,735
DISH Network Corp., Class A(a)(b)		333,620		4,613,965
Fox Corp., Class A, NVS		421,163		12,921,281
Fox Corp., Class B		191,909		5,469,406
Interpublic Group of Cos., Inc.		534,021		13,670,938
News Corp., Class A, NVS		533,183		8,056,395
News Corp., Class B(b)		165,109		2,545,981
Omnicom Group, Inc.		281,510		17,760,466
Paramount Global, Class B, NVS		698,426		13,298,031
				301,847,840
Metals & Mining — 0.4%
Freeport-McMoRan, Inc.		1,099,727		30,055,539
Newmont Corp.		1,085,534		45,624,994
Nucor Corp.		165,602		17,717,758
				93,398,291
Multiline Retail — 0.7%
Dollar General Corp.		311,955		74,825,526
Dollar Tree, Inc.(a)		290,084		39,480,433
Target Corp.		286,759		42,552,168
				156,858,127
Multi-Utilities — 1.8%
Ameren Corp.		354,056		28,519,211
CenterPoint Energy, Inc.		865,106		24,378,687
CMS Energy Corp.		398,807		23,226,520
Consolidated Edison, Inc.		487,292		41,790,162
Dominion Energy, Inc.		1,141,153		78,865,084
DTE Energy Co.		266,196		30,625,850
NiSource, Inc.		561,477		14,143,606
Public Service Enterprise Group, Inc.		685,567		38,549,432
Sempra Energy		430,549		64,556,517
WEC Energy Group, Inc.		433,492		38,767,189
				383,422,258
Oil, Gas & Consumable Fuels — 7.2%
APA Corp.		202,698		6,930,245
Chevron Corp.		2,472,331		355,199,795
ConocoPhillips		1,747,362		178,825,027
Coterra Energy, Inc.		1,092,440		28,534,533
EOG Resources, Inc.		434,907		48,592,159
EQT Corp.		507,752		20,690,894
Exxon Mobil Corp.		5,721,649		499,557,174
Hess Corp.(b)		110,572		12,051,242
Kinder Morgan, Inc.		2,724,682		45,338,708
Marathon Oil Corp.		927,500		20,942,950
Marathon Petroleum Corp.		683,052		67,847,555
Occidental Petroleum Corp.(b)		604,217		37,129,135
ONEOK, Inc.		348,886		17,876,919
Phillips 66		661,094		53,363,508
Pioneer Natural Resources Co.		144,258		31,236,185
Valero Energy Corp.		541,421		57,850,834
Williams Cos., Inc.		1,674,588		47,943,454
				1,529,910,317
Personal Products — 0.1%
Estee Lauder Cos., Inc., Class A		130,610		28,198,699

S C H E D U L E S   O F   I N V E  S T M E N T S 21

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals — 6.2%
Bristol-Myers Squibb Co.		2,931,371	$	208,391,164
Catalent, Inc.(a)		98,345		7,116,244
Johnson & Johnson		3,609,540		589,654,455
Merck & Co., Inc.		3,477,880		299,515,026
Organon & Co.		351,157		8,217,074
Pfizer, Inc.		3,542,991		155,041,286
Viatris, Inc.		1,665,018		14,185,953
Zoetis, Inc.		217,814		32,299,638
				1,314,420,840
Professional Services — 0.4%
CoStar Group, Inc.(a)		270,786		18,860,245
Jacobs Solutions, Inc.		98,873		10,726,732
Leidos Holdings, Inc.		187,148		16,369,835
Nielsen Holdings PLC(a)		497,512		13,791,033
Robert Half International, Inc.		46,060		3,523,590
Verisk Analytics, Inc.		105,653		18,017,006
				81,288,441
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(a)(b)		220,719		14,900,740
Road & Rail — 1.2%
CSX Corp.		2,942,642		78,391,983
JB Hunt Transport Services, Inc.		46,415		7,260,234
Norfolk Southern Corp.		321,768		67,458,661
Union Pacific Corp.		505,251		98,433,000
				251,543,878
Semiconductors & Semiconductor Equipment — 2.8%
Analog Devices, Inc.		714,353		99,537,947
Broadcom, Inc.		238,160		105,745,422
Intel Corp.		5,634,668		145,205,394
Microchip Technology, Inc.		394,503		24,076,518
Micron Technology, Inc.		1,516,017		75,952,452
NXP Semiconductors N.V		133,456		19,686,095
ON Semiconductor Corp.(a)(b)		142,778		8,899,353
Qorvo, Inc.(a)		72,798		5,780,889
Skyworks Solutions, Inc.		116,098		9,899,676
SolarEdge Technologies, Inc.(a)(b)		18,662		4,319,506
Texas Instruments, Inc.		640,397		99,120,648
				598,223,900
Software — 1.1%
ANSYS, Inc.(a)		45,129		10,005,099
Autodesk, Inc.(a)		107,492		20,079,506
Ceridian HCM Holding, Inc.(a)(b)		124,898		6,979,300
Citrix Systems, Inc.(a)		171,352		17,803,473
NortonLifeLock, Inc.		815,459		16,423,344
Paycom Software, Inc.(a)		16,459		5,431,305
PTC, Inc.(a)(b)		71,985		7,529,631
Roper Technologies, Inc.		145,687		52,394,873
Salesforce, Inc.(a)		533,286		76,707,858
Synopsys, Inc.(a)		69,324		21,179,175
Tyler Technologies, Inc.(a)		21,693		7,538,318
				242,071,882
Specialty Retail — 1.3%
Advance Auto Parts, Inc.		42,949		6,714,647
Bath & Body Works, Inc.		107,340		3,499,284
Best Buy Co., Inc.		273,915		17,349,776
CarMax, Inc.(a)(b)		103,285		6,818,876

Security	Shares		Value
Specialty Retail (continued)
Home Depot, Inc.		338,202	$	93,323,460
Ross Stores, Inc.(b)		480,893		40,524,853
TJX Cos., Inc.		1,610,144		100,022,145
Ulta Beauty, Inc.(a)(b)		31,332		12,570,085
				280,823,126
Technology Hardware, Storage & Peripherals — 0.3%
Hewlett Packard Enterprise Co.		1,782,407		21,353,236
HP, Inc.		629,345		15,683,277
NetApp, Inc.		88,010		5,443,418
Seagate Technology Holdings PLC		71,737		3,818,561
Western Digital Corp.(a)		430,378		14,008,804
				60,307,296
Textiles, Apparel & Luxury Goods — 0.4%
Nike, Inc., Class B		798,835		66,399,165
Ralph Lauren Corp.		59,332		5,039,067
Tapestry, Inc.		344,414		9,791,690
VF Corp.		456,733		13,660,884
				94,890,806
Tobacco — 1.3%
Altria Group, Inc.		2,474,816		99,933,070
Philip Morris International, Inc.		2,127,831		176,631,251
				276,564,321
Trading Companies & Distributors — 0.3%
Fastenal Co.		410,678		18,907,615
United Rentals, Inc.(a)		38,483		10,395,028
WW Grainger, Inc.		62,177		30,416,367
				59,719,010
Water Utilities — 0.1%
American Water Works Co., Inc.		249,822		32,516,832
Wireless Telecommunication Services — 0.5%
T-Mobile U.S., Inc.(a)		825,609		110,771,960
Total Long-Term Investments — 99.9% (Cost: $22,759,454,758)				21,317,300,435
Short-Term Securities(c)(d)
Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(e)		249,754,690		249,829,616
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		17,574,566		17,574,566
Total Short-Term Securities — 1.2% (Cost: $267,306,141)				267,404,182
Total Investments — 101.1% (Cost: $23,026,760,899)				21,584,704,617
Liabilities in Excess of Other Assets — (1.1)%				(241,594,951	)
Net Assets — 100.0%			$	21,343,109,666

^(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.

22 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® S&P 500 Value ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	121,421,682	$	128,328,101	(a)	$	—		$	(1,814	)	$	81,647		$	249,829,616		249,754,690	$	282,117	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		38,340,000		—			(20,765,434	)(a)		—			—			17,574,566		17,574,566		255,029			—
BlackRock, Inc.		71,414,743		11,382,875			(7,768,347	)		2,788,716			(23,089,890	)		54,728,097		99,455		931,499			—
									$	2,786,902		$	(23,008,243	)	$	322,132,279			$	1,468,645		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		241		12/16/22	$	43,398	$	(3,910,208	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	3,910,208	$	—	$	—	$	—	$	3,910,208

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(9,010,111	)	$	—	$	—	$	—	$	(9,010,111	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(7,206,552	)	$	—	$	—	$	—	$	(7,206,552	)

S C H E D U L E S   O F   I N V E  S T M E N T S 23

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® S&P 500 Value ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	46,330,788

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.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	640,309,540	$	—	$	—	$	640,309,540
Air Freight & Logistics		157,458,301		—		—		157,458,301
Airlines		81,962,319		—		—		81,962,319
Auto Components		27,414,261		—		—		27,414,261
Automobiles		124,886,982		—		—		124,886,982
Banks		1,116,964,475		—		—		1,116,964,475
Beverages		611,991,615		—		—		611,991,615
Biotechnology		457,278,955		—		—		457,278,955
Building Products		133,160,036		—		—		133,160,036
Capital Markets		537,856,075		—		—		537,856,075
Chemicals		554,363,419		—		—		554,363,419
Commercial Services & Supplies		103,135,693		—		—		103,135,693
Communications Equipment		163,305,244		—		—		163,305,244
Construction & Engineering		11,593,637		—		—		11,593,637
Construction Materials		26,434,926		—		—		26,434,926
Consumer Finance		95,579,291		—		—		95,579,291
Containers & Packaging		96,872,576		—		—		96,872,576
Distributors		38,596,814		—		—		38,596,814
Diversified Financial Services		661,624,559		—		—		661,624,559
Diversified Telecommunication Services		378,526,863		—		—		378,526,863
Electric Utilities		832,498,979		—		—		832,498,979
Electrical Equipment		184,749,624		—		—		184,749,624
Electronic Equipment, Instruments & Components		160,752,049		—		—		160,752,049
Energy Equipment & Services		129,364,937		—		—		129,364,937
Entertainment		403,185,376		—		—		403,185,376
Equity Real Estate Investment Trusts (REITs)		687,223,031		—		—		687,223,031
Food & Staples Retailing		514,012,095		—		—		514,012,095
Food Products		451,706,665		—		—		451,706,665
Gas Utilities		19,518,025		—		—		19,518,025
Health Care Equipment & Supplies		692,146,645		—		—		692,146,645
Health Care Providers & Services		1,165,570,497		—		—		1,165,570,497
Hotels, Restaurants & Leisure		519,177,761		—		—		519,177,761
Household Durables		89,291,982		—		—		89,291,982
Household Products		592,283,788		—		—		592,283,788
Independent Power and Renewable Electricity Producers		20,696,696		—		—		20,696,696
Industrial Conglomerates		331,529,855		—		—		331,529,855
Insurance		761,818,955		—		—		761,818,955
Interactive Media & Services		39,547,367		—		—		39,547,367
Internet & Direct Marketing Retail		6,284,792		—		—		6,284,792
IT Services		1,097,908,229		—		—		1,097,908,229
Leisure Products		12,038,987		—		—		12,038,987
Life Sciences Tools & Services		151,545,182		—		—		151,545,182
Machinery		523,454,773		—		—		523,454,773
Media		301,847,840		—		—		301,847,840
Metals & Mining		93,398,291		—		—		93,398,291
Multiline Retail		156,858,127		—		—		156,858,127
Multi-Utilities		383,422,258		—		—		383,422,258

24 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® S&P 500 Value ETF

	Level 1			Level 2		Level 3		Total
Common Stocks (continued)
Oil, Gas & Consumable Fuels	$	1,529,910,317		$	—	$	—	$	1,529,910,317
Personal Products		28,198,699			—		—		28,198,699
Pharmaceuticals		1,314,420,840			—		—		1,314,420,840
Professional Services		81,288,441			—		—		81,288,441
Real Estate Management & Development		14,900,740			—		—		14,900,740
Road & Rail		251,543,878			—		—		251,543,878
Semiconductors & Semiconductor Equipment		598,223,900			—		—		598,223,900
Software		224,268,409			17,803,473		—		242,071,882
Specialty Retail		280,823,126			—		—		280,823,126
Technology Hardware, Storage & Peripherals		60,307,296			—		—		60,307,296
Textiles, Apparel & Luxury Goods		94,890,806			—		—		94,890,806
Tobacco		276,564,321			—		—		276,564,321
Trading Companies & Distributors		59,719,010			—		—		59,719,010
Water Utilities		32,516,832			—		—		32,516,832
Wireless Telecommunication Services		110,771,960			—		—		110,771,960
Short-Term Securities
Money Market Funds		267,404,182			—		—		267,404,182
	$	21,566,901,144		$	17,803,473	$	—	$	21,584,704,617
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(3,910,208	)	$	—	$	—	$	(3,910,208	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E S   O F   I N V E  S T M E N T S 25

Schedule of Investments (unaudited) September 30, 2022 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.6%
AAR Corp.(a)		470,020	$	16,836,116
Aerojet Rocketdyne Holdings, Inc.(a)		507,609		20,299,284
AeroVironment, Inc.(a)(b)		161,525		13,464,724
Kaman Corp.		393,197		10,981,992
Moog, Inc., Class A		405,873		28,553,166
National Presto Industries, Inc.		71,946		4,680,087
Park Aerospace Corp.		146,787		1,620,529
				96,435,898
Air Freight & Logistics — 1.1%
Atlas Air Worldwide Holdings, Inc.(a)(b)		361,385		34,537,564
Hub Group, Inc., Class A(a)(b)		476,550		32,872,419
				67,409,983
Airlines — 0.7%
Allegiant Travel Co.(a)		216,225		15,780,101
Hawaiian Holdings, Inc.(a)(b)		720,943		9,480,400
SkyWest, Inc.(a)		705,338		11,468,796
Sun Country Airlines Holdings, Inc.(a)(b)		183,795		2,501,450
				39,230,747
Auto Components — 0.9%
American Axle & Manufacturing Holdings, Inc.(a)(b)		1,608,209		10,984,067
Dorman Products, Inc.(a)(b)		131,017		10,759,116
LCI Industries		117,077		11,878,632
Motorcar Parts of America, Inc.(a)(b)		264,689		4,028,567
Patrick Industries, Inc.		161,503		7,080,292
Standard Motor Products, Inc.		261,311		8,492,608
				53,223,282
Automobiles — 0.2%
Winnebago Industries, Inc.(b)		218,420		11,622,128
Banks — 12.1%
Allegiance Bancshares, Inc.(b)		265,765		11,063,797
Ameris Bancorp		392,867		17,565,084
Banc of California, Inc.(b)		431,517		6,891,326
BancFirst Corp.		114,620		10,255,051
BankUnited, Inc.		1,091,959		37,312,239
Banner Corp.		273,103		16,134,925
Berkshire Hills Bancorp, Inc.		641,641		17,516,799
Brookline Bancorp, Inc.		606,278		7,063,139
Central Pacific Financial Corp.		147,928		3,060,630
City Holding Co.(b)		110,100		9,764,769
Columbia Banking System, Inc.		1,102,132		31,840,593
Community Bank System, Inc.		406,600		24,428,528
CVB Financial Corp.		1,841,477		46,626,198
Dime Community Bancshares, Inc.		233,732		6,843,673
Eagle Bancorp, Inc.		182,903		8,197,712
FB Financial Corp.		256,547		9,802,661
First Bancorp/Southern Pines NC		250,025		9,145,915
First Commonwealth Financial Corp.		592,257		7,604,580
First Financial Bancorp		1,329,498		28,025,818
First Hawaiian, Inc.		1,786,017		43,989,599
Hanmi Financial Corp.		191,075		4,524,656
Heritage Financial Corp.		491,923		13,021,202
Hilltop Holdings, Inc.		315,186		7,832,372
Hope Bancorp, Inc.		1,674,253		21,162,558
Independent Bank Corp.(b)		373,062		27,804,311
Independent Bank Group, Inc.		496,407		30,474,426
National Bank Holdings Corp., Class A		177,027		6,548,229
NBT Bancorp, Inc.		600,316		22,781,992
Northwest Bancshares, Inc.		1,777,952		24,020,132
OFG Bancorp		331,241		8,324,086

Security	Shares		Value
Banks (continued)
Pacific Premier Bancorp, Inc.		745,202	$	23,071,454
Park National Corp.		74,897		9,323,179
Renasant Corp.		784,030		24,524,458
S&T Bancorp, Inc.		548,565		16,078,440
Seacoast Banking Corp. of Florida(b)		413,067		12,487,015
Simmons First National Corp., Class A		1,798,159		39,181,885
Southside Bancshares, Inc.		158,893		5,618,456
Stellar Bancorp, Inc.		120,187		3,515,470
Tompkins Financial Corp.		98,180		7,129,832
Trustmark Corp.		857,628		26,269,146
United Community Banks, Inc.		535,065		17,710,651
Westamerica Bancorp		377,112		19,719,186
				724,256,172
Beverages — 0.1%
National Beverage Corp.		140,392		5,410,708
Biotechnology — 0.8%
Anika Therapeutics, Inc.(a)(b)		98,475		2,343,705
Eagle Pharmaceuticals, Inc.(a)(b)		74,318		1,963,481
Emergent BioSolutions, Inc.(a)(b)		623,230		13,081,598
Enanta Pharmaceuticals, Inc.(a)		109,346		5,671,777
Ironwood Pharmaceuticals, Inc.(a)(b)		467,514		4,843,445
Myriad Genetics, Inc.(a)(b)		543,198		10,364,218
Progenics Pharmaceuticals,Inc., CVR(a)(b)(c)		181,178		2
REGENXBIO, Inc.(a)(b)		290,207		7,670,171
Vanda Pharmaceuticals, Inc.(a)		280,086		2,767,250
				48,705,647
Building Products — 2.0%
AAON, Inc.		194,417		10,475,188
American Woodmark Corp.(a)(b)		230,930		10,128,590
Apogee Enterprises, Inc.(b)		311,092		11,889,936
Gibraltar Industries, Inc.(a)		235,185		9,626,122
Griffon Corp.		665,951		19,658,873
PGT Innovations, Inc.(a)(b)		459,096		9,622,652
Quanex Building Products Corp.		468,973		8,516,550
Resideo Technologies, Inc.(a)		2,042,943		38,938,494
				118,856,405
Capital Markets — 0.5%
Blucora, Inc.(a)(b)		376,628		7,283,986
StoneX Group, Inc.(a)(b)		241,326		20,015,578
WisdomTree Investments, Inc.		599,812		2,807,120
				30,106,684
Chemicals — 2.9%
AdvanSix, Inc.		180,264		5,786,474
American Vanguard Corp.(b)		407,130		7,613,331
FutureFuel Corp.		358,381		2,164,621
Hawkins, Inc.		122,152		4,762,706
HB Fuller Co.		401,828		24,149,863
Innospec, Inc.		347,404		29,762,101
Koppers Holdings, Inc.		293,184		6,092,364
Mativ Holdings, Inc.		763,242		16,852,383
Minerals Technologies, Inc.		456,546		22,557,938
Quaker Chemical Corp.(b)		80,175		11,575,666
Rayonier Advanced Materials, Inc.(a)(b)		910,377		2,867,688
Stepan Co.		296,901		27,810,717
Tredegar Corp.		356,956		3,369,665
Trinseo PLC		490,772		8,990,943
				174,356,460
Commercial Services & Supplies — 3.3%
ABM Industries, Inc.		936,507		35,802,663
Brady Corp., Class A, NVS		354,210		14,781,183

26 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
CoreCivic, Inc.(a)		1,652,671	$	14,609,612
Deluxe Corp.		605,440		10,080,576
GEO Group, Inc.(a)		1,738,911		13,389,615
Harsco Corp.(a)(b)		1,118,227		4,182,169
Healthcare Services Group, Inc.		1,040,138		12,575,268
HNI Corp.		576,452		15,281,742
Interface, Inc.(b)		458,772		4,124,360
KAR Auction Services, Inc.(a)(b)		1,618,237		18,075,707
Matthews International Corp., Class A		429,392		9,622,675
Pitney Bowes, Inc.		2,083,630		4,854,858
UniFirst Corp.		211,636		35,603,524
Viad Corp.(a)		136,494		4,310,481
				197,294,433
Communications Equipment — 1.1%
Comtech Telecommunications Corp.		387,742		3,881,297
Digi International, Inc.(a)(b)		261,368		9,035,492
NETGEAR, Inc.(a)(b)		399,584		8,007,663
NetScout Systems, Inc.(a)		951,728		29,808,121
Viavi Solutions, Inc.(a)		1,216,720		15,878,196
				66,610,769
Construction & Engineering — 0.9%
Arcosa, Inc.(b)		678,077		38,772,443
Granite Construction, Inc.(b)		619,631		15,732,431
				54,504,874
Consumer Finance — 0.8%
Encore Capital Group, Inc.(a)(b)		174,220		7,923,526
EZCORP, Inc., Class A, NVS(a)(b)		754,190		5,814,805
LendingTree, Inc.(a)(b)		153,624		3,665,469
PRA Group, Inc.(a)		545,246		17,916,783
PROG Holdings, Inc.(a)		708,634		10,615,337
				45,935,920
Containers & Packaging — 0.6%
Myers Industries, Inc.		290,248		4,780,385
O-I Glass, Inc.(a)		2,181,170		28,246,151
				33,026,536
Diversified Consumer Services — 1.4%
Adtalem Global Education, Inc.(a)(b)		632,344		23,048,939
Frontdoor, Inc.(a)(b)		675,404		13,771,488
Mister Car Wash, Inc.(a)		597,947		5,130,385
Perdoceo Education Corp.(a)(b)		950,595		9,791,128
Strategic Education, Inc.		313,329		19,241,534
Stride, Inc.(a)(b)		296,634		12,467,527
WW International, Inc.(a)(b)		758,768		2,981,958
				86,432,959
Diversified Telecommunication Services — 0.3%
ATN International, Inc.		150,215		5,793,792
Cogent Communications Holdings, Inc.		196,023		10,224,560
Consolidated Communications Holdings, Inc.(a)(b)		1,040,685		4,329,250
				20,347,602
Electrical Equipment — 0.3%
AZZ, Inc.		347,601		12,690,913
Powell Industries, Inc.		123,067		2,594,252
				15,285,165
Electronic Equipment, Instruments & Components — 4.2%
Arlo Technologies, Inc.(a)		550,227		2,553,053
Badger Meter, Inc.		143,191		13,229,417
Benchmark Electronics, Inc.		493,692		12,233,688
CTS Corp.(b)		219,060		9,123,849
ePlus, Inc.(a)(b)		377,904		15,698,132

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
FARO Technologies, Inc.(a)(b)		134,576	$	3,692,765
Insight Enterprises, Inc.(a)(b)		428,123		35,281,616
Itron, Inc.(a)(b)		632,427		26,631,501
Knowles Corp.(a)		771,404		9,387,987
Methode Electronics, Inc.(b)		288,795		10,728,734
OSI Systems, Inc.(a)(b)		126,611		9,123,589
PC Connection, Inc.		157,123		7,084,676
Plexus Corp.(a)(b)		388,337		34,002,788
Sanmina Corp.(a)(b)		810,543		37,349,821
ScanSource, Inc.(a)(b)		352,087		9,298,618
TTM Technologies, Inc.(a)(b)		1,435,532		18,920,312
				254,340,546
Energy Equipment & Services — 3.2%
Archrock, Inc.		1,879,310		12,065,170
Bristow Group, Inc.(a)(b)		325,839		7,653,958
Core Laboratories NV(b)		375,603		5,063,128
DMC Global, Inc.(a)		260,270		4,159,115
Dril-Quip, Inc.(a)(b)		479,738		9,364,486
Helix Energy Solutions Group, Inc.(a)		2,002,369		7,729,144
Helmerich & Payne, Inc.		1,473,569		54,477,846
Nabors Industries Ltd.(a)(b)		125,656		12,747,801
Oceaneering International, Inc.(a)		1,407,224		11,201,503
Oil States International, Inc.(a)(b)		881,994		3,430,957
Patterson-UTI Energy, Inc.		3,040,206		35,509,606
ProPetro Holding Corp.(a)		1,231,930		9,917,037
RPC, Inc.(b)		1,167,576		8,091,302
US Silica Holdings, Inc.(a)(b)		1,060,810		11,615,869
				193,026,922
Entertainment — 0.2%
Cinemark Holdings, Inc.(a)(b)		725,565		8,786,592
Marcus Corp.(b)		342,297		4,754,505
				13,541,097
Equity Real Estate Investment Trusts (REITs) — 8.1%
Acadia Realty Trust		756,007		9,540,808
Agree Realty Corp.		615,768		41,613,601
Alexander & Baldwin, Inc.		1,014,533		16,820,957
American Assets Trust, Inc.		416,359		10,708,753
Armada Hoffler Properties, Inc.		374,377		3,886,033
Brandywine Realty Trust		2,411,980		16,280,865
CareTrust REIT, Inc.		722,364		13,082,012
Centerspace		77,568		5,221,878
Chatham Lodging Trust(a)		680,433		6,715,874
Community Healthcare Trust, Inc.		133,273		4,364,691
DiamondRock Hospitality Co.		2,951,017		22,162,138
Diversified Healthcare Trust		3,361,392		3,328,114
Easterly Government Properties, Inc.		1,269,456		20,019,321
Elme Communities		684,256		12,015,535
Essential Properties Realty Trust, Inc.		949,914		18,475,827
Four Corners Property Trust, Inc.		583,792		14,121,928
Franklin Street Properties Corp.		1,279,563		3,365,251
Getty Realty Corp.		320,413		8,615,906
Global Net Lease, Inc.		1,446,538		15,405,630
Hersha Hospitality Trust, Class A		467,944		3,734,193
Hudson Pacific Properties, Inc.		1,803,673		19,750,219
Industrial Logistics Properties Trust		545,150		2,998,325
iStar, Inc.		530,774		4,914,967
LTC Properties, Inc.		566,547		21,217,185
LXP Industrial Trust		1,967,592		18,023,143
Office Properties Income Trust		680,027		9,554,379
Orion Office REIT, Inc.		789,585		6,908,869
Outfront Media, Inc., REIT		648,325		9,848,057

S C H E D U L E S   O F   I N V E  S T M E N T S 27

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Retail Opportunity Investments Corp.		889,292	$	12,236,658
RPT Realty		587,321		4,440,147
Saul Centers, Inc.		56,110		2,104,125
Service Properties Trust(b)		2,319,488		12,038,143
SITE Centers Corp.		1,177,520		12,611,239
Summit Hotel Properties, Inc.(b)		1,500,052		10,080,349
Sunstone Hotel Investors, Inc.		2,259,230		21,281,947
Uniti Group, Inc.		1,386,748		9,637,899
Universal Health Realty Income Trust		80,799		3,491,325
Urban Edge Properties		907,128		12,101,088
Urstadt Biddle Properties, Inc., Class A		190,720		2,958,067
Veris Residential, Inc.(a)		1,113,018		12,655,015
Whitestone REIT		646,102		5,466,023
Xenia Hotels & Resorts, Inc.		1,599,941		22,063,186
				485,859,670
Food & Staples Retailing — 1.0%
Andersons, Inc.		447,271		13,878,819
Chefs’ Warehouse, Inc.(a)(b)		474,348		13,741,862
PriceSmart, Inc.(b)		350,892		20,207,870
SpartanNash Co.		507,576		14,729,855
				62,558,406
Food Products — 3.2%
B&G Foods, Inc.		1,000,446		16,497,355
Calavo Growers, Inc.		249,950		7,935,913
Cal-Maine Foods, Inc.		531,611		29,552,255
Fresh Del Monte Produce, Inc.		429,533		9,982,347
Hain Celestial Group, Inc.(a)		1,258,353		21,240,999
Hostess Brands, Inc.(a)(b)		1,914,291		44,488,123
J & J Snack Foods Corp.		117,826		15,254,932
John B Sanfilippo & Son, Inc.		124,948		9,462,312
Seneca Foods Corp., Class A(a)		78,592		3,964,180
Tootsie Roll Industries, Inc.		123,732		4,117,801
TreeHouse Foods, Inc.(a)(b)		706,813		29,983,007
				192,479,224
Gas Utilities — 1.5%
Chesapeake Utilities Corp.(b)		119,313		13,767,527
Northwest Natural Holding Co.		486,904		21,121,896
South Jersey Industries, Inc.		1,716,139		57,353,365
				92,242,788
Health Care Equipment & Supplies — 3.3%
Artivion, Inc.(a)(b)		565,736		7,829,786
Avanos Medical, Inc.(a)(b)		653,083		14,224,148
Cardiovascular Systems, Inc.(a)		334,172		4,631,624
CONMED Corp.(b)		154,118		12,355,640
Cutera, Inc.(a)(b)		92,472		4,216,723
Embecta Corp.		808,878		23,287,598
Glaukos Corp.(a)(b)		320,039		17,038,876
Inogen, Inc.(a)(b)		320,831		7,789,777
Integer Holdings Corp.(a)(b)		464,083		28,879,885
Lantheus Holdings, Inc.(a)		394,827		27,768,183
Meridian Bioscience, Inc.(a)		219,439		6,918,912
Merit Medical Systems, Inc.(a)		343,195		19,393,949
Mesa Laboratories, Inc.		28,743		4,047,877
OraSure Technologies, Inc.(a)		1,027,433		3,893,971
Orthofix Medical, Inc.(a)(b)		278,944		5,330,620
Surmodics, Inc.(a)		67,439		2,050,145
Varex Imaging Corp.(a)		203,037		4,292,202
Zimvie, Inc.(a)		296,216		2,923,652
				196,873,568

Security	Shares		Value
Health Care Providers & Services — 3.4%
AdaptHealth Corp.(a)(b)		1,071,702	$	20,126,564
Addus HomeCare Corp.(a)(b)		127,758		12,167,672
Covetrus, Inc.(a)		1,471,092		30,716,401
Enhabit, Inc.(a)		694,294		9,747,888
Ensign Group, Inc.		356,442		28,337,139
Hanger, Inc.(a)		547,610		10,251,259
ModivCare, Inc.(a)		76,407		7,616,250
Owens & Minor, Inc.		1,067,876		25,735,812
Pediatrix Medical Group, Inc.(a)(b)		1,179,042		19,465,983
Pennant Group, Inc.(a)		191,513		1,993,650
Select Medical Holdings Corp.		1,446,889		31,976,247
US Physical Therapy, Inc.		99,626		7,573,568
				205,708,433
Health Care Technology — 0.7%
Allscripts Healthcare Solutions, Inc.(a)		942,970		14,361,433
Computer Programs and Systems, Inc.(a)(b)		206,585		5,759,590
HealthStream, Inc.(a)		154,417		3,282,905
NextGen Healthcare, Inc.(a)(b)		773,731		13,695,039
Simulations Plus, Inc.(b)		88,871		4,313,798
				41,412,765
Hotels, Restaurants & Leisure — 2.2%
BJ’s Restaurants, Inc.(a)		329,246		7,852,517
Bloomin’ Brands, Inc.(b)		1,249,735		22,907,643
Brinker International, Inc.(a)(b)		616,273		15,394,499
Cheesecake Factory, Inc.		678,910		19,878,485
Chuy’s Holdings, Inc.(a)(b)		264,018		6,119,937
Dave & Buster’s Entertainment, Inc.(a)(b)		328,637		10,197,606
Dine Brands Global, Inc.		101,186		6,431,382
El Pollo Loco Holdings, Inc.(a)(b)		274,458		2,448,165
Golden Entertainment, Inc.(a)(b)		101,775		3,550,930
Jack in the Box, Inc.		91,925		6,808,885
Ruth’s Hospitality Group, Inc.		432,376		7,289,859
Shake Shack, Inc., Class A(a)(b)		235,619		10,598,143
Six Flags Entertainment Corp.(a)		529,304		9,368,681
				128,846,732
Household Durables — 2.2%
Ethan Allen Interiors, Inc.		320,225		6,769,557
Green Brick Partners, Inc.(a)		201,869		4,315,959
iRobot Corp.(a)(b)		171,411		9,655,582
La-Z-Boy, Inc.		607,698		13,715,744
M/I Homes, Inc.(a)		390,036		14,131,004
MDC Holdings, Inc.		796,219		21,832,325
Meritage Homes Corp.(a)(b)		272,518		19,149,840
Sonos, Inc.(a)(b)		911,397		12,668,418
Tri Pointe Homes, Inc.(a)		1,421,473		21,478,457
Tupperware Brands Corp.(a)(b)		542,602		3,554,043
Universal Electronics, Inc.(a)		168,670		3,317,739
					��
				130,588,668
Household Products — 0.7%
Central Garden & Pet Co.(a)(b)		136,971		4,936,435
Central Garden & Pet Co., Class A, NVS(a)(b)		579,363		19,791,040
WD-40 Co.(b)		80,426		14,134,065
				38,861,540
Insurance — 3.7%
Ambac Financial Group, Inc.(a)		632,674		8,066,594
American Equity Investment Life Holding Co.		995,375		37,117,534
AMERISAFE, Inc.		269,711		12,603,595
Assured Guaranty Ltd.		502,611		24,351,503
Employers Holdings, Inc.		382,633		13,197,012
Genworth Financial, Inc., Class A(a)		7,058,725		24,705,537

28 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Horace Mann Educators Corp.		573,102	$	20,224,770
James River Group Holdings Ltd.		527,798		12,039,072
Mercury General Corp.		373,370		10,611,175
ProAssurance Corp.		756,200		14,753,462
Safety Insurance Group, Inc.		203,539		16,600,641
Selectquote, Inc.(a)(b)		862,000		629,260
SiriusPoint Ltd.(a)		1,188,681		5,883,971
Stewart Information Services Corp.		193,134		8,428,368
United Fire Group, Inc.		301,721		8,668,444
Universal Insurance Holdings, Inc.		387,827		3,820,096
				221,701,034
Interactive Media & Services — 0.5%
Cars.com, Inc.(a)(b)		451,598		5,193,377
QuinStreet, Inc.(a)(b)		723,900		7,600,950
Yelp, Inc.(a)(b)		503,744		17,081,959
				29,876,286
Internet & Direct Marketing Retail — 0.1%
PetMed Express, Inc.		294,478		5,748,211
IT Services — 0.4%
CSG Systems International, Inc.		184,826		9,773,599
EVERTEC, Inc.		305,920		9,590,592
Unisys Corp.(a)		492,887		3,721,297
				23,085,488
Life Sciences Tools & Services — 0.1%
NeoGenomics, Inc.(a)(b)		790,702		6,807,944
Machinery — 4.7%
Alamo Group, Inc.		82,923		10,138,995
Albany International Corp., Class A(b)		218,590		17,231,450
Astec Industries, Inc.		320,870		10,007,935
Barnes Group, Inc.		706,220		20,395,634
CIRCOR International, Inc.(a)(b)		286,604		4,726,100
Enerpac Tool Group Corp.		424,161		7,562,791
EnPro Industries, Inc.(b)		291,250		24,750,425
ESCO Technologies, Inc.		362,137		26,595,341
Federal Signal Corp.(b)		329,843		12,309,741
Franklin Electric Co., Inc.		180,301		14,732,395
Greenbrier Cos., Inc.		457,573		11,105,297
Hillenbrand, Inc.		449,098		16,490,878
John Bean Technologies Corp.(b)		161,127		13,856,922
Lindsay Corp.(b)		62,983		9,024,204
Proto Labs, Inc.(a)		386,345		14,074,548
SPX Technologies, Inc.(a)		366,523		20,239,400
Standex International Corp.		87,057		7,108,204
Tennant Co.		147,627		8,349,783
Titan International, Inc.(a)(b)		711,851		8,641,871
Trinity Industries, Inc.		575,922		12,295,935
Wabash National Corp.		681,212		10,599,659
				280,237,508
Media — 0.5%
AMC Networks, Inc., Class A(a)(b)		392,496		7,967,669
EW Scripps Co., Class A(a)		438,807		4,945,355
Gannett Co., Inc.(a)(b)		1,230,007		1,881,910
Scholastic Corp.		424,709		13,064,049
				27,858,983
Metals & Mining — 2.6%
Arconic Corp.(a)(b)		1,438,851		24,518,021
ATI, Inc.(a)(b)		1,001,105		26,639,404
Carpenter Technology Corp.		675,450		21,033,513
Century Aluminum Co.(a)(b)		402,918		2,127,407

Security	Shares		Value
Metals & Mining (continued)
Compass Minerals International, Inc.(b)		480,257	$	18,504,302
Haynes International, Inc.		75,184		2,640,462
Kaiser Aluminum Corp.		222,046		13,622,522
Materion Corp.		121,506		9,720,480
Olympic Steel, Inc.		133,575		3,046,846
SunCoke Energy, Inc.		1,163,290		6,758,715
TimkenSteel Corp.(a)		575,640		8,628,844
Warrior Met Coal, Inc.		722,194		20,539,197
				157,779,713
Mortgage Real Estate Investment Trusts (REITs) — 1.9%
Apollo Commercial Real Estate Finance, Inc.		1,818,594		15,094,330
ARMOUR Residential REIT, Inc.		1,608,460		7,833,200
Ellington Financial, Inc.		446,722		5,079,229
Franklin BSP Realty Trust, Inc.		1,169,948		12,600,340
Granite Point Mortgage Trust, Inc.		734,430		4,729,729
Invesco Mortgage Capital, Inc.		461,008		5,117,189
KKR Real Estate Finance Trust, Inc.		497,923		8,091,249
New York Mortgage Trust, Inc.		5,304,941		12,413,562
PennyMac Mortgage Investment Trust		1,264,362		14,894,184
Ready Capital Corp.		1,423,864		14,437,981
Two Harbors Investment Corp.		4,815,624		15,987,872
				116,278,865
Multiline Retail — 0.1%
Big Lots, Inc.		405,138		6,324,204
Multi-Utilities — 0.8%
Avista Corp.		1,024,739		37,966,580
Unitil Corp.		223,468		10,380,089
				48,346,669
Oil, Gas & Consumable Fuels — 2.7%
CONSOL Energy, Inc.		459,229		29,537,609
Green Plains, Inc.(a)(b)		761,890		22,148,142
Laredo Petroleum, Inc.(a)(b)		79,198		4,977,594
Par Pacific Holdings, Inc.(a)		777,427		12,757,577
PBF Energy, Inc., Class A(a)(b)		1,504,727		52,906,202
REX American Resources Corp.(a)(b)		218,988		6,114,145
Talos Energy, Inc.(a)		916,570		15,260,891
World Fuel Services Corp.		865,752		20,293,227
				163,995,387
Paper & Forest Products — 0.5%
Clearwater Paper Corp.(a)		233,999		8,798,363
Mercer International, Inc.		566,628		6,969,524
Sylvamo Corp.		465,120		15,767,568
				31,535,455
Personal Products — 0.5%
Edgewell Personal Care Co.(b)		725,963		27,151,016
USANA Health Sciences, Inc.(a)(b)		51,554		2,889,602
				30,040,618
Pharmaceuticals — 1.1%
Amphastar Pharmaceuticals, Inc.(a)(b)		173,074		4,863,379
ANI Pharmaceuticals, Inc.(a)(b)		69,400		2,230,516
Corcept Therapeutics, Inc.(a)(b)		522,091		13,386,413
Harmony Biosciences Holdings, Inc.(a)(b)		182,649		8,089,524
Nektar Therapeutics(a)(b)		1,446,114		4,627,565
Pacira BioSciences, Inc.(a)(b)		249,439		13,267,661
Phibro Animal Health Corp., Class A		281,257		3,737,906
Prestige Consumer Healthcare, Inc.(a)(b)		328,723		16,380,267
				66,583,231
Professional Services — 0.4%
Kelly Services, Inc., Class A, NVS		480,890		6,535,295

S C H E D U L E S   O F   I N V E  S T M E N T S 29

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
Resources Connection, Inc.		441,158	$	7,971,725
TrueBlue, Inc.(a)(b)		458,567		8,749,459
				23,256,479
Real Estate Management & Development — 0.4%
Anywhere Real Estate, Inc.(a)(b)		1,606,497		13,028,691
Marcus & Millichap, Inc.(b)		155,660		5,102,535
RE/MAX Holdings, Inc., Class A		262,640		4,966,522
				23,097,748
Road & Rail — 0.4%
Heartland Express, Inc.		648,878		9,285,444
Marten Transport Ltd.		808,329		15,487,584
				24,773,028
Semiconductors & Semiconductor Equipment — 0.7%
Alpha & Omega Semiconductor Ltd.(a)(b)		69,842		2,148,340
Cohu, Inc.(a)		284,185		7,326,289
FormFactor, Inc.(a)(b)		400,417		10,030,446
Ichor Holdings Ltd.(a)(b)		174,290		4,219,561
PDF Solutions, Inc.(a)(b)		150,496		3,691,667
Photronics, Inc.(a)		860,411		12,579,209
SMART Global Holdings, Inc.(a)(b)		273,956		4,347,681
				44,343,193
Software — 0.9%
Adeia, Inc.		703,272		9,944,266
Agilysys, Inc.(a)(b)		102,157		5,654,390
Cerence, Inc.(a)(b)		264,016		4,158,252
Consensus Cloud Solutions, Inc.(a)		247,767		11,719,379
Ebix, Inc.(b)		329,514		6,250,880
InterDigital, Inc.		199,709		8,072,238
LivePerson, Inc.(a)(b)		370,815		3,493,077
OneSpan, Inc.(a)		255,488		2,199,752
				51,492,234
Specialty Retail — 4.7%
Aaron’s Co., Inc.		432,813		4,206,942
Abercrombie & Fitch Co., Class A(a)(b)		374,106		5,817,348
Academy Sports & Outdoors, Inc.(b)		488,052		20,586,033
American Eagle Outfitters, Inc.		1,272,790		12,384,247
America’s Car-Mart, Inc.(a)(b)		83,213		5,077,657
Asbury Automotive Group, Inc.(a)(b)		170,423		25,750,915
Bed Bath & Beyond, Inc.(a)(b)		975,852		5,942,939
Caleres, Inc.(b)		515,900		12,495,098
Cato Corp., Class A		226,968		2,165,275
Chico’s FAS, Inc.(a)		1,757,865		8,508,067
Conn’s, Inc.(a)		180,193		1,275,766
Designer Brands, Inc., Class A(b)		791,266		12,114,282
Genesco, Inc.(a)		95,077		3,738,428
Group 1 Automotive, Inc.		221,242		31,608,844
Guess?, Inc.		468,191		6,868,362
Haverty Furniture Cos., Inc.		186,893		4,653,636
Leslie’s, Inc.(a)(b)		937,471		13,790,198
LL Flooring Holdings, Inc.(a)(b)		408,390		2,830,143
Monro, Inc.		257,578		11,194,340
National Vision Holdings, Inc.(a)(b)		606,447		19,800,495
ODP Corp.(a)		598,244		21,028,277
Rent-A-Center, Inc.		387,666		6,788,032
Sally Beauty Holdings, Inc.(a)(b)		841,151		10,598,503
Sonic Automotive, Inc., Class A		259,970		11,256,701
Urban Outfitters, Inc.(a)(b)		840,434		16,514,528
Zumiez, Inc.(a)(b)		218,404		4,702,238
				281,697,294

Security	Shares		Value
Technology Hardware, Storage & Peripherals — 0.1%
Avid Technology, Inc.(a)(b)		98,083	$	2,281,411
Corsair Gaming, Inc.(a)(b)		327,967		3,722,425
				6,003,836
Textiles, Apparel & Luxury Goods — 0.8%
G-III Apparel Group Ltd.(a)(b)		606,304		9,064,245
Kontoor Brands, Inc.		339,120		11,397,823
Oxford Industries, Inc.		75,640		6,790,959
Steven Madden Ltd.		343,410		9,158,745
Unifi, Inc.(a)		178,598		1,698,467
Wolverine World Wide, Inc.		596,590		9,181,520
				47,291,759
Thrifts & Mortgage Finance — 2.1%
Capitol Federal Financial, Inc.		1,809,597		15,019,655
Mr Cooper Group, Inc.(a)(b)		1,004,778		40,693,509
NMI Holdings, Inc., Class A(a)		1,185,222		24,142,972
Northfield Bancorp, Inc.		247,917		3,547,692
Provident Financial Services, Inc.		567,841		11,072,900
TrustCo Bank Corp.		270,032		8,484,405
WSFS Financial Corp.		498,997		23,183,401
				126,144,534
Tobacco — 0.3%
Universal Corp.		345,784		15,919,895
Trading Companies & Distributors — 1.7%
Applied Industrial Technologies, Inc.		307,178		31,571,755
Boise Cascade Co.		286,241		17,019,890
DXP Enterprises, Inc.(a)(b)		222,113		5,259,636
GMS, Inc.(a)		263,323		10,535,553
NOW, Inc.(a)		1,557,663		15,654,513
Veritiv Corp.(a)(b)		195,195		19,084,215
				99,125,562
Water Utilities — 0.6%
American States Water Co.		176,535		13,760,903
California Water Service Group		311,070		16,390,279
Middlesex Water Co.		76,500		5,905,800
				36,056,982
Wireless Telecommunication Services — 0.6%
Gogo, Inc.(a)		319,293		3,869,831
Shenandoah Telecommunications Co.		701,744		11,943,683
Telephone & Data Systems, Inc.		1,402,171		19,490,177
				35,303,691
Total Long-Term Investments — 99.4% (Cost: $7,463,873,606)				5,956,098,562

30 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities(d)(e)
Money Market Funds — 4.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(f)		264,659,208	$	264,738,606
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		16,262,785		16,262,785
Total Short-Term Securities — 4.7% (Cost: $280,848,331)				281,001,391
Total Investments — 104.1% (Cost: $7,744,721,937)				6,237,099,953
Liabilities in Excess of Other Assets — (4.1)%				(244,713,979	)
Net Assets — 100.0%			$	5,992,385,974

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	274,022,994	$	—	$	(9,426,633	)(a)	$	(561	)	$	142,806	$	264,738,606		264,659,208	$	544,131	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		68,870,000		—		(52,607,215	)(a)		—			—		16,262,785		16,262,785		702,038			—
								$	(561	)	$	142,806	$	281,001,391			$	1,246,169		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russel 2000 E-Mini Index		216		12/16/22	$	21,958	$	(965,882	)

S C H E D U L E S   O F   I N V E  S T M E N T S 31

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® S&P Small-Cap 600 Value ETF

OTC Total Return Swaps

Reference Entity	Payment Frequency		Counterparty(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short		Monthly	Goldman Sachs Bank USA(b)		02/27/23	$	10,427,057	$	(1,586,770	)(c)	$	8,852,664		0.2	%
		Monthly	HSBC Bank PLC(d)		02/10/23		5,408,358		(517,827	)(e)		4,902,589		0.1
		Monthly	JPMorgan Chase Bank NA(f)		02/08/23		11,559,251		(902,103	)(g)		10,677,498		0.2
								$	(3,006,700	)	$	24,432,751

^(a)  The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c)  Amount includes $(12,377) of net dividends, payable for referenced securities purchased and financing fees.

^(e)  Amount includes $(12,058) of net dividends, payable for referenced securities purchased and financing fees.

^(g)  Amount includes $(20,350) of net dividends, payable for referenced securities purchased and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

	(b)	(d)	(f)
Range:	65 basis points	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date February 27, 2023.

	Shares		Value	% of Basket Value
Reference Entity — Long
Common Stocks
Banks
City Holding Co.	1,000	$	88,690	1.0	%
Commercial Services & Supplies
Pitney Bowes, Inc.	44,239		103,077	1.2
Consumer Finance
Green Dot Corp., Class A	24,813		470,951	5.3
Equity Real Estate Investment Trusts (REITs)
Outfront Media, Inc.	517,870		7,866,445	88.8
Insurance
Safety Insurance Group, Inc.	3,017		246,067	2.8
Multi-Utilities
Avista Corp.	2,090		77,434	0.9
Net Value of Reference Entity — Goldman Sachs Bank USA		$	8,852,664

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Brookline Bancorp, Inc.		2,252	$	26,236		0.5	%
Central Pacific		248		5,131		0.1
OFG Bancorp		4,498		113,035		2.3
Southside Bancshares, Inc.		759		26,838		0.6
				171,240
Commercial Services & Supplies
Pitney Bowes, Inc.		187,562		437,020		8.9
Consumer Finance
Green Dot Corp., Class A		139,479		2,647,311		54.0
Equity Real Estate Investment Trusts (REITs)
Acadia Realty Trust		4,911		61,977		1.3
Insurance
James River Group Holdings Ltd.		3,000		68,430		1.4
Oil, Gas & Consumable Fuels
Green Plains, Inc.		52,171		1,516,611		30.9
Net Value of Reference Entity — HSBC Bank PLC			$	4,902,589

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Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® S&P Small-Cap 600 Value ETF

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Brookline Bancorp, Inc.		2,252	$	26,236		0.2	%
Central Pacific Financial Corp.		248		5,131		0.1
				31,367
Consumer Finance
Green Dot Corp., Class A		506,069		9,605,189		90.0

	Shares		Value		% of Basket Value
Equity Real Estate Investment Trusts (REITs)
Sunstone Hotel Investors, Inc.		100,962	$	951,062		8.9	%
Thrifts & Mortgage Finance
TrustCo Bank Corp.		2,000		62,840		0.6
WSFS Financial Corp.		582		27,040		0.2
				89,880
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	10,677,498

Balances Reported in the Statements of Assets and Liabilities for OTC Swaps

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	—	$	—	$	(3,006,700	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	965,882	$	—	$	—	$	—	$	965,882
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		—		3,006,700		—		—		—		3,006,700
	$	—	$	—	$	3,972,582	$	—	$	—	$	—	$	3,972,582

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(567,245	)	$	—	$	—	$	—	$	(567,245	)
Swaps		—		—		(8,000,107	)		—		—		—		(8,000,107	)
	$	—	$	—	$	(8,567,352	)	$	—	$	—	$	—	$	(8,567,352	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,393,208	)	$	—	$	—	$	—	$	(1,393,208	)
Swaps		—		—		(7,032,512	)		—		—		—		(7,032,512	)
	$	—	$	—	$	(8,425,720	)	$	—	$	—	$	—	$	(8,425,720	)

S C H E D U L E S   O F   I N V E  S T M E N T S 33

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® S&P Small-Cap 600 Value ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$25,496,935
Total return swaps
Average notional amount	$141,535,272

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments – Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments
Futures contracts	$	—	$	161,745
Swaps — OTC(a)		—		3,006,700
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	—	$	3,168,445
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(161,745	)
Total derivative assets and liabilities subject to an MNA	$	—	$	3,006,700

^(a)  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/received in the Statement of Assets and Liabilities.

The following tables present the Fund’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset(a)		Non- Cash Collateral Pledged(b)		Cash Collateral Pledged(b)			Net Amount of Derivative Liabilities(c)
Goldman Sachs Bank USA	$	1,586,770	$	—	$	—	$	(1,550,000	)	$	36,770
HSBC Bank PLC		517,827		—		—		(517,827	)		—
JPMorgan Chase Bank N.A.		902,103		—		—		(902,103	)		—
	$	3,006,700	$	—	$	—	$	(2,969,930	)	$	36,770

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount represents the net amount payable due to the counterparty in the event of default.

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.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	5,956,098,560		$	—	$	2	$	5,956,098,562
Short-Term Securities
Money Market Funds		281,001,391			—		—		281,001,391
	$	6,237,099,951		$	—	$	2	$	6,237,099,953
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(3,972,582	)	$	—	$	—	$	(3,972,582	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Statements of Assets and Liabilities (unaudited)

September 30, 2022

	iShares S&P 100 ETF			iShares S&P 500 Growth ETF		iShares S&P 500 Value ETF			iShares S&P Small-Cap 600 Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	7,108,261,750		$	26,659,799,117	$	21,262,572,338		$	5,956,098,562
Investments, at value — affiliated(c)		60,248,556			417,314,718		322,132,279			281,001,391
Cash		2,684,210			6,647,214		11,083,278			1,652,284
Cash pledged:
Collateral — OTC derivatives		—			—		—			5,490,000
Futures contracts		1,066,640			2,422,340		3,255,360			1,608,000
Receivables:
Investments sold		23,440,862			62,668,426		31,206,751			—
Securities lending income — affiliated		59,125			45,059		146,554			118,286
Swaps		—			—		—			119,824
Capital shares sold		8,112,679			—		6,424,786			36,858,661
Dividends — unaffiliated		4,342,868			5,442,745		29,282,015			9,794,757
Dividends — affiliated		33,930			84,311		70,295			105,490
Total assets		7,208,250,620			27,154,423,930		21,666,173,656			6,292,847,255
LIABILITIES
Collateral on securities loaned		19,744,759			306,569,990		249,728,696			264,677,091
Payables:
Investments purchased		23,473,862			14,943,497		69,159,919			23,053,953
Swaps		—			—		—			4,418,272
Capital shares redeemed		8,112,679			46,260,161		—			4,152,370
Investment advisory fees		1,283,322			4,333,466		3,432,808			991,150
Variation margin on futures contracts		253,200			574,975		742,567			161,745
Unrealized depreciation on OTC swaps		—			—		—			3,006,700
Total liabilities		52,867,822			372,682,089		323,063,990			300,461,281
NET ASSETS	$	7,155,382,798		$	26,781,741,841	$	21,343,109,666		$	5,992,385,974
NET ASSETS CONSIST OF:
Paid-in capital	$	7,239,499,581		$	23,077,508,232	$	23,472,248,350		$	7,956,165,339
Accumulated earnings (loss)		(84,116,783	)		3,704,233,609		(2,129,138,684	)		(1,963,779,365	)
NET ASSETS	$	7,155,382,798		$	26,781,741,841	$	21,343,109,666		$	5,992,385,974
NET ASSET VALUE
Shares outstanding	$	44,100,000		$	463,150,000	$	166,100,000		$	72,700,000
Net asset value	$	162.25		$	57.83	$	128.50		$	82.43
Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited
Par value		None			None		None			None
(a) Investments, at cost — unaffiliated	$	7,028,806,843		$	23,582,805,320	$	22,692,113,152		$	7,463,873,606
(b) Securities loaned, at value	$	18,857,677		$	294,820,914	$	236,826,658		$	254,706,043
(c)  Investments, at cost — affiliated	$	62,921,452		$	422,792,312	$	334,647,747		$	280,848,331

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 35

Statement of Operations (unaudited)

Six Months Ended September 30, 2022

	iShares S&P 100 ETF			iShares S&P 500 Growth ETF			iShares S&P 500 Value ETF			iShares S&P Small-Cap 600 Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	63,305,582		$	149,235,080		$	280,688,823		$	74,905,843
Dividends — affiliated		614,560			1,597,796			1,186,528			702,038
Securities lending income — affiliated — net		96,480			191,951			282,117			544,131
Foreign taxes withheld		—			(77,227	)		(34,092	)		(13,231	)
Total investment income		64,016,622			150,947,600			282,123,376			76,138,781
EXPENSES
Investment advisory		8,016,756			27,756,224			21,885,301			6,911,990
Total expenses		8,016,756			27,756,224			21,885,301			6,911,990
Net investment income		55,999,866			123,191,376			260,238,075			69,226,791
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(46,955,802	)		(148,018,158	)		(134,939,251	)		(228,395,506	)
Investments — affiliated		616,426			2,345,393			2,786,902			(561	)
Futures contracts		(962,171	)		86,149			(9,010,111	)		(567,245	)
In-kind redemptions — unaffiliated		205,284,469			1,789,142,192			699,954,139			374,761,093
In-kind redemptions — affiliated		691,312			2,466,593			2,934,595			—
Swaps		—			—			—			(8,000,107	)
		158,674,234			1,646,022,169			561,726,274			137,797,674
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(2,143,294,492	)		(10,293,546,983	)		(5,055,372,600	)		(1,713,701,716	)
Investments — affiliated		(11,634,112	)		(32,244,367	)		(23,008,243	)		142,806
Futures contracts		(2,953,922	)		(7,370,510	)		(7,206,552	)		(1,393,208	)
Swaps		—			—			—			(7,032,512	)
		(2,157,882,526	)		(10,333,161,860	)		(5,085,587,395	)		(1,721,984,630	)
Net realized and unrealized loss		(1,999,208,292	)		(8,687,139,691	)		(4,523,861,121	)		(1,584,186,956	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,943,208,426	)	$	(8,563,948,315	)	$	(4,263,623,046	)	$	(1,514,960,165	)

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares S&P 100 ETF						iShares S&P 500 Growth ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	55,999,866		$	98,468,954		$	123,191,376		$	196,796,622
Net realized gain		158,674,234			462,070,579			1,646,022,169			3,911,096,585
Net change in unrealized appreciation (depreciation)		(2,157,882,526	)		623,310,831			(10,333,161,860	)		1,270,127,992
Net increase (decrease) in net assets resulting from operations		(1,943,208,426	)		1,183,850,364			(8,563,948,315	)		5,378,021,199
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(56,432,892	)		(96,979,731	)		(119,889,643	)		(197,299,111	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		377,575,819			713,344,619			(1,292,832,197	)		402,934,188
NET ASSETS
Total increase (decrease) in net assets		(1,622,065,499	)		1,800,215,252			(9,976,670,155	)		5,583,656,276
Beginning of period		8,777,448,297			6,977,233,045			36,758,411,996			31,174,755,720
End of period	$	7,155,382,798		$	8,777,448,297		$	26,781,741,841		$	36,758,411,996

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 37

Statements of Changes in Net Assets  (continued)

	iShares S&P 500 Value ETF						iShares S&P Small-Cap 600 Value ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	260,238,075		$	444,658,089		$	69,226,791		$	93,472,980
Net realized gain		561,726,274			1,639,867,069			137,797,674			1,376,936,932
Net change in unrealized appreciation (depreciation)		(5,085,587,395	)		559,126,265			(1,721,984,630	)		(1,236,361,719	)
Net increase (decrease) in net assets resulting from operations		(4,263,623,046	)		2,643,651,423			(1,514,960,165	)		234,048,193
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(250,481,711	)		(441,547,200	)		(62,692,391	)		(131,583,294	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(29,140,582	)		2,259,799,358			(979,231,155	)		(359,336,301	)
NET ASSETS
Total increase (decrease) in net assets		(4,543,245,339	)		4,461,903,581			(2,556,883,711	)		(256,871,402	)
Beginning of period		25,886,355,005			21,424,451,424			8,549,269,685			8,806,141,087
End of period	$	21,343,109,666		$	25,886,355,005		$	5,992,385,974		$	8,549,269,685

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares S&P 100 ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of period	$	208.24		$	179.83		$	118.50		$	125.31		$	115.89		$	104.70
Net investment income(a)		1.29			2.41			2.37			2.48			2.35			2.17
Net realized and unrealized gain (loss)(b)		(45.99	)		28.36			61.39			(6.58	)		9.45			11.20
Net increase (decrease) from investment operations		(44.70	)		30.77			63.76			(4.10	)		11.80			13.37
Distributions from net investment income(c)		(1.29	)		(2.36	)		(2.43	)		(2.71	)		(2.38	)		(2.18	)
Net asset value, end of period	$	162.25		$	208.24		$	179.83		$	118.50		$	125.31		$	115.89
Total Return(d)
Based on net asset value		(21.50	)%(e)		17.14	%		54.11	%		(3.42	)%		10.25	%		12.85	%
Ratios to Average Net Assets(f)
Total expenses		0.20	%(g)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		1.40	%(g)		1.19	%		1.52	%		1.86	%		1.94	%		1.92	%
Supplemental Data
Net assets, end of period (000)	$	7,155,383		$	8,777,448		$	6,977,233		$	4,852,686		$	4,824,336		$	5,024,007
Portfolio turnover rate(h)		2	%		2	%		8	%		4	%		7	%		4	%

^(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.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 39

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares S&P 500 Growth ETF
		Six Months Ended 09/30/22 (unaudited	)		Year Ended 03/31/22			Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)		Year Ended 03/31/19	(a)		Year Ended 03/31/18	(a)
Net asset value, beginning of period	$	76.34		$	65.08		$	41.25		$	43.10		$	38.76		$	32.90
Net investment income(b)		0.26			0.41			0.47			0.60			0.52			0.50
Net realized and unrealized gain (loss)(c)		(18.51	)		11.27			23.85			(1.68	)		4.33			5.87
Net increase (decrease) from investment operations		(18.25	)		11.68			24.32			(1.08	)		4.85			6.37
Distributions from net investment income(d)		(0.26	)		(0.42	)		(0.49	)		(0.77	)		(0.51	)		(0.51	)
Net asset value, end of period	$	57.83		$	76.34		$	65.08		$	41.25		$	43.10		$	38.76
Total Return(e)
Based on net asset value		(23.93	)%(f)		17.94	%		59.13	%		(2.65	)%		12.59	%		19.45	%
Ratios to Average Net Assets(g)
Total expenses		0.18	%(h)		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Net investment income		0.80	%(h)		0.55	%		0.82	%		1.30	%		1.27	%		1.36	%
Supplemental Data
Net assets, end of period (000)	$	26,781,742		$	36,758,412		$	31,174,756		$	22,307,379		$	22,550,900		$	20,022,095
Portfolio turnover rate(i)		1	%		14	%		13	%		27	%		27	%		21	%

^(a)  Per share amounts reflect a four-for-one stock split effective after the close of trading on October 16, 2020.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  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.

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares S&P 500 Value ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of period	$	155.61		$	141.09		$	96.29		$	112.76		$	109.32		$	104.03
Net investment income(a)		1.55			2.89			2.83			2.86			2.69			2.53
Net realized and unrealized gain (loss)(b)		(27.16	)		14.48			44.86			(16.41	)		3.53			5.26
Net increase (decrease) from investment operations		(25.61	)		17.37			47.69			(13.55	)		6.22			7.79
Distributions from net investment income(c)		(1.50	)		(2.85	)		(2.89	)		(2.92	)		(2.78	)		(2.50	)
Net asset value, end of period	$	128.50		$	155.61		$	141.09		$	96.29		$	112.76		$	109.32
Total Return(d)
Based on net asset value		(16.51	)%(e)		12.39	%		50.10	%		(12.34	)%		5.79	%		7.53	%
Ratios to Average Net Assets(f)
Total expenses		0.18	%(g)		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Net investment income		2.14	%(g)		1.92	%		2.39	%		2.40	%		2.43	%		2.33	%
Supplemental Data
Net assets, end of period (000)	$	21,343,110		$	25,886,355		$	21,424,451		$	14,187,829		$	15,234,432		$	14,638,372
Portfolio turnover rate(h)		2	%		18	%		26	%		32	%		31	%		23	%

^(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.

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 41

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares S&P Small-Cap 600 Value ETF
		Six Months Ended 09/30/22 (unaudited	)		Year Ended 03/31/22			Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)		Year Ended 03/31/19	(a)		Year Ended 03/31/18	(a)
Net asset value, beginning of period	$	102.39		$	100.53		$	50.14		$	73.81		$	75.49		$	69.36
Net investment income(b)		0.85			1.07			1.12			1.10			1.20			1.03
Net realized and unrealized gain (loss)(c)		(20.02	)		2.32			50.16			(23.45	)		(1.71	)		6.14
Net increase (decrease) from investment operations		(19.17	)		3.39			51.28			(22.35	)		(0.51	)		7.17
Distributions from net investment income(d)		(0.79	)		(1.53	)		(0.89	)		(1.32	)		(1.17	)		(1.04	)
Net asset value, end of period	$	82.43		$	102.39		$	100.53		$	50.14		$	73.81		$	75.49
Total Return(e)
Based on net asset value		(18.76	)%(f)		3.38	%		103.08	%(g)		(30.75	)%		(0.71	)%		10.38	%
Ratios to Average Net Assets(h)
Total expenses		0.18	%(i)		0.18	%		0.21	%		0.25	%		0.25	%		0.25	%
Net investment income		1.80	%(i)		1.04	%		1.56	%		1.48	%		1.54	%		1.41	%
Supplemental Data
Net assets, end of period (000)	$	5,992,386		$	8,549,270		$	8,806,141		$	4,120,917		$	6,155,204		$	5,163,592
Portfolio turnover rate(j)		15	%		42	%		52	%		53	%		38	%		39	%

^(a)  Per share amounts reflect a two-for-one stock split effective after the close of trading on October 16, 2020.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Includes a payment received from an affiliate, which had no impact on the Fund’s total return.

^(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.

See notes to financial statements.

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Notes to Financial Statements (unaudited)

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”):

iShares ETF	Diversification Classification
S&P 100	Diversified
S&P 500 Growth	Diversified
S&P 500 Value	Diversified
S&P Small-Cap 600 Value	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdiction 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 September 30, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 43

Notes to Financial Statements (unaudited) (continued)

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.

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

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

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Notes to Financial Statements (unaudited) (continued)

or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount	(b)
S&P 100
BNP Paribas SA	$	9,298,626	$	(9,298,626	)	$	—		$	—
HSBC Bank PLC		2,825,092		(2,825,092	)		—			—
UBS AG		6,733,959		(6,733,959	)		—			—
	$	18,857,677	$	(18,857,677	)	$	—		$	—
S&P 500 Growth
Barclays Bank PLC	$	87,671,835	$	(87,671,835	)	$	—		$	—
BNP Paribas SA		57,829,258		(57,829,258	)		—			—
BofA Securities, Inc.		25,980,782		(25,980,782	)		—			—
Citigroup Global Markets, Inc.		20,909,299		(20,909,299	)		—			—
Credit Suisse Securities (USA) LLC		131,208		(131,208	)		—			—
Goldman Sachs & Co. LLC		19,062,695		(19,062,695	)		—			—
J.P. Morgan Securities LLC		10,230,235		(10,230,235	)		—			—
Jefferies LLC		784,728		(784,728	)		—			—
Morgan Stanley		5,827,850		(5,815,091	)		—			12,759
RBC Capital Market LLC		354,431		(354,431	)		—			—
Scotia Capital (USA), Inc.		18,696,799		(18,696,799	)		—			—
SG Americas Securities LLC		5,071,670		(5,071,670	)		—			—
Toronto-Dominion Bank		27,919,549		(27,919,549	)		—			—
UBS AG		9,301,591		(9,301,591	)		—			—
UBS Securities LLC		614,747		(614,747	)		—			—
Virtu Americas LLC		4,434,237		(4,434,237	)		—			—
	$	294,820,914	$	(294,808,155	)	$	—		$	12,759
S&P 500 Value
Barclays Bank PLC	$	20,685,426	$	(20,685,426	)	$	—		$	—
Barclays Capital, Inc.		4,635		(4,635	)		—			—
BNP Paribas SA		34,715,198		(34,715,198	)		—			—
BofA Securities, Inc.		11,190,386		(11,190,386	)		—			—
Citigroup Global Markets, Inc.		8,167,240		(8,167,240	)		—			—
Goldman Sachs & Co. LLC		14,687,348		(14,687,348	)		—			—
HSBC Bank PLC		15,735,969		(15,735,969	)		—			—
J.P. Morgan Securities LLC		74,503,952		(74,503,952	)		—			—
Jefferies LLC		801,265		(801,265	)		—			—
Scotia Capital (USA), Inc.		409,167		(409,167	)		—			—
SG Americas Securities LLC		2,785,807		(2,785,807	)		—			—
Toronto-Dominion Bank		36,721,669		(36,721,669	)		—			—
UBS AG		15,827,609		(15,827,609	)		—			—
Wells Fargo Bank N.A.		590,987		(590,987	)		—			—
	$	236,826,658	$	(236,826,658	)	$	—		$	—
S&P Small-Cap 600 Value
Barclays Bank PLC	$	682,717	$	(682,717	)	$	—		$	—
Barclays Capital, Inc.		4,811,004		(4,811,004	)		—			—
BNP Paribas SA		60,651,944		(60,651,944	)		—			—
BofA Securities, Inc.		19,941,762		(19,941,762	)		—			—
Citadel Clearing LLC		1,571,425		(1,571,425	)		—			—
Citigroup Global Markets, Inc.		6,234,305		(6,234,305	)		—			—
Credit Suisse Securities (USA) LLC		1		(1	)		—			—
Goldman Sachs & Co. LLC		46,725,982		(46,725,982	)		—			—
HSBC Bank PLC		2,867,996		(2,702,895	)		—			165,101
J.P. Morgan Securities LLC		39,807,712		(39,807,712	)		—			—
Jefferies LLC		2,646,360		(2,646,360	)		—			—
Morgan Stanley		29,181,111		(29,181,111	)		—			—
National Financial Services LLC		4,488,453		(4,488,453	)		—			—
Natixis SA		335,388		(335,388	)		—			—
Scotia Capital (USA), Inc.		10,864,156		(10,864,156	)		—			—
SG Americas Securities LLC		85,860		(85,860	)		—			—
State Street Bank & Trust Co.		795,983		(785,551	)		—			10,432
Toronto-Dominion Bank		7,510,118		(7,464,185	)		—			45,933
UBS AG		9,751,136		(9,751,136	)		—			—

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Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount	(b)
S&P Small-Cap 600 Value (continued)
UBS Securities LLC	$	1,205,272	$	(1,205,272	)	$	—		$	—
Virtu Americas LLC		88,166		(88,166	)		—			—
Wells Fargo Bank N.A.		1,758,582		(1,758,582	)		—			—
Wells Fargo Securities LLC		2,700,610		(2,700,610	)		—			—
	$	254,706,043	$	(254,484,577	)	$	—		$	221,466

^(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 September 30, 2022. Additional collateral is delivered to the Master Portfolio 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.

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 to an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid. Total return swaps are entered into by the iShares S&P Small-Cap 600 Value ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

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Notes to Financial Statements (unaudited) (continued)

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of the agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to 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:

iShares ETF	Investment Advisory Fees
S&P 100		0.20	%
S&P 500 Growth		0.18
S&P 500 Value		0.18
S&P Small-Cap 600 Value		0.18

Distributor: BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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Notes to Financial Statements (unaudited) (continued)

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 September 30, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
S&P 100	$	29,359
S&P 500 Growth		81,044
S&P 500 Value		99,056
S&P Small-Cap 600 Value		191,790

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 September 30, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
S&P 100	$	21,279,687	$	20,643,477	$	(4,914,348	)
S&P 500 Growth		117,016,381		44,733,062		(21,803,460	)
S&P 500 Value		152,403,363		80,096,809		(33,160,481	)
S&P Small-Cap 600 Value		159,946,655		92,390,632		(5,272,757	)

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 Septemeber 30, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
S&P 100	$	156,796,646	$	155,420,765
S&P 500 Growth		414,441,571		411,150,748
S&P 500 Value		589,110,777		554,936,977
S&P Small-Cap 600 Value		1,182,375,619		1,156,400,685

For the six months ended September 30, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
S&P 100	$	966,271,349	$	591,072,100
S&P 500 Growth		2,161,127,340		3,453,355,206
S&P 500 Value		2,876,228,084		2,905,445,274
S&P Small-Cap 600 Value		2,614,349,111		3,582,727,889

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Notes to Financial Statements (unaudited) (continued)

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 September 30, 2022, 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 March 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Amounts
S&P 100	$	289,162,375
S&P 500 Growth		977,554,947
S&P 500 Value		1,163,006,607
S&P Small-Cap 600 Value		499,167,863

As of September 30, 2022, 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:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
S&P 100	$	7,121,203,988	$	740,990,853	$	(695,512,812	)	$	45,478,041
S&P 500 Growth		24,040,188,633		4,697,690,417		(1,665,251,919	)		3,032,438,498
S&P 500 Value		23,118,223,669		1,599,607,009		(3,137,036,269	)		(1,537,429,260	)
S&P Small-Cap 600 Value		7,827,776,470		214,474,168		(1,809,123,267	)		(1,594,649,099	)

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by

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Notes to Financial Statements (unaudited) (continued)

entering into transactions only with counterparties that the 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 Fund’s 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 possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 09/30/22						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
S&P 100
Shares sold		5,200,000		$	970,429,685			9,000,000		$	1,852,545,063
Shares redeemed		(3,250,000	)		(592,853,866	)		(5,650,000	)		(1,139,200,444	)
		1,950,000		$	377,575,819			3,350,000		$	713,344,619
S&P 500 Growth
Shares sold		32,850,000		$	2,164,301,073			97,500,000		$	7,705,816,385
Shares redeemed		(51,200,000	)		(3,457,133,270	)		(95,050,000	)		(7,302,882,197	)
		(18,350,000	)	$	(1,292,832,197	)		2,450,000		$	402,934,188
S&P 500 Value
Shares sold		20,000,000		$	2,889,939,883			46,050,000		$	7,005,954,291
Shares redeemed		(20,250,000	)		(2,919,080,465	)		(31,550,000	)		(4,746,154,933	)
		(250,000	)	$	(29,140,582	)		14,500,000		$	2,259,799,358

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Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 09/30/22						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
S&P Small-Cap 600 Value
Shares sold		27,900,000		$	2,642,936,164			36,350,000		$	3,774,747,013
Shares redeemed		(38,700,000	)		(3,622,167,319	)		(40,450,000	)		(4,134,083,314	)
		(10,800,000	)	$	(979,231,155	)		(4,100,000	)	$	(359,336,301	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 51

Board Review and Approval of Investment Advisory Contract

iShares S&P 100 ETF, iShares S&P Small-Cap 600 Value ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

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Board Review and Approval of Investment Advisory Contract  (continued)

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares S&P 500 Growth ETF, iShares S&P 500 Value ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 53

Board Review and Approval of Investment Advisory Contract  (continued)

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may

54 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract  (continued)

impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 55

Supplemental Information (unaudited)

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.

September 30, 2022

	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
S&P 500 Value(a)	$	1.499740	$	—	$	—	$	1.499740		100	%		—	%		—	%		100	%
S&P Small-Cap 600 Value(a)		0.794065		—		—		0.794065		100			—			—			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

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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.

G E N E R A L   I N F O R M A T I O N 57

Glossary of Terms Used in this Report

Portfolio Abbreviation
CVR	Contingent Value Rights
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representations regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 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.

iS-SAR-301-0922

                

SEPTEMBER 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Preferred and Income Securities ETF | PFF | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is proving more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of September 30, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(20.20)%	(15.47)%
U.S. small cap equities (Russell 2000® Index)	(19.01)	(23.50)
International equities (MSCI Europe, Australasia, Far East Index)	(22.51)	(25.13)
Emerging market equities (MSCI Emerging Markets Index)	(21.70)	(28.11)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.58	0.63
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(10.81)	(16.20)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(9.22)	(14.60)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(6.30)	(11.50)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(10.42)	(14.15)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		5
Disclosure of Expenses		5
Schedule of Investments		6
Financial Statements:
Statement of Assets and Liabilities		14
Statement of Operations		15
Statements of Changes in Net Assets		16
Financial Highlights		17
Notes to Financial Statements		18
Board Review and Approval of Investment Advisory Contract		24
Supplemental Information		26
General Information		27
Glossary of Terms Used in this Report		28

3

Fund Summary  as of September 30, 2022 iShares^® Preferred and Income Securities ETF

Investment Objective

The iShares Preferred and Income Securities ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated preferred and hybrid securities, as represented by the ICE Exchange-Listed Preferred & Hybrid Securities Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment portfolio 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

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(10.54	)%		(14.55	)%		1.15	%		3.38	%		(14.55	)%		5.90	%		39.43	%
Fund Market		(10.85	)		(14.63	)		1.12			3.33			(14.63	)		5.73			38.81
Index		(10.40	)		(14.27	)		1.79			4.04			(14.27	)		9.30			48.58

Index performance through January 31, 2019 reflects the performance of the S&P U.S. Preferred Stock IndexTM. Index performance beginning on February 1, 2019 through October 31,2019 reflects the performance of the ICE Exchange-Listed Preferred & Hybrid Securities Transition Index, which terminated on October 31, 2019. Index performance beginning on November 1, 2019 reflects the performance of the ICE Exchange-Listed Preferred & Hybrid Securities 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

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$         1,000.00	$         894.60	$             2.17			$         1,000.00	$         1,022.78	$             2.33		0.46	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See ”Disclosure of Expenses“ for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	59.9	%
Utilities	13.7
Real Estate	7.4
Communication Services	4.7
Consumer Discretionary	3.2
Industrials	3.2
Health Care	2.9
Energy	2.4
Consumer Staples	1.3
Other (each representing less than 1%)	1.3

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Wells Fargo & Co., Series L, NVS	1.9	%
Citigroup Capital XIII, (3 mo. USD LIBOR + 6.370%), NVS	1.4
NextEra Energy, Inc., NVS	1.4
Bank of America Corp., Series L, NVS	1.3
Danaher Corp., Series B, NVS	1.3
NextEra Energy, Inc.	1.1
JPMorgan Chase & Co., Series EE, NVS	1.0
PG&E Corp.	1.0
JPMorgan Chase & Co., Series DD, NVS	0.9
Citigroup, Inc., Series K, (3 mo. USD LIBOR + 4.130%), NVS	0.9

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of the Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other funds.

The expense example provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense example also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense example are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical example is useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T    F U N D    P E R F O  R M A N C E    /    D I S C L O S U R E    O F    E X  P E N S E S 5

Schedule of Investments  (unaudited) September 30, 2022 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Securities
Preferred Stocks — 98.7%
Auto Components — 0.6%
Aptiv PLC, Series A, 5.50%, NVS(a)		918,791	$	87,468,903
Automobiles — 1.1%
Ford Motor Co.
6.00%		2,556,525		59,490,337
6.50%, NVS		1,917,320		46,130,719
6.20%		2,396,763		58,433,082
				164,054,138
Banks — 27.3%
Associated Banc-Corp.
Series E, 5.88%, NVS(b)		319,611		7,955,118
Series F, 5.63%, NVS(b)		319,611		7,766,547
Atlantic Union Bankshares Corp., Series A, 6.88%, NVS(b)		551,295		13,286,209
Bank of America Corp.
Series 02, (3 mo. USD LIBOR + 0.650%), 3.69%, NVS(b)(c)		603,658		11,354,807
Series 4, (3 mo. USD LIBOR + 0.750%), 4.51%, NVS(b)(c)		435,324		8,175,385
Series 5, (3 mo. USD LIBOR + 0.500%), 4.00%, NVS(b)		855,837		16,825,755
Series E, (3 mo. USD LIBOR + 0.350%), 4.11%, NVS(b)(c)		637,029		12,339,252
Series GG, 6.00%(b)(c)		2,768,407		66,164,927
Series HH, 5.88%, NVS(b)		1,751,360		40,929,283
Series K*, (3 mo. USD LIBOR + 1.327%), 6.45%(d)		2,153,242		53,831,050
Series KK, 5.38%, NVS(b)		2,865,821		62,245,632
Series L, 7.25%, NVS(a)(b)		159,486		187,077,078
Series LL, 5.00%, NVS(b)(c)		2,686,474		54,992,123
Series NN, 4.38%, NVS(b)		2,255,683		41,233,885
Series PP, 4.13%, NVS(b)(c)		1,870,508		32,210,148
Series QQ, 4.25%, NVS(b)		2,665,942		46,254,094
Series SS, 4.75%, NVS(b)		1,433,983		28,106,067
Bank of Hawaii Corp., Series A, 4.38%, NVS(b)		575,237		10,204,704
Bank OZK, Series A, 4.63%, NVS(b)		1,118,441		19,427,320
Cadence Bank, Series A, 5.50%, NVS(b)(c)		542,109		11,400,552
Citigroup, Inc.
Series J, (3 mo. USD LIBOR + 4.040%), 7.13%(b)(c)(d)		3,035,889		77,809,835
Series K, (3 mo. USD LIBOR + 4.130%), 6.88%, NVS(b)(d)		4,777,477		122,446,736
Citizens Financial Group, Inc.
Series D, (3 mo. USD LIBOR + 3.642%), 6.35%, NVS(b)(c)(d)		958,738		23,920,513
Series E, 5.00%, NVS(b)		1,438,016		27,365,444
ConnectOne Bancorp., Inc., Series A, (5 year CMT + 4.420%), 5.25%, NVS(b)(d)		361,412		7,174,028
Cullen/Frost Bankers, Inc., Series B, 4.45%, NVS(b)		479,259		8,847,121
Dime Community Bancshares, Inc., 5.50%, NVS(b)		413,308		8,129,768
Fifth Third Bancorp.
Series A, 6.00%, NVS(b)		639,135		15,288,109
Series I, (3 mo. USD LIBOR + 3.710%), 6.63%, NVS(b)(c)(d)		1,438,016		36,626,268
Series K, 4.95%, NVS(b)		798,897		16,872,705
First Citizens BancShares, Inc.
Series A, 5.38%, NVS(b)		1,102,505		23,593,607
Series C, 5.63%, NVS(b)		639,127		13,964,925

Security	Shares		Value
Banks (continued)
First Horizon Corp. 6.50%, NVS(b)		479,373	$	11,864,482
Series D, (3 mo. USD LIBOR + 3.859%), 6.10%(b)(d)		319,611		7,856,038
Series F, 4.70%(b)		466,802		9,139,983
First Republic Bank
Series H, 5.13%, NVS(b)(c)		628,902		13,062,295
Series I, 5.50%, NVS(b)(c)		958,814		22,071,898
Series J, 4.70%, NVS(b)(c)		1,262,267		24,349,130
Series K, 4.13%(b)		1,597,865		27,483,278
Series L, 4.25%(b)(c)		2,388,753		42,591,466
Series M, 4.00%(b)		2,396,763		39,690,395
Series N, 4.50%(b)		2,364,788		43,819,522
FNB Corp., (3 mo. USD LIBOR + 4.600%), 7.25%, NVS(b)(d)		354,345		9,216,513
Fulton Financial Corp., Series A, 5.13%, NVS(b)		639,135		13,281,225
Hancock Whitney Corp., 6.25%		551,294		13,881,583
Heartland Financial U.S.A., Inc., Series E, (5 year CMT + 6.675%), 7.00%, NVS(b)(d)		360,477		9,047,973
Huntington Bancshares, Inc.
Series C, 5.70%, NVS(b)(c)		559,250		12,862,750
Series H, 4.50%, NVS(b)		1,597,865		28,761,570
JPMorgan Chase & Co.
Series DD, 5.75%, NVS(b)		5,420,702		133,945,546
Series EE, 6.00%, NVS(b)(c)		5,912,017		147,682,185
Series GG, 4.75%, NVS(b)		2,876,128		60,571,256
Series JJ, 4.55%, NVS(b)		4,793,517		91,076,823
Series LL, 4.63%, NVS(b)		5,912,017		115,166,091
Series MM, 4.20%, NVS(b)		6,391,382		115,300,531
KeyCorp
(5 year CMT + 3.132%), 6.20%, NVS(b)(d)		1,917,382		46,496,513
Series E, (3 mo. USD LIBOR + 3.892%), 6.13%, NVS(b)(c)(d)		1,597,873		40,042,697
Series F, 5.65%, NVS(b)		1,358,139		32,269,383
Series G, 5.63%, NVS(b)		1,438,016		33,074,368
M&T Bank Corp., Series H, (3 mo. USD LIBOR + 4.020%), 5.63%, NVS(b)(c)(d)		798,889		19,532,836
Midland States Bancorp Inc., (5 year CMT + 4.713%), 7.75%, NVS(b)(d)		367,816		9,397,699
Old National Bancorp.
Series A, 7.00%, NVS(b)		337,551		8,371,265
Series C, 7.00%, NVS(b)(c)		391,464		9,935,356
PacWest Bancorp., Series A, (5 year CMT + 4.820%), 7.75%, NVS(b)(d)		1,640,179		41,184,895
Pinnacle Financial Partners, Inc., Series B, 6.75%, NVS(b)		719,012		18,212,574
PNC Financial Services Group, Inc., Series P, (3 mo. USD LIBOR + 4.067%), 6.85%, NVS(b)(d)		4,793,517		121,659,461
Popular Capital Trust II, 6.13%		415,475		10,773,267
Regions Financial Corp.
Series B, (3 mo. USD LIBOR + 3.536%), 6.38%, NVS(b)(d)		1,597,873		40,905,549
Series C, (3 mo. USD LIBOR + 3.148%), 5.70%, NVS(b)(d)		1,597,865		35,856,091
Series E, 4.45%, NVS(b)		1,278,254		23,468,743
Signature Bank, Series a, 5.00%(b)		2,332,873		40,941,921
Silvergate Capital Corp., Series A, 5.38%(b)		639,135		10,034,420
SVB Financial Group, Series A, 5.25%, NVS(b)		1,225,540		25,626,041
Synovus Financial Corp.
Series D, (3 mo. USD LIBOR + 3.352%), 6.30%, NVS(b)(d)		639,127		14,840,529

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Schedule of Investments  (unaudited) (continued) September 30, 2022 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Synovus Financial Corp.
Series E, (5 year CMT + 4.127%), 5.88%, NVS(b)(d)		1,118,492	$	27,414,239
Texas Capital Bancshares, Inc., Series B, 5.75%, NVS(b)		958,730		20,267,552
Truist Financial Corp.
Series I, (3 mo. USD LIBOR + 0.530%), 4.61%, NVS(b)(c)		535,824		10,084,208
Series O, 5.25%, NVS(b)(c)		1,837,512		41,766,648
Series R, 4.75%, NVS(b)		2,956,013		58,647,298
United Community Banks, Inc., Series I, 6.88%, NVS(b)		317,542		7,798,832
US Bancorp.
Series A, (3 mo. USD LIBOR + 1.020%), 5.10%, NVS(b)(d)		45,909		34,202,205
Series B*, (3 mo. USD LIBOR + 0.600%), 4.68%, NVS(b)		3,195,651		64,040,846
Series K, 5.50%, NVS(b)		1,837,512		43,512,284
Series L, 3.75%, NVS(b)		1,597,865		25,677,691
Series M, 4.00%, NVS(b)		2,396,763		40,768,939
Series O, 4.50%, NVS(b)		1,438,016		27,839,990
Valley National Bancorp.
Series A, (3 mo. USD LIBOR + 3.850%), 6.25%, NVS(b)(d)		363,304		9,238,821
Series B, (3 mo. USD LIBOR + 3.578%), 5.50%, NVS(b)(d)		319,611		7,149,698
Washington Federal, Inc., Series A, 4.88%, NVS(b)		958,730		18,877,394
Webster Financial Corp.
Series F, 5.25%, NVS(b)		479,373		9,860,703
Series G, 6.50%(b)(c)		419,381		10,190,958
Wells Fargo & Co.
Series AA, 4.70%, NVS(b)		2,690,803		49,860,580
Series CC, 4.38%, NVS(b)		2,425,756		42,062,609
Series DD, 4.25%, NVS(b)		2,872,709		49,381,868
Series L, 7.50%, NVS(a)(b)		228,499		275,112,796
Series Q, (3 mo. USD LIBOR + 3.090%), 5.85%, NVS(b)(c)(d)		3,973,013		89,194,142
Series R, (3 mo. USD LIBOR + 3.690%), 6.63%, NVS(b)(c)(d)		1,940,705		49,196,872
Series Y, 5.63%, NVS(b)(c)		1,588,676		35,935,851
Series Z, 4.75%, NVS(b)(c)		4,635,181		87,048,699
WesBanco, Inc., Series A, (5 year CMT + 6.557%), 6.75%, NVS(b)(d)		479,373		12,070,612
Western Alliance Bancorp., Series A, (5 year CMT + 3.452%), 4.25%, NVS(b)(d)		958,730		21,015,362
Wintrust Financial Corp.
Series D, (3 mo. USD LIBOR + 4.060%), 6.50%, NVS(b)(d)		391,554		9,530,424
Series E, (5 year CMT + 6.507%), 6.88%, NVS(b)(d)		918,791		22,455,252
Zions Bancorp. N.A., Series G, (3 mo. USD LIBOR + 4.240%), 6.30%, NVS(b)(c)(d)		442,254		11,197,871
				3,900,566,380
Capital Markets — 10.9%
Affiliated Managers Group, Inc. 4.20%		639,135		10,948,383
4.75%		878,774		16,362,772
5.88%		958,730		21,993,266
B Riley Financial, Inc. 6.50%		534,311		12,957,042
6.00%		734,999		16,691,827

Security	Shares		Value
Capital Markets (continued)
B Riley Financial, Inc. 5.50%		662,771	$	15,846,855
5.25%		1,010,805		21,307,769
5.00%		1,031,273		23,162,392
6.75%		341,118		8,425,615
6.38%		455,413		11,230,485
Brookfield Finance I UK PLC, 4.50%(b)		735,007		12,884,673
Brookfield Finance, Inc., Series 50, 4.63%, NVS		1,278,254		23,149,180
Carlyle Finance LLC, 4.63%, NVS		1,597,865		27,483,278
Charles Schwab Corp.
Series D, 5.95%, NVS(b)(c)		2,396,762		58,888,442
Series J, 4.45%, NVS(b)		1,917,382		36,564,475
Cowen, Inc., 7.75%		319,610		8,009,427
First Eagle Alternative Capital BDC, Inc., 5.00%		350,126		7,933,855
Gladstone Investment Corp. 5.00%, NVS		409,183		9,738,555
4.88%		428,823		9,940,117
Goldman Sachs Group, Inc.
Series A, (3 mo. USD LIBOR + 0.750%), 3.75%, NVS(b)		2,396,685		47,861,799
Series C, (3 mo. USD LIBOR + 0.750%), 4.51%, NVS(b)(c)		621,084		12,036,608
Series D, (3 mo. USD LIBOR + 0.670%), 4.00%, NVS(b)		4,314,067		85,763,652
Series J, (3 mo. USD LIBOR + 3.640%), 5.50%, NVS(b)(d)		3,195,651		79,028,449
Series K, (3 mo. USD LIBOR + 3.550%), 6.38%(b)(d)		2,236,900		56,213,297
KKR & Co., Inc., Series C, 6.00%, NVS(a)		1,837,512		99,997,403
KKR Group Finance Co. IX LLC, 4.63%, NVS		1,597,854		29,240,728
Morgan Stanley
Series A, (3 mo. USD LIBOR + 0.700%), 4.00%(b)(c)		3,515,262		70,234,935
Series E, (3 mo. USD LIBOR + 4.320%), 7.13%, NVS(b)(c)(d)		2,756,302		70,395,953
Series F, (3 mo. USD LIBOR + 3.940%), 6.88%, NVS(b)(d)		2,716,365		68,126,434
Series I, (3 mo. USD LIBOR + 3.708%), 6.38%, NVS(b)(d)		3,195,651		78,996,493
Series K, (3 mo. USD LIBOR + 3.491%), 5.85%, NVS(b)(d)		3,195,651		77,430,624
Series L, 4.88%, NVS(b)		1,597,865		33,027,870
Series O, 4.25%, NVS(b)		4,154,390		74,654,388
Series P, 6.50%, NVS(b)		3,195,644		80,338,490
Newtek Business Services Corp., 5.50%		319,611		7,740,978
Northern Trust Corp., Series E, 4.70%, NVS(b)		1,278,254		26,996,724
Oaktree Capital Group LLC
Series A, 6.63%, NVS(b)		575,733		13,564,269
Series B, 6.55%, NVS(b)		751,644		18,031,940
Prospect Capital Corp., Series A, 5.35%(b)		467,428		7,908,882
State Street Corp.
Series D, (3 mo. USD LIBOR + 3.108%), 5.90%, NVS(b)(d)		2,396,762		59,847,147
Series G, (3 mo. USD LIBOR + 3.709%), 5.35%, NVS(b)(c)(d)		1,597,873		39,067,995
Stifel Financial Corp. 5.20%		706,024		16,203,251
Series B, 6.25%, NVS(b)		502,048		12,054,172
Series C, 6.13%, NVS(b)		710,102		16,928,832
Series D, 4.50%, NVS(b)		958,738		16,432,769
Trinity Capital, Inc., 7.00%		559,455		13,958,402
				1,565,600,892

S C H E D U L E    O F    I N V E S T  M E N T S 7

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals — 0.1%
EI du Pont de Nemours and Co., Series B, 4.50%, NVS(b)(c)		133,673	$	13,716,186
Commercial Services & Supplies — 0.6%
Charah Solutions, Inc., 8.50%		431,394		8,826,321
GFL Environmental, Inc., 6.00%(a)		934,632		54,021,730
Pitney Bowes, Inc., 6.70%		1,360,817		25,215,939
				88,063,990
Consumer Finance — 2.3%
Atlanticus Holdings Corp., 6.13%		478,011		10,650,085
Capital One Financial Corp.
Series I, 5.00%, NVS(b)		4,793,517		94,096,739
Series J, 4.80%, NVS(b)		3,994,628		73,461,209
Series K, 4.63%, NVS(b)		383,367		6,912,107
Series L, 4.38%, NVS(b)		2,157,107		37,253,238
Series N, 4.25%, NVS(b)		1,358,131		23,359,853
Navient Corp., 6.00%		958,746		20,248,716
SLM Corp., Series B, (3 mo. USD LIBOR + 1.700%), 4.99%(b)(d)		319,611		17,850,274
Synchrony Financial, Series A, 5.63%, NVS(b)		2,396,763		43,860,763
				327,692,984
Diversified Financial Services — 2.6%
Apollo Asset Management, Inc.
Series A, 6.38%, NVS(b)(c)		878,766		21,283,712
Series B, 6.38%, NVS(b)		958,738		22,722,091
Citigroup Capital XIII, (3 mo. USD LIBOR + 6.370%), 9.18%, NVS(d)		7,177,494		200,252,083
Compass Diversified Holdings
Series A, 7.25%, NVS(b)		305,486		7,282,786
Series B, (3 mo. USD LIBOR + 4.985%), 7.88%, NVS(b)(d)		319,611		7,971,098
Series C, 7.88%, NVS(b)		367,504		9,069,999
Equitable Holdings, Inc.
Series A, 5.25%, NVS(b)		2,556,525		53,252,416
Series C, 4.30%(b)		958,812		16,060,101
National Rural Utilities Cooperative Finance Corp., Series US, 5.50%(c)		798,889		17,695,391
Voya Financial, Inc., Series B, (5 year CMT + 3.210%), 5.35%, NVS(b)(d)		958,730		22,971,171
				378,560,848
Diversified Telecommunication Services — 3.3%
AT&T, Inc. 5.35%		4,226,312		101,769,593
5.63%		2,636,402		64,750,033
Series A, 5.00%, NVS(b)		3,834,856		78,729,594
Series C, 4.75%, NVS(b)		5,592,483		105,026,831
Qwest Corp. 6.75%		2,109,144		48,510,312
6.50%, NVS		3,123,807		70,785,466
				469,571,829
Electric Utilities — 8.1%
Alabama Power Co., Series A, 5.00%(b)		798,897		19,972,425
American Electric Power Co., Inc., 6.13%, NVS(a)(c)		1,358,139		67,227,881
BIP Bermuda Holdings I Ltd., 5.13%(b)		959,621		18,683,821
Brookfield BRP Holdings Canada, Inc. 4.63%, NVS(b)		1,118,444		18,957,626
4.88%(b)		830,874		14,656,617
Brookfield Infrastructure Finance ULC, 5.00%		799,577		13,312,957
Duke Energy Corp. 5.63%		1,597,873		39,163,867

Security	Shares		Value
Electric Utilities (continued)
Duke Energy Corp.
Series A, 5.75%, NVS(b)		3,195,652	$	76,663,692
Entergy Arkansas LLC, 4.88%		1,310,247		30,672,882
Entergy Louisiana LLC, 4.88%(c)		862,856		19,819,802
Entergy Mississippi LLC, 4.90%		830,874		19,375,982
Georgia Power Co., Series 2017, 5.00%		862,856		18,672,204
NextEra Energy Capital Holdings, Inc., Series N, 5.65%		2,197,053		53,695,975
NextEra Energy, Inc. 5.28%, NVS(a)(c)		3,994,628		198,852,582
6.22%(a)(c)		3,195,652		155,180,861
Pacific Gas and Electric Co., Series A, 6.00%(b)(c)		332,486		6,347,158
PG&E Corp., 5.50%(a)		1,278,262		146,028,651
SCE Trust II, 5.10%, NVS(b)		703,017		14,833,659
SCE Trust III, Series H, (3 mo. USD LIBOR + 2.990%), 5.75%, NVS(b)(d)		878,766		18,111,367
SCE Trust IV, Series J, (3 mo. USD LIBOR + 3.132%), 5.38%, NVS(b)(d)		1,038,615		20,439,943
SCE Trust V, Series K, (3 mo. USD LIBOR + 3.790%), 5.45%, NVS(b)(d)		958,730		19,634,790
SCE Trust VI, 5.00%, NVS(b)		1,517,980		28,143,349
Southern Co. 5.25%		1,438,024		32,269,259
Series 2020, 4.95%		3,195,652		65,958,257
Series C, 4.20%		2,396,763		45,538,497
				1,162,214,104
Electrical Equipment — 0.3%
Babcock & Wilcox Enterprises, Inc. 6.50%		483,955		11,576,204
8.13%		511,279		12,781,975
Series A, 7.75%, NVS(b)		612,655		11,775,229
				36,133,408
Electronic Equipment, Instruments & Components — 0.2%
Coherent Corp., Series A, 6.00%, NVS(a)		183,791		28,755,940
Energy Equipment & Services — 0.1%
Hoegh LNG Partners LP, Series A, 8.75%, NVS(b)		566,370		12,380,848
Equity Real Estate Investment Trusts (REITs) — 6.3%
Agree Realty Corp., Series A, 4.25%, NVS(b)(c)		559,250		9,501,658
American Homes 4 Rent
Series G, 5.88%, NVS(b)		367,504		8,268,840
Series H, 6.25%, NVS(b)		369,213		8,853,728
Armada Hoffler Properties, Inc., Series A, 6.75%, NVS(b)		546,695		12,524,782
Braemar Hotels & Resorts, Inc., Series B, 5.50%, NVS(a)(b)		240,820		3,559,320
Brookfield DTLA Fund Office Trust Investor, Inc., Series A, 7.63%(b)		765,263		7,208,777
Cedar Realty Trust, Inc., Series C, 6.50%, NVS(b)		394,697		3,564,114
Chatham Lodging Trust, Series A, 6.63%, NVS(b)		383,491		7,949,768
City Office REIT, Inc., Series A, 6.63%, NVS(b)		357,938		7,151,601
CorEnergy Infrastructure Trust, Inc., Series A, 7.38%, NVS(b)		406,830		4,902,302
DiamondRock Hospitality Co., 8.25%, NVS(b)		384,098		9,448,811
Digital Realty Trust, Inc.
Series J, 5.25%, NVS(b)(c)		639,135		13,728,620
Series K, 5.85%, NVS(b)(c)		671,111		14,938,931
Series L, 5.20%, NVS(b)		1,102,505		23,207,730
Diversified Healthcare Trust 6.25%, NVS		803,621		9,169,316
5.63%		1,118,492		13,231,760

8 2 0 2 2    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) September 30, 2022 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
EPR Properties
Series C, 5.75%, NVS(a)(b)		437,037	$	7,551,999
Series E, 9.00%, NVS(a)(b)		266,342		6,836,999
Series G, 5.75%, NVS(b)(c)		481,665		8,641,070
Equity Commonwealth, Series D, 6.50%, NVS(a)(b)(c)		393,869		10,307,552
Federal Realty Investment Trust, Series C, 5.00%, NVS(b)		479,365		10,033,109
Gladstone Commercial Corp., Series G, 6.00%, NVS(b)		319,611		6,836,479
Gladstone Land Corp., Series B, 6.00%(b)(c)		473,933		12,383,869
Global Net Lease, Inc.
Series A, 7.25%, NVS(b)		543,263		11,723,616
Series B, 6.88%(b)		374,394		8,311,547
Hersha Hospitality Trust
Series D, 6.50%, NVS(b)		613,398		11,476,677
Series E, 6.50%, NVS(b)		322,131		6,204,243
Hudson Pacific Properties, Inc., Series C, 4.75%, NVS(b)		1,358,139		22,667,340
iStar, Inc.
Series D, 8.00%(b)		319,611		7,967,902
Series I, 7.50%, NVS(b)		399,488		9,739,517
Kimco Realty Corp.
Series L, 5.13%, NVS(b)		719,012		15,156,773
Series M, 5.25%, NVS(b)		845,259		18,147,711
LXP Industrial Trust, Series C, 6.50%, NVS(a)(b)		154,644		7,484,770
National Storage Affiliates Trust, Series A, 6.00%, NVS(b)		697,983		15,648,779
Necessity Retail REIT, Inc., Series A, 7.50%, NVS(b)		632,199		13,130,773
Office Properties Income Trust, 6.38%		517,711		9,940,051
Pebblebrook Hotel Trust
Series E, 6.38%, NVS(b)(c)		343,692		7,114,424
Series F, 6.30%, NVS(b)		479,373		9,079,325
Series G, 6.38%, NVS(b)		735,007		13,744,631
Series H, 5.70%, NVS(b)		798,897		13,461,414
Pennsylvania Real Estate Investment Trust
Series C, 7.20%, NVS(b)		560,645		1,306,303
Series D, 6.88%, NVS(b)		425,292		927,137
PS Business Parks, Inc.
Series X, 5.25%, NVS(b)(c)		735,007		10,951,604
Series Y, 5.20%, NVS(b)(c)		639,135		9,491,155
Public Storage
Series F, 5.15%, NVS(b)		894,764		19,523,750
Series G, 5.05%, NVS(b)(c)		958,730		20,708,568
Series H, 5.60%(b)(c)		910,759		21,812,678
Series I, 4.88%, NVS(b)		1,010,609		21,566,396
Series J, 4.70%, NVS(b)(c)		826,887		16,885,033
Series K, 4.75%, NVS(b)		639,127		12,872,018
Series L, 4.63%, NVS(b)		1,805,538		36,381,591
Series M, 4.13%, NVS(b)(c)		735,007		13,413,878
Series N, 3.88%, NVS(b)(c)		902,811		14,625,538
Series O, 3.90%, NVS(b)(c)		528,824		8,572,237
Series P, 4.00%, NVS(b)		1,929,400		32,934,858
Series Q, 3.95%, NVS(b)		450,479		7,419,389
Series R, 4.00%, NVS(b)		1,390,124		23,576,503
Series S, 4.10%, NVS(b)		798,897		13,924,775
RLJ Lodging Trust, Series A, 1.95%(a)(b)		1,028,973		25,292,156
Saul Centers, Inc., Series E, 6.00%, NVS(b)(c)		351,517		7,431,069
SITE Centers Corp., Series A, 6.38%, NVS(b)		559,727		11,407,236
SL Green Realty Corp., Series I, 6.50%, NVS(b)		735,007		15,957,002

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Spirit Realty Capital, Inc., Series A, 6.00%, NVS(b)		551,295	$	12,652,220
Summit Hotel Properties, Inc.
Series E, 6.25%, NVS(b)		511,959		8,979,761
Series F, 5.88%, NVS(b)(c)		320,711		5,798,455
Sunstone Hotel Investors, Inc.
Series H, 6.13%(b)		367,504		7,441,956
Series I, 5.70%, NVS(b)		320,817		5,947,947
UMH Properties, Inc., Series D, 6.38%, NVS(b)		687,789		16,369,378
Urstadt Biddle Properties, Inc.
Series H, 6.25%, NVS(b)		335,703		7,049,763
Series K, 5.88%, NVS(b)		321,632		6,529,130
Vornado Realty Trust
Series L, 5.40%, NVS(b)(c)		958,738		17,707,891
Series M, 5.25%, NVS(b)		1,021,018		17,796,344
Series N, 5.25%, NVS(b)		958,730		16,902,410
Series O, 4.45%, NVS(b)		958,746		15,378,286
				906,335,043
Food Products — 1.3%
CHS, Inc. 8.00%, NVS(b)		980,457		27,952,829
Series 1, 7.88%, NVS(b)		1,714,401		44,454,418
Series 2, (3 mo. USD LIBOR + 4.298%), 7.10%, NVS(b)(c)(d)		1,342,144		33,365,700
Series 3, (3 mo. USD LIBOR + 4.155%), 6.75%, NVS(b)(c)(d)		1,573,828		38,952,243
Series 4, 7.50%(b)		1,653,798		44,057,179
				188,782,369
Gas Utilities — 0.6%
Entergy New Orleans LLC, 5.50%		345,189		7,884,117
South Jersey Industries, Inc. 8.75%(a)		535,308		35,646,160
5.63%		639,135		11,811,215
Spire, Inc., Series A, 5.90%, NVS(b)		798,889		19,269,202
UGI Corp., 7.25%(a)		175,749		14,015,983
				88,626,677
Health Care Equipment & Supplies — 1.4%
Becton Dickinson and Co., Series B, 6.00%, NVS(a)		2,396,755		112,983,030
Boston Scientific Corp., Series A, 5.50%, NVS(a)		803,949		81,375,718
				194,358,748
Health Care Technology — 0.1%
CareCloud, Inc., Series A, 11.00%, NVS(b)(c)		361,610		9,647,755
Hotels, Restaurants & Leisure — 0.1%
FAT Brands, Inc., Series B, 8.25%(c)		728,258		13,086,796
Independent Power and Renewable Electricity Producers — 0.8%
AES Corp., 6.88%(a)		833,327		73,641,107
Brookfield Renewable Partners LP, Series 17, 5.25%, NVS(b)		639,050		12,531,770
Tennessee Valley Authority
Series A, (5 year CMT + 0.840%), 2.22%(d)		664,688		13,958,448
Series D, (5 year CMT + 0.940%), 2.13%(d)		817,900		17,699,356
				117,830,681
Industrial Conglomerates — 0.1%
Steel Partners Holdings LP, Series A, 6.00%, NVS		513,119		11,945,410
Insurance — 10.4%
AEGON Funding Co. LLC, 5.10%, NVS		2,956,013		61,691,991

S C H E D U L E    O F    I N V E S T  M E N T S 9

Schedule of Investments  (unaudited) (continued) September 30, 2022 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Allstate Corp.
(3 mo. USD LIBOR + 3.165%), 5.10%, NVS(d)		1,597,865	$	38,508,546
Series G, 5.63%, NVS(b)		1,837,512		42,997,781
Series H, 5.10%, NVS(b)		3,675,017		77,138,607
Series I, 4.75%, NVS(b)		958,730		18,762,346
American Equity Investment Life Holding Co.
Series A, (5 year CMT + 4.322%), 5.95%, NVS(b)(d)		1,278,254		28,696,802
Series B, (5 year CMT + 6.297%), 6.63%, NVS(b)(d)		958,738		22,760,440
American Financial Group, Inc. 5.88%		388,520		9,153,531
4.50%		639,135		12,648,482
5.63%		479,373		10,862,592
5.13%		623,167		13,098,970
American International Group, Inc., Series A, 5.85%, NVS(b)		1,597,873		38,444,824
Arch Capital Group Ltd.
Series F, 5.45%, NVS(b)		1,054,602		22,969,232
Series G, 4.55%(b)		1,597,865		29,975,947
Argo Group International Holdings Ltd., (5 year CMT + 6.172%), 7.00%, NVS(b)(d)		479,373		10,162,708
Argo Group U.S., Inc., 6.50%		459,399		10,511,049
Aspen Insurance Holdings Ltd. 5.63%, NVS(b)		835,977		17,354,883
5.63%, NVS(b)		760,710		15,259,843
(3 mo. USD LIBOR + 4.060%), 5.95%, NVS(b)(d)		878,766		19,833,749
Assurant, Inc., 5.25%		798,889		17,000,358
Athene Holding Ltd.
Series A, (3 mo. USD LIBOR + 4.253%), 6.35%, NVS(b)(d)		2,756,303		67,198,667
Series B, 5.63%, NVS(b)(c)		1,102,505		24,563,811
Series C, (5 year CMT + 5.970%), 6.38%, NVS(b)(d)		1,917,398		48,356,778
Series D, 4.88%(b)(c)		1,837,504		33,993,824
Axis Capital Holdings Ltd., Series E, 5.50%, NVS(b)		1,757,635		37,050,946
Brighthouse Financial, Inc. 6.25%		1,198,377		26,220,489
Series A, 6.60%, NVS(b)		1,358,139		32,934,871
Series B, 6.75%, NVS(b)		1,286,286		31,565,458
Series C, 5.38%(b)		1,837,512		35,831,484
Series D, 4.63%, NVS(b)		1,118,492		18,902,515
CNO Financial Group, Inc., 5.13%		474,295		9,305,668
Enstar Group Ltd.
Series D, (3 mo. USD LIBOR + 4.015%), 7.00%, NVS(b)(d)		1,278,254		29,975,056
Series E, 7.00%, NVS(b)		335,656		8,159,797
Globe Life, Inc., 4.25%, NVS		1,038,615		17,884,950
Hartford Financial Services Group, Inc., Series G, 6.00%, NVS(b)		1,102,425		27,836,231
Kemper Corp., (5 year CMT + 4.140%), 5.88%		480,604		10,400,271
Maiden Holdings Ltd., 6.63%		337,528		5,130,426
Maiden Holdings North America Ltd., 7.75%		485,474		8,665,711
MetLife, Inc.
Series A, (3 mo. USD LIBOR + 1.000%), 4.29%, NVS(b)		1,917,398		42,623,758
Series E, 5.63%, NVS(b)(c)		2,572,522		62,255,032
Series F, 4.75%, NVS(b)		3,195,652		66,405,649
PartnerRe Ltd., Series J, 4.88%, NVS(b)		639,135		12,041,303

Security	Shares		Value
Insurance (continued)
Prudential Financial, Inc. 5.95%		958,738	$	23,153,523
5.63%		1,805,538		44,217,626
4.13%, NVS(c)		1,597,865		31,893,385
Reinsurance Group of America, Inc.
(3 mo. USD LIBOR + 4.040%), 5.75%, NVS(d)		1,278,254		31,636,786
(3 mo. USD LIBOR + 4.370%), 7.66%(d)		795,739		20,080,026
RenaissanceRe Holdings Ltd.
Series F, 5.75%, NVS(b)		798,897		18,158,929
Series G, 4.20%, NVS(b)		1,597,865		28,186,339
Selective Insurance Group, Inc., Series B, 4.60%(b)		639,135		11,165,688
SiriusPoint Ltd., Series B, (5 year CMT + 7.298%), 8.00%, NVS(b)(d)		639,139		15,083,680
Unum Group, 6.25%		958,730		23,997,012
W R Berkley Corp. 5.70%		591,232		13,740,232
5.10%		958,738		20,392,357
4.13%		958,746		16,778,055
4.25%(c)		798,897		13,573,260
				1,487,192,274
Internet & Direct Marketing Retail — 0.6%
Qurate Retail, Inc., 8.00%		1,012,066		46,089,485
QVC, Inc. 6.25%		1,598,632		29,814,487
6.38%		719,004		14,523,881
				90,427,853
IT Services — 0.1%
Exela Technologies, Inc., Series B, 6.00%(a)(b)(c)		232,101		1,125,690
Sabre Corp., 6.50%, NVS(a)(c)		262,833		18,761,019
				19,886,709
Leisure Products — 0.3%
Brunswick Corp. 6.50%		591,224		14,201,201
6.63%		397,289		10,234,165
6.38%		735,007		16,427,406
				40,862,772
Life Sciences Tools & Services — 1.3%
Danaher Corp., Series B, 5.00%, NVS(a)(c)		137,422		185,174,771
Machinery — 0.5%
RBC Bearings, Inc., Series A, 5.00%, NVS(a)		367,504		38,216,741
Stanley Black & Decker, Inc., 5.25%, NVS(a)		599,190		29,552,051
				67,768,792
Marine — 0.1%
Global Ship Lease, Inc., 8.75%, NVS(b)		348,960		8,891,501
Media — 0.3%
Liberty Broadband Corp., Series A, 7.00%(b)		574,324		14,312,154
Paramount Global, Series A, 5.75%, NVS(a)(c)		798,889		24,685,670
				38,997,824
Metals & Mining — 0.7%
ArcelorMittal SA, 5.50%(a)		1,942,942		93,863,528
Mortgage Real Estate Investment Trusts (REITs) — 4.8%
ACRES Commercial Realty Corp.
Series C, (3 mo. USD LIBOR + 5.927%), 8.63%(b)(c)(d)		377,037		8,268,421
Series D, 7.88%, NVS(b)		366,414		7,214,692

10 2 0 2 2    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) September 30, 2022 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
AGNC Investment Corp.
Series C, (3 mo. USD LIBOR + 5.111%), 7.00%, NVS(b)(d)		1,038,615	$	24,199,729
Series D, (3 mo. USD LIBOR + 4.332%), 6.88%, NVS(b)(d)		751,005		14,479,376
Series E, (3 mo. USD LIBOR + 4.993%), 6.50%, NVS(b)(d)		1,284,436		26,459,382
Series F, (3 mo. USD LIBOR + 4.697%), 6.13%, NVS(b)(d)		1,837,504		35,390,327
Series G, (5 year CMT + 4.390%), 7.75%, NVS(b)		479,781		9,451,686
Annaly Capital Management, Inc.
Series F, (3 mo. USD LIBOR + 4.993%), 8.67%, NVS(b)(c)(d)		2,300,890		54,830,209
Series G, (3 mo. USD LIBOR + 4.172%), 6.50%, NVS(b)(d)		1,358,139		28,819,710
Series I, (3 mo. USD LIBOR + 4.989%), 6.75%, NVS(b)(d)		1,414,066		30,755,935
Arbor Realty Trust, Inc.
Series D, 6.38%, NVS(b)		734,999		14,288,381
Series E, 6.25%, NVS(b)		459,399		8,659,671
Series F, (SOFR + 5.440%), 6.25%, NVS(b)(d)		890,785		18,626,314
ARMOUR Residential REIT, Inc., Series C, 7.00%(b)		536,081		10,083,684
Chimera Investment Corp.
Series A, 8.00%, NVS(b)		450,174		7,774,505
Series B, (3 mo. USD LIBOR + 5.791%), 8.00%, NVS(b)(d)		1,038,615		18,279,624
Series C, (3 mo. USD LIBOR + 4.743%), 7.75%, NVS(b)(d)		830,882		13,568,303
Series D, (3 mo. USD LIBOR + 5.379%), 8.00%, NVS(b)(d)		639,135		10,865,295
Dynex Capital, Inc., Series C, (3 mo. USD LIBOR + 5.461%), 6.90%, NVS(b)(d)		356,328		7,671,742
Ellington Financial, Inc.
(3 mo. USD LIBOR + 5.196%), 6.75%, NVS(b)(d)		357,891		6,442,038
Series B, (5 year CMT + 4.990%), 6.25%, NVS(b)(d)		377,170		6,306,282
Franklin BSP Realty Trust, Inc., Series E, 7.50%, NVS(b)(c)		825,208		15,117,811
Granite Point Mortgage Trust, Inc., Series A, (SOFR + 5.830%), 7.00%, NVS(b)(d)		646,687		13,101,879
Great Ajax Corp., 7.25%, NVS(a)(c)		361,388		8,622,718
Invesco Mortgage Capital, Inc.
Series B, (3 mo. USD LIBOR + 5.180%), 7.75%, NVS(b)(d)		350,729		5,983,437
Series C, (3 mo. USD LIBOR + 5.289%), 7.50%, NVS(b)(d)		624,443		9,560,222
KKR Real Estate Finance Trust, Inc., Series A, 6.50%, NVS(b)		1,047,414		20,822,590
MFA Financial, Inc.
Series B, 7.50%, NVS(b)		639,135		11,216,819
Series C, (3 mo. USD LIBOR + 5.345%), 6.50%, NVS(b)(d)		875,691		15,482,217
New York Mortgage Trust, Inc.
Series D, (3 mo. USD LIBOR + 5.695%), 8.00%, NVS(b)(d)		473,081		8,491,804
Series E, (3 mo. USD LIBOR + 6.429%), 7.88%, NVS(b)(d)		591,920		10,595,368
Series F, (SOFR + 6.130%), 6.88%, NVS(b)(d)		445,049		6,386,453

Security	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
PennyMac Mortgage Investment Trust
Series A, (3 mo. USD LIBOR + 5.831%), 8.13%, NVS(b)(d)		357,708	$	6,885,879
Series B, (3 mo. USD LIBOR + 5.990%), 8.00%, NVS(b)(d)		607,364		11,600,652
Series C, 6.75%, NVS(b)		798,897		13,101,911
Ready Capital Corp.
7.00%(a)		357,902		8,940,392
6.20%(c)		327,566		7,943,475
5.75%(c)		643,267		15,502,735
Series E, 6.50%, NVS(b)		349,939		6,281,405
Rithm Capital Corp.
Series A, (3 mo. USD LIBOR + 5.802%), 7.50%, NVS(b)(d)		480,127		9,237,643
Series B, (3 mo. USD LIBOR + 5.640%), 7.13%(b)(d)		902,803		17,044,921
Series C, (3 mo. USD LIBOR + 4.969%), 6.38%, NVS(b)(d)		1,286,286		22,445,691
Series D, (5 year CMT + 6.223%), 7.00%, NVS(b)(d)		1,485,996		28,650,003
TPG RE Finance Trust, Inc., Series C, 6.25%, NVS(b)(c)		643,122		11,158,167
Two Harbors Investment Corp.
Series A, (3 mo. USD LIBOR + 5.660%), 8.13%, NVS(b)(d)		447,809		8,060,562
Series B, (3 mo. USD LIBOR + 5.352%), 7.63%, NVS(b)(d)		918,799		16,207,614
Series C, (3 mo. USD LIBOR + 5.011%), 7.25%, NVS(b)(d)		942,741		16,601,669
				687,479,343
Multiline Retail — 0.2%
Dillard’s Capital Trust I, 7.50%		639,135		16,847,599
Franchise Group, Inc., Series A, 7.50%, NVS(b)		356,321		8,284,463
				25,132,062
Multi-Utilities — 3.9%
Algonquin Power & Utilities Corp.
7.75%(a)		1,837,512		69,586,580
(3 mo. USD LIBOR + 3.677%), 6.88%(d)		918,807		22,317,822
Series 19-A, (3 mo. USD LIBOR + 4.010%), 6.20%, NVS(d)		1,118,492		27,078,691
Brookfield Infrastructure Partners LP
Series 13, 5.13%, NVS(b)		639,679		10,740,210
Series 14, 5.00%, NVS(b)		639,679		9,902,231
CMS Energy Corp.
5.88%		2,013,272		46,687,778
5.88%, NVS		894,780		20,624,679
5.63%		639,135		15,307,283
Series C, 4.20%, NVS(b)		714,283		12,214,239
DTE Energy Co.
6.25%(a)		2,077,228		104,152,212
4.38%		894,780		16,293,944
Series E, 5.25%		1,278,254		29,144,191
Series G, 4.38%		735,007		12,972,874
NiSource, Inc.
7.75%(a)		689,100		69,316,569
Series B, (5 year CMT + 3.632%), 6.50%(b)(d)		1,597,873		39,435,506
Sempra Energy, 5.75%		2,420,705		57,225,466
				563,000,275
Oil, Gas & Consumable Fuels — 2.3%
Altera Infrastructure LP
Series A, 7.25%, NVS(b)(e)		463,501		301,276

S C H E D U L E    O F    I N V E S T  M E N T S 11

Schedule of Investments  (unaudited) (continued) September 30, 2022 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Altera Infrastructure LP
Series B, 8.50%, NVS(b)(e)		408,513	$	318,640
Series E, 8.88%, NVS(b)(d)(e)		409,152		278,223
DCP Midstream LP
Series B, (3 mo. USD LIBOR + 4.919%), 7.88%, NVS(b)(d)		514,589		12,175,176
Series C, (3 mo. USD LIBOR + 4.882%), 7.95%, NVS(b)(d)		351,517		7,873,981
El Paso Energy Capital Trust I, 4.75%(a)		352,002		16,146,332
Enbridge, Inc., Series B, (3 mo. USD LIBOR + 3.593%), 6.38%(d)		1,917,398		45,384,811
Energy Transfer LP
Series C, (3 mo. USD LIBOR + 4.530%), 7.38%, NVS(b)(d)		1,438,016		31,420,649
Series D, (3 mo. USD LIBOR + 4.738%), 7.63%, NVS(b)(d)		1,422,106		32,523,564
Series E, (3 mo. USD LIBOR + 5.161%), 7.60%, NVS(b)(d)		2,556,525		61,842,340
NGL Energy Partners LP, Series B, (3 mo. USD LIBOR + 7.213%), 11.30%, NVS(b)(d)		1,008,748		11,096,228
NuStar Energy LP
Series A, (3 mo. USD LIBOR + 6.776%), 10.25%, NVS(b)(d)		723,842		16,098,246
Series B, (3 mo. USD LIBOR + 5.643%), 9.13%, NVS(b)(d)		1,230,352		23,782,704
Series C, (3 mo. USD LIBOR + 6.880%), 9.00%, NVS(b)(d)		551,295		12,200,158
NuStar Logistics LP, (3 mo. USD LIBOR + 6.734%), 9.25%(d)		1,286,139		31,394,653
Seapeak LLC
9.00%, NVS(b)		401,998		10,013,770
Series B, (3 mo. USD LIBOR + 6.241%), 8.50%, NVS(b)(d)		543,263		12,793,844
				325,644,595
Pharmaceuticals — 0.1%
Elanco Animal Health, Inc., 5.00%(a)		878,843		18,376,607
Professional Services — 0.3%
Clarivate PLC, Series A, 5.25%(a)		1,148,423		48,968,757
Real Estate Management & Development — 1.0%
Brookfield Property Partners LP
Series A, 5.75%, NVS(b)		919,583		15,632,911
Series A-1, 6.50%, NVS(b)		588,416		11,162,251
Series A2, 6.38%, NVS(b)		799,577		14,776,183
Brookfield Property Preferred LP, 6.25%		2,144,645		40,319,326
DigitalBridge Group, Inc.
Series H, 7.13%, NVS(b)(c)		714,261		16,020,874
Series I, 7.15%, NVS(b)		1,102,505		24,652,012
Series J, 7.13%, NVS(b)		1,006,810		22,814,315
				145,377,872
Semiconductors & Semiconductor Equipment — 0.1%
PS Business Parks, Inc., Series Z, 4.88%, NVS(b)		1,038,607		14,176,986
Software — 0.1%
Synchronoss Technologies, Inc., 8.38%		403,897		8,877,656
Specialty Retail — 0.2%
TravelCenters of America, Inc.
8.25%		351,517		9,135,927
8.00%		383,869		9,804,014
8.00%(c)		319,611		8,191,630
				27,131,571

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 0.1%
Fossil Group, Inc., 7.00%		482,059	$	7,953,973
Thrifts & Mortgage Finance — 0.7%
Federal Agricultural Mortgage Corp.
Series D, 5.70%, NVS(b)		306,520		6,801,679
Series F, 5.25%, NVS(b)(c)		383,491		7,846,226
Series G, 4.88%, NVS(b)		392,886		7,527,696
Merchants Bancorp.
(5 year CMT + 4.340%), 8.25%, NVS(b)		415,835		10,458,250
Series B, (3 mo. USD LIBOR + 4.569%), 6.00%, NVS(b)(d)		389,621		8,953,491
Series C, 6.00%, NVS(b)		626,955		14,162,913
New York Community Bancorp., Inc., Series A., (3 mo. USD LIBOR + 3.821%), 6.38%, NVS(b)(d)		1,645,766		40,601,047
New York Community Capital Trust V, 6.00%, NVS(a)		231,684		10,330,789
				106,682,091
Trading Companies & Distributors — 1.1%
Air Lease Corp., Series A, (3 mo. USD LIBOR + 3.650%), 6.15%, NVS(b)(d)		798,881		17,870,968
Fortress Transportation and Infrastructure Investors LLC
Series A, (3 mo. USD LIBOR + 6.886%), 8.25%, NVS(b)(d)		333,919		6,114,057
Series B, (3 mo. USD LIBOR + 6.447%), 8.00%, NVS(b)(d)		386,951		7,348,199
Series C, (5 year CMT + 7.378%), 8.25%, NVS(b)(d)		335,529		6,542,815
Textainer Group Holdings Ltd.
(5 year CMT + 6.134%), 7.00%, NVS(b)(d)		479,373		10,833,830
Series B, 6.25%, NVS(b)		479,373		9,587,460
Triton International Ltd.
8.00%, NVS(b)		457,783		11,572,754
7.38%, NVS(b)		559,242		12,884,936
6.88%, NVS(b)		479,373		11,097,485
Series E, 5.75%, NVS(b)		559,250		12,057,430
WESCO International, Inc., Series A, (5 year CMT + 10.325%), 10.63%, NVS(b)(d)		1,726,563		46,530,873
				152,440,807
Transportation Infrastructure — 0.2%
Atlas Corp.
Series D, 7.95%(b)		412,286		8,893,009
Series H, 7.88%, NVS(b)		716,220		15,584,947
Series I, (3 mo. USD LIBOR + 5.008%), 8.00%(b)(d)		477,923		10,939,658
				35,417,614
Wireless Telecommunication Services — 1.1%
Telephone and Data Systems, Inc.
Series UU, 6.63%, NVS(b)		1,342,144		26,775,773
Series VV, 6.00%, NVS(b)		2,205,016		41,013,298
United States Cellular Corp.
6.25%		1,597,873		33,139,886
5.50%		1,597,865		29,560,502
5.50%		1,597,873		29,560,650
				160,050,109
Total Long-Term Investments — 98.7% (Cost: $16,991,866,028)				14,125,170,271

12 2 0 2 2    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) September 30, 2022 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities(f)(g)
Money Market Funds — 6.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(h)		430,809,315	$	430,938,557
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		551,310,315		551,310,315
Total Short-Term Securities — 6.9% (Cost: $982,150,664)				982,248,872
Total Investments — 105.6% (Cost: $17,974,016,692)				15,107,419,143
Liabilities in Excess of Other Assets — (5.6)%				(802,036,483	)
Net Assets — 100.0%			$	14,305,382,660

^(a)  Convertible security.

^(b)  Perpetual security with no stated maturity date.

^(c)  All or a portion of this security is on loan.

^(d)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(e)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period end.

^(h)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	275,720,624	$	155,081,969	(a)	$	—	$	(31,624	)	$	167,588	$	430,938,557		430,809,315	$	2,198,919	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		190,910,000		360,400,315	(a)		—		—			—		551,310,315		551,310,315		529,978			—
								$	(31,624	)	$	167,588	$	982,248,872			$	2,728,897		$	—

^(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.

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.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Preferred Securities
Preferred Stocks	$	13,939,097,361	$	185,174,771	$	898,139	$	14,125,170,271
Short-Term Securities
Money Market Funds		982,248,872		—		—		982,248,872
	$	14,921,346,233	$	185,174,771	$	898,139	$	15,107,419,143

See notes to financial statements.

S C H E D U L E    O F    I N V E S T  M E N T S 13

Statement of Assets and Liabilities (unaudited)

September 30, 2022

	iShares     Preferred and     Income Securities     ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	14,125,170,271
Investments, at value — affiliated(c)		982,248,872
Cash		8,476,391
Receivables:
Investments sold		72,823,666
Securities lending income — affiliated		416,021
Capital shares sold		15,875,543
Dividends — unaffiliated		48,485,655
Dividends — affiliated		114,422
Total assets		15,253,610,841
LIABILITIES
Collateral on securities loaned		430,851,081
Payables:
Investments purchased		467,357,729
Capital shares redeemed		44,415,302
Investment advisory fees		5,604,069
Total liabilities		948,228,181
NET ASSETS	$	14,305,382,660
NET ASSETS CONSIST OF:
Paid-in capital	$	18,732,350,196
Accumulated loss		(4,426,967,536	)
NET ASSETS	$	14,305,382,660
NET ASSET VALUE
Shares outstanding		450,550,000
Net asset value	$	31.75
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — unaffiliated	$	16,991,866,028
(b) Securities loaned, at value	$	417,965,243
(c) Investments, at cost — affiliated	$	982,150,664

See notes to financial statements.

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Statement of Operations (unaudited)

Six Months Ended September 30, 2022

	iShares     Preferred and     Income Securities     ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	483,441,435
Dividends — affiliated		529,978
Securities lending income — affiliated — net		2,198,919
Foreign taxes withheld		(719,787	)
Total investment income		485,450,545
EXPENSES
Investment advisory		36,144,619
Total expenses		36,144,619
Net investment income		449,305,926
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		167,913,767
Investments — affiliated		(31,624	)
In-kind redemptions — unaffiliated		(18,168,127	)
		149,714,016
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(2,402,813,921	)
Investments — affiliated		167,588
		(2,402,646,333	)
Net realized and unrealized loss		(2,252,932,317	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,803,626,391	)

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 15

Statements of Changes in Net Assets

	iShares Preferred and Income Securities ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	449,305,926		$	888,159,729
Net realized gain		149,714,016			122,946,775
Net change in unrealized appreciation (depreciation)		(2,402,646,333	)		(1,182,583,024	)
Net decrease in net assets resulting from operations		(1,803,626,391	)		(171,476,520	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(399,992,708	)		(853,841,960	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,202,746,224	)		372,726,191
NET ASSETS
Total decrease in net assets		(3,406,365,323	)		(652,592,289	)
Beginning of period		17,711,747,983			18,364,340,272
End of period	$	14,305,382,660		$	17,711,747,983

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Preferred and Income Securities ETF
		Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of period	$	36.39		$	38.27		$	31.50		$	36.47		$	37.54		$	38.73
Net investment income(a)		0.96			1.75			1.81			1.93			2.10			2.14
Net realized and unrealized gain (loss)(b)		(4.75	)		(1.94	)		6.78			(4.93	)		(1.02	)		(1.22	)
Net increase (decrease) from investment operations		(3.79	)		(0.19	)		8.59			(3.00	)		1.08			0.92
Distributions from net investment income(c)		(0.85	)		(1.69	)		(1.82	)		(1.97	)		(2.15	)		(2.11	)
Net asset value, end of period	$	31.75		$	36.39		$	38.27		$	31.50		$	36.47		$	37.54
Total Return(d)
Based on net asset value		(10.54	)%(e)		(0.67	)%		27.88	%		(8.90	)%		3.01	%		2.41	%
Ratios to Average Net Assets(f)
Total expenses		0.46	%(g)		0.45	%		0.46	%		0.46	%		0.46	%		0.47	%
Net investment income		5.69	%(g)		4.56	%		4.97	%		5.25	%		5.73	%		5.55	%
Supplemental Data
Net assets, end of period (000)	$	14,305,383		$	17,711,748		$	18,364,340		$	13,816,631		$	14,370,721		$	16,622,879
Portfolio turnover rate(h)		10	%		21	%		28	%		46	%		28	%		22	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares Trust (the “Trust” is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification Classification
Preferred and Income Securities	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the fund is informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividend are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of March 31, 2022, if any, are disclosed in the Statement of Assets and Liabilities.

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable tax laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains and losses to the Fund. Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Fund’s tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividend and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of the Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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Notes to Financial Statements  (unaudited) (continued)

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

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 the Fund has the ability to access;

• Level 2 - Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 - Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Global 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Fund is required to have a value of at least 102% of the current market value of the loaned securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in the Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statement of Assets and Liabilities.

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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Notes to Financial Statements  (unaudited) (continued)

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
Barclays Bank PLC	$	7,534,472	$	(7,534,472	)	$	—		$	—
Barclays Capital, Inc.		2,236,578		(2,236,578	)		—			—
BMO Capital Markets Corp.		14,795		(14,795	)		—			—
BNP Paribas SA		6,882,519		(6,882,519	)		—			—
BofA Securities, Inc.		13,895,471		(13,895,471	)		—			—
Citigroup Global Markets, Inc.		29,782,110		(29,782,110	)		—			—
Deutsche Bank Securities, Inc.		539,527		(539,527	)		—			—
Goldman Sachs & Co. LLC		238,349,860		(238,349,860	)		—			—
J.P. Morgan Securities LLC		76,199,144		(76,199,144	)		—			—
Mizuho Securities USA LLC		6,210		(6,210	)		—			—
Morgan Stanley		4,469,962		(4,469,962	)		—			—
National Financial Services LLC		11,052,672		(11,052,672	)		—			—
Toronto-Dominion Bank		9,618,398		(9,618,398	)		—			—
UBS Securities LLC		255,873		(255,873	)		—			—
Wells Fargo Bank N.A.		9,647,276		(9,647,276	)		—			—
Wells Fargo Securities LLC		7,480,376		(7,480,376	)		—			—
	$	417,965,243	$	(417,965,243	)	$	—		$	—

^(a) Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s Statement of Assets and Liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $46 billion		0.4800	%
Over $46 billion, up to and including $81 billion		0.4560
Over $81 billion, up to and including $111 billion		0.4332
Over $111 billion, up to and including $141 billion		0.4116
Over $141 billion, up to and including $171 billion		0.3910
Over $171 billion		0.3714

Distributor: BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

ETF Servicing Fees: The Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Fund does not pay BRIL for ETF Services.

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The

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Notes to Financial Statements  (unaudited) (continued)

money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded fund (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income - affiliated - net in its Statement of Operations. For the six months ended September 30, 2022, the Fund paid BTC $57,7621 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.

The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends - affiliated in the Statement of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

6. PURCHASES AND SALES

For the six months ended September 30, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases			Sales
Preferred and Income Securities		$	1,501,112,700		$	1,498,372,603

For the six months ended September 30, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases			In-kind Sales
Preferred and Income Securities		$	378,705,994		$	1,568,741,050

7. INCOME TAX INFORMATION

The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Fund as of September 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

As of March 31, 2022, the Fund had non-expiring capital loss carryforwards of $1,784,643,780 available to offset future realized capital gains.

As of September 30, 2022, 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:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Preferred and Income Securities	$	18,002,280,874	$	91,908,710	$	(2,986,770,441	)	$	(2,894,861,731	)

8. PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war,

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Notes to Financial Statements  (unaudited) (continued)

acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve the Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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 the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Schedule of Investments.

The Fund invests a significant portion of its assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

9. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable.

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Notes to Financial Statements  (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 09/30/22						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
Preferred and Income Securities
Shares sold		8,400,000		$	288,670,409			85,800,000		$	3,332,513,336
Shares redeemed		(44,600,000	)		(1,491,416,633	)		(78,850,000	)		(2,959,787,145	)
		(36,200,000	)	$	(1,202,746,224	)		6,950,000		$	372,726,191

The consideration of 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 shared sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statement of Assets and Liabilities.

10. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S    T O    F I N A N C I A L     S T A T E M E N T S 23

Board Review and Approval of Investment Advisory Contract

iShares Preferred and Income Securities ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided by BlackRock: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by

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Board Review and Approval of Investment Advisory Contract

numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

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.

September 30, 2022

	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
Preferred and Income Securities(a)	$	0.766126	$	—	$	0.086291	$	0.852417		90	%		—	%		10	%		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.

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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.

GENERAL    INFORMATION 27

Glossary of Terms Used in this Report

Portfolio Abbreviation
CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
LP	Limited Partnership
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate

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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 ICE Data Indices, LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 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.

iS-SAR-309-0922

SEPTEMBER 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

·  iShares Core S&P Mid-Cap ETF | IJH | NYSE Arca

·  iShares Core S&P Small-Cap ETF | IJR | NYSE Arca

·  iShares Core S&P U.S. Growth ETF | IUSG | NASDAQ

·  iShares Core S&P U.S. Value ETF | IUSV | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is proving more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of September 30, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(20.20)%	(15.47)%
U.S. small cap equities (Russell 2000® Index)	(19.01)	(23.50)
International equities (MSCI Europe, Australasia, Far East Index)	(22.51)	(25.13)
Emerging market equities (MSCI Emerging Markets Index)	(21.70)	(28.11)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.58	0.63
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(10.81)	(16.20)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(9.22)	(14.60)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(6.30)	(11.50)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(10.42)	(14.15)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review	2
Semi-Annual Report:
Fund Summary	4
About Fund Performance	8
Disclosure of Expenses	8
Schedules of Investments	9
Financial Statements:
Statements of Assets and Liabilities	60
Statements of Operations	61
Statements of Changes in Net Assets	62
Financial Highlights	64
Notes to Financial Statements	68
Board Review and Approval of Investment Advisory Contract	77
Supplemental Information	81
General Information	82
Glossary of Terms Used in this Report	83

3

Fund Summary as of September 30, 2022 iShares^® Core S&P Mid-Cap ETF

Investment Objective

The iShares Core S&P Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities, as represented by the S&P MidCap 400^® (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

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(17.50	)%		(15.28	)%		5.76	%		9.97	%		(15.28	)%		32.33	%		158.66	%
Fund Market		(17.52	)		(15.31	)		5.76			9.97			(15.31	)		32.32			158.77
Index		(17.50	)		(15.25	)		5.82			10.04			(15.25	)		32.68			160.30

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

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/22)	Ending         Account Value (09/30/22)	Expenses       Paid During the Period	(a)		Beginning Account Value (04/01/22)	Ending         Account Value (09/30/22)	Expenses       Paid During the Period	(a)	Annualized     Expense     Ratio
$	1,000.00	$          825.00	$         0.23			$       1,000.00	$        1,024.82	$         0.25		0.05%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Industrials	19.0%
Financials	15.7
Consumer Discretionary	13.6
Information Technology	12.7
Health Care	10.4
Real Estate	8.2
Materials	6.6
Consumer Staples	4.0
Energy	4.0
Utilities	4.0
Communication Services	1.8

TEN LARGEST HOLDINGS
Security	Percent of    Total Investments(a)
Carlisle Cos., Inc.	0.8%
Targa Resources Corp.	0.7
First Solar, Inc.	0.7
Wolfspeed, Inc.	0.7
Steel Dynamics, Inc.	0.7
First Horizon Corp.	0.7
Hubbell, Inc.	0.6
Alleghany Corp.	0.6
RPM International, Inc.	0.6
Darling Ingredients, Inc.	0.6

^(a)  Excludes money market funds.

4 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of September 30, 2022 iShares^® Core S&P Small-Cap ETF

Investment Objective

The iShares Core S&P Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities, as represented by the S&P SmallCap 600^® (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

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(18.63	)%		(18.93	)%		4.80	%		10.05	%		(18.93	)%		26.44	%		160.66	%
Fund Market		(18.51	)		(18.83	)		4.81			10.07			(18.83	)		26.50			161.04
Index		(18.58	)		(18.83	)		4.84			10.09			(18.83	)		26.68			161.50

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

Actual						Hypothetical 5% Return
	Beginning Account Value (04/01/22)	Ending         Account Value (09/30/22	)	Expenses       Paid During the Period	(a)		Beginning Account Value (04/01/22	)	Ending         Account Value (09/30/22	)	Expenses       Paid During the Period	(a)	Annualized     Expense     Ratio
$	1,000.00	$          813.70		$         0.27			$       1,000.00		$        1,024.77		$         0.30		0.06%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Financials	18.3%
Industrials	16.3
Health Care	12.9
Consumer Discretionary	12.8
Information Technology	12.6
Real Estate	7.5
Materials	5.5
Consumer Staples	5.1
Energy	4.6
Utilities	2.3
Communication Services	2.1

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Livent Corp.	0.7%
Agree Realty Corp.	0.7
Lantheus Holdings, Inc.	0.6
SM Energy Co.	0.6
AMN Healthcare Services, Inc.	0.6
Cytokinetics, Inc.	0.6
Rogers Corp.	0.6
Exponent, Inc.	0.6
SPS Commerce, Inc.	0.6
UFP Industries, Inc.	0.6

^(a)  Excludes money market funds.

FUND   SUMMARY 5

Fund Summary as of September 30, 2022 iShares^® Core S&P U.S. Growth ETF

Investment Objective

The iShares Core S&P U.S. Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the S&P 900 Growth Index™ (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(23.57	)%		(21.01	)%		11.00	%		12.87	%		(21.01	)%		68.51	%		235.62	%
Fund Market		(23.74	)		(21.04	)		10.99			12.87			(21.04	)		68.46			235.69
Index		(23.55	)		(20.99	)		11.07			12.96			(20.99	)		69.02			238.26

Index performance through January 22, 2017 reflects the performance of the Russell 3000^® Growth Index. Index performance beginning on January 23, 2017 reflects the performance of the S&P 900 Growth Index^TM.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/22)	Ending         Account Value (09/30/22)	Expenses       Paid During the Period	(a)		Beginning Account Value (04/01/22)	Ending         Account Value (09/30/22)	Expenses       Paid During the Period	(a)	Annualized     Expense     Ratio
$	1,000.00	$          764.30	$         0.18			$       1,000.00	$        1,024.87	$         0.20		0.04%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Information Technology	41.2%
Consumer Discretionary	17.2
Health Care	12.4
Communication Services	10.0
Financials	7.2
Industrials	4.4
Real Estate	2.5
Consumer Staples	1.9
Materials	1.7
Energy	1.4
Utilities	0.1

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Apple, Inc.	13.4%
Microsoft Corp.	11.2
Amazon.com, Inc.	6.5
Tesla, Inc.	4.6
Alphabet, Inc., Class A	3.7
Alphabet, Inc., Class C, NVS	3.3
Meta Platforms, Inc., Class A	2.0
NVIDIA Corp.	2.0
Eli Lilly & Co.	1.7
Home Depot, Inc.	1.4

^(a)  Excludes money market funds.

6 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of September 30, 2022 iShares^® Core S&P U.S. Value ETF

Investment Objective

The iShares Core S&P U.S.Value ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P 900 Value Index™ (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(16.49	)%		(9.78	)%		6.11	%		9.60	%		(9.78	)%		34.54	%		150.08	%
Fund Market		(16.52	)		(9.74	)		6.12			9.61			(9.74	)		34.61			150.31
Index		(16.46	)		(9.71	)		6.13			9.67			(9.71	)		34.62			151.62

Index performance through January 22, 2017 reflects the performance of the Russell 3000^® Value Index. Index performance beginning on January 23, 2017 reflects the performance of the S&P 900 Value Index^TM.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/22)	Ending         Account Value (09/30/22)	Expenses       Paid During the Period	(a)		Beginning Account Value (04/01/22)	Ending         Account Value (09/30/22)	Expenses       Paid During the Period	(a)	Annualized     Expense     Ratio
$	1,000.00	$          835.10	$         0.18			$       1,000.00	$        1,024.87	$         0.20		0.04%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Health Care	17.1%
Financials	15.2
Industrials	12.4
Consumer Staples	11.3
Information Technology	10.8
Energy	7.5
Consumer Discretionary	6.7
Utilities	6.1
Communication Services	5.5
Materials	3.8
Real Estate	3.6

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Berkshire Hathaway, Inc., Class B	2.9%
Johnson & Johnson	2.6
Exxon Mobil Corp.	2.2
Procter & Gamble Co.	1.8
UnitedHealth Group, Inc.	1.7
Chevron Corp.	1.6
Merck & Co., Inc.	1.3
Coca-Cola Co.	1.3
Walmart, Inc.	1.1
Walt Disney Co.	1.1

^(a)  Excludes money market funds.

FUND   SUMMARY 7

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

8 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) September 30, 2022 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.3%
Axon Enterprise, Inc.(a)(b)		1,964,792	$	227,424,674
Curtiss-Wright Corp.(b)		1,115,980		155,299,777
Hexcel Corp.(b)		2,453,248		126,881,986
Mercury Systems, Inc.(a)(b)		1,678,152		68,132,971
Woodward, Inc.(b)		1,754,988		140,855,337
				718,594,745
Air Freight & Logistics — 0.2%
GXO Logistics, Inc.(a)(b)		3,459,980		121,306,899
Airlines — 0.1%
JetBlue Airways Corp.(a)		9,442,163		62,601,541
Auto Components — 1.4%
Adient PLC(a)(b)		2,761,474		76,630,903
Dana, Inc.		3,695,699		42,241,840
Fox Factory Holding Corp.(a)(b)		1,232,172		97,440,162
Gentex Corp.		6,836,296		162,977,297
Goodyear Tire & Rubber Co.(a)(b)		8,243,991		83,181,869
Lear Corp.(b)		1,727,495		206,763,876
Visteon Corp.(a)(b)		819,811		86,949,155
				756,185,102
Automobiles — 0.4%
Harley-Davidson, Inc.(b)		3,879,797		135,327,319
Thor Industries, Inc.		1,583,107		110,785,828
				246,113,147
Banks — 7.5%
Associated Banc-Corp.		4,384,373		88,038,210
Bank of Hawaii Corp.		1,170,950		89,132,714
Bank OZK		3,243,956		128,330,899
Cadence Bank(b)		4,482,419		113,898,267
Cathay General Bancorp		2,168,360		83,395,126
Commerce Bancshares, Inc.(b)		3,173,843		209,981,453
Cullen/Frost Bankers, Inc.(b)		1,866,402		246,775,672
East West Bancorp, Inc.		4,101,489		275,373,972
First Financial Bankshares, Inc.(b)		3,781,206		158,167,847
First Horizon Corp.(b)		15,618,304		357,659,162
FNB Corp.		10,230,922		118,678,695
Fulton Financial Corp.		4,870,869		76,959,730
Glacier Bancorp, Inc.		3,219,896		158,193,491
Hancock Whitney Corp.		2,500,320		114,539,659
Home BancShares, Inc.		5,563,012		125,223,400
International Bancshares Corp.		1,538,472		65,385,060
Old National Bancorp		8,510,060		140,160,688
PacWest Bancorp		3,429,482		77,506,293
Pinnacle Financial Partners, Inc.		2,222,224		180,222,366
Prosperity Bancshares, Inc.		2,652,338		176,857,898
Synovus Financial Corp.		4,225,550		158,500,381
Texas Capital Bancshares, Inc.(a)		1,453,449		85,797,095
UMB Financial Corp.		1,265,374		106,658,374
Umpqua Holdings Corp.		6,331,358		108,202,908
United Bankshares, Inc.		3,910,258		139,791,724
Valley National Bancorp		12,207,950		131,845,860
Washington Federal, Inc.		1,897,036		56,873,139
Webster Financial Corp.		5,116,797		231,279,224
Wintrust Financial Corp.		1,771,666		144,479,362
				4,147,908,669
Beverages — 0.5%
Boston Beer Co., Inc., Class A, NVS(a)(b)		276,800		89,586,320

Security	Shares		Value
Beverages (continued)
Celsius Holdings, Inc.(a)(b)		1,169,183	$	106,021,514
Coca-Cola Consolidated, Inc.(b)		134,546		55,396,625
				251,004,459
Biotechnology — 1.8%
Arrowhead Pharmaceuticals, Inc.(a)(b)		3,085,592		101,978,816
Exelixis, Inc.(a)(b)		9,352,934		146,654,005
Halozyme Therapeutics, Inc.(a)(b)		4,004,974		158,356,672
Neurocrine Biosciences, Inc.(a)(b)		2,783,616		295,647,855
United Therapeutics Corp.(a)(b)		1,324,765		277,379,296
				980,016,644
Building Products — 2.5%
Builders FirstSource, Inc.(a)(b)		4,542,640		267,652,349
Carlisle Cos., Inc.(b)		1,505,452		422,143,795
Lennox International, Inc.(b)		938,052		208,876,039
Owens Corning		2,800,302		220,131,740
Simpson Manufacturing Co., Inc.		1,258,587		98,673,221
Trex Co., Inc.(a)(b)		3,216,357		141,326,727
				1,358,803,871
Capital Markets — 1.9%
Affiliated Managers Group, Inc.(b)		1,110,159		124,171,284
Evercore, Inc., Class A		1,049,367		86,310,436
Federated Hermes, Inc.		2,466,383		81,686,605
Interactive Brokers Group, Inc., Class A(b)		2,991,293		191,173,536
Janus Henderson Group PLC		3,857,250		78,340,747
Jefferies Financial Group, Inc.		5,405,505		159,462,397
SEI Investments Co.(b)		2,992,639		146,788,943
Stifel Financial Corp.(b)		3,085,735		160,180,504
				1,028,114,452
Chemicals — 2.4%
Ashland, Inc.(b)		1,446,982		137,419,880
Avient Corp.		2,490,290		75,455,787
Cabot Corp.(b)		1,642,229		104,922,011
Chemours Co.		4,525,354		111,549,976
Ingevity Corp.(a)(b)		1,039,727		63,038,648
NewMarket Corp.		200,708		60,378,988
Olin Corp.(b)		3,924,392		168,277,929
RPM International, Inc.		3,754,871		312,818,303
Scotts Miracle-Gro Co., Class A		1,173,883		50,183,498
Sensient Technologies Corp.		1,224,808		84,928,187
Valvoline, Inc.		5,163,661		130,847,170
				1,299,820,377
Commercial Services & Supplies — 1.5%
Brink’s Co.		1,373,814		66,547,550
Clean Harbors, Inc.(a)(b)		1,462,673		160,864,777
IAA, Inc.(a)(b)		3,901,397		124,259,494
MillerKnoll, Inc.		2,219,777		34,628,521
MSA Safety, Inc.		1,067,788		116,687,873
Stericycle, Inc.(a)(b)		2,688,859		113,227,853
Tetra Tech, Inc.(b)		1,550,931		199,341,161
				815,557,229
Communications Equipment — 0.9%
Calix, Inc.(a)(b)		1,654,677		101,166,952
Ciena Corp.(a)(b)		4,353,485		176,011,399
Lumentum Holdings, Inc.(a)(b)		2,004,769		137,467,010
Viasat, Inc.(a)(b)		2,197,091		66,418,061
				481,063,422
Construction & Engineering — 1.9%
AECOM		4,064,580		277,895,335
Dycom Industries, Inc.(a)(b)		861,093		82,260,214

SCHEDULES   OF   INVESTMENTS 9

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
EMCOR Group, Inc.(b)		1,434,660	$	165,674,537
Fluor Corp.(a)(b)		4,143,946		103,142,816
MasTec, Inc.(a)(b)		1,666,903		105,848,340
MDU Resources Group, Inc.		5,911,543		161,680,701
Valmont Industries, Inc.(b)		620,703		166,733,240
				1,063,235,183
Construction Materials — 0.2%
Eagle Materials, Inc.		1,093,986		117,253,419
Consumer Finance — 0.5%
Bread Financial Holdings, Inc.		1,428,490		44,926,010
FirstCash Holdings, Inc.		1,109,934		81,413,659
Navient Corp.		3,245,053		47,669,829
SLM Corp.		7,292,688		102,024,705
				276,034,203
Containers & Packaging — 0.9%
AptarGroup, Inc.(b)		1,900,108		180,567,263
Greif, Inc., Class A, NVS		778,634		46,383,228
Silgan Holdings, Inc.(b)		2,429,680		102,143,747
Sonoco Products Co.		2,834,404		160,795,739
				489,889,977
Diversified Consumer Services — 1.1%
Graham Holdings Co., Class B		112,696		60,628,194
Grand Canyon Education, Inc.(a)(b)		930,074		76,498,587
H&R Block, Inc.		4,642,750		197,502,585
Service Corp. International(b)		4,589,211		264,981,043
				599,610,409
Diversified Financial Services — 0.3%
Voya Financial, Inc.		2,847,105		172,249,853
Diversified Telecommunication Services — 0.6%
Frontier Communications Parent, Inc.(a)		6,485,159		151,947,275
Iridium Communications, Inc.(a)(b)		3,691,346		163,785,022
				315,732,297
Electric Utilities — 1.4%
ALLETE, Inc.		1,663,386		83,252,469
Hawaiian Electric Industries, Inc.		3,193,186		110,675,827
IDACORP, Inc.		1,469,406		145,485,888
OGE Energy Corp.		5,825,347		212,392,152
PNM Resources, Inc.		2,503,799		114,498,728
Portland General Electric Co.		2,591,317		112,618,637
				778,923,701
Electrical Equipment — 2.3%
Acuity Brands, Inc.(b)		954,236		150,263,543
EnerSys(b)		1,182,836		68,805,570
Hubbell, Inc.		1,562,327		348,398,921
nVent Electric PLC		4,838,597		152,948,051
Regal Rexnord Corp.(b)		1,934,879		271,579,617
SunPower Corp.(a)(b)		2,478,635		57,107,750
Sunrun, Inc.(a)(b)		6,168,871		170,199,151
Vicor Corp.(a)(b)		652,016		38,560,226
				1,257,862,829
Electronic Equipment, Instruments & Components — 3.0%
Arrow Electronics, Inc.(a)(b)		1,865,907		172,017,966
Avnet, Inc.		2,760,457		99,707,707
Belden, Inc.(b)		1,266,951		76,042,399
Cognex Corp.(b)		5,045,004		209,115,416
Coherent Corp.(a)(b)		3,765,730		131,235,691
IPG Photonics Corp.(a)(b)		965,094		81,405,679
Jabil, Inc.(b)		4,003,090		231,018,324

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Littelfuse, Inc.(b)		722,099	$	143,473,850
National Instruments Corp.(b)		3,859,628		145,662,361
Novanta, Inc.(a)(b)		1,035,076		119,706,539
TD SYNNEX Corp.		1,223,538		99,339,050
Vishay Intertechnology, Inc.		3,800,783		67,615,930
Vontier Corp.(b)		4,599,909		76,864,479
				1,653,205,391
Energy Equipment & Services — 0.5%
ChampionX Corp.		5,919,522		115,845,046
NOV, Inc.(b)		11,420,875		184,789,757
				300,634,803
Entertainment — 0.2%
World Wrestling Entertainment, Inc., Class A(b)		1,259,673		88,391,254
Equity Real Estate Investment Trusts (REITs) — 7.7%
Apartment Income REIT Corp.		4,483,041		173,135,043
Brixmor Property Group, Inc.		8,711,300		160,897,711
Corporate Office Properties Trust(b)		3,265,963		75,868,321
Cousins Properties, Inc.		4,393,635		102,591,377
Douglas Emmett, Inc.		5,125,227		91,895,320
EastGroup Properties, Inc.		1,266,909		182,865,645
EPR Properties		2,184,998		78,354,028
First Industrial Realty Trust, Inc.		3,840,111		172,075,374
Healthcare Realty Trust, Inc.		11,074,181		230,896,674
Highwoods Properties, Inc.		3,064,142		82,609,268
Independence Realty Trust, Inc.(b)		6,470,535		108,252,051
JBG SMITH Properties		2,889,064		53,678,809
Kilroy Realty Corp.(b)		3,068,216		129,202,576
Kite Realty Group Trust(b)		6,391,538		110,062,284
Lamar Advertising Co., Class A		2,534,554		209,075,359
Life Storage, Inc.		2,456,070		272,034,313
Macerich Co.		6,253,434		49,652,266
Medical Properties Trust, Inc.		17,425,832		206,670,368
National Retail Properties, Inc.		5,152,678		205,385,745
National Storage Affiliates Trust		2,478,636		103,061,685
Omega Healthcare Investors, Inc.		6,810,000		200,826,900
Park Hotels & Resorts, Inc.		6,546,419		73,712,678
Pebblebrook Hotel Trust(b)		3,841,212		55,735,986
Physicians Realty Trust		6,587,187		99,071,292
PotlatchDeltic Corp.		2,349,546		96,425,368
Rayonier, Inc.(b)		4,271,115		128,005,317
Rexford Industrial Realty, Inc.		4,978,989		258,907,428
Sabra Health Care REIT, Inc.		6,730,581		88,305,223
SL Green Realty Corp.		1,871,822		75,172,372
Spirit Realty Capital, Inc.		3,977,094		143,811,719
STORE Capital Corp.		7,733,295		242,284,132
				4,260,522,632
Food & Staples Retailing — 1.6%
BJ’s Wholesale Club Holdings, Inc.(a)(b)		3,934,537		286,473,639
Casey’s General Stores, Inc.		1,083,825		219,496,239
Grocery Outlet Holding Corp.(a)(b)		2,567,292		85,465,151
Performance Food Group Co.(a)(b)		4,508,731		193,649,996
Sprouts Farmers Market, Inc.(a)(b)		3,129,996		86,857,389
				871,942,414
Food Products — 1.5%
Darling Ingredients, Inc.(a)(b)		4,667,705		308,768,685
Flowers Foods, Inc.		5,606,249		138,418,288
Ingredion, Inc.		1,904,415		153,343,496
Lancaster Colony Corp.		577,564		86,796,318

10 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Pilgrim’s Pride Corp.(a)(b)		1,331,821	$	30,658,519
Post Holdings, Inc.(a)(b)		1,586,247		129,929,492
				847,914,798
Gas Utilities — 1.5%
National Fuel Gas Co.		2,659,398		163,685,947
New Jersey Resources Corp.		2,806,964		108,629,507
ONE Gas, Inc.		1,571,762		110,636,327
Southwest Gas Holdings, Inc.		1,798,217		125,425,636
Spire, Inc.		1,522,641		94,906,213
UGI Corp.		6,090,815		196,916,049
				800,199,679
Health Care Equipment & Supplies — 3.8%
Enovis Corp.(a)(b)		1,383,996		63,760,696
Envista Holdings Corp.(a)(b)		4,749,391		155,827,519
Globus Medical, Inc., Class A(a)(b)		2,237,707		133,300,206
Haemonetics Corp.(a)(b)		1,489,322		110,254,508
ICU Medical, Inc.(a)(b)		584,896		88,085,338
Inari Medical, Inc.(a)(b)		1,400,240		101,713,434
Integra LifeSciences Holdings Corp.(a)(b)		2,117,038		89,677,730
LivaNova PLC(a)(b)		1,561,921		79,298,729
Masimo Corp.(a)(b)		1,405,794		198,441,881
Neogen Corp.(a)(b)		6,298,595		87,991,372
NuVasive, Inc.(a)(b)		1,518,617		66,530,611
Omnicell, Inc.(a)(b)		1,291,913		112,435,188
Penumbra, Inc.(a)(b)		1,102,267		208,989,823
QuidelOrtho Corp.(a)(b)		1,581,930		113,076,356
Shockwave Medical, Inc.(a)(b)		1,045,676		290,771,125
STAAR Surgical Co.(a)(b)		1,400,506		98,805,698
Tandem Diabetes Care, Inc.(a)(b)		1,870,487		89,502,803
				2,088,463,017
Health Care Providers & Services — 2.6%
Acadia Healthcare Co., Inc.(a)(b)		2,642,783		206,612,775
Amedisys, Inc.(a)(b)		945,994		91,562,759
Chemed Corp.(b)		433,509		189,252,689
Encompass Health Corp.(b)		2,910,497		131,641,779
HealthEquity, Inc.(a)(b)		2,452,993		164,767,540
LHC Group, Inc.(a)(b)		901,641		147,562,566
Option Care Health, Inc.(a)(b)		4,509,136		141,902,510
Patterson Cos., Inc.		2,513,441		60,372,853
Progyny, Inc.(a)(b)		2,171,596		80,479,348
R1 RCM, Inc.(a)(b)		3,995,608		74,038,616
Tenet Healthcare Corp.(a)(b)		3,136,425		161,776,802
				1,449,970,237
Hotels, Restaurants & Leisure — 2.7%
Boyd Gaming Corp.		2,358,095		112,363,227
Choice Hotels International, Inc.		845,129		92,558,528
Churchill Downs, Inc.(b)		964,694		177,648,400
Cracker Barrel Old Country Store, Inc.		662,677		61,350,637
Light & Wonder, Inc.(a)(b)		2,739,117		117,453,337
Marriott Vacations Worldwide Corp.(b)		1,145,972		139,648,148
Papa John’s International, Inc.(b)		937,692		65,647,817
Penn Entertainment, Inc.(a)(b)		4,625,267		127,241,095
Texas Roadhouse, Inc.		1,943,791		169,615,203
Travel + Leisure Co.		2,439,769		83,244,918
Wendy’s Co.		4,962,082		92,741,312
Wingstop, Inc.(b)		872,592		109,440,489
Wyndham Hotels & Resorts, Inc.		2,625,877		161,097,554
				1,510,050,665
Household Durables — 1.3%
Helen of Troy Ltd.(a)(b)		695,517		67,075,659

Security	Shares		Value
Household Durables (continued)
KB Home		2,456,418	$	63,670,355
Leggett & Platt, Inc.		3,852,205		127,970,250
Taylor Morrison Home Corp.(a)(b)		3,308,239		77,148,133
Tempur Sealy International, Inc.(b)		5,022,912		121,253,096
Toll Brothers, Inc.		3,119,107		131,002,494
TopBuild Corp.(a)(b)		941,133		155,079,896
				743,199,883
Household Products — 0.1%
Energizer Holdings, Inc.		1,930,482		48,532,317
Independent Power and Renewable Electricity Producers — 0.2%
Ormat Technologies, Inc.(b)		1,305,254		112,512,895
Insurance — 4.4%
Alleghany Corp.(a)(b)		391,615		328,709,883
American Financial Group, Inc.		2,032,430		249,846,620
Brighthouse Financial, Inc.(a)(b)		2,093,672		90,907,238
CNO Financial Group, Inc.		3,323,525		59,723,744
First American Financial Corp.		3,026,241		139,509,710
Hanover Insurance Group, Inc.(b)		1,039,445		133,194,482
Kemper Corp.(b)		1,859,534		76,724,373
Kinsale Capital Group, Inc.(b)		628,009		160,406,059
Old Republic International Corp.		8,353,997		174,849,157
Primerica, Inc.(b)		1,092,484		134,867,150
Reinsurance Group of America, Inc.		1,950,078		245,339,313
RenaissanceRe Holdings Ltd.(b)		1,270,794		178,406,770
RLI Corp.		1,174,021		120,196,270
Selective Insurance Group, Inc.(b)		1,759,798		143,247,557
Unum Group		5,469,466		212,215,281
				2,448,143,607
Interactive Media & Services — 0.3%
TripAdvisor, Inc.(a)(b)		3,029,223		66,885,244
Ziff Davis, Inc.(a)(b)		1,375,764		94,212,319
				161,097,563
IT Services — 2.0%
Concentrix Corp.(b)		1,244,895		138,967,629
Euronet Worldwide, Inc.(a)(b)		1,373,952		104,090,603
ExlService Holdings, Inc.(a)		961,790		141,729,374
Genpact Ltd.(b)		4,911,321		214,968,520
Kyndryl Holdings, Inc.(a)(b)		5,920,851		48,965,438
Maximus, Inc.		1,765,695		102,180,770
Sabre Corp.(a)(b)		9,513,038		48,992,146
Western Union Co.		11,211,006		151,348,581
WEX, Inc.(a)(b)		1,284,217		163,018,506
				1,114,261,567
Leisure Products — 1.2%
Brunswick Corp.		2,169,349		141,983,892
Mattel, Inc.(a)(b)		10,275,483		194,617,648
Polaris, Inc.(b)		1,627,576		155,677,645
Topgolf Callaway Brands Corp.(a)(b)		4,035,340		77,720,648
YETI Holdings, Inc.(a)(b)		2,509,200		71,562,384
				641,562,217
Life Sciences Tools & Services — 1.5%
Azenta, Inc.		2,187,310		93,748,107
Bruker Corp.(b)		2,927,463		155,331,187
Medpace Holdings, Inc.(a)(b)		732,429		115,115,866
Repligen Corp.(a)(b)		1,502,039		281,046,517
Sotera Health Co.(a)(b)		2,921,620		19,925,448
Syneos Health, Inc.(a)		2,982,589		140,629,071
				805,796,196

SCHEDULES   OF   INVESTMENTS 11

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery — 4.3%
AGCO Corp.		1,805,055	$	173,592,139
Chart Industries, Inc.(a)(b)		1,043,135		192,301,937
Crane Holdings Co.		1,384,480		121,197,379
Donaldson Co., Inc.(b)		3,593,000		176,092,930
Esab Corp.		1,327,860		44,297,409
Flowserve Corp.(b)		3,809,908		92,580,764
Graco, Inc.(b)		4,922,201		295,085,950
ITT, Inc.(b)		2,404,064		157,081,542
Kennametal, Inc.		2,358,915		48,546,471
Lincoln Electric Holdings, Inc.(b)		1,685,068		211,846,749
Middleby Corp.(a)(b)		1,567,422		200,896,478
Oshkosh Corp.		1,906,904		134,036,282
Terex Corp.		1,969,478		58,572,276
Timken Co.		1,949,620		115,105,565
Toro Co.		3,043,594		263,210,009
Watts Water Technologies, Inc., Class A(b)		796,068		100,089,630
				2,384,533,510
Marine — 0.2%
Kirby Corp.(a)(b)		1,747,248		106,180,261
Media — 0.8%
Cable One, Inc.(b)		142,333		121,417,166
John Wiley & Sons, Inc., Class A		1,246,028		46,800,812
New York Times Co., Class A(b)		4,807,375		138,212,031
TEGNA, Inc.		6,481,802		134,043,665
				440,473,674
Metals & Mining — 2.9%
Alcoa Corp.		5,232,359		176,121,204
Cleveland-Cliffs, Inc.(a)(b)		15,049,134		202,711,835
Commercial Metals Co.		3,499,513		124,162,721
MP Materials Corp.(a)(b)		2,688,139		73,386,195
Reliance Steel & Aluminum Co.		1,754,883		306,069,144
Royal Gold, Inc.(b)		1,908,597		179,064,571
Steel Dynamics, Inc.(b)		5,049,233		358,243,081
United States Steel Corp.(b)		6,919,873		125,388,099
Worthington Industries, Inc.		885,822		33,785,251
				1,578,932,101
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
Annaly Capital Management, Inc.		12,546,707		215,301,492
Multiline Retail — 0.6%
Kohl’s Corp.		3,745,566		94,200,985
Macy’s, Inc.		7,868,075		123,292,735
Nordstrom, Inc.(b)		3,270,437		54,714,411
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		1,694,533		87,437,903
				359,646,034
Multi-Utilities — 0.4%
Black Hills Corp.		1,898,379		128,577,210
NorthWestern Corp.		1,635,709		80,607,739
				209,184,949
Oil, Gas & Consumable Fuels — 3.4%
Antero Midstream Corp.		9,761,599		89,611,479
CNX Resources Corp.(a)(b)		5,514,099		85,633,957
DT Midstream, Inc.		2,811,069		145,866,370
Equitrans Midstream Corp.		12,549,804		93,872,534
HF Sinclair Corp.		4,227,547		227,611,130
Matador Resources Co.(b)		3,261,663		159,560,554
Murphy Oil Corp.		4,262,468		149,911,000
PDC Energy, Inc.		2,808,124		162,281,486
Range Resources Corp.(b)		7,205,125		182,001,458

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Southwestern Energy Co.(a)(b)		32,415,032	$	198,379,996
Targa Resources Corp.		6,594,050		397,884,977
				1,892,614,941
Paper & Forest Products — 0.2%
Louisiana-Pacific Corp.(b)		2,154,848		110,306,669
Personal Products — 0.4%
BellRing Brands, Inc.(a)(b)		3,945,235		81,311,293
Coty, Inc., Class A(a)(b)		10,509,012		66,416,956
Nu Skin Enterprises, Inc., Class A		1,465,014		48,887,517
				196,615,766
Pharmaceuticals — 0.7%
Jazz Pharmaceuticals PLC(a)(b)		1,824,019		243,123,492
Perrigo Co. PLC		3,926,804		140,029,831
				383,153,323
Professional Services — 1.8%
ASGN, Inc.(a)(b)		1,458,210		131,778,438
CACI International, Inc., Class A(a)(b)		680,949		177,768,546
FTI Consulting, Inc.(a)(b)		1,004,115		166,391,897
Insperity, Inc.(b)		1,042,642		106,443,322
KBR, Inc.(b)		4,043,041		174,740,232
ManpowerGroup, Inc.		1,508,727		97,599,549
Science Applications International Corp.(b)		1,624,302		143,637,026
				998,359,010
Real Estate Management & Development — 0.4%
Jones Lang LaSalle, Inc.(a)(b)		1,394,121		210,609,859
Road & Rail — 1.8%
Avis Budget Group, Inc.(a)(b)		841,257		124,893,014
Knight-Swift Transportation Holdings, Inc.(b)		4,675,266		228,760,765
Landstar System, Inc.(b)		1,058,691		152,843,220
Ryder System, Inc.		1,492,950		112,702,795
Saia, Inc.(a)(b)		767,615		145,846,850
Werner Enterprises, Inc.(b)		1,714,495		64,465,012
XPO Logistics, Inc.(a)(b)		3,343,436		148,849,771
				978,361,427
Semiconductors & Semiconductor Equipment — 3.4%
Amkor Technology, Inc.(b)		2,932,777		50,003,848
Cirrus Logic, Inc.(a)(b)		1,631,758		112,264,950
First Solar, Inc.(a)(b)		2,885,323		381,641,673
Lattice Semiconductor Corp.(a)(b)		3,994,483		196,568,508
MACOM Technology Solutions Holdings, Inc.(a)(b)		1,487,612		77,043,425
MKS Instruments, Inc.(b)		1,661,428		137,300,410
Power Integrations, Inc.(b)		1,667,954		107,282,801
Semtech Corp.(a)		1,851,654		54,457,144
Silicon Laboratories, Inc.(a)(b)		993,845		122,680,227
SiTime Corp.(a)(b)		468,138		36,856,505
Synaptics, Inc.(a)(b)		1,150,295		113,890,708
Universal Display Corp.(b)		1,261,670		119,038,565
Wolfspeed, Inc.(a)(b)		3,598,457		371,936,516
				1,880,965,280
Software — 3.3%
ACI Worldwide, Inc.(a)(b)		3,316,756		69,320,200
Aspen Technology, Inc.(a)(b)		841,745		200,503,659
Blackbaud, Inc.(a)(b)		1,293,527		56,992,800
CommVault Systems, Inc.(a)(b)		1,307,023		69,324,500
Dynatrace, Inc.(a)(b)		5,850,851		203,668,123
Envestnet, Inc.(a)(b)		1,104,680		49,047,792
Fair Isaac Corp.(a)(b)		735,005		302,829,410
Manhattan Associates, Inc.(a)(b)		1,825,286		242,817,797

12 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
NCR Corp.(a)(b)		3,984,540	$	75,746,105
Paylocity Holding Corp.(a)(b)		1,190,583		287,621,041
Qualys, Inc.(a)(b)		1,014,453		141,404,604
Teradata Corp.(a)(b)		2,995,657		93,045,107
				1,792,321,138
Specialty Retail — 2.9%
AutoNation, Inc.(a)(b)		1,121,780		114,275,729
Dick’s Sporting Goods, Inc.(b)		1,655,141		173,193,954
Five Below, Inc.(a)(b)		1,614,551		222,275,236
Foot Locker, Inc.		2,339,666		72,833,803
GameStop Corp., Class A(a)(b)		7,351,963		184,754,830
Gap, Inc.		6,249,112		51,305,209
Lithia Motors, Inc.(b)		800,527		171,753,068
Murphy USA, Inc.(b)		624,647		171,721,707
RH(a)(b)		583,138		143,492,768
Victoria’s Secret & Co.(a)(b)		2,417,539		70,398,736
Williams-Sonoma, Inc.(b)		2,001,378		235,862,397
				1,611,867,437
Technology Hardware, Storage & Peripherals — 0.1%
Xerox Holdings Corp.		3,284,454		42,960,658
Textiles, Apparel & Luxury Goods — 1.8%
Capri Holdings Ltd.(a)(b)		4,012,202		154,229,045
Carter’s, Inc.		1,135,180		74,388,345
Columbia Sportswear Co.		1,029,387		69,277,745
Crocs, Inc.(a)(b)		1,798,320		123,472,651
Deckers Outdoor Corp.(a)(b)		772,186		241,393,066
Hanesbrands, Inc.		10,160,312		70,715,772
PVH Corp.(b)		1,952,251		87,460,845
Skechers USA, Inc., Class A(a)(b)		3,918,077		124,281,402
Under Armour, Inc., Class A(a)(b)		5,492,290		36,523,729
Under Armour, Inc., Class C, NVS(a)(b)		5,852,944		34,883,546
				1,016,626,146
Thrifts & Mortgage Finance — 0.6%
Essent Group Ltd.		3,141,502		109,544,174

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
MGIC Investment Corp.		8,851,312	$	113,473,820
New York Community Bancorp, Inc.		13,533,594		115,441,557
				338,459,551
Trading Companies & Distributors — 1.0%
GATX Corp.		1,029,022		87,621,223
MSC Industrial Direct Co., Inc., Class A		1,380,090		100,484,353
Univar Solutions, Inc.(a)(b)		4,865,345		110,637,945
Watsco, Inc.		966,502		248,835,605
				547,579,126
Water Utilities — 0.5%
Essential Utilities, Inc.		6,941,131		287,224,001
Total Long-Term Investments — 99.6% (Cost: $54,955,154,902)				54,866,559,916
Short-Term Securities(c)(d)
Money Market Funds — 6.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(e)		3,646,076,521		3,647,170,344
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		126,632,259		126,632,259
Total Short-Term Securities — 6.9% (Cost: $3,772,067,321)				3,773,802,603
Total Investments — 106.5% (Cost: $58,727,222,223)				58,640,362,519
Liabilities in Excess of Other Assets — (6.5)%				(3,580,649,798	)
Net Assets — 100.0%			$	55,059,712,721

^(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.

SCHEDULES   OF   INVESTMENTS 13

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Mid-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,422,524,094	$	1,222,959,299	(a)	$	—		$	39,547	$	1,647,404	$	3,647,170,344		3,646,076,521	$	18,556,304	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		169,480,000		—			(42,847,741	)(a)		—		—		126,632,259		126,632,259		1,120,646			—
									$	39,547	$	1,647,404	$	3,773,802,603			$	19,676,950		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P MidCap 400 E-Mini Index		567		12/16/22	$	125,205	$	(9,625,765	)

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional  Amount  Net Asset  Percentage
Equity Securities Long/Short	Monthly	Goldman Sachs Bank USA(b)		02/27/23	$	8,891,325	$	(710,986	)(c)	$	8,189,788		0.0%	(d)
	Monthly	HSBC Bank PLC(e)		02/10/23		21,109,709		(2,759,590	)(f)		18,400,387		0.0 (d	)
	Monthly	JPMorgan Chase Bank NA(g)		02/08/23		17,634,008		(895,107	)(h)		16,773,125		0.0 (d	)
							$	(4,365,683	)	$	43,363,300

^(a)  The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c)  Amount includes $(9,449) of net dividends, payable for referenced securities purchased and financing fees.

^(d)  Rounds to less than 0.1%.

^(f)  Amount includes $(50,268) of net dividends, payable for referenced securities purchased and financing fees.

^(h)  Amount includes $(34,224) of net dividends, payable for referenced securities purchased and financing fees.

14 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Mid-Cap ETF

    The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

	(b)	(e)	(g)
Range:	20 basis points	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date February 27, 2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Cadence Bank		179,230	$	4,554,234		55.6	%
Envestnet, Inc.		71,645		3,181,038		38.9
				7,735,272
Consumer Finance
Bread Financial Holdings, Inc.		14,452		454,516		5.5
Net Value of Reference Entity — Goldman Sachs Bank USA			$	8,189,788

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Cadence Bank		115,587	$	2,937,066		16.0	%
Envestnet, Inc.		348,273		15,463,321		84.0
				18,400,387
Net Value of Reference Entity — HSBC Bank PLC			$	18,400,387

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Cadence Bank		519,917	$	13,211,091		78.8	%
Envestnet, Inc.		80,226		3,562,034		21.2
				16,773,125
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	16,773,125

Balances Reported in the Statements of Assets and Liabilities for OTC Swaps

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	—	$	—	$	(4,365,683	)

SCHEDULES   OF   INVESTMENTS 15

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Mid-Cap ETF

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts(a)
Unrealized depreciation on futures contracts	$	—	$	—	$	9,625,765	$	—	$	—	$	—	$	9,625,765
Swaps — OTC
Unrealized depreciation on OTC swaps;
Swap premiums received		—		—		4,365,683		—		—		—		4,365,683
	$	—	$	—	$	13,991,448	$	—	$	—	$	—	$	13,991,448

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(14,641,148	)	$	—	$	—	$	—	$	(14,641,148	)
Swaps		—		—		(13,106,377	)		—		—		—		(13,106,377	)
	$	—	$	—	$	(27,747,525	)	$	—	$	—	$	—	$	(27,747,525	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(15,649,286	)	$	—	$	—	$	—	$	(15,649,286	)
Swaps		—		—		(5,848,186	)		—		—		—		(5,848,186	)
	$	—	$	—	$	(21,497,472	)	$	—	$	—	$	—	$	(21,497,472	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$140,735,070
Total return swaps
Average notional amount	$49,590,757

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments – Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments
Futures contracts	$	—	$	1,198,500
Swaps — OTC(a)		—		4,365,683
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	—	$	5,564,183
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(1,198,500	)
Total derivative assets and liabilities subject to an MNA	$	—	$	4,365,683

^(a)  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/received in the Statements of Assets and Liabilities.

16 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Mid-Cap ETF

The following table presents the Fund’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset(a)		Non- Cash Collateral Pledged		Cash Collateral Pledged(b)			Net Amount of Derivative Liabilities(c)
Goldman Sachs Bank USA	$	710,986	$	—	$	—	$	(490,000	)	$	220,986
HSBC Bank PLC		2,759,590		—		—		(1,934,000	)		825,590
JPMorgan Chase Bank N.A.		895,107		—		—		(670,000	)		225,107
	$	4,365,683	$	—	$	—	$	(3,094,000	)	$	1,271,683

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Excess of collateral pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount represents the net amount payable due to the counterparty in the event of default.

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.

	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	54,866,559,916		$	—		$	—	$	54,866,559,916
Short-Term Securities
Money Market Funds		3,773,802,603			—			—		3,773,802,603
	$	58,640,362,519		$	—		$	—	$	58,640,362,519
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(9,625,765	)	$	(4,365,683	)	$	—	$	(13,991,448	)

^(a)  Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

SCHEDULES   OF   INVESTMENTS 17

Schedule of Investments (unaudited) September 30, 2022 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.3%
AAR Corp.(a)(b)(c)		2,451,963	$	87,829,315
Aerojet Rocketdyne Holdings, Inc.(a)(b)		5,513,678		220,491,983
AeroVironment, Inc.(a)(b)(c)		1,822,566		151,929,102
Kaman Corp.(a)		2,042,764		57,054,399
Moog, Inc., Class A(a)		2,112,095		148,585,883
National Presto Industries, Inc.(a)		371,751		24,182,403
Park Aerospace Corp.(a)		1,471,818		16,248,871
Triumph Group, Inc.(a)(b)(c)		3,871,501		33,256,194
				739,578,150
Air Freight & Logistics — 0.9%
Atlas Air Worldwide Holdings, Inc.(a)(b)(c)		1,879,455		179,619,514
Forward Air Corp.(a)(c)		1,958,212		176,748,215
Hub Group, Inc., Class A(a)(b)(c)		2,478,704		170,981,002
				527,348,731
Airlines — 0.4%
Allegiant Travel Co.(a)(b)		1,126,671		82,224,450
Hawaiian Holdings, Inc.(a)(b)(c)		3,747,571		49,280,559
SkyWest, Inc.(a)(b)(c)		3,696,556		60,106,001
Sun Country Airlines Holdings, Inc.(b)(c)		2,382,939		32,431,800
				224,042,810
Auto Components — 1.3%
American Axle & Manufacturing Holdings, Inc.(a)(b)(c)		8,354,181		57,059,056
Dorman Products, Inc.(a)(b)(c)		2,063,069		169,419,226
Gentherm, Inc.(a)(b)(c)		2,425,021		120,596,294
LCI Industries(a)		1,854,578		188,165,484
Motorcar Parts of America, Inc.(a)(b)(c)		1,455,300		22,149,666
Patrick Industries, Inc.(a)		1,584,093		69,446,637
Standard Motor Products, Inc.(a)		1,361,772		44,257,590
XPEL, Inc.(a)(b)(c)		1,429,953		92,146,171
				763,240,124
Automobiles — 0.2%
Winnebago Industries, Inc.(a)(c)		2,316,562		123,264,264
Banks — 10.4%
Allegiance Bancshares, Inc.(a)(c)		1,317,626		54,852,770
Ameris Bancorp(a)(c)		4,751,262		212,428,924
Banc of California, Inc.(a)(c)		4,064,717		64,913,530
BancFirst Corp.(c)		1,270,933		113,710,376
Bancorp, Inc.(a)(b)(c)		3,933,229		86,452,373
BankUnited, Inc.(a)		5,287,744		180,682,212
Banner Corp.(a)		2,278,712		134,626,305
Berkshire Hills Bancorp, Inc.(a)(c)		3,091,585		84,400,270
Brookline Bancorp, Inc.(a)		5,223,311		60,851,573
Central Pacific Financial Corp.(a)		1,597,517		33,052,627
City Holding Co.(a)(c)		990,496		87,847,090
Columbia Banking System, Inc.(a)		5,482,372		158,385,727
Community Bank System, Inc.(a)(c)		3,698,689		222,217,235
Customers Bancorp, Inc.(a)(b)(c)		2,147,637		63,312,339
CVB Financial Corp.(a)(c)		9,563,598		242,150,301
Dime Community Bancshares, Inc.(a)		2,364,491		69,232,296
Eagle Bancorp, Inc.(a)		2,269,116		101,701,779
FB Financial Corp.(a)(c)		2,564,414		97,986,259
First Bancorp/Puerto Rico(a)		13,109,498		179,337,933
First Bancorp/Southern Pines NC(a)(c)		2,468,038		90,280,830
First Commonwealth Financial Corp.(a)		6,138,268		78,815,361
First Financial Bancorp(a)		6,450,830		135,983,496
First Hawaiian, Inc.(a)		9,312,919		229,377,195
Hanmi Financial Corp.(a)		2,046,892		48,470,403
Heritage Financial Corp.(a)		2,349,446		62,189,836

Security	Shares		Value
Banks (continued)
Hilltop Holdings, Inc.(a)(c)		3,324,324	$	82,609,451
HomeStreet, Inc.(a)		1,256,727		36,206,305
Hope Bancorp, Inc.(a)		7,989,669		100,989,416
Independent Bank Corp.(a)(c)		3,141,549		234,139,647
Independent Bank Group, Inc.(a)		2,582,072		158,513,400
Lakeland Financial Corp.(a)(c)		1,819,940		132,509,831
National Bank Holdings Corp., Class A(a)		2,047,072		75,721,193
NBT Bancorp, Inc.(a)		2,922,749		110,918,325
Northwest Bancshares, Inc.(a)		8,555,530		115,585,210
OFG Bancorp(a)		3,245,370		81,556,148
Pacific Premier Bancorp, Inc.(a)		6,649,873		205,880,068
Park National Corp.(a)(c)		1,054,995		131,325,778
Pathward Financial, Inc.(a)(c)		2,077,866		68,486,463
Preferred Bank(c)		615,879		40,173,787
Renasant Corp.(a)		3,826,536		119,694,046
S&T Bancorp, Inc.(a)		2,733,139		80,108,304
Seacoast Banking Corp. of Florida(a)(c)		4,283,468		129,489,238
ServisFirst Bancshares, Inc.(a)(c)		3,564,611		285,168,880
Simmons First National Corp., Class A(a)(c)		8,787,556		191,480,845
Southside Bancshares, Inc.(a)		2,218,003		78,428,586
Stellar Bancorp, Inc.		1,334,128		39,023,244
Tompkins Financial Corp.(a)		923,324		67,051,789
Triumph Bancorp, Inc.(a)(b)(c)		1,676,291		91,106,416
Trustmark Corp.(a)		3,868,806		118,501,528
United Community Banks, Inc.(a)		7,373,377		244,058,779
Veritex Holdings, Inc.(a)		3,748,074		99,661,288
Westamerica Bancorp(a)		1,842,536		96,346,207
				6,107,993,212
Beverages — 0.3%
MGP Ingredients, Inc.(a)(c)		1,122,752		119,191,352
National Beverage Corp.		1,701,780		65,586,601
				184,777,953
Biotechnology — 3.0%
Anika Therapeutics, Inc.(a)(b)(c)		1,089,756		25,936,193
Arcus Biosciences, Inc.(a)(b)(c)		3,789,059		99,121,783
Avid Bioservices, Inc.(a)(b)(c)		4,509,595		86,223,456
Catalyst Pharmaceuticals, Inc.(a)(b)(c)		6,898,719		88,510,565
Coherus Biosciences, Inc.(a)(b)(c)		4,704,829		45,213,407
Cytokinetics, Inc.(a)(b)(c)		6,865,782		332,647,138
Dynavax Technologies Corp.(a)(b)(c)		8,578,021		89,554,539
Eagle Pharmaceuticals, Inc.(a)(b)(c)		775,098		20,478,089
Emergent BioSolutions, Inc.(a)(b)(c)		3,245,759		68,128,481
Enanta Pharmaceuticals, Inc.(a)(b)(c)		1,420,779		73,695,807
Ironwood Pharmaceuticals, Inc.(a)(b)(c)		9,729,178		100,794,284
iTeos Therapeutics, Inc.(a)(b)(c)		1,796,740		34,227,897
Ligand Pharmaceuticals, Inc.(a)(b)(c)		1,169,702		100,723,039
Myriad Genetics, Inc.(a)(b)(c)		5,880,642		112,202,649
Organogenesis Holdings, Inc.(b)(c)		5,154,643		16,701,043
REGENXBIO, Inc.(a)(b)(c)		2,742,896		72,494,741
uniQure NV(a)(b)(c)		3,007,422		56,419,237
Vanda Pharmaceuticals, Inc.(a)(b)(c)		4,124,982		40,754,822
Vericel Corp.(a)(b)(c)		3,440,670		79,823,544
Vir Biotechnology, Inc.(b)(c)		5,513,718		106,304,483
Xencor, Inc.(a)(b)(c)		4,353,727		113,109,827
				1,763,065,024
Building Products — 2.0%
AAON, Inc.(a)(c)		3,062,692		165,017,845
American Woodmark Corp.(a)(b)(c)		1,210,198		53,079,284
Apogee Enterprises, Inc.(a)		1,615,906		61,759,927
Gibraltar Industries, Inc.(a)(b)(c)		2,306,612		94,409,629
Griffon Corp.(a)(c)		3,454,158		101,966,744

18 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Building Products (continued)
Insteel Industries, Inc.(a)(c)		1,422,569	$	37,740,756
PGT Innovations, Inc.(a)(b)(c)		4,371,902		91,635,066
Quanex Building Products Corp.(a)(c)		2,429,875		44,126,530
Resideo Technologies, Inc.(a)(b)(c)		10,624,767		202,508,059
UFP Industries, Inc.(a)(c)		4,494,075		324,292,452
				1,176,536,292
Capital Markets — 0.9%
B Riley Financial, Inc.		1,157,875		51,548,595
Blucora, Inc.(a)(b)(c)		3,482,105		67,343,911
Brightsphere Investment Group, Inc.(a)		2,356,983		35,142,617
Donnelley Financial Solutions, Inc.(a)(b)(c)		1,869,208		69,104,620
Piper Sandler Cos.(a)		999,786		104,717,586
StoneX Group, Inc.(a)(b)(c)		1,256,039		104,175,875
Virtus Investment Partners, Inc.(a)		498,728		79,557,091
WisdomTree Investments, Inc.(a)		8,149,819		38,141,153
				549,731,448
Chemicals — 3.2%
AdvanSix, Inc.(a)(c)		2,042,545		65,565,695
American Vanguard Corp.(a)(c)		2,116,263		39,574,118
Balchem Corp.(a)(c)		2,342,539		284,805,892
FutureFuel Corp.		1,940,524		11,720,765
Hawkins, Inc.(a)		1,385,396		54,016,590
HB Fuller Co.(a)(c)		3,877,107		233,014,131
Innospec, Inc.(a)(c)		1,807,981		154,889,732
Koppers Holdings, Inc.(a)(c)		1,537,002		31,938,902
Livent Corp.(a)(b)(c)		13,072,064		400,658,762
Mativ Holdings, Inc.(a)		3,987,417		88,042,167
Minerals Technologies, Inc.(a)(c)		2,377,125		117,453,746
Quaker Chemical Corp.(a)(c)		993,733		143,475,171
Rayonier Advanced Materials, Inc.(a)(b)(c)		4,806,670		15,141,011
Stepan Co.(a)(c)		1,545,345		144,752,466
Tredegar Corp.(a)		1,849,577		17,460,007
Trinseo PLC(a)		2,555,862		46,823,392
				1,849,332,547
Commercial Services & Supplies — 1.9%
ABM Industries, Inc.(a)		4,870,768		186,209,461
Brady Corp., Class A, NVS(c)		3,404,835		142,083,765
CoreCivic, Inc.(a)(b)		8,577,913		75,828,751
Deluxe Corp.(a)		3,142,179		52,317,280
GEO Group, Inc.(a)(b)		8,774,972		67,567,284
Harsco Corp.(a)(b)(c)		5,792,961		21,665,674
Healthcare Services Group, Inc.(a)		5,417,120		65,492,981
HNI Corp.(a)		3,014,397		79,911,664
Interface, Inc.(a)(c)		4,299,777		38,654,995
KAR Auction Services, Inc.(a)(b)(c)		8,447,405		94,357,514
Matthews International Corp., Class A(a)		2,232,090		50,021,137
Pitney Bowes, Inc.		7,894,604		18,394,427
UniFirst Corp.(c)		1,100,714		185,173,116
Viad Corp.(a)(b)(c)		1,503,886		47,492,720
				1,125,170,769
Communications Equipment — 1.5%
ADTRAN Holdings, Inc.(a)		5,138,031		100,602,647
Clearfield, Inc.(a)(b)(c)		834,003		87,270,074
Comtech Telecommunications Corp.(a)		1,992,977		19,949,700
Digi International, Inc.(a)(b)(c)		2,558,730		88,455,296
Extreme Networks, Inc.(b)(c)		5,838,562		76,310,005
Harmonic, Inc.(a)(b)(c)		7,661,955		100,141,752
NETGEAR, Inc.(a)(b)(c)		2,102,431		42,132,717

Security	Shares		Value
Communications Equipment (continued)
NetScout Systems, Inc.(a)(b)(c)		4,962,823	$	155,435,616
Viavi Solutions, Inc.(a)(b)(c)		16,615,417		216,831,192
				887,128,999
Construction & Engineering — 1.3%
Arcosa, Inc.(a)(c)		3,526,615		201,651,846
Comfort Systems USA, Inc.(a)(c)		2,609,094		253,943,119
Granite Construction, Inc.(a)(c)		3,217,164		81,683,794
MYR Group, Inc.(a)(b)(c)		1,214,783		102,928,564
NV5 Global, Inc.(a)(b)(c)		909,655		112,633,482
				752,840,805
Consumer Finance — 0.7%
Encore Capital Group, Inc.(a)(b)(c)		1,745,450		79,383,066
Enova International, Inc.(a)(b)(c)		2,334,555		68,332,425
EZCORP, Inc., Class A, NVS(b)(c)		3,948,749		30,444,855
Green Dot Corp., Class A(a)(b)(c)		3,478,202		66,016,274
LendingTree, Inc.(a)(b)(c)		792,941		18,919,572
PRA Group, Inc.(a)(b)(c)		2,846,241		93,527,479
PROG Holdings, Inc.(a)(b)		3,689,670		55,271,257
World Acceptance Corp.(b)(c)		265,725		25,727,494
				437,622,422
Containers & Packaging — 0.3%
Myers Industries, Inc.(a)		2,673,477		44,032,166
O-I Glass, Inc.(a)(b)(c)		11,356,204		147,062,842
				191,095,008
Diversified Consumer Services — 1.0%
Adtalem Global Education, Inc.(a)(b)(c)		3,296,687		120,164,241
Frontdoor, Inc.(a)(b)(c)		5,942,992		121,177,607
Mister Car Wash, Inc.(b)		5,768,009		49,489,517
Perdoceo Education Corp.(a)(b)(c)		4,941,506		50,897,512
Strategic Education, Inc.(a)		1,635,050		100,408,420
Stride, Inc.(a)(b)(c)		2,967,288		124,715,115
WW International, Inc.(a)(b)(c)		3,913,993		15,381,992
				582,234,404
Diversified Telecommunication Services — 0.4%
ATN International, Inc.(c)		787,488		30,373,412
Cogent Communications Holdings, Inc.(a)		3,111,303		162,285,564
Consolidated Communications Holdings, Inc.(b)(c)		5,432,187		22,597,898
				215,256,874
Electrical Equipment — 0.4%
AZZ, Inc.(a)		1,807,857		66,004,859
Encore Wire Corp.(a)(c)		1,394,837		161,159,467
Powell Industries, Inc.(a)		679,827		14,330,753
				241,495,079
Electronic Equipment, Instruments & Components — 4.2%
Advanced Energy Industries, Inc.(a)(c)		2,724,543		210,906,874
Arlo Technologies, Inc.(a)(b)(c)		6,390,984		29,654,166
Badger Meter, Inc.(a)(c)		2,134,551		197,211,167
Benchmark Electronics, Inc.(a)(c)		2,570,837		63,705,341
CTS Corp.(a)(c)		2,328,218		96,970,280
ePlus, Inc.(a)(b)(c)		1,972,803		81,950,237
Fabrinet(a)(b)(c)		2,682,679		256,061,711
FARO Technologies, Inc.(a)(b)(c)		1,337,439		36,699,326
Insight Enterprises, Inc.(a)(b)(c)		2,228,442		183,645,905
Itron, Inc.(a)(b)(c)		3,296,718		138,824,795
Knowles Corp.(a)(b)(c)		6,700,149		81,540,813
Methode Electronics, Inc.(a)(c)		2,680,078		99,564,898
OSI Systems, Inc.(a)(b)(c)		1,155,999		83,301,288
PC Connection, Inc.		825,311		37,213,273

SCHEDULES   OF   INVESTMENTS 19

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security		Shares		Value
Electronic Equipment, Instruments & Components (continued)
Plexus Corp.(a)(b)(c)			2,021,003	$	176,959,023
Rogers Corp.(a)(b)(c)			1,365,951		330,396,228
Sanmina Corp.(a)(b)(c)			4,219,656		194,441,748
ScanSource, Inc.(a)(b)(c)			1,839,988		48,594,083
TTM Technologies, Inc.(a)(b)(c)			7,471,588		98,475,530
					2,446,116,686
Energy Equipment & Services — 1.7%
Archrock, Inc.(a)			9,760,742		62,663,964
Bristow Group, Inc.(a)(b)(c)			1,738,643		40,840,724
Core Laboratories NV(a)(c)			3,378,474		45,541,830
DMC Global, Inc.(a)(b)(c)			1,352,964		21,620,365
Dril-Quip, Inc.(a)(b)(c)			2,506,889		48,934,473
Helix Energy Solutions Group, Inc.(a)(b)(c)			10,436,079		40,283,265
Helmerich & Payne, Inc.(a)			7,678,650		283,879,690
Nabors Industries Ltd.(a)(b)(c)			652,509		66,197,038
Oceaneering International, Inc.(a)(b)(c)			7,311,940		58,203,042
Oil States International, Inc.(a)(b)(c)			4,666,972		18,154,521
Patterson-UTI Energy, Inc.(a)(c)			15,812,565		184,690,759
ProPetro Holding Corp.(a)(b)(c)			6,392,221		51,457,379
RPC, Inc.(c)			6,068,490		42,054,636
U.S. Silica Holdings, Inc.(a)(b)(c)			5,510,285		60,337,621
					1,024,859,307
Entertainment — 0.2%
Cinemark Holdings, Inc.(a)(b)(c)			7,848,492		95,045,238
Marcus Corp.(c)			1,779,122		24,712,005
					119,757,243
Equity Real Estate Investment Trusts (REITs) — 7.0%
Acadia Realty Trust(a)			6,756,663		85,269,087
Agree Realty Corp.(a)(c)			5,823,179		393,530,437
Alexander & Baldwin, Inc.(a)			5,301,972		87,906,696
American Assets Trust, Inc.(a)			3,806,082		97,892,429
Armada Hoffler Properties, Inc.(a)			4,937,857		51,254,956
Brandywine Realty Trust(a)			12,544,229		84,673,546
CareTrust REIT, Inc.(a)			7,076,235		128,150,616
Centerspace(a)			1,121,075		75,470,769
Chatham Lodging Trust(a)(b)			3,571,247		35,248,208
Community Healthcare Trust, Inc.(a)	��		1,716,815		56,225,691
DiamondRock Hospitality Co.(a)			15,382,438		115,522,109
Diversified Healthcare Trust(a)			17,945,404		17,767,745
Easterly Government Properties, Inc.(a)(c)			6,154,787		97,060,991
Elme Communities(a)(c)			6,382,650		112,079,334
Essential Properties Realty Trust, Inc.(a)			10,298,301		200,301,954
Four Corners Property Trust, Inc.(a)			5,948,794		143,901,327
Franklin Street Properties Corp.(a)			6,700,794		17,623,088
Getty Realty Corp.(a)			2,882,402		77,507,790
Global Net Lease, Inc.(a)			7,582,548		80,754,136
Hersha Hospitality Trust, Class A(a)			2,396,753		19,126,089
Hudson Pacific Properties, Inc.(a)			9,401,099		102,942,034
Industrial Logistics Properties Trust(a)			4,787,315		26,330,233
Innovative Industrial Properties, Inc.(a)			2,040,037		180,543,274
iStar, Inc.(a)			6,226,528		57,657,649
LTC Properties, Inc.(a)(c)			2,953,998		110,627,225
LXP Industrial Trust(a)			20,412,404		186,977,621
NexPoint Residential Trust, Inc.(a)			1,351,111		62,434,839
Office Properties Income Trust(a)			3,533,813		49,650,073
Orion Office REIT, Inc.(a)(c)			4,144,036		36,260,315
Outfront Media, Inc., REIT			5,808,837		88,236,234
Retail Opportunity Investments Corp.(a)(c)			8,509,433		117,089,798
RPT Realty(a)			6,232,315		47,116,301
Safehold, Inc.(c)			1,273,609		33,699,694
Saul Centers, Inc.(c)			944,657		35,424,638

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Service Properties Trust(a)(c)		12,043,479	$	62,505,656
SITE Centers Corp.		9,273,175		99,315,704
Summit Hotel Properties, Inc.(a)(c)		7,796,122		52,389,940
Sunstone Hotel Investors, Inc.(a)(c)		14,423,023		135,864,877
Tanger Factory Outlet Centers, Inc.(a)(c)		7,611,700		104,128,056
Uniti Group, Inc.(a)		17,302,515		120,252,479
Universal Health Realty Income Trust(a)		928,990		40,141,658
Urban Edge Properties(a)		8,565,022		114,257,393
Urstadt Biddle Properties, Inc., Class A(a)		1,947,702		30,208,858
Veris Residential, Inc.(a)(b)		5,778,929		65,706,423
Whitestone REIT(a)		3,384,512		28,632,972
Xenia Hotels & Resorts, Inc.(a)		8,362,534		115,319,344
				4,080,980,286
Food & Staples Retailing — 0.8%
Andersons, Inc.(a)		2,321,308		72,030,187
Chefs’ Warehouse, Inc.(a)(b)(c)		2,483,424		71,944,793
PriceSmart, Inc.(a)(c)		1,827,235		105,230,464
SpartanNash Co.(a)		2,634,657		76,457,746
United Natural Foods, Inc.(a)(b)(c)		4,251,176		146,112,919
				471,776,109
Food Products — 2.2%
B&G Foods, Inc.(a)(c)		5,239,319		86,396,370
Calavo Growers, Inc.(a)		1,293,920		41,081,960
Cal-Maine Foods, Inc.(c)		2,770,845		154,031,274
Fresh Del Monte Produce, Inc.		2,232,609		51,885,833
Hain Celestial Group, Inc.(a)(b)		6,542,222		110,432,707
Hostess Brands, Inc.(a)(b)(c)		9,954,544		231,343,603
J & J Snack Foods Corp.(a)(c)		1,091,729		141,346,154
John B Sanfilippo & Son, Inc.		651,190		49,314,619
Seneca Foods Corp., Class A(a)(b)(c)		408,523		20,605,900
Simply Good Foods Co.(a)(b)(c)		6,221,941		199,039,893
Tootsie Roll Industries, Inc.		1,295,726		43,121,761
TreeHouse Foods, Inc.(a)(b)(c)		3,678,439		156,039,382
				1,284,639,456
Gas Utilities — 0.9%
Chesapeake Utilities Corp.(a)(c)		1,160,005		133,852,977
Northwest Natural Holding Co.(a)		2,539,125		110,147,242
South Jersey Industries, Inc.(a)		8,931,195		298,480,537
				542,480,756
Health Care Equipment & Supplies — 3.5%
AngioDynamics, Inc.(a)(b)(c)		2,866,395		58,646,442
Artivion, Inc.(a)(b)(c)		2,940,237		40,692,880
Avanos Medical, Inc.(a)(b)(c)		3,390,281		73,840,320
BioLife Solutions, Inc.(a)(b)(c)		2,485,739		56,550,562
Cardiovascular Systems, Inc.(a)(b)(c)		2,974,443		41,225,780
CONMED Corp.(a)(c)		2,221,848		178,125,554
Cutera, Inc.(a)(b)(c)		1,299,116		59,239,690
Embecta Corp.(a)(c)		4,215,156		121,354,341
Glaukos Corp.(a)(b)(c)		3,471,192		184,806,262
Heska Corp.(a)(b)(c)		741,685		54,083,670
Inogen, Inc.(a)(b)(c)		1,673,057		40,621,824
Integer Holdings Corp.(a)(b)(c)		2,415,624		150,324,282
Lantheus Holdings, Inc.(a)(b)(c)		5,013,252		352,582,013
LeMaitre Vascular, Inc.(a)(c)		1,418,446		71,886,843
Meridian Bioscience, Inc.(a)(b)		3,189,981		100,580,101
Merit Medical Systems, Inc.(a)(b)(c)		4,139,723		233,935,747
Mesa Laboratories, Inc.(a)(c)		364,502		51,332,817
OraSure Technologies, Inc.(a)(b)(c)		5,296,089		20,072,177
Orthofix Medical, Inc.(a)(b)(c)		1,463,721		27,971,708
Surmodics, Inc.(a)(b)(c)		1,026,776		31,213,990
Varex Imaging Corp.(a)(b)(c)		2,934,516		62,035,668

20 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Zimvie, Inc.(a)(b)(c)		1,521,840	$	15,020,561
Zynex, Inc.(c)		1,659,913		15,055,411
				2,041,198,643
Health Care Providers & Services — 3.7%
AdaptHealth Corp.(b)(c)		5,607,555		105,309,883
Addus HomeCare Corp.(a)(b)(c)		1,172,701		111,688,043
AMN Healthcare Services, Inc.(a)(b)(c)		3,155,835		334,392,277
Apollo Medical Holdings, Inc.(a)(b)(c)		2,861,325		111,591,675
Community Health Systems, Inc.(a)(b)(c)		9,166,843		19,708,712
CorVel Corp.(b)(c)		674,680		93,395,952
Covetrus, Inc.(a)(b)		7,636,624		159,452,709
Cross Country Healthcare, Inc.(a)(b)(c)		2,648,764		75,145,435
Enhabit, Inc.(a)(b)(c)		3,618,631		50,805,579
Ensign Group, Inc.(a)		4,032,219		320,561,410
Fulgent Genetics, Inc.(b)(c)		1,482,051		56,495,784
Hanger, Inc.(a)(b)(c)		2,825,959		52,901,952
Joint Corp.(a)(b)(c)		1,091,216		17,143,003
ModivCare, Inc.(a)(b)(c)		922,257		91,930,578
Owens & Minor, Inc.(a)		5,560,689		134,012,605
Pediatrix Medical Group, Inc.(a)(b)(c)		6,151,874		101,567,440
Pennant Group, Inc.(a)(b)(c)		2,055,147		21,394,080
RadNet, Inc.(b)(c)		2,484,582		50,561,244
Select Medical Holdings Corp.(a)		7,529,984		166,412,646
U.S. Physical Therapy, Inc.(a)		948,378		72,095,696
				2,146,566,703
Health Care Technology — 0.6%
Allscripts Healthcare Solutions, Inc.(a)(b)(c)		8,090,157		123,213,091
Computer Programs and Systems, Inc.(a)(b)(c)		1,097,327		30,593,477
HealthStream, Inc.(a)(b)(c)		1,761,277		37,444,749
NextGen Healthcare, Inc.(a)(b)(c)		4,018,093		71,120,246
OptimizeRx Corp.(a)(b)(c)		1,318,758		19,543,994
Simulations Plus, Inc.(a)(c)		1,167,578		56,674,236
				338,589,793
Hotels, Restaurants & Leisure — 1.8%
BJ’s Restaurants, Inc.(a)(b)(c)		1,710,496		40,795,330
Bloomin’ Brands, Inc.(a)		6,526,123		119,623,835
Brinker International, Inc.(a)(b)(c)		3,205,293		80,068,219
Cheesecake Factory, Inc.(a)(c)		3,546,509		103,841,784
Chuy’s Holdings, Inc.(a)(b)(c)		1,380,395		31,997,556
Dave & Buster’s Entertainment, Inc.(a)(b)(c)		3,104,852		96,343,558
Dine Brands Global, Inc.(a)		1,146,868		72,894,930
El Pollo Loco Holdings, Inc.(b)(c)		1,455,320		12,981,454
Golden Entertainment, Inc.(a)(b)(c)		1,600,725		55,849,295
Jack in the Box, Inc.(a)		1,538,979		113,992,175
Monarch Casino & Resort, Inc.(a)(b)(c)		972,506		54,596,487
Ruth’s Hospitality Group, Inc.(a)		2,247,544		37,893,592
Shake Shack, Inc., Class A(a)(b)(c)		2,724,442		122,545,401
Six Flags Entertainment Corp.(a)(b)(c)		5,393,769		95,469,711
				1,038,893,327
Household Durables — 2.4%
Cavco Industries, Inc.(a)(b)(c)		603,295		124,133,979
Century Communities, Inc.(a)(c)		2,098,772		89,785,466
Ethan Allen Interiors, Inc.(a)		1,641,800		34,707,652
Green Brick Partners, Inc.(b)(c)		1,975,705		42,240,573
Installed Building Products, Inc.(a)(c)		1,719,061		139,226,750
iRobot Corp.(a)(b)(c)		1,980,978		111,588,491
La-Z-Boy, Inc.(a)		3,164,712		71,427,550
LGI Homes, Inc.(a)(b)(c)		1,493,605		121,534,639
M/I Homes, Inc.(a)(b)(c)		2,028,088		73,477,628
MDC Holdings, Inc.(a)		4,158,944		114,038,244
Meritage Homes Corp.(a)(b)(c)		2,666,786		187,395,052

Security	Shares		Value
Household Durables (continued)
Sonos, Inc.(a)(b)(c)		9,285,633	$	129,070,299
Tri Pointe Homes, Inc.(a)(b)(c)		7,420,839		112,128,877
Tupperware Brands Corp.(a)(b)(c)		2,821,002		18,477,563
Universal Electronics, Inc.(a)(b)(c)		884,169		17,391,604
				1,386,624,367
Household Products — 0.5%
Central Garden & Pet Co.(b)(c)		728,020		26,237,841
Central Garden & Pet Co., Class A, NVS(b)(c)		3,031,354		103,551,052
WD-40 Co.(a)(c)		993,801		174,650,588
				304,439,481
Insurance — 2.6%
Ambac Financial Group, Inc.(b)(c)		2,217,455		28,272,551
American Equity Investment Life Holding Co.(a)		5,176,979		193,049,547
AMERISAFE, Inc.(a)		1,414,750		66,111,267
Assured Guaranty Ltd.(a)		4,514,725		218,738,426
Employers Holdings, Inc.(a)		1,722,658		59,414,474
Genworth Financial, Inc., Class A(a)(b)(c)		31,035,879		108,625,576
HCI Group, Inc.(a)		521,690		20,450,248
Horace Mann Educators Corp.(a)		2,732,195		96,419,162
James River Group Holdings Ltd.(a)(c)		2,608,057		59,489,780
Mercury General Corp.		1,934,114		54,967,520
Palomar Holdings, Inc.(a)(b)(c)		1,841,163		154,142,166
ProAssurance Corp.(a)		3,525,618		68,784,807
Safety Insurance Group, Inc.(a)		981,992		80,091,268
Selectquote, Inc.(a)(b)(c)		8,992,355		6,564,419
SiriusPoint Ltd.(b)(c)		6,248,827		30,931,694
Stewart Information Services Corp.(a)		1,886,670		82,334,279
Trupanion, Inc.(a)(b)(c)		2,555,543		151,875,920
United Fire Group, Inc.(a)(c)		1,604,130		46,086,655
Universal Insurance Holdings, Inc.(a)		1,998,557		19,685,786
				1,546,035,545
Interactive Media & Services — 0.6%
Cars.com, Inc.(a)(b)(c)		4,602,856		52,932,844
QuinStreet, Inc.(a)(b)(c)		3,757,240		39,451,020
Shutterstock, Inc.		1,757,815		88,189,579
Yelp, Inc.(a)(b)(c)		5,133,215		174,067,321
				354,640,764
Internet & Direct Marketing Retail — 0.1%
Liquidity Services, Inc.(a)(b)(c)		1,978,808		32,175,418
PetMed Express, Inc.(a)		1,537,540		30,012,781
				62,188,199
IT Services — 0.9%
CSG Systems International, Inc.(a)		2,339,711		123,723,918
EVERTEC, Inc.(a)		4,811,485		150,840,055
Perficient, Inc.(a)(b)(c)		2,523,557		164,081,676
TTEC Holdings, Inc.		1,377,177		61,022,713
Unisys Corp.(a)(b)(c)		4,943,621		37,324,339
				536,992,701
Leisure Products — 0.3%
Sturm Ruger & Co., Inc.(a)		1,288,597		65,447,842
Vista Outdoor, Inc.(a)(b)(c)		4,122,693		100,263,894
				165,711,736
Life Sciences Tools & Services — 0.1%
NeoGenomics, Inc.(a)(b)(c)		9,203,064		79,238,381
Machinery — 4.6%
3D Systems Corp.(a)(b)(c)		9,529,452		76,045,027
Alamo Group, Inc.(a)		752,715		92,034,463
Albany International Corp., Class A(a)(c)		2,268,085		178,793,141
Astec Industries, Inc.(a)(c)		1,677,011		52,305,973

SCHEDULES   OF   INVESTMENTS 21

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Barnes Group, Inc.(a)(c)		3,684,240	$	106,400,851
CIRCOR International, Inc.(a)(b)(c)		1,502,956		24,783,744
Enerpac Tool Group Corp.(a)		4,253,377		75,837,712
EnPro Industries, Inc.(a)(c)		1,517,070		128,920,609
ESCO Technologies, Inc.(a)(c)		1,886,211		138,523,336
Federal Signal Corp.(a)(c)		4,421,457		165,008,775
Franklin Electric Co., Inc.(a)		2,835,852		231,717,467
Greenbrier Cos., Inc.(a)		2,380,195		57,767,333
Hillenbrand, Inc.(a)		5,065,415		186,002,039
John Bean Technologies Corp.(a)(c)		2,323,656		199,834,416
Lindsay Corp.(a)(c)		802,829		115,029,339
Mueller Industries, Inc.(a)(c)		4,133,887		245,718,243
Proto Labs, Inc.(a)(b)(c)		2,011,700		73,286,231
SPX Technologies, Inc.(a)(b)(c)		3,297,330		182,078,563
Standex International Corp.(a)(c)		874,393		71,394,188
Tennant Co.(a)(c)		1,362,743		77,076,744
Titan International, Inc.(a)(b)(c)		3,710,088		45,040,468
Trinity Industries, Inc.(a)		5,988,855		127,862,054
Wabash National Corp.(a)(c)		3,540,742		55,093,946
				2,706,554,662
Marine — 0.3%
Matson, Inc.(a)(c)		2,842,839		174,891,455
Media — 0.6%
AMC Networks, Inc., Class A(b)(c)		2,045,861		41,530,978
EW Scripps Co., Class A(a)(b)		4,222,724		47,590,099
Gannett Co., Inc.(a)(b)(c)		10,313,004		15,778,896
Scholastic Corp.		2,212,121		68,044,842
TechTarget, Inc.(a)(b)(c)		1,979,767		117,202,206
Thryv Holdings, Inc.(a)(b)(c)		2,240,507		51,150,775
				341,297,796
Metals & Mining — 1.7%
Arconic Corp.(a)(b)(c)		7,487,186		127,581,649
ATI, Inc.(a)(b)(c)		9,473,572		252,091,751
Carpenter Technology Corp.(a)		3,520,946		109,642,258
Century Aluminum Co.(b)(c)		3,731,124		19,700,335
Compass Minerals International, Inc.(a)(c)		2,498,130		96,252,949
Haynes International, Inc.(a)		915,016		32,135,362
Kaiser Aluminum Corp.(a)		1,162,572		71,323,792
Materion Corp.(a)(c)		1,496,797		119,743,760
Olympic Steel, Inc.(a)(c)		701,723		16,006,302
SunCoke Energy, Inc.(a)		6,101,800		35,451,458
TimkenSteel Corp.(a)(b)(c)		3,000,350		44,975,247
Warrior Met Coal, Inc.(c)		2,470,246		70,253,796
				995,158,659
Mortgage Real Estate Investment Trusts (REITs) — 1.2%
Apollo Commercial Real Estate Finance, Inc.(a)		9,464,094		78,551,980
ARMOUR Residential REIT, Inc.(a)		8,334,589		40,589,448
Ellington Financial, Inc.(a)		4,164,469		47,350,013
Franklin BSP Realty Trust, Inc.(a)		6,162,148		66,366,334
Granite Point Mortgage Trust, Inc.(a)		3,817,947		24,587,579
Invesco Mortgage Capital, Inc.(a)		2,410,605		26,757,716
KKR Real Estate Finance Trust, Inc.(a)		4,235,730		68,830,612
New York Mortgage Trust, Inc.(a)		27,547,266		64,460,602
PennyMac Mortgage Investment Trust(a)		6,616,262		77,939,566
Ready Capital Corp.(a)		7,437,029		75,411,474
Redwood Trust, Inc.(a)		8,515,721		48,880,239
Two Harbors Investment Corp.(a)		25,119,929		83,398,164
				703,123,727
Multiline Retail — 0.1%
Big Lots, Inc.(a)		2,104,683		32,854,102

Security	Shares		Value
Multi-Utilities — 0.4%
Avista Corp.(a)		5,208,276	$	192,966,626
Unitil Corp.(a)		1,179,437		54,784,849
				247,751,475
Oil, Gas & Consumable Fuels — 2.8%
Callon Petroleum Co.(a)(b)(c)		3,742,108		131,011,201
Civitas Resources, Inc.		3,782,777		217,093,572
CONSOL Energy, Inc.(a)(c)		2,390,312		153,744,868
Dorian LPG Ltd.(a)		2,321,920		31,508,454
Green Plains, Inc.(a)(b)(c)		3,275,537		95,219,861
Laredo Petroleum, Inc.(a)(b)(c)		1,249,609		78,537,926
Par Pacific Holdings, Inc.(b)(c)		2,888,579		47,401,581
PBF Energy, Inc., Class A(a)(b)(c)		7,824,738		275,117,788
Ranger Oil Corp., Class A(c)		1,444,739		45,437,042
REX American Resources Corp.(a)(b)		1,171,022		32,694,934
SM Energy Co.(a)(c)		8,940,599		336,255,928
Talos Energy, Inc.(a)(b)(c)		4,770,845		79,434,569
World Fuel Services Corp.(a)		4,515,559		105,844,703
				1,629,302,427
Paper & Forest Products — 0.3%
Clearwater Paper Corp.(a)(b)(c)		1,220,918		45,906,517
Mercer International, Inc.		2,943,582		36,206,059
Sylvamo Corp.(a)		2,413,622		81,821,786
				163,934,362
Personal Products — 0.9%
Edgewell Personal Care Co.(a)(c)		3,779,618		141,357,713
elf Beauty, Inc.(a)(b)(c)		3,632,069		136,638,436
Inter Parfums, Inc.		1,304,868		98,465,339
Medifast, Inc.(a)		803,536		87,071,161
USANA Health Sciences, Inc.(b)(c)		812,061		45,516,019
				509,048,668
Pharmaceuticals — 1.8%
Amphastar Pharmaceuticals, Inc.(a)(b)		2,791,619		78,444,494
ANI Pharmaceuticals, Inc.(a)(b)(c)		879,912		28,280,372
Cara Therapeutics, Inc.(a)(b)(c)		3,291,309		30,806,652
Collegium Pharmaceutical, Inc.(a)(b)(c)		2,497,069		40,003,045
Corcept Therapeutics, Inc.(a)(b)(c)		6,951,827		178,244,844
Harmony Biosciences Holdings, Inc.(b)(c)		2,157,287		95,546,241
Innoviva, Inc.(a)(b)(c)		4,575,280		53,119,001
Nektar Therapeutics(a)(b)(c)		13,667,409		43,735,709
Pacira BioSciences, Inc.(a)(b)(c)		3,341,890		177,755,129
Phibro Animal Health Corp., Class A		1,534,047		20,387,485
Prestige Consumer Healthcare, Inc.(a)(b)(c)		3,629,156		180,840,843
Supernus Pharmaceuticals, Inc.(a)(b)(c)		3,901,339		132,060,325
				1,059,224,140
Professional Services — 1.2%
Exponent, Inc.(a)(c)		3,727,887		326,823,853
Forrester Research, Inc.(b)		818,299		29,466,947
Heidrick & Struggles International, Inc.(a)		1,443,922		37,527,533
Kelly Services, Inc., Class A, NVS		2,530,853		34,394,292
Korn Ferry(a)(c)		3,982,494		186,978,093
Resources Connection, Inc.(a)		2,319,838		41,919,473
TrueBlue, Inc.(a)(b)(c)		2,383,783		45,482,580
				702,592,771
Real Estate Management & Development — 0.4%
Anywhere Real Estate, Inc.(a)(b)(c)		8,341,419		67,648,908
Douglas Elliman, Inc.(a)		4,919,777		20,171,086
Marcus & Millichap, Inc.(c)		1,832,019		60,053,583
RE/MAX Holdings, Inc., Class A		1,371,141		25,928,276
St Joe Co.(c)		2,491,759		79,811,041
				253,612,894

22 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Road & Rail — 0.4%
ArcBest Corp.(a)(c)		1,788,876	$	130,104,951
Heartland Express, Inc.(c)		3,396,504		48,603,972
Marten Transport Ltd.(a)		4,195,160		80,379,266
				259,088,189
Semiconductors & Semiconductor Equipment — 3.1%
Alpha & Omega Semiconductor Ltd.(a)(b)(c)		1,616,891		49,735,567
Axcelis Technologies, Inc.(a)(b)(c)		2,409,134		145,897,155
CEVA, Inc.(a)(b)(c)		1,694,305		44,441,620
Cohu, Inc.(a)(b)		3,517,166		90,672,539
Diodes, Inc.(a)(b)(c)		3,316,870		215,298,032
FormFactor, Inc.(a)(b)(c)		5,625,230		140,912,011
Ichor Holdings Ltd.(a)(b)(c)		2,096,002		50,744,208
Kulicke & Soffa Industries, Inc.(a)(c)		4,234,834		163,168,154
MaxLinear, Inc.(a)(b)(c)		5,255,782		171,443,609
Onto Innovation, Inc.(a)(b)(c)		3,623,169		232,063,974
PDF Solutions, Inc.(a)(b)(c)		2,156,797		52,906,230
Photronics, Inc.(a)(b)(c)		4,492,549		65,681,066
Rambus, Inc.(a)(b)(c)		8,060,740		204,904,011
SMART Global Holdings, Inc.(a)(b)(c)		3,658,103		58,054,095
Ultra Clean Holdings, Inc.(a)(b)(c)		3,313,257		85,316,368
Veeco Instruments, Inc.(a)(b)(c)		3,750,415		68,707,603
				1,839,946,242
Software — 2.5%
8x8, Inc.(a)(b)(c)		8,785,844		30,311,162
A10 Networks, Inc.(a)		4,833,032		64,134,335
Adeia, Inc.(a)(c)		6,654,498		94,094,602
Agilysys, Inc.(a)(b)(c)		1,442,262		79,829,202
Alarm.com Holdings, Inc.(a)(b)(c)		3,627,471		235,277,769
Cerence, Inc.(a)(b)(c)		2,873,468		45,257,121
Consensus Cloud Solutions, Inc.(a)(b)(c)		1,286,921		60,871,363
Digital Turbine, Inc.(a)(b)(c)		6,559,787		94,526,531
Ebix, Inc.(a)(c)		1,712,961		32,494,870
InterDigital, Inc.(a)		2,167,126		87,595,233
LivePerson, Inc.(a)(b)(c)		5,063,996		47,702,842
LiveRamp Holdings, Inc.(a)(b)		4,902,171		89,023,425
OneSpan, Inc.(a)(b)(c)		2,571,145		22,137,558
Progress Software Corp.(a)(c)		3,169,641		134,868,225
SPS Commerce, Inc.(a)(b)(c)		2,626,520		326,292,580
				1,444,416,818
Specialty Retail — 4.6%
Aaron’s Co., Inc.(a)		2,251,963		21,889,080
Abercrombie & Fitch Co., Class A(a)(b)(c)		3,679,089		57,209,834
Academy Sports & Outdoors, Inc.(a)(c)		6,206,004		261,769,249
American Eagle Outfitters, Inc.(a)		11,491,141		111,808,802
America’s Car-Mart, Inc.(a)(b)(c)		435,104		26,550,046
Asbury Automotive Group, Inc.(a)(b)(c)		1,614,057		243,884,013
Bed Bath & Beyond, Inc.(a)(b)(c)		5,066,502		30,854,997
Boot Barn Holdings, Inc.(a)(b)(c)		2,173,723		127,075,847
Buckle, Inc.		2,155,517		68,243,668
Caleres, Inc.(a)(c)		2,679,295		64,892,525
Cato Corp., Class A		1,193,312		11,384,197
Chico’s FAS, Inc.(a)(b)(c)		9,126,656		44,173,015
Children’s Place, Inc.(a)(b)(c)		954,766		29,492,722
Conn’s, Inc.(b)(c)		944,795		6,689,149
Designer Brands, Inc., Class A(c)		4,124,352		63,143,829
Genesco, Inc.(a)(b)(c)		951,191		37,400,830
Group 1 Automotive, Inc.(a)(c)		1,151,401		164,500,661
Guess?, Inc.		2,439,642		35,789,548
Haverty Furniture Cos., Inc.		975,326		24,285,617
Hibbett, Inc.(a)		945,332		47,086,987
Leslie’s, Inc.(a)(b)(c)		10,811,905		159,043,123

Security	Shares		Value
Specialty Retail (continued)
LL Flooring Holdings, Inc.(a)(b)(c)		2,139,542	$	14,827,026
MarineMax, Inc.(a)(b)(c)		1,570,471		46,784,331
Monro, Inc.(a)		2,348,104		102,048,600
National Vision Holdings, Inc.(a)(b)(c)		5,753,132		187,839,760
ODP Corp.(a)(b)(c)		3,126,970		109,912,995
Rent-A-Center, Inc.(a)		3,885,616		68,037,136
Sally Beauty Holdings, Inc.(a)(b)(c)		7,824,626		98,590,288
Shoe Carnival, Inc.(c)		1,251,472		26,831,560
Signet Jewelers Ltd.(a)(c)		3,392,209		194,000,433
Sleep Number Corp.(a)(b)(c)		1,608,101		54,369,895
Sonic Automotive, Inc., Class A		1,353,165		58,592,045
Urban Outfitters, Inc.(b)(c)		4,391,171		86,286,510
Zumiez, Inc.(a)(b)(c)		1,137,024		24,480,127
				2,709,768,445
Technology Hardware, Storage & Peripherals — 0.2%
Avid Technology, Inc.(a)(b)(c)		2,474,136		57,548,403
Corsair Gaming, Inc.(b)(c)		2,802,591		31,809,408
Diebold Nixdorf, Inc.(a)(b)(c)		5,420,018		13,224,844
				102,582,655
Textiles, Apparel & Luxury Goods — 0.9%
G-III Apparel Group Ltd.(a)(b)(c)		3,165,336		47,321,773
Kontoor Brands, Inc.(a)		3,594,868		120,823,513
Movado Group, Inc.		1,172,510		33,041,332
Oxford Industries, Inc.(a)(c)		1,091,990		98,038,862
Steven Madden Ltd.(a)		5,425,374		144,694,725
Unifi, Inc.(a)(b)(c)		951,362		9,047,453
Wolverine World Wide, Inc.(a)(c)		5,742,169		88,371,981
				541,339,639
Thrifts & Mortgage Finance — 2.0%
Axos Financial, Inc.(a)(b)(c)		3,880,000		132,812,400
Capitol Federal Financial, Inc.(a)		9,398,629		78,008,621
Flagstar Bancorp, Inc.(a)		3,593,938		120,037,529
Mr Cooper Group, Inc.(a)(b)(c)		4,187,001		169,573,540
NMI Holdings, Inc., Class A(a)(b)(c)		6,177,312		125,831,845
Northfield Bancorp, Inc.(a)		3,086,429		44,166,799
Provident Financial Services, Inc.(a)		5,125,487		99,946,996
TrustCo Bank Corp.(a)		1,208,110		37,958,816
Walker & Dunlop, Inc.(a)		2,240,219		187,573,537
WSFS Financial Corp.(a)(c)		4,365,715		202,831,119
				1,198,741,202
Tobacco — 0.3%
Universal Corp.(a)		1,797,517		82,757,683
Vector Group Ltd.(a)		9,595,816		84,539,139
			167,296,822
Trading Companies & Distributors — 1.3%
Applied Industrial Technologies, Inc.(a)		2,803,666		288,160,791
Boise Cascade Co.(a)(c)		2,876,897		171,060,296
DXP Enterprises, Inc.(a)(b)(c)		1,158,357		27,429,894
GMS, Inc.(a)(b)(c)		3,110,207		124,439,382
NOW, Inc.(a)(b)		8,084,315		81,247,366
Veritiv Corp.(a)(b)(c)		1,018,458		99,574,639
				791,912,368
Water Utilities — 0.9%
American States Water Co.(a)(c)		2,695,226		210,092,867
California Water Service Group(a)(c)		3,964,113		208,869,114
Middlesex Water Co.(a)		1,154,264		89,109,181
				508,071,162
Wireless Telecommunication Services — 0.3%
Gogo, Inc.(b)(c)		3,240,693		39,277,199

SCHEDULES   OF   INVESTMENTS 23

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Wireless Telecommunication Services (continued)
Shenandoah Telecommunications Co.(a)(c)		3,683,277	$	62,689,375
Telephone & Data Systems, Inc.		7,302,934		101,510,783
				203,477,357
Total Long-Term Investments — 98.3% (Cost: $61,579,065,535)				57,699,472,435
Short-Term Securities(a)(d)
Money Market Funds — 7.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(e)		3,201,367,768		3,202,328,178
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		1,030,342,399		1,030,342,399
Total Short-Term Securities — 7.2% (Cost: $4,231,024,460)				4,232,670,577
Total Investments — 105.5% (Cost: $65,810,089,995)				61,932,143,012
Liabilities in Excess of Other Assets — (5.5)%				(3,228,100,163	)
Net Assets — 100.0%			$	58,704,042,849

^(a)  Affiliate of the Fund.

^(b)  Non-income producing security.

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds
3D Systems Corp.	$	152,404,409	$	15,760,285	$	(10,815,386	)	$	(4,029,693	)	$	(77,274,588	)	$	76,045,027		9,529,452	$	—	$	—
8x8, Inc.		106,604,327		7,802,690		(6,383,209	)		(7,338,411	)		(70,374,235	)		30,311,162		8,785,844		—		—
A10 Networks, Inc.		—		79,273,522		(29,051,148	)		20,756,080			(6,844,119	)		64,134,335		4,833,032		216,738		—
AAON, Inc.		165,097,728		22,932,024		(16,512,917	)		3,414,332			(9,913,322	)		165,017,845		3,062,692		551,702		—
AAR Corp.		115,530,346		14,290,122		(11,318,485	)		2,669,911			(33,342,579	)		87,829,315		2,451,963		—		—
Aaron’s Co., Inc.		45,249,919		5,331,930		(5,368,802	)		(1,189,145	)		(22,134,822	)		21,889,080		2,251,963		505,592		—
Abercrombie & Fitch Co., Class A		129,296,574		11,231,323		(18,986,150	)		(3,558,336	)		(60,773,577	)		57,209,834		3,679,089		—		—
ABM Industries, Inc.		222,000,552		27,174,610		(24,412,044	)		3,131,616			(41,685,273	)		186,209,461		4,870,768		1,861,896		—
Academy Sports & Outdoors, Inc.		247,233,030		31,156,424		(31,577,677	)		54,243			14,903,229			261,769,249		6,206,004		935,212		—
Acadia Realty Trust		137,120,154		13,577,633		(7,019,605	)		1,222,829			(59,631,924	)		85,269,087		6,756,663		2,403,477		—
Addus HomeCare Corp.		106,333,341		13,950,624		(10,627,140	)		675,339			1,355,879			111,688,043		1,172,701		—		—
Adeia, Inc.(a)		115,255,905		—		—			—			(21,161,303	)		94,094,602		6,654,498		665,450		—
Adtalem Global Education, Inc.		105,883,558		16,134,827		(23,442,165	)		(1,090,739	)		22,678,760			120,164,241		3,296,687		—		—
ADTRAN Holdings, Inc.		64,475,720		53,377,622		(18,698,085	)		(233,969	)		1,681,359			100,602,647		5,138,031		832,011		—
Advanced Energy Industries, Inc.		232,148,377		28,398,031		(24,929,382	)		5,063,450			(29,773,602	)		210,906,874		2,724,543		543,155		—
AdvanSix, Inc.		103,129,764		10,759,601		(10,089,300	)		2,907,887			(41,142,257	)		65,565,695		2,042,545		554,743		—
Aerojet Rocketdyne Holdings, Inc.		210,898,884		31,536,973		(24,513,557	)		6,309,673			(3,739,990	)		220,491,983		5,513,678		—		—
AeroVironment, Inc.		155,389,744		29,865,420		(14,246,754	)		6,095,984			(25,175,292	)		151,929,102		1,822,566		—		—
Agilysys, Inc.		55,832,998		9,857,979		(7,214,750	)		3,610,826			17,742,149			79,829,202		1,442,262		—		—
Agree Realty Corp.		338,698,786		85,412,360		(32,461,791	)		7,003,136			(5,122,054	)		393,530,437		5,823,179		7,545,631		—

24 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds
Alamo Group, Inc.	$	102,110,887	$	13,591,578	$	(8,126,276	)	$	2,496,113		$	(18,037,839	)	$	92,034,463		752,715	$	254,306	$	—
Alarm.com Holdings, Inc.		219,126,130		43,423,608		(19,932,083	)		3,779,377			(11,119,263	)		235,277,769		3,627,471		—		—
Albany International Corp., Class A		195,263,787		24,981,205		(28,174,326	)		4,916,127			(18,193,652	)		178,793,141		2,268,085		968,475		—
Alexander & Baldwin, Inc.		120,333,884		14,039,675		(11,912,432	)		(48,978	)		(34,505,453	)		87,906,696		5,301,972		2,208,673		—
Allegiance Bancshares, Inc.		59,587,214		1,191,015		(1,714,027	)		(240,824	)		(3,970,608	)		54,852,770		1,317,626		374,576		—
Allegiant Travel Co.		176,482,366		17,557,973		(13,334,281	)		(1,232,397	)		(97,249,211	)		82,224,450		1,126,671		—		—
Allscripts Healthcare Solutions, Inc.		195,223,043		13,337,160		(22,668,026	)		60,657			(62,739,743	)		123,213,091		8,090,157		—		—
Alpha & Omega Semiconductor Ltd.		—		69,396,203		(15,744,500	)		10,465,162			(14,381,298	)		49,735,567		1,616,891		—		—
AMC Networks, Inc., Class A(b)		84,999,626		11,005,186		(11,495,245	)		(3,601,353	)		(13,360,243	)		N/A		N/A		—		—
American Assets Trust, Inc.		143,001,293		11,882,786		(10,945,252	)		(722,691	)		(45,323,707	)		97,892,429		3,806,082		2,412,783		—
American Axle & Manufacturing Holdings, Inc.		63,354,402		10,025,334		(7,996,033	)		(2,545,974	)		(5,778,673	)		57,059,056		8,354,181		—		—
American Eagle Outfitters, Inc.		—		127,613,938		(1,634,778	)		(145,290	)		(14,025,068	)		111,808,802		11,491,141		—		—
American Equity Investment Life Holding Co.		235,483,048		26,809,899		(53,139,561	)		5,523,072			(21,626,911	)		193,049,547		5,176,979		—		—
American Public Education, Inc.(c)		28,333,714		2,755,480		(13,022,878	)		(30,408,883	)		12,342,567			—		—		—		—
American States Water Co.		235,397,633		28,431,642		(23,498,888	)		6,226,882			(36,464,402	)		210,092,867		2,695,226		2,049,338		—
American Vanguard Corp.		38,992,028		9,137,227		(4,949,408	)		1,015,602			(4,621,331	)		39,574,118		2,116,263		99,957		—
American Woodmark Corp.		58,267,437		8,754,017		(7,717,592	)		(2,458,103	)		(3,766,475	)		53,079,284		1,210,198		—		—
America’s Car-Mart, Inc.		34,900,525		6,187,280		(5,172,304	)		(1,276,581	)		(8,088,874	)		26,550,046		435,104		—		—
Ameris Bancorp		205,685,482		11,567,411		(8,382,942	)		(1,842,257	)		5,401,230			212,428,924		4,751,262		1,400,624		—
AMERISAFE, Inc.		68,577,780		10,218,912		(8,453,421	)		(40,999	)		(4,191,005	)		66,111,267		1,414,750		867,365		—
AMN Healthcare Services, Inc.		353,146,095		45,372,075		(64,668,212	)		9,529,100			(8,986,781	)		334,392,277		3,155,835		—		—
Amphastar Pharmaceuticals, Inc.		94,656,884		14,417,283		(8,778,531	)		3,093,664			(24,944,806	)		78,444,494		2,791,619		—		—
Andersons, Inc.		109,438,184		13,591,949		(8,783,513	)		1,593,160			(43,809,593	)		72,030,187		2,321,308		816,485		—
AngioDynamics, Inc.		59,765,035		8,835,528		(6,573,328	)		760,700			(4,141,493	)		58,646,442		2,866,395		—		—
ANI Pharmaceuticals, Inc.		25,597,584		4,157,248		(5,362,711	)		(2,139,989	)		6,028,240			28,280,372		879,912		—		—
Anika Therapeutics, Inc.		26,046,427		3,317,074		(2,083,916	)		(365,524	)		(977,868	)		25,936,193		1,089,756		—		—
Anywhere Real Estate, Inc.(d)		130,770,667		13,466,856		(12,767,281	)		(1,834,396	)		(61,986,938	)		67,648,908		8,341,419		—		—
Apogee Enterprises, Inc.		84,458,297		9,775,568		(15,713,637	)		(965,415	)		(15,794,886	)		61,759,927		1,615,906		737,075		—
Apollo Commercial Real Estate Finance, Inc.		131,414,687		12,306,740		(11,592,351	)		(3,592,665	)		(49,984,431	)		78,551,980		9,464,094		6,540,914		—
Apollo Medical Holdings, Inc.(e)		N/A		3,517,192		(1,800,429	)		(567,337	)		(108,026,853	)		111,591,675		2,861,325		—		—
Applied Industrial Technologies, Inc.		282,658,706		34,648,774		(30,020,503	)		9,416,591			(8,542,777	)		288,160,791		2,803,666		1,900,757		—
ArcBest Corp.		143,182,130		18,713,570		(16,506,462	)		4,153,637			(19,437,924	)		130,104,951		1,788,876		430,863		—
Archrock, Inc.		88,793,680		16,049,217		(10,349,066	)		(1,046,984	)		(30,782,883	)		62,663,964		9,760,742		2,836,469		—
Arconic Corp.		195,119,102		23,725,444		(24,091,904	)		3,572,622			(70,743,615	)		127,581,649		7,487,186		—		—
Arcosa, Inc.		198,075,840		23,573,832		(20,440,185	)		5,443,427			(5,001,068	)		201,651,846		3,526,615		344,505		—
Arcus Biosciences, Inc.		—		137,401,417		(15,826,893	)		5,718,087			(28,170,828	)		99,121,783		3,789,059		—		—
Arlo Technologies, Inc.		53,460,460		7,294,200		(4,585,392	)		654,260			(27,169,362	)		29,654,166		6,390,984		—		—

SCHEDULES   OF   INVESTMENTS 25

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
Armada Hoffler Properties, Inc.	$	70,086,380	$	10,509,907		$	(8,340,369	)	$	(580,440	)	$	(20,420,522	)	$	51,254,956		4,937,857	$	1,744,584		$	—
ARMOUR Residential REIT, Inc.		53,925,690		24,114,593			(11,728,837	)		(7,153,955	)		(18,568,043	)		40,589,448		8,334,589		4,173,354			—
Artivion, Inc.		60,418,875		8,935,756			(6,630,907	)		(559,088	)		(21,471,756	)		40,692,880		2,940,237		—			—
Asbury Automotive Group, Inc.		265,364,091		33,927,202			(40,545,263	)		10,654,823			(25,516,840	)		243,884,013		1,614,057		—			—
Assured Guaranty Ltd.		318,170,834		18,655,187			(60,120,445	)		6,662,682			(64,629,832	)		218,738,426		4,514,725		2,434,885			—
Astec Industries, Inc.		69,718,136		10,978,815			(8,084,043	)		(1,341,840	)		(18,965,095	)		52,305,973		1,677,011		398,726			—
ATI, Inc.(f)		244,513,581		39,328,687			(28,511,285	)		9,441,062			(12,680,294	)		252,091,751		9,473,572		—			—
Atlas Air Worldwide Holdings, Inc.		166,773,819		23,125,977			(28,274,617	)		3,174,372			14,819,963			179,619,514		1,879,455		—			—
Avanos Medical, Inc.		115,498,754		13,231,871			(13,887,558	)		(4,130,909	)		(36,871,838	)		73,840,320		3,390,281		—			—
Avid Bioservices, Inc.		89,677,316		11,510,126			(8,625,634	)		(3,002,553	)		(3,335,799	)		86,223,456		4,509,595		—			—
Avid Technology, Inc.		—		72,821,572			(4,668,341	)		(544,307	)		(10,060,521	)		57,548,403		2,474,136		—			—
Avista Corp.		227,402,896		14,169,487			(6,971,692	)		(1,248,856	)		(40,385,209	)		192,966,626		5,208,276		4,437,760			—
Axcelis Technologies, Inc.		179,950,376		20,014,068			(16,988,081	)		5,215,794			(42,295,002	)		145,897,155		2,409,134		—			—
Axos Financial, Inc.		173,668,573		18,316,167			(12,378,263	)		1,393,395			(48,187,472	)		132,812,400		3,880,000		—			—
AZZ, Inc.		85,248,715		10,929,990			(9,133,100	)		(655,383	)		(20,385,363	)		66,004,859		1,807,857		601,117			—
B&G Foods, Inc.		125,617,072		30,727,086			(12,078,558	)		(1,640,726	)		(56,228,504	)		86,396,370		5,239,319		4,772,081			—
Badger Meter, Inc.		208,791,145		23,848,265			(19,372,943	)		6,700,273			(22,755,573	)		197,211,167		2,134,551		898,053			—
Balchem Corp.		316,937,446		37,402,263			(32,468,106	)		4,448,319			(41,514,030	)		284,805,892		2,342,539		—			—
Banc of California, Inc.		75,436,879		10,458,594			(7,548,891	)		494,774			(13,927,826	)		64,913,530		4,064,717		463,257			—
Bancorp, Inc.		112,651,582		—			(783,852	)		(491,079	)		(24,924,278	)		86,452,373		3,933,229		—			—
BankUnited, Inc.		243,143,815		5,191,166			(13,985,286	)		3,079,511			(56,746,994	)		180,682,212		5,287,744		2,754,492			—
Banner Corp.		130,580,723		2,622,835			—			—			1,422,747			134,626,305		2,278,712		1,984,275			—
Barnes Group, Inc.		133,984,216		22,620,365			(11,357,447	)		(2,334,385	)		(36,511,898	)		106,400,851		3,684,240		1,078,499			—
Bed Bath & Beyond, Inc.		155,271,105		6,058,628			(19,232,457	)		(8,345,793	)		(102,896,486	)		30,854,997		5,066,502		—			—
Benchmark Electronics, Inc.		63,315,343		9,198,929			(8,186,093	)		92,451			(715,289	)		63,705,341		2,570,837		828,930			—
Berkshire Hills Bancorp, Inc.		92,929,531		—			(3,082,907	)		(1,914,274	)		(3,532,080	)		84,400,270		3,091,585		755,924			—
Big Lots, Inc.		75,631,586		7,595,391			(9,672,379	)		(4,985,617	)		(35,714,879	)		32,854,102		2,104,683		1,277,218			—
BioLife Solutions, Inc.		48,785,285		11,430,917			(3,804,522	)		(1,425,338	)		1,564,220			56,550,562		2,485,739		—			—
BJ’s Restaurants, Inc.		47,205,475		6,040,048			(5,100,543	)		(1,123,546	)		(6,226,104	)		40,795,330		1,710,496		—			—
BlackRock Cash Funds: Institutional, SL Agency Shares		2,943,104,221		257,329,080	(g)		—			113,153			1,781,724			3,202,328,178		3,201,367,768		4,960,562	(h)		—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,155,360,000		—			(125,017,601	)(g)		—			—			1,030,342,399		1,030,342,399		6,411,390			—
Bloomin’ Brands, Inc.		127,477,631		26,864,830			(12,351,398	)		(565,871	)		(21,801,357	)		119,623,835		6,526,123		1,649,941			—
Blucora, Inc.		68,374,913		9,816,357			(9,498,398	)		(784,640	)		(564,321	)		67,343,911		3,482,105		—			—
Boise Cascade Co.		195,603,483		24,701,874			(21,199,889	)		7,197,600			(35,242,772	)		171,060,296		2,876,897		7,561,682			—
Boot Barn Holdings, Inc.		201,268,176		20,427,645			(16,927,427	)		4,328,762			(82,021,309	)		127,075,847		2,173,723		—			—
Bottomline Technologies DE, Inc.(c)		156,807,601		2,758,945			(160,448,424	)		42,629,208			(41,747,330	)		—		—		—			—
Brandywine Realty Trust		173,075,481		17,889,456			(14,963,762	)		(2,193,304	)		(89,134,325	)		84,673,546		12,544,229		4,648,025			—
Brightsphere Investment Group, Inc.		60,793,028		6,787,043			(9,412,181	)		1,176,135			(24,201,408	)		35,142,617		2,356,983		48,554			—
Brinker International, Inc.		121,764,897		12,661,853			(12,350,482	)		(2,842,187	)		(39,165,862	)		80,068,219		3,205,293		—			—
Bristow Group, Inc.		61,342,705		6,363,708			(4,463,638	)		561,128			(22,963,179	)		40,840,724		1,738,643		—			—
Brookline Bancorp, Inc.		80,283,225		2,204,440			—			—			(21,636,092	)		60,851,573		5,223,311		1,358,061			—
CalAmp Corp.(c)		18,844,288		1,530,954			(14,677,731	)		(23,125,724	)		17,428,213			—		—		—			—
Calavo Growers, Inc.		46,121,825		7,569,870			(5,669,549	)		(2,099,392	)		(4,840,794	)		41,081,960		1,293,920		—			—
Caleres, Inc.		52,700,056		10,700,731			(11,318,924	)		882,488			11,928,174			64,892,525		2,679,295		385,356			—
California Water Service Group		223,030,745		30,439,030			(18,543,167	)		5,240,115			(31,297,609	)		208,869,114		3,964,113		1,930,517			—
Callon Petroleum Co.		199,652,943		30,745,243			(16,120,806	)		2,730,360			(85,996,539	)		131,011,201		3,742,108		—			—
Cal-Maine Foods, Inc.(b)		147,935,153		20,966,997			(15,656,785	)		2,536,009			(37,233,056	)		N/A		N/A		2,389,024			—

26 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds
Capitol Federal Financial, Inc.	$	98,848,924	$	6,782,221	$	(3,487,945	)	$	(1,057,087	)	$	(23,077,492	)	$	78,008,621		9,398,629	$	3,405,485	$	—
Cara Therapeutics, Inc.		36,412,748		6,173,401		(3,229,278	)		(1,019,390	)		(7,530,829	)		30,806,652		3,291,309		—		—
Cardiovascular Systems, Inc.		65,640,819		7,132,208		(5,696,828	)		(3,449,505	)		(22,400,914	)		41,225,780		2,974,443		—		—
CareTrust REIT, Inc.		133,977,821		18,724,225		(15,375,486	)		1,694,263			(10,870,207	)		128,150,616		7,076,235		3,816,376		—
Carpenter Technology Corp.		144,959,501		15,364,932		(13,700,241	)		2,260,766			(39,242,700	)		109,642,258		3,520,946		1,411,536		—
Cars.com, Inc.		67,090,063		7,973,604		(8,223,997	)		(2,458,714	)		(11,448,112	)		52,932,844		4,602,856		—		—
Catalyst Pharmaceuticals, Inc.		—		110,558,102		(3,027,315	)		(549,861	)		(18,470,361	)		88,510,565		6,898,719		—		—
Cato Corp., Class A(b)		19,984,703		2,256,957		(3,940,942	)		(2,304,648	)		3,771,245			N/A		N/A		450,519		—
Cavco Industries, Inc.		146,793,258		18,502,048		(18,944,791	)		2,972,372			(25,188,908	)		124,133,979		603,295		—		—
Centerspace		105,322,106		16,220,282		(12,016,305	)		157,462			(34,212,776	)		75,470,769		1,121,075		1,604,472		—
Central Garden & Pet Co.(b)		30,929,728		4,165,912		(3,101,199	)		904,199			(5,851,055	)		N/A		N/A		—		—
Central Pacific Financial Corp.		44,570,724		—		—			—			(11,518,097	)		33,052,627		1,597,517		830,709		—
Century Communities, Inc.		113,868,713		14,444,087		(14,847,797	)		69,701			(23,749,238	)		89,785,466		2,098,772		847,376		—
Cerence, Inc.		101,172,885		11,219,086		(8,929,562	)		(1,671,018	)		(56,534,270	)		45,257,121		2,873,468		—		—
CEVA, Inc.		67,094,410		8,785,642		(6,591,499	)		(431,368	)		(24,415,565	)		44,441,620		1,694,305		—		—
Chatham Lodging Trust		48,136,215		6,199,917		(5,261,615	)		(736,053	)		(13,090,256	)		35,248,208		3,571,247		—		—
Cheesecake Factory, Inc.		138,105,122		14,492,686		(12,797,990	)		(131,215	)		(35,826,819	)		103,841,784		3,546,509		1,922,992		—
Chefs’ Warehouse, Inc.		76,019,288		14,773,053		(8,972,048	)		3,179,361			(13,054,861	)		71,944,793		2,483,424		—		—
Chesapeake Utilities Corp.		159,802,289		—		—			—			(25,949,312	)		133,852,977		1,160,005		1,241,206		—
Chico’s FAS, Inc.		42,101,966		7,359,168		(5,142,589	)		1,235,396			(1,380,926	)		44,173,015		9,126,656		—		—
Children’s Place, Inc.		48,144,408		6,257,381		(7,142,149	)		(4,598,075	)		(13,168,843	)		29,492,722		954,766		—		—
Chuy’s Holdings, Inc.		38,410,416		4,193,969		(5,110,274	)		(1,295,057	)		(4,201,498	)		31,997,556		1,380,395		—		—
Cinemark Holdings, Inc.		131,621,622		17,307,704		(12,104,317	)		(1,054,860	)		(40,724,911	)		95,045,238		7,848,492		—		—
CIRCOR International, Inc.		38,868,368		3,609,766		(3,031,067	)		(1,736,693	)		(12,926,630	)		24,783,744		1,502,956		—		—
City Holding Co.		77,952,035		—		—			—			9,895,055			87,847,090		990,496		1,188,595		—
Civitas Resources, Inc.(b)		308,128,260		36,808,936		(124,288,448	)		22,942,826			(70,286,984	)		N/A		N/A		16,314,455		—
Clearfield, Inc.		—		97,914,260		(3,070,509	)		26,787			(7,600,464	)		87,270,074		834,003		—		—
Clearwater Paper Corp.		33,601,467		6,370,897		(5,551,877	)		445,007			11,041,023			45,906,517		1,220,918		—		—
Cogent Communications Holdings, Inc.		201,346,904		28,850,926		(18,297,536	)		3,101,497			(52,716,227	)		162,285,564		3,111,303		5,528,743		—
Coherus Biosciences, Inc.		59,117,394		5,972,879		(4,942,504	)		(1,677,242	)		(13,257,120	)		45,213,407		4,704,829		—		—
Cohu, Inc.		103,114,057		13,824,632		(12,374,582	)		1,584,578			(15,476,146	)		90,672,539		3,517,166		—		—
Collegium Pharmaceutical, Inc.		50,377,440		6,236,390		(5,516,236	)		(1,197,875	)		(9,896,674	)		40,003,045		2,497,069		—		—
Columbia Banking System, Inc.		169,115,195		7,571,014		(49,259	)		(29,527	)		(18,221,696	)		158,385,727		5,482,372		3,248,207		—
Comfort Systems USA, Inc.		229,414,018		30,272,283		(26,790,186	)		9,623,081			11,423,923			253,943,119		2,609,094		733,794		—
Community Bank System, Inc.		251,364,076		7,205,913		—			—			(36,352,754	)		222,217,235		3,698,689		3,168,631		—
Community Health Systems, Inc.		105,476,808		6,744,340		(5,529,867	)		(1,182,365	)		(85,800,204	)		19,708,712		9,166,843		—		—
Community Healthcare Trust, Inc.		70,949,649		8,970,450		(7,387,582	)		536,639			(16,843,465	)		56,225,691		1,716,815		1,518,122		—
Compass Minerals International, Inc.		153,003,847		13,937,731		(12,106,096	)		(2,205,951	)		(56,376,582	)		96,252,949		2,498,130		739,012		—
Computer Programs and Systems, Inc.		36,313,263		4,795,887		(3,351,090	)		261,752			(7,426,335	)		30,593,477		1,097,327		—		—

SCHEDULES   OF   INVESTMENTS 27

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds
Comtech Telecommunications Corp.	$	29,701,641	$	2,963,973	$	(2,012,432	)	$	(236,230	)	$	(10,467,252	)	$	19,949,700		1,992,977	$	377,231	$	—
CONMED Corp.		311,068,602		34,652,041		(22,311,915	)		7,328,498			(152,611,672	)		178,125,554		2,221,848		844,856		—
Conn’s, Inc.(b)		21,217,289		1,744,491		(5,400,613	)		(6,346,650	)		7,113,899			N/A		N/A		—		—
Consensus Cloud Solutions, Inc.		68,526,794		13,889,645		(6,190,527	)		(572,462	)		(14,782,087	)		60,871,363		1,286,921		—		—
CONSOL Energy, Inc.		85,687,461		18,575,207		(11,695,566	)		7,883,527			53,294,239			153,744,868		2,390,312		2,374,244		—
Corcept Therapeutics, Inc.		153,670,670		22,629,291		(17,659,986	)		3,576,107			16,028,762			178,244,844		6,951,827		—		—
Core Laboratories NV		104,744,833		10,223,825		(9,057,512	)		(1,099,608	)		(59,269,708	)		45,541,830		3,378,474		67,230		—
CoreCivic, Inc.		96,164,194		13,158,370		(13,075,159	)		736,806			(21,155,460	)		75,828,751		8,577,913		—		—
Covetrus, Inc.		124,128,789		21,367,466		(15,641,543	)		2,353,651			27,244,346			159,452,709		7,636,624		—		—
Cross Country Healthcare, Inc.		54,819,683		10,190,546		(6,322,898	)		1,929,678			14,528,426			75,145,435		2,648,764		—		—
CSG Systems International, Inc.		147,766,049		21,192,258		(19,554,750	)		2,842,469			(28,522,108	)		123,723,918		2,339,711		1,214,179		—
CTS Corp.		81,370,986		12,390,933		(11,531,499	)		3,246,426			11,493,434			96,970,280		2,328,218		183,128		—
Customers Bancorp, Inc.		111,384,075		3,407,654		(2,789,620	)		(2,654,213	)		(46,035,557	)		63,312,339		2,147,637		—		—
Cutera, Inc.		80,707,782		12,540,536		(6,665,495	)		2,682,660			(30,025,793	)		59,239,690		1,299,116		—		—
CVB Financial Corp.		214,747,136		16,900,189		(8,492,836	)		15,296			18,980,516			242,150,301		9,563,598		3,416,979		—
Cytokinetics, Inc.		220,819,914		66,342,054		(23,680,901	)		13,435,985			55,730,086			332,647,138		6,865,782		—		—
Dave & Buster’s Entertainment, Inc.		136,001,746		23,803,709		(11,446,914	)		4,074,616			(56,089,599	)		96,343,558		3,104,852		—		—
Deluxe Corp.		92,194,563		10,756,538		(8,237,083	)		(2,536,842	)		(39,859,896	)		52,317,280		3,142,179		1,861,777		—
Designer Brands, Inc., Class A(b)		59,732,195		9,426,026		(14,229,575	)		(894,563	)		19,061,526			N/A		N/A		639,557		—
DiamondRock Hospitality Co.		152,168,570		18,602,118		(15,855,325	)		581,347			(39,974,601	)		115,522,109		15,382,438		462,696		—
Diebold Nixdorf, Inc.		35,237,668		2,500,227		(1,824,581	)		(1,394,346	)		(21,294,124	)		13,224,844		5,420,018		—		—
Digi International, Inc.		53,901,058		9,978,768		(8,793,607	)		2,938,498			30,430,579			88,455,296		2,558,730		—		—
Digital Turbine, Inc.		—		117,985,641		(8,841,761	)		3,400,614			(18,017,963	)		94,526,531		6,559,787		—		—
Dime Community Bancshares, Inc.		80,909,910		10,234,598		(9,207,522	)		911,396			(13,616,086	)		69,232,296		2,364,491		1,113,348		—
Dine Brands Global, Inc.		96,314,786		11,752,153		(18,018,162	)		(1,081,090	)		(16,072,757	)		72,894,930		1,146,868		1,201,293		—
Diodes, Inc.		280,383,123		30,490,522		(22,549,611	)		8,355,685			(81,381,687	)		215,298,032		3,316,870		—		—
Diversified Healthcare Trust		54,951,898		4,526,511		(3,301,164	)		(1,660,251	)		(36,749,249	)		17,767,745		17,945,404		344,671		—
DMC Global, Inc.		42,079,172		4,546,395		(5,005,682	)		(5,882,331	)		(14,117,189	)		21,620,365		1,352,964		—		—
Donnelley Financial Solutions, Inc.		69,434,773		9,850,245		(17,361,480	)		2,232,168			4,948,914			69,104,620		1,869,208		—		—
Dorian LPG Ltd.(e)		N/A		3,906,169		(394,187	)		59,187			(1,683,111	)		31,508,454		2,321,920		—		—
Dorman Products, Inc.		193,436,796		27,268,121		(22,520,615	)		3,517,773			(32,282,849	)		169,419,226		2,063,069		—		—
Douglas Elliman, Inc.		34,298,451		5,059,359		(3,555,453	)		(1,390,560	)		(14,240,711	)		20,171,086		4,919,777		489,396		—
Dril-Quip, Inc.		94,584,206		9,686,033		(10,255,620	)		(1,205,457	)		(43,874,689	)		48,934,473		2,506,889		—		—
DXP Enterprises, Inc.		33,255,223		5,758,818		(7,110,256	)		(1,681,097	)		(2,792,794	)		27,429,894		1,158,357		—		—
Dynavax Technologies Corp.		—		95,771,562		(17,121,982	)		8,220,536			2,684,423			89,554,539		8,578,021		—		—
Eagle Bancorp, Inc.		124,915,124		4,226,482		(242,969	)		(90,474	)		(27,106,384	)		101,701,779		2,269,116		1,880,122		—
Eagle Pharmaceuticals, Inc.		40,256,354		5,083,531		(5,991,689	)		(1,974,255	)		(16,895,852	)		20,478,089		775,098		—		—
Easterly Government Properties, Inc.		125,341,047		15,022,668		(10,725,647	)		(75,374	)		(32,501,703	)		97,060,991		6,154,787		3,176,947		—
Ebix, Inc.		56,751,142		5,993,307		(6,270,828	)		(2,539,534	)		(21,439,217	)		32,494,870		1,712,961		257,295		—
Edgewell Personal Care Co.		141,845,574		19,238,583		(21,690,255	)		(2,068,472	)		4,032,283			141,357,713		3,779,618		1,155,252		—
eHealth, Inc.(c)		21,176,573		1,910,217		(11,057,983	)		(79,595,216	)		67,566,409			—		—		—		—
elf Beauty, Inc.		88,757,898		18,404,244		(10,243,609	)		697,543			39,022,360			136,638,436		3,632,069		—		—
Ellington Financial, Inc.		69,516,047		10,665,046		(6,953,121	)		(541,817	)		(25,336,142	)		47,350,013		4,164,469		3,632,087		—
Elme Communities(i)		154,813,024		25,020,394		(18,297,692	)		(1,314,557	)		(48,141,835	)		112,079,334		6,382,650		2,126,570		—

28 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds
Embecta Corp.	$	—	$	141,627,811	$	(29,615,035	)	$	15,684,834		$	(6,343,269	)	$	121,354,341		4,215,156	$	—	$	—
Emergent BioSolutions, Inc.		140,635,920		14,573,130		(18,386,067	)		(6,946,269	)		(61,748,233	)		68,128,481		3,245,759		—		—
Employers Holdings, Inc.		70,663,431		—		—			—			(11,248,957	)		59,414,474		1,722,658		2,618,440		—
Enanta Pharmaceuticals, Inc.		92,972,184		14,283,036		(7,841,351	)		(189,153	)		(25,528,909	)		73,695,807		1,420,779		—		—
Encore Capital Group, Inc.		111,610,910		17,263,441		(17,477,223	)		1,150,536			(33,164,598	)		79,383,066		1,745,450		—		—
Encore Wire Corp.		165,403,097		21,718,030		(28,205,419	)		6,434,528			(4,190,769	)		161,159,467		1,394,837		27,540		—
Endo International PLC(c)		38,829,938		757,788		(6,841,898	)		(106,485,147	)		73,739,319			—		—		—		—
Enerpac Tool Group Corp.		94,213,093		12,152,771		(12,487,672	)		(2,110,331	)		(15,930,149	)		75,837,712		4,253,377		—		—
Enhabit, Inc.		—		86,027,018		(4,319,508	)		(586,223	)		(30,315,708	)		50,805,579		3,618,631		—		—
Enova International, Inc.		92,782,239		11,667,891		(14,358,583	)		2,110,164			(23,869,286	)		68,332,425		2,334,555		—		—
EnPro Industries, Inc.		144,434,581		17,858,540		(14,482,766	)		3,151,158			(22,040,904	)		128,920,609		1,517,070		836,602		—
Ensign Group, Inc.		337,254,869		50,724,247		(27,072,163	)		15,453,188			(55,798,731	)		320,561,410		4,032,219		424,775		—
ePlus, Inc.		107,854,675		14,457,770		(11,715,245	)		3,476,170			(32,123,133	)		81,950,237		1,972,803		—		—
ESCO Technologies, Inc.		130,009,877		17,612,177		(15,101,259	)		842,215			5,160,326			138,523,336		1,886,211		295,427		—
Essential Properties Realty Trust, Inc.		220,199,764		56,810,370		(20,479,950	)		(1,155,386	)		(55,072,844	)		200,301,954		10,298,301		5,261,860		—
Ethan Allen Interiors, Inc.		41,074,589		5,255,965		(3,746,229	)		364,913			(8,241,586	)		34,707,652		1,641,800		1,852,810		—
EVERTEC, Inc.		175,019,955		35,735,863		(16,347,328	)		5,535,658			(49,104,093	)		150,840,055		4,811,485		433,390		—
EW Scripps Co., Class A(e)		N/A		9,295,037		(56,864,714	)		49,524,600			(24,575,228	)		47,590,099		4,222,724		—		—
ExlService Holdings, Inc.(c)		341,620,008		45,177,268		(395,926,948	)		182,593,664			(173,463,992	)		—		—		—		—
Exponent, Inc.		403,165,884		44,275,855		(42,360,318	)		11,764,783			(90,022,351	)		326,823,853		3,727,887		1,800,857		—
Fabrinet		278,453,731		29,977,000		(26,290,097	)		8,132,524			(34,211,447	)		256,061,711		2,682,679		—		—
FARO Technologies, Inc.		67,909,750		6,316,727		(5,303,095	)		(2,056,905	)		(30,167,151	)		36,699,326		1,337,439		—		—
FB Financial Corp.		113,334,609		14,539,204		(13,552,889	)		1,533,055			(17,867,720	)		97,986,259		2,564,414		671,710		—
Federal Signal Corp.		147,847,950		20,997,674		(18,587,097	)		5,544,679			9,205,569			165,008,775		4,421,457		791,877		—
Ferro Corp.(c)		129,049,292		1,038,682		(131,634,077	)		11,490,943			(9,944,840	)		—		—		—		—
First Bancorp/Puerto Rico		178,203,187		2,104,641		(9,518,250	)		1,142,513			7,405,842			179,337,933		13,109,498		3,203,047		—
First Bancorp/Southern Pines NC		102,724,794		2,785,071		(2,341,204	)		(1,060,796	)		(11,827,035	)		90,280,830		2,468,038		1,071,754		—
First Commonwealth Financial Corp.		93,056,143		—		—			—			(14,240,782	)		78,815,361		6,138,268		1,473,184		—
First Financial Bancorp		140,160,135		8,151,709		—			—			(12,328,348	)		135,983,496		6,450,830		2,934,133		—
First Hawaiian, Inc.		254,293,155		30,548,268		(26,193,521	)		3,261,927			(32,532,634	)		229,377,195		9,312,919		4,821,331		—
Flagstar Bancorp, Inc.		152,382,971		—		—			—			(32,345,442	)		120,037,529		3,593,938		431,273		—
FormFactor, Inc.		235,326,769		27,114,736		(23,662,135	)		5,393,664			(103,261,023	)		140,912,011		5,625,230		—		—
Forward Air Corp.		188,702,200		24,012,200		(20,470,457	)		5,078,821			(20,574,549	)		176,748,215		1,958,212		929,557		—
Fossil Group, Inc.(c)		32,867,927		2,886,111		(16,614,395	)		(34,896,506	)		15,756,863			—		—		—		—
Four Corners Property
Trust, Inc.		149,620,540		25,530,387		(14,021,494	)		2,338,271			(19,566,377	)		143,901,327		5,948,794		3,842,261		—
Franklin BSP Realty Trust, Inc.		44,145,890		49,687,498		(6,819,481	)		(414,184	)		(20,233,389	)		66,366,334		6,162,148		4,259,962		—
Franklin Electric Co., Inc.		231,867,527		29,763,771		(25,036,403	)		6,344,360			(11,221,788	)		231,717,467		2,835,852		1,105,586		—
Franklin Street Properties Corp.		40,000,513		3,545,962		(3,781,119	)		(3,972,441	)		(18,169,827	)		17,623,088		6,700,794		682,012		—
Frontdoor, Inc.		—		154,523,435		(8,199,965	)		(543,873	)		(24,601,990	)		121,177,607		5,942,992		—		—
Gannett Co., Inc.		45,945,323		4,139,226		(4,105,955	)		(6,611,881	)		(23,587,817	)		15,778,896		10,313,004		—		—
GCP Applied Technologies, Inc.(c)		120,964,078		17,487,258		(140,670,194	)		36,471,313			(34,252,455	)		—		—		—		—
Genesco, Inc.		62,518,516		8,098,275		(9,493,224	)		475,850			(24,198,587	)		37,400,830		951,191		—		—
Gentherm, Inc.		173,591,392		20,279,907		(17,011,067	)		2,932,413			(59,196,351	)		120,596,294		2,425,021		—		—
Genworth Financial, Inc., Class A		114,343,065		2,980,582		—			—			(8,698,071	)		108,625,576		31,035,879		—		—
GEO Group, Inc.		53,377,997		4,885,579		(63,701	)		(17,236	)		9,384,645			67,567,284		8,774,972		—		—

SCHEDULES   OF   INVESTMENTS 29

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds
Getty Realty Corp.	$	80,332,906	$	7,345,916	$	(5,197,380	)	$	498,790		$	(5,472,442	)	$	77,507,790		2,882,402	$	2,340,587	$	—
Gibraltar Industries, Inc.		100,423,328		14,261,904		(15,007,823	)		(4,505,658	)		(762,122	)		94,409,629		2,306,612		—		—
G-III Apparel Group Ltd.		84,612,968		10,490,735		(9,440,132	)		(3,036,455	)		(35,305,343	)		47,321,773		3,165,336		—		—
Glatfelter Corp.(c)		39,207,113		3,243,119		(16,125,247	)		(46,153,571	)		19,828,586			—		—		436,862		—
Glaukos Corp.		193,909,720		22,605,050		(15,860,289	)		(868,622	)		(14,979,597	)		184,806,262		3,471,192		—		—
Global Net Lease, Inc.		116,604,068		19,537,559		(16,476,626	)		(1,729,379	)		(37,181,486	)		80,754,136		7,582,548		5,907,273		—
GMS, Inc.		153,272,040		19,874,810		(17,469,965	)		4,559,480			(35,796,983	)		124,439,382		3,110,207		—		—
Golden Entertainment, Inc.		84,531,744		13,459,190		(7,597,964	)		(1,246,753	)		(33,296,922	)		55,849,295		1,600,725		—		—
Granite Construction, Inc.		107,549,527		14,102,751		(15,453,687	)		(1,819,012	)		(22,695,785	)		81,683,794		3,217,164		829,867		—
Granite Point Mortgage Trust, Inc.		43,005,744		5,488,778		(5,598,877	)		(2,752,957	)		(15,555,109	)		24,587,579		3,817,947		1,909,677		—
Green Dot Corp., Class A		99,087,274		—		(2,590,015	)		(4,982,149	)		(25,498,836	)		66,016,274		3,478,202		—		—
Green Plains, Inc.		85,196,657		20,871,146		—			—			(10,847,942	)		95,219,861		3,275,537		—		—
Greenbrier Cos., Inc.		120,280,486		11,272,692		(10,097,968	)		(283,592	)		(63,404,285	)		57,767,333		2,380,195		1,274,951		—
Greenhill & Co., Inc.(c)		14,881,274		305,652		(9,420,284	)		(8,620,414	)		2,853,772			—		—		92,690		—
Griffon Corp.		67,803,473		13,910,221		(12,259,456	)		2,803,478			29,709,028			101,966,744		3,454,158		7,378,730		—
Group 1 Automotive, Inc.		206,661,331		26,314,360		(38,745,946	)		6,728,698			(36,457,782	)		164,500,661		1,151,401		912,077		—
Hain Celestial Group, Inc.		—		110,500,371		—			—			(67,664	)		110,432,707		6,542,222		—		—
Hanger, Inc.		48,111,118		8,795,804		(5,414,770	)		(206,902	)		1,616,702			52,901,952		2,825,959		—		—
Hanmi Financial Corp.		48,873,245		1,509,395		—			—			(1,912,237	)		48,470,403		2,046,892		962,039		—
Harmonic, Inc.		68,730,495		11,114,738		(8,390,432	)		2,708,909			25,978,042			100,141,752		7,661,955		—		—
Harsco Corp.		69,390,518		5,353,414		(4,732,486	)		(4,296,479	)		(44,049,293	)		21,665,674		5,792,961		—		—
Haverty Furniture Cos., Inc.(b)		29,103,177		2,524,127		(4,740,331	)		(533,020	)		(5,153,684	)		N/A		N/A		591,619		—
Hawaiian Holdings, Inc.		72,214,172		8,434,465		(7,105,371	)		(3,419,213	)		(20,843,494	)		49,280,559		3,747,571		—		—
Hawkins, Inc.		61,618,363		7,460,866		(5,811,586	)		1,763,865			(11,014,918	)		54,016,590		1,385,396		382,988		—
Haynes International, Inc.		37,978,922		3,488,834		(2,784,642	)		418,349			(6,966,101	)		32,135,362		915,016		392,042		—
HB Fuller Co.		249,889,293		32,331,795		(26,309,923	)		3,940,906			(26,837,940	)		233,014,131		3,877,107		1,433,039		—
HCI Group, Inc.		39,375,177		5,114,772		(7,568,614	)		(2,751,505	)		(13,719,582	)		20,450,248		521,690		465,888		—
Healthcare Services Group, Inc.		99,054,646		12,162,212		(11,022,873	)		(2,253,892	)		(32,447,112	)		65,492,981		5,417,120		2,285,975		—
HealthStream, Inc.		35,773,989		5,786,535		(6,087,541	)		(911,359	)		2,883,125			37,444,749		1,761,277		—		—
Heidrick & Struggles International, Inc.		55,504,301		6,708,924		(5,137,548	)		336,313			(19,884,457	)		37,527,533		1,443,922		429,106		—
Helix Energy Solutions Group, Inc.		48,527,827		5,549,524		(4,938,646	)		(868,073	)		(7,987,367	)		40,283,265		10,436,079		—		—
Helmerich & Payne, Inc.		323,158,452		40,998,317		(36,122,025	)		12,130,835			(56,285,889	)		283,879,690		7,678,650		3,833,251		—
Heritage Financial Corp.		56,793,829		2,176,525		—			—			3,219,482			62,189,836		2,349,446		968,877		—
Hersha Hospitality Trust, Class A		21,546,077		2,611,396		(2,299,220	)		(645,083	)		(2,087,081	)		19,126,089		2,396,753		120,848		—
Heska Corp.		105,969,219		10,350,801		(12,279,263	)		(10,123,955	)		(39,833,132	)		54,083,670		741,685		—		—
Hibbett, Inc.		40,842,195		9,022,832		(7,227,300	)		1,641,442			2,807,818			47,086,987		945,332		452,312		—
Hillenbrand, Inc.		230,251,717		28,141,671		(32,773,657	)		1,339,101			(40,956,793	)		186,002,039		5,065,415		2,264,101		—
Hilltop Holdings, Inc.		115,984,411		—		(18,052,431	)		(2,866,813	)		(12,455,716	)		82,609,451		3,324,324		1,111,087		—
HNI Corp.		115,782,139		14,630,522		(17,583,958	)		(2,835,125	)		(30,081,914	)		79,911,664		3,014,397		1,982,150		—
HomeStreet, Inc.		61,438,925		—		(1,787,123	)		581,023			(24,026,520	)		36,206,305		1,256,727		879,709		—
Hope Bancorp, Inc.		125,113,560		3,214,855		—			—			(27,338,999	)		100,989,416		7,989,669		2,233,411		—
Horace Mann Educators Corp.		112,526,716		1,652,020		—			—			(17,759,574	)		96,419,162		2,732,195		1,748,604		—
Hostess Brands, Inc.		217,127,718		29,927,372		(29,244,163	)		1,178,654			12,354,022			231,343,603		9,954,544		—		—
Hub Group, Inc., Class A		187,277,719		23,070,740		(18,666,417	)		4,794,030			(25,495,070	)		170,981,002		2,478,704		—		—
Hudson Pacific Properties, Inc.		—		123,725,765		(1,507,955	)		(249,978	)		(19,025,798	)		102,942,034		9,401,099		—		—
Ichor Holdings Ltd.		72,429,744		9,109,188		(6,853,874	)		(435,468	)		(23,505,382	)		50,744,208		2,096,002		—		—
Independence Realty Trust, Inc.(c)		417,778,942		5,945,068		(357,401,268	)		40,659,005			(106,981,747	)		—		—		—		—
Independent Bank Corp.		258,508,413		4,536,977		(6,894,262	)		280,439			(22,291,920	)		234,139,647		3,141,549		3,244,925		—
Independent Bank Group, Inc.		187,312,547		24,472,884		(27,271,453	)		3,592,854			(29,593,432	)		158,513,400		2,582,072		2,017,191		—

30 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds
Industrial Logistics Properties Trust	$	106,399,151	$	7,825,806	$	(6,958,335	)	$	(3,750,041	)	$	(77,186,348	)	$	26,330,233		4,787,315	$	1,595,544	$	—
Innospec, Inc.		163,608,317		21,826,516		(17,685,504	)		4,576,440			(17,436,037	)		154,889,732		1,807,981		1,109,220		—
Innovative Industrial Properties, Inc.		376,860,731		55,913,362		(23,373,483	)		200,678			(229,058,014	)		180,543,274		2,040,037		7,096,107		—
Innoviva, Inc.		86,614,896		10,069,734		(8,482,518	)		1,001,840			(36,084,951	)		53,119,001		4,575,280		—		—
Inogen, Inc.		47,300,748		9,904,034		(3,907,315	)		(912,110	)		(11,763,533	)		40,621,824		1,673,057		—		—
Insight Enterprises, Inc.		267,725,516		29,504,226		(51,614,028	)		4,979,708			(66,949,517	)		183,645,905		2,228,442		—		—
Installed Building Products, Inc.		141,821,788		21,848,529		(17,192,130	)		2,768,899			(10,020,336	)		139,226,750		1,719,061		1,057,906		—
Insteel Industries, Inc.		51,401,526		7,157,719		(6,168,810	)		1,271,496			(15,921,175	)		37,740,756		1,422,569		83,996		—
Integer Holdings Corp.		190,269,761		22,594,957		(18,440,439	)		3,617,358			(47,717,355	)		150,324,282		2,415,624		—		—
InterDigital, Inc.		140,008,526		18,016,282		(17,467,575	)		(4,032,330	)		(48,929,670	)		87,595,233		2,167,126		1,535,245		—
Interface, Inc.		57,147,545		8,276,287		(6,366,559	)		(1,114,932	)		(19,287,346	)		38,654,995		4,299,777		85,837		—
Invesco Mortgage Capital, Inc.		51,136,777		12,029,455		(4,732,163	)		(14,888,638	)		(16,787,715	)		26,757,716		2,410,605		4,124,272		—
Investors Bancorp., Inc.(c)		241,223,189		1,159,138		(225,120,862	)		8,155,739			(25,417,204	)		—		—		—		—
iRobot Corp.		122,285,983		13,101,062		(11,241,492	)		(276,602	)		(12,280,460	)		111,588,491		1,980,978		—		—
Ironwood Pharmaceuticals, Inc.		—		134,828,245		(26,590,897	)		2,891,547			(10,334,611	)		100,794,284		9,729,178		—		—
iStar, Inc.		116,402,831		25,888,453		(8,075,792	)		777,755			(77,335,598	)		57,657,649		6,226,528		1,375,405		—
iTeos Therapeutics, Inc.(e)		N/A		6,506,158		(437,232	)		(216,280	)		(32,223,382	)		34,227,897		1,796,740		—		—
Itron, Inc.		170,586,111		21,541,829		(17,454,185	)		(5,043,155	)		(30,805,805	)		138,824,795		3,296,718		—		—
J & J Snack Foods Corp.		165,416,632		19,899,235		(15,862,143	)		654,956			(28,762,526	)		141,346,154		1,091,729		1,436,664		—
Jack in the Box, Inc.		141,010,428		15,334,175		(13,882,585	)		(1,109,975	)		(27,359,868	)		113,992,175		1,538,979		1,342,657		—
James River Group Holdings Ltd.		62,174,341		2,229,949		—			—			(4,914,510	)		59,489,780		2,608,057		257,473		—
John B Sanfilippo & Son, Inc.(b)		53,243,648		7,201,260		(6,207,636	)		77,505			(5,044,762	)		N/A		N/A		1,498,410		—
John Bean Technologies Corp.		269,450,300		32,642,739		(25,938,534	)		2,145,257			(78,465,346	)		199,834,416		2,323,656		458,645		—
Joint Corp.		36,767,591		2,846,817		(2,109,830	)		(1,951,617	)		(18,409,958	)		17,143,003		1,091,216		—		—
Kaiser Aluminum Corp.		106,874,519		12,755,463		(11,122,184	)		(134,890	)		(37,049,116	)		71,323,792		1,162,572		1,764,694		—
Kaman Corp.		86,916,564		9,655,750		(8,343,544	)		(2,612,783	)		(28,561,588	)		57,054,399		2,042,764		801,954		—
KAR Auction Services, Inc.		156,418,231		18,306,082		(19,255,804	)		(2,369,924	)		(58,741,071	)		94,357,514		8,447,405		—		—
KKR Real Estate Finance Trust, Inc.(e)		N/A		12,082,929		(1,360,954	)		(122,613	)		(15,975,883	)		68,830,612		4,235,730		1,821,188		—
Knowles Corp.		141,406,715		15,973,045		(12,739,792	)		1,241,186			(64,340,341	)		81,540,813		6,700,149		—		—
Kontoor Brands, Inc.		140,711,238		22,664,751		(15,081,379	)		(2,894,656	)		(24,576,441	)		120,823,513		3,594,868		3,121,830		—
Koppers Holdings, Inc.		42,128,249		5,226,850		(5,044,169	)		(1,411,363	)		(8,960,665	)		31,938,902		1,537,002		153,380		—
Korn Ferry		252,987,602		31,752,267		(24,300,527	)		5,468,373			(78,929,622	)		186,978,093		3,982,494		1,173,785		—
Kulicke & Soffa Industries, Inc.		249,869,703		25,957,023		(34,164,740	)		4,334,334			(82,828,166	)		163,168,154		4,234,834		1,425,129		—
Lakeland Financial Corp.		131,628,490		4,131,819		(2,732,340	)		(680,473	)		162,335			132,509,831		1,819,940		1,439,660		—
Lantheus Holdings, Inc.		268,045,866		44,531,619		(32,092,609	)		16,783,990			55,313,147			352,582,013		5,013,252		—		—
Laredo Petroleum, Inc.		81,468,140		24,244,446		(8,644,710	)		(144,817	)		(18,385,133	)		78,537,926		1,249,609		—		—
La-Z-Boy, Inc.		82,855,859		11,766,936		(10,615,115	)		(2,010,279	)		(10,569,851	)		71,427,550		3,164,712		1,036,522		—
LCI Industries		187,813,675		27,816,440		(20,839,527	)		2,734,738			(9,359,842	)		188,165,484		1,854,578		3,839,837		—
LeMaitre Vascular, Inc.		63,919,764		10,018,063		(7,759,498	)		1,215,842			4,492,672			71,886,843		1,418,446		354,260		—
LendingTree, Inc.		98,208,861		6,639,973		(7,703,694	)		(9,475,971	)		(68,749,597	)		18,919,572		792,941		—		—
Leslie’s, Inc.		—		154,828,035		(631,822	)		(15,766	)		4,862,676			159,043,123		10,811,905		—		—
LGI Homes, Inc.		149,225,443		19,597,957		(20,707,033	)		(216,612	)		(26,365,116	)		121,534,639		1,493,605		—		—
Ligand Pharmaceuticals, Inc.		134,490,007		15,472,903		(16,963,308	)		(5,752,176	)		(26,524,387	)		100,723,039		1,169,702		—		—
Lindsay Corp.		123,302,622		15,078,912		(12,222,992	)		3,091,409			(14,220,612	)		115,029,339		802,829		534,959		—
Liquidity Services, Inc.		32,694,355		4,727,074		(3,166,223	)		1,102,723			(3,182,511	)		32,175,418		1,978,808		—		—
Livent Corp.		301,581,149		76,700,085		(30,696,181	)		11,090,914			41,982,795			400,658,762		13,072,064		—		—
LivePerson, Inc.		117,865,230		12,449,565		(8,545,715	)		(7,024,785	)		(67,041,453	)		47,702,842		5,063,996		—		—

SCHEDULES   OF   INVESTMENTS 31

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds
LiveRamp Holdings, Inc.	$	—	$	138,294,802	$	(10,240,970	)	$	1,556,966		$	(40,587,373	)	$	89,023,425		4,902,171	$	—	$	—
LL Flooring Holdings, Inc.		29,300,033		2,991,022		(2,420,585	)		(1,247,571	)		(13,795,873	)		14,827,026		2,139,542		—		—
Loyalty Ventures, Inc.(c)		23,666,877		540,221		(5,925,178	)		(62,381,063	)		44,099,143			—		—		—		—
LTC Properties, Inc.		108,384,839		19,680,133		(13,827,517	)		439,930			(4,050,160	)		110,627,225		2,953,998		3,237,437		—
LXP Industrial Trust		317,911,153		34,131,763		(31,165,862	)		(4,008,766	)		(129,890,667	)		186,977,621		20,412,404		4,855,245		—
M/I Homes, Inc.		92,345,659		12,681,872		(14,097,636	)		(144,480	)		(17,307,787	)		73,477,628		2,028,088		—		—
ManTech International Corp./VA, Class A(c)		169,913,587		22,709,117		(211,831,058	)		67,898,210			(48,689,856	)		—		—		796,350		—
Marcus Corp.(b)		27,951,362		5,731,694		(2,455,915	)		(594,826	)		12,050,364			N/A		N/A		82,879		—
MarineMax, Inc.		63,060,808		9,174,957		(8,612,111	)		1,393,783			(18,233,106	)		46,784,331		1,570,471		—		—
Marten Transport Ltd.		76,128,648		11,553,439		(12,645,005	)		2,556,631			2,785,553			80,379,266		4,195,160		514,151		—
Matador Resources Co.(c)		418,406,106		—		(440,317,505	)		319,326,556			(297,415,157	)		—		—		—		—
Materion Corp.		125,367,742		15,802,200		(12,961,681	)		4,301,945			(12,766,446	)		119,743,760		1,496,797		369,478		—
Mativ Holdings, Inc.(j)		62,022,758		88,480,422		(9,133,681	)		(4,174,495	)		(49,152,837	)		88,042,167		3,987,417		2,608,222		—
Matson, Inc.		363,006,855		30,684,212		(40,404,038	)		3,060,467			(181,456,041	)		174,891,455		2,842,839		1,826,055		—
Matthews International Corp., Class A		73,073,863		9,105,117		(9,538,650	)		(4,102,937	)		(18,516,256	)		50,021,137		2,232,090		1,010,797		—
MaxLinear, Inc.		295,124,147		27,736,501		(19,617,578	)		2,274,597			(134,074,058	)		171,443,609		5,255,782		—		—
MDC Holdings, Inc.		153,007,137		19,307,097		(14,664,908	)		1,753,256			(45,364,338	)		114,038,244		4,158,944		4,135,712		—
Medifast, Inc.		141,901,102		18,183,715		(20,079,348	)		2,310,163			(55,244,471	)		87,071,161		803,536		2,641,366		—
Meridian Bioscience, Inc.		80,791,829		13,778,788		(10,822,925	)		3,302,125			13,530,284			100,580,101		3,189,981		—		—
Merit Medical Systems, Inc.		241,720,177		49,314,866		(20,206,310	)		8,089,136			(44,982,122	)		233,935,747		4,139,723		—		—
Meritage Homes Corp.		211,633,392		23,450,306		(22,097,596	)		3,099,328			(28,690,378	)		187,395,052		2,666,786		—		—
Meritor, Inc.(c)		180,216,010		18,416,851		(203,316,665	)		49,989,966			(45,306,162	)		—		—		—		—
Mesa Laboratories, Inc.		95,859,603		10,625,781		(11,651,747	)		(5,495,804	)		(38,005,016	)		51,332,817		364,502		121,206		—
Methode Electronics, Inc.		115,328,504		14,451,695		(14,059,748	)		1,658,083			(17,813,636	)		99,564,898		2,680,078		740,520		—
MGP Ingredients, Inc.(e)		N/A		23,059,415		(1,824,847	)		363,638			21,884,730			119,191,352		1,122,752		—		—
Middlesex Water Co.		121,393,945		—		—			—			(32,284,764	)		89,109,181		1,154,264		669,473		—
Minerals Technologies, Inc.		—		132,966,773		(1,728,882	)		(148,169	)		(13,635,976	)		117,453,746		2,377,125		—		—
ModivCare, Inc.		101,725,170		13,581,916		(9,517,250	)		2,845,557			(16,704,815	)		91,930,578		922,257		—		—
Monarch Casino & Resort, Inc.(e)		N/A		685,882		(1,107,513	)		46,508			6,318,031			54,596,487		972,506		—		—
Monro, Inc.		106,431,874		15,070,436		(16,797,585	)		(4,095,321	)		1,439,196			102,048,600		2,348,104		1,355,312		—
Moog, Inc., Class A		182,438,303		22,511,158		(18,778,765	)		2,004,381			(39,589,194	)		148,585,883		2,112,095		1,099,212		—
Motorcar Parts of America, Inc.		24,415,724		2,953,316		(1,694,435	)		(51,059	)		(3,473,880	)		22,149,666		1,455,300		—		—
Movado Group, Inc.(b)		45,775,699		5,934,279		(5,688,037	)		993,749			(12,499,201	)		N/A		N/A		1,236,265		—
Mr Cooper Group, Inc.		191,220,336		—		—			—			(21,646,796	)		169,573,540		4,187,001		—		—
Mueller Industries, Inc.		222,475,811		30,685,106		(27,388,871	)		6,657,981			13,288,216			245,718,243		4,133,887		2,060,932		—
Myers Industries, Inc.		55,670,695		8,664,321		(6,194,376	)		1,240,308			(15,348,782	)		44,032,166		2,673,477		706,998		—
MYR Group, Inc.		113,820,468		14,980,626		(14,101,333	)		4,355,414			(16,126,611	)		102,928,564		1,214,783		—		—
Myriad Genetics, Inc.		143,948,675		17,511,782		(12,687,713	)		478,288			(37,048,383	)		112,202,649		5,880,642		—		—
Nabors Industries Ltd.		84,919,956		20,929,769		(8,436,688	)		1,868,952			(33,084,951	)		66,197,038		652,509		—		—
National Bank Holdings Corp., Class A		81,266,914		1,099,752		—			—			(6,645,473	)		75,721,193		2,047,072		928,073		—
National Presto Industries, Inc.		27,917,614		3,619,649		(2,959,390	)		(464,639	)		(3,930,831	)		24,182,403		371,751		—		—
National Vision Holdings, Inc.		—		178,007,514		(23,976,799	)		5,890,198			27,918,847			187,839,760		5,753,132		—		—
Natus Medical, Inc.(c)		64,241,145		7,114,910		(89,136,027	)		6,525,152			11,254,820			—		—		—		—
NBT Bancorp, Inc.		103,252,531		2,713,758		—			—			4,952,036			110,918,325		2,922,749		1,677,010		—
Neenah, Inc.(c)		47,271,785		3,013,196		(80,307,882	)		(93,409	)		30,116,310			—		—		568,538		—
Nektar Therapeutics		71,195,578		8,293,073		(6,259,119	)		(5,959,371	)		(23,534,452	)		43,735,709		13,667,409		—		—
NeoGenomics, Inc.		107,000,980		12,296,044		(8,291,083	)		(7,759,516	)		(24,008,044	)		79,238,381		9,203,064		—		—
NETGEAR, Inc.		51,698,232		6,105,671		(5,736,144	)		(1,840,584	)		(8,094,458	)		42,132,717		2,102,431		—		—
NetScout Systems, Inc.		169,405,690		23,165,486		(33,351,989	)		(92,336	)		(3,691,235	)		155,435,616		4,962,823		—		—
New York Mortgage Trust, Inc.		99,064,584		19,114,001		(17,693,608	)		(4,284,425	)		(31,739,950	)		64,460,602		27,547,266		5,432,739		—

32 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds
NexPoint Residential Trust, Inc.	$	122,018,834	$	2,040,175	$	(2,040,175	)	$	—		$	(59,583,995	)	$	62,434,839		1,351,111	$	1,026,844	$	—
NextGen Healthcare, Inc.		84,060,458		10,519,304		(10,371,333	)		1,393,921			(14,482,104	)		71,120,246		4,018,093		—		—
NMI Holdings, Inc., Class A		126,486,977		15,925,229		(15,450,230	)		1,508,153			(2,638,284	)		125,831,845		6,177,312		—		—
Northfield Bancorp, Inc.		44,128,998		2,694,248		(2,490,170	)		420,577			(586,854	)		44,166,799		3,086,429		795,406		—
Northwest Bancshares, Inc.		110,620,029		4,927,681		—			—			37,500			115,585,210		8,555,530		3,356,250		—
Northwest Natural Holding Co.		114,034,325		28,317,050		(10,668,720	)		78,281			(21,613,694	)		110,147,242		2,539,125		2,268,285		—
NOW, Inc.		87,533,937		11,510,691		(10,110,623	)		1,079,009			(8,765,648	)		81,247,366		8,084,315		—		—
NV5 Global, Inc.		113,096,919		18,329,058		(10,011,249	)		(58,296	)		(8,722,950	)		112,633,482		909,655		—		—
Oceaneering International, Inc.		108,248,797		10,899,743		(9,065,439	)		(1,154,663	)		(50,725,396	)		58,203,042		7,311,940		—		—
ODP Corp.		150,472,218		15,774,732		(21,669,235	)		1,311,470			(35,976,190	)		109,912,995		3,126,970		—		—
Office Properties Income Trust		89,434,675		10,258,954		(8,847,717	)		(4,451,423	)		(36,744,416	)		49,650,073		3,533,813		3,840,941		—
OFG Bancorp		86,662,184		559,589		(781,787	)		(83,288	)		(4,800,550	)		81,556,148		3,245,370		1,137,037		—
O-I Glass, Inc.		146,725,678		20,292,979		(16,960,189	)		501,181			(3,496,807	)		147,062,842		11,356,204		—		—
Oil States International, Inc.		30,532,455		3,734,577		(2,508,520	)		101,858			(13,705,849	)		18,154,521		4,666,972		—		—
Olympic Steel, Inc.		25,713,971		2,705,270		(1,918,560	)		967,436			(11,461,815	)		16,006,302		701,723		121,702		—
Omnicell, Inc.(c)		407,429,926		17,797,448		(380,212,794	)		105,673,887			(150,688,467	)		—		—		—		—
OneSpan, Inc.		35,579,568		4,101,809		(2,854,783	)		(622,617	)		(14,066,419	)		22,137,558		2,571,145		—		—
Onto Innovation, Inc.		306,564,777		34,426,487		(25,375,424	)		10,266,999			(93,818,865	)		232,063,974		3,623,169		—		—
OptimizeRx Corp.		47,963,311		4,994,390		(3,475,955	)		(3,621,411	)		(26,316,341	)		19,543,994		1,318,758		—		—
OraSure Technologies, Inc.		35,093,429		2,686,376		(2,771,489	)		(1,888,097	)		(13,048,042	)		20,072,177		5,296,089		—		—
Orion Office REIT, Inc.		56,739,102		6,719,448		(5,779,042	)		(2,208,647	)		(19,210,546	)		36,260,315		4,144,036		811,891		—
Orthofix Medical, Inc.		46,236,230		5,395,986		(4,122,293	)		(1,706,917	)		(17,831,298	)		27,971,708		1,463,721		—		—
OSI Systems, Inc.		99,778,004		8,008,831		(8,705,496	)		(779,565	)		(15,000,486	)		83,301,288		1,155,999		—		—
Owens & Minor, Inc.		237,798,945		23,645,084		(17,496,652	)		9,051,392			(118,986,164	)		134,012,605		5,560,689		—		—
Oxford Industries, Inc.		102,821,032		14,197,269		(17,445,465	)		1,643,887			(3,177,861	)		98,038,862		1,091,990		1,227,977		—
Pacific Premier Bancorp, Inc.		228,019,766		8,067,513		(1,293,032	)		(640,946	)		(28,273,233	)		205,880,068		6,649,873		4,370,271		—
Pacira BioSciences, Inc.		243,118,352		27,233,389		(18,304,914	)		3,887,474			(78,179,172	)		177,755,129		3,341,890		—		—
Palomar Holdings, Inc.		110,545,925		21,425,605		(12,549,266	)		(1,355,487	)		36,075,389			154,142,166		1,841,163		—		—
Park Aerospace Corp.		18,232,507		2,348,250		(1,415,985	)		(72,099	)		(2,843,802	)		16,248,871		1,471,818		283,133		—
Park National Corp.		135,674,418		16,579,218		(13,602,819	)		2,532,281			(9,857,320	)		131,325,778		1,054,995		2,171,010		—
Pathward Financial, Inc.(k)		112,957,040		1,486,572		(569,248	)		(371,071	)		(45,016,830	)		68,486,463		2,077,866		206,731		—
Patrick Industries, Inc.		96,958,481		12,707,529		(13,449,967	)		(1,425,685	)		(25,343,721	)		69,446,637		1,584,093		1,055,258		—
Patterson-UTI Energy, Inc.		238,134,784		29,556,615		(23,300,059	)		11,333,296			(71,033,877	)		184,690,759		15,812,565		1,244,804		—
PBF Energy, Inc., Class A		166,060,470		48,696,083		(20,509,920	)		11,480,328			69,390,827			275,117,788		7,824,738		—		—
PDF Solutions, Inc.		59,598,908		7,785,871		(6,955,348	)		1,258,708			(8,781,909	)		52,906,230		2,156,797		—		—
Pediatrix Medical Group, Inc.(l)		143,173,761		17,702,213		(14,732,622	)		(1,809,011	)		(42,766,901	)		101,567,440		6,151,874		—		—
Pennant Group, Inc.		35,999,327		4,454,245		(2,866,776	)		1,771,832			(17,964,548	)		21,394,080		2,055,147		—		—
PennyMac Mortgage Investment Trust(e)		N/A		14,155,112		(16,072,947	)		(4,182,527	)		(43,512,795	)		77,939,566		6,616,262		6,261,055		—
Perdoceo Education Corp.		57,606,112		9,060,264		(9,140,170	)		(764,447	)		(5,864,247	)		50,897,512		4,941,506		—		—
Perficient, Inc.		259,611,926		37,616,202		(20,878,012	)		9,064,429			(121,332,869	)		164,081,676		2,523,557		—		—
PetMed Express, Inc.		38,966,720		4,630,009		(3,981,158	)		(387,621	)		(9,215,169	)		30,012,781		1,537,540		910,618		—
PGT Innovations, Inc.		76,723,141		11,729,627		(9,749,623	)		2,587,584			10,344,337			91,635,066		4,371,902		—		—
Phibro Animal Health Corp., Class A(b)		29,130,392		3,843,399		(2,356,830	)		(257,469	)		14,016,696			N/A		N/A		354,150		—
Photronics, Inc.		74,493,294		13,562,889		(9,743,080	)		1,646,003			(14,278,040	)		65,681,066		4,492,549		—		—
Piper Sandler Cos		132,389,775		16,694,980		(16,958,538	)		1,863,512			(29,272,143	)		104,717,586		999,786		1,221,816		—

SCHEDULES   OF   INVESTMENTS 33

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds
Plantronics, Inc.(c)	$	120,668,371	$	15,230,749	$	(137,743,925	)	$	39,460,421			$    (37,615,616	)	$	—		—	$	—	$	—
Plexus Corp.		164,407,748		22,398,619		(20,963,939	)		4,705,569			6,411,026			176,959,023		2,021,003		—		—
Powell Industries, Inc.		12,559,186		2,106,759		(1,321,278	)		80,447			905,639			14,330,753		679,827		343,987		—
PRA Group, Inc.		141,038,099		15,424,046		(25,212,815	)		(1,413,697	)		(36,308,154	)		93,527,479		2,846,241		—		—
Prestige Consumer Healthcare, Inc.		190,225,543		26,388,568		(23,104,125	)		2,665,552			(15,334,695	)		180,840,843		3,629,156		—		—
PriceSmart, Inc.		135,818,557		19,757,942		(13,171,183	)		(862,383	)		(36,312,469	)		105,230,464		1,827,235		767,728		—
ProAssurance Corp.		92,923,542		1,499,669		—			—			(25,638,404	)		68,784,807		3,525,618		352,562		—
PROG Holdings, Inc.		—		123,275,984		(59,968,680	)		35,784,511			(43,820,558	)		55,271,257		3,689,670		—		—
Progress Software Corp.		148,916,992		19,047,822		(18,298,145	)		3,967,026			(18,765,470	)		134,868,225		3,169,641		1,111,212		—
ProPetro Holding Corp.		84,754,257		9,816,364		(7,432,487	)		306,899			(35,987,654	)		51,457,379		6,392,221		—		—
Proto Labs, Inc.		104,431,636		13,044,493		(10,397,879	)		(6,689,673	)		(27,102,346	)		73,286,231		2,011,700		—		—
Provident Financial Services, Inc.		119,936,396		—		—			—			(19,989,400	)		99,946,996		5,125,487		2,460,234		—
Quaker Chemical Corp.		165,876,863		20,212,796		(14,138,374	)		(161,446	)		(28,314,668	)		143,475,171		993,733		794,472		—
Quanex Building Products Corp.		50,273,695		7,644,837		(6,205,863	)		89,278			(7,675,417	)		44,126,530		2,429,875		385,891		—
QuinStreet, Inc.		41,592,937		5,808,781		(3,814,604	)		402,903			(4,538,997	)		39,451,020		3,757,240		—		—
Rambus, Inc.		249,695,511		25,197,800		(19,334,990	)		6,190,662			(56,844,972	)		204,904,011		8,060,740		—		—
Ranger Oil Corp., Class A(b)		52,271,514		7,603,103		(10,114,108	)		(3,840,245	)		14,399,708			N/A		N/A		115,098		—
Rayonier Advanced Materials, Inc.		30,075,292		2,385,736		(1,879,992	)		(94,430	)		(15,345,595	)		15,141,011		4,806,670		—		—
RE/MAX Holdings, Inc., Class A(b)		37,066,442		6,129,492		(4,115,747	)		(2,116,876	)		14,002,988			N/A		N/A		641,897		—
Ready Capital Corp.(e)		N/A		32,721,393		(1,195,479	)		(213,094	)		(29,990,334	)		75,411,474		7,437,029		3,123,255		—
Red Robin Gourmet Burgers, Inc.(c)		19,037,149		344,178		(9,882,769	)		(29,592,094	)		20,093,536			—		—		—		—
Redwood Trust, Inc.		86,418,394		12,982,041		(10,542,036	)		(4,697,586	)		(35,280,574	)		48,880,239		8,515,721		3,899,329		—
REGENXBIO, Inc.		89,410,873		11,433,059		(8,940,564	)		(3,035,698	)		(16,372,929	)		72,494,741		2,742,896		—		—
Renasant Corp.		122,659,043		5,263,796		—			—			(8,228,793	)		119,694,046		3,826,536		1,662,243		—
Renewable Energy Group, Inc.(c)		218,275,772		2,502,921		(223,831,696	)		101,187,403			(98,134,400	)		—		—		—		—
Rent-A-Center, Inc.		108,999,473		13,215,759		(22,074,866	)		(16,536,977	)		(15,566,253	)		68,037,136		3,885,616		2,918,987		—
Resideo Technologies, Inc.		246,333,903		29,030,829		(22,555,176	)		5,792,326			(56,093,823	)		202,508,059		10,624,767		—		—
Resources Connection, Inc.		37,511,987		6,537,744		(3,655,826	)		873,996			651,572			41,919,473		2,319,838		632,160		—
Retail Opportunity Investments Corp.		165,489,597		—		(425,137	)		(77,844	)		(47,896,818	)		117,089,798		8,509,433		2,382,641		—
REX American Resources Corp.		37,138,350		4,759,475		(3,149,835	)		733,666			(6,786,722	)		32,694,934		1,171,022		—		—
Rogers Corp.		364,370,893		44,710,494		(37,211,774	)		16,602,418			(58,075,803	)		330,396,228		1,365,951		—		—
RPT Realty		83,319,640		11,400,875		(9,482,964	)		(422,081	)		(37,699,169	)		47,116,301		6,232,315		1,580,103		—
Ruth’s Hospitality Group, Inc.		51,970,044		5,967,633		(6,420,760	)		127,676			(13,751,001	)		37,893,592		2,247,544		642,377		—
S&T Bancorp, Inc.		70,123,531		10,366,710		(111,592	)		(57,690	)		(212,655	)		80,108,304		2,733,139		1,641,106		—
Safety Insurance Group, Inc.		86,228,006		2,834,203		—			—			(8,970,941	)		80,091,268		981,992		1,751,694		—
Sally Beauty Holdings, Inc.		123,084,093		14,526,158		(15,035,920	)		666,231			(24,650,274	)		98,590,288		7,824,626		—		—
Sanmina Corp.		183,729,393		25,473,652		(39,343,212	)		5,997,541			18,584,374			194,441,748		4,219,656		—		—
ScanSource, Inc.		63,970,113		6,632,214		(6,669,398	)		108,887			(15,447,733	)		48,594,083		1,839,988		—		—
Seacoast Banking Corp. of Florida		146,555,548		10,766,396		(7,459,522	)		1,916,537			(22,289,721	)		129,489,238		4,283,468		1,422,930		—
Select Medical Holdings Corp.		181,828,319		25,217,613		(24,655,104	)		1,971,649			(17,949,831	)		166,412,646		7,529,984		1,899,909		—
Selectquote, Inc.		24,980,028		2,575,668		(2,047,824	)		(9,306,440	)		(9,637,013	)		6,564,419		8,992,355		—		—
Seneca Foods Corp., Class A		22,360,474		3,397,420		(4,516,664	)		628,547			(1,263,877	)		20,605,900		408,523		—		—

34 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds
Service Properties Trust	$	103,192,254	$	10,240,721	$	(7,116,867	)	$	(5,079,743	)	$	(38,730,709	)	$	62,505,656		12,043,479	$	238,815	$	—
ServisFirst Bancshares, Inc.		332,974,896		35,698,710		(29,318,132	)		11,950,929			(66,137,523	)		285,168,880		3,564,611		1,605,894		—
Shake Shack, Inc., Class A		190,071,451		18,647,386		(21,856,106	)		(9,311,382	)		(55,005,948	)		122,545,401		2,724,442		—		—
Shenandoah Telecommunications Co.		84,576,037		11,191,866		(8,948,181	)		(3,297,084	)		(20,833,263	)		62,689,375		3,683,277		—		—
Signet Jewelers Ltd.		273,905,174		27,168,307		(48,657,650	)		774,642			(59,190,040	)		194,000,433		3,392,209		1,449,110		—
Simmons First National Corp., Class A		190,104,518		39,195,347		—			—			(37,819,020	)		191,480,845		8,787,556		3,339,272		—
Simply Good Foods Co.		229,837,648		36,333,830		(28,487,580	)		(678,365	)		(37,965,640	)		199,039,893		6,221,941		—		—
Simulations Plus, Inc.		57,561,518		9,469,186		(6,627,583	)		(176,557	)		(3,552,328	)		56,674,236		1,167,578		136,374		—
Six Flags Entertainment Corp.		—		136,516,705		(10,609,098	)		274,661			(30,712,557	)		95,469,711		5,393,769		—		—
SkyWest, Inc.		104,003,904		11,810,202		(9,629,118	)		(3,983,814	)		(42,095,173	)		60,106,001		3,696,556		—		—
Sleep Number Corp.		82,168,963		9,766,744		(10,172,077	)		(748,984	)		(26,644,751	)		54,369,895		1,608,101		—		—
SM Energy Co.		338,768,910		41,925,416		(33,063,212	)		16,292,063			(27,667,249	)		336,255,928		8,940,599		87,181		—
SMART Global Holdings, Inc.		86,032,317		13,411,626		(7,546,379	)		1,001,584			(34,845,053	)		58,054,095		3,658,103		—		—
Sonic Automotive, Inc., Class A(b)		63,134,619		8,925,714		(14,550,486	)		1,305,750			(20,272,859	)		N/A		N/A		727,644		—
Sonos, Inc.		258,040,886		24,892,482		(20,497,529	)		(7,255,345	)		(126,110,195	)		129,070,299		9,285,633		—		—
South Jersey Industries, Inc.		277,815,513		58,926,203		(28,347,918	)		6,755,173			(16,668,434	)		298,480,537		8,931,195		5,264,740		—
Southside Bancshares, Inc.		88,968,366		1,414,742		—			—			(11,954,522	)		78,428,586		2,218,003		1,481,717		—
Southwestern Energy Co.(c)		572,104,123		29,177,779		(502,896,112	)		177,290,495			(275,676,285	)		—		—		—		—
SpartanNash Co.		85,110,307		11,998,879		(10,249,408	)		3,082,829			(13,484,861	)		76,457,746		2,634,657		1,095,048		—
SPS Commerce, Inc.		337,838,163		37,608,388		(29,993,119	)		12,114,458			(31,275,310	)		326,292,580		2,626,520		—		—
SPX FLOW, Inc.(c)		259,082,047		1,269,690		(261,195,167	)		118,154,523			(117,311,093	)		—		—		—		—
SPX Technologies, Inc.(m)		160,498,750		23,582,645		(19,959,533	)		5,965,537			11,991,164			182,078,563		3,297,330		—		—
Standard Motor Products, Inc.		59,270,564		8,435,336		(8,140,640	)		(1,205,366	)		(14,102,304	)		44,257,590		1,361,772		752,245		—
Standex International Corp.		87,658,417		11,422,758		(11,341,847	)		386,925			(16,732,065	)		71,394,188		874,393		461,349		—
Stepan Co.		150,510,653		21,282,149		(18,504,523	)		2,214,701			(10,750,514	)		144,752,466		1,545,345		1,027,733		—
Steven Madden Ltd.		211,645,113		24,067,120		(25,211,716	)		667,707			(66,473,499	)		144,694,725		5,425,374		2,295,276		—
Stewart Information Services Corp.		108,673,669		4,637,916		—			—			(30,977,306	)		82,334,279		1,886,670		1,530,831		—
StoneX Group, Inc.		90,898,940		13,732,478		(10,674,285	)		3,692,774			6,525,968			104,175,875		1,256,039		—		—
Strategic Education, Inc.		107,496,569		16,043,044		(14,249,305	)		(364,756	)		(8,517,132	)		100,408,420		1,635,050		1,975,199		—
Stride, Inc.		—		135,717,013		(15,822,580	)		2,761,734			2,058,948			124,715,115		2,967,288		—		—
Sturm Ruger & Co., Inc.		87,670,726		11,503,978		(9,413,573	)		630,051			(24,943,340	)		65,447,842		1,288,597		1,468,149		—
Summit Hotel Properties, Inc.		75,886,774		9,455,914		(8,127,659	)		(1,920,042	)		(22,905,047	)		52,389,940		7,796,122		318,890		—
SunCoke Energy, Inc.		52,991,824		6,542,447		(5,362,051	)		(227,995	)		(18,492,767	)		35,451,458		6,101,800		855,800		—
Sunstone Hotel Investors, Inc.		—		156,032,666		(2,503,829	)		89,964			(17,753,924	)		135,864,877		14,423,023		654,243		—
Supernus Pharmaceuticals, Inc.		122,972,590		15,758,555		(12,687,386	)		1,377,907			4,638,659			132,060,325		3,901,339		—		—
Surmodics, Inc.		45,178,643		5,427,653		(4,113,479	)		549,134			(15,827,961	)		31,213,990		1,026,776		—		—
Sylvamo Corp.		84,035,262		13,736,184		(18,509,802	)		1,747,007			813,135			81,821,786		2,413,622		551,440		—
Tactile Systems Technology, Inc.(c)		28,711,529		493,892		(10,817,864	)		(48,778,697	)		30,391,140			—		—		—		—
Talos Energy, Inc.(e)		N/A		35,912,562		(985,914	)		109,606			(5,755,208	)		79,434,569		4,770,845		—		—
Tanger Factory Outlet Centers, Inc.		127,881,154		21,014,256		(18,420,973	)		447,667			(26,794,048	)		104,128,056		7,611,700		3,021,412		—
TechTarget, Inc.		155,056,230		18,532,763		(13,823,906	)		5,091,884			(47,654,765	)		117,202,206		1,979,767		—		—

SCHEDULES   OF   INVESTMENTS 35

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds
Telephone & Data Systems, Inc.(b)	$	133,432,927	$	19,488,380	$	(16,033,288	)	$	(1,518,662	)	$	2,282,510		$	N/A		N/A	$	2,564,801	$	—
Tennant Co.		104,301,650		12,109,051		(9,451,055	)		(676,805	)		(29,206,097	)		77,076,744		1,362,743		672,758		—
Thryv Holdings, Inc.(e)		N/A		23,984,996		(713,353	)		(204,712	)		(17,675,373	)		51,150,775		2,240,507		—		—
TimkenSteel Corp.		64,404,568		8,336,003		(7,139,560	)		2,704,099			(23,329,863	)		44,975,247		3,000,350		—		—
Titan International, Inc.		53,931,214		8,142,465		(7,185,721	)		3,307,327			(13,154,817	)		45,040,468		3,710,088		—		—
Tivity Health, Inc.(c)		102,231,306		4,597,360		(107,819,062	)		34,087,411			(33,097,015	)		—		—		—		—
Tompkins Financial Corp.		66,250,624		11,837,172		(6,026,832	)		393,863			(5,403,038	)		67,051,789		923,324		974,485		—
Tredegar Corp.		22,063,926		2,752,239		(2,689,708	)		(1,041,747	)		(3,624,703	)		17,460,007		1,849,577		466,036		—
TreeHouse Foods, Inc.		128,739,659		21,937,696		(35,173,243	)		1,095,304			39,439,966			156,039,382		3,678,439		—		—
Tri Pointe Homes, Inc.		—		180,979,351		(114,682,881	)		86,092,424			(40,260,017	)		112,128,877		7,420,839		—		—
Trinity Industries, Inc.		—		143,171,105		(7,581,027	)		2,527,112			(10,255,136	)		127,862,054		5,988,855		—		—
Trinseo PLC		133,136,232		14,235,707		(20,697,650	)		(7,109,924	)		(72,740,973	)		46,823,392		2,555,862		1,693,722		—
Triumph Bancorp, Inc.		159,258,692		10,246,436		(10,905,996	)		676,196			(68,168,912	)		91,106,416		1,676,291		—		—
Triumph Group, Inc.		93,800,075		6,906,827		(5,211,642	)		291,935			(62,531,001	)		33,256,194		3,871,501		—		—
TrueBlue, Inc.		73,580,548		7,586,203		(10,480,297	)		(2,023,189	)		(23,180,685	)		45,482,580		2,383,783		—		—
Trupanion, Inc.		218,695,578		22,504,617		(14,912,560	)		(1,385,972	)		(73,025,743	)		151,875,920		2,555,543		—		—
TrustCo Bank Corp.		38,574,952		—		—			—			(616,136	)		37,958,816		1,208,110		845,677		—
Trustmark Corp.		114,546,413		3,416,802		—			—			538,313			118,501,528		3,868,806		1,756,745		—
TTM Technologies, Inc.		110,982,608		14,046,383		(14,189,718	)		455,509			(12,819,252	)		98,475,530		7,471,588		—		—
Tupperware Brands Corp.		68,309,820		4,252,486		(9,788,640	)		(13,293,541	)		(31,002,562	)		18,477,563		2,821,002		—		—
Two Harbors Investment Corp.		136,053,578		23,351,639		(20,120,319	)		(3,161,485	)		(52,725,249	)		83,398,164		25,119,929		12,619,818		—
U.S. Ecology, Inc.(c)		107,128,388		1,442,682		(108,839,944	)		7,170,326			(6,901,452	)		—		—		—		—
U.S. Physical Therapy, Inc.		91,860,274		13,981,156		(10,285,218	)		2,404,230			(25,864,746	)		72,095,696		948,378		774,112		—
U.S. Silica Holdings, Inc.		99,876,624		10,245,930		(8,951,961	)		1,990,457			(42,823,429	)		60,337,621		5,510,285		—		—
UFP Industries, Inc.		341,909,849		47,200,515		(41,047,529	)		11,710,381			(35,480,764	)		324,292,452		4,494,075		2,243,594		—
Ultra Clean Holdings, Inc.		136,152,483		14,680,687		(10,493,661	)		1,831,226			(56,854,367	)		85,316,368		3,313,257		—		—
Unifi, Inc.		17,937,480		1,858,721		(2,142,166	)		(1,710,826	)		(6,895,756	)		9,047,453		951,362		—		—
UniFirst Corp.(b)		200,629,322		26,205,256		(22,405,107	)		999,754			(18,168,596	)		N/A		N/A		661,218		—
uniQure NV		46,786,302		14,245,799		(5,102,616	)		(1,087,004	)		1,576,756			56,419,237		3,007,422		—		—
Unisys Corp.		103,901,420		9,300,592		(6,917,865	)		(2,336,144	)		(66,623,664	)		37,324,339		4,943,621		—		—
United Community Banks, Inc.		254,860,619		2,581,227		(742,290	)		(254,917	)		(12,385,860	)		244,058,779		7,373,377		3,160,095		—
United Fire Group, Inc.		47,725,571		5,992,002		(3,645,521	)		502,311			(4,487,708	)		46,086,655		1,604,130		497,806		—
United Natural Foods, Inc.		171,786,549		22,977,261		(18,432,559	)		7,388,294			(37,606,626	)		146,112,919		4,251,176		—		—
Uniti Group, Inc.		232,300,985		22,942,979		(18,230,288	)		433,973			(117,195,170)			120,252,479		17,302,515		5,118,318		—
Unitil Corp.		57,003,513		9,553,519		(7,221,120	)		505,678			(5,056,741	)		54,784,849		1,179,437		916,970		—
Universal Corp.		102,545,813		13,718,679		(11,869,214	)		894,717			(22,532,312	)		82,757,683		1,797,517		2,753,054		—
Universal Electronics, Inc.		29,321,395		3,424,291		(4,343,006	)		(3,311,371	)		(7,699,705	)		17,391,604		884,169		—		—
Universal Health Realty Income Trust		53,217,155		7,442,290		(6,298,179	)		(1,567,227	)		(12,652,381	)		40,141,658		928,990		1,317,188		—
Universal Insurance Holdings, Inc.		27,029,508		1,644,878		(1,724,504	)		(56,752	)		(7,207,344	)		19,685,786		1,998,557		636,059		—
Urban Edge Properties		150,439,087		24,240,325		(13,706,900	)		(671,447	)		(46,043,672	)		114,257,393		8,565,022		2,548,719		—
Urstadt Biddle Properties, Inc., Class A		36,636,275		—		—			—			(6,427,417	)		30,208,858		1,947,702		925,158		—
Vanda Pharmaceuticals, Inc.		45,100,344		6,626,959		(4,941,787	)		(1,507,411	)		(4,523,283	)		40,754,822		4,124,982		—		—
Varex Imaging Corp.		60,217,722		9,573,966		(7,038,297	)		(779,065	)		61,342			62,035,668		2,934,516		—		—
Vector Group Ltd.		112,743,909		14,508,325		(11,731,253	)		1,620,320			(32,602,162	)		84,539,139		9,595,816		3,810,719		—
Veeco Instruments, Inc.		98,540,068		11,247,179		(8,513,339	)		2,805,340			(35,371,645	)		68,707,603		3,750,415		—		—
Vera Bradley, Inc.(c)		13,955,166		240,570		(8,795,020	)		(11,624,937	)		6,224,221			—		—		—		—
Vericel Corp.		128,020,145		13,695,997		(10,612,788	)		(4,192,793	)		(47,087,017	)		79,823,544		3,440,670		—		—
Veris Residential, Inc.		99,880,230		11,799,329		(11,291,836	)		(772,879	)		(33,908,421	)		65,706,423		5,778,929		—		—
Veritex Holdings, Inc.		134,887,513		12,960,548		(6,357,624	)		2,894,692			(44,723,841	)		99,661,288		3,748,074		1,455,286		—

36 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds
Veritiv Corp.	$	132,495,898	$	16,940,401	$	(13,757,546	)	$	7,384,723		$	(43,488,837	)	$	99,574,639		1,018,458	$	—	$	—
Viad Corp.		52,372,980		7,114,832		(6,131,392	)		(747,660	)		(5,116,040	)		47,492,720		1,503,886		—		—
Viavi Solutions, Inc.		264,487,828		30,251,424		(27,009,999	)		5,900,899			(56,798,960	)		216,831,192		16,615,417		—		—
Virtus Investment Partners, Inc.		122,805,763		13,579,972		(15,269,723	)		(865,588	)		(40,693,333	)		79,557,091		498,728		1,541,470		—
Vista Outdoor, Inc.		143,628,159		16,596,496		(14,192,399	)		5,261,208			(51,029,570	)		100,263,894		4,122,693		—		—
Wabash National Corp.		51,999,241		8,196,093		(7,284,553	)		(29,284	)		2,212,449			55,093,946		3,540,742		558,188		—
Walker & Dunlop, Inc.		273,111,920		34,366,058		(20,874,529	)		9,543,064			(108,572,976	)		187,573,537		2,240,219		2,623,331		—
WD-40 Co.		179,528,754		23,484,434		(20,635,057	)		2,611,842			(10,339,385	)		174,650,588		993,801		1,520,708		—
Westamerica Bancorp		106,501,356		4,786,926		—			—			(14,942,075	)		96,346,207		1,842,536		1,513,213		—
Whitestone REIT		43,783,817		5,693,501		(4,743,362	)		224,143			(16,325,127	)		28,632,972		3,384,512		804,317		—
Winnebago Industries, Inc.		128,875,490		17,604,191		(20,395,448	)		1,538,860			(4,358,829	)		123,264,264		2,316,562		1,508,631		—
WisdomTree Investments, Inc.		45,910,215		5,773,189		(4,104,611	)		(279,603	)		(9,158,037	)		38,141,153		8,149,819		479,944		—
Wolverine World Wide, Inc.		132,926,995		17,167,153		(18,489,612	)		(6,918,478	)		(36,314,077	)		88,371,981		5,742,169		1,140,259		—
World Fuel Services Corp.		122,548,498		14,868,647		(15,488,448	)		(2,325,936	)		(13,758,058	)		105,844,703		4,515,559		1,166,428		—
WSFS Financial Corp.		193,477,522		8,533,207		—			—			820,390			202,831,119		4,365,715		1,194,370		—
WW International, Inc.		39,112,420		3,825,256		(3,098,478	)		(2,544,682	)		(21,912,524	)		15,381,992		3,913,993		—		—
Xencor, Inc.		111,628,239		17,080,208		(11,670,524	)		(2,337,579	)		(1,590,517	)		113,109,827		4,353,727		—		—
Xenia Hotels & Resorts, Inc.		157,588,903		18,044,758		(15,126,605	)		131,249			(45,318,961	)		115,319,344		8,362,534		836,180		—
XPEL, Inc.(e)		N/A		15,079,109		(1,422,569	)		(5,672	)		2,192,821			92,146,171		1,429,953		—		—
Yelp, Inc.		—		154,047,188		(8,668,102	)		3,168,769			25,519,466			174,067,321		5,133,215		—		—
Zimvie, Inc.		34,275,851		3,845,054		(3,418,031	)		(877,915	)		(18,804,398	)		15,020,561		1,521,840		—		—
Zumiez, Inc.		53,421,286		5,439,912		(12,389,154	)		(3,430,179	)		(18,561,738	)		24,480,127		1,137,024		—		—
								$	1,441,299,550		$	(14,139,340,800	)	$	57,775,398,662			$	500,276,673	$	—

^(a)  Formerly the Xperi Holding Corp.

^(b)  As of period end, the entity was not considered an affiliate.

^(c)  As of period end, the entity is no longer held.

^(d)  Formerly the Realogy Holdings Corp.

^(e)  As of the beginning of the period, the entity was not considered an affiliate.

^(f)  Formerly the Allegheny Technologies, Inc.

^(g)  Represents net amount purchased (sold).

^(h)  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.

⁽ⁱ⁾  Formerly the Washington Real Estate Investment Trust.

^(j)  Formerly the Schweitzer-Mauduit International, Inc.

^(k)  Formerly the Meta Financial Group, Inc.

^(l)  Formerly the MEDNAX, Inc.

^(m)  Formerly the SPX Corp.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russel 2000 E-Mini Index		2,495		12/16/22	$	208,308	$	(14,585,348	)

SCHEDULES   OF   INVESTMENTS 37

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)			Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional    Amount     Net Asset    Percentage
Equity Securities Long/Short	Monthly		Goldman Sachs Bank USA	(b)		02/27/23	$	377,552,102	$	(31,620,814	)(c)	$	345,828,964		0.6%
	Monthly		HSBC Bank PLC	(d)		02/10/23		275,195,812		(23,980,099	)(e)		251,536,750		0.5
	Monthly		JPMorgan Chase Bank NA	(f)		02/08/23		244,773,535		(20,811,336	)(g)		223,919,720		0.4
									$	(76,412,249	)	$	821,285,434

^(a) The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c)  Amount includes $102,324 of net dividends, payable for referenced securities purchased and financing fees.

^(e)  Amount includes $(321,037) of net dividends, payable for referenced securities purchased and financing fees.

^(g)  Amount includes $42,479 of net dividends, payable for referenced securities purchased and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

	(b)	(d)	(f)
Range:	65 basis points	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date February 27, 2023.

	Shares		Value		% of     Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Triumph Group, Inc.		666,030	$	5,480,119		1.6	%
Banks
Bancorp, Inc.		170,430		3,746,051		1.1
BankUnited, Inc.		223,907		7,650,902		2.2
Banner Corp.		36,145		2,135,447		0.6
Berkshire Hills Bancorp, Inc.		178,778		4,880,639		1.4
Brookline Bancorp, Inc.		97,109		1,131,320		0.3
Central Pacific Financial Corp.		108,720		2,249,417		0.7
City Holding Co.		87,496		7,760,020		2.2
Community Bank System, Inc.		156,299		8,269,531		2.4
First Bancorp		93,288		3,412,475		1.0
First Commonwealth Financial Corp.		337,382		4,331,985		1.3
First Financial Bancorp		400,647		8,445,639		2.4
Hanmi Financial Corp.		138,325		3,275,536		1.0
Heritage Financial Corp.		132,334		3,502,881		1.0
HomeStreet, Inc.		18,131		522,354		0.2
Hope Bancorp, Inc.		242,154		3,060,827		0.9
National Bank Holdings Corp., Class A		20,729		504,544		0.1
NBT Bancorp, Inc.		48,943		1,857,387		0.5
Northwest Bancshares, Inc.		720,517		8,968,938		2.6
OFG Bancorp		47,358		1,190,107		0.3
Pacific Premier Bancorp, Inc.		260,103		7,928,763		2.3
Preferred Bank		67,781		4,421,355		1.3
Renasant Corp.		3,211		100,440		0.0
S&T Bancorp, Inc.		78,203		2,292,130		0.7
Simmons First National Corp., Class A		239,668		5,222,366		1.5
Trustmark Corp.		241,639		7,401,403		2.1

	Shares		Value		% of     Basket Value
Banks
United Community Banks, Inc.		339,978	$	11,253,272		3.3	%
Westamerica Bancorp		56,588		2,958,986		0.9
				118,474,715
Commercial Services & Supplies
Pitney Bowes, Inc.		3,710,507		8,645,481		2.5
Communications Equipment
Extreme Networks, Inc.		2,381,541		31,126,741		9.0
Equity Real Estate Investment Trusts (REITs)
Getty Realty Corp.		166,265		4,470,866		1.3
NexPoint Residential Trust, Inc.		192,442		8,892,745		2.6
Outfront Media, Inc.		4,815,433		73,146,427		21.1
Retail Opportunity Investments Corp.		22,703		312,393		0.1
SITE Centers Corp.		1,485,805		15,912,972		4.6
Urstadt Biddle Properties, Inc., Class A		160,044		2,482,282		0.7
				105,217,685
Gas Utilities
Chesapeake Utilities Corp.		13,436		1,550,380		0.5
Health Care Providers & Services
RadNet, Inc.		754,117		15,346,281		4.4
Insurance
Ambac Financial Group, Inc.		141,562		1,804,915		0.5
Employers Holdings, Inc.		79,413		2,738,954		0.8
Genworth Financial, Inc., Class A		1,389,278		4,862,473		1.4
Horace Mann Educators Corp.		81,039		2,859,866		0.8
James River Group Holdings Ltd.		74,117		1,427,952		0.4
ProAssurance Corp.		209,422		4,085,823		1.2
Safety Insurance Group, Inc.		71,378		5,821,590		1.7
Stewart Information Services Corp.		39,183		1,709,946		0.5
				25,311,519

38 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF

	Shares		Value		% of     Basket Value
Metals & Mining
Warrior Met Coal, Inc.		52,133	$	1,482,663		0.4	%
Oil, Gas & Consumable Fuels
Green Plains, Inc.		52,741		1,533,181		0.5
Par Pacific Holdings, Inc.		485,407		7,965,529		2.3
				9,498,710
Software
Adeia, Inc.		123,069		886,615		0.2
Xperi Holding Co.		123,069		1,740,196		0.5
Xperi, Inc.		49,227		934,860		0.3
				3,561,671
Thrifts & Mortgage Finance
Provident Financial Services, Inc.		206,137		4,019,671		1.1
TrustCo Bank Corp.		84,075		2,641,636		0.8
WSFS Financial Corp.		179,645		8,346,307		2.4
				15,007,614
Water Utilities
Middlesex Water Co.		66,391		5,125,385		1.5
Net Value of Reference Entity — Goldman Sachs Bank USA			$	345,828,964

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2023.

	Shares		Value		% of     Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Triumph Group, Inc.		158,084	$	1,357,942		0.5	%
Banks
Allegiance Bancshares, Inc.		52,665		2,192,444		0.9
Bancorp, Inc.		10,317		226,768		0.1
BankUnited, Inc.		102,294		3,495,386		1.4
Banner Corp.		42,334		2,501,093		1.0
Berkshire Hills Bancorp, Inc.		53,153		1,451,077		0.6
Brookline Bancorp, Inc.		266,778		3,107,964		1.2
City Holding Co.		4,321		383,229		0.1
Community Bank System, Inc.		22,002		1,321,880		0.5
Customers Bancorp, Inc.		26,537		782,311		0.3
First Commonwealth Financial Corp.		20,840		267,586		0.1
First Financial Bancorp		48,166		1,015,339		0.4
Hanmi Financial Corp.		31,783		752,621		0.3
Heritage Financial Corp.		72,142		1,909,599		0.8
HomeStreet, Inc.		21,263		612,587		0.2
Hope Bancorp, Inc.		230,536		2,913,975		1.2
Lakeland Financial Corp.		23,766		1,730,402		0.7
National Bank Holdings Corp., Class A		53,934		1,995,019		0.8
NBT Bancorp, Inc.		143,743		5,455,047		2.2
OFG Bancorp		165,602		4,161,578		1.6
Preferred Bank		264,460		17,250,726		6.9
Renasant Corp.		239,104		7,479,173		3.0
S&T Bancorp, Inc.		35,523		1,041,179		0.4

	Shares		Value		% of     Basket Value
Banks
Simmons First National Corp., Class A		304,610	$	6,637,452		2.6	%
Trustmark Corp.		348,354		10,670,083		4.2
Westamerica Bancorp		60,435		3,160,146		1.3
				82,514,664
Commercial Services & Supplies
Pitney Bowes, Inc.		195,729		456,049		0.2
Equity Real Estate Investment Trusts (REITs)
Easterly Government Properties, Inc.		67,941		1,071,430		0.4
Retail Opportunity Investments Corp.		70,034		963,668		0.4
SITE Centers Corp.		1,052,703		11,274,449		4.5
Urstadt Biddle Properties, Inc., Class A		93,192		1,445,408		0.6
				14,754,955
Gas Utilities
Chesapeake Utilities Corp.		116,542		13,447,781		5.3
Insurance
Ambac Financial Group, Inc.		229,674		2,928,343		1.1
Employers Holdings, Inc.		186,929		6,447,181		2.5
Genworth Financial, Inc., Class A		1,849,410		6,472,935		2.6
Horace Mann Educators Corp.		164,950		5,821,086		2.3
James River Group Holdings Ltd.		65,871		1,502,518		0.6
ProAssurance Corp.		189,380		3,694,804		1.5
Safety Insurance Group, Inc.		20,924		1,706,561		0.7
Stewart Information Services Corp.		45,630		1,991,293		0.8
				30,564,721
Metals & Mining
Warrior Met Coal, Inc.		138,442		3,937,290		1.6
Oil, Gas & Consumable Fuels
Green Plains, Inc.		896,421		26,058,958		10.4
Par Pacific Holdings, Inc.		229,278		3,762,452		1.5
				29,821,410
Software
Adeia, Inc.		435,896		3,237,761		1.3
Xperi Holding Co.		435,896		6,163,569		2.4
Xperi, Inc.		174,358		3,414,012		1.4
				12,815,342
Thrifts & Mortgage Finance
Flagstar Bancorp, Inc.		284,448		9,500,563		3.8
Mr. Cooper Group, Inc.		992,579		40,199,450		16.0
Provident Financial Services Inc.		125,606		2,449,317		1.0
TrustCo Bank Corp.		82,672		2,597,554		1.0
WSFS Financial Corp.		53,512		2,486,168		1.0
				57,233,052
Water Utilities
Middlesex Water Co.		60,020		4,633,544		1.8
Net Value of Reference Entity — HSBC Bank PLC			$	251,536,750

SCHEDULES   OF   INVESTMENTS 39

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2023.

	Shares		Value		% of     Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Triumph Group, Inc.		70,616	$	606,591		0.3	%
Banks
BankUnited, Inc.		50,876		1,738,433		0.8
Banner Corp.		129,325		7,640,521		3.4
Central Pacific Financial Corp.		286,812		5,934,140		2.7
Columbia Banking System, Inc.		235,747		6,810,731		3.0
Community Bank System, Inc.		49,288		2,961,223		1.3
Customers Bancorp, Inc.		39,181		1,155,056		0.5
Eagle Bancorp, Inc.		67,026		3,004,105		1.3
First Bancorp		561,649		7,683,358		3.4
First Bancorp		33,767		1,235,197		0.6
First Commonwealth Financial Corp.		296,185		3,803,015		1.7
Hope Bancorp, Inc.		226,447		2,862,290		1.3
Independent Bank Corp.		196,496		14,644,847		6.5
National Bank Holdings Corp., Class A		75,008		2,774,546		1.2
Pathward Financial, Inc.		38,363		1,264,444		0.6
Preferred Bank		46,082		3,005,929		1.3
Seacoast Banking Corp. of Florida		182,208		5,508,148		2.5
Veritex Holdings, Inc.		174,919		4,651,096		2.1
				76,677,079
Commercial Services & Supplies
GEO Group, Inc.		271,695		2,092,052		0.9
Communications Equipment
Extreme Networks, Inc.		1,180,456		15,428,560		6.9
Equity Real Estate Investment Trusts (REITs)
Acadia Realty Trust		166,366		2,099,539		0.9

	Shares		Value		% of     Basket Value
Equity Real Estate Investment Trusts (REITs)
Easterly Government Properties, Inc.		400,104	$	6,309,640		2.8	%
Getty Realty Corp.		45,903		1,234,332		0.6
NexPoint Residential Trust, Inc.		116,504		5,383,650		2.4
Retail Opportunity Investments Corp.		455,057		6,261,584		2.8
SITE Centers Corp.		1,730,781		18,536,665		8.3
Sunstone Hotel Investors, Inc.		1,850,734		10,364,609		4.6
				50,190,019
Health Care Providers & Services
RadNet, Inc.		320,797		6,528,219		2.9
Insurance
Ambac Financial Group, Inc.		681,211		8,685,440		3.9
Genworth Financial, Inc., Class A		2,357,817		8,252,360		3.7
				16,937,800
Metals & Mining
Warrior Met Coal, Inc.		1,095,679		31,161,111		13.9
Multi-Utilities
Avista Corp.		98,924		3,665,134		1.6
Oil, Gas & Consumable Fuels
Par Pacific Holdings, Inc.		431,988		7,088,923		3.2
Software
Adeia, Inc.		364,044		2,704,057		1.2
Xperi Holding Co.		364,044		5,147,582		2.3
Xperi, Inc.		145,617		2,851,235		1.3
				10,702,874
Thrifts & Mortgage Finance
Mr. Cooper Group, Inc.		31,115		1,260,158		0.6
TrustCo Bank Corp.		20,655		648,980		0.3
WSFS Financial Corp.		20,065		932,220		0.4
				2,841,358
Net Value of Reference Entity —     JPMorgan Chase Bank NA			$  223,919,720

Balances Reported in the Statements of Assets and Liabilities for OTC Swaps

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	—	$	—	$	(76,412,249	)

40 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	14,585,348	$	—	$	—	$	—	$	14,585,348
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		—		76,412,249		—		—		—		76,412,249
	$	—	$	—	$	90,997,597	$	—	$	—	$	—	$	90,997,597

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(6,829,671	)	$	—	$	—	$	—	$	(6,829,671	)
Swaps		—		—		(94,392,877	)		—		—		—		(94,392,877	)
	$	—	$	—	$	(101,222,548	)	$	—	$	—	$	—	$	(101,222,548	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(15,843,386	)	$	—	$	—	$	—	$	(15,843,386	)
Swaps		—		—		(87,003,947	)		—		—		—		(87,003,947	)
	$	—	$	—	$	(102,847,333	)	$	—	$	—	$	—	$	(102,847,333	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	197,666,775
Total return swaps
Average notional amount	$	755,732,625

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments – Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments
Futures contracts	$	—	$	1,802,568
Swaps — OTC(a)		—		76,412,249
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	—	$	78,214,817
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(1,802,568	)
Total derivative assets and liabilities subject to an MNA	$	—	$	76,412,249

^(a)  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/received in the Statements of Assets and Liabilities.

SCHEDULES   OF   INVESTMENTS 41

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P Small-Cap ETF

The following table presents the Fund’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset(a)		Non- Cash Collateral Pledged		Cash Collateral Pledged(b)			Net Amount of Derivative Liabilities(c)
Goldman Sachs Bank USA	$	31,620,814	$	—	$	—	$	(31,620,814	)	$	—
HSBC Bank PLC		23,980,099		—		—		(23,980,099	)		—
JPMorgan Chase Bank N.A.		20,811,336		—		—		(20,811,336	)		—
	$	76,412,249	$	—	$	—	$	(76,412,249	)	$	—

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Excess of collateral pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount represents the net amount payable due to the counterparty in the event of default.

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.

	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	57,699,472,435		$	—		$	—	$	57,699,472,435
Short-Term Securities
Money Market Funds		4,232,670,577			—			—		4,232,670,577
	$	61,932,143,012		$	—		$	—	$	61,932,143,012
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(14,585,348	)	$	(76,412,249	)	$	—	$	(90,997,597	)

^(a)  Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

42 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) September 30, 2022 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.2%
Axon Enterprise, Inc.(a)(b)		45,272	$	5,240,234
L3Harris Technologies, Inc.		53,664		11,152,989
TransDigm Group, Inc.		15,061		7,904,314
				24,297,537
Air Freight & Logistics — 0.5%
Expeditors International of Washington, Inc.		109,697		9,687,342
GXO Logistics, Inc.(a)(b)		79,502		2,787,340
United Parcel Service, Inc., Class B		210,426		33,992,216
				46,466,898
Auto Components — 0.1%
Aptiv PLC(a)		73,775		5,769,943
Fox Factory Holding Corp.(a)		27,512		2,175,649
Gentex Corp.		83,445		1,989,329
				9,934,921
Automobiles — 4.5%
Tesla, Inc.(a)		1,780,940		472,394,335
Banks — 2.3%
Bank of America Corp.		2,056,738		62,113,488
Bank of Hawaii Corp.		11,258		856,959
Bank OZK		35,073		1,387,488
Cathay General Bancorp		20,102		773,123
Comerica, Inc.		39,274		2,792,381
Commerce Bancshares, Inc.		36,476		2,413,252
Cullen/Frost Bankers, Inc.		24,062		3,181,478
East West Bancorp, Inc.		94,424		6,339,627
First Financial Bankshares, Inc.		85,402		3,572,366
First Republic Bank		122,501		15,992,505
Glacier Bancorp, Inc.		74,397		3,655,125
Hancock Whitney Corp.		26,013		1,191,655
Home BancShares, Inc.		46,754		1,052,432
JPMorgan Chase & Co.		902,022		94,261,299
PacWest Bancorp		80,909		1,828,543
Pinnacle Financial Partners, Inc.		50,780		4,118,258
Regions Financial Corp.		280,126		5,622,129
Signature Bank		41,845		6,318,595
SVB Financial Group(a)(b)		39,352		13,213,615
Synovus Financial Corp.		38,769		1,454,225
UMB Financial Corp.		28,652		2,415,077
Umpqua Holdings Corp.		53,447		913,409
Webster Financial Corp.		49,148		2,221,490
Wintrust Financial Corp.		20,321		1,657,178
Zions Bancorp NA		48,130		2,447,892
				241,793,589
Beverages — 0.8%
Boston Beer Co., Inc., Class A, NVS(a)(b)		3,673		1,188,766
Celsius Holdings, Inc.(a)		26,870		2,436,572
Coca-Cola Consolidated, Inc.(b)		3,065		1,261,952
Keurig Dr Pepper, Inc.		136,679		4,895,842
Monster Beverage Corp.(a)(b)		134,113		11,662,467
PepsiCo, Inc.		387,574		63,275,331
				84,720,930
Biotechnology — 2.4%
AbbVie, Inc.		638,420		85,682,348
Amgen, Inc.		146,847		33,099,314
Arrowhead Pharmaceuticals, Inc.(a)		70,785		2,339,444
Exelixis, Inc.(a)		111,660		1,750,829
Halozyme Therapeutics, Inc.(a)(b)		93,302		3,689,161
Incyte Corp.(a)		53,811		3,585,965

Security	Shares		Value
Biotechnology (continued)
Moderna, Inc.(a)(b)		224,742	$	26,575,742
Neurocrine Biosciences, Inc.(a)		64,154		6,813,796
Regeneron Pharmaceuticals, Inc.(a)		71,682		49,379,580
United Therapeutics Corp.(a)		14,474		3,030,566
Vertex Pharmaceuticals, Inc.(a)		102,974		29,815,092
				245,761,837
Building Products — 0.4%
A O Smith Corp.		42,174		2,048,813
Builders FirstSource, Inc.(a)		104,688		6,168,217
Carlisle Cos., Inc.		34,357		9,634,046
Fortune Brands Home & Security, Inc.		38,772		2,081,669
Johnson Controls International PLC		281,766		13,868,522
Lennox International, Inc.		12,545		2,793,395
Masco Corp.		72,595		3,389,461
Simpson Manufacturing Co., Inc.		29,412		2,305,901
Trex Co., Inc.(a)(b)		73,937		3,248,792
				45,538,816
Capital Markets — 3.4%
Affiliated Managers Group, Inc.		25,847		2,890,987
Ameriprise Financial, Inc.		44,241		11,146,520
BlackRock, Inc.(c)		52,372		28,819,264
Cboe Global Markets, Inc.		41,210		4,836,818
Charles Schwab Corp.		694,295		49,898,982
Evercore, Inc., Class A		24,147		1,986,091
FactSet Research Systems, Inc.		14,607		5,844,407
Federated Hermes, Inc.		26,695		884,138
Franklin Resources, Inc.		84,127		1,810,413
Goldman Sachs Group, Inc.		228,252		66,889,249
Interactive Brokers Group, Inc., Class A		42,722		2,730,363
Intercontinental Exchange, Inc.		212,847		19,230,726
Janus Henderson Group PLC		40,922		831,126
Jefferies Financial Group, Inc.		124,711		3,678,974
MarketAxess Holdings, Inc.		12,209		2,716,380
Moody’s Corp.		69,419		16,876,453
Morgan Stanley		438,756		34,666,112
MSCI, Inc., Class A		53,987		22,771,177
Nasdaq, Inc.		177,283		10,048,400
Raymond James Financial, Inc.		76,671		7,576,628
S&P Global, Inc.		138,975		42,436,016
SEI Investments Co.		41,631		2,042,001
Stifel Financial Corp.		70,726		3,671,387
T Rowe Price Group, Inc.		105,940		11,124,759
				355,407,371
Chemicals — 1.0%
Albemarle Corp.		53,370		14,113,163
Ashland, Inc.		14,867		1,411,919
Avient Corp.		57,324		1,736,917
Celanese Corp.		28,748		2,597,094
CF Industries Holdings, Inc.		80,180		7,717,325
Ingevity Corp.(a)		13,853		839,907
Linde PLC		169,943		45,814,933
Olin Corp.		90,525		3,881,712
RPM International, Inc.		44,057		3,670,389
Scotts Miracle-Gro Co., Class A		27,046		1,156,217
Sensient Technologies Corp.		15,926		1,104,309
Sherwin-Williams Co.		83,300		17,055,675
Valvoline, Inc.		120,302		3,048,453
				104,148,013
Commercial Services & Supplies — 0.6%
Cintas Corp.		26,522		10,295,575
Clean Harbors, Inc.(a)		19,741		2,171,115

SCHEDULES   OF   INVESTMENTS 43

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
Copart, Inc.(a)		96,585	$	10,276,644
IAA, Inc.(a)(b)		48,543		1,546,095
MSA Safety, Inc.		12,423		1,357,585
Republic Services, Inc.		60,580		8,241,303
Rollins, Inc.		66,395		2,302,579
Tetra Tech, Inc.		36,028		4,630,679
Waste Management, Inc.		127,977		20,503,195
				61,324,770
Communications Equipment — 0.9%
Arista Networks, Inc.(a)		165,222		18,651,912
Calix, Inc.(a)		36,431		2,227,391
Ciena Corp.(a)		62,339		2,520,366
Cisco Systems, Inc.		1,246,005		49,840,200
F5, Inc.(a)		21,250		3,075,513
Lumentum Holdings, Inc.(a)(b)		21,604		1,481,386
Motorola Solutions, Inc.		65,832		14,744,393
				92,541,161
Construction & Engineering — 0.1%
Dycom Industries, Inc.(a)(b)		7,832		748,191
MasTec, Inc.(a)(b)		19,539		1,240,727
Quanta Services, Inc.(b)		52,087		6,635,363
Valmont Industries, Inc.		14,055		3,775,454
				12,399,735
Construction Materials — 0.2%
Eagle Materials, Inc.		25,061		2,686,038
Martin Marietta Materials, Inc.		24,044		7,744,332
Vulcan Materials Co.		42,357		6,680,122
				17,110,492
Consumer Finance — 0.6%
American Express Co.		176,210		23,772,491
Capital One Financial Corp.		123,557		11,388,249
Discover Financial Services		182,039		16,550,986
Navient Corp.		74,327		1,091,863
SLM Corp.		168,627		2,359,092
Synchrony Financial		184,160		5,191,470
				60,354,151
Containers & Packaging — 0.1%
AptarGroup, Inc.		20,204		1,919,986
Avery Dennison Corp.		27,508		4,475,552
Sealed Air Corp.		54,277		2,415,869
				8,811,407
Distributors — 0.1%
LKQ Corp.		74,566		3,515,787
Pool Corp.		26,645		8,478,705
				11,994,492
Diversified Consumer Services — 0.1%
H&R Block, Inc.		49,236		2,094,499
Service Corp. International		106,086		6,125,406
				8,219,905
Diversified Telecommunication Services — 0.0%
Frontier Communications Parent, Inc.(a)		49,157		1,151,748
Iridium Communications, Inc.(a)		44,224		1,962,219
				3,113,967
Electric Utilities — 0.1%
NRG Energy, Inc.		158,562		6,068,168
OGE Energy Corp.		49,319		1,798,171
				7,866,339

Security	Shares		Value
Electrical Equipment — 0.3%
Acuity Brands, Inc.		21,929	$	3,453,160
Generac Holdings, Inc.(a)(b)		42,621		7,592,505
Hubbell, Inc.		19,646		4,381,058
nVent Electric PLC		66,015		2,086,734
Regal Rexnord Corp.		18,898		2,652,523
Rockwell Automation, Inc.		40,092		8,624,190
SunPower Corp.(a)		56,592		1,303,880
Vicor Corp.(a)(b)		14,143		836,417
				30,930,467
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		210,799		14,115,101
CDW Corp.		53,402		8,334,984
Cognex Corp.		74,243		3,077,373
Coherent Corp.(a)		41,746		1,454,848
Jabil, Inc.		40,072		2,312,555
Keysight Technologies, Inc.(a)		90,469		14,236,202
Littelfuse, Inc.		10,184		2,023,459
National Instruments Corp.		46,556		1,757,024
Novanta, Inc.(a)		15,649		1,809,807
Trimble, Inc.(a)(b)		93,590		5,079,129
Zebra Technologies Corp., Class A(a)		25,230		6,610,512
				60,810,994
Energy Equipment & Services — 0.0%
ChampionX Corp.		63,178		1,236,394
Entertainment — 0.8%
Live Nation Entertainment, Inc.(a)		40,965		3,114,979
Netflix, Inc.(a)		297,366		70,011,851
Take-Two Interactive Software, Inc.(a)		65,346		7,122,714
World Wrestling Entertainment, Inc., Class A		18,365		1,288,672
				81,538,216
Equity Real Estate Investment Trusts (REITs) — 2.5%
American Tower Corp.		158,743		34,082,122
Apartment Income REIT Corp.		49,144		1,897,941
AvalonBay Communities, Inc.		39,053		7,193,172
Brixmor Property Group, Inc.		108,785		2,009,259
Camden Property Trust		71,144		8,498,151
Crown Castle, Inc.		130,201		18,820,555
Douglas Emmett, Inc.		53,804		964,706
Duke Realty Corp.		166,258		8,013,636
EastGroup Properties, Inc.		29,204		4,215,305
Equinix, Inc.		27,995		15,924,676
Essex Property Trust, Inc.		19,409		4,701,442
Extra Space Storage, Inc.		89,839		15,516,094
Federal Realty Investment Trust		19,979		1,800,507
First Industrial Realty Trust, Inc.		59,852		2,681,968
Healthcare Realty Trust, Inc.		124,694		2,599,870
Independence Realty Trust, Inc.		147,210		2,462,823
Invitation Homes, Inc.		178,232		6,018,895
Iron Mountain, Inc.		119,760		5,265,847
Lamar Advertising Co., Class A		38,208		3,151,778
Life Storage, Inc.		56,390		6,245,756
Mid-America Apartment Communities, Inc.		48,200		7,474,374
National Retail Properties, Inc.		52,576		2,095,679
National Storage Affiliates Trust		56,814		2,362,326
PotlatchDeltic Corp.		23,765		975,316
Prologis, Inc.		297,562		30,232,299
Public Storage		62,491		18,297,990
Rayonier, Inc.		57,322		1,717,940
Rexford Industrial Realty, Inc.		114,682		5,963,464
SBA Communications Corp., Class A		40,263		11,460,863
Simon Property Group, Inc.		131,208		11,775,918

44 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
UDR, Inc.		112,618	$	4,697,297
Weyerhaeuser Co.		209,539		5,984,434
				255,102,403
Food & Staples Retailing — 0.7%
Costco Wholesale Corp.		151,053		71,337,800
Fresh Market, Inc. Escrow(a)(d)		3,194		—
				71,337,800
Food Products — 0.2%
Darling Ingredients, Inc.(a)		107,831		7,133,021
Hershey Co.		44,108		9,724,491
Lancaster Colony Corp.		6,259		940,602
				17,798,114
Gas Utilities — 0.0%
National Fuel Gas Co.		31,544		1,941,533
Health Care Equipment & Supplies — 2.3%
Abbott Laboratories		620,613		60,050,514
ABIOMED, Inc.(a)		16,590		4,075,499
Align Technology, Inc.(a)		48,369		10,017,704
Dexcom, Inc.(a)		262,267		21,122,984
Edwards Lifesciences Corp.(a)(b)		261,931		21,643,358
Enovis Corp.(a)		12,297		566,523
Globus Medical, Inc., Class A(a)(b)		31,551		1,879,493
Hologic, Inc.(a)		122,989		7,935,250
ICU Medical, Inc.(a)		6,124		922,274
IDEXX Laboratories, Inc.(a)		38,524		12,551,119
Inari Medical, Inc.(a)(b)		32,179		2,337,483
Integra LifeSciences Holdings Corp.(a)		24,339		1,031,000
Intuitive Surgical, Inc.(a)(b)		164,652		30,862,371
LivaNova PLC(a)(b)		21,232		1,077,949
Masimo Corp.(a)		32,398		4,573,302
Neogen Corp.(a)		85,807		1,198,724
Omnicell, Inc.(a)		29,518		2,568,951
Penumbra, Inc.(a)		25,403		4,816,409
QuidelOrtho Corp.(a)(b)		36,355		2,598,655
ResMed, Inc.		56,779		12,394,856
Shockwave Medical, Inc.(a)(b)		23,856		6,633,638
STAAR Surgical Co.(a)		31,511		2,223,101
STERIS PLC		28,013		4,658,002
Stryker Corp.		92,237		18,681,682
Tandem Diabetes Care, Inc.(a)(b)		42,254		2,021,854
				238,442,695
Health Care Providers & Services — 1.7%
Chemed Corp.		5,800		2,532,048
HCA Healthcare, Inc.		83,730		15,388,737
HealthEquity, Inc.(a)		37,196		2,498,455
Laboratory Corp. of America Holdings		32,123		6,579,112
Molina Healthcare, Inc.(a)		19,029		6,276,525
Option Care Health, Inc.(a)		103,646		3,261,740
Progyny, Inc.(a)(b)		28,734		1,064,882
Quest Diagnostics, Inc.		35,641		4,372,794
R1 RCM, Inc.(a)		51,493		954,165
Tenet Healthcare Corp.(a)		71,233		3,674,198
UnitedHealth Group, Inc.		262,688		132,667,948
				179,270,604
Hotels, Restaurants & Leisure — 1.5%
Boyd Gaming Corp.		54,604		2,601,881
Caesars Entertainment, Inc.(a)(b)		91,087		2,938,467
Chipotle Mexican Grill, Inc.(a)		12,412		18,652,257
Choice Hotels International, Inc.		13,231		1,449,059
Churchill Downs, Inc.		22,259		4,098,995

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Domino’s Pizza, Inc.		16,190	$	5,022,138
Hilton Worldwide Holdings, Inc.		75,136		9,062,904
Light & Wonder, Inc.(a)		64,308		2,757,527
Marriott Vacations Worldwide Corp.		11,868		1,446,234
McDonald’s Corp.		221,371		51,079,145
Papa John’s International, Inc.		21,451		1,501,785
Starbucks Corp.		391,343		32,974,561
Texas Roadhouse, Inc.		26,606		2,321,640
Wendy’s Co.		58,830		1,099,533
Wingstop, Inc.		20,098		2,520,691
Wyndham Hotels & Resorts, Inc.		40,410		2,479,153
Yum! Brands, Inc.		89,416		9,508,497
				151,514,467
Household Durables — 0.2%
DR Horton, Inc.		111,972		7,541,314
Garmin Ltd.		51,619		4,145,522
Helen of Troy Ltd.(a)(b)		16,124		1,554,998
Newell Brands, Inc.		133,513		1,854,496
NVR, Inc.(a)		971		3,871,455
Tempur Sealy International, Inc.		117,308		2,831,815
TopBuild Corp.(a)		21,818		3,595,170
				25,394,770
Independent Power and Renewable Electricity Producers — 0.0%
Ormat Technologies, Inc.		10,481		903,462
Insurance — 0.8%
American Financial Group, Inc.		21,992		2,703,477
Aon PLC, Class A		84,631		22,670,106
Arthur J. Gallagher & Co.		62,057		10,625,400
Brown & Brown, Inc.		107,563		6,505,410
Cincinnati Financial Corp.		50,152		4,492,115
First American Financial Corp.		31,352		1,445,327
Kinsale Capital Group, Inc.(b)		14,522		3,709,209
Marsh & McLennan Cos., Inc.		203,391		30,364,242
Primerica, Inc.		15,418		1,903,352
RLI Corp.		15,974		1,635,418
				86,054,056
Interactive Media & Services — 9.1%
Alphabet, Inc., Class A(a)(b)		4,009,293		383,488,876
Alphabet, Inc., Class C, NVS(a)(b)		3,585,245		344,721,307
Meta Platforms, Inc., Class A(a)		1,525,003		206,912,407
TripAdvisor, Inc.(a)		29,603		653,634
Twitter, Inc.(a)		216,491		9,490,965
Ziff Davis, Inc.(a)(b)		32,045		2,194,442
				947,461,631
Internet & Direct Marketing Retail — 6.6%
Amazon.com, Inc.(a)		5,926,466		669,690,658
eBay, Inc.		283,654		10,441,304
Etsy, Inc.(a)(b)		84,505		8,461,485
				688,593,447
IT Services — 3.5%
Accenture PLC, Class A		245,327		63,122,637
Akamai Technologies, Inc.(a)		45,540		3,657,773
Automatic Data Processing, Inc.		147,260		33,308,739
Broadridge Financial Solutions, Inc.		34,807		5,023,346
Concentrix Corp.		28,567		3,188,934
EPAM Systems, Inc.(a)		38,211		13,839,642
Euronet Worldwide, Inc.(a)		10,743		813,890
ExlService Holdings, Inc.(a)		22,092		3,255,477
Gartner, Inc.(a)		53,030		14,672,871
Genpact Ltd.		76,078		3,329,934

SCHEDULES   OF   INVESTMENTS 45

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Mastercard, Inc., Class A		268,138	$	76,242,359
Maximus, Inc.		40,973		2,371,108
Paychex, Inc.		113,340		12,717,881
PayPal Holdings, Inc.(a)		418,453		36,016,250
Sabre Corp.(a)(b)		103,409		532,556
VeriSign, Inc.(a)		29,413		5,109,038
Visa, Inc., Class A		470,105		83,514,153
WEX, Inc.(a)		12,843		1,630,291
				362,346,879
Leisure Products — 0.1%
Brunswick Corp.		49,775		3,257,774
Mattel, Inc.(a)		233,751		4,427,244
Polaris, Inc.		16,282		1,557,373
YETI Holdings, Inc.(a)(b)		58,143		1,658,238
				10,900,629
Life Sciences Tools & Services — 3.1%
Agilent Technologies, Inc.		119,839		14,566,430
Azenta, Inc.		50,473		2,163,273
Bio-Rad Laboratories, Inc., Class A(a)		7,905		3,297,492
Bio-Techne Corp.		26,152		7,427,168
Bruker Corp.		67,649		3,589,456
Charles River Laboratories International, Inc.(a)		34,121		6,715,013
Danaher Corp.		297,691		76,890,608
Illumina, Inc.(a)		51,637		9,851,823
IQVIA Holdings, Inc.(a)		91,297		16,537,539
Medpace Holdings, Inc.(a)(b)		16,830		2,645,171
Mettler-Toledo International, Inc.(a)		9,476		10,273,121
PerkinElmer, Inc.		83,951		10,101,824
Repligen Corp.(a)		34,206		6,400,285
Sotera Health Co.(a)		50,148		342,009
Syneos Health, Inc.(a)		69,567		3,280,084
Thermo Fisher Scientific, Inc.(b)		261,974		132,870,593
Waters Corp.(a)		29,756		8,020,135
West Pharmaceutical Services, Inc.		49,715		12,233,867
				327,205,891
Machinery — 1.0%
Chart Industries, Inc.(a)(b)		23,691		4,367,436
Crane Holdings Co.		16,240		1,421,650
Deere & Co.		85,548		28,563,622
Donaldson Co., Inc.		43,271		2,120,712
Dover Corp.		44,105		5,141,761
Esab Corp.		12,257		408,893
Graco, Inc.		67,879		4,069,346
IDEX Corp.		20,758		4,148,486
Illinois Tool Works, Inc.		77,402		13,982,671
ITT, Inc.		31,868		2,082,255
Lincoln Electric Holdings, Inc.		22,842		2,871,696
Middleby Corp.(a)		23,127		2,964,188
Nordson Corp.		21,506		4,565,079
Otis Worldwide Corp.		113,211		7,222,862
Pentair PLC		63,976		2,599,345
Toro Co.		69,392		6,001,020
Watts Water Technologies, Inc., Class A		18,362		2,308,654
Xylem, Inc.		49,237		4,301,344
				99,141,020
Media — 0.1%
Cable One, Inc.		1,847		1,575,583
John Wiley & Sons, Inc., Class A		14,572		547,324

Security	Shares		Value
Media (continued)
New York Times Co., Class A		64,558	$	1,856,043
TEGNA, Inc.		66,337		1,371,849
				5,350,799
Metals & Mining — 0.4%
Alcoa Corp.		46,907		1,578,890
Cleveland-Cliffs, Inc.(a)(b)		346,780		4,671,126
Freeport-McMoRan, Inc.		421,925		11,531,210
MP Materials Corp.(a)(b)		61,860		1,688,778
Nucor Corp.		94,805		10,143,187
Royal Gold, Inc.		26,074		2,446,263
Steel Dynamics, Inc.		116,340		8,254,323
				40,313,777
Multiline Retail — 0.2%
Target Corp.		170,306		25,271,707
Oil, Gas & Consumable Fuels — 1.4%
Antero Midstream Corp.		224,547		2,061,342
APA Corp.		120,427		4,117,399
CNX Resources Corp.(a)		59,174		918,972
Devon Energy Corp.		438,971		26,395,326
Diamondback Energy, Inc.		119,174		14,355,700
DT Midstream, Inc.		26,980		1,399,992
EOG Resources, Inc.		180,400		20,156,092
Hess Corp.		132,658		14,458,395
Matador Resources Co.(b)		73,432		3,592,293
Murphy Oil Corp.		96,638		3,398,759
Occidental Petroleum Corp.(b)		205,006		12,597,619
ONEOK, Inc.		127,653		6,540,940
PDC Energy, Inc.		64,849		3,747,624
Pioneer Natural Resources Co.		89,113		19,295,638
Range Resources Corp.		114,655		2,896,185
Southwestern Energy Co.(a)		477,367		2,921,486
Targa Resources Corp.		150,848		9,102,168
				147,955,930
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		49,549		2,536,413
Personal Products — 0.2%
Estee Lauder Cos., Inc., Class A		91,476		19,749,668
Pharmaceuticals — 2.8%
Catalent, Inc.(a)		71,808		5,196,027
Eli Lilly & Co.		527,333		170,513,126
Pfizer, Inc.		2,026,494		88,679,377
Zoetis, Inc.		206,461		30,616,102
				295,004,632
Professional Services — 0.5%
ASGN, Inc.(a)		33,437		3,021,702
CoStar Group, Inc.(a)		132,285		9,213,650
Equifax, Inc.		81,856		14,032,574
FTI Consulting, Inc.(a)(b)		22,660		3,754,989
Insperity, Inc.		24,303		2,481,093
Jacobs Solutions, Inc.		37,283		4,044,833
KBR, Inc.		60,651		2,621,336
Robert Half International, Inc.		49,203		3,764,029
Verisk Analytics, Inc.		53,215		9,074,754
				52,008,960
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(a)		107,671		7,268,869
Jones Lang LaSalle, Inc.(a)(b)		15,699		2,371,648
				9,640,517

46 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Road & Rail — 0.6%
Avis Budget Group, Inc.(a)(b)		19,341	$	2,871,365
JB Hunt Transport Services, Inc.		33,055		5,170,463
Landstar System, Inc.(b)		15,598		2,251,883
Old Dominion Freight Line, Inc.		61,381		15,269,751
Saia, Inc.(a)(b)		17,580		3,340,200
Union Pacific Corp.		171,202		33,353,574
				62,257,236
Semiconductors & Semiconductor Equipment — 6.8%
Advanced Micro Devices, Inc.(a)		1,079,435		68,393,002
Amkor Technology, Inc.		27,831		474,518
Applied Materials, Inc.		581,698		47,658,517
Broadcom, Inc.		153,903		68,334,471
Cirrus Logic, Inc.(a)		18,646		1,282,845
Enphase Energy, Inc.(a)		90,645		25,151,268
First Solar, Inc.(a)		38,855		5,139,351
KLA Corp.		94,770		28,680,245
Lam Research Corp.		91,564		33,512,424
Lattice Semiconductor Corp.(a)		91,164		4,486,180
MACOM Technology Solutions Holdings, Inc.(a)(b)		25,528		1,322,095
Microchip Technology, Inc.		177,319		10,821,779
MKS Instruments, Inc.		21,503		1,777,008
Monolithic Power Systems, Inc.		29,789		10,825,323
NVIDIA Corp.		1,674,334		203,247,404
NXP Semiconductors N.V.		110,565		16,309,443
ON Semiconductor Corp.(a)		220,169		13,723,134
Power Integrations, Inc.		38,349		2,466,608
Qorvo, Inc.(a)		33,916		2,693,269
QUALCOMM, Inc.		750,899		84,836,569
Semtech Corp.(a)		28,318		832,832
Silicon Laboratories, Inc.(a)		22,953		2,833,318
SiTime Corp.(a)		10,007		787,851
Skyworks Solutions, Inc.		50,417		4,299,058
SolarEdge Technologies, Inc.(a)(b)		27,775		6,428,801
Synaptics, Inc.(a)		26,092		2,583,369
Teradyne, Inc.		105,144		7,901,572
Texas Instruments, Inc.		299,365		46,335,715
Universal Display Corp.		28,748		2,712,374
Wolfspeed, Inc.(a)		45,306		4,682,828
				710,533,171
Software — 15.8%
ACI Worldwide, Inc.(a)		36,764		768,368
Adobe, Inc.(a)(b)		312,942		86,121,638
ANSYS, Inc.(a)		36,044		7,990,955
Aspen Technology, Inc.(a)		19,388		4,618,222
Autodesk, Inc.(a)		93,040		17,379,872
Blackbaud, Inc.(a)		20,075		884,504
Cadence Design Systems, Inc.(a)		182,983		29,904,912
Ceridian HCM Holding, Inc.(a)		42,053		2,349,922
CommVault Systems, Inc.(a)		19,769		1,048,548
Dynatrace, Inc.(a)		134,403		4,678,568
Envestnet, Inc.(a)		9,685		430,014
Fair Isaac Corp.(a)(b)		9,828		4,049,234
Fortinet, Inc.(a)		438,768		21,556,672
Intuit, Inc.		188,620		73,056,298
Manhattan Associates, Inc.(a)(b)		42,098		5,600,297
Microsoft Corp.		4,986,811		1,161,428,282
Oracle Corp.		1,015,696		62,028,555
Paycom Software, Inc.(a)		24,431		8,061,986
Paylocity Holding Corp.(a)		27,434		6,627,506
PTC, Inc.(a)		35,252		3,687,359
Qualys, Inc.(a)		23,409		3,262,981
Salesforce, Inc.(a)		405,837		58,375,594

Security	Shares			Value
Software (continued)
ServiceNow, Inc.(a)		135,068		$	51,003,027
Synopsys, Inc.(a)		68,542			20,940,266
Teradata Corp.(a)		68,717			2,134,350
Tyler Technologies, Inc.(a)		17,311			6,015,572
					1,644,003,502
Specialty Retail — 3.3%
Advance Auto Parts, Inc.		19,504			3,049,255
AutoNation, Inc.(a)(b)		11,157			1,136,564
AutoZone, Inc.(a)		13,014			27,875,077
Bath & Body Works, Inc.		99,511			3,244,059
CarMax, Inc.(a)(b)		57,206			3,776,740
Dick’s Sporting Goods, Inc.		37,788			3,954,136
Five Below, Inc.(a)(b)		37,240			5,126,831
GameStop Corp., Class A(a)(b)		169,458			4,258,480
Home Depot, Inc.		522,283			144,118,771
Lowe’s Cos., Inc.		427,366			80,263,608
O’Reilly Automotive, Inc.(a)		42,586			29,952,863
RH(a)(b)		13,391			3,295,123
Tractor Supply Co.		74,203			13,792,854
Ulta Beauty, Inc.(a)		19,578			7,854,498
Victoria’s Secret & Co.(a)(b)		27,295			794,830
Williams-Sonoma, Inc.		45,962			5,416,622
					337,910,311
Technology Hardware, Storage & Peripherals — 13.6%
Apple Inc.		10,101,150			1,395,978,930
HP, Inc.		305,284			7,607,677
NetApp, Inc.		104,075			6,437,039
Seagate Technology Holdings PLC		96,412			5,132,011
					1,415,155,657
Textiles, Apparel & Luxury Goods — 0.5%
Capri Holdings Ltd.(a)		56,420			2,168,785
Columbia Sportswear Co.		12,251			824,492
Crocs, Inc.(a)		41,232			2,830,989
Deckers Outdoor Corp.(a)		17,795			5,562,895
Nike, Inc., Class B		456,279			37,925,911
Skechers USA, Inc., Class A(a)		42,174			1,337,759
Under Armour, Inc., Class A(a)		54,048			359,419
Under Armour, Inc., Class C, NVS(a)		61,628			367,303
					51,377,553
Trading Companies & Distributors — 0.2%
Fastenal Co.		183,868			8,465,283
United Rentals, Inc.(a)		28,161			7,606,849
Watsco, Inc.		14,585			3,755,054
			��		19,827,186
Water Utilities — 0.0%
Essential Utilities, Inc.		100,732			4,168,290
Total Long-Term Investments — 99.9% (Cost: $9,888,486,192)					10,395,191,447

SCHEDULES   OF   INVESTMENTS 47

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities(c)(e)
Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(f)		171,468,164	$	171,519,604
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		12,148,170		12,148,170
Total Short-Term Securities — 1.7% (Cost: $183,579,633)				183,667,774
Total Investments — 101.6% (Cost: $10,072,065,825)				10,578,859,221
Liabilities in Excess of Other Assets — (1.6)%				(170,278,726	)
Net Assets — 100.0%			$	10,408,580,495

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	58,826,169	$	112,594,811	(a)	$	—		$	24,032	$	74,592		$	171,519,604		171,468,164	$	458,096	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		18,116,000		—			(5,967,830	)(a)		—		—			12,148,170		12,148,170		107,597			—
BlackRock, Inc.		35,500,282		5,216,831			(1,506,175	)		248,234		(10,639,908	)		28,819,264		52,372		469,080			—
									$	272,266	$	(10,565,316	)	$	212,487,038			$	1,034,773		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Technology Select Sector Index		5		12/16/22	$	602		$	(74,309	)
Nasdaq 100 E-Mini Index		36		12/16/22		7,945			(936,408	)
S&P 500 E-Mini Index		20		12/16/22		3,602			(398,064	)
								$	(1,408,781	)

48 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P U.S. Growth ETF

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	1,408,781	$	—	$	—	$	—	$	1,408,781

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(3,561,461)		$	—	$	—	$	—	$	(3,561,461	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(2,845,741	)	$	—	$	—	$	—	$	(2,845,741	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	15,905,198

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.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments Common Stocks	$	10,395,191,447		$	—	$	—	$	10,395,191,447
Short-Term Securities Money Market Funds		183,667,774			—		—		183,667,774
	$	10,578,859,221		$	—	$	—	$	10,578,859,221
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(1,408,781	)	$	—	$	—	$	(1,408,781	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

SCHEDULES   OF   INVESTMENTS 49

Schedule of Investments (unaudited) September 30, 2022 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.9%
Boeing Co.(a)(b)		362,430	$	43,883,025
Curtiss-Wright Corp.		24,590		3,421,944
General Dynamics Corp.		146,015		30,980,003
Hexcel Corp.		53,949		2,790,242
Howmet Aerospace, Inc.		240,055		7,424,901
Huntington Ingalls Industries, Inc.		26,076		5,775,834
L3Harris Technologies, Inc.		72,063		14,976,853
Lockheed Martin Corp.		153,225		59,189,285
Mercury Systems, Inc.(a)		36,289		1,473,333
Northrop Grumman Corp.		94,425		44,409,966
Raytheon Technologies Corp.		958,709		78,479,919
Textron, Inc.		137,350		8,002,011
TransDigm Group, Inc.		18,738		9,834,077
Woodward, Inc.		39,068		3,135,598
				313,776,991
Air Freight & Logistics — 0.7%
CH Robinson Worldwide, Inc.		79,872		7,692,473
FedEx Corp.		155,224		23,046,107
United Parcel Service, Inc., Class B		270,863		43,755,209
				74,493,789
Airlines — 0.4%
Alaska Air Group, Inc.(a)		82,991		3,249,098
American Airlines Group, Inc.(a)(b)		423,230		5,095,689
Delta Air Lines, Inc.(a)		418,121		11,732,475
JetBlue Airways Corp.(a)		204,314		1,354,602
Southwest Airlines Co.(a)		386,602		11,922,806
United Airlines Holdings, Inc.(a)(b)		213,661		6,950,392
				40,305,062
Auto Components — 0.2%
Adient PLC(a)(b)		60,598		1,681,594
Aptiv PLC(a)(b)		103,371		8,084,646
BorgWarner, Inc.		153,775		4,828,535
Dana, Inc.		83,424		953,536
Gentex Corp.		72,511		1,728,662
Goodyear Tire & Rubber Co.(a)		180,508		1,821,326
Lear Corp.		39,036		4,672,219
Visteon Corp.(a)		17,900		1,898,474
				25,668,992
Automobiles — 0.6%
Ford Motor Co.		2,564,366		28,720,899
General Motors Co.		946,723		30,380,341
Harley-Davidson, Inc.		86,978		3,033,793
Thor Industries, Inc.		35,529		2,486,319
				64,621,352
Banks — 5.4%
Associated Banc-Corp.		101,705		2,042,236
Bank of America Corp.		2,541,892		76,765,138
Bank of Hawaii Corp.		14,951		1,138,070
Bank OZK		38,272		1,514,040
Cadence Bank		42,877		1,089,505
Cathay General Bancorp		30,297		1,165,223
Citigroup, Inc.		1,257,519		52,400,817
Citizens Financial Group, Inc.		323,982		11,132,022
Comerica, Inc.		46,459		3,303,235
Commerce Bancshares, Inc.		35,511		2,349,408
Cullen/Frost Bankers, Inc.		18,441		2,438,269
Fifth Third Bancorp		447,807		14,311,912
First Horizon Corp.		350,976		8,037,350
FNB Corp.		229,237		2,659,149

Security	Shares		Value
Banks (continued)
Fulton Financial Corp.		110,882	$	1,751,936
Hancock Whitney Corp.		30,676		1,405,268
Home BancShares, Inc.		77,239		1,738,650
Huntington Bancshares, Inc.		936,190		12,338,984
International Bancshares Corp.		34,183		1,452,777
JPMorgan Chase & Co.		1,028,236		107,450,662
KeyCorp.		609,778		9,768,644
M&T Bank Corp.		114,029		20,105,593
Old National Bancorp		189,598		3,122,679
PNC Financial Services Group, Inc.		266,294		39,789,649
Prosperity Bancshares, Inc.		59,153		3,944,322
Regions Financial Corp.		335,445		6,732,381
Synovus Financial Corp.		58,850		2,207,463
Texas Capital Bancshares, Inc.(a)(b)		32,393		1,912,159
Truist Financial Corp.		861,239		37,498,346
Umpqua Holdings Corp.		88,226		1,507,782
United Bankshares, Inc.		87,667		3,134,095
US Bancorp		877,906		35,397,170
Valley National Bancorp		272,929		2,947,633
Washington Federal, Inc.		41,762		1,252,025
Webster Financial Corp.		67,358		3,044,582
Wells Fargo & Co.		2,462,859		99,056,189
Wintrust Financial Corp.		19,645		1,602,050
Zions Bancorp NA		52,162		2,652,959
				582,160,372
Beverages — 2.7%
Boston Beer Co., Inc., Class A, NVS(a)(b)		2,502		809,772
Brown-Forman Corp., Class B		118,872		7,913,309
Coca-Cola Co.		2,527,214		141,574,528
Constellation Brands, Inc., Class A		103,455		23,761,545
Keurig Dr Pepper, Inc.		418,940		15,006,431
Molson Coors Beverage Co., Class B		122,926		5,899,219
Monster Beverage Corp.(a)(b)		119,378		10,381,111
PepsiCo, Inc.		519,735		84,851,936
				290,197,851
Biotechnology — 2.1%
AbbVie, Inc.		528,098		70,876,033
Amgen, Inc.		204,926		46,190,320
Biogen, Inc.(a)		94,226		25,158,342
Exelixis, Inc.(a)		95,517		1,497,707
Gilead Sciences, Inc.		813,823		50,204,741
Incyte Corp.(a)		68,328		4,553,378
United Therapeutics Corp.(a)		15,393		3,222,986
Vertex Pharmaceuticals, Inc.(a)		66,611		19,286,549
				220,990,056
Building Products — 0.7%
A O Smith Corp.		42,609		2,069,945
Allegion PLC		57,638		5,168,976
Carrier Global Corp.		546,449		19,431,726
Fortune Brands Home & Security, Inc.		45,922		2,465,552
Johnson Controls International PLC		174,426		8,585,248
Lennox International, Inc.		8,683		1,933,444
Masco Corp.		76,673		3,579,862
Owens Corning		62,798		4,936,551
Trane Technologies PLC		150,455		21,787,389
				69,958,693
Capital Markets — 2.4%
Ameriprise Financial, Inc.		27,391		6,901,162
Bank of New York Mellon Corp.		477,486		18,392,761
BlackRock, Inc.(c)		46,988		25,856,557
Cboe Global Markets, Inc.		28,934		3,395,984

50 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Charles Schwab Corp.		317,263	$	22,801,692
CME Group, Inc.		233,383		41,339,131
FactSet Research Systems, Inc.		10,446		4,179,549
Federated Hermes, Inc.		29,350		972,072
Franklin Resources, Inc.		104,042		2,238,984
Interactive Brokers Group, Inc., Class A		25,533		1,631,814
Intercontinental Exchange, Inc.		156,716		14,159,291
Invesco Ltd.		297,158		4,071,065
Janus Henderson Group PLC		46,811		950,731
MarketAxess Holdings, Inc.		12,778		2,842,977
Moody’s Corp.		35,072		8,526,354
Morgan Stanley		443,449		35,036,905
Nasdaq, Inc.		49,764		2,820,623
Northern Trust Corp.		135,311		11,577,209
Raymond James Financial, Inc.		51,587		5,097,827
S&P Global, Inc.		86,277		26,344,682
SEI Investments Co.		27,855		1,366,288
State Street Corp.		238,695		14,515,043
T Rowe Price Group, Inc.		44,517		4,674,730
				259,693,431
Chemicals — 2.6%
Air Products and Chemicals, Inc.		144,016		33,516,844
Albemarle Corp.		24,526		6,485,655
Ashland, Inc.		18,248		1,733,013
Cabot Corp.		36,535		2,334,221
Celanese Corp.		37,152		3,356,312
CF Industries Holdings, Inc.		52,109		5,015,491
Chemours Co.		100,601		2,479,815
Corteva, Inc.		466,593		26,665,790
Dow, Inc.		466,312		20,485,086
DuPont de Nemours, Inc.		325,239		16,392,046
Eastman Chemical Co.		80,284		5,704,178
Ecolab, Inc.		160,989		23,250,031
FMC Corp.		81,319		8,595,418
Ingevity Corp.(a)		11,484		696,275
International Flavors & Fragrances, Inc.		165,507		15,033,001
Linde PLC		158,562		42,746,730
LyondellBasell Industries NV, Class A		164,841		12,409,230
Mosaic Co.		223,594		10,806,298
NewMarket Corp.		4,345		1,307,106
PPG Industries, Inc.		152,596		16,890,851
RPM International, Inc.		40,836		3,402,047
Sensient Technologies Corp.		11,484		796,301
Sherwin-Williams Co.		71,922		14,726,030
				274,827,769
Commercial Services & Supplies — 0.5%
Brink’s Co.		31,494		1,525,569
Cintas Corp.		30,142		11,700,823
Clean Harbors, Inc.(a)		13,225		1,454,486
Copart, Inc.(a)		44,898		4,777,147
IAA, Inc.(a)		39,941		1,272,121
MillerKnoll, Inc.		48,589		757,988
MSA Safety, Inc.		11,631		1,271,036
Republic Services, Inc.		74,381		10,118,791
Rollins, Inc.		84,715		2,937,916
Stericycle, Inc.(a)		58,914		2,480,869
Waste Management, Inc.		119,671		19,172,491
				57,469,237
Communications Equipment — 0.8%
Ciena Corp.(a)(b)		36,884		1,491,220
Cisco Systems, Inc.		1,478,820		59,152,800

Security	Shares		Value
Communications Equipment (continued)
F5, Inc.(a)		17,931	$	2,595,154
Juniper Networks, Inc.		208,887		5,456,128
Lumentum Holdings, Inc.(a)(b)		25,392		1,741,129
Motorola Solutions, Inc.(b)		44,406		9,945,612
Viasat, Inc.(a)(b)		50,264		1,519,481
			81,901,524
Construction & Engineering — 0.2%
AECOM		90,679		6,199,723
Dycom Industries, Inc.(a)		11,679		1,115,695
EMCOR Group, Inc.		32,044		3,700,441
Fluor Corp.(a)(b)		90,639		2,256,005
MasTec, Inc.(a)		18,069		1,147,381
MDU Resources Group, Inc.		130,528		3,569,941
Quanta Services, Inc.		42,953		5,471,783
				23,460,969
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		17,187		5,535,761
Vulcan Materials Co.		45,102		7,113,036
				12,648,797
Consumer Finance — 0.4%
American Express Co.		218,091		29,422,657
Bread Financial Holdings, Inc.		30,415		956,552
Capital One Financial Corp.		129,298		11,917,397
FirstCash Holdings, Inc.		24,732		1,814,092
Synchrony Financial		135,429		3,817,743
				47,928,441
Containers & Packaging — 0.5%
Amcor PLC		974,892		10,460,591
AptarGroup, Inc.		23,253		2,209,733
Avery Dennison Corp.(b)		26,170		4,257,859
Ball Corp.		203,193		9,818,286
Greif, Inc., Class A, NVS		18,209		1,084,710
International Paper Co.		233,339		7,396,846
Packaging Corp. of America		61,033		6,853,396
Sealed Air Corp.		42,654		1,898,529
Silgan Holdings, Inc.		53,960		2,268,478
Sonoco Products Co.		62,999		3,573,933
Westrock Co.		164,984		5,096,356
				54,918,717
Distributors — 0.2%
Genuine Parts Co.		91,598		13,677,413
LKQ Corp.		95,890		4,521,214
				18,198,627
Diversified Consumer Services — 0.0%
Graham Holdings Co., Class B		2,432		1,308,368
Grand Canyon Education, Inc.(a)		20,913		1,720,094
H&R Block, Inc.		56,030		2,383,516
				5,411,978
Diversified Financial Services — 3.0%
Berkshire Hathaway, Inc., Class B(a)		1,171,889		312,917,801
Voya Financial, Inc.		62,669		3,791,474
				316,709,275
Diversified Telecommunication Services — 1.7%
AT&T Inc.		4,626,971		70,977,735
Frontier Communications Parent, Inc.(a)		113,982		2,670,598
Iridium Communications, Inc.(a)		40,003		1,774,933
Lumen Technologies, Inc.		622,596		4,532,499
Verizon Communications, Inc.		2,726,910		103,540,773
				183,496,538

SCHEDULES   OF   INVESTMENTS 51

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities — 3.8%
ALLETE, Inc.		37,914	$	1,897,596
Alliant Energy Corp.		162,789		8,626,189
American Electric Power Co., Inc.		333,574		28,837,472
Constellation Energy Corp.		212,222		17,654,748
Duke Energy Corp.		499,946		46,504,977
Edison International		247,668		14,013,056
Entergy Corp.		132,629		13,346,456
Evergy, Inc.		148,990		8,850,006
Eversource Energy		224,945		17,536,712
Exelon Corp.		643,954		24,122,517
FirstEnergy Corp.		352,113		13,028,181
Hawaiian Electric Industries, Inc.		70,034		2,427,379
IDACORP, Inc.		32,941		3,261,489
NextEra Energy, Inc.		1,275,747		100,031,322
OGE Energy Corp.		81,081		2,956,213
PG&E Corp.(a)		1,172,320		14,654,000
Pinnacle West Capital Corp.		74,075		4,778,578
PNM Resources, Inc.		55,084		2,518,991
Portland General Electric Co.		57,789		2,511,510
PPL Corp.		476,558		12,080,745
Southern Co.		690,217		46,934,756
Xcel Energy, Inc.		355,163		22,730,432
				409,303,325
Electrical Equipment — 0.9%
AMETEK, Inc.		149,070		16,906,029
Eaton Corp. PLC		258,622		34,489,830
Emerson Electric Co.		383,936		28,111,794
EnerSys		26,942		1,567,216
Hubbell, Inc.		16,165		3,604,795
nVent Electric PLC		44,309		1,400,607
Regal Rexnord Corp.		25,121		3,525,984
Rockwell Automation, Inc.		35,752		7,690,613
Sunrun, Inc.(a)		137,553		3,795,087
				101,091,955
Electronic Equipment, Instruments & Components — 0.9%
Amphenol Corp., Class A		182,086		12,192,479
Arrow Electronics, Inc.(a)		41,955		3,867,832
Avnet, Inc.		60,802		2,196,168
Belden, Inc.		28,700		1,722,574
CDW Corp.		36,327		5,669,918
Cognex Corp.(b)		42,417		1,758,185
Coherent Corp.(a)		43,436		1,513,745
Corning, Inc.		495,820		14,388,696
IPG Photonics Corp.(a)(b)		21,667		1,827,611
Jabil, Inc.		49,578		2,861,146
Keysight Technologies, Inc.(a)		29,161		4,588,775
Littelfuse, Inc.		6,212		1,234,262
National Instruments Corp.		39,915		1,506,392
Novanta, Inc.(a)(b)		8,078		934,221
TD SYNNEX Corp.		27,868		2,262,603
TE Connectivity Ltd.		207,671		22,918,572
Teledyne Technologies, Inc.(a)(b)		30,305		10,227,028
Trimble, Inc.(a)		71,003		3,853,333
Vishay Intertechnology, Inc.		85,246		1,516,526
Vontier Corp.		102,491		1,712,625
Zebra Technologies Corp., Class A(a)		8,943		2,343,155
				101,095,846
Energy Equipment & Services — 0.6%
Baker Hughes Co.		656,362		13,757,348
ChampionX Corp.		68,740		1,345,242
Halliburton Co.		588,675		14,493,178

Security	Shares		Value
Energy Equipment & Services (continued)
NOV, Inc.		258,851	$	4,188,209
Schlumberger NV		918,372		32,969,555
				66,753,532
Entertainment — 1.8%
Activision Blizzard, Inc.		462,241		34,362,996
Electronic Arts, Inc.		171,510		19,845,422
Live Nation Entertainment, Inc.(a)		52,935		4,025,177
Take-Two Interactive Software, Inc.(a)(b)		38,741		4,222,769
Walt Disney Co.(a)		1,183,727		111,660,968
Warner Bros Discovery, Inc.(a)		1,434,395		16,495,543
World Wrestling Entertainment, Inc., Class A		10,854		761,625
				191,374,500
Equity Real Estate Investment Trusts (REITs) — 3.6%
Alexandria Real Estate Equities, Inc.		96,127		13,476,044
American Tower Corp.		148,133		31,804,155
Apartment Income REIT Corp.		53,545		2,067,908
AvalonBay Communities, Inc.		52,430		9,657,082
Boston Properties, Inc.		92,331		6,922,055
Brixmor Property Group, Inc.		85,792		1,584,578
Corporate Office Properties Trust		72,103		1,674,953
Cousins Properties, Inc.		99,837		2,331,194
Crown Castle, Inc.		154,647		22,354,224
Digital Realty Trust, Inc.		186,619		18,508,872
Douglas Emmett, Inc.		60,916		1,092,224
Duke Realty Corp.		87,584		4,221,549
EPR Properties		48,023		1,722,105
Equinix, Inc.		31,935		18,165,905
Equity Residential		219,795		14,774,620
Essex Property Trust, Inc.		23,799		5,764,832
Federal Realty Investment Trust		27,359		2,465,593
First Industrial Realty Trust, Inc.		26,670		1,195,083
Healthcare Realty Trust, Inc.		125,841		2,623,785
Healthpeak Properties, Inc.		350,089		8,024,040
Highwoods Properties, Inc.		67,153		1,810,445
Host Hotels & Resorts, Inc.		465,120		7,386,106
Invitation Homes, Inc.		204,142		6,893,875
Iron Mountain, Inc.		74,686		3,283,943
JBG SMITH Properties		65,073		1,209,056
Kilroy Realty Corp.		67,278		2,833,077
Kimco Realty Corp.		401,046		7,383,257
Kite Realty Group Trust		140,606		2,421,235
Lamar Advertising Co., Class A		19,096		1,575,229
Macerich Co.		136,804		1,086,224
Medical Properties Trust, Inc.		390,120		4,626,823
Mid-America Apartment Communities, Inc.		28,661		4,444,461
National Retail Properties, Inc.		64,655		2,577,148
Omega Healthcare Investors, Inc.		153,499		4,526,685
Park Hotels & Resorts, Inc.		142,615		1,605,845
Pebblebrook Hotel Trust		84,470		1,225,660
Physicians Realty Trust		147,886		2,224,205
PotlatchDeltic Corp.		29,499		1,210,639
Prologis, Inc.		192,133		19,520,713
Public Storage		41,963		12,287,186
Rayonier, Inc.		36,847		1,104,305
Realty Income Corp.		400,997		23,338,025
Regency Centers Corp.		100,828		5,429,588
Sabra Health Care REIT, Inc.		152,409		1,999,606
SBA Communications Corp., Class A		30,744		8,751,280
Simon Property Group, Inc.		85,328		7,658,188
SL Green Realty Corp.		41,212		1,655,074
Spirit Realty Capital, Inc.		89,758		3,245,649
STORE Capital Corp.		173,679		5,441,363

52 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
UDR, Inc.		89,833	$	3,746,934
Ventas, Inc.		258,700		10,391,979
VICI Properties, Inc.		627,027		18,716,756
Vornado Realty Trust		106,592		2,468,671
Welltower, Inc.		300,868		19,351,830
Weyerhaeuser Co.		277,992		7,939,451
				381,801,312
Food & Staples Retailing — 2.4%
BJ’s Wholesale Club Holdings, Inc.(a)		87,794		6,392,281
Casey’s General Stores, Inc.		24,369		4,935,210
Costco Wholesale Corp.		140,934		66,558,900
Grocery Outlet Holding Corp.(a)(b)		55,984		1,863,707
Kroger Co.		422,805		18,497,719
Performance Food Group Co.(a)		101,463		4,357,836
Sprouts Farmers Market, Inc.(a)(b)		67,977		1,886,362
Sysco Corp.		330,810		23,391,575
Walgreens Boots Alliance, Inc.		467,398		14,676,297
Walmart, Inc.		925,522		120,040,204
				262,600,091
Food Products — 2.1%
Archer-Daniels-Midland Co.		363,978		29,282,030
Campbell Soup Co.		130,173		6,133,752
Conagra Brands, Inc.		311,662		10,169,531
Flowers Foods, Inc.		126,146		3,114,545
General Mills, Inc.		386,798		29,632,595
Hershey Co.		52,419		11,556,817
Hormel Foods Corp.		186,792		8,487,829
Ingredion, Inc.		42,575		3,428,139
J M Smucker Co.		68,871		9,463,564
Kellogg Co.		165,222		11,509,365
Kraft Heinz Co.		517,196		17,248,487
Lamb Weston Holdings, Inc.		93,668		7,248,030
Lancaster Colony Corp.		6,955		1,045,197
McCormick & Co., Inc., NVS		163,038		11,619,718
Mondelez International, Inc., Class A		889,916		48,794,094
Pilgrim’s Pride Corp.(a)		30,069		692,188
Post Holdings, Inc.(a)		35,553		2,912,146
Tyson Foods, Inc., Class A		187,627		12,370,248
			224,708,275
Gas Utilities — 0.2%
Atmos Energy Corp.		90,986		9,266,924
National Fuel Gas Co.		28,039		1,725,800
New Jersey Resources Corp.		61,893		2,395,259
ONE Gas, Inc.		35,816		2,521,088
Southwest Gas Holdings, Inc.		40,309		2,811,553
Spire, Inc.		34,965		2,179,369
UGI Corp.		137,213		4,436,096
				25,336,089
Health Care Equipment & Supplies — 3.2%
Abbott Laboratories		534,427		51,711,157
ABIOMED, Inc.(a)		13,318		3,271,700
Baxter International, Inc.		328,107		17,671,843
Becton Dickinson and Co.		185,179		41,263,437
Boston Scientific Corp.(a)		929,559		36,001,820
Cooper Cos., Inc.		31,850		8,405,215
DENTSPLY SIRONA, Inc.		140,377		3,979,688
Edwards Lifesciences Corp.(a)		148,310		12,254,855
Enovis Corp.(a)(b)		19,247		886,709
Envista Holdings Corp.(a)		106,474		3,493,412
Globus Medical, Inc., Class A(a)(b)		20,322		1,210,582
Haemonetics Corp.(a)(b)		32,942		2,438,696

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Hologic, Inc.(a)		42,207	$	2,723,196
ICU Medical, Inc.(a)(b)		6,870		1,034,622
IDEXX Laboratories, Inc.(a)		16,910		5,509,278
Integra LifeSciences Holdings Corp.(a)		23,012		974,788
Intuitive Surgical, Inc.(a)		72,043		13,503,740
LivaNova PLC(a)		13,672		694,127
Medtronic PLC		862,738		69,666,094
Neogen Corp.(a)		59,446		830,461
NuVasive, Inc.(a)		33,310		1,459,311
ResMed, Inc.		39,881		8,706,022
STERIS PLC		37,825		6,289,541
Stryker Corp.		128,986		26,124,824
Teleflex, Inc.		30,515		6,147,552
Zimmer Biomet Holdings, Inc.		136,117		14,231,032
				340,483,702
Health Care Providers & Services — 5.3%
Acadia Healthcare Co., Inc.(a)		59,281		4,634,589
Amedisys, Inc.(a)(b)		21,142		2,046,334
AmerisourceBergen Corp.		100,810		13,642,617
Cardinal Health, Inc.		176,328		11,757,551
Centene Corp.(a)		371,134		28,877,937
Chemed Corp.		4,251		1,855,817
Cigna Corp.		198,113		54,970,414
CVS Health Corp.		852,427		81,295,963
DaVita, Inc.(a)(b)		36,419		3,014,401
Elevance Health, Inc.		155,838		70,787,853
Encompass Health Corp.		63,836		2,887,302
HCA Healthcare, Inc.		58,529		10,757,045
HealthEquity, Inc.(a)		17,643		1,185,080
Henry Schein, Inc.(a)		88,977		5,852,017
Humana, Inc.		82,172		39,869,033
Laboratory Corp. of America Holdings		27,588		5,650,298
LHC Group, Inc.(a)		20,354		3,331,136
McKesson Corp.		93,327		31,719,047
Molina Healthcare, Inc.(a)		19,237		6,345,132
Patterson Cos., Inc.		55,541		1,334,095
Progyny, Inc.(a)(b)		17,001		630,057
Quest Diagnostics, Inc.		40,653		4,987,717
R1 RCM, Inc.(a)		35,782		663,040
UnitedHealth Group, Inc.		352,262		177,906,400
Universal Health Services, Inc., Class B(b)		42,327		3,732,395
				569,733,270
Hotels, Restaurants & Leisure — 2.4%
Booking Holdings, Inc.(a)(b)		25,778		42,358,667
Caesars Entertainment, Inc.(a)		50,032		1,614,032
Carnival Corp.(a)		645,214		4,535,854
Chipotle Mexican Grill, Inc.(a)(b)		5,947		8,936,914
Choice Hotels International, Inc.		5,697		623,935
Cracker Barrel Old Country Store, Inc.		14,971		1,386,015
Darden Restaurants, Inc.		79,594		10,054,314
Domino’s Pizza, Inc.		7,633		2,367,757
Expedia Group, Inc.(a)		98,412		9,220,220
Hilton Worldwide Holdings, Inc.		105,075		12,674,147
Las Vegas Sands Corp.(a)		214,815		8,059,859
Marriott International, Inc., Class A		179,125		25,102,578
Marriott Vacations Worldwide Corp.		14,030		1,709,696
McDonald’s Corp.		262,736		60,623,705
MGM Resorts International		213,325		6,340,019
Norwegian Cruise Line Holdings Ltd.(a)(b)		269,952		3,066,655
Penn Entertainment, Inc.(a)(b)		102,427		2,817,767
Royal Caribbean Cruises Ltd.(a)		142,423		5,397,832
Starbucks Corp.		365,061		30,760,040

SCHEDULES   OF   INVESTMENTS 53

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security		Shares		Value
Hotels, Restaurants & Leisure (continued)
Texas Roadhouse, Inc.			16,978	$	1,481,500
Travel + Leisure Co.			55,354		1,888,678
Wendy’s Co.			56,804		1,061,667
Wyndham Hotels & Resorts, Inc.			20,904		1,282,460
Wynn Resorts Ltd.(a)(b)			68,127		4,294,045
Yum! Brands, Inc.			97,933		10,414,195
					258,072,551
Household Durables — 0.5%
DR Horton, Inc.			96,500		6,499,275
Garmin Ltd.			49,425		3,969,322
KB Home			55,009		1,425,833
Leggett & Platt, Inc.			85,636		2,844,828
Lennar Corp., Class A			165,242		12,318,791
Mohawk Industries, Inc.(a)			33,371		3,043,102
Newell Brands, Inc.			114,142		1,585,432
NVR, Inc.(a)			1,073		4,278,137
PulteGroup, Inc.			150,312		5,636,700
Taylor Morrison Home Corp.(a)			73,796		1,720,923
Toll Brothers, Inc.			69,903		2,935,926
Whirlpool Corp.			35,636		4,804,089
					51,062,358
Household Products — 2.6%
Church & Dwight Co., Inc.			157,931		11,282,591
Clorox Co.			80,350		10,316,137
Colgate-Palmolive Co.			541,600		38,047,400
Energizer Holdings, Inc.			44,683		1,123,330
Kimberly-Clark Corp.			219,220		24,671,019
Procter & Gamble Co.			1,551,560		195,884,450
					281,324,927
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.			433,698		9,801,575
Ormat Technologies, Inc.			18,913		1,630,300
					11,431,875
Industrial Conglomerates — 1.5%
3M Co.			359,465		39,720,883
General Electric Co.			711,998		44,079,796
Honeywell International, Inc.			437,431		73,037,854
					156,838,533
Insurance — 3.8%
Aflac, Inc.	��		373,380		20,983,956
Alleghany Corp.(a)			8,791		7,378,902
Allstate Corp.			175,507		21,855,887
American Financial Group, Inc.			24,457		3,006,499
American International Group, Inc.			493,745		23,443,013
Aon PLC, Class A			54,782		14,674,454
Arthur J. Gallagher & Co.			76,803		13,150,210
Assurant, Inc.			34,390		4,995,835
Brighthouse Financial, Inc.(a)(b)			46,958		2,038,916
Brown & Brown, Inc.			46,774		2,828,892
Chubb Ltd.			271,178		49,321,855
Cincinnati Financial Corp.			55,145		4,939,338
CNO Financial Group, Inc.			73,169		1,314,847
Everest Re Group Ltd.			25,621		6,723,975
First American Financial Corp.			38,024		1,752,906
Globe Life, Inc.			59,541		5,936,238
Hanover Insurance Group, Inc.			22,981		2,944,785
Hartford Financial Services Group, Inc.			209,453		12,973,519
Kemper Corp.			41,729		1,721,739
Lincoln National Corp.			101,274		4,446,941
Loews Corp.			130,718		6,514,985

Security	Shares		Value
Insurance (continued)
Marsh & McLennan Cos., Inc.		126,365	$	18,865,031
MetLife, Inc.		435,033		26,441,306
Old Republic International Corp.		188,450		3,944,258
Primerica, Inc.		9,074		1,120,185
Principal Financial Group, Inc.		151,526		10,932,601
Progressive Corp.		379,788		44,135,163
Prudential Financial, Inc.		241,546		20,719,816
Reinsurance Group of America, Inc.		43,504		5,473,238
RenaissanceRe Holdings Ltd.		28,380		3,984,268
RLI Corp.		11,195		1,146,144
Selective Insurance Group, Inc.		38,985		3,173,379
Travelers Cos., Inc.		154,089		23,606,435
Unum Group		122,913		4,769,024
W R Berkley Corp.		133,532		8,623,497
Willis Towers Watson PLC		71,401		14,347,317
				404,229,354
Interactive Media & Services — 0.2%
Match Group, Inc.(a)		184,915		8,829,691
TripAdvisor, Inc.(a)		36,957		816,011
Twitter, Inc.(a)		225,916		9,904,157
				19,549,859
Internet & Direct Marketing Retail — 0.0%
eBay, Inc.		83,321		3,067,046
IT Services — 4.9%
Accenture PLC, Class A		172,504		44,385,279
Akamai Technologies, Inc.(a)(b)		60,627		4,869,561
Automatic Data Processing, Inc.		126,805		28,682,023
Broadridge Financial Solutions, Inc.		42,644		6,154,382
Cognizant Technology Solutions Corp., Class A		336,202		19,311,443
DXC Technology Co.(a)		150,288		3,679,050
Euronet Worldwide, Inc.(a)		20,331		1,540,277
Fidelity National Information Services, Inc.		394,766		29,832,467
Fiserv, Inc.(a)(b)		415,288		38,858,498
FleetCor Technologies, Inc.(a)		48,449		8,535,260
Genpact Ltd.		37,761		1,652,799
Global Payments, Inc.		179,968		19,445,542
International Business Machines Corp.		586,442		69,675,174
Jack Henry & Associates, Inc.		47,512		8,660,012
Kyndryl Holdings, Inc.(a)		133,365		1,102,929
Mastercard, Inc., Class A		293,619		83,487,626
Paychex, Inc.		97,996		10,996,131
PayPal Holdings, Inc.(a)		345,416		29,729,955
Sabre Corp.(a)(b)		107,825		555,299
VeriSign, Inc.(a)		32,341		5,617,632
Visa, Inc., Class A(b)		605,131		107,501,522
Western Union Co.		249,959		3,374,447
WEX, Inc.(a)		16,467		2,090,321
				529,737,629
Leisure Products — 0.1%
Hasbro, Inc.		84,904		5,724,227
Polaris, Inc.		20,432		1,954,321
Topgolf Callaway Brands Corp.(a)		90,546		1,743,916
				9,422,464
Life Sciences Tools & Services — 0.7%
Agilent Technologies, Inc.		77,563		9,427,782
Bio-Rad Laboratories, Inc., Class A(a)		6,349		2,648,422
Danaher Corp.		136,030		35,135,189
Illumina, Inc.(a)(b)		52,163		9,952,179
IQVIA Holdings, Inc.(a)		32,641		5,912,591
Mettler-Toledo International, Inc.(a)(b)		5,448		5,906,286

54 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Life Sciences Tools & Services (continued)
Sotera Health Co.(a)		15,285	$	104,244
Waters Corp.(a)		10,197		2,748,397
				71,835,090
Machinery — 2.5%
AGCO Corp.		40,467		3,891,711
Caterpillar, Inc.		342,775		56,242,522
Crane Holdings Co.		16,416		1,437,057
Cummins, Inc.		91,350		18,590,639
Deere & Co.		97,522		32,561,621
Donaldson Co., Inc.		38,776		1,900,412
Dover Corp.		50,030		5,832,497
Esab Corp.		16,984		566,586
Flowserve Corp.		83,512		2,029,342
Fortive Corp.		230,603		13,444,155
Graco, Inc.		43,730		2,621,614
IDEX Corp.		28,772		5,750,084
Illinois Tool Works, Inc.		107,942		19,499,722
Ingersoll Rand, Inc.		261,658		11,319,325
ITT, Inc.		24,164		1,578,876
Kennametal, Inc.		53,804		1,107,286
Lincoln Electric Holdings, Inc.		16,031		2,015,417
Middleby Corp.(a)(b)		12,933		1,657,623
Nordson Corp.		14,098		2,992,582
Oshkosh Corp.		42,993		3,021,978
Otis Worldwide Corp.		163,440		10,427,472
PACCAR, Inc.		225,776		18,895,193
Parker-Hannifin Corp.		83,220		20,165,038
Pentair PLC		44,615		1,812,707
Snap-on, Inc.		34,473		6,941,139
Stanley Black & Decker, Inc.		95,978		7,218,505
Terex Corp.		44,790		1,332,055
Timken Co.		44,342		2,617,952
Westinghouse Air Brake Technologies Corp.		118,172		9,613,292
Xylem, Inc.(b)		68,685		6,000,322
				273,084,724
Marine — 0.0%
Kirby Corp.(a)(b)		38,513		2,340,435
Media — 1.4%
Cable One, Inc.		1,293		1,102,994
Charter Communications, Inc., Class A(a)		71,977		21,834,223
Comcast Corp., Class A		2,859,418		83,866,730
DISH Network Corp., Class A(a)		160,386		2,218,138
Fox Corp., Class A, NVS		198,335		6,084,918
Fox Corp., Class B		90,806		2,587,971
Interpublic Group of Cos., Inc.		252,547		6,465,203
John Wiley & Sons, Inc., Class A		13,956		524,187
New York Times Co., Class A		45,012		1,294,095
News Corp., Class A, NVS		252,454		3,814,580
News Corp., Class B		78,240		1,206,461
Omnicom Group, Inc.		133,227		8,405,291
Paramount Global, Class B, NVS		330,269		6,288,322
TEGNA, Inc.		79,492		1,643,895
				147,337,008
Metals & Mining — 0.6%
Alcoa Corp.		69,079		2,325,199
Commercial Metals Co.		77,318		2,743,243
Freeport-McMoRan, Inc.		519,531		14,198,782
Newmont Corp.		514,209		21,612,204
Nucor Corp.		78,189		8,365,441
Reliance Steel & Aluminum Co.		39,418		6,874,894
Royal Gold, Inc.		17,282		1,621,397

Security	Shares		Value
Metals & Mining (continued)
United States Steel Corp.		155,106	$	2,810,521
Worthington Industries, Inc.		20,750		791,405
				61,343,086
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Annaly Capital Management, Inc.		282,197		4,842,500
Multiline Retail — 0.8%
Dollar General Corp.		147,391		35,353,205
Dollar Tree, Inc.(a)		137,057		18,653,458
Kohl’s Corp.		83,212		2,092,782
Macy’s, Inc.		176,344		2,763,311
Nordstrom, Inc.		71,807		1,201,331
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		38,749		1,999,448
Target Corp.		135,483		20,104,322
				82,167,857
Multi-Utilities — 1.7%
Ameren Corp.		167,217		13,469,329
Black Hills Corp.		42,522		2,880,015
CenterPoint Energy, Inc.		408,029		11,498,257
CMS Energy Corp.		187,975		10,947,664
Consolidated Edison, Inc.		230,234		19,744,868
Dominion Energy, Inc.		540,548		37,357,272
DTE Energy Co.		125,547		14,444,182
NiSource, Inc.		262,814		6,620,285
NorthWestern Corp.		35,681		1,758,360
Public Service Enterprise Group, Inc.		325,018		18,275,762
Sempra Energy		204,081		30,599,905
WEC Energy Group, Inc.		204,813		18,316,427
				185,912,326
Oil, Gas & Consumable Fuels — 6.9%
APA Corp.		95,407		3,261,965
Chevron Corp.		1,169,300		167,993,331
CNX Resources Corp.(a)		64,802		1,006,375
ConocoPhillips		826,591		84,593,323
Coterra Energy, Inc.		516,084		13,480,114
DT Midstream, Inc.		36,171		1,876,913
EOG Resources, Inc.		205,482		22,958,504
EQT Corp.		239,197		9,747,278
Equitrans Midstream Corp.		282,845		2,115,681
Exxon Mobil Corp.		2,706,080		236,267,845
Hess Corp.		52,820		5,756,852
HF Sinclair Corp.		94,983		5,113,885
Kinder Morgan, Inc.		1,287,347		21,421,454
Marathon Oil Corp.		438,411		9,899,320
Marathon Petroleum Corp.		323,763		32,159,379
Occidental Petroleum Corp.(b)		285,479		17,542,684
ONEOK, Inc.		165,090		8,459,212
PetroCorp Escrow(a)(d)		190		—
Phillips 66		312,351		25,212,973
Pioneer Natural Resources Co.		68,141		14,754,571
Range Resources Corp.		50,225		1,268,683
Southwestern Energy Co.(a)		259,756		1,589,707
Valero Energy Corp.		255,806		27,332,871
Williams Cos., Inc.		791,199		22,652,027
				736,464,947
Personal Products — 0.2%
BellRing Brands, Inc.(a)(b)		88,513		1,824,253
Coty, Inc., Class A(a)(b)		229,678		1,451,565
Estee Lauder Cos., Inc., Class A(b)		61,691		13,319,087
Nu Skin Enterprises, Inc., Class A		31,885		1,064,002
				17,658,907

SCHEDULES   OF   INVESTMENTS 55

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals — 5.9%
Bristol-Myers Squibb Co.		1,386,440	$	98,562,020
Catalent, Inc.(a)		46,493		3,364,233
Jazz Pharmaceuticals PLC(a)		41,164		5,486,750
Johnson & Johnson		1,707,146		278,879,371
Merck & Co., Inc.		1,644,877		141,656,807
Organon & Co.		166,345		3,892,473
Perrigo Co. PLC		88,959		3,172,278
Pfizer, Inc.		1,676,306		73,355,151
Viatris, Inc.		784,851		6,686,930
Zoetis, Inc.		103,084		15,286,326
				630,342,339
Professional Services — 0.5%
CACI International, Inc., Class A(a)		15,267		3,985,603
CoStar Group, Inc.(a)(b)		129,074		8,990,004
Jacobs Solutions, Inc.		46,269		5,019,724
KBR, Inc.		31,463		1,359,831
Leidos Holdings, Inc.		88,515		7,742,407
ManpowerGroup, Inc.		33,109		2,141,821
Nielsen Holdings PLC(a)		235,246		6,521,019
Robert Half International, Inc.		22,973		1,757,434
Science Applications International Corp.		35,802		3,165,971
Verisk Analytics, Inc.(b)		49,935		8,515,416
				49,199,230
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(a)		104,272		7,039,403
Jones Lang LaSalle, Inc.(a)		15,859		2,395,819
				9,435,222
Road & Rail — 1.2%
CSX Corp.		1,390,328		37,038,338
JB Hunt Transport Services, Inc.		22,477		3,515,852
Knight-Swift Transportation Holdings, Inc.		104,174		5,097,234
Landstar System, Inc.(b)		8,156		1,177,482
Norfolk Southern Corp.		152,509		31,973,512
Ryder System, Inc.		32,838		2,478,940
Union Pacific Corp.		239,231		46,606,983
Werner Enterprises, Inc.		38,953		1,464,633
XPO Logistics, Inc.(a)		75,165		3,346,346
				132,699,320
Semiconductors & Semiconductor Equipment — 2.7%
Amkor Technology, Inc.		37,951		647,065
Analog Devices, Inc.		337,517		47,029,619
Broadcom, Inc.		112,746		50,060,352
Cirrus Logic, Inc.(a)		19,628		1,350,406
First Solar, Inc.(a)		26,154		3,459,390
Intel Corp.		2,666,055		68,704,237
MACOM Technology Solutions Holdings, Inc.(a)(b)		6,984		361,701
Microchip Technology, Inc.		186,544		11,384,780
Micron Technology, Inc.		716,280		35,885,628
MKS Instruments, Inc.		16,358		1,351,825
NXP Semiconductors N.V.		62,868		9,273,659
ON Semiconductor Corp.(a)		67,510		4,207,898
Qorvo, Inc.(a)		34,415		2,732,895
Semtech Corp.(a)		14,026		412,505
Skyworks Solutions, Inc.		55,176		4,704,858
SolarEdge Technologies, Inc.(a)(b)		9,029		2,089,852
Texas Instruments, Inc.		302,573		46,832,249
Wolfspeed, Inc.(a)(b)		35,879		3,708,453
				294,197,372
Software — 1.1%
ACI Worldwide, Inc.(a)		41,260		862,334

Security	Shares		Value
Software (continued)
ANSYS, Inc.(a)(b)		21,668	$	4,803,796
Autodesk, Inc.(a)		50,738		9,477,858
Blackbaud, Inc.(a)		9,540		420,332
Ceridian HCM Holding, Inc.(a)		59,019		3,297,982
Citrix Systems, Inc.(a)		80,383		8,351,794
CommVault Systems, Inc.(a)		10,231		542,652
Envestnet, Inc.(a)		5,993		266,089
Fair Isaac Corp.(a)(b)		6,869		2,830,097
NCR Corp.(a)		88,474		1,681,891
NortonLifeLock, Inc.		384,443		7,742,682
Paycom Software, Inc.(a)		7,741		2,554,452
PTC, Inc.(a)		33,945		3,550,647
Roper Technologies, Inc.		68,834		24,755,460
Salesforce, Inc.(a)		251,967		36,242,933
Synopsys, Inc.(a)		32,815		10,025,311
Tyler Technologies, Inc.(a)		10,413		3,618,517
				121,024,827
Specialty Retail — 1.4%
Advance Auto Parts, Inc.		20,306		3,174,640
AutoNation, Inc.(a)(b)		13,384		1,363,428
Bath & Body Works, Inc.		52,249		1,703,317
Best Buy Co., Inc.		129,418		8,197,336
CarMax, Inc.(a)(b)		48,834		3,224,021
Foot Locker, Inc.		52,528		1,635,197
Gap, Inc.		137,788		1,131,240
Home Depot, Inc.		160,157		44,193,723
Lithia Motors, Inc.		17,992		3,860,184
Murphy USA, Inc.(b)		14,043		3,860,561
Ross Stores, Inc.(b)		227,212		19,147,155
TJX Cos., Inc.		760,752		47,257,914
Ulta Beauty, Inc.(a)		14,822		5,946,438
Victoria’s Secret & Co.(a)		27,687		806,245
				145,501,399
Technology Hardware, Storage & Peripherals — 0.3%
Hewlett Packard Enterprise Co.		846,242		10,137,979
HP, Inc.		297,570		7,415,445
NetApp, Inc.		41,591		2,572,403
Seagate Technology Holdings PLC		35,395		1,884,076
Western Digital Corp.(a)		204,534		6,657,582
Xerox Holdings Corp.		72,017		941,982
				29,609,467
Textiles, Apparel & Luxury Goods — 0.5%
Capri Holdings Ltd.(a)		34,955		1,343,670
Carter’s, Inc.		25,496		1,670,753
Columbia Sportswear Co.		10,417		701,064
Hanesbrands, Inc.		224,070		1,559,527
Nike, Inc., Class B		377,430		31,371,982
PVH Corp.		43,317		1,940,602
Ralph Lauren Corp.		28,049		2,382,201
Skechers USA, Inc., Class A(a)		45,783		1,452,237
Tapestry, Inc.		163,112		4,637,274
Under Armour, Inc., Class A(a)		68,992		458,797
Under Armour, Inc., Class C, NVS(a)		78,715		469,141
VF Corp.		215,844		6,455,894
				54,443,142
Thrifts & Mortgage Finance — 0.1%
Essent Group Ltd.		70,996		2,475,631
MGIC Investment Corp.		198,384		2,543,283
New York Community Bancorp, Inc.		310,246		2,646,398
				7,665,312

56 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Tobacco — 1.2%
Altria Group, Inc.		1,169,289	$	47,215,890
Philip Morris International, Inc.		1,006,530		83,552,055
				130,767,945
Trading Companies & Distributors — 0.3%
Fastenal Co.(b)		194,471		8,953,445
GATX Corp.(b)		22,899		1,949,850
MSC Industrial Direct Co., Inc., Class A		30,130		2,193,765
United Rentals, Inc.(a)		18,162		4,905,919
Univar Solutions, Inc.(a)(b)		109,751		2,495,738
Watsco, Inc.		7,299		1,879,201
WW Grainger, Inc.(b)		29,368		14,366,532
				36,744,450
Water Utilities — 0.2%
American Water Works Co., Inc.		118,038		15,363,826
Essential Utilities, Inc.		57,673		2,386,509
				17,750,335
Wireless Telecommunication Services — 0.5%
T-Mobile U.S., Inc.(a)		390,844		52,439,539
Total Long-Term Investments — 99.8% (Cost: $11,156,138,126)				10,712,663,733

Security	Shares		Value
Short-Term Securities(c)(e)
Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(f)		126,793,811	$	126,831,849
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		11,543,967		11,543,967
Total Short-Term Securities — 1.3% (Cost: $138,329,155)				138,375,816
Total Investments — 101.1% (Cost: $11,294,467,281)				10,851,039,549
Liabilities in Excess of Other Assets — (1.1)%				(122,470,025	)
Net Assets — 100.0%			$	10,728,569,524

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	70,219,115	$	56,558,483	(a)	$	—		$	25,395	$	28,856		$	126,831,849		126,793,811	$	92,179	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		22,420,000		—			(10,876,033	)(a)		—		—			11,543,967		11,543,967		140,189			—
BlackRock, Inc.		31,448,652		4,525,942			(826,044	)		82,821		(9,374,814	)		25,856,557		46,988		417,806			—
									$	108,216	$	(9,345,958	)	$	164,232,373			$	650,174		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		103		12/16/22	$	18,548		$	(1,723,925	)
S&P MidCap 400 E-Mini Index		30		12/16/22		6,625			(606,873	)
								$	(2,330,798	)

SCHEDULES   OF   INVESTMENTS 57

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P U.S. Value ETF

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	2,330,798	$	—	$	—	$	—	$	2,330,798

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(4,247,871	)	$	—	$	—	$	—	$	(4,247,871	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(3,823,517	)	$	—	$	—	$	—	$	(3,823,517	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	29,778,238

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.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	313,776,991	$	—	$	—	$	313,776,991
Air Freight & Logistics		74,493,789		—		—		74,493,789
Airlines		40,305,062		—		—		40,305,062
Auto Components		25,668,992		—		—		25,668,992
Automobiles		64,621,352		—		—		64,621,352
Banks		582,160,372		—		—		582,160,372
Beverages		290,197,851		—		—		290,197,851
Biotechnology		220,990,056		—		—		220,990,056
Building Products		69,958,693		—		—		69,958,693
Capital Markets		259,693,431		—		—		259,693,431
Chemicals		274,827,769		—		—		274,827,769
Commercial Services & Supplies		57,469,237		—		—		57,469,237
Communications Equipment		81,901,524		—		—		81,901,524
Construction & Engineering		23,460,969		—		—		23,460,969
Construction Materials		12,648,797		—		—		12,648,797
Consumer Finance		47,928,441		—		—		47,928,441
Containers & Packaging		54,918,717		—		—		54,918,717
Distributors		18,198,627		—		—		18,198,627
Diversified Consumer Services		5,411,978		—		—		5,411,978

58 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Core S&P U.S. Value ETF

	Level 1			Level 2		Level 3		Total
Common Stocks (continued)
Diversified Financial Services	$	316,709,275		$	—	$	—	$	316,709,275
Diversified Telecommunication Services		183,496,538			—		—		183,496,538
Electric Utilities		409,303,325			—		—		409,303,325
Electrical Equipment		101,091,955			—		—		101,091,955
Electronic Equipment, Instruments & Components		101,095,846			—		—		101,095,846
Energy Equipment & Services		66,753,532			—		—		66,753,532
Entertainment		191,374,500			—		—		191,374,500
Equity Real Estate Investment Trusts (REITs)		381,801,312			—		—		381,801,312
Food & Staples Retailing		262,600,091			—		—		262,600,091
Food Products		224,708,275			—		—		224,708,275
Gas Utilities		25,336,089			—		—		25,336,089
Health Care Equipment & Supplies		340,483,702			—		—		340,483,702
Health Care Providers & Services		569,733,270			—		—		569,733,270
Hotels, Restaurants & Leisure		258,072,551			—		—		258,072,551
Household Durables		51,062,358			—		—		51,062,358
Household Products		281,324,927			—		—		281,324,927
Independent Power and Renewable Electricity Producers		11,431,875			—		—		11,431,875
Industrial Conglomerates		156,838,533			—		—		156,838,533
Insurance		404,229,354			—		—		404,229,354
Interactive Media & Services		19,549,859			—		—		19,549,859
Internet & Direct Marketing Retail		3,067,046			—		—		3,067,046
IT Services		529,737,629			—		—		529,737,629
Leisure Products		9,422,464			—		—		9,422,464
Life Sciences Tools & Services		71,835,090			—		—		71,835,090
Machinery		273,084,724			—		—		273,084,724
Marine		2,340,435			—		—		2,340,435
Media		147,337,008			—		—		147,337,008
Metals & Mining		61,343,086			—		—		61,343,086
Mortgage Real Estate Investment Trusts (REITs)		4,842,500			—		—		4,842,500
Multiline Retail		82,167,857			—		—		82,167,857
Multi-Utilities		185,912,326			—		—		185,912,326
Oil, Gas & Consumable Fuels		736,464,947			—		—		736,464,947
Personal Products		17,658,907			—		—		17,658,907
Pharmaceuticals		630,342,339			—		—		630,342,339
Professional Services		49,199,230			—		—		49,199,230
Real Estate Management & Development		9,435,222			—		—		9,435,222
Road & Rail		132,699,320			—		—		132,699,320
Semiconductors & Semiconductor Equipment		294,197,372			—		—		294,197,372
Software		112,673,033			8,351,794		—		121,024,827
Specialty Retail		145,501,399			—		—		145,501,399
Technology Hardware, Storage & Peripherals		29,609,467			—		—		29,609,467
Textiles, Apparel & Luxury Goods		54,443,142			—		—		54,443,142
Thrifts & Mortgage Finance		7,665,312			—		—		7,665,312
Tobacco		130,767,945			—		—		130,767,945
Trading Companies & Distributors		36,744,450			—		—		36,744,450
Water Utilities		17,750,335			—		—		17,750,335
Wireless Telecommunication Services		52,439,539			—		—		52,439,539
Short-Term Securities
Money Market Funds		138,375,816			—		—		138,375,816
	$	10,842,687,755		$	8,351,794	$	—	$	10,851,039,549
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(2,330,798	)	$	—	$	—	$	(2,330,798	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

SCHEDULES   OF   INVESTMENTS 59

Statements of Assets and Liabilities (unaudited)

September 30, 2022

	iShares Core S&P Mid-Cap ETF			iShares Core S&P Small-Cap ETF			iShares Core S&P U.S. Growth ETF		iShares Core S&P U.S. Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	54,866,559,916		$	4,156,744,350		$	10,366,372,183	$	10,686,807,176
Investments, at value — affiliated(c)		3,773,802,603			57,775,398,662			212,487,038		164,232,373
Cash		7,987,123			17,053,513			2,504,246		5,296,320
Cash pledged:
Collateral — OTC derivatives		3,094,000			103,230,000			—		—
Futures contracts		9,613,100			17,910,000			1,133,620		1,937,190
Receivables:
Investments sold		816,866,044			636,823,097			45,544,796		34,937,154
Securities lending income — affiliated		1,654,561			1,008,999			55,469		18,322
Swaps		112,632			—			—		—
Capital shares sold		338,610,736			362,273,645			28,409,443		15,643,896
Dividends — unaffiliated		69,328,655			74,662,758			2,305,456		14,982,747
Dividends — affiliated		328,494			2,084,454			33,016		40,076
Total assets		59,887,957,864			63,147,189,478			10,658,845,267		10,923,895,254
LIABILITIES
Collateral on securities loaned		3,646,278,536			3,201,861,938			171,451,598		126,787,019
Payables:
Investments purchased		713,070,810			740,803,578			78,183,892		67,769,205
Swaps		—			70,720,849			—		—
Capital shares redeemed		460,884,920			348,420,920			—		—
Investment advisory fees		2,446,694			3,124,527			367,775		380,494
Variation margin on futures contracts		1,198,500			1,802,568			261,507		389,012
Unrealized depreciation on OTC swaps		4,365,683			76,412,249			—		—
Total liabilities		4,828,245,143			4,443,146,629			250,264,772		195,325,730
NET ASSETS	$	55,059,712,721		$	58,704,042,849		$	10,408,580,495	$	10,728,569,524
NET ASSETS CONSIST OF:
Paid-in capital	$	56,435,005,325		$	63,139,095,441		$	10,140,441,960	$	11,705,800,656
Accumulated earnings (loss)		(1,375,292,604	)		(4,435,052,592	)		268,138,535		(977,231,132	)
NET ASSETS	$	55,059,712,721		$	58,704,042,849		$	10,408,580,495	$	10,728,569,524
NET ASSET VALUE
Shares outstanding	$	251,000,000		$	673,950,000		$	129,750,000	$	171,450,000
Net asset value	$	219.36		$	87.10		$	80.22	$	62.58
Shares authorized		Unlimited			Unlimited			Unlimited		Unlimited
Par value		None			None			None		None
(a) Investments, at cost — unaffiliated	$	54,955,154,902		$	4,551,004,962		$	9,855,844,542	$	11,123,594,421
(b) Securities loaned, at value	$	3,522,813,342		$	3,084,401,547		$	165,724,283	$	122,090,752
(c)  Investments, at cost — affiliated	$	3,772,067,321		$	61,259,085,033		$	216,221,283	$	170,872,860

See notes to financial statements.

60 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended September 30, 2022

	iShares Core S&P Mid-Cap ETF			iShares Core S&P Small-Cap ETF			iShares Core S&P U.S. Growth ETF			iShares Core S&P U.S. Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	550,440,655		$	35,564,901		$	56,408,329		$	135,081,215
Dividends — affiliated		1,120,646			495,316,111			576,677			557,995
Securities lending income — affiliated — net		18,556,304			4,960,562			458,096			92,179
Foreign taxes withheld		—			(444,093	)		(27,365	)		(15,659	)
Total investment income		570,117,605			535,397,481			57,415,737			135,715,730
EXPENSES
Investment advisory		15,213,619			19,656,813			2,288,117			2,338,386
Total expenses		15,213,619			19,656,813			2,288,117			2,338,386
Net investment income		554,903,986			515,740,668			55,127,620			133,377,344
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(481,434,343	)		(134,352,677	)		(53,846,379	)		(43,768,613	)
Investments — affiliated		39,547			(271,473,660	)		(36,572	)		(79,372	)
Futures contracts		(14,641,148	)		(6,829,671	)		(3,561,461	)		(4,247,871	)
In-kind redemptions — unaffiliated(a)		1,016,166,660			139,847,079			232,134,259			66,919,623
In-kind redemptions — affiliated(a)		—			1,712,773,210			308,838			187,588
Swaps		(13,106,377	)		(94,392,877	)		—			—
		507,024,339			1,345,571,404			174,998,685			19,011,355
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(12,719,446,522	)		(1,154,127,528	)		(3,288,652,087	)		(2,197,000,436	)
Investments — affiliated		1,647,404			(14,139,340,800	)		(10,565,316	)		(9,345,958	)
Futures contracts		(15,649,286	)		(15,843,386	)		(2,845,741	)		(3,823,517	)
Swaps		(5,848,186	)		(87,003,947	)		—			—
		(12,739,296,590	)		(15,396,315,661	)		(3,302,063,144	)		(2,210,169,911	)
Net realized and unrealized loss		(12,232,272,251	)		(14,050,744,257	)		(3,127,064,459	)		(2,191,158,556	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(11,677,368,265	)	$	(13,535,003,589	)	$	(3,071,936,839	)	$	(2,057,781,212	)

^(a)  See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

FINANCIAL   STATEMENTS 61

Statements of Changes in Net Assets

	iShares Core S&P Mid-Cap ETF						iShares Core S&P Small-Cap ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	554,903,986		$	811,894,676		$	515,740,668		$	722,885,353
Net realized gain		507,024,339			4,258,650,564			1,345,571,404			5,970,340,526
Net change in unrealized appreciation (depreciation)		(12,739,296,590	)		(2,379,387,402	)		(15,396,315,661	)		(6,138,369,512	)
Net increase (decrease) in net assets resulting from operations		(11,677,368,265	)		2,691,157,838			(13,535,003,589	)		554,856,367
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(534,910,588	)		(842,798,749	)		(502,436,760	)		(1,058,667,702	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,248,172,721			3,037,584,731			671,203,633			4,301,078,815
NET ASSETS
Total increase (decrease) in net assets		(10,964,106,132	)		4,885,943,820			(13,366,236,716	)		3,797,267,480
Beginning of period		66,023,818,853			61,137,875,033			72,070,279,565			68,273,012,085
End of period	$	55,059,712,721		$	66,023,818,853		$	58,704,042,849		$	72,070,279,565

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

62 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	iShares Core S&P U.S. Growth ETF						iShares Core S&P U.S. Value ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	55,127,620		$	85,009,485		$	133,377,344		$	222,080,510
Net realized gain		174,998,685			1,351,036,924			19,011,355			543,813,091
Net change in unrealized appreciation (depreciation)		(3,302,063,144	)		327,529,213			(2,210,169,911	)		448,061,179
Net increase (decrease) in net assets resulting from operations		(3,071,936,839	)		1,763,575,622			(2,057,781,212	)		1,213,954,780
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(53,419,613	)		(85,386,412	)		(128,676,770	)		(219,854,566	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		676,603,699			717,396,779			791,172,816			2,044,887,472
NET ASSETS
Total increase (decrease) in net assets		(2,448,752,753	)		2,395,585,989			(1,395,285,166	)		3,038,987,686
Beginning of period		12,857,333,248			10,461,747,259			12,123,854,690			9,084,867,004
End of period	$	10,408,580,495		$	12,857,333,248		$	10,728,569,524		$	12,123,854,690

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL   STATEMENTS 63

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core S&P Mid-Cap ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of period	$	268.39		$	260.16		$	143.87		$	189.34		$	187.51		$	171.29
Net investment income(a)		2.24			3.41			2.74			3.12			2.85			2.69
Net realized and unrealized gain (loss)(b)		(49.13	)		8.35			116.36			(45.14	)		1.84			15.96
Net increase (decrease) from investment operations		(46.89	)		11.76			119.10			(42.02	)		4.69			18.65
Distributions from net investment income(c)		(2.14	)		(3.53	)		(2.81	)		(3.45	)		(2.86	)		(2.43	)
Net asset value, end of period	$	219.36		$	268.39		$	260.16		$	143.87		$	189.34		$	187.51
Total Return(d)
Based on net asset value		(17.50	)%(e)		4.51	%		83.36	%		(22.53	)%		2.50	%		10.95	%
Ratios to Average Net Assets(f)
Total expenses		0.05	%(g)		0.05	%		0.05	%		0.07	%		0.07	%		0.07	%
Net investment income		1.82	%(g)		1.26	%		1.36	%		1.62	%		1.50	%		1.49	%
Supplemental Data
Net assets, end of period (000)	$	55,059,713		$	66,023,819		$	61,137,875		$	35,722,456		$	48,206,329		$	44,663,981
Portfolio turnover rate(h)		9	%		16	%		20	%		15	%		17	%		10	%

^(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.

See notes to financial statements.

64 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core S&P Small-Cap ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of period	$	107.93		$	108.34		$	56.22		$	77.13		$	77.05		$	69.23
Net investment income(a)		0.78			1.13			1.03			1.06			1.09			0.98
Net realized and unrealized gain (loss)(b)		(20.85	)		0.12			52.13			(20.77	)		0.11			7.78
Net increase (decrease) from investment operations		(20.07	)		1.25			53.16			(19.71	)		1.20			8.76
Distributions from net investment income(c)		(0.76	)		(1.66	)		(1.04	)		(1.20	)		(1.12	)		(0.94	)
Net asset value, end of period	$	87.10		$	107.93		$	108.34		$	56.22		$	77.13		$	77.05
Total Return(d)
Based on net asset value		(18.63	)%(e)		1.12	%		95.23	%(f)		(25.89	)%		1.53	%		12.71	%
Ratios to Average Net Assets(g)
Total expenses		0.06	%(h)		0.06	%		0.06	%		0.07	%		0.07	%		0.07	%
Net investment income		1.57	%(h)		1.02	%		1.28	%		1.36	%		1.35	%		1.33	%
Supplemental Data
Net assets, end of period (000)	$	58,704,043		$	72,070,280		$	68,273,012		$	31,863,332		$	43,064,083		$	36,636,388
Portfolio turnover rate(i)		10	%		16	%		20	%		16	%		14	%		12	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Includes a payment received from an affiliate, which had no impact on the Fund’s total return.

^(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.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 65

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core S&P U.S. Growth ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of period	$	105.47		$	90.74		$	57.16		$	60.31		$	54.56		$	46.36
Net investment income(a)		0.44			0.72			0.76			0.92			0.81			0.76
Net realized and unrealized gain (loss)(b)		(25.27	)		14.73			33.62			(2.97	)		5.68			8.16
Net increase (decrease) from investment operations		(24.83	)		15.45			34.38			(2.05	)		6.49			8.92
Distributions from net investment income(c)		(0.42	)		(0.72	)		(0.80	)		(1.10	)		(0.74	)		(0.72	)
Net asset value, end of period	$	80.22		$	105.47		$	90.74		$	57.16		$	60.31		$	54.56
Total Return(d)
Based on net asset value		(23.57	)%(e)		17.03	%		60.34	%		(3.54	)%		11.95	%		19.33	%
Ratios to Average Net Assets(f)
Total expenses		0.04	%(g)		0.04	%		0.04	%		0.04	%		0.04	%		0.05	%
Net investment income		0.96	%(g)		0.69	%		0.96	%		1.44	%		1.41	%		1.46	%
Supplemental Data
Net assets, end of period (000)	$	10,408,580		$	12,857,333		$	10,461,747		$	6,893,329		$	5,985,790		$	3,693,673
Portfolio turnover rate(h)		2	%		15	%		14	%		35	%		31	%		24	%

^(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.

See notes to financial statements.

66 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core S&P U.S. Value ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of period	$	75.80		$	68.82		$	46.23		$	54.82		$	53.08		$	50.45
Net investment income(a)		0.81			1.50			1.43			1.45			1.37			1.28
Net realized and unrealized gain (loss)(b)		(13.26	)		6.93			22.60			(8.57	)		1.68			2.51
Net increase (decrease) from investment operations		(12.45	)		8.43			24.03			(7.12	)		3.05			3.79
Distributions from net investment income(c)		(0.77	)		(1.45	)		(1.44	)		(1.47	)		(1.31	)		(1.16	)
Net asset value, end of period	$	62.58		$	75.80		$	68.82		$	46.23		$	54.82		$	53.08
Total Return(d)
Based on net asset value		(16.49	)%(e)		12.33	%		52.59	%		(13.34	)%		5.83	%		7.55	%
Ratios to Average Net Assets(f)
Total expenses		0.04	%(g)		0.04	%		0.04	%		0.04	%		0.04	%		0.05	%
Net investment income		2.28	%(g)		2.04	%		2.48	%		2.52	%		2.53	%		2.42	%
Supplemental Data
Net assets, end of period (000)	$	10,728,570		$	12,123,855		$	9,084,867		$	5,270,383		$	5,208,349		$	3,434,150
Portfolio turnover rate(h)		2	%		20	%		25	%		34	%		35	%		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.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 67

Notes to Financial Statements (unaudited) 

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”):

iShares ETF	Diversification Classification
Core S&P Mid-Cap	Diversified
Core S&P Small-Cap	Diversified
Core S&P U.S. Growth(a)	Diversified
Core S&P U.S. Value	Diversified

^(a)  The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index.

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 dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. 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.

ForeignTaxes: 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 jurisdiction 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 September 30, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved

68 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

the designation of BlackRock Fund Advisors (“BFA”), the Fund’s 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.

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

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.

NOTES   TO   FINANCIAL   STATEMENTS 69

Notes to Financial Statements (unaudited) (continued)

In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount	(b)
Core S&P Mid-Cap
Barclays Bank PLC	$	35,548,522	$	(35,548,522	)	$	—		$	—
Barclays Capital, Inc.		10,572,759		(10,572,759	)		—			—
BMO Capital Markets Corp.		2,942,983		(2,942,983	)		—			—
BNP Paribas SA		475,265,387		(475,265,387	)		—			—
BofA Securities, Inc.		186,576,894		(186,576,894	)		—			—
Citadel Clearing LLC		5,152,533		(5,152,533	)		—			—
Citigroup Global Markets, Inc.		110,537,843		(110,537,843	)		—			—
Credit Suisse Securities (USA) LLC		721,161		(721,161	)		—			—
Deutsche Bank Securities, Inc.		1,073,260		(1,073,260	)		—			—
Goldman Sachs & Co. LLC		741,955,017		(741,955,017	)		—			—
HSBC Bank PLC		78,578,386		(78,578,386	)		—			—
ING Financial Markets LLC		598,094		(598,094	)		—			—
J.P. Morgan Securities LLC		474,090,330		(474,090,330	)		—			—
Jefferies LLC		18,630,276		(18,630,276	)		—			—
Mizuho Securities USA LLC		84,350		(84,350	)		—			—
Morgan Stanley		483,727,136		(483,727,136	)		—			—
National Financial Services LLC		29,445,694		(29,445,694	)		—			—
Natixis SA		14,372,091		(14,372,091	)		—			—
Nomura Securities International, Inc.		3,910		(3,910	)		—			—
RBC Capital Market LLC		197,841,069		(197,841,069	)		—			—
Scotia Capital (USA), Inc.		68,986,018		(68,986,018	)		—			—
SG Americas Securities LLC		6,806,525		(6,806,525	)		—			—
State Street Bank & Trust Co.		30,973,949		(30,973,949	)		—			—
Toronto-Dominion Bank		118,275,857		(118,275,857	)		—			—
UBS AG		342,086,008		(342,086,008	)		—			—
UBS Securities LLC		34,014,088		(34,014,088	)		—			—
Virtu Americas LLC		14,504,658		(14,504,658	)		—			—
Wells Fargo Bank N.A.		35,307,599		(35,307,599	)		—			—
Wells Fargo Securities LLC		4,140,945		(4,140,945	)		—			—
	$	3,522,813,342	$	(3,522,813,342	)	$	—		$	—
Core S&P Small-Cap
Barclays Bank PLC	$	11,593,447	$	(11,593,447	)	$	—		$	—
Barclays Capital, Inc.		5,284,441		(5,284,441	)		—			—
BMO Capital Markets Corp.		139,769		(139,769	)		—			—
BNP Paribas SA		416,861,249		(416,861,249	)		—			—
BofA Securities, Inc.		175,589,647		(175,589,647	)		—			—
Citadel Clearing LLC		11,792,213		(11,792,213	)		—			—
Citigroup Global Markets, Inc.		100,488,507		(100,488,507	)		—			—
Credit Suisse Securities (USA) LLC		232,965		(232,965	)		—			—
Deutsche Bank Securities, Inc.		336,339		(336,339	)		—			—
Goldman Sachs & Co. LLC		653,082,080		(653,082,080	)		—			—
HSBC Bank PLC		34,064,329		(34,064,329	)		—			—
ING Financial Markets LLC		65,618		(65,618	)		—			—
J.P. Morgan Securities LLC		497,287,025		(497,287,025	)		—			—
Jefferies LLC		51,301,548		(51,301,548	)		—			—
Morgan Stanley		434,800,526		(434,800,526	)		—			—
National Financial Services LLC		92,738,569		(92,738,569	)		—			—
Natixis SA		2,057,105		(2,057,105	)		—			—
Nomura Securities International, Inc.		2,680,431		(2,680,431	)		—			—
Pershing LLC		4,560,485		(4,560,485	)		—			—
RBC Capital Market LLC		9,009,244		(9,009,244	)		—			—
Scotia Capital (USA), Inc.		28,955,063		(28,955,063	)		—			—
SG Americas Securities LLC		11,153,347		(11,153,347	)		—			—
State Street Bank & Trust Co.		108,729,925		(108,729,925	)		—			—
Toronto-Dominion Bank		107,448,272		(107,448,272	)		—			—
UBS AG		139,821,101		(139,821,101	)		—			—
UBS Securities LLC		44,793,683		(44,793,683	)		—			—

70 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount	(b)
Core S&P Small-Cap (continued)
Virtu Americas LLC	$	11,222,166	$	(11,222,166	)	$	—		$	—
Wells Fargo Bank N.A.		109,877,251		(109,877,251	)		—			—
Wells Fargo Securities LLC		18,435,202		(18,435,202	)		—			—
	$	3,084,401,547	$	(3,084,401,547	)	$	—		$	—
Core S&P U.S. Growth
Barclays Bank PLC	$	47,076,976	$	(47,076,976	)	$	—		$	—
BMO Capital Markets Corp.		424,999		(424,999	)		—			—
BNP Paribas SA		10,793,386		(10,793,386	)		—			—
BofA Securities, Inc.		30,517,227		(30,517,227	)		—			—
Citigroup Global Markets, Inc.		1,886,021		(1,886,021	)		—			—
Goldman Sachs & Co. LLC		7,582,824		(7,582,824	)		—			—
HSBC Bank PLC		700,380		(700,380	)		—			—
J.P. Morgan Securities LLC		11,070,319		(11,070,319	)		—			—
Morgan Stanley		4,165,407		(4,165,407	)		—			—
National Financial Services LLC		207,844		(205,100	)		—			2,744
RBC Capital Market LLC		9,109,899		(9,109,899	)		—			—
Scotia Capital (USA), Inc.		6,619,650		(6,619,650	)		—			—
Toronto-Dominion Bank		20,390,845		(20,390,845	)		—			—
UBS AG		13,044,865		(13,044,865	)		—			—
UBS Securities LLC		1,309,951		(1,309,951	)		—			—
Wells Fargo Bank N.A.		823,690		(823,690	)		—			—
	$	165,724,283	$	(165,721,539	)	$	—		$	2,744
Core S&P U.S. Value
Barclays Bank PLC	$	44,002	$	(44,002	)	$	—		$	—
Barclays Capital, Inc.		1,324		(1,324	)		—			—
BNP Paribas SA		16,027,356		(16,027,356	)		—			—
BofA Securities, Inc.		4,474,708		(4,474,708	)		—			—
Citigroup Global Markets, Inc.		12,080,746		(12,080,746	)		—			—
Credit Suisse Securities (USA) LLC		122,304		(122,304	)		—			—
Goldman Sachs & Co. LLC		3,478,037		(3,478,037	)		—			—
HSBC Bank PLC		13,083,275		(13,083,275	)		—			—
J.P. Morgan Securities LLC		2,693,731		(2,693,731	)		—			—
Jefferies LLC		535,669		(535,669	)		—			—
Morgan Stanley		2,937,202		(2,937,202	)		—			—
RBC Capital Market LLC		4,573,040		(4,573,040	)		—			—
Scotia Capital (USA), Inc.		1,147,467		(1,147,467	)		—			—
SG Americas Securities LLC		1,675,318		(1,675,318	)		—			—
State Street Bank & Trust Co.		2,821,647		(2,821,647	)		—			—
Toronto-Dominion Bank		19,372,994		(19,372,994	)		—			—
UBS AG		36,109,517		(36,109,517	)		—			—
UBS Securities LLC		289,895		(289,895	)		—			—
Virtu Americas LLC		240,317		(240,317	)		—			—
Wells Fargo Bank N.A.		382,203		(382,203	)		—			—
	$	122,090,752	$	(122,090,752	)	$	—		$	—

^(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 September 30, 2022. 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.

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 on 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 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

NOTES   TO   FINANCIAL   STATEMENTS 71

Notes to Financial Statements (unaudited) (continued)

an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained to an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid. Total return swaps are entered into by the iShares Core S&P Mid-Cap ETF and iShares Core S&P Small-Cap ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of the agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

72 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to 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:

iShares ETF	Investment Advisory Fees
Core S&P Mid-Cap		0.05	%
Core S&P Small-Cap		0.06
Core S&P U.S. Growth		0.04
Core S&P U.S. Value		0.04

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. Each Fund does not pay BRIL for ETF Services.

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company (“SSB”) for the Funds, with the exception of iShares Core S&P Small-Cap ETF, which SSB performed ETF Services prior to April 11, 2022.

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 September 30, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Core S&P Mid-Cap	$	5,008,205
Core S&P Small-Cap		1,840,012
Core S&P U.S. Growth		136,666
Core S&P U.S. Value		38,585

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.

NOTES   TO   FINANCIAL   STATEMENTS 73

Notes to Financial Statements (unaudited) (continued)

For the six months ended September 30, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Core S&P Mid-Cap	$	883,627,438	$	1,217,727,913	$	(332,592,498	)
Core S&P Small-Cap		942,473,576		857,529,031		33,649,741
Core S&P U.S. Growth		38,738,859		17,730,900		(9,527,051	)
Core S&P U.S. Value		52,921,048		25,203,143		(6,540,406	)

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 September 30, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Core S&P Mid-Cap	$	5,404,266,456	$	5,378,145,742
Core S&P Small-Cap		6,317,677,675		6,465,991,387
Core S&P U.S. Growth		195,568,175		190,919,502
Core S&P U.S. Value		282,149,704		263,402,715

For the six months ended September 30, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core S&P Mid-Cap	$	4,318,825,624	$	3,099,861,142
Core S&P Small-Cap		6,348,659,947		5,463,772,298
Core S&P U.S. Growth		1,197,057,804		522,336,037
Core S&P U.S. Value		1,060,262,733		273,688,826

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 September 30, 2022, 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 March 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Amounts
Core S&P Mid-Cap	$	1,362,420,891
Core S&P Small-Cap		1,050,074,976
Core S&P U.S. Growth		395,394,677
Core S&P U.S. Value		515,825,848

As of September 30, 2022, 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:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core S&P Mid-Cap	$	59,158,754,497	$	7,227,673,615	$	(7,760,057,041	)	$	(532,383,426	)
Core S&P Small-Cap		66,573,148,607		7,071,773,133		(11,803,776,325	)		(4,732,003,192	)
Core S&P U.S. Growth		10,089,186,960		1,313,609,552		(825,240,621	)		488,368,931
Core S&P U.S. Value		11,334,651,189		944,503,838		(1,430,024,471	)		(485,520,633	)

74 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

NOTES   TO   FINANCIAL   STATEMENTS 75

Notes to Financial Statements (unaudited) (continued)

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 09/30/22						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
Core S&P Mid-Cap
Shares sold		17,850,000		$	4,367,020,789			44,950,000		$	12,187,553,091
Shares redeemed		(12,850,000	)		(3,118,848,068	)		(33,950,000	)		(9,149,968,360	)
		5,000,000		$	1,248,172,721			11,000,000		$	3,037,584,731
Core S&P Small-Cap
Shares sold		64,950,000		$	6,333,914,358			122,700,000		$	13,651,203,551
Shares redeemed		(58,750,000	)		(5,662,710,725	)		(85,100,000	)		(9,350,124,736	)
		6,200,000		$	671,203,633			37,600,000		$	4,301,078,815
Core S&P U.S. Growth
Shares sold		13,600,000		$	1,200,419,873			32,600,000		$	3,543,506,031
Shares redeemed		(5,750,000	)		(523,816,174	)		(26,000,000	)		(2,826,109,252	)
		7,850,000		$	676,603,699			6,600,000		$	717,396,779	��
Core S&P U.S. Value
Shares sold		15,550,000		$	1,066,129,278			45,100,000		$	3,309,869,059
Shares redeemed		(4,050,000	)		(274,956,462	)		(17,150,000	)		(1,264,981,587	)
		11,500,000		$	791,172,816			27,950,000		$	2,044,887,472

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

76 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract

iShares Core S&P Mid-Cap ETF, iShares Core S&P Small-Cap ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the

BOARD   REVIEW   AND   APPROVAL   OF   INVESTMENT   ADVISORY   CONTRACT 77

Board Review and Approval of Investment Advisory Contract  (continued)

revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Core S&PU.S. Growth ETF, iShares Core S&PU.S. Value ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in

78 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHARE HOLDERS

Board Review and Approval of Investment Advisory Contract  (continued)

response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may

BOARD   REVIEW   AND   APPROVAL   OF   INVESTMENT   ADVISORY   CONTRACT 79

Board Review and Approval of Investment Advisory Contract  (continued)

impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

80 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Supplemental Information (unaudited)

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.

September 30, 2022

	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
Core S&P Mid-Cap(a)	$	2.067384	$	—	$	0.072500	$	2.139884		97	%		—	%		3	%		100	%
Core S&P Small-Cap(a)		0.703602		—		0.052900		0.756502		93			—			7			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

SUPPLEMENTAL   INFORMATION 81

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.

82 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviation
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s

GLOSSARY   OF   TERMS   USED   IN   THIS   REPORT 83

Want to know more?

iShares.com   |   1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representations regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 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.

iS-SAR-302-0922

            

SEPTEMBER 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Russell Top 200 ETF  |  IWL  |  NYSE Arca

· iShares Russell Top 200 Growth ETF  |  IWY  |  NYSE Arca

· iShares Russell Top 200 Value ETF  |  IWX  |  NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is proving more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of September 30, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		(20.20)	%		(15.47)	%
U.S. small cap equities (Russell 2000® Index)		(19.01)			(23.50)
International equities (MSCI Europe, Australasia, Far East Index)		(22.51)			(25.13)
Emerging market equities (MSCI Emerging Markets Index)		(21.70)			(28.11)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.58			0.63
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(10.81)			(16.20)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(9.22)			(14.60)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(6.30)			(11.50)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(10.42)			(14.15)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S    P A G E    I S    N O T    P A R T    O F    Y O U R    F U N D     R E P O R T

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		7
Disclosure of Expenses		7
Schedules of Investments		8
Financial Statements:
Statements of Assets and Liabilities		21
Statements of Operations		22
Statements of Changes in Net Assets		23
Financial Highlights		25
Notes to Financial Statements		28
Board Review and Approval of Investment Advisory Contract		35
General Information		41
Glossary of Terms Used in this Report		42

3

Fund Summary  as of September 30, 2022 iShares^® Russell Top 200 ETF

Investment Objective

The iShares RussellTop 200 ETF(the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities, as represented by the Russell Top 200^® 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

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(20.85	)%		(16.55	)%		9.79	%		11.91	%		(16.55	)%		59.55	%		208.15	%
Fund Market		(20.84	)		(16.47	)		9.83			11.93			(16.47	)		59.79			208.56
Index		(20.79	)		(16.43	)		9.95			12.09			(16.43	)		60.69			212.99

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

Actual						Hypothetical 5% Return
Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period(a)		Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period(a)		Annualized Expense Ratio
$	1,000.00	$	791.50	$	0.67	$	1,000.00	$	1,024.32	$	0.76		0.15	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments(a)
Information Technology		29.3	%
Health Care		16.2
Consumer Discretionary		11.7
Financials		10.5
Communication Services		9.1
Consumer Staples		7.4
Industrials		6.3
Energy		4.5
Utilities		2.0
Real Estate		1.5
Materials		1.5

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments(a)
Apple Inc.		8.5	%
Microsoft Corp.		7.0
Amazon.com, Inc.		4.1
Tesla, Inc.		2.7
Alphabet, Inc., Class A		2.3
Alphabet, Inc., Class C, NVS		2.1
Berkshire Hathaway, Inc., Class B		1.9
UnitedHealth Group, Inc.		1.9
Johnson & Johnson		1.7
Exxon Mobil Corp.		1.5

4 2 0 2 2    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Fund Summary  as of September 30, 2022 iShares^® Russell Top 200 Growth ETF

Investment Objective

The iShares Russell Top 200 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell Top 200^® Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(24.32	)%		(21.17	)%		13.09	%		14.27	%		(21.17	)%		84.99	%		279.47	%
Fund Market		(24.47	)		(21.19	)		13.10			14.27			(21.19	)		85.03			279.65
Index		(24.25	)		(21.01	)		13.29			14.49			(21.01	)		86.66			286.90

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 the redemption of sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period(a)		Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period(a)		Annualized Expense Ratio
$	1,000.00	$	756.80	$	0.88	$	1,000.00	$	1,000.00	$	0.00		0.20	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments(a)
Information Technology		45.8	%
Consumer Discretionary		17.6
Health Care		11.2
Communication Services		8.0
Consumer Staples		6.3
Industrials		5.4
Financials		2.5
Real Estate		1.5
Other (each representing less than 1%)		1.7

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments(a)
Apple Inc.		15.3	%
Microsoft Corp.		12.6
Amazon.com, Inc.		7.3
Tesla, Inc.		4.9
Alphabet, Inc., Class A		3.6
Alphabet, Inc., Class C, NVS		3.3
UnitedHealth Group, Inc.		3.1
Visa, Inc., Class A		2.1
NVIDIA Corp.		2.1
Mastercard, Inc., Class A		1.8

F U N D    S U M M A R Y 5

Fund Summary  as of September 30, 2022 iShares^® Russell Top 200 Value ETF

Investment Objective

The iShares Russell Top 200 Value ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell Top 200^® Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(16.31	)%		(10.37	)%		5.34	%		8.84	%		(10.37	)%		29.71	%		133.34	%
Fund Market		(16.25	)		(10.28	)		5.36			8.86			(10.28	)		29.82			133.62
Index		(16.21	)		(10.18	)		5.54			9.07			(10.18	)		30.93			138.31

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

Actual							Hypothetical 5% Return
	Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	(a)		Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	836.90	$	0.92		$	1,000.00	$	1,024.07	$	1.01		0.20	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments(a)
Health Care		22.4	%
Financials		20.7
Communication Services		10.4
Energy		9.2
Consumer Staples		8.9
Information Technology		8.5
Industrials		7.4
Utilities		4.4
Consumer Discretionary		4.1
Materials		2.5
Real Estate		1.5

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Berkshire Hathaway, Inc., Class B	4.4	%
Johnson & Johnson	3.9
Exxon Mobil Corp.	3.3
JPMorgan Chase & Co.	2.8
Chevron Corp.	2.6
Pfizer, Inc.	2.3
Meta Platforms, Inc., Class A	2.2
Bank of America Corp.	1.9
Walmart, Inc.	1.7
Thermo Fisher Scientific, Inc.	1.6

6 2 0 2 2    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T    F U N D    P E R F O  R M A N C E  /  D I S C L O S U R E    O F    E X P E N  S E S 7

Schedule of Investments  (unaudited) September 30, 2022 iShares^® Russell Top 200 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.8%
Boeing Co.(a)		16,165	$	1,957,258
General Dynamics Corp.		7,123		1,511,287
L3Harris Technologies, Inc.		5,647		1,173,616
Lockheed Martin Corp.		6,980		2,696,304
Northrop Grumman Corp.		4,308		2,026,138
Raytheon Technologies Corp.		43,767		3,582,767
				12,947,370
Air Freight & Logistics — 0.6%
FedEx Corp.		7,097		1,053,692
United Parcel Service, Inc., Class B		21,636		3,495,079
				4,548,771
Automobiles — 3.1%
Ford Motor Co.		115,835		1,297,352
General Motors Co.		42,849		1,375,024
Tesla, Inc.(a)		74,872		19,859,798
				22,532,174
Banks — 3.7%
Bank of America Corp.		206,720		6,242,944
Citigroup, Inc.		56,889		2,370,565
JPMorgan Chase & Co.		85,851		8,971,430
PNC Financial Services Group, Inc.		12,162		1,817,246
Truist Financial Corp.		39,161		1,705,070
US Bancorp		39,413		1,589,132
Wells Fargo & Co.		111,624		4,489,517
				27,185,904
Beverages — 2.2%
Coca-Cola Co.		114,922		6,437,930
Constellation Brands, Inc., Class A		4,476		1,028,048
Keurig Dr Pepper, Inc.		25,285		905,709
Monster Beverage Corp.(a)		10,886		946,647
PepsiCo, Inc.		40,690		6,643,049
				15,961,383
Biotechnology — 2.5%
AbbVie, Inc.		52,018		6,981,336
Amgen, Inc.		15,716		3,542,386
Gilead Sciences, Inc.		36,890		2,275,744
Moderna, Inc.(a)(b)		9,988		1,181,081
Regeneron Pharmaceuticals, Inc.(a)		3,041		2,094,854
Vertex Pharmaceuticals, Inc.(a)		7,532		2,180,815
				18,256,216
Building Products — 0.1%
Johnson Controls International PLC		20,424		1,005,269
Capital Markets — 2.8%
BlackRock, Inc.(c)		4,421		2,432,788
Blackstone, Inc., NVS.		20,573		1,721,960
Charles Schwab Corp.		44,633		3,207,774
CME Group, Inc.		10,551		1,868,898
Goldman Sachs Group, Inc.		9,814		2,875,993
Intercontinental Exchange, Inc.		16,148		1,458,972
Moody’s Corp.		4,724		1,148,452
Morgan Stanley		36,842		2,910,886
S&P Global, Inc.		9,804		2,993,651
				20,619,374
Chemicals — 1.2%
Air Products and Chemicals, Inc.		6,529		1,519,494
Dow, Inc.		21,232		932,722
Ecolab, Inc.		7,333		1,059,032

Security	Shares		Value
Chemicals (continued)
Linde PLC		14,787	$	3,986,427
Sherwin-Williams Co.		7,030		1,439,393
				8,937,068
Commercial Services & Supplies — 0.3%
Waste Management, Inc.		12,173		1,950,236
Communications Equipment — 0.7%
Cisco Systems, Inc.		122,376		4,895,040
Consumer Finance — 0.5%
American Express Co.		17,760		2,396,002
Capital One Financial Corp.		11,249		1,036,820
				3,432,822
Diversified Financial Services — 1.9%
Berkshire Hathaway, Inc., Class B(a)		53,101		14,179,029
Diversified Telecommunication Services — 1.1%
AT&T Inc.		210,669		3,231,662
Verizon Communications, Inc.		123,707		4,697,155
				7,928,817
Electric Utilities — 1.5%
American Electric Power Co., Inc.		15,196		1,313,694
Duke Energy Corp.		22,626		2,104,671
Exelon Corp.		29,169		1,092,671
NextEra Energy, Inc.		57,786		4,531,000
Southern Co.		31,171		2,119,628
				11,161,664
Electrical Equipment — 0.4%
Eaton Corp. PLC		11,722		1,563,246
Emerson Electric Co.		17,326		1,268,610
				2,831,856
Energy Equipment & Services — 0.2%
Schlumberger NV		41,645		1,495,056
Entertainment — 1.3%
Activision Blizzard, Inc.		22,879		1,700,825
Netflix, Inc.(a)		12,864		3,028,700
Walt Disney Co.(a)		53,629		5,058,824
				9,788,349
Equity Real Estate Investment Trusts (REITs) — 1.5%
American Tower Corp.		13,656		2,931,943
Crown Castle, Inc.		12,685		1,833,617
Digital Realty Trust, Inc.		8,365		829,641
Equinix, Inc.		2,672		1,519,941
Prologis, Inc.		27,042		2,747,467
Public Storage		4,572		1,338,727
				11,201,336
Food & Staples Retailing — 1.8%
Costco Wholesale Corp.		13,031		6,154,150
Sysco Corp.		14,855		1,050,397
Walgreens Boots Alliance, Inc.		21,236		666,811
Walmart, Inc.		42,430		5,503,171
				13,374,529
Food Products — 0.8%
Archer-Daniels-Midland Co.		16,523		1,329,275
General Mills, Inc.		17,607		1,348,872
Kraft Heinz Co.		20,391		680,040
Mondelez International, Inc., Class A		40,666		2,229,717
				5,587,904
Health Care Equipment & Supplies — 2.5%
Abbott Laboratories		50,470		4,883,477

8 2 0 2 2    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) September 30, 2022 iShares^® Russell Top 200 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Baxter International, Inc.		14,767	$	795,351
Becton Dickinson and Co.		8,337		1,857,734
Boston Scientific Corp.(a)		41,791		1,618,565
Edwards Lifesciences Corp.(a)		18,130		1,498,082
Intuitive Surgical, Inc.(a)		10,556		1,978,617
Medtronic PLC		39,339		3,176,624
Stryker Corp.		10,360		2,098,314
				17,906,764
Health Care Providers & Services — 4.0%
Centene Corp.(a)		16,795		1,306,819
Cigna Corp.		8,795		2,440,349
CVS Health Corp.		38,581		3,679,470
Elevance Health, Inc.		7,095		3,222,833
HCA Healthcare, Inc.		6,474		1,189,856
Humana, Inc.		3,726		1,807,818
McKesson Corp.		4,266		1,449,885
UnitedHealth Group, Inc.		27,531		13,904,256
				29,001,286
Hotels, Restaurants & Leisure — 1.7%
Airbnb, Inc., Class A(a)		11,542		1,212,372
Booking Holdings, Inc.(a)		1,164		1,912,696
Marriott International, Inc., Class A		8,087		1,133,312
McDonald’s Corp.		21,751		5,018,826
Starbucks Corp.		33,750		2,843,775
				12,120,981
Household Products — 1.6%
Colgate-Palmolive Co.		24,364		1,711,571
Kimberly-Clark Corp.		9,884		1,112,346
Procter & Gamble Co.		70,345		8,881,056
				11,704,973
Industrial Conglomerates — 1.0%
3M Co.		16,734		1,849,107
General Electric Co.		32,140		1,989,787
Honeywell International, Inc.		19,835		3,311,850
				7,150,744
Insurance — 1.6%
American International Group, Inc.		22,479		1,067,303
Aon PLC, Class A		6,191		1,658,383
Chubb Ltd.		12,201		2,219,118
Marsh & McLennan Cos., Inc.		14,779		2,206,357
MetLife, Inc.		19,849		1,206,422
Progressive Corp.		17,181		1,996,604
Travelers Cos., Inc.		7,000		1,072,400
				11,426,587
Interactive Media & Services — 5.7%
Alphabet, Inc., Class A(a)		177,048		16,934,641
Alphabet, Inc., Class C, NVS(a)		158,996		15,287,465
Meta Platforms, Inc., Class A(a)		67,488		9,156,772
				41,378,878
Internet & Direct Marketing Retail — 4.1%
Amazon.com, Inc.(a)		261,607		29,561,591
IT Services — 4.9%
Accenture PLC, Class A		18,650		4,798,645
Automatic Data Processing, Inc.		12,289		2,779,649
Block, Inc.(a)		15,605		858,119
Cognizant Technology Solutions Corp., Class A		15,366		882,623
Fidelity National Information Services, Inc.		17,914		1,353,761
Fiserv, Inc.(a)		17,363		1,624,656
International Business Machines Corp.		26,438		3,141,099

Security	Shares		Value
IT Services (continued)
Mastercard, Inc., Class A		25,337	$	7,204,323
PayPal Holdings, Inc.(a)		34,075		2,932,835
Snowflake, Inc., Class A(a)		8,971		1,524,711
Visa, Inc., Class A		48,456		8,608,208
				35,708,629
Life Sciences Tools & Services — 1.6%
Danaher Corp.		19,053		4,921,199
Illumina, Inc.(a)		4,644		886,029
Thermo Fisher Scientific, Inc.		11,516		5,840,800
				11,648,028
Machinery — 1.0%
Caterpillar, Inc.		15,515		2,545,701
Deere & Co.		8,272		2,761,938
Illinois Tool Works, Inc.		9,078		1,639,941
				6,947,580
Media — 0.7%
Charter Communications, Inc., Class A(a)		3,271		992,258
Comcast Corp., Class A		128,893		3,780,432
				4,772,690
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		42,105		1,150,730
Newmont Corp.		23,147		972,868
Southern Copper Corp.		2,630		117,929
				2,241,527
Multiline Retail — 0.5%
Dollar General Corp.		6,729		1,614,018
Target Corp.		13,661		2,027,156
				3,641,174
Multi-Utilities — 0.4%
Dominion Energy, Inc.		24,405		1,686,630
Sempra Energy		9,284		1,392,043
				3,078,673
Oil, Gas & Consumable Fuels — 4.3%
Chevron Corp.		57,842		8,310,160
ConocoPhillips		37,480		3,835,703
EOG Resources, Inc.		17,242		1,926,449
Exxon Mobil Corp.		122,747		10,717,040
Kinder Morgan, Inc.		58,639		975,753
Marathon Petroleum Corp.		14,713		1,461,442
Occidental Petroleum Corp.(b)		23,933		1,470,683
Pioneer Natural Resources Co.		6,955		1,505,966
Valero Energy Corp.		11,616		1,241,170
				31,444,366
Personal Products — 0.2%
Estee Lauder Cos., Inc., Class A		6,717		1,450,200
Pharmaceuticals — 5.6%
Bristol-Myers Squibb Co.		62,684		4,456,206
Eli Lilly & Co.		24,800		8,019,080
Johnson & Johnson		77,462		12,654,192
Merck & Co., Inc.		74,457		6,412,237
Pfizer, Inc.		166,354		7,279,651
Zoetis, Inc.		13,869		2,056,634
				40,878,000
Road & Rail — 1.1%
CSX Corp.		62,842		1,674,111
Norfolk Southern Corp.		6,926		1,452,036

S C H E D U L E S    O F    I N V E S  T M E N T S 9

Schedule of Investments  (unaudited) (continued) September 30, 2022 iShares^® Russell Top 200 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Road & Rail (continued)
Uber Technologies, Inc.(a)		55,812	$	1,479,018
Union Pacific Corp.		18,478		3,599,884
				8,205,049
Semiconductors & Semiconductor Equipment — 5.1%
Advanced Micro Devices, Inc.(a)		47,539		3,012,071
Analog Devices, Inc.		15,403		2,146,254
Applied Materials, Inc.		25,490		2,088,396
Broadcom, Inc.		11,625		5,161,616
Intel Corp.		120,445		3,103,868
KLA Corp.		4,142		1,253,493
Lam Research Corp.		4,019		1,470,954
Marvell Technology, Inc.		25,007		1,073,050
Micron Technology, Inc.		32,480		1,627,248
NVIDIA Corp.		70,882		8,604,366
QUALCOMM, Inc.		32,963		3,724,160
Texas Instruments, Inc.		27,138		4,200,420
				37,465,896
Software — 10.1%
Adobe, Inc.(a)		13,889		3,822,253
Atlassian Corp. PLC, Class A(a)		4,047		852,258
Autodesk, Inc.(a)		6,432		1,201,498
Intuit, Inc.		8,111		3,141,552
Microsoft Corp.		220,233		51,292,266
Oracle Corp.		44,646		2,726,531
Palo Alto Networks, Inc.(a)		8,621		1,412,033
Roper Technologies, Inc.		3,108		1,117,761
Salesforce, Inc.(a)		28,308		4,071,823
ServiceNow, Inc.(a)		5,902		2,228,654
VMware, Inc., Class A		6,133		652,919
Workday, Inc., Class A(a)		5,831		887,595
				73,407,143
Specialty Retail — 1.9%
Home Depot, Inc.		30,412		8,391,887
Lowe’s Cos., Inc.		18,820		3,534,584
TJX Cos., Inc.		34,429		2,138,730
				14,065,201

Security	Shares		Value
Technology Hardware, Storage & Peripherals — 8.5%
Apple Inc.		450,066	$	62,199,121
Textiles, Apparel & Luxury Goods — 0.4%
Nike, Inc., Class B		36,064		2,997,640
Tobacco — 0.8%
Altria Group, Inc.		53,403		2,156,413
Philip Morris International, Inc.		45,608		3,785,920
				5,942,333
Wireless Telecommunication Services — 0.3%
T-Mobile U.S., Inc.(a)		17,578		2,358,440
Total Long-Term Investments — 99.9% (Cost: $787,900,537)				728,523,661
Short-Term Securities(c)(d)(e)
Money Market Funds — 0.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%		32,129		32,139
Total Short-Term Securities — 0.0% (Cost: $32,139)				32,139
Total Investments — 99.9% (Cost: $787,932,676)				728,555,800
Other Assets Less Liabilities — 0.1%				813,315
Net Assets — 100.0%			$	729,369,115

^(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 September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	249,903	$	—	$	(220,803	)(a)	$	3,004	$	35		$	32,139		32,129	$	10,004	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		1,385,000		—		(1,385,000	)(a)		—		—			—		—		9,096			—
BlackRock, Inc.		3,604,590		610,421		(788,687	)		152,336		(1,145,872	)		2,432,788		4,421		44,340			—
								$	155,340	$	(1,145,837	)	$	2,464,927			$	63,440		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

^(c)  As of period end, the entity is no longer held.

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Schedule of Investments  (unaudited) (continued) September 30, 2022 iShares^® Russell Top 200 ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		4		12/16/22	$	720	$	(61,748	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	61,748	$	—	$	—	$	—	$	61,748

^(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).

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(263,919	)	$	—	$	—	$	—	$	(263,919	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(160,272	)	$	—	$	—	$	—	$	(160,272	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,307,650

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

S C H E D U L E S    O F    I N V E S  T M E N T S 11

Schedule of Investments  (unaudited) (continued) September 30, 2022 iShares^® Russell Top 200 ETF

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.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	728,523,661		$	—	$	—	$	728,523,661
Short-Term Securities
Money Market Funds		32,139			—		—		32,139
	$	728,555,800		$	—	$	—	$	728,555,800
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(61,748	)	$	—	$	—	$	(61,748	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Schedule of Investments  (unaudited) September 30, 2022 iShares^® Russell Top 200 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.9%
Boeing Co.(a)(b)		51,914	$	6,285,747
Lockheed Martin Corp.		72,596		28,043,109
Northrop Grumman Corp.		5,211		2,450,837
				36,779,693
Air Freight & Logistics — 0.8%
United Parcel Service, Inc., Class B		200,560		32,398,462
Automobiles — 4.9%
Tesla, Inc.(a)		778,066		206,382,007
Beverages — 2.8%
Coca-Cola Co.		895,699		50,177,058
Monster Beverage Corp.(a)		104,758		9,109,756
PepsiCo, Inc.		357,305		58,333,614
				117,620,428
Biotechnology — 3.0%
AbbVie, Inc.		540,574		72,550,436
Amgen, Inc.		137,194		30,923,528
Moderna, Inc.(a)(b)		6,284		743,083
Regeneron Pharmaceuticals, Inc.(a)		4,622		3,183,957
Vertex Pharmaceuticals, Inc.(a)		73,868		21,387,741
				128,788,745
Capital Markets — 1.1%
Blackstone, Inc., NVS		214,214		17,929,712
Charles Schwab Corp.		258,506		18,578,826
Moody’s Corp.(b)		45,882		11,154,373
				47,662,911
Chemicals — 0.8%
Ecolab, Inc.		66,700		9,632,814
Linde PLC		32,146		8,666,240
Sherwin-Williams Co.		73,258		14,999,576
				33,298,630
Commercial Services & Supplies — 0.4%
Waste Management, Inc.		119,081		19,077,967
Consumer Finance — 0.0%
American Express Co.		11,551		1,558,345
Electrical Equipment — 0.1%
Emerson Electric Co.		57,389		4,202,023
Entertainment — 0.4%
Netflix, Inc.(a)		60,214		14,176,784
Walt Disney Co.(a)(b)		37,213		3,510,302
				17,687,086
Equity Real Estate Investment Trusts (REITs) — 1.5%
American Tower Corp.		108,847		23,369,451
Crown Castle, Inc.		131,958		19,074,529
Equinix, Inc.		21,010		11,951,329
Public Storage		37,798		11,067,632
				65,462,941
Food & Staples Retailing — 1.8%
Costco Wholesale Corp.		135,420		63,954,804
Sysco Corp.		155,768		11,014,355
				74,969,159
Health Care Equipment & Supplies — 1.3%
Abbott Laboratories		68,969		6,673,440
Baxter International, Inc.		23,917		1,288,170
Edwards Lifesciences Corp.(a)		189,143		15,628,886

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Intuitive Surgical, Inc.(a)		100,864	$	18,905,948
Stryker Corp.		57,314		11,608,378
				54,104,822
Health Care Providers & Services — 3.8%
Cigna Corp.		14,593		4,049,120
Elevance Health, Inc.		22,341		10,148,176
HCA Healthcare, Inc.		4,193		770,631
Humana, Inc.		27,221		13,207,357
McKesson Corp.(b)		8,658		2,942,594
UnitedHealth Group, Inc.		260,350		131,487,164
				162,605,042
Hotels, Restaurants & Leisure — 1.6%
Airbnb, Inc., Class A(a)(b)		119,710		12,574,338
Booking Holdings, Inc.(a)		12,117		19,910,776
Marriott International, Inc., Class A		84,229		11,803,852
McDonald’s Corp.		55,102		12,714,236
Starbucks Corp.		125,935		10,611,283
				67,614,485
Household Products — 1.3%
Colgate-Palmolive Co.		156,298		10,979,935
Kimberly-Clark Corp.		60,787		6,840,969
Procter & Gamble Co.		311,417		39,316,396
				57,137,300
Industrial Conglomerates — 0.3%
General Electric Co.		18,679		1,156,417
Honeywell International, Inc.		60,750		10,143,427
				11,299,844
Insurance — 1.3%
Aon PLC, Class A		60,725		16,266,406
Marsh & McLennan Cos., Inc.		136,968		20,447,953
Progressive Corp.		155,577		18,079,603
				54,793,962
Interactive Media & Services — 7.4%
Alphabet, Inc., Class A(a)		1,600,694		153,106,381
Alphabet, Inc., Class C, NVS(a)(b)		1,437,484		138,214,086
Meta Platforms, Inc., Class A(a)		149,385		20,268,557
				311,589,024
Internet & Direct Marketing Retail — 7.3%
Amazon.com, Inc.(a)		2,718,618		307,203,834
IT Services — 6.8%
Accenture PLC, Class A		193,807		49,866,541
Automatic Data Processing, Inc.		117,240		26,518,516
Fiserv, Inc.(a)(b)		16,491		1,543,063
International Business Machines Corp.		183,872		21,845,832
Mastercard, Inc., Class A		263,301		74,867,006
PayPal Holdings, Inc.(a)		108,732		9,358,563
Snowflake, Inc., Class A(a)(b)		87,484		14,868,781
Visa, Inc., Class A		503,551		89,455,835
				288,324,137
Life Sciences Tools & Services — 0.3%
Danaher Corp.		13,416		3,465,219
Thermo Fisher Scientific, Inc.		14,558		7,383,672
				10,848,891
Machinery — 1.6%
Caterpillar, Inc.		140,972		23,130,686
Deere & Co.		85,738		28,627,061
Illinois Tool Works, Inc.		85,373		15,422,632
				67,180,379

S C H E D U L E S    O F    I N V E S  T M E N T S 13

Schedule of Investments  (unaudited) (continued) September 30, 2022 iShares^® Russell Top 200 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media — 0.2%
Charter Communications, Inc., Class A(a)		33,922	$	10,290,239
Metals & Mining — 0.0%
Southern Copper Corp.		17,104		766,943
Multiline Retail — 0.7%
Dollar General Corp.		70,044		16,800,754
Target Corp.		77,787		11,542,813
				28,343,567
Oil, Gas & Consumable Fuels — 0.8%
EOG Resources, Inc.		131,099		14,647,691
Occidental Petroleum Corp.		206,057		12,662,203
Pioneer Natural Resources Co.		39,997		8,660,550
				35,970,444
Personal Products — 0.4%
Estee Lauder Cos., Inc., Class A		70,259		15,168,918
Pharmaceuticals — 2.8%
Eli Lilly & Co.		209,788		67,834,950
Merck & Co., Inc.		324,204		27,920,448
Zoetis, Inc.		144,006		21,354,650
				117,110,048
Road & Rail — 1.3%
CSX Corp.		163,806		4,363,792
Uber Technologies, Inc.(a)		499,491		13,236,511
Union Pacific Corp.		192,018		37,408,947
				55,009,250
Semiconductors & Semiconductor Equipment — 6.9%
Advanced Micro Devices, Inc.(a)		389,293		24,665,604
Analog Devices, Inc.		31,970		4,454,700
Applied Materials, Inc.		265,182		21,726,361
Broadcom, Inc.		120,806		53,639,072
KLA Corp.		43,463		13,153,208
Lam Research Corp.		41,945		15,351,870
Micron Technology, Inc.		64,236		3,218,224
NVIDIA Corp.		736,604		89,416,360
QUALCOMM, Inc.		342,726		38,721,183
Texas Instruments, Inc.		193,181		29,900,555
				294,247,137
Software — 16.7%
Adobe, Inc.(a)		144,303		39,712,186
Atlassian Corp. PLC, Class A(a)		41,611		8,762,860
Autodesk, Inc.(a)		66,761		12,470,955

Security	Shares		Value
Software (continued)
Intuit, Inc.		84,288	$	32,646,428
Microsoft Corp.		2,288,655		533,027,750
Oracle Corp.		318,002		19,420,382
Palo Alto Networks, Inc.(a)		90,104		14,758,134
Salesforce, Inc.(a)		63,254		9,098,455
ServiceNow, Inc.(a)		61,240		23,124,836
VMware, Inc., Class A		30,982		3,298,344
Workday, Inc., Class A(a)(b)		60,494		9,208,397
				705,528,727
Specialty Retail — 2.5%
Home Depot, Inc.		183,304		50,580,906
Lowe’s Cos., Inc.		168,717		31,686,740
TJX Cos., Inc.		359,295		22,319,405
				104,587,051
Technology Hardware, Storage & Peripherals — 15.3%
Apple Inc.		4,677,080		646,372,456
Textiles, Apparel & Luxury Goods — 0.7%
Nike, Inc., Class B		374,779		31,151,630
Total Long-Term Investments — 99.8% (Cost: $4,261,018,613)				4,223,136,527
Short-Term Securities(c)(d)
Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(e)		35,646,701		35,657,395
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		16,872,752		16,872,752
Total Short-Term Securities — 1.3% (Cost: $52,526,575)				52,530,147
Total Investments — 101.1% (Cost: $4,313,545,188)				4,275,666,674
Liabilities in Excess of Other Assets — (1.1)%				(45,428,166	)
Net Assets — 100.0%			$	4,230,238,508

^(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.

14 2 0 2 2    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) September 30, 2022 iShares^® Russell Top 200 Growth ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	8,926,531	$	26,725,181	(a)	$	—	$	3,305	$	2,378	$	35,657,395		35,646,701	$	63,161	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,166,000		10,706,752	(a)		—		—		—		16,872,752		16,872,752		47,443			—
								$	3,305	$	2,378	$	52,530,147			$	110,604		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Appreciation (Depreciation) Unrealized
Long Contracts
E-Mini Technology Select Sector Index		10		12/16/22	$	1,204	$	(153,238	)
Nasdaq 100 E-Mini Index		24		12/16/22		5,297		(624,629	)
							$	(777,867	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	777,867	$	—	$	—	$	—	$	777,867

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(507,517	)	$	—	$	—	$	—	$	(507,517	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,280,003	)	$	—	$	—	$	—	$	(1,280,003	)

S C H E D U L E S    O F    I N V E S  T M E N T S 15

Schedule of Investments  (unaudited) (continued) September 30, 2022 iShares^® Russell Top 200 Growth ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	6,608,270

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.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	4,223,136,527		$	—	$	—	$	4,223,136,527
Short-Term Securities
Money Market Funds		52,530,147			—		—		52,530,147
	$	4,275,666,674		$	—	$	—	$	4,275,666,674
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(777,867	)	$	—	$	—	$	(777,867	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

16 2 0 2 2    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments  (unaudited) September 30, 2022 iShares^® Russell Top 200 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.9%
Boeing Co.(a)		43,712	$	5,292,649
General Dynamics Corp.		28,161		5,974,919
L3Harris Technologies, Inc.		22,239		4,621,931
Northrop Grumman Corp.		14,966		7,038,809
Raytheon Technologies Corp.		171,861		14,068,542
				36,996,850
Air Freight & Logistics — 0.5%
FedEx Corp.		27,789		4,125,833
United Parcel Service, Inc., Class B		9,164		1,480,352
				5,606,185
Automobiles — 0.8%
Ford Motor Co.		456,255		5,110,056
General Motors Co.		168,354		5,402,480
				10,512,536
Banks — 8.4%
Bank of America Corp.		811,960		24,521,192
Citigroup, Inc.		224,120		9,339,080
JPMorgan Chase & Co.		337,208		35,238,236
PNC Financial Services Group, Inc.		47,624		7,115,978
Truist Financial Corp.		153,901		6,700,850
US Bancorp		155,355		6,263,914
Wells Fargo & Co.		438,442		17,634,137
				106,813,387
Beverages — 1.4%
Coca-Cola Co.		113,022		6,331,493
Constellation Brands, Inc., Class A		17,531		4,026,520
Keurig Dr Pepper, Inc.		99,131		3,550,872
Monster Beverage Corp.(a)		3,229		280,794
PepsiCo, Inc.		24,808		4,050,154
				18,239,833
Biotechnology — 1.8%
Amgen, Inc.		9,813		2,211,850
Gilead Sciences, Inc.		144,935		8,941,040
Moderna, Inc.(a)		36,772		4,348,289
Regeneron Pharmaceuticals, Inc.(a)(b)		10,247		7,058,851
Vertex Pharmaceuticals, Inc.(a)		1,647		476,873
				23,036,903
Building Products — 0.3%
Johnson Controls International PLC		80,349		3,954,778
Capital Markets — 5.0%
BlackRock, Inc.(c)		17,371		9,558,914
Charles Schwab Corp.		77,959		5,602,913
CME Group, Inc.		41,517		7,353,906
Goldman Sachs Group, Inc.		38,430		11,261,912
Intercontinental Exchange, Inc.		63,880		5,771,558
Moody’s Corp.		1,066		259,155
Morgan Stanley		144,682		11,431,325
S&P Global, Inc.		38,504		11,757,196
				62,996,879
Chemicals — 1.8%
Air Products and Chemicals, Inc.		25,630		5,964,870
Dow, Inc.		83,031		3,647,552
Ecolab, Inc.		3,345		483,085
Linde PLC		45,856		12,362,319
				22,457,826
Commercial Services & Supplies — 0.0%
Waste Management, Inc.		2,958		473,901

Security	Shares		Value
Communications Equipment — 1.5%
Cisco Systems, Inc.		480,671	$	19,226,840
Consumer Finance — 1.0%
American Express Co.		65,127		8,786,284
Capital One Financial Corp.		44,055		4,060,549
				12,846,833
Diversified Financial Services — 4.4%
Berkshire Hathaway, Inc., Class B(a)		208,572		55,692,896
Diversified Telecommunication Services — 2.5%
AT&T Inc.		827,345		12,691,472
Verizon Communications, Inc.		485,902		18,449,699
				31,141,171
Electric Utilities — 3.5%
American Electric Power Co., Inc.		59,510		5,144,640
Duke Energy Corp.		88,886		8,268,176
Exelon Corp.		114,918		4,304,828
NextEra Energy, Inc.		226,973		17,796,953
Southern Co.		122,512		8,330,816
				43,845,413
Electrical Equipment — 0.8%
Eaton Corp. PLC		46,208		6,162,299
Emerson Electric Co.		46,497		3,404,510
				9,566,809
Energy Equipment & Services — 0.5%
Schlumberger NV		162,794		5,844,305
Entertainment — 2.5%
Activision Blizzard, Inc.		89,912		6,684,058
Netflix, Inc.(a)		27,825		6,551,118
Walt Disney Co.(a)		196,530		18,538,675
				31,773,851
Equity Real Estate Investment Trusts (REITs) — 1.5%
American Tower Corp.		12,505		2,684,824
Digital Realty Trust, Inc.		32,793		3,252,410
Equinix, Inc.		2,562		1,457,368
Prologis, Inc.		106,259		10,795,914
Public Storage		3,732		1,092,767
				19,283,283
Food & Staples Retailing — 1.9%
Walgreens Boots Alliance, Inc.		82,513		2,590,908
Walmart, Inc.		166,656		21,615,283
				24,206,191
Food Products — 1.7%
Archer-Daniels-Midland Co.		64,814		5,214,286
General Mills, Inc.		68,957		5,282,796
Kraft Heinz Co.		80,774		2,693,813
Mondelez International, Inc., Class A		159,527		8,746,865
				21,937,760
Health Care Equipment & Supplies — 3.9%
Abbott Laboratories		172,072		16,649,687
Baxter International, Inc.		48,999		2,639,086
Becton Dickinson and Co.		32,875		7,325,536
Boston Scientific Corp.(a)		165,193		6,397,925
Intuitive Surgical, Inc.(a)		3,290		616,678
Medtronic PLC		154,442		12,471,191
Stryker Corp.		18,915		3,831,044
				49,931,147
Health Care Providers & Services — 4.1%
Centene Corp.(a)		65,776		5,118,030

S C H E D U L E S    O F    I N V E S  T M E N T S 17

Schedule of Investments  (unaudited) (continued) September 30, 2022 iShares^® Russell Top 200 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Cigna Corp.		29,053	$	8,061,336
CVS Health Corp.		151,509		14,449,413
Elevance Health, Inc.		19,367		8,797,266
HCA Healthcare, Inc.		23,811		4,376,224
Humana, Inc.		4,300		2,086,317
McKesson Corp.		13,478		4,580,768
UnitedHealth Group, Inc.		9,746		4,922,120
				52,391,474
Hotels, Restaurants & Leisure — 1.7%
McDonald’s Corp.		64,662		14,920,110
Starbucks Corp.		84,970		7,159,572
				22,079,682
Household Products — 1.9%
Colgate-Palmolive Co.		36,624		2,572,836
Kimberly-Clark Corp.		15,744		1,771,830
Procter & Gamble Co.		158,598		20,022,997
				24,367,663
Industrial Conglomerates — 1.9%
3M Co.		65,705		7,260,402
General Electric Co.		119,288		7,385,120
Honeywell International, Inc.		54,940		9,173,332
				23,818,854
Insurance — 1.9%
American International Group, Inc.		88,036		4,179,949
Aon PLC, Class A		1,374		368,053
Chubb Ltd.		47,970		8,724,784
Marsh & McLennan Cos., Inc.		6,224		929,181
MetLife, Inc.		77,738		4,724,916
Progressive Corp.		8,716		1,012,886
Travelers Cos., Inc.		27,415		4,199,978
				24,139,747
Interactive Media & Services — 3.5%
Alphabet, Inc., Class A(a)		90,284		8,635,665
Alphabet, Inc., Class C, NVS(a)		81,311		7,818,053
Meta Platforms, Inc., Class A(a)		208,621		28,305,697
				44,759,415
IT Services — 2.5%
Automatic Data Processing, Inc.		3,945		892,320
Block, Inc.(a)		61,033		3,356,205
Cognizant Technology Solutions Corp., Class A		59,986		3,445,596
Fidelity National Information Services, Inc.		70,614		5,336,300
Fiserv, Inc.(a)		61,955		5,797,129
International Business Machines Corp.		34,535		4,103,103
PayPal Holdings, Inc.(a)		92,475		7,959,323
Snowflake, Inc., Class A(a)		2,285		388,359
				31,278,335
Life Sciences Tools & Services — 3.3%
Danaher Corp.		69,749		18,015,469
Illumina, Inc.(a)		18,166		3,465,891
Thermo Fisher Scientific, Inc.		39,714		20,142,544
				41,623,904
Machinery — 0.2%
Caterpillar, Inc.		7,879		1,292,786
Illinois Tool Works, Inc.		3,635		656,663
				1,949,449
Media — 1.2%
Comcast Corp., Class A		506,209		14,847,110

Security	Shares		Value
Metals & Mining — 0.7%
Freeport-McMoRan, Inc.		164,993	$	4,509,259
Newmont Corp.		91,912		3,863,061
Southern Copper Corp.		3,005		134,744
				8,507,064
Multiline Retail — 0.3%
Target Corp.		24,029		3,565,663
Multi-Utilities — 1.0%
Dominion Energy, Inc.		96,346		6,658,472
Sempra Energy		36,414		5,459,915
				12,118,387
Oil, Gas & Consumable Fuels — 8.7%
Chevron Corp.		227,194		32,640,962
ConocoPhillips		147,187		15,063,118
EOG Resources, Inc.		18,095		2,021,754
Exxon Mobil Corp.		482,127		42,094,508
Kinder Morgan, Inc.		229,844		3,824,604
Marathon Petroleum Corp.		57,626		5,723,991
Occidental Petroleum Corp.		16,466		1,011,836
Pioneer Natural Resources Co.		12,340		2,671,980
Valero Energy Corp.		45,494		4,861,034
				109,913,787
Pharmaceuticals — 9.2%
Bristol-Myers Squibb Co.		246,209		17,502,998
Eli Lilly & Co.		18,136		5,864,276
Johnson & Johnson		304,257		49,703,424
Merck & Co., Inc.		169,878		14,629,893
Pfizer, Inc.		653,411		28,593,265
				116,293,856
Road & Rail — 0.9%
CSX Corp.		185,244		4,934,900
Norfolk Southern Corp.		27,012		5,663,066
Uber Technologies, Inc.(a)		29,266		775,549
				11,373,515
Semiconductors & Semiconductor Equipment — 2.8%
Advanced Micro Devices, Inc.(a)		39,578		2,507,662
Analog Devices, Inc.		48,291		6,728,868
Intel Corp.		472,858		12,185,551
Marvell Technology, Inc.		98,049		4,207,282
Micron Technology, Inc.		103,446		5,182,645
Texas Instruments, Inc.		33,625		5,204,477
				36,016,485
Software — 1.7%
Oracle Corp.		54,766		3,344,560
Roper Technologies, Inc.		12,197		4,386,529
Salesforce, Inc.(a)		87,411		12,573,198
VMware, Inc., Class A		12,401		1,320,210
				21,624,497
Specialty Retail — 1.2%
Home Depot, Inc.		50,154		13,839,495
Lowe’s Cos., Inc.		10,074		1,891,998
				15,731,493
Tobacco — 1.8%
Altria Group, Inc.		209,079		8,442,610
Philip Morris International, Inc.		179,120		14,868,751
				23,311,361

18 2 0 2 2    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) September 30, 2022 iShares^® Russell Top 200 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Wireless Telecommunication Services — 0.7%
T-Mobile U.S., Inc.(a)		68,787	$	9,229,152
Total Long-Term Investments — 99.8% (Cost: $1,357,661,271)				1,265,326,470
Short-Term Securities(c)(d)
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(e)		142,121		142,164
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		931,637		931,637
Total Short-Term Securities — 0.1% (Cost: $1,073,787)				1,073,801
Total Investments — 99.9% (Cost: $1,358,735,058)				1,266,400,271
Other Assets Less Liabilities — 0.1%				1,559,582
Net Assets — 100.0%			$	1,267,959,853

^(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 September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,178,770	$	—	$	(1,037,571	)(a)	$	756	$	209		$	142,164		142,121	$	14,449	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,740,000		—		(808,363	)(a)		—		—			931,637		931,637		13,981			—
BlackRock, Inc.		10,349,918		4,072,298		(1,627,533	)		438,998		(3,674,767	)		9,558,914		17,371		164,739			—
								$	439,754	$	(3,674,558	)	$	10,632,715			$	193,169		$	—

^(a)  Represents net amount purchased (sold).

^(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
DIJA Mini e-CBOT Index		9		12/16/22	$	1,296	$	(121,091	)
E-Mini Consumer Staples Select Sector Index		4		12/16/22		270		(22,371	)
E-Mini Financials Select Sector Index		9		12/16/22		843		(90,499	)
							$	(233,961	)

S C H E D U L E S    O F    I N V E S  T M E N T S 19

Schedule of Investments  (unaudited) (continued) September 30, 2022 iShares^® Russell Top 200 Value ETF

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	233,961	$	—	$	—	$	—	$	233,961

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(10,286	)	$	—	$	—	$	—	$	(10,286	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(330,091	)	$	—	$	—	$	—	$	(330,091	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	2,742,404

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.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	1,265,326,470		$	—	$	—	$	1,265,326,470
Short-Term Securities
Money Market Funds		1,073,801			—		—		1,073,801
	$	1,266,400,271		$	—	$	—	$	1,266,400,271
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(233,961	)	$	—	$	—	$	(233,961	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Statements of Assets and Liabilities  (unaudited)

September 30, 2022

	iShares Russell Top 200 ETF			iShares Russell Top 200 Growth ETF			iShares Russell Top 200 Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	726,090,873		$	4,223,136,527		$	1,255,767,556
Investments, at value — affiliated(c)		2,464,927			52,530,147			10,632,715
Cash		934,119			—			619,451
Cash pledged for futures contracts		71,000			465,000			145,000
Receivables:
Investments sold		329			2,399,602			4,819,073
Securities lending income — affiliated		4,438			3,987			9,411
Capital shares sold		4,240,522			—			8,645,182
Dividends — unaffiliated		479,937			1,360,415			1,372,870
Dividends — affiliated		2,634			14,544			4,298
Total assets		734,288,779			4,279,910,222			1,282,015,556
LIABILITIES
Bank overdraft		—			10,738,509			—
Collateral on securities loaned		32,139			35,652,625			141,474
Payables:
Investments purchased		4,771,825			2,399,602			10,733,887
Capital shares redeemed		—			—			2,921,496
Investment advisory fees		97,237			765,658			222,809
Variation margin on futures contracts		18,463			115,320			36,037
Total liabilities		4,919,664			49,671,714			14,055,703
NET ASSETS	$	729,369,115		$	4,230,238,508		$	1,267,959,853
NET ASSETS CONSIST OF:
Paid-in capital	$	744,229,928		$	4,277,271,499		$	1,364,118,531
Accumulated loss		(14,860,813	)		(47,032,991	)		(96,158,678	)
NET ASSETS	$	729,369,115		$	4,230,238,508		$	1,267,959,853
NET ASSET VALUE
Shares outstanding		8,600,000			35,400,000			22,000,000
Net asset value	$	84.81		$	119.50		$	57.63
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a) Investments, at cost — unaffiliated	$	784,982,801		$	4,261,018,613		$	1,346,266,715
(b) Securities loaned, at value	$	31,113		$	34,445,581		$	137,774
(c) Investments, at cost — affiliated	$	2,949,875		$	52,526,575		$	12,468,343

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 21

Statements of Operations  (unaudited)

Six Months Ended September 30, 2022

	iShares Russell Top 200 ETF			iShares Russell Top 200 Growth ETF			iShares Russell Top 200 Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	7,034,198		$	23,577,454		$	15,923,645
Dividends — affiliated		53,436			47,443			178,720
Securities lending income — affiliated — net		10,004			63,161			14,449
Foreign taxes withheld		(1,106	)		(3,089	)		(2,692	)
Total investment income		7,096,532			23,684,969			16,114,122
EXPENSES
Investment advisory		668,351			4,613,234			1,387,327
Total expenses		668,351			4,613,234			1,387,327
Net investment income		6,428,181			19,071,735			14,726,795
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(10,186,073	)		(195,834,470	)		(5,876,892	)
Investments — affiliated		3,004			3,305			756
Futures contracts		(263,919	)		(507,517	)		(10,286	)
In-kind redemptions — unaffiliated(a)		68,802,297			279,929,786			49,631,554
In-kind redemptions — affiliated(a)		152,336			—			438,998
		58,507,645			83,591,104			44,184,130
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(272,100,747	)		(1,365,080,353	)		(292,076,482	)
Investments — affiliated		(1,145,837	)		2,378			(3,674,558	)
Futures contracts		(160,272	)		(1,280,003	)		(330,091	)
		(273,406,856	)		(1,366,357,978	)		(296,081,131	)
Net realized and unrealized loss		(214,899,211	)		(1,282,766,874	)		(251,897,001	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(208,471,030	)	$	(1,263,695,139	)	$	(237,170,206	)

^(a)  See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares Russell Top 200 ETF						iShares Russell Top 200 Growth ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	6,428,181		$	11,557,048		$	19,071,735		$	24,224,459
Net realized gain		58,507,645			88,803,279			83,591,104			438,653,331
Net change in unrealized appreciation (depreciation)		(273,406,856	)		31,330,490			(1,366,357,978	)		169,212,054
Net increase (decrease) in net assets resulting from operations		(208,471,030	)		131,690,817			(1,263,695,139	)		632,089,844
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(6,293,314	)		(11,546,241	)		(18,499,947	)		(24,456,769	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(97,955,769	)		56,024,466			692,061,612			682,843,598
NET ASSETS
Total increase (decrease) in net assets		(312,720,113	)		176,169,042			(590,133,474	)		1,290,476,673
Beginning of period		1,042,089,228			865,920,186			4,820,371,982			3,529,895,309
End of period	$	729,369,115		$	1,042,089,228		$	4,230,238,508		$	4,820,371,982

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 23

Statements of Changes in Net Assets  (continued)

	iShares Russell Top 200 Value ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	14,726,795		$	22,977,803
Net realized gain		44,184,130			132,334,923
Net change in unrealized appreciation (depreciation)		(296,081,131	)		(24,705,658	)
Net increase (decrease) in net assets resulting from operations		(237,170,206	)		130,607,068
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(14,365,160	)		(22,928,866	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		231,772,554			26,107,292
NET ASSETS
Total increase (decrease) in net assets		(19,762,812	)		133,785,494
Beginning of period		1,287,722,665			1,153,937,171
End of period	$	1,267,959,853		$	1,287,722,665

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Russell Top 200 ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of period	$	107.99		$	94.64		$	61.54		$	65.66		$	60.63		$	53.88
Net investment income(a)		0.70			1.26			1.23			1.28			1.21			1.08
Net realized and unrealized gain (loss)(b)		(23.18	)		13.37			33.09			(3.94	)		4.97			6.71
Net increase (decrease) from investment operations		(22.48	)		14.63			34.32			(2.66	)		6.18			7.79
Distributions from net investment income(c)		(0.70	)		(1.28	)		(1.22	)		(1.46	)		(1.15	)		(1.04	)
Net asset value, end of period	$	84.81		$	107.99		$	94.64		$	61.54		$	65.66		$	60.63
Total Return
Based on net asset value		(20.85	)%(d)		15.48	%		56.06	%		(4.24	)%		10.27	%		14.55	%
Ratios to Average Net Assets(e)
Total expenses		0.15	%(f)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income		1.44	%(f)		1.20	%		1.48	%		1.82	%		1.91	%		1.84	%
Supplemental Data
Net assets, end of period (000)	$	729,369		$	1,042,089		$	865,920		$	369,243		$	213,382		$	136,411
Portfolio turnover rate(g)		4	%		4	%		5	%		5	%		5	%		5	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f) Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 25

Financial Highlights

(For a share outstanding throughout each period)

	iShares Russell Top 200 Growth ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of period	$	158.56		$	134.47		$	84.14		$	82.24		$	73.61		$	61.44
Net investment income(a)		0.56			0.89			0.93			1.04			1.00			0.92
Net realized and unrealized gain (loss)(b)		(39.09	)		24.09			50.31			1.90			8.60			12.18
Net increase (decrease) from investment operations		(38.53	)		24.98			51.24			2.94			9.60			13.10
Distributions from net investment income(c)		(0.53	)		(0.89	)		(0.91	)		(1.04	)		(0.97	)		(0.93	)
Net asset value, end of period	$	119.50		$	158.56		$	134.47		$	84.14		$	82.24		$	73.61
Total Return
Based on net asset value		(24.32	)%(d)		18.58	%		61.04	%		3.55	%		13.11	%		21.43	%
Ratios to Average Net Assets(e)
Total expenses		0.20	%(f)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		0.83	%(f)		0.57	%		0.77	%		1.16	%		1.27	%		1.33	%
Supplemental Data
Net assets, end of period (000)	$	4,230,239		$	4,820,372		$	3,529,895		$	1,678,603		$	1,377,486		$	978,981
Portfolio turnover rate(g)		11	%		10	%		11	%		20	%		15	%		11	%

^(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)  Not annualized.

^(e)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Russell Top 200 Value ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of period	$	69.61		$	63.58		$	44.04		$	52.57		$	50.39		$	48.20
Net investment income(a)		0.69			1.30			1.26			1.40			1.31			1.17
Net realized and unrealized gain (loss)(b)		(12.02	)		6.01			19.49			(8.38	)		2.13			2.15
Net increase (decrease) from investment operations		(11.33	)		7.31			20.75			(6.98	)		3.44			3.32
Distributions from net investment income(c)		(0.65	)		(1.28	)		(1.21	)		(1.55	)		(1.26	)		(1.13	)
Net asset value, end of period	$	57.63		$	69.61		$	63.58		$	44.04		$	52.57		$	50.39
Total Return
Based on net asset value		(16.31	)%(d)		11.56	%		47.63	%		(13.72	)%		6.92	%		6.93	%
Ratios to Average Net Assets(e)
Total expenses		0.20	%(f)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		2.12	%(f)		1.91	%		2.31	%		2.56	%		2.54	%		2.33	%
Supplemental Data
Net assets, end of period (000)	$	1,267,960		$	1,287,723		$	1,153,937		$	389,726		$	425,831		$	284,724
Portfolio turnover rate(g)		17	%		15	%		17	%		17	%		14	%		13	%

^(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)  Not annualized.

^(e)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 27

Notes to Financial Statements  (unaudited)

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”):

iShares ETF	Diversification Classification
Russell Top 200	Diversified
Russell Top 200 Growth(a)	Diversified
Russell Top 200 Value	Diversified

^(a)  The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index.

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. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdiction 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 September 30, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s 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

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Notes to Financial Statements  (unaudited) (continued)

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

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

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Notes to Financial Statements  (unaudited) (continued)

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
Russell Top 200
HSBC Bank PLC	$	1,064	$	(1,064	)	$	—	$	—
Toronto-Dominion Bank		30,049		(30,049	)		—		—
	$	31,113	$	(31,113	)	$	—	$	—
Russell Top 200 Growth
Barclays Bank PLC	$	15,192	$	(15,192	)	$	—	$	—
BNP Paribas SA		4,052,985		(4,052,985	)		—		—
BofA Securities, Inc.		3,263,720		(3,263,720	)		—		—
Citigroup Global Markets, Inc.		11,631,816		(11,631,816	)		—		—
Goldman Sachs & Co. LLC		2,934,019		(2,934,019	)		—		—
HSBC Bank PLC		731,376		(731,376	)		—		—
SG Americas Securities LLC		547,992		(547,992	)		—		—
UBS AG		4,293,825		(4,293,825	)		—		—
UBS Securities LLC		6,974,656		(6,974,656	)		—		—
	$	34,445,581	$	(34,445,581	)	$	—	$	—
Russell Top 200 Value
BMO Capital Markets Corp.	$	137,774	$	(137,774	)	$	—	$	—

^(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.

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 to an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and

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Notes to Financial Statements  (unaudited) (continued)

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:

iShares ETF	Investment Advisory Fees
Russell Top 200		0.15	%
Russell Top 200 Growth		0.20
Russell Top 200 Value		0.20

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. Each Fund does not pay BRIL for ETF Services.

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended September 30, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Russell Top 200	$	3,292
Russell Top 200 Growth		26,141
Russell Top 200 Value		3,973

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 September 30, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Russell Top 200	$	15,257,118	$	16,993,460	$	(6,437,795	)
Russell Top 200 Growth		392,525,568		310,992,440		(148,788,257	)
Russell Top 200 Value		181,743,810		192,989,322		549,219

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.

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Notes to Financial Statements  (unaudited) (continued)

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 September 30, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Russell Top 200	$	31,616,019	$	31,089,773
Russell Top 200 Growth		515,195,842		514,960,340
Russell Top 200 Value		235,392,087		234,583,812

For the six months ended September 30, 2022, in-kind transactions were as follows:    

iShares ETF	In-kind Purchases		In-kind Sales
Russell Top 200	$	137,941,262	$	235,650,930
Russell Top 200 Growth		1,273,318,475		582,791,814
Russell Top 200 Value		430,859,294		199,828,370

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 September 30, 2022, 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 March 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Amounts
Russell Top 200	$	11,215,984
Russell Top 200 Growth		87,537,359
Russell Top 200 Value		43,326,562

As of September 30, 2022, 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:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Russell Top 200	$	790,789,511	$	36,543,801	$	(98,783,239	)	$	(62,239,438	)
Russell Top 200 Growth		4,318,045,195		250,260,434		(293,416,822	)		(43,156,388	)
Russell Top 200 Value		1,363,785,182		51,353,571		(148,972,443	)		(97,618,872	)

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the

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Notes to Financial Statements  (unaudited) (continued)

future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

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Notes to Financial Statements  (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 09/30/22						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
Russell Top 200
Shares sold		1,450,000		$	138,268,068			2,650,000		$	283,025,557
Shares redeemed		(2,500,000	)		(236,223,837	)		(2,150,000	)		(227,001,091	)
		(1,050,000	)	$	(97,955,769	)		500,000		$	56,024,466
Russell Top 200 Growth
Shares sold		9,300,000		$	1,276,035,942			10,200,000		$	1,599,356,266
Shares redeemed		(4,300,000	)		(583,974,330	)		(6,050,000	)		(916,512,668	)
		5,000,000		$	692,061,612			4,150,000		$	682,843,598
Russell Top 200 Value
Shares sold		6,600,000		$	432,194,352			6,300,000		$	425,716,600
Shares redeemed		(3,100,000	)		(200,421,798	)		(5,950,000	)		(399,609,308	)
		3,500,000		$	231,772,554			350,000		$	26,107,292

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Board Review and Approval of Investment Advisory Contract

iShares Russell Top 200 ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the

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Board Review and Approval of Investment Advisory Contract  (continued)

revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Russell Top 200 Growth ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in

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Board Review and Approval of Investment Advisory Contract  (continued)

response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may

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Board Review and Approval of Investment Advisory Contract  (continued)

impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Russell Top 200 Value ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

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Board Review and Approval of Investment Advisory Contract  (continued)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

B O A R D    R E V I E W    A N D     A P P R O V A L    O F    I N V E S T M E N T    A D V I S O R Y    C O N T R A C T 39

Board Review and Approval of Investment Advisory Contract  (continued)

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

40 B O A R D    R E V I E W    A N D     A P P R O V A L    O F    I N V E S T M E N T    A D V I S O R Y    C O N T R A C T

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.

G E N E R A L    I N F O R M A T I O  N 41

Glossary of Terms Used in this Report

Portfolio Abbreviation
NVS	Non-Voting Shares
S&P	Standard & Poor’s

42 2 0 2 2    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

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Want to know more?

iShares.com   |    1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE Russell, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

^©2022 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.

iS-SAR-305-0922

SEPTEMBER 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

·  iShares Russell 3000 ETF | IWV | NYSE Arca

·  iShares Russell Mid-Cap Value ETF | IWS | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is proving more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of September 30, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		(20.20)	%		(15.47)%
U.S. small cap equities (Russell 2000® Index)		(19.01)			(23.50)
International equities (MSCI Europe, Australasia, Far East Index)		(22.51)			(25.13)
Emerging market equities (MSCI Emerging Markets Index)		(21.70)			(28.11)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.58			0.63
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(10.81)			(16.20)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(9.22)			(14.60)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(6.30)			(11.50)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(10.42)			(14.15)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS   PAGE  IS   NOT   PART   OF   YOUR   FUND   REPORT

Table of Contents

	Page
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		43
Statements of Operations		44
Statements of Changes in Net Assets		45
Financial Highlights		46
Notes to Financial Statements		48
Board Review and Approval of Investment Advisory Contract		55
Supplemental Information		59
General Information		60
Glossary of Terms Used in this Report		61

3

Fund Summary as of September 30, 2022 iShares^® Russell 3000 ETF

Investment Objective

The iShares Russell 3000 ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of U.S. equities, as represented by the Russell 3000^® 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

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(20.49	)%		(17.75	)%		8.43	%		11.20	%		(17.75	)%		49.87	%		188.99	%
Fund Market		(20.51	)		(17.68	)		8.45			11.22			(17.68	)		50.03			189.51
Index		(20.42	)		(17.63	)		8.62			11.39			(17.63	)		51.17			193.95

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

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$           795.10	$          0.90			$        1,000.00	$        1,024.07	$          1.01		0.20	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	25.3	%
Health Care	14.9
Financials	11.7
Consumer Discretionary	11.5
Industrials	9.0
Communication Services	7.4
Consumer Staples	6.3
Energy	4.7
Real Estate	3.4
Utilities	3.0
Materials	2.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	5.9	%
Microsoft Corp.	4.9
Amazon.com, Inc.	2.8
Tesla, Inc.	1.9
Alphabet, Inc., Class A	1.6
Alphabet, Inc., Class C, NVS	1.5
Berkshire Hathaway, Inc., Class B	1.4
UnitedHealth Group, Inc.	1.3
Johnson & Johnson	1.2
Exxon Mobil Corp.	1.0

^(a)  Excludes money market funds.

4 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of September 30, 2022 iShares^® Russell Mid-Cap Value ETF

Investment Objective

The iShares Russell Mid-Cap Value ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell MidCap^® Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(18.95	)%		(13.74	)%		4.56	%		9.21	%		(13.74	)%		24.99	%		141.44	%
Fund Market		(18.93	)		(13.66	)		4.59			9.23			(13.66	)		25.15			141.77
Index		(18.88	)		(13.56	)		4.76			9.44			(13.56	)		26.15			146.45

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

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$           810.50	$          1.06			$        1,000.00	$        1,023.89	$        1.17		0.23	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	18.4	%
Industrials	15.1
Real Estate	11.2
Consumer Discretionary	9.7
Information Technology	9.3
Utilities	9.0
Materials	7.3
Health Care	7.3
Energy	5.2
Consumer Staples	4.1
Communication Services	3.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Corteva, Inc.	0.7	%
Biogen, Inc.	0.7
Phillips 66	0.7
Motorola Solutions, Inc.	0.7
Realty Income Corp.	0.6
Aflac, Inc.	0.6
Xcel Energy, Inc.	0.6
Williams Cos., Inc.	0.6
Allstate Corp.	0.6
Prudential Financial, Inc.	0.6

^(a) Excludes money market funds.

FUND   SUMMARY 5

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

6 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) September 30, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.6%
AAR Corp.(a)		9,412	$	337,138
Aerojet Rocketdyne Holdings, Inc.(a)		19,953		797,920
AeroVironment, Inc.(a)		5,882		490,324
AerSale Corp.(a)(b)		7,451		138,142
Archer Aviation, Inc., Class A(a)(b)		41,157		107,420
Axon Enterprise, Inc.(a)(b)		18,497		2,141,028
Boeing Co.(a)(b)		145,316		17,594,861
BWX Technologies, Inc.		25,281		1,273,404
Cadre Holdings, Inc.(b)		6,727		161,852
Curtiss-Wright Corp.		10,074		1,401,898
Ducommun, Inc.(a)		2,621		103,949
General Dynamics Corp.		64,117		13,603,704
HEICO Corp.(b)		11,932		1,717,969
HEICO Corp., Class A		20,746		2,377,907
Hexcel Corp.		21,615		1,117,928
Howmet Aerospace, Inc.		100,832		3,118,734
Huntington Ingalls Industries, Inc.		10,321		2,286,101
Kaman Corp.		7,825		218,552
Kratos Defense & Security Solutions, Inc.(a)(b)		33,584		341,213
L3Harris Technologies, Inc.		50,995		10,598,291
Lockheed Martin Corp.		62,240		24,042,690
Maxar Technologies, Inc.(b)		18,075		338,364
Mercury Systems, Inc.(a)		15,515		629,909
Moog, Inc., Class A		7,797		548,519
National Presto Industries, Inc.		2,249		146,297
Northrop Grumman Corp.		38,608		18,158,115
Parsons Corp.(a)		8,156		319,715
Raytheon Technologies Corp.		392,410		32,122,683
Rocket Lab USA, Inc.(a)		61,820		251,607
Spirit AeroSystems Holdings, Inc., Class A(b)		28,302		620,380
Textron, Inc.		56,832		3,311,032
TransDigm Group, Inc.		13,642		7,159,594
Triumph Group, Inc.(a)		15,990		137,354
V2X, Inc.(a)		3,353		118,696
Virgin Galactic Holdings, Inc.(a)(b)		66,738		314,336
Woodward, Inc.(b)		16,524		1,326,216
				149,473,842
Air Freight & Logistics — 0.5%
Air Transport Services Group, Inc.(a)		15,897		382,959
Atlas Air Worldwide Holdings, Inc.(a)		7,973		761,979
CH Robinson Worldwide, Inc.		32,867		3,165,421
Expeditors International of Washington, Inc.		43,778		3,866,035
FedEx Corp.		63,302		9,398,448
Forward Air Corp.		7,357		664,043
GXO Logistics, Inc.(a)		28,215		989,218
Hub Group, Inc., Class A(a)		9,213		635,513
United Parcel Service, Inc., Class B		194,146		31,362,345
				51,225,961
Airlines — 0.2%
Alaska Air Group, Inc.(a)		32,746		1,282,006
Allegiant Travel Co.(a)		3,683		268,785
American Airlines Group, Inc.(a)(b)		175,167		2,109,011
Blade Air Mobility, Inc.(a)(b)		23,519		94,782
Copa Holdings SA, Class A, NVS(a)(b)		8,190		548,812
Delta Air Lines, Inc.(a)		168,453		4,726,791
Frontier Group Holdings, Inc.(a)		9,855		95,594
Hawaiian Holdings, Inc.(a)		14,275		187,716
JetBlue Airways Corp.(a)		82,740		548,566
Joby Aviation, Inc.(a)(b)		70,086		303,472
SkyWest, Inc.(a)		14,072		228,811

Security	Shares		Value
Airlines (continued)
Southwest Airlines Co.(a)		156,408	$	4,823,623
Spirit Airlines, Inc.(a)		26,710		502,682
Sun Country Airlines Holdings, Inc.(a)		6,792		92,439
United Airlines Holdings, Inc.(a)		86,696		2,820,221
				18,633,311
Auto Components — 0.2%
Adient PLC(a)		24,939		692,057
American Axle & Manufacturing Holdings, Inc.(a)		30,249		206,601
Aptiv PLC(a)		71,693		5,607,110
BorgWarner, Inc.		62,611		1,965,985
Dana, Inc.		34,221		391,146
Dorman Products, Inc.(a)		7,439		610,891
Fox Factory Holding Corp.(a)		11,267		890,994
Gentex Corp.		62,961		1,500,990
Gentherm, Inc.(a)		8,492		422,307
Goodyear Tire & Rubber Co.(a)		75,514		761,936
LCI Industries		6,981		708,292
Lear Corp.		15,990		1,913,843
Luminar Technologies, Inc.(a)(b)		66,378		483,564
Modine Manufacturing Co.(a)		11,784		152,485
Patrick Industries, Inc.		5,916		259,358
QuantumScape Corp.(a)(b)		64,559		542,941
Solid Power, Inc.(a)(b)		37,962		199,680
Standard Motor Products, Inc.		5,107		165,978
Stoneridge, Inc.(a)(b)		6,860		116,277
Tenneco, Inc., Class A(a)(b)		21,764		378,476
Visteon Corp.(a)		7,010		743,481
XPEL, Inc.(a)		6,662		429,299
				19,143,691
Automobiles — 2.2%
Canoo, Inc.(a)(b)		51,368		96,315
Fisker, Inc.(a)(b)		41,283		311,687
Ford Motor Co.		1,044,159		11,694,581
General Motors Co.		384,537		12,339,792
Harley-Davidson, Inc.		35,763		1,247,414
Lordstown Motors Corp., Class A(a)(b)		63,763		116,686
Lucid Group, Inc.(a)(b)		140,633		1,964,643
Rivian Automotive, Inc., Class A(a)(b)		138,514		4,558,496
Tesla, Inc.(a)		672,161		178,290,705
Thor Industries, Inc.		14,578		1,020,168
Winnebago Industries, Inc.(b)		7,853		417,858
Workhorse Group, Inc.(a)(b)		35,530		101,971
				212,160,316
Banks — 4.0%
1st Source Corp.		4,055		187,747
Allegiance Bancshares, Inc.		6,107		254,234
Amalgamated Financial Corp.		5,087		114,712
Amerant Bancorp, Inc.		7,782		193,305
American National Bankshares, Inc.		3,354		107,160
Ameris Bancorp		16,322		729,757
Arrow Financial Corp.		4,859		140,036
Associated Banc-Corp.		39,677		796,714
Atlantic Union Bankshares Corp.		19,258		585,058
Banc of California, Inc.		14,370		229,489
BancFirst Corp.		4,754		425,340
Bancorp, Inc.(a)		12,700		279,146
Bank First Corp.		1,648		126,039
Bank of America Corp.		1,850,128		55,873,866
Bank of Hawaii Corp.		8,089		615,735
Bank of Marin Bancorp		4,518		135,314
Bank of NT Butterfield & Son Ltd.		14,094		457,491

SCHEDULES   OF  INVESTMENTS 7

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Bank OZK		32,331	$	1,279,014
BankUnited, Inc.		20,695		707,148
Banner Corp.		9,732		574,967
Bar Harbor Bankshares		4,826		127,986
BayCom Corp.(b)		9,125		160,418
Berkshire Hills Bancorp, Inc.		11,818		322,631
BOK Financial Corp.		7,821		694,974
Brookline Bancorp, Inc.		17,954		209,164
Business First Bancshares, Inc.		6,563		141,301
Byline Bancorp, Inc.		7,382		149,486
Cadence Bank		38,189		970,383
Cambridge Bancorp		1,682		134,123
Camden National Corp.		3,734		159,068
Capital City Bank Group, Inc.		4,580		142,484
Capstar Financial Holdings, Inc.		5,924		109,772
Carter Bankshares, Inc.(a)(b)		8,338		134,242
Cathay General Bancorp		17,876		687,511
Central Pacific Financial Corp.		8,258		170,858
Citigroup, Inc.		512,238		21,344,957
Citizens & Northern Corp.		5,829		140,945
Citizens Financial Group, Inc.		128,975		4,431,581
City Holding Co.		4,234		375,513
Civista Bancshares, Inc.		6,052		125,640
CNB Financial Corp.		5,085		119,853
Coastal Financial Corp.(a)(b)		2,806		111,510
Colony Bankcorp, Inc.		12,004		156,412
Columbia Banking System, Inc.		19,525		564,077
Comerica, Inc.		34,075		2,422,733
Commerce Bancshares, Inc.		26,349		1,743,250
Community Bank System, Inc.		14,122		848,450
Community Trust Bancorp, Inc.		3,860		156,523
ConnectOne Bancorp, Inc.		10,470		241,438
CrossFirst Bankshares, Inc.(a)(b)		12,900		168,345
Cullen/Frost Bankers, Inc.		15,149		2,003,001
Customers Bancorp, Inc.(a)		7,353		216,766
CVB Financial Corp.		34,654		877,439
Dime Community Bancshares, Inc.		9,599		281,059
Eagle Bancorp, Inc.		9,569		428,883
East West Bancorp, Inc.		37,423		2,512,580
Eastern Bankshares, Inc.		40,364		792,749
Enterprise Bancorp., Inc.		4,090		122,332
Enterprise Financial Services Corp.		9,390		413,536
Equity Bancshares, Inc., Class A		3,982		117,987
Farmers & Merchants Bancorp., Inc./Archbold OH		4,366		117,314
Farmers National Banc Corp.		10,858		142,131
FB Financial Corp.		7,655		292,498
Fifth Third Bancorp		181,454		5,799,270
Financial Institutions, Inc.		4,641		111,709
First Bancorp., Inc.		3,801		104,718
First BanCorp/Puerto Rico		49,297		674,383
First Bancorp/Southern Pines NC		8,695		318,063
First Bancshares, Inc.		5,056		151,023
First Busey Corp.		14,033		308,445
First Citizens BancShares, Inc., Class A(b)		3,212		2,561,345
First Commonwealth Financial Corp.		23,135		297,053
First Community Bankshares, Inc.		4,424		141,701
First Financial Bancorp		24,566		517,851
First Financial Bankshares, Inc.		34,592		1,446,983
First Financial Corp.		2,807		126,848
First Foundation, Inc.		11,649		211,313
First Hawaiian, Inc.		35,515		874,734
First Horizon Corp.		137,391		3,146,254

Security	Shares		Value
Banks (continued)
First Internet Bancorp		3,319	$	112,381
First Interstate BancSystem, Inc., Class A		23,766		958,958
First Merchants Corp.		14,373		555,948
First Mid Bancshares, Inc.		3,368		107,675
First of Long Island Corp.		6,630		114,301
First Republic Bank		48,451		6,325,278
Five Star Bancorp		3,935		111,597
Flushing Financial Corp.		7,595		147,115
FNB Corp.		86,381		1,002,020
Fulton Financial Corp.		38,232		604,066
German American Bancorp., Inc.		6,517		232,722
Glacier Bancorp, Inc.		28,562		1,403,251
Great Southern Bancorp., Inc.		2,591		147,868
Guaranty Bancshares, Inc.		3,136		108,474
Hancock Whitney Corp.		23,702		1,085,789
Hanmi Financial Corp.		8,508		201,469
HarborOne Bancorp, Inc.		17,127		229,844
Heartland Financial USA, Inc.		9,671		419,335
Heritage Commerce Corp.		16,586		188,085
Heritage Financial Corp.		9,192		243,312
Hilltop Holdings, Inc.		13,860		344,421
Home BancShares, Inc.		52,654		1,185,242
HomeStreet, Inc.		4,842		139,498
HomeTrust Bancshares, Inc.		5,454		120,533
Hope Bancorp, Inc.		29,353		371,022
Horizon Bancorp, Inc.		10,594		190,268
Huntington Bancshares, Inc.		378,319		4,986,244
Independent Bank Corp.		12,027		896,372
Independent Bank Corp.		5,584		106,654
Independent Bank Group, Inc.		9,241		567,305
International Bancshares Corp.		14,706		625,005
John Marshall Bancorp., Inc.		5,923		145,469
JPMorgan Chase & Co.		769,528		80,415,676
KeyCorp		245,288		3,929,514
Lakeland Bancorp., Inc.		17,725		283,777
Lakeland Financial Corp.		6,035		439,408
Live Oak Bancshares, Inc.(b)		8,500		260,100
M&T Bank Corp.		45,248		7,978,127
Mercantile Bank Corp.		4,780		142,014
Metrocity Bankshares, Inc.		7,605		149,362
Metropolitan Bank Holding Corp.(a)		2,472		159,098
Mid Penn Bancorp., Inc.		5,621		161,491
Midland States Bancorp., Inc.		6,266		147,690
MidWestOne Financial Group, Inc.		6,094		166,305
National Bank Holdings Corp., Class A		7,742		286,377
NBT Bancorp, Inc.		11,816		448,417
Nicolet Bankshares, Inc.(a)		3,279		230,973
Northwest Bancshares, Inc.		26,773		361,703
OceanFirst Financial Corp.		15,230		283,887
OFG Bancorp		11,498		288,945
Old National Bancorp		77,191		1,271,336
Old Second Bancorp., Inc.		11,976		156,287
Origin Bancorp., Inc.		7,045		271,021
Orrstown Financial Services, Inc.		6,398		153,040
Pacific Premier Bancorp, Inc.		22,786		705,455
PacWest Bancorp		29,656		670,226
Park National Corp.		3,576		445,140
Pathward Financial, Inc.		7,953		262,131
Peapack-Gladstone Financial Corp.		4,868		163,808
Peoples Bancorp., Inc.		5,488		158,768
Peoples Financial Services Corp.		3,252		152,324
Pinnacle Financial Partners, Inc.		20,341		1,649,655

8 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
PNC Financial Services Group, Inc.		108,326	$	16,186,071
Popular, Inc.		19,259		1,387,804
Preferred Bank		2,534		165,293
Premier Financial Corp.		8,972		230,580
Primis Financial Corp.		9,763		118,425
Professional Holding Corp., Class A(a)		4,162		107,962
Prosperity Bancshares, Inc.		22,796		1,520,037
QCR Holdings, Inc.		5,077		258,622
Regions Financial Corp.		248,337		4,984,124
Renasant Corp.		16,064		502,482
Republic Bancorp., Inc., Class A		3,148		120,568
S&T Bancorp, Inc.		8,969		262,881
Sandy Spring Bancorp., Inc.		11,025		388,742
Seacoast Banking Corp. of Florida		13,132		396,980
ServisFirst Bancshares, Inc.		13,486		1,078,880
Shore Bancshares, Inc.		6,828		118,261
Sierra Bancorp		7,035		138,941
Signature Bank		16,301		2,461,451
Silvergate Capital Corp., Class A(a)(b)		8,975		676,266
Simmons First National Corp., Class A		34,010		741,078
SmartFinancial, Inc.		6,451		159,404
South Plains Financial, Inc.		6,230		171,699
Southern First Bancshares, Inc.(a)		2,924		121,814
Southside Bancshares, Inc.		9,146		323,403
SouthState Corp.		20,835		1,648,465
Stellar Bancorp, Inc.		5,008		146,484
Stock Yards Bancorp., Inc.		7,621		518,304
Summit Financial Group, Inc.		4,434		119,452
SVB Financial Group(a)		15,479		5,197,539
Synovus Financial Corp.		37,684		1,413,527
Texas Capital Bancshares, Inc.(a)		13,089		772,644
Third Coast Bancshares, Inc.(a)(b)		7,869		134,639
Tompkins Financial Corp.		3,570		259,253
Towne Bank		17,055		457,586
TriCo Bancshares		7,311		326,436
Triumph Bancorp, Inc.(a)(b)		6,096		331,318
Truist Financial Corp.		350,967		15,281,103
Trustmark Corp.		16,710		511,827
UMB Financial Corp.		11,236		947,082
Umpqua Holdings Corp.		59,357		1,014,411
United Bankshares, Inc.		34,598		1,236,879
United Community Banks, Inc.		25,931		858,316
Univest Financial Corp.		7,217		169,455
US Bancorp		355,889		14,349,445
Valley National Bancorp		112,944		1,219,795
Veritex Holdings, Inc.		12,013		319,426
Washington Federal, Inc.		16,824		504,384
Washington Trust Bancorp., Inc.		3,604		167,514
Webster Financial Corp.		46,846		2,117,439
Wells Fargo & Co.		1,001,588		40,283,869
WesBanco, Inc.		16,977		566,523
West BanCorp, Inc.		5,754		119,741
Westamerica Bancorp		7,741		404,777
Western Alliance Bancorp		27,871		1,832,240
Wintrust Financial Corp.		15,399		1,255,788
Zions Bancorp NA		39,725		2,020,414
				381,485,287
Beverages — 1.6%
Boston Beer Co., Inc., Class A, NVS(a)(b)		2,395		775,142
Brown-Forman Corp., Class A, NVS(b)		11,992		810,180
Brown-Forman Corp., Class B		49,066		3,266,324
Celsius Holdings, Inc.(a)(b)		14,139		1,282,124

Security	Shares		Value
Beverages (continued)
Coca-Cola Co.		1,029,712	$	57,684,466
Coca-Cola Consolidated, Inc.		1,139		468,960
Constellation Brands, Inc., Class A		40,258		9,246,457
Duckhorn Portfolio, Inc.(a)(b)		7,000		101,010
Keurig Dr Pepper, Inc.		226,516		8,113,803
MGP Ingredients, Inc.		3,883		412,219
Molson Coors Beverage Co., Class B		46,571		2,234,942
Monster Beverage Corp.(a)(b)		98,458		8,561,908
National Beverage Corp.		6,752		260,222
PepsiCo, Inc.		361,511		59,020,286
Primo Water Corp.		44,998		564,725
Vita Coco Co., Inc.(a)		10,812		123,149
				152,925,917
Biotechnology — 2.7%
2seventy bio, Inc.(a)		7,858		114,334
4D Molecular Therapeutics, Inc.(a)		12,062		96,978
AbbVie, Inc.		466,372		62,591,786
ACADIA Pharmaceuticals, Inc.(a)		30,357		496,641
Adicet Bio, Inc.(a)		8,535		121,368
ADMA Biologics, Inc.(a)		73,979		179,769
Agenus, Inc.(a)		45,627		93,535
Agios Pharmaceuticals, Inc.(a)(b)		16,320		461,530
Akero Therapeutics, Inc.(a)		8,934		304,203
Albireo Pharma, Inc.(a)		6,265		121,290
Alector, Inc.(a)		16,220		153,441
Alkermes PLC(a)		42,634		952,017
Allogene Therapeutics, Inc.(a)(b)		24,956		269,525
Alnylam Pharmaceuticals, Inc.(a)		32,075		6,420,132
ALX Oncology Holdings, Inc.(a)(b)		9,194		87,987
Amgen, Inc.		141,324		31,854,430
Amicus Therapeutics, Inc.(a)		70,653		737,617
AnaptysBio, Inc.(a)(b)		7,290		185,968
Anavex Life Sciences Corp.(a)(b)		19,345		199,640
Anika Therapeutics, Inc.(a)		6,026		143,419
Apellis Pharmaceuticals, Inc.(a)		24,668		1,684,824
Arbutus Biopharma Corp.(a)(b)		48,617		92,858
Arcellx, Inc.(a)		10,175		190,985
Arcturus Therapeutics Holdings, Inc.(a)(b)		8,808		130,535
Arcus Biosciences, Inc.(a)		12,116		316,955
Arcutis Biotherapeutics, Inc.(a)(b)		11,503		219,822
Arrowhead Pharmaceuticals, Inc.(a)(b)		27,054		894,135
Atara Biotherapeutics, Inc.(a)(b)		26,403		99,803
Aura Biosciences, Inc.(a)		8,730		158,188
Aurinia Pharmaceuticals, Inc.(a)		37,825		284,444
Avid Bioservices, Inc.(a)(b)		16,788		320,987
Avidity Biosciences, Inc.(a)(b)		15,748		257,165
Beam Therapeutics, Inc.(a)		17,702		843,323
BioCryst Pharmaceuticals, Inc.(a)		46,250		582,750
Biogen, Inc.(a)		38,625		10,312,875
Biohaven Pharmaceutical Holding Co. Ltd.(a)		16,429		2,483,572
BioMarin Pharmaceutical, Inc.(a)		49,894		4,229,514
Bioxcel Therapeutics, Inc.(a)(b)		9,258		109,430
Bluebird Bio, Inc.(a)(b)		17,362		109,901
Blueprint Medicines Corp.(a)		15,606		1,028,279
Bridgebio Pharma, Inc.(a)(b)		28,938		287,644
C4 Therapeutics, Inc.(a)(b)		10,640		93,313
CareDx, Inc.(a)(b)		12,925		219,984
Caribou Biosciences, Inc.(a)(b)		17,981		189,700
Catalyst Pharmaceuticals, Inc.(a)		24,483		314,117
Celldex Therapeutics, Inc.(a)		13,504		379,597
Century Therapeutics, Inc.(a)(b)		10,251		101,382
Cerevel Therapeutics Holdings, Inc.(a)(b)		15,699		443,654

SCHEDULES   OF  INVESTMENTS 9

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
ChemoCentryx, Inc.(a)		17,444	$	901,157
Chinook Therapeutics, Inc.(a)		9,924		195,106
Cogent Biosciences, Inc.(a)		14,681		219,041
Coherus Biosciences, Inc.(a)(b)		16,634		159,853
Crinetics Pharmaceuticals, Inc.(a)		12,259		240,767
CTI BioPharma Corp.(a)		29,102		169,374
Cullinan Oncology, Inc.(a)		8,160		104,611
Cytokinetics, Inc.(a)(b)		20,361		986,490
Day One Biopharmaceuticals, Inc.(a)		10,440		209,113
Deciphera Pharmaceuticals, Inc.(a)(b)		10,094		186,739
Denali Therapeutics, Inc.(a)		24,113		740,028
Dynavax Technologies Corp.(a)		28,637		298,970
Dyne Therapeutics, Inc.(a)		9,534		121,082
Eagle Pharmaceuticals, Inc.(a)		3,860		101,981
Editas Medicine, Inc.(a)		18,768		229,720
Eiger BioPharmaceuticals, Inc.(a)		15,860		119,426
Emergent BioSolutions, Inc.(a)		12,011		252,111
Enanta Pharmaceuticals, Inc.(a)		4,849		251,518
EQRx, Inc.(a)(b)		46,150		228,442
Erasca, Inc.(a)(b)		17,355		135,369
Exact Sciences Corp.(a)		45,231		1,469,555
Exelixis, Inc.(a)		83,366		1,307,179
Fate Therapeutics, Inc.(a)		20,353		456,111
FibroGen, Inc.(a)(b)		22,441		291,957
Forma Therapeutics Holdings, Inc.(a)		9,289		185,316
Generation Bio Co.(a)(b)		21,073		111,898
Geron Corp.(a)		98,833		231,269
Gilead Sciences, Inc.		331,432		20,446,040
Global Blood Therapeutics, Inc.(a)		16,132		1,098,589
Gossamer Bio, Inc.(a)		12,244		146,683
Halozyme Therapeutics, Inc.(a)(b)		35,951		1,421,503
Heron Therapeutics, Inc.(a)		28,440		120,017
Horizon Therapeutics PLC(a)		59,694		3,694,462
Ideaya Biosciences, Inc.(a)		9,634		143,739
Imago Biosciences, Inc.(a)(b)		7,391		111,235
ImmunityBio, Inc.(a)(b)		21,871		108,699
ImmunoGen, Inc.(a)		55,284		264,258
Incyte Corp.(a)		49,360		3,289,350
Inhibrx, Inc.(a)		7,653		137,371
Inovio Pharmaceuticals, Inc.(a)(b)		62,941		108,573
Insmed, Inc.(a)(b)		31,423		676,851
Instil Bio, Inc.(a)(b)		18,980		91,863
Intellia Therapeutics, Inc.(a)(b)		20,657		1,155,966
Intercept Pharmaceuticals, Inc.(a)(b)		8,167		113,930
Ionis Pharmaceuticals, Inc.(a)(b)		38,510		1,703,297
Iovance Biotherapeutics, Inc.(a)		36,716		351,739
Ironwood Pharmaceuticals, Inc.(a)		40,499		419,570
iTeos Therapeutics, Inc.(a)		6,627		126,244
IVERIC bio, Inc.(a)		30,340		544,300
KalVista Pharmaceuticals, Inc.(a)		6,993		101,468
Karuna Therapeutics, Inc.(a)		7,810		1,756,703
Karyopharm Therapeutics, Inc.(a)		22,572		123,243
Keros Therapeutics, Inc.(a)		4,121		155,032
Kiniksa Pharmaceuticals Ltd., Class A(a)		11,564		148,482
Kinnate Biopharma, Inc.(a)		8,628		103,105
Kodiak Sciences, Inc.(a)		14,168		109,660
Krystal Biotech, Inc.(a)		5,886		410,254
Kura Oncology, Inc.(a)(b)		16,737		228,627
Kymera Therapeutics, Inc.(a)(b)		9,811		213,585
Ligand Pharmaceuticals, Inc.(a)		3,919		337,465
Lyell Immunopharma, Inc.(a)(b)		38,933		285,379
Madrigal Pharmaceuticals, Inc.(a)(b)		2,737		177,878

Security	Shares		Value
Biotechnology (continued)
MannKind Corp.(a)		60,244	$	186,154
Mersana Therapeutics, Inc.(a)		22,348		151,072
MiMedx Group, Inc.(a)		33,532		96,237
Mirati Therapeutics, Inc.(a)		10,788		753,434
Mirum Pharmaceuticals, Inc.(a)		6,027		126,627
Moderna, Inc.(a)		89,734		10,611,045
Morphic Holding, Inc.(a)		5,807		164,338
Myriad Genetics, Inc.(a)		22,826		435,520
Natera, Inc.(a)		21,724		951,946
Neurocrine Biosciences, Inc.(a)		25,362		2,693,698
Nkarta, Inc.(a)(b)		8,753		115,189
Novavax, Inc.(a)(b)		19,642		357,484
Nurix Therapeutics, Inc.(a)		10,624		138,431
Nuvalent, Inc., Class A(a)(b)		6,017		116,970
Ocugen, Inc.(a)(b)		48,321		86,011
PMV Pharmaceuticals, Inc.(a)(b)		8,330		99,127
Point Biopharma Global, Inc.(a)(b)		26,357		203,740
Precigen, Inc.(a)		42,058		89,163
Prometheus Biosciences, Inc.(a)		7,862		463,937
Protagonist Therapeutics, Inc.(a)		16,356		137,881
Prothena Corp. PLC(a)(b)		9,363		567,679
PTC Therapeutics, Inc.(a)(b)		19,898		998,880
RAPT Therapeutics, Inc.(a)		5,476		131,753
Recursion Pharmaceuticals, Inc., Class A(a)(b)		30,255		321,913
Regeneron Pharmaceuticals, Inc.(a)		27,343		18,835,772
REGENXBIO, Inc.(a)		9,304		245,905
Relay Therapeutics, Inc.(a)		20,053		448,586
Replimune Group, Inc.(a)		14,438		249,344
REVOLUTION Medicines, Inc.(a)		16,366		322,738
Rocket Pharmaceuticals, Inc.(a)(b)		9,565		152,657
Sage Therapeutics, Inc.(a)		13,589		532,145
Sana Biotechnology, Inc.(a)(b)		22,666		135,996
Sangamo Therapeutics, Inc.(a)		33,854		165,885
Sarepta Therapeutics, Inc.(a)		22,686		2,507,710
Seagen, Inc.(a)		36,141		4,945,173
Seres Therapeutics, Inc.(a)(b)		18,278		117,345
Sorrento Therapeutics, Inc.(a)(b)		126,581		198,732
SpringWorks Therapeutics, Inc.(a)		7,153		204,075
Stoke Therapeutics, Inc.(a)		7,795		100,088
Sutro Biopharma, Inc.(a)		22,562		125,219
Syndax Pharmaceuticals, Inc.(a)(b)		14,493		348,267
TG Therapeutics, Inc.(a)		32,744		193,844
Travere Therapeutics, Inc.(a)		16,926		417,057
Twist Bioscience Corp.(a)(b)		15,147		533,780
Ultragenyx Pharmaceutical, Inc.(a)		16,844		697,510
United Therapeutics Corp.(a)		11,960		2,504,185
Vanda Pharmaceuticals, Inc.(a)		14,967		147,874
Vaxart, Inc.(a)(b)		53,858		117,410
Vaxcyte, Inc.(a)		15,621		374,904
Veracyte, Inc.(a)		17,472		290,035
Vericel Corp.(a)		11,651		270,303
Vertex Pharmaceuticals, Inc.(a)		67,707		19,603,885
Verve Therapeutics, Inc.(a)		12,495		429,203
Vir Biotechnology, Inc.(a)		20,174		388,955
Viridian Therapeutics, Inc.(a)		11,608		238,080
Xencor, Inc.(a)		14,994		389,544
Y-mAbs Therapeutics, Inc.(a)(b)		7,180		103,536
Zentalis Pharmaceuticals, Inc.(a)(b)		14,091		305,211
				258,933,871
Building Products — 0.6%
A O Smith Corp.		33,497		1,627,284
AAON, Inc.		10,594		570,805

10 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Building Products (continued)
Advanced Drainage Systems, Inc.		16,975	$	2,111,181
Allegion PLC		23,173		2,078,155
American Woodmark Corp.(a)		4,781		209,695
Apogee Enterprises, Inc.		6,997		267,425
Armstrong World Industries, Inc.		12,168		964,071
AZEK Co., Inc.(a)(b)		28,772		478,191
Builders FirstSource, Inc.(a)		40,766		2,401,933
Carlisle Cos., Inc.		13,562		3,802,920
Carrier Global Corp.		224,898		7,997,373
CSW Industrials, Inc.		3,710		444,458
Fortune Brands Home & Security, Inc.		34,492		1,851,875
Gibraltar Industries, Inc.(a)		8,165		334,193
Griffon Corp.		11,147		329,059
Hayward Holdings, Inc.(a)(b)		18,887		167,528
Insteel Industries, Inc.		4,301		114,105
Janus International Group, Inc.(a)(b)		22,329		199,175
JELD-WEN Holding, Inc.(a)		21,852		191,205
Johnson Controls International PLC		183,230		9,018,581
Lennox International, Inc.		8,477		1,887,574
Masco Corp.		59,499		2,778,008
Masonite International Corp.(a)(b)		6,222		443,566
Owens Corning		25,076		1,971,224
PGT Innovations, Inc.(a)		14,886		312,011
Quanex Building Products Corp.		9,093		165,129
Resideo Technologies, Inc.(a)		37,993		724,147
Simpson Manufacturing Co., Inc.		11,656		913,830
Trane Technologies PLC		61,027		8,837,320
Trex Co., Inc.(a)(b)		30,372		1,334,546
UFP Industries, Inc.		16,391		1,182,774
Zurn Elkay Water Solutions Corp.(b)		32,974		807,863
				56,517,204
Capital Markets — 3.1%
Affiliated Managers Group, Inc.		10,047		1,123,757
Ameriprise Financial, Inc.		28,417		7,159,663
Ares Management Corp., Class A		39,703		2,459,601
Artisan Partners Asset Management, Inc., Class A		14,977		403,331
AssetMark Financial Holdings, Inc.(a)		6,413		117,294
B Riley Financial, Inc.		5,794		257,949
Bank of New York Mellon Corp.		193,336		7,447,303
BGC Partners, Inc., Class A		87,616		275,114
BlackRock, Inc.(c)		39,659		21,823,555
Blackstone, Inc., NVS		185,278		15,507,769
Blucora, Inc.(a)		13,196		255,211
Blue Owl Capital, Inc.		107,115		988,671
Brightsphere Investment Group, Inc.		8,564		127,689
Carlyle Group, Inc.		54,004		1,395,463
Cboe Global Markets, Inc.		28,168		3,306,078
Charles Schwab Corp.		402,205		28,906,473
CME Group, Inc.		94,986		16,824,870
Cohen & Steers, Inc.		6,116		383,045
Coinbase Global, Inc., Class A(a)(b)		41,256		2,660,599
Cowen, Inc., Class A		6,191		239,220
Diamond Hill Investment Group, Inc.		689		113,685
Donnelley Financial Solutions, Inc.(a)		6,473		239,307
Evercore, Inc., Class A		9,543		784,912
FactSet Research Systems, Inc.		10,078		4,032,309
Federated Hermes, Inc.		23,726		785,805
Focus Financial Partners, Inc., Class A(a)		15,629		492,470
Franklin Resources, Inc.		75,815		1,631,539
GCM Grosvenor, Inc., Class A		13,071		103,130
Goldman Sachs Group, Inc.		87,497		25,640,996
Hamilton Lane, Inc., Class A		9,362		558,069

Security	Shares		Value
Capital Markets (continued)
Houlihan Lokey, Inc.		13,840	$	1,043,259
Interactive Brokers Group, Inc., Class A		24,202		1,546,750
Intercontinental Exchange, Inc.		146,403		13,227,511
Invesco Ltd.		100,496		1,376,795
Janus Henderson Group PLC		38,691		785,814
Jefferies Financial Group, Inc.		53,816		1,587,572
KKR & Co., Inc.		151,907		6,532,001
Lazard Ltd., Class A		23,829		758,477
LPL Financial Holdings, Inc.(b)		21,033		4,595,290
MarketAxess Holdings, Inc.		10,031		2,231,797
Moelis & Co., Class A		16,459		556,479
Moody’s Corp.		42,294		10,282,094
Morgan Stanley		329,073		26,000,058
Morningstar, Inc.		6,337		1,345,472
MSCI, Inc., Class A		20,927		8,826,799
Nasdaq, Inc.		90,231		5,114,293
Northern Trust Corp.		54,254		4,641,972
Open Lending Corp., Class A(a)		26,990		217,000
Perella Weinberg Partners		19,000		120,270
Piper Sandler Cos		4,979		521,501
PJT Partners, Inc., Class A		6,352		424,441
Raymond James Financial, Inc.		51,452		5,084,487
Robinhood Markets, Inc., Class A(a)(b)		148,921		1,504,102
S&P Global, Inc.		88,352		26,978,283
SEI Investments Co.		26,989		1,323,810
State Street Corp.		96,511		5,868,834
StepStone Group, Inc., Class A		15,143		371,155
Stifel Financial Corp.		26,162		1,358,069
StoneX Group, Inc.(a)		5,315		440,826
T Rowe Price Group, Inc.		59,364		6,233,814
Tradeweb Markets, Inc., Class A		27,746		1,565,429
Victory Capital Holdings, Inc., Class A		4,364		101,725
Virtu Financial, Inc., Class A		27,878		579,026
Virtus Investment Partners, Inc.		1,731		276,129
WisdomTree Investments, Inc.		39,480		184,766
				289,650,977
Chemicals — 1.8%
AdvanSix, Inc.		7,904		253,718
Air Products and Chemicals, Inc.		58,519		13,619,127
Albemarle Corp.		31,053		8,211,655
American Vanguard Corp.(b)		8,852		165,532
Amyris, Inc.(a)(b)		44,133		128,868
Ashland, Inc.		13,688		1,299,949
Avient Corp.		23,110		700,233
Axalta Coating Systems Ltd.(a)(b)		55,898		1,177,212
Balchem Corp.(b)		8,186		995,254
Cabot Corp.		14,168		905,194
Celanese Corp.		28,728		2,595,288
CF Industries Holdings, Inc.		52,505		5,053,606
Chase Corp.		2,295		191,793
Chemours Co.		41,607		1,025,613
Corteva, Inc.		190,813		10,904,963
Diversey Holdings Ltd.(a)(b)		20,825		101,210
Dow, Inc.		190,737		8,379,076
DuPont de Nemours, Inc.		133,633		6,735,103
Eastman Chemical Co.		33,278		2,364,402
Ecolab, Inc.		65,439		9,450,700
Ecovyst, Inc.(a)		12,081		101,964
Element Solutions, Inc.		59,142		962,240
FMC Corp.		32,866		3,473,936
Ginkgo Bioworks Holdings, Inc.(a)(b)		237,749		741,777
Hawkins, Inc.		4,496		175,299

SCHEDULES   OF  INVESTMENTS 11

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
HB Fuller Co.		13,574	$	815,797
Huntsman Corp.		50,969		1,250,779
Ingevity Corp.(a)		11,207		679,480
Innospec, Inc.		6,535		559,853
International Flavors & Fragrances, Inc.		67,349		6,117,310
Intrepid Potash, Inc.(a)(b)		2,903		114,872
Koppers Holdings, Inc.		5,224		108,555
Linde PLC		132,501		35,720,945
Livent Corp.(a)		44,222		1,355,404
LSB Industries, Inc.(a)		8,307		118,375
LyondellBasell Industries NV, Class A		68,526		5,158,637
Mativ Holdings, Inc.		13,982		308,723
Minerals Technologies, Inc.(b)		9,749		481,698
Mosaic Co.		91,224		4,408,856
NewMarket Corp.		1,518		456,660
Olin Corp.		36,550		1,567,264
Origin Materials, Inc.(a)(b)		32,176		166,028
Orion Engineered Carbons SA		16,048		214,241
Perimeter Solutions SA(a)		38,642		309,522
PPG Industries, Inc.		62,781		6,949,229
PureCycle Technologies, Inc.(a)(b)		27,855		224,790
Quaker Chemical Corp.		3,562		514,282
RPM International, Inc.		33,313		2,775,306
Scotts Miracle-Gro Co., Class A		10,768		460,332
Sensient Technologies Corp.		11,460		794,636
Sherwin-Williams Co.		63,407		12,982,583
Stepan Co.		6,128		574,010
Tredegar Corp.		11,456		108,145
Trinseo PLC		9,843		180,324
Tronox Holdings PLC		27,067		331,571
Valvoline, Inc.		46,721		1,183,910
Westlake Corp.		9,079		788,784
				167,494,613
Commercial Services & Supplies — 0.6%
ABM Industries, Inc.		17,599		672,810
ACCO Brands Corp.		27,889		136,656
ACV Auctions, Inc., Class A(a)(b)		33,687		242,209
Brady Corp., Class A, NVS		12,771		532,934
BrightView Holdings, Inc.(a)		13,981		111,009
Brink’s Co.		13,363		647,304
Casella Waste Systems, Inc., Class A(a)		13,334		1,018,584
Cimpress PLC(a)		4,469		109,401
Cintas Corp.		22,512		8,738,933
Clean Harbors, Inc.(a)		13,539		1,489,019
Copart, Inc.(a)		56,667		6,029,369
CoreCivic, Inc.(a)		30,682		271,229
Deluxe Corp.		10,934		182,051
Driven Brands Holdings, Inc.(a)		12,866		359,991
Ennis, Inc.		6,537		131,590
GEO Group, Inc.(a)		33,696		259,459
Harsco Corp.(a)		22,923		85,732
Healthcare Services Group, Inc.		20,305		245,487
Heritage-Crystal Clean, Inc.(a)		5,258		155,479
HNI Corp.		11,727		310,883
IAA, Inc.(a)		36,379		1,158,671
Interface, Inc.		14,485		130,220
KAR Auction Services, Inc.(a)		28,611		319,585
Li-Cycle Holdings Corp.(a)(b)		36,309		193,164
Matthews International Corp., Class A		7,951		178,182
MillerKnoll, Inc.		21,116		329,410
Montrose Environmental Group, Inc.(a)(b)		5,781		194,531
MSA Safety, Inc.		9,671		1,056,847

Security	Shares		Value
Commercial Services & Supplies (continued)
Republic Services, Inc.		51,731	$	7,037,485
Rollins, Inc.		60,966		2,114,301
SP Plus Corp.(a)		5,979		187,262
Steelcase, Inc., Class A		25,338		165,204
Stericycle, Inc.(a)		24,137		1,016,409
Tetra Tech, Inc.		14,286		1,836,180
UniFirst Corp.		4,131		694,958
Viad Corp.(a)		5,056		159,668
VSE Corp.		2,979		105,457
Waste Management, Inc.		107,585		17,236,193
				55,843,856
Communications Equipment — 0.8%
ADTRAN Holdings, Inc.		18,578		363,757
Arista Networks, Inc.(a)		65,231		7,363,928
Calix, Inc.(a)		14,427		882,067
Ciena Corp.(a)		40,172		1,624,154
Cisco Systems, Inc.		1,101,344		44,053,760
Clearfield, Inc.(a)		3,419		357,764
CommScope Holding Co., Inc.(a)(b)		50,283		463,106
Digi International, Inc.(a)		11,323		391,436
Extreme Networks, Inc.(a)		29,252		382,324
F5, Inc.(a)		15,790		2,285,287
Harmonic, Inc.(a)(b)		25,120		328,318
Infinera Corp.(a)(b)		53,225		257,609
Inseego Corp.(a)(b)		50,545		104,628
Juniper Networks, Inc.		84,377		2,203,927
Lumentum Holdings, Inc.(a)(b)		19,090		1,309,001
Motorola Solutions, Inc.		43,552		9,754,342
NETGEAR, Inc.(a)		8,788		176,112
NetScout Systems, Inc.(a)		16,622		520,601
Ubiquiti, Inc.(b)		1,451		425,956
Viasat, Inc.(a)(b)		17,770		537,187
Viavi Solutions, Inc.(a)		64,128		836,870
				74,622,134
Construction & Engineering — 0.2%
AECOM		34,517		2,359,927
Ameresco, Inc., Class A(a)(b)		7,280		483,975
API Group Corp.(a)		52,029		690,425
Arcosa, Inc.		12,843		734,363
Argan, Inc.		3,857		124,080
Comfort Systems USA, Inc.		9,108		886,482
Construction Partners, Inc., Class A(a)		8,910		233,709
Dycom Industries, Inc.(a)		7,193		687,147
EMCOR Group, Inc.		13,317		1,537,847
Fluor Corp.(a)		39,161		974,717
Granite Construction, Inc.		13,428		340,937
Great Lakes Dredge & Dock Corp.(a)(b)		14,772		111,972
Infrastructure and Energy Alternatives, Inc.(a)		7,980		108,049
MasTec, Inc.(a)		15,048		955,548
MDU Resources Group, Inc.		52,351		1,431,800
MYR Group, Inc.(a)		4,920		416,872
Northwest Pipe Co.(a)		4,016		112,850
NV5 Global, Inc.(a)		3,698		457,886
Primoris Services Corp.		15,672		254,670
Quanta Services, Inc.		37,201		4,739,035
Sterling Infrastructure, Inc.(a)(b)		6,808		146,168
Valmont Industries, Inc.		5,531		1,485,737
WillScot Mobile Mini Holdings Corp.(a)		56,998		2,298,729
				21,572,925
Construction Materials — 0.1%
Eagle Materials, Inc.		10,429		1,117,780

12 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction Materials (continued)
Martin Marietta Materials, Inc.		16,404	$	5,283,565
Summit Materials, Inc., Class A(a)(b)		32,043		767,750
Vulcan Materials Co.		34,277		5,405,826
				12,574,921
Consumer Finance — 0.5%
Ally Financial, Inc.		82,451		2,294,611
American Express Co.		159,069		21,459,999
Bread Financial Holdings, Inc.		12,814		403,000
Capital One Financial Corp.		100,905		9,300,414
Credit Acceptance Corp.(a)(b)		1,831		801,978
Discover Financial Services		72,556		6,596,792
Encore Capital Group, Inc.(a)(b)		6,537		297,303
Enova International, Inc.(a)		10,093		295,422
EZCORP, Inc., Class A, NVS(a)		14,005		107,979
FirstCash Holdings, Inc.		9,789		718,023
Green Dot Corp., Class A(a)		14,236		270,199
LendingClub Corp.(a)		25,821		285,322
LendingTree, Inc.(a)		3,884		92,672
Navient Corp.		31,953		469,390
Nelnet, Inc., Class A(b)		3,252		257,526
NerdWallet, Inc., Class A(a)(b)		11,840		105,021
OneMain Holdings, Inc.		29,618		874,323
PRA Group, Inc.(a)		9,597		315,357
PROG Holdings, Inc.(a)		14,721		220,521
Regional Management Corp.		3,397		95,252
SLM Corp.		65,169		911,714
SoFi Technologies, Inc.(a)(b)		214,875		1,048,590
Synchrony Financial		127,200		3,585,768
Upstart Holdings, Inc.(a)(b)		20,256		421,122
World Acceptance Corp.(a)		988		95,658
				51,323,956
Containers & Packaging — 0.4%
Amcor PLC		395,499		4,243,704
AptarGroup, Inc.		17,119		1,626,819
Ardagh Group SA(a)		4,919		42,020
Ardagh Metal Packaging SA		41,863		202,617
Avery Dennison Corp.		21,722		3,534,169
Ball Corp.		82,967		4,008,965
Berry Global Group, Inc.(a)		33,032		1,536,979
Crown Holdings, Inc.		31,255		2,532,593
Graphic Packaging Holding Co.		78,823		1,555,966
Greif, Inc.		2,003		121,782
Greif, Inc., Class A, NVS		6,345		377,972
International Paper Co.		94,968		3,010,486
Myers Industries, Inc.		9,746		160,517
O-I Glass, Inc.(a)		43,793		567,119
Packaging Corp. of America		24,856		2,791,080
Pactiv Evergreen, Inc.		10,623		92,739
Sealed Air Corp.		38,411		1,709,674
Silgan Holdings, Inc.		22,126		930,177
Sonoco Products Co.		26,163		1,484,227
TriMas Corp.		9,895		248,068
Westrock Co.		67,763		2,093,199
				32,870,872
Distributors — 0.1%
Funko, Inc., Class A(a)		6,433		130,075
Genuine Parts Co.		36,717		5,482,582
LKQ Corp.		69,618		3,282,489
Pool Corp.		10,276		3,269,926
				12,165,072

Security	Shares		Value
Diversified Consumer Services — 0.1%
2U, Inc.(a)(b)		18,603	$	116,269
ADT, Inc.		69,954		523,955
Adtalem Global Education, Inc.(a)		12,793		466,305
Bright Horizons Family Solutions, Inc.(a)		16,360		943,154
Carriage Services, Inc.		3,922		126,131
Chegg, Inc.(a)		32,202		678,496
Coursera, Inc.(a)(b)		34,958		376,847
Duolingo, Inc.(a)(b)		6,486		617,662
European Wax Center, Inc., Class A		5,886		108,597
Frontdoor, Inc.(a)		22,920		467,339
Graham Holdings Co., Class B		1,034		556,271
Grand Canyon Education, Inc.(a)		8,087		665,156
H&R Block, Inc.		41,669		1,772,599
Laureate Education, Inc.		25,027		264,035
Mister Car Wash, Inc.(a)(b)		20,291		174,097
OneSpaWorld Holdings Ltd.(a)(b)		12,241		102,824
Perdoceo Education Corp.(a)		20,257		208,647
PowerSchool Holdings, Inc., Class A(a)		11,310		188,764
Rover Group, Inc.(a)(b)		32,872		109,792
Service Corp. International		40,267		2,325,017
Strategic Education, Inc.		5,922		363,670
Stride, Inc.(a)		11,199		470,694
Terminix Global Holdings, Inc.(a)		32,978		1,262,728
Udemy, Inc.(a)		22,431		271,191
Vivint Smart Home, Inc.(a)		18,862		124,112
				13,284,352
Diversified Financial Services — 1.5%
Alerus Financial Corp.		5,608		123,937
A-Mark Precious Metals, Inc.		5,168		146,720
Apollo Global Management, Inc.		120,924		5,622,966
Banco Latinoamericano de Comercio Exterior SA, Class E		10,950		143,007
Berkshire Hathaway, Inc., Class B(a)		475,827		127,055,326
Cannae Holdings, Inc.(a)(b)		22,281		460,325
Compass Diversified Holdings		14,456		261,075
Equitable Holdings, Inc.		101,095		2,663,853
Jackson Financial, Inc., Class A		20,062		556,720
Voya Financial, Inc.		23,320		1,410,860
			138,444,789
Diversified Telecommunication Services — 0.8%
Anterix, Inc.(a)		6,570		234,680
AT&T Inc.		1,895,679		29,079,716
ATN International, Inc.		3,079		118,757
Bandwidth, Inc., Class A(a)		8,546		101,697
Charge Enterprises, Inc.(a)(b)		60,908		107,198
Cogent Communications Holdings, Inc.		11,596		604,847
Consolidated Communications Holdings, Inc.(a)		20,854		86,753
EchoStar Corp., Class A(a)(b)		9,733		160,303
Frontier Communications Parent, Inc.(a)(b)		63,352		1,484,337
Globalstar, Inc.(a)		164,181		261,048
IDT Corp., Class B(a)		5,275		130,978
Iridium Communications, Inc.(a)		31,778		1,409,990
Liberty Latin America Ltd., Class C(a)		41,510		255,287
Lumen Technologies, Inc.		269,537		1,962,229
Radius Global Infrastructure, Inc., Class A(a)(b)		22,335		210,396
Verizon Communications, Inc.		1,113,903		42,294,897
				78,503,113
Electric Utilities — 1.8%
ALLETE, Inc.		18,798		940,840
Alliant Energy Corp.		65,935		3,493,896
American Electric Power Co., Inc.		135,712		11,732,302

SCHEDULES   OF  INVESTMENTS 13

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities (continued)
Avangrid, Inc.		18,845	$	785,837
Constellation Energy Corp.		86,426		7,189,779
Duke Energy Corp.		203,308		18,911,710
Edison International		100,691		5,697,097
Entergy Corp.		53,350		5,368,610
Evergy, Inc.		59,844		3,554,734
Eversource Energy		91,237		7,112,837
Exelon Corp.		261,490		9,795,415
FirstEnergy Corp.		142,530		5,273,610
Hawaiian Electric Industries, Inc.		29,333		1,016,682
IDACORP, Inc.		12,984		1,285,546
MGE Energy, Inc.		9,534		625,716
NextEra Energy, Inc.		519,035		40,697,534
NRG Energy, Inc.		61,655		2,359,537
OGE Energy Corp.		51,976		1,895,045
Otter Tail Corp.		10,615		653,035
PG&E Corp.(a)(b)		415,491		5,193,637
Pinnacle West Capital Corp.		29,446		1,899,561
PNM Resources, Inc.		25,489		1,165,612
Portland General Electric Co.		24,260		1,054,340
PPL Corp.		195,008		4,943,453
Southern Co.		276,929		18,831,172
Xcel Energy, Inc.		141,346		9,046,144
				170,523,681
Electrical Equipment — 0.7%
Acuity Brands, Inc.		8,585		1,351,880
AMETEK, Inc.		60,784		6,893,514
Array Technologies, Inc.(a)		41,364		685,815
Atkore, Inc.(a)		10,789		839,492
AZZ, Inc.		6,759		246,771
Babcock & Wilcox Enterprises, Inc.(a)(b)		17,347		110,674
Blink Charging Co.(a)(b)		9,967		176,615
Bloom Energy Corp., Class A(a)(b)		43,615		871,864
ChargePoint Holdings, Inc.(a)(b)		67,959		1,003,075
Eaton Corp. PLC		105,376		14,052,943
Emerson Electric Co.		156,054		11,426,274
Encore Wire Corp.		5,113		590,756
EnerSys		11,543		671,456
Enovix Corp.(a)(b)		30,501		559,236
ESS Tech, Inc.(a)		32,218		131,772
Fluence Energy, Inc.(a)(b)		8,969		130,858
FuelCell Energy, Inc.(a)(b)		101,061		344,618
Generac Holdings, Inc.(a)(b)		16,609		2,958,727
GrafTech International Ltd.		57,328		247,084
Hubbell, Inc.		14,101		3,144,523
NuScale Power Corp.(a)(b)		10,319		120,526
nVent Electric PLC		44,374		1,402,662
Plug Power, Inc.(a)(b)		135,336		2,843,409
Regal Rexnord Corp.		18,240		2,560,167
Rockwell Automation, Inc.		30,654		6,593,982
Sensata Technologies Holding PLC		40,557		1,511,965
Shoals Technologies Group, Inc., Class A(a)(b)		27,440		591,332
Stem, Inc.(a)		42,548		567,590
SunPower Corp.(a)(b)		19,824		456,745
Sunrun, Inc.(a)(b)		52,648		1,452,558
Thermon Group Holdings, Inc.(a)		8,790		135,454
TPI Composites, Inc.(a)		7,812		88,119
Vertiv Holdings Co.(b)		84,911		825,335
Vicor Corp.(a)		5,565		329,114
				65,916,905
Electronic Equipment, Instruments & Components — 0.7%
908 Devices, Inc.(a)(b)		7,945		130,695

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Advanced Energy Industries, Inc.		10,744	$	831,693
Akoustis Technologies, Inc.(a)		33,837		100,496
Amphenol Corp., Class A		155,295		10,398,553
Arlo Technologies, Inc.(a)		21,770		101,013
Arrow Electronics, Inc.(a)		16,534		1,524,269
Avnet, Inc.		26,872		970,617
Badger Meter, Inc.		7,232		668,164
Belden, Inc.		11,251		675,285
Benchmark Electronics, Inc.		10,690		264,898
CDW Corp.		35,921		5,606,550
Cognex Corp.		45,395		1,881,623
Coherent Corp.(a)		33,884		1,180,857
Corning, Inc.		199,364		5,785,543
CTS Corp.		8,318		346,445
ePlus, Inc.(a)		7,628		316,867
Fabrinet(a)		9,479		904,771
FARO Technologies, Inc.(a)		4,226		115,961
Insight Enterprises, Inc.(a)		8,900		733,449
IPG Photonics Corp.(a)		9,440		796,264
Itron, Inc.(a)		11,846		498,835
Jabil, Inc.		35,742		2,062,671
Keysight Technologies, Inc.(a)		47,594		7,489,392
Kimball Electronics, Inc.(a)		6,064		103,998
Knowles Corp.(a)		26,198		318,830
Lightwave Logic, Inc.(a)		31,791		233,346
Littelfuse, Inc.(b)		6,319		1,255,522
Methode Electronics, Inc.		9,332		346,684
MicroVision, Inc.(a)(b)		41,914		151,310
Mirion Technologies, Inc.(a)		42,777		319,544
Napco Security Technologies, Inc.(a)		7,658		222,695
National Instruments Corp.		35,163		1,327,052
nLight, Inc.(a)		10,949		103,468
Novanta, Inc.(a)		9,006		1,041,544
OSI Systems, Inc.(a)		4,916		354,247
PAR Technology Corp.(a)(b)		7,476		220,766
PC Connection, Inc.		3,002		135,360
Plexus Corp.(a)		7,492		655,999
Rogers Corp.(a)		5,031		1,216,898
Sanmina Corp.(a)		14,082		648,899
ScanSource, Inc.(a)		6,807		179,773
SmartRent, Inc.(a)		38,632		87,695
TD SYNNEX Corp.		10,991		892,359
Teledyne Technologies, Inc.(a)		12,201		4,117,471
Trimble, Inc.(a)		67,354		3,655,302
TTM Technologies, Inc.(a)		24,207		319,048
Vishay Intertechnology, Inc.		32,481		577,837
Vontier Corp.		42,935		717,444
Zebra Technologies Corp., Class A(a)		14,026		3,674,952
				66,262,954
Energy Equipment & Services — 0.4%
Archrock, Inc.		35,273		226,453
Aspen Aerogels, Inc.(a)		10,533		97,114
Baker Hughes Co.(b)		253,288		5,308,916
Borr Drilling Ltd.(a)(b)		39,891		132,438
Bristow Group, Inc.(a)(b)		6,209		145,849
Cactus, Inc., Class A		14,998		576,373
ChampionX Corp.		51,694		1,011,652
Diamond Offshore Drilling, Inc.(a)(b)		39,196		259,869
DMC Global, Inc.(a)		6,440		102,911
Dril-Quip, Inc.(a)(b)		9,991		195,024
Expro Group Holdings NV(a)(b)		20,323		258,915
Halliburton Co.		240,198		5,913,675

14 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Energy Equipment & Services (continued)
Helix Energy Solutions Group, Inc.(a)		35,887	$	138,524
Helmerich & Payne, Inc.		27,144		1,003,514
Liberty Energy, Inc.(a)		39,399		499,579
Nabors Industries Ltd.(a)		2,260		229,277
NexTier Oilfield Solutions, Inc.(a)		40,996		303,370
Noble Corp. PLC(a)(b)		18,670		552,259
NOV, Inc.		105,592		1,708,478
Oceaneering International, Inc.(a)		24,877		198,021
Oil States International, Inc.(a)		23,212		90,295
Patterson-UTI Energy, Inc.		58,623		684,717
ProFrac Holding Corp., Class A(a)		8,237		125,285
ProPetro Holding Corp.(a)		20,109		161,877
RPC, Inc.		20,885		144,733
Schlumberger NV		371,703		13,344,138
Select Energy Services, Inc., Class A(a)		22,685		158,114
Solaris Oilfield Infrastructure, Inc., Class A		12,651		118,413
TETRA Technologies, Inc.(a)		42,052		150,967
Tidewater, Inc.(a)		10,111		219,409
US Silica Holdings, Inc.(a)		21,468		235,075
Valaris Ltd.(a)(b)		15,771		771,833
Weatherford International PLC(a)		18,409		594,427
				35,661,494
Entertainment — 1.4%
Activision Blizzard, Inc.		205,310		15,262,745
AMC Entertainment Holdings, Inc., Class A(a)(b)		136,132		948,840
Cinemark Holdings, Inc.(a)(b)		29,385		355,852
Electronic Arts, Inc.		73,349		8,487,213
IMAX Corp.(a)(b)		14,933		210,854
Liberty Media Corp.-Liberty Braves, Class C, NVS(a)		8,686		238,865
Liberty Media Corp.-Liberty Formula One, Class A, NVS(a)		6,479		340,277
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		52,163		3,051,536
Lions Gate Entertainment Corp., Class A(a)		14,307		106,301
Lions Gate Entertainment Corp., Class B, NVS(a)(b)		33,858		235,313
Live Nation Entertainment, Inc.(a)		40,800		3,102,432
Madison Square Garden Co(a)		5,300		724,298
Madison Square Garden Entertainment Corp.(a)		6,912		304,750
Marcus Corp.(b)		7,306		101,480
Netflix, Inc.(a)		115,946		27,298,326
Playtika Holding Corp.(a)(b)		27,455		257,803
ROBLOX Corp., Class A(a)(b)		116,795		4,185,933
Roku, Inc.(a)(b)		32,064		1,808,410
Skillz, Inc.(a)(b)		130,016		132,616
Spotify Technology SA(a)(b)		36,962		3,189,821
Take-Two Interactive Software, Inc.(a)		43,572		4,749,348
Walt Disney Co.(a)		482,186		45,484,605
Warner Bros Discovery, Inc.(a)		621,272		7,144,628
World Wrestling Entertainment, Inc., Class A		11,648		817,340
				128,539,586
Equity Real Estate Investment Trusts (REITs) — 3.2%
Acadia Realty Trust		24,793		312,888
Agree Realty Corp.		20,778		1,404,177
Alexander & Baldwin, Inc.		19,990		331,434
Alexander’s, Inc.		559		116,809
Alexandria Real Estate Equities, Inc.		43,009		6,029,432
American Assets Trust, Inc.		12,461		320,497
American Homes 4 Rent, Class A		81,360		2,669,422
American Tower Corp.		122,616		26,325,655
Americold Realty Trust, Inc.		71,127		1,749,724

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Apartment Income REIT Corp.		40,458	$	1,562,488
Apartment Investment and Management Co., Class A		40,458		295,343
Apple Hospitality REIT, Inc.		54,336		763,964
Armada Hoffler Properties, Inc.		14,874		154,392
AvalonBay Communities, Inc.		36,966		6,808,768
Bluerock Residential Growth REIT, Inc.		7,481		200,117
Boston Properties, Inc.		41,855		3,137,869
Braemar Hotels & Resorts, Inc.		22,812		98,092
Brandywine Realty Trust		49,722		335,623
Brixmor Property Group, Inc.		80,530		1,487,389
Broadstone Net Lease, Inc.		40,671		631,621
Camden Property Trust		26,862		3,208,666
CareTrust REIT, Inc.		26,389		477,905
CBL & Associates Properties, Inc.		9,010		230,746
Centerspace		4,682		315,192
Chatham Lodging Trust(a)		12,948		127,797
City Office REIT, Inc.		13,029		129,899
Community Healthcare Trust, Inc.		5,798		189,884
Corporate Office Properties Trust		29,896		694,484
Cousins Properties, Inc.		39,978		933,486
Crown Castle, Inc.		113,991		16,477,399
CTO Realty Growth, Inc.		6,725		126,027
CubeSmart		58,934		2,360,896
DiamondRock Hospitality Co.		55,776		418,878
Digital Realty Trust, Inc.		75,396		7,477,775
Diversified Healthcare Trust		82,790		81,970
Douglas Emmett, Inc.		45,169		809,880
Duke Realty Corp.		100,437		4,841,063
Easterly Government Properties, Inc.		25,636		404,280
EastGroup Properties, Inc.		10,855		1,566,811
Elme Communities		23,867		419,105
Empire State Realty Trust, Inc., Class A(b)		38,852		254,869
EPR Properties		20,747		743,987
Equinix, Inc.		24,041		13,675,482
Equity Commonwealth		28,052		683,347
Equity LifeStyle Properties, Inc.		47,007		2,953,920
Equity Residential		97,873		6,579,023
Essential Properties Realty Trust, Inc.		36,937		718,425
Essex Property Trust, Inc.		17,280		4,185,734
Extra Space Storage, Inc.		34,992		6,043,468
Farmland Partners, Inc.		10,286		130,324
Federal Realty Investment Trust		22,240		2,004,269
First Industrial Realty Trust, Inc.		34,564		1,548,813
Four Corners Property Trust, Inc.		18,481		447,055
Gaming and Leisure Properties, Inc.		65,947		2,917,495
Getty Realty Corp.		8,694		233,782
Gladstone Commercial Corp.		9,826		152,303
Gladstone Land Corp.		9,294		168,221
Global Medical REIT, Inc.		11,690		99,599
Global Net Lease, Inc.		25,456		271,106
Healthcare Realty Trust, Inc.		99,769		2,080,184
Healthpeak Properties, Inc.		142,206		3,259,362
Hersha Hospitality Trust, Class A		13,460		107,411
Highwoods Properties, Inc.		27,208		733,528
Host Hotels & Resorts, Inc.		187,878		2,983,503
Hudson Pacific Properties, Inc.		41,053		449,530
Independence Realty Trust, Inc.		58,144		972,749
Indus Realty Trust, Inc.		2,059		107,830
Industrial Logistics Properties Trust		16,531		90,921
Innovative Industrial Properties, Inc.		7,815		691,627
InvenTrust Properties Corp.		18,601		396,759

SCHEDULES   OF  INVESTMENTS 15

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Invitation Homes, Inc.		160,636	$	5,424,678
Iron Mountain, Inc.		74,959		3,295,947
iStar, Inc.		15,833		146,614
JBG SMITH Properties		28,829		535,643
Kilroy Realty Corp.		31,178		1,312,906
Kimco Realty Corp.		162,074		2,983,782
Kite Realty Group Trust		55,587		957,208
Lamar Advertising Co., Class A		23,390		1,929,441
Life Storage, Inc.		22,361		2,476,704
LTC Properties, Inc.		9,908		371,055
LXP Industrial Trust		73,972		677,584
Macerich Co.		58,409		463,767
Medical Properties Trust, Inc.		158,234		1,876,655
Mid-America Apartment Communities, Inc.		30,380		4,711,027
National Health Investors, Inc.		11,424		645,799
National Retail Properties, Inc.		46,591		1,857,117
National Storage Affiliates Trust		22,621		940,581
Necessity Retail REIT, Inc.		28,771		169,173
NETSTREIT Corp.		16,020		285,316
NexPoint Residential Trust, Inc.		6,229		287,842
Office Properties Income Trust		12,770		179,418
Omega Healthcare Investors, Inc.		61,359		1,809,477
One Liberty Properties, Inc.		4,632		97,365
Orion Office REIT, Inc.		14,476		126,665
Outfront Media, Inc., REIT		39,045		593,094
Paramount Group, Inc.		47,173		293,888
Park Hotels & Resorts, Inc.		59,625		671,377
Pebblebrook Hotel Trust		34,592		501,930
Phillips Edison & Co., Inc.		29,979		840,911
Physicians Realty Trust		55,451		833,983
Piedmont Office Realty Trust, Inc., Class A		34,072		359,800
Plymouth Industrial REIT, Inc.		6,974		117,233
Postal Realty Trust, Inc., Class A		10,998		161,341
PotlatchDeltic Corp.		19,469		799,008
Prologis, Inc.		195,374		19,849,998
Public Storage		41,251		12,078,705
Rayonier, Inc.		37,901		1,135,893
Realty Income Corp.		164,228		9,558,070
Regency Centers Corp.		44,844		2,414,849
Retail Opportunity Investments Corp.		29,152		401,132
Rexford Industrial Realty, Inc.		45,581		2,370,212
RLJ Lodging Trust		46,119		466,724
RPT Realty		18,704		141,402
Ryman Hospitality Properties, Inc.(b)		14,307		1,052,852
Sabra Health Care REIT, Inc.		63,388		831,651
Safehold, Inc.		5,248		138,862
Saul Centers, Inc.		3,210		120,375
SBA Communications Corp., Class A		28,116		8,003,219
Service Properties Trust		43,460		225,557
Simon Property Group, Inc.		86,633		7,775,312
SITE Centers Corp.		48,348		517,807
SL Green Realty Corp.		16,832		675,973
Spirit Realty Capital, Inc.		37,970		1,372,995
STAG Industrial, Inc.		46,933		1,334,305
STORE Capital Corp.		65,295		2,045,692
Summit Hotel Properties, Inc.		29,450		197,904
Sun Communities, Inc.		32,314		4,373,054
Sunstone Hotel Investors, Inc.		54,237		510,913
Tanger Factory Outlet Centers, Inc.(b)		29,064		397,596	��
Terreno Realty Corp.		18,656		988,581
UDR, Inc.		86,060		3,589,563
UMH Properties, Inc.		9,749		157,446

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Uniti Group, Inc.		61,863	$	429,948
Universal Health Realty Income Trust		3,257		140,735
Urban Edge Properties		30,351		404,882
Urstadt Biddle Properties, Inc., Class A		9,294		144,150
Ventas, Inc.		106,341		4,271,718
Veris Residential, Inc.(a)		24,261		275,848
VICI Properties, Inc.		252,034		7,523,215
Vornado Realty Trust		47,542		1,101,073
Welltower, Inc.		123,302		7,930,785
Weyerhaeuser Co.		196,774		5,619,865
Whitestone REIT		15,813		133,778
WP Carey, Inc.		50,215		3,505,007
Xenia Hotels & Resorts, Inc.		30,916		426,332
				305,080,780
Food & Staples Retailing — 1.5%
Albertsons Cos., Inc., Class A		42,016		1,044,518
Andersons, Inc.		9,869		306,235
BJ’s Wholesale Club Holdings, Inc.(a)		35,177		2,561,237
Casey’s General Stores, Inc.		10,023		2,029,858
Chefs’ Warehouse, Inc.(a)		7,610		220,462
Costco Wholesale Corp.		116,926		55,220,642
Fresh Market, Inc. Escrow(a)(d)		10,847		—
Grocery Outlet Holding Corp.(a)		22,218		739,637
Ingles Markets, Inc., Class A		4,247		336,405
Kroger Co.		172,846		7,562,012
Performance Food Group Co.(a)		40,028		1,719,203
PriceSmart, Inc.		6,000		345,540
Rite Aid Corp.(a)		14,766		73,092
SpartanNash Co.		9,045		262,486
Sprouts Farmers Market, Inc.(a)		30,900		857,475
Sysco Corp.		133,921		9,469,554
United Natural Foods, Inc.(a)		14,161		486,714
US Foods Holding Corp.(a)		56,564		1,495,552
Walgreens Boots Alliance, Inc.		189,148		5,939,247
Walmart, Inc.		379,866		49,268,620
Weis Markets, Inc.		4,756		338,817
				140,277,306
Food Products — 1.1%
Archer-Daniels-Midland Co.		148,138		11,917,702
B&G Foods, Inc.		16,973		279,885
Benson Hill, Inc.(a)(b)		60,087		164,638
Beyond Meat, Inc.(a)(b)		15,143		214,576
Brookfield Realty Capital Corp., Class A(a)(b)		14,181		109,619
Bunge Ltd.		36,946		3,050,631
Calavo Growers, Inc.		4,154		131,890
Cal-Maine Foods, Inc.		9,440		524,770
Campbell Soup Co.		52,814		2,488,596
Conagra Brands, Inc.		123,027		4,014,371
Darling Ingredients, Inc.(a)		42,573		2,816,204
Flowers Foods, Inc.		54,761		1,352,049
Fresh Del Monte Produce, Inc.		8,990		208,928
Freshpet, Inc.(a)(b)		12,207		611,449
General Mills, Inc.		157,236		12,045,850
Hain Celestial Group, Inc.(a)		23,516		396,950
Hershey Co.		38,634		8,517,638
Hormel Foods Corp.		74,260		3,374,374
Hostess Brands, Inc.(a)(b)		37,817		878,867
Ingredion, Inc.		17,978		1,447,589
J & J Snack Foods Corp.		4,133		535,100
J M Smucker Co.		26,586		3,653,182
John B Sanfilippo & Son, Inc.		1,980		149,945
Kellogg Co.		65,938		4,593,241

16 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Kraft Heinz Co.		183,474	$	6,118,858
Lamb Weston Holdings, Inc.		38,927		3,012,171
Lancaster Colony Corp.		5,077		762,972
Landec Corp.(a)(b)		11,580		102,946
McCormick & Co., Inc., NVS		66,412		4,733,183
Mission Produce, Inc.(a)(b)		17,311		250,317
Mondelez International, Inc., Class A		364,805		20,002,258
Pilgrim’s Pride Corp.(a)		13,908		320,162
Post Holdings, Inc.(a)		14,684		1,202,766
Seaboard Corp.		75		255,199
Seneca Foods Corp., Class A(a)		2,108		106,328
Simply Good Foods Co.(a)		22,647		724,478
Sovos Brands, Inc.(a)		7,540		107,370
SunOpta, Inc.(a)(b)		28,111		255,810
Tattooed Chef, Inc.(a)(b)		26,907		133,997
Tootsie Roll Industries, Inc.		4,087		136,015
TreeHouse Foods, Inc.(a)		13,323		565,162
Tyson Foods, Inc., Class A		75,095		4,951,013
Utz Brands, Inc.(b)		15,664		236,526
Vital Farms, Inc.(a)		8,756		104,809
				107,560,384
Gas Utilities — 0.2%
Atmos Energy Corp.		36,515		3,719,053
Brookfield Infrastructure Corp., Class A		24,312		989,498
Chesapeake Utilities Corp.		4,585		529,063
National Fuel Gas Co.		22,558		1,388,445
New Jersey Resources Corp.		26,494		1,025,318
Northwest Natural Holding Co.		8,718		378,187
ONE Gas, Inc.		14,499		1,020,584
South Jersey Industries, Inc.		32,193		1,075,890
Southwest Gas Holdings, Inc.		17,380		1,212,255
Spire, Inc.		13,573		846,005
UGI Corp.		56,596		1,829,749
				14,014,047
Health Care Equipment & Supplies — 2.7%
Abbott Laboratories		452,331		43,767,548
ABIOMED, Inc.(a)		11,677		2,868,572
Align Technology, Inc.(a)		20,985		4,346,203
Alphatec Holdings, Inc.(a)		14,660		128,128
AngioDynamics, Inc.(a)		10,259		209,899
Artivion, Inc.(a)		10,594		146,621
AtriCure, Inc.(a)		12,091		472,758
Atrion Corp.		382		215,830
Avanos Medical, Inc.(a)		12,115		263,865
Axogen, Inc.(a)		11,008		131,215
Axonics, Inc.(a)		12,853		905,365
Baxter International, Inc.		133,614		7,196,450
Becton Dickinson and Co.		75,103		16,735,201
BioLife Solutions, Inc.(a)(b)		9,571		217,740
Boston Scientific Corp.(a)		378,484		14,658,685
Butterfly Network, Inc.(a)(b)		47,942		225,327
Cardiovascular Systems, Inc.(a)		10,001		138,614
Cerus Corp.(a)		38,969		140,288
CONMED Corp.		7,869		630,858
Cooper Cos., Inc.		12,742		3,362,614
CryoPort, Inc.(a)(b)		10,139		246,986
Cue Health, Inc.(a)(b)		38,371		115,497
Cutera, Inc.(a)(b)		4,125		188,100
DENTSPLY SIRONA, Inc.		58,590		1,661,026
Dexcom, Inc.(a)(b)		104,026		8,378,254
Edwards Lifesciences Corp.(a)		163,922		13,544,875
Embecta Corp.		15,190		437,320

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Enovis Corp.(a)		12,314	$	567,306
Envista Holdings Corp.(a)		43,328		1,421,592
Figs, Inc., Class A(a)		38,097		314,300
Glaukos Corp.(a)		11,899		633,503
Globus Medical, Inc., Class A(a)(b)		20,001		1,191,460
Haemonetics Corp.(a)(b)		13,751		1,017,987
Heska Corp.(a)		2,523		183,977
Hologic, Inc.(a)		64,374		4,153,410
ICU Medical, Inc.(a)(b)		5,128		772,277
IDEXX Laboratories, Inc.(a)		22,162		7,220,380
Inari Medical, Inc.(a)(b)		13,164		956,233
Inogen, Inc.(a)		4,690		113,873
Inspire Medical Systems, Inc.(a)		7,808		1,384,905
Insulet Corp.(a)(b)		18,383		4,217,060
Integer Holdings Corp.(a)		9,134		568,409
Integra LifeSciences Holdings Corp.(a)		19,380		820,937
Intuitive Surgical, Inc.(a)		94,682		17,747,194
iRhythm Technologies, Inc.(a)		7,999		1,002,115
Lantheus Holdings, Inc.(a)(b)		17,560		1,234,995
LeMaitre Vascular, Inc.		4,785		242,504
LivaNova PLC(a)		13,850		703,164
Masimo Corp.(a)(b)		12,734		1,797,531
Medtronic PLC		353,888		28,576,456
Meridian Bioscience, Inc.(a)		10,146		319,903
Merit Medical Systems, Inc.(a)		14,212		803,120
Mesa Laboratories, Inc.		1,389		195,613
Nano-X Imaging Ltd.(a)(b)		14,602		167,485
Neogen Corp.(a)		33,154		463,161
Nevro Corp.(a)		9,126		425,272
Novocure Ltd.(a)		27,006		2,051,916
NuVasive, Inc.(a)		14,428		632,091
Omnicell, Inc.(a)		11,627		1,011,898
Orthofix Medical, Inc.(a)		8,187		156,454
OrthoPediatrics Corp.(a)(b)		2,872		132,514
Outset Medical, Inc.(a)		12,646		201,451
Paragon 28, Inc.(a)(b)		14,806		263,843
Penumbra, Inc.(a)		9,689		1,837,034
PROCEPT BioRobotics Corp.(a)(b)		7,828		324,549
Pulmonx Corp.(a)(b)		8,060		134,280
QuidelOrtho Corp.(a)		13,188		942,678
ResMed, Inc.		38,173		8,333,166
RxSight, Inc.(a)		8,192		98,304
SeaSpine Holdings Corp.(a)		18,920		107,466
Senseonics Holdings, Inc.(a)(b)		108,705		143,491
Shockwave Medical, Inc.(a)(b)		9,477		2,635,269
SI-BONE, Inc.(a)		7,616		132,975
Silk Road Medical, Inc.(a)(b)		9,356		421,020
STAAR Surgical Co.(a)		12,694		895,562
STERIS PLC		26,371		4,384,970
Stryker Corp.		92,634		18,762,090
Surmodics, Inc.(a)		3,859		117,314
Tandem Diabetes Care, Inc.(a)		15,939		762,681
Teleflex, Inc.		12,343		2,486,621
TransMedics Group, Inc.(a)		6,778		282,914
Treace Medical Concepts, Inc.(a)		10,774		237,782
UFP Technologies, Inc.(a)		1,987		170,564
Utah Medical Products, Inc.		1,150		98,107
Varex Imaging Corp.(a)		9,853		208,292
ViewRay, Inc.(a)		40,524		147,507
Zimmer Biomet Holdings, Inc.		55,287		5,780,256
Zimvie, Inc.(a)		10,571		104,336
				254,549,356

SCHEDULES   OF  INVESTMENTS 17

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services — 3.4%
1Life Healthcare, Inc.(a)		49,353	$	846,404
23andMe Holding Co., Class A(a)(b)		61,993		177,300
Acadia Healthcare Co., Inc.(a)		23,043		1,801,502
Accolade, Inc.(a)(b)		13,251		151,326
AdaptHealth Corp.(a)(b)		20,223		379,788
Addus HomeCare Corp.(a)		3,496		332,959
Agiliti, Inc.(a)(b)		7,295		104,391
agilon health, Inc.(a)(b)		51,300		1,201,446
Alignment Healthcare, Inc.(a)		20,821		246,521
Amedisys, Inc.(a)(b)		8,809		852,623
AmerisourceBergen Corp.		38,666		5,232,670
AMN Healthcare Services, Inc.(a)		11,419		1,209,957
Apollo Medical Holdings, Inc.(a)		9,353		364,767
Brookdale Senior Living, Inc.(a)		49,285		210,447
Cano Health, Inc.(a)		47,414		411,079
Cardinal Health, Inc.		71,862		4,791,758
CareMax, Inc.(a)		22,545		159,844
Castle Biosciences, Inc.(a)		4,363		113,787
Centene Corp.(a)		150,939		11,744,564
Chemed Corp.		3,948		1,723,539
Cigna Corp.		78,801		21,864,913
Clover Health Investments Corp.(a)(b)		118,091		200,755
Community Health Systems, Inc.(a)		41,187		88,552
CorVel Corp.(a)		2,095		290,011
Covetrus, Inc.(a)		25,974		542,337
Cross Country Healthcare, Inc.(a)		12,050		341,859
CVS Health Corp.		344,761		32,879,857
DaVita, Inc.(a)		15,644		1,294,854
DocGo, Inc.(a)		24,692		244,945
Elevance Health, Inc.		63,742		28,954,166
Encompass Health Corp.		25,665		1,160,828
Enhabit, Inc.(a)		12,832		180,161
Ensign Group, Inc.		13,759		1,093,840
Fulgent Genetics, Inc.(a)(b)		5,273		201,007
Guardant Health, Inc.(a)(b)		26,965		1,451,526
Hanger, Inc.(a)		9,671		181,041
HCA Healthcare, Inc.		58,214		10,699,151
HealthEquity, Inc.(a)(b)		21,601		1,450,939
Henry Schein, Inc.(a)		35,711		2,348,712
Hims & Hers Health, Inc.(a)(b)		42,375		236,453
Humana, Inc.		33,315		16,164,105
Invitae Corp.(a)(b)		53,280		131,069
Laboratory Corp. of America Holdings		24,135		4,943,089
LHC Group, Inc.(a)		8,213		1,344,140
LifeStance Health Group, Inc.(a)(b)		23,511		155,643
McKesson Corp.		38,296		13,015,662
ModivCare, Inc.(a)		3,104		309,407
Molina Healthcare, Inc.(a)		15,291		5,043,583
National HealthCare Corp.		3,519		222,893
National Research Corp.		3,779		150,404
Oak Street Health, Inc.(a)(b)		33,428		819,655
OPKO Health, Inc.(a)(b)		101,119		191,115
Option Care Health, Inc.(a)		39,701		1,249,390
Owens & Minor, Inc.		19,575		471,758
Patterson Cos., Inc.		21,655		520,153
Pediatrix Medical Group, Inc.(a)		20,775		342,995
Pennant Group, Inc.(a)		6,902		71,850
Premier, Inc., Class A		32,898		1,116,558
Privia Health Group, Inc.(a)(b)		11,035		375,852
Progyny, Inc.(a)		21,121		782,744
Quest Diagnostics, Inc.		30,540		3,746,953
R1 RCM, Inc.(a)		38,707		717,241

Security	Shares		Value
Health Care Providers & Services (continued)
RadNet, Inc.(a)		9,671	$	196,805
Select Medical Holdings Corp.		30,575		675,707
Signify Health, Inc., Class A(a)		16,662		485,697
Surgery Partners, Inc.(a)(b)		9,596		224,546
Tenet Healthcare Corp.(a)		27,632		1,425,259
UnitedHealth Group, Inc.		246,800		124,643,872
Universal Health Services, Inc., Class B(b)		17,806		1,570,133
US Physical Therapy, Inc.		3,546		269,567
				319,140,424
Health Care Technology — 0.2%
Allscripts Healthcare Solutions, Inc.(a)		32,124		489,248
American Well Corp., Class A(a)		52,457		188,321
Certara, Inc.(a)		28,666		380,684
Change Healthcare, Inc.(a)		67,974		1,868,605
Computer Programs and Systems, Inc.(a)		4,017		111,994
Definitive Healthcare Corp.(a)		10,467		162,657
Doximity, Inc., Class A(a)(b)		29,718		898,078
Evolent Health, Inc., Class A(a)		22,590		811,659
Health Catalyst, Inc.(a)		12,131		117,671
HealthStream, Inc.(a)		6,923		147,183
Multiplan Corp.(a)(b)		99,986		285,960
NextGen Healthcare, Inc.(a)		13,331		235,959
Phreesia, Inc.(a)		12,834		327,010
Schrodinger, Inc.(a)		15,724		392,786
Sharecare, Inc.(a)		93,785		178,191
Simulations Plus, Inc.		4,181		202,946
Teladoc Health, Inc.(a)(b)		44,683		1,132,714
Veeva Systems, Inc., Class A(a)		36,849		6,075,663
				14,007,329
Hotels, Restaurants & Leisure — 2.0%
Accel Entertainment, Inc.(a)		13,055		101,960
Airbnb, Inc., Class A(a)		103,981		10,922,164
Aramark		61,992		1,934,150
Bally’s Corp.(a)(b)		8,472		167,407
BJ’s Restaurants, Inc.(a)		6,042		144,102
Bloomin’ Brands, Inc.		23,227		425,751
Booking Holdings, Inc.(a)		10,501		17,255,348
Bowlero Corp.(a)(b)		12,114		149,123
Boyd Gaming Corp.		21,231		1,011,657
Brinker International, Inc.(a)(b)		12,091		302,033
Caesars Entertainment, Inc.(a)(b)		53,909		1,739,104
Carnival Corp.(a)(b)		252,471		1,774,871
Cheesecake Factory, Inc.		11,672		341,756
Chipotle Mexican Grill, Inc.(a)(b)		7,338		11,027,253
Choice Hotels International, Inc.		7,904		865,646
Churchill Downs, Inc.		9,685		1,783,493
Chuy’s Holdings, Inc.(a)		5,752		133,331
Cracker Barrel Old Country Store, Inc.		5,816		538,445
Darden Restaurants, Inc.		32,888		4,154,412
Dave & Buster’s Entertainment, Inc.(a)		12,792		396,936
Denny’s Corp.(a)		17,595		165,569
Dine Brands Global, Inc.		4,569		290,406
Domino’s Pizza, Inc.		9,450		2,931,390
DraftKings, Inc., Class A(a)(b)		88,426		1,338,770
Everi Holdings, Inc.(a)		24,207		392,638
Expedia Group, Inc.(a)		40,025		3,749,942
Golden Entertainment, Inc.(a)		5,249		183,138
Hilton Grand Vacations, Inc.(a)		23,394		769,429
Hilton Worldwide Holdings, Inc.		70,829		8,543,394
Hyatt Hotels Corp., Class A(a)(b)		13,760		1,114,010
International Game Technology PLC		25,235		398,713
Jack in the Box, Inc.		5,459		404,348

18 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Krispy Kreme, Inc.		22,387	$	258,122
Kura Sushi USA, Inc., Class A(a)(b)		1,522		111,989
Las Vegas Sands Corp.(a)		87,357		3,277,635
Life Time Group Holdings, Inc.(a)(b)		10,215		99,596
Light & Wonder, Inc.(a)		25,259		1,083,106
Lindblad Expeditions Holdings, Inc.(a)(b)		10,955		74,056
Marriott International, Inc., Class A		72,632		10,178,648
Marriott Vacations Worldwide Corp.		9,801		1,194,350
McDonald’s Corp.		194,261		44,823,783
MGM Resorts International		85,819		2,550,541
Monarch Casino & Resort, Inc.(a)		3,653		205,079
Norwegian Cruise Line Holdings Ltd.(a)(b)		115,806		1,315,556
Papa John’s International, Inc.		8,769		613,918
Penn Entertainment, Inc.(a)		43,424		1,194,594
Planet Fitness, Inc., Class A(a)		22,657		1,306,403
Portillo’s, Inc., Class A(a)		5,220		102,782
RCI Hospitality Holdings, Inc.(b)		2,952		192,884
Red Rock Resorts, Inc., Class A		15,302		524,247
Royal Caribbean Cruises Ltd.(a)		57,905		2,194,599
Rush Street Interactive, Inc.(a)		23,130		85,118
Ruth’s Hospitality Group, Inc.		8,511		143,495
SeaWorld Entertainment, Inc.(a)		11,887		540,977
Shake Shack, Inc., Class A(a)		9,503		427,445
Six Flags Entertainment Corp.(a)		21,511		380,745
Sonder Holdings, Inc.(a)		61,517		102,118
Starbucks Corp.		302,795		25,513,507
Sweetgreen, Inc., Class A(a)		25,179		465,812
Target Hospitality Corp.(a)		9,642		121,682
Texas Roadhouse, Inc.		17,243		1,504,624
Travel + Leisure Co.		22,071		753,063
Vacasa, Inc., Class A(a)		37,171		114,115
Vail Resorts, Inc.		10,685		2,304,113
Wendy’s Co.		48,150		899,923
Wingstop, Inc.		7,701		965,859
Wyndham Hotels & Resorts, Inc.		24,610		1,509,823
Wynn Resorts Ltd.(a)		28,126		1,772,782
Yum! Brands, Inc.		75,531		8,031,967
				192,389,745
Household Durables — 0.4%
Beazer Homes U.S.A., Inc.(a)		9,875		95,491
Cavco Industries, Inc.(a)		2,391		491,972
Century Communities, Inc.		7,193		307,717
DR Horton, Inc.		83,966		5,655,110
Ethan Allen Interiors, Inc.		6,053		127,960
Garmin Ltd.		40,535		3,255,366
GoPro, Inc., Class A(a)(b)		31,823		156,887
Green Brick Partners, Inc.(a)		8,304		177,539
Helen of Troy Ltd.(a)		6,422		619,338
Installed Building Products, Inc.		6,044		489,504
iRobot Corp.(a)		7,296		410,984
KB Home		20,212		523,895
La-Z-Boy, Inc.		12,824		289,438
Leggett & Platt, Inc.		36,438		1,210,470
Lennar Corp., Class A		66,811		4,980,760
Lennar Corp., Class B		3,715		221,080
LGI Homes, Inc.(a)(b)		5,979		486,511
M/I Homes, Inc.(a)		7,319		265,167
MDC Holdings, Inc.		14,942		409,710
Meritage Homes Corp.(a)		8,877		623,787
Mohawk Industries, Inc.(a)		13,920		1,269,365
Newell Brands, Inc.		97,190		1,349,969
NVR, Inc.(a)		791		3,153,780

Security	Shares		Value
Household Durables (continued)
PulteGroup, Inc.		62,434	$	2,341,275
Skyline Champion Corp.(a)		13,468		712,053
Sonos, Inc.(a)		32,399		450,346
Taylor Morrison Home Corp.(a)		29,337		684,139
Tempur Sealy International, Inc.		44,176		1,066,409
Toll Brothers, Inc.		29,599		1,243,158
TopBuild Corp.(a)		8,769		1,444,956
Tri Pointe Homes, Inc.(a)		30,116		455,053
Tupperware Brands Corp.(a)		13,009		85,209
Vizio Holding Corp., Class A(a)		19,441		169,914
Vuzix Corp.(a)(b)		16,076		93,080
Whirlpool Corp.		14,330		1,931,827
				37,249,219
Household Products — 1.2%
Central Garden & Pet Co., Class A, NVS(a)		11,639		397,588
Church & Dwight Co., Inc.		64,725		4,623,954
Clorox Co.		32,497		4,172,290
Colgate-Palmolive Co.		218,413		15,343,513
Energizer Holdings, Inc.		19,382		487,264
Kimberly-Clark Corp.		89,296		10,049,372
Procter & Gamble Co.		631,441		79,719,426
Reynolds Consumer Products, Inc.		12,965		337,220
Spectrum Brands Holdings, Inc.		10,265		400,643
WD-40 Co.		3,599		632,488
				116,163,758
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		175,708		3,971,001
Altus Power, Inc.(a)(b)		14,074		154,955
Brookfield Renewable Corp., Class A(b)		34,658		1,132,623
Clearway Energy, Inc., Class A		8,342		242,752
Clearway Energy, Inc., Class C		23,216		739,430
Montauk Renewables, Inc.(a)		18,983		331,064
Ormat Technologies, Inc.		12,396		1,068,535
Sunnova Energy International, Inc.(a)(b)		27,569		608,723
Vistra Corp.		109,335		2,296,035
				10,545,118
Industrial Conglomerates — 0.7%
3M Co.		150,148		16,591,354
Brookfield Business Corp., Class A(b)		10,877		240,382
General Electric Co.		289,419		17,917,930
Honeywell International, Inc.		178,044		29,728,007
				64,477,673
Insurance — 2.4%
Aflac, Inc.		165,466		9,299,189
Alleghany Corp.(a)		3,454		2,899,184
Allstate Corp.		71,006		8,842,377
Ambac Financial Group, Inc.(a)		13,068		166,617
American Equity Investment Life Holding Co.		20,953		781,337
American Financial Group, Inc.		17,627		2,166,887
American International Group, Inc.		201,195		9,552,739
AMERISAFE, Inc.		4,921		229,958
Aon PLC, Class A		55,481		14,861,695
Arch Capital Group Ltd.(a)		96,018		4,372,660
Argo Group International Holdings Ltd.		8,291		159,685
Arthur J. Gallagher & Co.		54,812		9,384,911
Assurant, Inc.		14,546		2,113,097
Assured Guaranty Ltd.		16,436		796,324
Axis Capital Holdings Ltd.		21,258		1,044,831
Bright Health Group, Inc.(a)(b)		82,973		87,122
Brighthouse Financial, Inc.(a)		19,834		861,192
Brown & Brown, Inc.		62,480		3,778,790

SCHEDULES   OF  INVESTMENTS 19

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
BRP Group, Inc., Class A(a)(b)		16,351	$	430,849
Chubb Ltd.		109,687		19,949,872
Cincinnati Financial Corp.		41,021		3,674,251
CNA Financial Corp.		8,082		298,226
CNO Financial Group, Inc.		32,326		580,898
Employers Holdings, Inc.		7,311		252,156
Enstar Group Ltd.(a)		3,157		535,396
Erie Indemnity Co., Class A, NVS		6,955		1,546,166
Everest Re Group Ltd.		10,181		2,671,902
Fidelity National Financial, Inc.		69,364		2,510,977
First American Financial Corp.		27,559		1,270,470
Genworth Financial, Inc., Class A(a)		136,479		477,676
Globe Life, Inc.		22,386		2,231,884
Goosehead Insurance, Inc., Class A(a)		4,652		165,797
Hanover Insurance Group, Inc.		9,458		1,211,948
Hartford Financial Services Group, Inc.		85,886		5,319,779
HCI Group, Inc.		2,432		95,334
Hippo Holdings, Inc.(a)(b)		4,626		85,720
Horace Mann Educators Corp.		10,907		384,908
James River Group Holdings Ltd.		8,472		193,246
Kemper Corp.		16,435		678,108
Kinsale Capital Group, Inc.		5,807		1,483,224
Lemonade, Inc.(a)(b)		10,143		214,829
Lincoln National Corp.		45,480		1,997,027
Loews Corp.		53,279		2,655,425
Markel Corp.(a)(b)		3,511		3,806,696
Marsh & McLennan Cos., Inc.		132,847		19,832,729
MBIA, Inc.(a)		15,077		138,708
Mercury General Corp.		7,061		200,674
MetLife, Inc.		173,527		10,546,971
National Western Life Group, Inc., Class A		567		96,844
Old Republic International Corp.		75,379		1,577,682
Oscar Health, Inc., Class A(a)(b)		38,932		194,271
Palomar Holdings, Inc.(a)		5,686		476,032
Primerica, Inc.		10,025		1,237,586
Principal Financial Group, Inc.		65,617		4,734,267
ProAssurance Corp.		13,261		258,722
Progressive Corp.		154,115		17,909,704
Prudential Financial, Inc.		98,605		8,458,337
Reinsurance Group of America, Inc.		17,598		2,214,004
RenaissanceRe Holdings Ltd.		11,297		1,585,986
RLI Corp.		10,636		1,088,914
Ryan Specialty Holdings, Inc.(a)		21,795		885,313
Safety Insurance Group, Inc.		3,821		311,641
Selective Insurance Group, Inc.		15,510		1,262,514
SiriusPoint Ltd.(a)		24,229		119,934
Stewart Information Services Corp.		6,984		304,782
Travelers Cos., Inc.		62,115		9,516,018
Trupanion, Inc.(a)(b)		9,665		574,391
United Fire Group, Inc.		5,939		170,627
Universal Insurance Holdings, Inc.		8,799		86,670
Unum Group		52,810		2,049,028
W R Berkley Corp.		54,262		3,504,240
White Mountains Insurance Group Ltd.		791		1,030,689
Willis Towers Watson PLC		28,382		5,703,079
				222,191,716
Interactive Media & Services — 4.2%
Alphabet, Inc., Class A(a)(b)		1,588,661		151,955,425
Alphabet, Inc., Class C, NVS(a)		1,429,093		137,407,292
Bumble, Inc., Class A(a)		23,318		501,104
Cargurus, Inc.(a)		25,858		366,408
Cars.com, Inc.(a)		18,841		216,672

Security	Shares		Value
Interactive Media & Services (continued)
Eventbrite, Inc., Class A(a)(b)		18,728	$	113,866
fuboTV, Inc.(a)(b)		35,296		125,301
IAC, Inc.(a)(b)		20,478		1,134,072
Match Group, Inc.(a)		74,702		3,567,020
Meta Platforms, Inc., Class A(a)		606,364		82,271,468
Outbrain, Inc.(a)(b)		26,920		98,258
Pinterest, Inc., Class A(a)(b)		156,314		3,642,116
QuinStreet, Inc.(a)		12,440		130,620
Shutterstock, Inc.		6,057		303,880
TripAdvisor, Inc.(a)(b)		27,756		612,852
Twitter, Inc.(a)		196,948		8,634,200
Vimeo, Inc.(a)(b)		38,000		152,000
Yelp, Inc.(a)		18,841		638,898
Ziff Davis, Inc.(a)(b)		11,448		783,959
ZipRecruiter, Inc., Class A(a)(b)		21,551		355,591
ZoomInfo Technologies, Inc.(a)(b)		73,216		3,050,179
				396,061,181
Internet & Direct Marketing Retail — 3.0%
Amazon.com, Inc.(a)		2,349,737		265,520,281
CarParts.com, Inc.(a)(b)		21,853		112,980
ContextLogic, Inc., Class A(a)		169,905		124,693
DoorDash, Inc., Class A(a)		66,744		3,300,491
eBay, Inc.		145,916		5,371,168
Etsy, Inc.(a)(b)		33,440		3,348,347
Liquidity Services, Inc.(a)		6,775		110,162
Overstock.com, Inc.(a)(b)		11,597		282,387
PetMed Express, Inc.		5,737		111,986
Poshmark, Inc., Class A(a)		17,070		267,487
Qurate Retail, Inc., Class A		98,112		197,205
Revolve Group, Inc.(a)(b)		9,332		202,411
Stitch Fix, Inc., Class A(a)		23,005		90,870
Wayfair, Inc., Class A(a)(b)		19,866		646,638
Xometry, Inc., Class A(a)(b)		9,510		540,073
				280,227,179
IT Services — 4.4%
Accenture PLC, Class A		167,556		43,112,159
Affirm Holdings, Inc.(a)(b)		47,997		900,424
Akamai Technologies, Inc.(a)(b)		42,241		3,392,797
Amdocs Ltd.		32,253		2,562,501
Automatic Data Processing, Inc.		109,961		24,872,079
AvidXchange Holdings, Inc.(a)(b)		38,218		321,796
BigCommerce Holdings, Inc.(a)		19,979		295,689
Block, Inc.(a)		141,301		7,770,142
Broadridge Financial Solutions, Inc.		30,839		4,450,684
Cass Information Systems, Inc.		3,419		118,605
Cloudflare, Inc., Class A(a)		74,394		4,114,732
Cognizant Technology Solutions Corp., Class A		136,556		7,843,777
Concentrix Corp.		10,991		1,226,925
Conduent, Inc.(a)		38,107		127,277
Core Scientific, Inc.(a)(b)		73,390		95,407
CSG Systems International, Inc.		8,382		443,240
DigitalOcean Holdings, Inc.(a)(b)		20,365		736,602
DXC Technology Co.(a)		61,285		1,500,257
Edgio, Inc.(a)		36,664		101,926
EPAM Systems, Inc.(a)(b)		14,573		5,278,195
Euronet Worldwide, Inc.(a)		12,443		942,682
EVERTEC, Inc.		16,153		506,397
Evo Payments, Inc., Class A(a)		13,841		460,905
ExlService Holdings, Inc.(a)		8,763		1,291,316
Fastly, Inc., Class A(a)		28,019		256,654
Fidelity National Information Services, Inc.		162,264		12,262,290
Fiserv, Inc.(a)(b)		155,618		14,561,176

20 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
FleetCor Technologies, Inc.(a)		19,615	$	3,455,575
Flywire Corp.(a)		16,537		379,690
Gartner, Inc.(a)		20,036		5,543,761
Genpact Ltd.		47,125		2,062,661
Global Payments, Inc.		73,131		7,901,805
Globant SA(a)(b)		10,931		2,044,971
GoDaddy, Inc., Class A(a)		41,538		2,944,213
Grid Dynamics Holdings, Inc.(a)		11,390		213,335
Hackett Group, Inc.		7,924		140,413
I3 Verticals, Inc., Class A(a)(b)		6,161		123,405
International Business Machines Corp.		238,177		28,297,809
International Money Express, Inc.(a)		9,599		218,761
Jack Henry & Associates, Inc.		19,264		3,511,249
Kyndryl Holdings, Inc.(a)		59,255		490,039
Marqeta, Inc., Class A(a)(b)		117,058		833,453
Mastercard, Inc., Class A		227,306		64,632,188
Maximus, Inc.		16,496		954,624
MoneyGram International, Inc.(a)(b)		20,299		211,110
MongoDB, Inc., Class A(a)		17,423		3,459,511
Okta, Inc.(a)		40,272		2,290,269
Paya Holdings, Inc.(a)(b)		23,032		140,726
Paychex, Inc.		85,243		9,565,117
Payoneer Global, Inc.(a)(b)		65,627		397,043
PayPal Holdings, Inc.(a)		306,259		26,359,712
Paysafe Ltd.(a)(b)		95,782		132,179
Perficient, Inc.(a)		8,521		554,035
Remitly Global, Inc.(a)		27,021		300,474
Repay Holdings Corp.(a)(b)		20,956		147,949
Sabre Corp.(a)(b)		85,932		442,550
Shift4 Payments, Inc., Class A(a)(b)		14,853		662,592
Snowflake, Inc., Class A(a)(b)		81,452		13,843,582
SolarWinds Corp.(a)		12,335		95,596
Squarespace, Inc., Class A(a)(b)		9,940		212,318
SS&C Technologies Holdings, Inc.		59,082		2,821,165
StoneCo Ltd., Class A(a)(b)		76,694		730,894
Switch, Inc., Class A		37,878		1,276,110
Thoughtworks Holding, Inc.(a)(b)		28,989		304,095
Toast, Inc., Class A(a)(b)		63,694		1,064,964
TTEC Holdings, Inc.		4,681		207,415
Tucows, Inc., Class A(a)		2,742		102,578
Twilio, Inc., Class A(a)(b)		46,288		3,200,352
Unisys Corp.(a)		18,140		136,957
VeriSign, Inc.(a)		24,705		4,291,258
Verra Mobility Corp.(a)		37,361		574,239
Visa, Inc., Class A(b)		434,606		77,207,756
Western Union Co.		98,305		1,327,117
WEX, Inc.(a)		11,731		1,489,133
Wix.com Ltd.(a)(b)		14,065		1,100,305
				417,943,687
Leisure Products — 0.1%
Acushnet Holdings Corp.(b)		9,480		412,285
AMMO, Inc.(a)(b)		36,852		107,976
Brunswick Corp.		20,262		1,326,148
Hasbro, Inc.		34,530		2,328,013
Malibu Boats, Inc., Class A(a)		5,120		245,709
MasterCraft Boat Holdings, Inc.(a)		5,256		99,076
Mattel, Inc.(a)		91,242		1,728,123
Peloton Interactive, Inc., Class A(a)(b)		79,070		547,955
Polaris, Inc.		14,640		1,400,316
Smith & Wesson Brands, Inc.		15,079		156,369
Sturm Ruger & Co., Inc.		4,154		210,982
Topgolf Callaway Brands Corp.(a)		38,251		736,714

Security	Shares		Value
Leisure Products (continued)
Vista Outdoor, Inc.(a)(b)		15,898	$	386,639
YETI Holdings, Inc.(a)		25,051		714,455
				10,400,760
Life Sciences Tools & Services — 1.8%
10X Genomics, Inc., Class A(a)(b)		25,822		735,411
AbCellera Biologics, Inc.(a)		58,206		575,657
Adaptive Biotechnologies Corp.(a)(b)		29,552		210,410
Agilent Technologies, Inc.		79,742		9,692,640
Avantor, Inc.(a)		164,205		3,218,418
Azenta, Inc.		19,108		818,969
Bionano Genomics, Inc.(a)(b)		73,603		134,693
Bio-Rad Laboratories, Inc., Class A(a)		5,571		2,323,887
Bio-Techne Corp.		10,512		2,985,408
Bruker Corp.		29,128		1,545,532
Charles River Laboratories International, Inc.(a)		13,765		2,708,952
Codexis, Inc.(a)		16,710		101,263
Cytek Biosciences, Inc.(a)		25,641		377,436
Danaher Corp.		170,871		44,134,271
Illumina, Inc.(a)		41,791		7,973,305
IQVIA Holdings, Inc.(a)		49,557		8,976,755
Maravai LifeSciences Holdings, Inc., Class A(a)		29,963		764,955
MaxCyte, Inc.(a)(b)		25,184		163,696
Medpace Holdings, Inc.(a)(b)		7,068		1,110,878
Mettler-Toledo International, Inc.(a)		5,904		6,400,644
NanoString Technologies, Inc.(a)(b)		11,921		152,231
NeoGenomics, Inc.(a)		28,292		243,594
Pacific Biosciences of California, Inc.(a)(b)		52,188		302,951
PerkinElmer, Inc.(b)		33,337		4,011,441
QIAGEN NV(a)		61,291		2,530,092
Quanterix Corp.(a)		12,314		135,700
Quantum-Si, Inc.(a)(b)		35,122		96,586
Repligen Corp.(a)		14,697		2,749,956
Seer, Inc.(a)(b)		18,905		146,325
SomaLogic, Inc.(a)		59,939		173,823
Sotera Health Co.(a)		26,265		179,127
Syneos Health, Inc.(a)		27,210		1,282,952
Thermo Fisher Scientific, Inc.		103,369		52,427,723
Waters Corp.(a)		15,947		4,298,195
West Pharmaceutical Services, Inc.		19,700		4,847,776
				168,531,652
Machinery — 1.8%
3D Systems Corp.(a)(b)		31,171		248,745
AGCO Corp.		16,414		1,578,534
Alamo Group, Inc.		2,403		293,815
Albany International Corp., Class A		8,008		631,271
Allison Transmission Holdings, Inc.		24,621		831,205
Altra Industrial Motion Corp.(b)		18,082		607,917
Astec Industries, Inc.		6,001		187,171
Barnes Group, Inc.		12,440		359,267
Caterpillar, Inc.		139,394		22,871,767
Chart Industries, Inc.(a)(b)		9,527		1,756,302
CIRCOR International, Inc.(a)		8,658		142,770
Columbus McKinnon Corp.		6,637		173,624
Crane Holdings Co.		12,665		1,108,694
Cummins, Inc.		37,057		7,541,470
Deere & Co.		74,082		24,735,239
Desktop Metal, Inc.(a)(b)		52,469		135,895
Donaldson Co., Inc.		32,772		1,606,156
Douglas Dynamics, Inc.		5,490		153,830
Dover Corp.		38,199		4,453,239
Energy Recovery, Inc.(a)		14,927		324,513
Enerpac Tool Group Corp.		15,911		283,693

SCHEDULES   OF  INVESTMENTS 21

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
EnPro Industries, Inc.		5,159	$	438,412
Esab Corp.		16,651		555,477
ESCO Technologies, Inc.		6,645		488,009
Evoqua Water Technologies Corp.(a)		29,685		981,683
Federal Signal Corp.		17,282		644,964
Flowserve Corp.		35,670		866,781
Fortive Corp.		94,394		5,503,170
Franklin Electric Co., Inc.		11,823		966,057
Gates Industrial Corp. PLC(a)(b)		25,145		245,415
Gorman-Rupp Co.		4,763		113,312
Graco, Inc.		44,434		2,663,818
Greenbrier Cos., Inc.		8,401		203,892
Helios Technologies, Inc.		8,173		413,554
Hillenbrand, Inc.		19,028		698,708
Hillman Solutions Corp.(a)		33,954		256,013
Hyliion Holdings Corp.(a)(b)		54,869		157,474
Hyster-Yale Materials Handling, Inc.		4,972		106,948
IDEX Corp.		20,189		4,034,772
Illinois Tool Works, Inc.		80,544		14,550,274
Ingersoll Rand, Inc.(b)		107,314		4,642,404
ITT, Inc.		23,444		1,531,831
John Bean Technologies Corp.		8,655		744,330
Kadant, Inc.		2,838		473,407
Kennametal, Inc.		22,228		457,452
Lincoln Electric Holdings, Inc.		14,976		1,882,783
Lindsay Corp.		3,114		446,174
Luxfer Holdings PLC		7,296		105,792
Manitowoc Co., Inc.(a)		15,971		123,775
Markforged Holding Corp.(a)		47,376		93,804
Microvast Holdings, Inc.(a)(b)		54,533		98,705
Middleby Corp.(a)		14,451		1,852,185
Mueller Industries, Inc.		15,515		922,212
Mueller Water Products, Inc., Class A		45,689		469,226
Nikola Corp.(a)(b)		81,641		287,376
Nordson Corp.		15,509		3,292,095
Oshkosh Corp.		17,952		1,261,846
Otis Worldwide Corp.		112,059		7,149,364
PACCAR, Inc.		88,496		7,406,230
Parker-Hannifin Corp.		33,803		8,190,805
Pentair PLC		44,293		1,799,625
Proterra, Inc.(a)		62,822		312,854
Proto Labs, Inc.(a)(b)		7,158		260,766
RBC Bearings, Inc.(a)(b)		7,319		1,520,961
REV Group, Inc.		9,426		103,969
Sarcos Technology and Robotics Corp.(a)		40,842		90,669
Shyft Group, Inc.		8,937		182,583
Snap-on, Inc.		12,992		2,615,939
SPX Technologies, Inc.(a)(b)		12,338		681,304
Standex International Corp.		3,109		253,850
Stanley Black & Decker, Inc.		39,666		2,983,280
Tennant Co.		4,641		262,495
Terex Corp.		18,027		536,123
Timken Co.		16,737		988,152
Titan International, Inc.(a)		11,211		136,102
Toro Co.		28,049		2,425,678
Trinity Industries, Inc.		20,226		431,825
Wabash National Corp.		16,901		262,980
Watts Water Technologies, Inc., Class A		7,042		885,391
Westinghouse Air Brake Technologies Corp.		47,460		3,860,871
Xylem, Inc.		47,092		4,113,957
				170,055,020

Security	Shares		Value
Marine — 0.0%
Costamare, Inc.		18,073	$	161,753
Eagle Bulk Shipping, Inc.		2,757		119,047
Genco Shipping & Trading Ltd.		9,082		113,798
Golden Ocean Group Ltd.		30,271		226,124
Kirby Corp.(a)		15,714		954,940
Matson, Inc.		10,981		675,551
				2,251,213
Media — 0.8%
Altice U.S.A., Inc., Class A(a)		59,034		344,168
AMC Networks, Inc., Class A(a)		7,657		155,437
Boston Omaha Corp., Class A(a)		4,961		114,301
Cable One, Inc.		1,632		1,392,178
Charter Communications, Inc., Class A(a)		29,635		8,989,777
Clear Channel Outdoor Holdings, Inc.(a)(b)		99,006		135,638
Comcast Corp., Class A		1,158,694		33,984,495
Daily Journal Corp.(a)		396		101,530
DISH Network Corp., Class A(a)(b)		66,758		923,263
Entravision Communications Corp., Class A		23,514		93,351
EW Scripps Co., Class A(a)		13,740		154,850
Fox Corp., Class A, NVS		76,400		2,343,952
Fox Corp., Class B		40,655		1,158,668
Gannett Co., Inc.(a)		60,739		92,931
Gray Television, Inc.		21,581		309,040
iHeartMedia, Inc., Class A(a)(b)		28,425		208,355
Integral Ad Science Holding Corp.(a)(b)		18,040		130,610
Interpublic Group of Cos., Inc.		104,721		2,680,858
John Wiley & Sons, Inc., Class A		12,366		464,467
Liberty Broadband Corp., Class A(a)		5,345		398,737
Liberty Broadband Corp., Class C(a)		32,742		2,416,360
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)		21,458		816,906
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		42,930		1,618,890
Magnite, Inc.(a)		34,098		224,024
New York Times Co., Class A		43,804		1,259,365
News Corp., Class A, NVS		104,195		1,574,386
News Corp., Class B		31,606		487,365
Nexstar Media Group, Inc.		9,983		1,665,664
Omnicom Group, Inc.		53,153		3,353,423
Paramount Global, Class B, NVS		151,755		2,889,415
PubMatic, Inc., Class A(a)(b)		11,396		189,515
Scholastic Corp.		6,965		214,243
Sinclair Broadcast Group, Inc., Class A		11,943		216,049
Sirius XM Holdings, Inc.(b)		195,869		1,118,412
Stagwell, Inc.(a)(b)		18,751		130,319
TechTarget, Inc.(a)(b)		7,401		438,139
TEGNA, Inc.		55,403		1,145,734
Thryv Holdings, Inc.(a)		6,677		152,436
WideOpenWest, Inc.(a)		14,889		182,688
				74,269,939
Metals & Mining — 0.5%
5E Advanced Materials, Inc.(a)(b)		10,863		110,368
Alcoa Corp.		48,795		1,642,440
Alpha Metallurgical Resources, Inc.		4,515		617,833
Arconic Corp.(a)		26,227		446,908
ATI, Inc.(a)		32,963		877,145
Carpenter Technology Corp.		13,426		418,086
Century Aluminum Co.(a)		15,345		81,022
Cleveland-Cliffs, Inc.(a)(b)		137,079		1,846,454
Coeur Mining, Inc.(a)(b)		61,136		209,085
Commercial Metals Co.		31,823		1,129,080
Compass Minerals International, Inc.		9,038		348,234
Constellium SE(a)		30,598		310,264

22 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares			Value
Metals & Mining (continued)
Freeport-McMoRan, Inc.		375,078		$	10,250,882
Haynes International, Inc.		3,919			137,635
Hecla Mining Co.		145,298			572,474
Kaiser Aluminum Corp.		4,365			267,793
Materion Corp.		5,034			402,720
MP Materials Corp.(a)(b)		23,875			651,788
Newmont Corp.		210,052			8,828,486
Novagold Resources, Inc.(a)(b)		62,240			291,906
Nucor Corp.		69,091			7,392,046
Piedmont Lithium, Inc.(a)(b)		4,893			261,727
Reliance Steel & Aluminum Co.		15,893			2,771,898
Royal Gold, Inc.		17,978			1,686,696
Ryerson Holding Corp.		5,034			129,575
Schnitzer Steel Industries, Inc., Class A		6,266			178,330
Southern Copper Corp.		21,691			972,624
SSR Mining, Inc.		53,314			784,249
Steel Dynamics, Inc.		44,361			3,147,413
SunCoke Energy, Inc.		26,414			153,465
TimkenSteel Corp.(a)		10,085			151,174
United States Steel Corp.		63,536			1,151,272
Warrior Met Coal, Inc.		12,242			348,162
Worthington Industries, Inc.		9,456			360,652
					48,929,886
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
AFC Gamma, Inc.		6,405			97,997
AGNC Investment Corp.		138,002			1,161,977
Annaly Capital Management, Inc.		114,905			1,971,770
Apollo Commercial Real Estate Finance, Inc.		41,299			342,782
Arbor Realty Trust, Inc.		41,812			480,838
Ares Commercial Real Estate Corp.		11,143			116,444
ARMOUR Residential REIT, Inc.		28,925			140,865
Blackstone Mortgage Trust, Inc., Class A		42,767			998,182
BrightSpire Capital, Inc.		23,610			148,979
Broadmark Realty Capital, Inc.		34,696			177,297
Chimera Investment Corp.		60,363			315,095
Claros Mortgage Trust, Inc.		22,918			269,057
Dynex Capital, Inc.		7,428			86,536
Ellington Financial, Inc.		13,801			156,917
Franklin BSP Realty Trust, Inc.		22,069			237,683
Granite Point Mortgage Trust, Inc.		16,078			103,542
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		23,035			689,438
Invesco Mortgage Capital, Inc.		8,734			96,947
KKR Real Estate Finance Trust, Inc.		16,028			260,455
Ladder Capital Corp.		28,131			252,054
MFA Financial, Inc.		29,948			232,995
New York Mortgage Trust, Inc.		93,207	��		218,104
Orchid Island Capital, Inc.		11,964			98,105
PennyMac Mortgage Investment Trust		23,853			280,988
Ready Capital Corp.		21,543			218,446
Redwood Trust, Inc.		31,779			182,411
Rithm Capital Corp.		113,336			829,620
Starwood Property Trust, Inc.		75,346			1,372,804
TPG RE Finance Trust, Inc.		14,963			104,741
Two Harbors Investment Corp.		96,541			320,516
					11,963,585
Multiline Retail — 0.5%
Big Lots, Inc.		8,991			140,350
Dillard’s, Inc., Class A(b)		1,053			287,216
Dollar General Corp.		60,612			14,538,394
Dollar Tree, Inc.(a)		55,944			7,613,978
Franchise Group, Inc.		7,672			186,430

Security	Shares		Value
Multiline Retail (continued)
Kohl’s Corp.		34,186	$	859,778
Macy’s, Inc.		74,054		1,160,426
Nordstrom, Inc.		29,160		487,847
Ollie’s Bargain Outlet Holdings, Inc.(a)		17,058		880,193
Target Corp.		122,759		18,216,208
				44,370,820
Multi-Utilities — 0.8%
Ameren Corp.		67,562		5,442,119
Avista Corp.		18,236		675,644
Black Hills Corp.		16,153		1,094,043
CenterPoint Energy, Inc.		163,988		4,621,182
CMS Energy Corp.		76,141		4,434,452
Consolidated Edison, Inc.		90,720		7,780,147
Dominion Energy, Inc.		219,766		15,188,028
DTE Energy Co.		51,397		5,913,225
NiSource, Inc.		107,098		2,697,799
NorthWestern Corp.		13,830		681,542
Public Service Enterprise Group, Inc.		131,828		7,412,688
Sempra Energy		82,897		12,429,576
Unitil Corp.		3,437		159,649
WEC Energy Group, Inc.		83,162		7,437,178
				75,967,272
Oil, Gas & Consumable Fuels — 4.4%
Antero Midstream Corp.		89,389		820,591
Antero Resources Corp.(a)		77,400		2,363,022
APA Corp.		86,884		2,970,564
Arch Resources, Inc.		4,049		480,211
Archaea Energy, Inc.(a)		18,418		331,708
Ardmore Shipping Corp.(a)		13,368		122,050
Berry Corp.		23,091		173,183
Brigham Minerals, Inc., Class A		14,184		349,919
California Resources Corp.		19,514		749,923
Callon Petroleum Co.(a)		12,990		454,780
Cheniere Energy, Inc.		66,092		10,965,324
Chesapeake Energy Corp.		32,041		3,018,583
Chevron Corp.		519,189		74,591,884
Chord Energy Corp.		11,247		1,538,252
Civitas Resources, Inc.		19,483		1,118,129
Clean Energy Fuels Corp.(a)(b)		34,999		186,895
CNX Resources Corp.(a)		53,128		825,078
Comstock Resources, Inc.(a)(b)		22,514		389,267
ConocoPhillips		335,398		34,324,631
CONSOL Energy, Inc.		9,642		620,173
Continental Resources, Inc.		9,908		661,953
Coterra Energy, Inc.		208,935		5,457,382
Crescent Energy Co., Class A		9,312		125,433
CVR Energy, Inc.		7,571		219,408
Delek U.S. Holdings, Inc.		19,257		522,635
Denbury, Inc.(a)(b)		13,937		1,202,206
Devon Energy Corp.		172,864		10,394,312
DHT Holdings, Inc.		27,203		205,655
Diamondback Energy, Inc.		46,323		5,580,069
Dorian LPG Ltd.		9,491		128,793
DT Midstream, Inc.		25,208		1,308,043
Earthstone Energy, Inc., Class A(a)(b)		8,950		110,264
Energy Fuels, Inc.(a)(b)		39,832		243,772
Enviva, Inc.		7,894		474,114
EOG Resources, Inc.		154,940		17,311,446
EQT Corp.		97,093		3,956,540
Equitrans Midstream Corp.		112,247		839,608
Excelerate Energy, Inc., Class A		12,145		284,193
Exxon Mobil Corp.		1,101,503		96,172,227

SCHEDULES   OF  INVESTMENTS 23

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
FLEX LNG Ltd.(b)		7,277	$	230,463
Frontline Ltd.(b)		33,813		369,576
Gevo, Inc.(a)(b)		53,437		121,836
Golar LNG Ltd.(a)		25,052		624,296
Green Plains, Inc.(a)		9,493		275,962
Gulfport Energy Corp.(a)(b)		2,959		261,250
Hess Corp.		73,868		8,050,873
HF Sinclair Corp.		39,506		2,127,003
International Seaways, Inc.		13,454		472,639
Kinder Morgan, Inc.		533,349		8,874,927
Kinetik Holdings, Inc.		4,923		160,391
Kosmos Energy Ltd.(a)		124,746		644,937
Laredo Petroleum, Inc.(a)		4,690		294,767
Magnolia Oil & Gas Corp., Class A(b)		43,257		856,921
Marathon Oil Corp.		179,197		4,046,268
Marathon Petroleum Corp.		131,964		13,107,984
Matador Resources Co.		30,149		1,474,889
Murphy Oil Corp.		38,169		1,342,404
New Fortress Energy, Inc.		12,965		566,700
Nordic American Tankers Ltd.		51,748		138,167
Northern Oil and Gas, Inc.		17,625		483,101
Occidental Petroleum Corp.(b)		216,585		13,309,148
ONEOK, Inc.		117,609		6,026,285
Ovintiv, Inc.		68,868		3,167,928
Par Pacific Holdings, Inc.(a)		11,367		186,532
PBF Energy, Inc., Class A(a)		26,501		931,775
PDC Energy, Inc.		25,744		1,487,746
Peabody Energy Corp.(a)(b)		30,665		761,105
Permian Resources Corp.(a)		47,460		322,728
PetroCorp Escrow(a)(d)		1,248		—
Phillips 66		126,950		10,247,404
Pioneer Natural Resources Co.		62,877		13,614,757
Range Resources Corp.		69,174		1,747,335
Ranger Oil Corp., Class A		6,271		197,223
REX American Resources Corp.(a)		4,639		129,521
Scorpio Tankers, Inc.		12,848		540,130
SFL Corp. Ltd.		36,524		332,734
SM Energy Co.		32,018		1,204,197
Southwestern Energy Co.(a)		296,925		1,817,181
Talos Energy, Inc.(a)		18,449		307,176
Targa Resources Corp.		60,727		3,664,267
Teekay Tankers Ltd., Class A(a)		6,434		177,192
Tellurian, Inc.(a)(b)		140,041		334,698
Texas Pacific Land Corp.		1,544		2,744,043
Uranium Energy Corp.(a)(b)		87,076		304,766
Ur-Energy, Inc.(a)(b)		92,623		100,959
Valero Energy Corp.		104,450		11,160,482
Vertex Energy, Inc.(a)		15,878		98,920
W&T Offshore, Inc.(a)		33,293		195,097
Williams Cos., Inc.		323,340		9,257,224
World Fuel Services Corp.		17,827		417,865
				410,903,992
Paper & Forest Products — 0.0%
Clearwater Paper Corp.(a)		4,538		170,629
Louisiana-Pacific Corp.		17,994		921,113
Resolute Forest Products, Inc.(a)		10,761		215,220
Sylvamo Corp.		9,419		319,304
				1,626,266
Personal Products — 0.2%
Beauty Health Co.(a)		22,899		269,979
BellRing Brands, Inc.(a)		35,651		734,767
Coty, Inc., Class A(a)		89,873		567,997

Security	Shares		Value
Personal Products (continued)
Edgewell Personal Care Co.(b)		15,193	$	568,218
elf Beauty, Inc.(a)		12,246		460,695
Estee Lauder Cos., Inc., Class A		61,048		13,180,263
Herbalife Nutrition Ltd.(a)(b)		28,460		566,069
Inter Parfums, Inc.		5,056		381,526
Medifast, Inc.		3,208		347,619
Nu Skin Enterprises, Inc., Class A		11,915		397,604
Olaplex Holdings, Inc.(a)(b)		34,699		331,375
USANA Health Sciences, Inc.(a)		3,632		203,574
Veru, Inc.(a)(b)		16,598		191,209
				18,200,895
Pharmaceuticals — 4.2%
Aclaris Therapeutics, Inc.(a)		17,942		282,407
Aerie Pharmaceuticals, Inc.(a)		12,137		183,633
Amneal Pharmaceuticals, Inc.(a)(b)		55,105		111,312
Amphastar Pharmaceuticals, Inc.(a)		10,512		295,387
Amylyx Pharmaceuticals, Inc.(a)(b)		10,844		305,259
ANI Pharmaceuticals, Inc.(a)		3,208		103,105
Arvinas, Inc.(a)(b)		11,687		519,955
Atea Pharmaceuticals, Inc.(a)(b)		18,297		104,110
Axsome Therapeutics, Inc.(a)(b)		7,094		316,534
Bristol-Myers Squibb Co.		564,221		40,110,471
Cara Therapeutics, Inc.(a)(b)		12,379		115,867
Cassava Sciences, Inc.(a)(b)		10,012		418,702
Catalent, Inc.(a)		44,969		3,253,957
CinCor Pharma, Inc.(a)		4,240		139,157
Collegium Pharmaceutical, Inc.(a)		9,476		151,805
Corcept Therapeutics, Inc.(a)		23,101		592,310
DICE Therapeutics, Inc.(a)(b)		9,582		194,323
Elanco Animal Health, Inc.(a)		118,446		1,469,915
Eli Lilly & Co.		222,671		72,000,668
Esperion Therapeutics, Inc.(a)(b)		16,735		112,124
Evolus, Inc.(a)		11,608		93,444
Fulcrum Therapeutics, Inc.(a)(b)		13,559		109,692
Harmony Biosciences Holdings, Inc.(a)(b)		7,417		328,499
Innoviva, Inc.(a)(b)		18,600		215,946
Intra-Cellular Therapies, Inc.(a)		24,500		1,139,985
Jazz Pharmaceuticals PLC(a)		15,896		2,118,778
Johnson & Johnson		694,589		113,468,059
Liquidia Corp.(a)		21,483		116,868
Merck & Co., Inc.		668,427		57,564,933
Nektar Therapeutics(a)		45,351		145,123
NGM Biopharmaceuticals, Inc.(a)		10,919		142,821
Nuvation Bio, Inc.(a)		41,721		93,455
Ocular Therapeutix, Inc.(a)		23,248		96,479
Organon & Co.		68,542		1,603,883
Pacira BioSciences, Inc.(a)		11,864		631,046
Perrigo Co. PLC		37,105		1,323,164
Pfizer, Inc.		1,494,576		65,402,646
Phibro Animal Health Corp., Class A		10,800		143,532
Prestige Consumer Healthcare, Inc.(a)		13,689		682,123
Reata Pharmaceuticals, Inc., Class A(a)(b)		7,369		185,183
Relmada Therapeutics, Inc.(a)		5,347		197,946
Revance Therapeutics, Inc.(a)(b)		17,027		459,729
Royalty Pharma PLC, Class A		98,210		3,946,078
SIGA Technologies, Inc.		12,170		125,351
Supernus Pharmaceuticals, Inc.(a)		13,158		445,398
Tarsus Pharmaceuticals, Inc.(a)		9,355		160,158
Theravance Biopharma, Inc.(a)		15,458		156,744
Tricida, Inc.(a)(b)		11,338		118,822
Ventyx Biosciences, Inc.(a)(b)		7,035		245,592
Viatris, Inc.		321,168		2,736,351

24 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Xeris Biopharma Holdings, Inc.(a)		64,271	$	100,263
Zoetis, Inc.		124,748		18,498,881
				393,577,973
Professional Services — 0.6%
Alight, Inc., Class A(a)(b)		90,100		660,433
ASGN, Inc.(a)		13,363		1,207,614
Barrett Business Services, Inc.		1,749		136,422
Booz Allen Hamilton Holding Corp., Class A		34,147		3,153,475
CACI International, Inc., Class A(a)(b)		6,089		1,589,594
CBIZ, Inc.(a)(b)		13,622		582,749
Clarivate PLC(a)(b)		123,608		1,160,679
CoStar Group, Inc.(a)		103,923		7,238,237
CRA International, Inc.		2,642		234,451
Dun & Bradstreet Holdings, Inc.		67,998		842,495
Equifax, Inc.		31,977		5,481,817
Exponent, Inc.		13,454		1,179,512
First Advantage Corp.(a)		15,117		193,951
Forrester Research, Inc.(a)		3,647		131,328
Franklin Covey Co.(a)(b)		4,393		199,398
FTI Consulting, Inc.(a)(b)		8,598		1,424,775
Heidrick & Struggles International, Inc.		4,475		116,305
HireRight Holdings Corp.(a)(b)		8,476		129,344
Huron Consulting Group, Inc.(a)(b)		5,808		384,780
ICF International, Inc.		4,875		531,473
Insperity, Inc.		9,446		964,342
Jacobs Solutions, Inc.		33,388		3,622,264
KBR, Inc.		36,572		1,580,642
Kelly Services, Inc., Class A, NVS		10,127		137,626
Kforce, Inc.		5,077		297,766
Korn Ferry		14,210		667,160
Legalzoom.com, Inc.(a)		25,247		216,367
Leidos Holdings, Inc.		35,809		3,132,213
ManpowerGroup, Inc.		13,961		903,137
Nielsen Holdings PLC(a)		96,414		2,672,596
Planet Labs PBC(a)(b)		45,002		244,361
Resources Connection, Inc.		10,751		194,271
Robert Half International, Inc.		28,447		2,176,196
Science Applications International Corp.		14,653		1,295,765
Sterling Check Corp.(a)(b)		5,947		104,905
TransUnion		50,478		3,002,936
TriNet Group, Inc.(a)(b)		10,390		739,976
TrueBlue, Inc.(a)		10,031		191,391
Upwork, Inc.(a)		30,548		416,064
Verisk Analytics, Inc.		40,852		6,966,492
				56,105,302
Real Estate Management & Development — 0.2%
Anywhere Real Estate, Inc.(a)(b)		31,647		256,657
CBRE Group, Inc., Class A(a)		84,603		5,711,549
Compass, Inc., Class A(a)(b)		75,174		174,404
Cushman & Wakefield PLC(a)(b)		37,916		434,138
DigitalBridge Group, Inc.		42,080		526,421
Douglas Elliman, Inc., NVS		25,710		105,411
eXp World Holdings, Inc.(b)		16,291		182,622
FRP Holdings, Inc.(a)(b)		2,530		137,531
Howard Hughes Corp.(a)(b)		9,716		538,169
Jones Lang LaSalle, Inc.(a)		12,769		1,929,013
Kennedy-Wilson Holdings, Inc.		31,823		491,984
Marcus & Millichap, Inc.		5,619		184,191
Newmark Group, Inc., Class A		41,819		337,061
Opendoor Technologies, Inc.(a)		118,816		369,518
RE/MAX Holdings, Inc., Class A		5,462		103,286
Redfin Corp.(a)(b)		27,151		158,562

Security	Shares		Value
Real Estate Management & Development (continued)
RMR Group, Inc., Class A		4,154	$	98,408
St Joe Co.		8,449		270,621
Tejon Ranch Co.(a)		8,474		122,026
WeWork, Inc., Class A(a)(b)		38,359		101,651
Zillow Group, Inc., Class A(a)		15,944		456,477
Zillow Group, Inc., Class C(a)(b)		42,376		1,212,377
				13,902,077
Road & Rail — 1.0%
AMERCO		2,323		1,182,918
ArcBest Corp.		6,195		450,562
Avis Budget Group, Inc.(a)		7,900		1,172,834
Covenant Logistics Group, Inc.		3,745		107,482
CSX Corp.		569,024		15,158,799
Heartland Express, Inc.		11,948		170,976
Hertz Global Holdings, Inc.(a)(b)		54,908		893,902
JB Hunt Transport Services, Inc.		22,070		3,452,189
Knight-Swift Transportation Holdings, Inc.(b)		42,219		2,065,776
Landstar System, Inc.		9,262		1,337,155
Lyft, Inc., Class A(a)(b)		85,087		1,120,596
Marten Transport Ltd.		14,164		271,382
Norfolk Southern Corp.		61,982		12,994,526
Old Dominion Freight Line, Inc.(b)		26,821		6,672,260
Ryder System, Inc.		13,251		1,000,318
Saia, Inc.(a)		7,117		1,352,230
Schneider National, Inc., Class B		14,858		301,617
TuSimple Holdings, Inc., Class A(a)		35,031		266,236
Uber Technologies, Inc.(a)		501,775		13,297,038
Union Pacific Corp.		165,404		32,224,007
Universal Logistics Holdings, Inc.		3,534		112,099
Werner Enterprises, Inc.		16,432		617,843
XPO Logistics, Inc.(a)		27,898		1,242,019
				97,464,764
Semiconductors & Semiconductor Equipment — 4.3%
ACM Research, Inc., Class A(a)		14,000		174,440
Advanced Micro Devices, Inc.(a)		428,187		27,129,928
Allegro MicroSystems, Inc.(a)(b)		19,334		422,448
Alpha & Omega Semiconductor Ltd.(a)(b)		6,403		196,956
Ambarella, Inc.(a)		9,293		522,081
Amkor Technology, Inc.		29,124		496,564
Analog Devices, Inc.		138,005		19,229,617
Applied Materials, Inc.(b)		229,659		18,815,962
Axcelis Technologies, Inc.(a)		8,176		495,139
AXT, Inc.(a)(b)		14,163		94,892
Broadcom, Inc.		104,177		46,255,630
CEVA, Inc.(a)		5,681		149,013
Cirrus Logic, Inc.(a)		15,390		1,058,832
Cohu, Inc.(a)		11,138		287,138
Credo Technology Group Holding Ltd.(a)(b)		29,085		319,935
CyberOptics Corp.(a)		2,146		115,412
Diodes, Inc.(a)		11,033		716,152
Enphase Energy, Inc.(a)		34,675		9,621,272
Entegris, Inc.		38,799		3,221,093
First Solar, Inc.(a)		27,696		3,663,350
FormFactor, Inc.(a)		20,483		513,099
GLOBALFOUNDRIES, Inc.(a)(b)		16,457		795,696
Ichor Holdings Ltd.(a)		7,349		177,919
Impinj, Inc.(a)(b)		4,729		378,462
indie Semiconductor, Inc., Class A(a)		32,904		240,857
Intel Corp.		1,083,795		27,929,397
KLA Corp.		37,557		11,365,875
Kulicke & Soffa Industries, Inc.		15,131		582,998
Lam Research Corp.		36,157		13,233,462

SCHEDULES   OF  INVESTMENTS 25

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Lattice Semiconductor Corp.(a)(b)		35,521	$	1,747,988
MACOM Technology Solutions Holdings, Inc.(a)		13,181		682,644
Marvell Technology, Inc.		224,152		9,618,362
MaxLinear, Inc.(a)		18,820		613,908
Microchip Technology, Inc.		141,909		8,660,706
Micron Technology, Inc.		292,214		14,639,921
MKS Instruments, Inc.		14,517		1,199,685
Monolithic Power Systems, Inc.		11,902		4,325,187
NVIDIA Corp.		637,104		77,338,055
ON Semiconductor Corp.(a)		114,047		7,108,550
Onto Innovation, Inc.(a)		12,303		788,007
PDF Solutions, Inc.(a)		10,151		249,004
Photronics, Inc.(a)		16,299		238,291
Power Integrations, Inc.		15,691		1,009,245
Qorvo, Inc.(a)		28,343		2,250,718
QUALCOMM, Inc.		295,681		33,406,039
Rambus, Inc.(a)		27,451		697,804
Semtech Corp.(a)		16,602		488,265
Silicon Laboratories, Inc.(a)		9,004		1,111,454
SiTime Corp.(a)		4,317		339,877
Skyworks Solutions, Inc.		43,164		3,680,594
SMART Global Holdings, Inc.(a)		14,161		224,735
Synaptics, Inc.(a)		10,293		1,019,110
Teradyne, Inc.		42,249		3,175,012
Texas Instruments, Inc.		242,626		37,553,652
Ultra Clean Holdings, Inc.(a)		11,541		297,181
Universal Display Corp.		11,847		1,117,765
Veeco Instruments, Inc.(a)(b)		11,276		206,576
Wolfspeed, Inc.(a)(b)		31,093		3,213,773
				405,205,727
Software — 8.8%
8x8, Inc.(a)		28,207		97,314
A10 Networks, Inc.		14,972		198,678
ACI Worldwide, Inc.(a)		31,823		665,101
Adeia, Inc.		28,129		397,744
Adobe, Inc.(a)		124,977		34,393,670
Agilysys, Inc.(a)		6,726		372,284
Alarm.com Holdings, Inc.(a)		12,252		794,665
Alkami Technology, Inc.(a)(b)		7,466		112,363
Altair Engineering, Inc., Class A(a)(b)		14,054		621,468
Alteryx, Inc., Class A(a)(b)		15,571		869,485
American Software, Inc., Class A		8,843		135,475
Amplitude, Inc., Class A(a)		17,276		267,260
ANSYS, Inc.(a)		22,961		5,090,454
Appfolio, Inc., Class A(a)(b)		4,810		503,703
Appian Corp., Class A(a)(b)		10,345		422,386
AppLovin Corp., Class A(a)		59,829		1,166,067
Asana, Inc., Class A(a)(b)		19,762		439,309
Aspen Technology, Inc.(a)		6,891		1,641,436
Atlassian Corp. PLC, Class A(a)		36,307		7,645,891
Autodesk, Inc.(a)		57,463		10,734,088
Avalara, Inc.(a)		22,513		2,066,693
AvePoint, Inc.(a)(b)		39,384		157,930
Bentley Systems, Inc., Class B(b)		45,747		1,399,401
Bill.com Holdings, Inc.(a)(b)		25,923		3,431,428
Black Knight, Inc.(a)		41,142		2,663,122
Blackbaud, Inc.(a)		12,894		568,110
Blackline, Inc.(a)		14,936		894,666
Blend Labs, Inc., Class A(a)		60,407		133,499
Box, Inc., Class A(a)(b)		34,294		836,431
BTRS Holdings, Inc., Class 1(a)		18,226		168,773
C3.ai, Inc., Class A(a)(b)		15,678		195,975

Security	Shares		Value
Software (continued)
Cadence Design Systems, Inc.(a)		72,010	$	11,768,594
CCC Intelligent Solutions Holdings, Inc.(a)(b)		46,343		421,721
Cerence, Inc.(a)		9,966		156,964
Ceridian HCM Holding, Inc.(a)(b)		37,515		2,096,338
ChannelAdvisor Corp.(a)		5,040		114,206
Citrix Systems, Inc.(a)		33,434		3,473,793
Clear Secure, Inc., Class A(a)(b)		16,686		381,442
CommVault Systems, Inc.(a)		11,189		593,465
Confluent, Inc., Class A(a)(b)		33,841		804,401
Consensus Cloud Solutions, Inc.(a)		3,816		180,497
Couchbase, Inc.(a)		9,455		134,923
Coupa Software, Inc.(a)		19,649		1,155,361
Crowdstrike Holdings, Inc., Class A(a)(b)		55,627		9,167,886
CS Disco, Inc.(a)		9,745		97,450
Cvent Holding Corp.(a)(b)		25,280		132,720
Datadog, Inc., Class A(a)		70,489		6,258,013
Digital Turbine, Inc.(a)(b)		22,699		327,093
DocuSign, Inc.(a)(b)		52,744		2,820,222
Dolby Laboratories, Inc., Class A		15,300		996,795
Domo, Inc., Class B(a)		6,923		124,545
DoubleVerify Holdings, Inc.(a)(b)		18,161		496,703
Dropbox, Inc., Class A(a)		75,260		1,559,387
Duck Creek Technologies, Inc.(a)(b)		19,642		232,758
Dynatrace, Inc.(a)(b)		52,008		1,810,398
E2open Parent Holdings, Inc.(a)		54,063		328,162
Ebix, Inc.		6,836		129,679
Elastic NV(a)		21,362		1,532,510
Enfusion, Inc., Class A(a)(b)		8,096		99,905
EngageSmart, Inc.(a)(b)		11,630		240,625
Envestnet, Inc.(a)		14,799		657,076
Everbridge, Inc.(a)		9,670		298,610
Fair Isaac Corp.(a)		6,517		2,685,069
Five9, Inc.(a)		17,824		1,336,444
ForgeRock, Inc., Class A(a)		9,343		135,754
Fortinet, Inc.(a)		169,780		8,341,291
Guidewire Software, Inc.(a)		21,901		1,348,664
HubSpot, Inc.(a)		11,952		3,228,474
Informatica, Inc., Class A(a)(b)		8,831		177,238
Instructure Holdings, Inc.(a)(b)		5,230		116,524
InterDigital, Inc.		8,930		360,951
Intuit, Inc.		72,943		28,252,283
Jamf Holding Corp.(a)(b)		18,036		399,678
KnowBe4, Inc., Class A(a)		19,966		415,492
LivePerson, Inc.(a)(b)		16,592		156,297
LiveRamp Holdings, Inc.(a)		16,733		303,871
Manhattan Associates, Inc.(a)		16,568		2,204,041
Marathon Digital Holdings, Inc.(a)(b)		24,990		267,643
Matterport, Inc.(a)(b)		65,575		248,529
MeridianLink, Inc.(a)		6,070		98,820
Microsoft Corp.		1,976,292		460,278,407
MicroStrategy, Inc., Class A(a)(b)		2,554		542,112
Mitek Systems, Inc.(a)(b)		10,999		100,751
Model N, Inc.(a)		9,671		331,038
Momentive Global, Inc.(a)		32,179		186,960
N-able, Inc.(a)(b)		18,025		166,371
nCino, Inc.(a)(b)		20,450		697,549
NCR Corp.(a)		33,669		640,048
New Relic, Inc.(a)		13,815		792,705
NortonLifeLock, Inc.		153,825		3,098,035
Nutanix, Inc., Class A(a)		55,655		1,159,294
Olo, Inc., Class A(a)(b)		26,834		211,989
ON24, Inc.(a)		15,196		133,725

26 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
OneSpan, Inc.(a)		11,029	$	94,960
Oracle Corp.		398,906		24,361,189
PagerDuty, Inc.(a)(b)		21,299		491,368
Palantir Technologies, Inc., Class A(a)(b)		483,578		3,931,489
Palo Alto Networks, Inc.(a)		78,004		12,776,275
Paycom Software, Inc.(a)		13,578		4,480,604
Paycor HCM, Inc.(a)(b)		12,647		373,845
Paylocity Holding Corp.(a)		10,458		2,526,444
Pegasystems, Inc.		11,015		354,022
Ping Identity Holding Corp.(a)		21,421		601,287
Procore Technologies, Inc.(a)		20,200		999,496
Progress Software Corp.		11,784		501,409
PROS Holdings, Inc.(a)		11,829		292,176
PTC, Inc.(a)		28,152		2,944,699
Q2 Holdings, Inc.(a)(b)		14,846		478,041
Qualys, Inc.(a)		10,030		1,398,082
Rapid7, Inc.(a)		15,233		653,496
RingCentral, Inc., Class A(a)		24,505		979,220
Riot Blockchain, Inc.(a)(b)		40,716		285,419
Roper Technologies, Inc.		27,859		10,019,211
Salesforce, Inc.(a)		254,869		36,660,357
Sapiens International Corp. NV		6,902		132,380
SentinelOne, Inc., Class A(a)(b)		50,997		1,303,483
ServiceNow, Inc.(a)(b)		53,049		20,031,833
Smartsheet, Inc., Class A(a)		32,063		1,101,685
Splunk, Inc.(a)		42,186		3,172,387
Sprout Social, Inc., Class A(a)(b)		11,666		707,893
SPS Commerce, Inc.(a)(b)		9,162		1,138,195
Sumo Logic, Inc.(a)		22,778		170,835
Synopsys, Inc.(a)		40,250		12,296,777
Telos Corp.(a)		10,720		95,301
Tenable Holdings, Inc.(a)		28,951		1,007,495
Teradata Corp.(a)		26,393		819,767
Trade Desk, Inc., Class A(a)		116,290		6,948,327
Tyler Technologies, Inc.(a)		11,097		3,856,207
UiPath, Inc., Class A(a)		100,299		1,264,770
Unity Software, Inc.(a)(b)		55,878		1,780,273
Varonis Systems, Inc.(a)(b)		27,561		730,918
Verint Systems, Inc.(a)		17,834		598,866
VMware, Inc., Class A		54,951		5,850,083
Workday, Inc., Class A(a)		52,519		7,994,442
Workiva, Inc.(a)		13,112		1,020,114
Yext, Inc.(a)		25,618		114,256
Zendesk, Inc.(a)		32,389		2,464,803
Zeta Global Holdings Corp., Class A(a)(b)		30,822		203,733
Zoom Video Communications, Inc., Class A(a)(b)		66,937		4,925,894
Zscaler, Inc.(a)		22,245		3,656,411
Zuora, Inc., Class A(a)(b)		29,557		218,131
				834,901,506
Specialty Retail — 2.2%
Aaron’s Co., Inc.		9,346		90,843
Abercrombie & Fitch Co., Class A(a)		14,264		221,805
Academy Sports & Outdoors, Inc.		22,620		954,112
Advance Auto Parts, Inc.		16,517		2,582,268
American Eagle Outfitters, Inc.		39,001		379,480
America’s Car-Mart, Inc.(a)		1,962		119,721
Arko Corp.		18,737		175,940
Asbury Automotive Group, Inc.(a)		5,947		898,592
AutoNation, Inc.(a)(b)		10,052		1,023,997
AutoZone, Inc.(a)		5,152		11,035,223
Bath & Body Works, Inc.		61,473		2,004,020
Bed Bath & Beyond, Inc.(a)(b)		28,401		172,962

Security	Shares		Value
Specialty Retail (continued)
Best Buy Co., Inc.		53,482	$	3,387,550
Boot Barn Holdings, Inc.(a)(b)		8,209		479,898
Buckle, Inc.		6,822		215,985
Burlington Stores, Inc.(a)		17,588		1,967,921
Caleres, Inc.		10,726		259,784
Camping World Holdings, Inc., Class A(b)		10,951		277,279
CarMax, Inc.(a)(b)		42,833		2,827,835
Carvana Co.(a)(b)		29,207		592,902
Chico’s FAS, Inc.(a)(b)		32,211		155,901
Children’s Place, Inc.(a)		3,257		100,609
Designer Brands, Inc., Class A(b)		17,793		272,411
Dick’s Sporting Goods, Inc.(b)		14,952		1,564,577
EVgo, Inc.(a)(b)		20,787		164,425
Five Below, Inc.(a)(b)		14,681		2,021,133
Floor & Decor Holdings, Inc., Class A(a)(b)		26,843		1,885,989
Foot Locker, Inc.		20,892		650,368
GameStop Corp., Class A(a)(b)		71,494		1,796,644
Gap, Inc.		53,447		438,800
Genesco, Inc.(a)		3,208		126,139
Group 1 Automotive, Inc.		4,380		625,771
GrowGeneration Corp.(a)(b)		28,177		98,620
Guess?, Inc.		9,599		140,817
Haverty Furniture Cos., Inc.		4,607		114,714
Hibbett, Inc.		4,211		209,750
Home Depot, Inc.		273,104		75,360,318
Leslie’s, Inc.(a)(b)		41,990		617,673
Lithia Motors, Inc.		7,459		1,600,328
Lowe’s Cos., Inc.		168,795		31,701,389
MarineMax, Inc.(a)		5,322		158,542
Monro, Inc.		8,449		367,194
Murphy USA, Inc.(b)		5,562		1,529,049
National Vision Holdings, Inc.(a)(b)		20,747		677,390
ODP Corp.(a)		11,856		416,738
OneWater Marine, Inc., Class A(a)		3,390		102,073
O’Reilly Automotive, Inc.(a)		16,597		11,673,500
Penske Automotive Group, Inc.(b)		7,059		694,817
Petco Health & Wellness Co., Inc.(a)(b)		23,508		262,349
Rent-A-Center, Inc.		17,108		299,561
RH(a)(b)		5,693		1,400,877
Ross Stores, Inc.		91,329		7,696,295
Sally Beauty Holdings, Inc.(a)		27,859		351,023
Shoe Carnival, Inc.		5,555		119,099
Signet Jewelers Ltd.		13,291		760,112
Sleep Number Corp.(a)		5,806		196,301
Sonic Automotive, Inc., Class A		5,601		242,523
Sportsman’s Warehouse Holdings, Inc.(a)		13,384		111,087
TJX Cos., Inc.		309,031		19,197,006
Tractor Supply Co.		29,467		5,477,326
TravelCenters of America, Inc.(a)		4,072		219,603
Ulta Beauty, Inc.(a)		13,577		5,446,957
Urban Outfitters, Inc.(a)(b)		18,901		371,405
Victoria’s Secret & Co.(a)		20,462		595,853
Volta, Inc.(a)(b)		60,989		73,797
Warby Parker, Inc., Class A(a)(b)		25,971		346,453
Williams-Sonoma, Inc.		18,627		2,195,192
Winmark Corp.		778		168,313
Zumiez, Inc.(a)		5,426		116,822
				210,581,750
Technology Hardware, Storage & Peripherals — 6.2%
Apple Inc.		4,039,600		558,272,720
Avid Technology, Inc.(a)(b)		10,844		252,232
Corsair Gaming, Inc.(a)(b)		10,258		116,428

SCHEDULES   OF  INVESTMENTS 27

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Dell Technologies, Inc., Class C		69,612	$	2,378,642
Eastman Kodak Co.(a)(b)		20,119		92,346
Hewlett Packard Enterprise Co.		347,066		4,157,851
HP, Inc.		275,973		6,877,247
IonQ, Inc.(a)(b)		37,160		188,401
NetApp, Inc.		58,901		3,643,027
Pure Storage, Inc., Class A(a)		75,221		2,058,799
Super Micro Computer, Inc.(a)		12,391		682,372
Western Digital Corp.(a)		83,055		2,703,440
Xerox Holdings Corp.		33,713		440,966
				581,864,471
Textiles, Apparel & Luxury Goods — 0.6%
Allbirds, Inc., Class A(a)(b)		34,138		103,779
Capri Holdings Ltd.(a)		36,232		1,392,758
Carter’s, Inc.		9,866		646,519
Columbia Sportswear Co.		10,052		676,500
Crocs, Inc.(a)		15,294		1,050,086
Deckers Outdoor Corp.(a)		6,737		2,106,053
Ermenegildo Zegna NV(b)		16,768		180,256
G-III Apparel Group Ltd.(a)		11,288		168,756
Hanesbrands, Inc.		95,528		664,875
Kontoor Brands, Inc.		14,201		477,296
Lululemon Athletica, Inc.(a)		29,415		8,223,257
Movado Group, Inc.		4,370		123,147
Nike, Inc., Class B		323,305		26,873,112
Oxford Industries, Inc.		4,616		414,424
PVH Corp.		19,087		855,098
Ralph Lauren Corp.		10,997		933,975
Skechers USA, Inc., Class A(a)		35,130		1,114,324
Steven Madden Ltd.		22,272		593,994
Tapestry, Inc.		69,016		1,962,125
Under Armour, Inc., Class A(a)		50,453		335,512
Under Armour, Inc., Class C, NVS(a)		51,345		306,016
VF Corp.		92,841		2,776,874
Wolverine World Wide, Inc.		22,677		348,999
				52,327,735
Thrifts & Mortgage Finance — 0.1%
Axos Financial, Inc.(a)(b)		15,362		525,841
Blue Foundry Bancorp.(a)(b)		8,892		99,146
Bridgewater Bancshares, Inc.(a)		8,199		135,037
Capitol Federal Financial, Inc.		39,520		328,016
Columbia Financial, Inc.(a)(b)		8,640		182,563
Enact Holdings, Inc.		8,522		188,933
Essent Group Ltd.		29,365		1,023,958
Federal Agricultural Mortgage Corp., Class C, NVS		2,533		251,122
Flagstar Bancorp, Inc.		14,392		480,693
Hingham Institution For Savings		469		117,771
Home Bancorp., Inc.		2,910		113,461
Kearny Financial Corp.		15,716		166,904
Merchants Bancorp.		5,221		120,448
MGIC Investment Corp.		89,295		1,144,762
Mr Cooper Group, Inc.(a)		18,840		763,020
New York Community Bancorp, Inc.		130,712		1,114,973
NMI Holdings, Inc., Class A(a)		22,247		453,171
Northfield Bancorp, Inc.		13,544		193,815
PennyMac Financial Services, Inc.		6,786		291,119
Provident Financial Services, Inc.		21,816		425,412
Radian Group, Inc.		44,881		865,754
Rocket Cos., Inc., Class A(b)		31,141		196,811
Southern Missouri Bancorp., Inc.		2,568		131,045
TFS Financial Corp.		15,259		198,367

Security	Shares			Value
Thrifts & Mortgage Finance (continued)
TrustCo Bank Corp.		5,288		$	166,149
UWM Holdings Corp.(b)		28,459			83,385
Walker & Dunlop, Inc.		7,898			661,300
Waterstone Financial, Inc.		8,306			134,225
WSFS Financial Corp.		16,822			781,550
					11,338,751
Tobacco — 0.6%
Altria Group, Inc.		480,147			19,388,336
Philip Morris International, Inc.		409,443			33,987,863
Turning Point Brands, Inc.		6,125			130,034
Universal Corp.		6,678			307,455
Vector Group Ltd.		41,347			364,267
			��		54,177,955
Trading Companies & Distributors — 0.4%
Air Lease Corp., Class A		28,481			883,196
Alta Equipment Group, Inc.		8,982			98,892
Applied Industrial Technologies, Inc.		9,908			1,018,344
Beacon Roofing Supply, Inc.(a)		14,330			784,138
BlueLinx Holdings, Inc.(a)(b)		2,295			142,519
Boise Cascade Co.		9,671			575,038
Core & Main, Inc., Class A(a)		14,881			338,394
Custom Truck One Source, Inc.(a)(b)		17,285			100,772
DXP Enterprises, Inc.(a)		5,436			128,724
Fastenal Co.		152,974			7,042,923
GATX Corp.		9,063			771,714
Global Industrial Co.		3,975			106,649
GMS, Inc.(a)		11,207			448,392
H&E Equipment Services, Inc.		8,174			231,651
Herc Holdings, Inc.		6,342			658,807
McGrath RentCorp		6,175			517,835
MRC Global, Inc.(a)(b)		23,430			168,462
MSC Industrial Direct Co., Inc., Class A		12,396			902,553
NOW, Inc.(a)		27,777			279,159
Rush Enterprises, Inc., Class A		10,357			454,258
Rush Enterprises, Inc., Class B		2,240			107,318
SiteOne Landscape Supply, Inc.(a)		11,543			1,202,088
Textainer Group Holdings Ltd.		11,937			320,628
Titan Machinery, Inc.(a)		5,741			162,241
Transcat, Inc.(a)(b)		1,409			106,647
Triton International Ltd.		16,915			925,758
United Rentals, Inc.(a)		18,645			5,036,387
Univar Solutions, Inc.(a)		46,194			1,050,452
Veritiv Corp.(a)		3,533			345,421
Watsco, Inc.		8,557			2,203,085
WESCO International, Inc.(a)		11,691			1,395,672
WW Grainger, Inc.		11,879			5,811,088
					34,319,205
Water Utilities — 0.1%
American States Water Co.		10,241			798,286
American Water Works Co., Inc.		47,836			6,226,334
Artesian Resources Corp., Class A, NVS		2,910			140,029
California Water Service Group		13,363			704,096
Essential Utilities, Inc.		61,045			2,526,042
Middlesex Water Co.		5,085			392,562
SJW Group		7,702			443,635
York Water Co.		3,311			127,242
					11,358,226
Wireless Telecommunication Services — 0.2%
Gogo, Inc.(a)		8,323			100,875
Shenandoah Telecommunications Co.		13,363			227,438

28 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets

Security	Shares		Value
Wireless Telecommunication Services (continued)
Telephone & Data Systems, Inc.		27,693	$	384,932
T-Mobile U.S., Inc.(a)		157,775		21,168,672
				21,881,917
Total Common Stocks — 99.8% (Cost: $8,077,295,000)				9,424,113,161
Rights
Biotechnology — 0.0%
Aduro Biotech CVR, Expires 01/02/24(d)		4,039		10,255
GTX INC Contingent Rights, Expires 06/10/34(b)(d)		684		701
				10,956
Pharmaceuticals — 0.0%
Zogenix, Inc.(b)(d)		15,050		10,234
Total Rights — 0.0% (Cost: $11,636)				21,190
Warrants(a)
Oil, Gas & Consumable Fuels — 0.0%
Chord Energy Corp. (Issued/Exercisable, Expires 09/01/24, Strike Price USD 73.44)(b)		409		8,793
Chord Energy Corp. (Issued/Exercisable, Expires 09/01/25, Strike Price USD 83.45)		204		4,262
				13,055
Total Warrants — 0.0% (Cost: $68,578)				13,055
Total Long-Term Investments — 99.8% (Cost: $8,077,375,214)				9,424,147,406

Security	Shares		Value
Short-Term Securities(c)(e)
Money Market Funds — 3.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(f)		305,098,562	$	305,190,092
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		9,027,199		9,027,199
Total Short-Term Securities — 3.3% (Cost: $314,026,802)				314,217,291
Total Investments — 103.1% (Cost: $8,391,402,016)				9,738,364,697
Liabilities in Excess of Other Assets — (3.1)%				(294,192,890	)
Net Assets — 100.0%			$	9,444,171,807

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	231,125,019	$	73,908,568	(a)	$	—		$	474	$	156,031		$	305,190,092		305,098,562	$	1,195,280	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		19,635,000		—			(10,607,801	)(a)		—		—			9,027,199		9,027,199		111,223			—
BlackRock, Inc		29,068,263		2,461,879			(1,463,864	)		646,091		(8,888,814	)		21,823,555		39,659		378,127			—
									$	646,565	$	(8,732,783	)	$	336,040,846			$	1,684,630		$	—

^(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.

SCHEDULES   OF  INVESTMENTS 29

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russel 2000 E-Mini Index		36		12/16/22	$	3,005	$	(234,689	)
S&P 500 E-Mini Index		104		12/16/22		18,728		(1,528,721	)
							$	(1,763,410	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	1,763,410	$	—	$	—	$	—	$	1,763,410

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(2,472,030	)	$	—	$	—	$	—	$	(2,472,030	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(2,863,212	)	$	—	$	—	$	—	$	(2,863,212	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	21,190,720

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.

30 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF

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.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	149,473,842	$	—	$	—	$	149,473,842
Air Freight & Logistics		51,225,961		—		—		51,225,961
Airlines		18,633,311		—		—		18,633,311
Auto Components		19,143,691		—		—		19,143,691
Automobiles		212,160,316		—		—		212,160,316
Banks		381,485,287		—		—		381,485,287
Beverages		152,925,917		—		—		152,925,917
Biotechnology		258,933,871		—		—		258,933,871
Building Products		56,517,204		—		—		56,517,204
Capital Markets		289,650,977		—		—		289,650,977
Chemicals		167,494,613		—		—		167,494,613
Commercial Services & Supplies		55,843,856		—		—		55,843,856
Communications Equipment		74,622,134		—		—		74,622,134
Construction & Engineering		21,572,925		—		—		21,572,925
Construction Materials		12,574,921		—		—		12,574,921
Consumer Finance		51,323,956		—		—		51,323,956
Containers & Packaging		32,828,852		42,020		—		32,870,872
Distributors		12,165,072		—		—		12,165,072
Diversified Consumer Services		13,284,352		—		—		13,284,352
Diversified Financial Services		138,444,789		—		—		138,444,789
Diversified Telecommunication Services		78,503,113		—		—		78,503,113
Electric Utilities		170,523,681		—		—		170,523,681
Electrical Equipment		65,916,905		—		—		65,916,905
Electronic Equipment, Instruments & Components		66,262,954		—		—		66,262,954
Energy Equipment & Services		35,661,494		—		—		35,661,494
Entertainment		128,539,586		—		—		128,539,586
Equity Real Estate Investment Trusts (REITs)		305,080,780		—		—		305,080,780
Food & Staples Retailing		140,277,306		—		—		140,277,306
Food Products		107,560,384		—		—		107,560,384
Gas Utilities		14,014,047		—		—		14,014,047
Health Care Equipment & Supplies		254,549,356		—		—		254,549,356
Health Care Providers & Services		319,140,424		—		—		319,140,424
Health Care Technology		14,007,329		—		—		14,007,329
Hotels, Restaurants & Leisure		192,389,745		—		—		192,389,745
Household Durables		37,249,219		—		—		37,249,219
Household Products		116,163,758		—		—		116,163,758
Independent Power and Renewable Electricity Producers		10,545,118		—		—		10,545,118
Industrial Conglomerates		64,477,673		—		—		64,477,673
Insurance		222,191,716		—		—		222,191,716
Interactive Media & Services		396,061,181		—		—		396,061,181
Internet & Direct Marketing Retail		280,227,179		—		—		280,227,179
IT Services		417,943,687		—		—		417,943,687
Leisure Products		10,400,760		—		—		10,400,760
Life Sciences Tools & Services		168,531,652		—		—		168,531,652
Machinery		170,055,020		—		—		170,055,020
Marine		2,251,213		—		—		2,251,213
Media		74,269,939		—		—		74,269,939
Metals & Mining		48,929,886		—		—		48,929,886
Mortgage Real Estate Investment Trusts (REITs)		11,963,585		—		—		11,963,585
Multiline Retail		44,370,820		—		—		44,370,820
Multi-Utilities		75,967,272		—		—		75,967,272
Oil, Gas & Consumable Fuels		410,903,992		—		—		410,903,992
Paper & Forest Products		1,626,266		—		—		1,626,266
Personal Products		18,200,895		—		—		18,200,895
Pharmaceuticals		393,577,973		—		—		393,577,973
Professional Services		56,105,302		—		—		56,105,302
Real Estate Management & Development		13,902,077		—		—		13,902,077
Road & Rail		97,464,764		—		—		97,464,764

SCHEDULES   OF  INVESTMENTS 31

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell 3000 ETF

	Level 1			Level 2		Level 3		Total
Common Stocks (continued)
Semiconductors & Semiconductor Equipment	$	405,205,727		$	—	$	—	$	405,205,727
Software		831,427,713			3,473,793		—		834,901,506
Specialty Retail		210,581,750			—		—		210,581,750
Technology Hardware, Storage & Peripherals		581,864,471			—		—		581,864,471
Textiles, Apparel & Luxury Goods		52,327,735			—		—		52,327,735
Thrifts & Mortgage Finance		11,338,751			—		—		11,338,751
Tobacco		54,177,955			—		—		54,177,955
Trading Companies & Distributors		34,319,205			—		—		34,319,205
Water Utilities		11,358,226			—		—		11,358,226
Wireless Telecommunication Services		21,881,917			—		—		21,881,917
Rights		—			—		21,190		21,190
Warrants		13,055			—		—		13,055
Short-Term Securities Money Market Funds		314,217,291			—		—		314,217,291
	$	9,734,827,694		$	3,515,813	$	21,190	$	9,738,364,697
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(1,763,410	)	$	—	$	—	$	(1,763,410	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

32 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) September 30, 2022 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.2%
Axon Enterprise, Inc.(a)(b)		32,050	$	3,709,788
BWX Technologies, Inc.		116,877		5,887,095
Curtiss-Wright Corp.		80,384		11,186,238
HEICO Corp.		5,934		854,377
HEICO Corp., Class A		10,428		1,195,257
Hexcel Corp.		175,877		9,096,358
Howmet Aerospace, Inc.		717,485		22,191,811
Huntington Ingalls Industries, Inc.		64,427		14,270,581
Mercury Systems, Inc.(a)		123,520		5,014,912
Spirit AeroSystems Holdings, Inc., Class A(b)		11,195		245,394
Textron, Inc.		446,689		26,024,101
TransDigm Group, Inc.		66,581		34,943,040
Woodward, Inc.		123,542		9,915,481
				144,534,433
Air Freight & Logistics — 0.4%
CH Robinson Worldwide, Inc.		188,762		18,179,668
Expeditors International of Washington, Inc.		238,259		21,040,653
GXO Logistics, Inc.(a)		197,554		6,926,243
				46,146,564
Airlines — 0.8%
Alaska Air Group, Inc.(a)		263,843		10,329,453
American Airlines Group, Inc.(a)(b)		1,374,543		16,549,498
Copa Holdings SA, Class A, NVS(a)(b)		60,657		4,064,626
JetBlue Airways Corp.(a)(b)		690,719		4,579,467
Southwest Airlines Co.(a)		1,250,635		38,569,583
United Airlines Holdings, Inc.(a)(b)		691,654		22,499,505
				96,592,132
Auto Components — 0.7%
Aptiv PLC(a)		427,930		33,468,405
BorgWarner, Inc.		499,011		15,668,946
Gentex Corp.		493,180		11,757,411
Lear Corp.		124,913		14,950,837
QuantumScape Corp.(a)(b)		537,096		4,516,977
				80,362,576
Automobiles — 0.5%
Harley-Davidson, Inc.		282,346		9,848,229
Lucid Group, Inc.(a)(b)		68,087		951,175
Rivian Automotive, Inc., Class A(a)(b)		1,095,652		36,057,907
Thor Industries, Inc.		111,085		7,773,728
				54,631,039
Banks — 5.1%
Bank of Hawaii Corp.		83,010		6,318,721
Bank OZK		236,390		9,351,588
BOK Financial Corp.		61,404		5,456,360
Citizens Financial Group, Inc.		1,032,254		35,468,248
Comerica, Inc.		277,537		19,732,881
Commerce Bancshares, Inc.		229,886		15,209,258
Cullen/Frost Bankers, Inc.		123,558		16,336,839
East West Bancorp, Inc.		300,410		20,169,527
Fifth Third Bancorp		1,438,342		45,969,410
First Citizens BancShares, Inc., Class A(b)		19,274		15,369,666
First Hawaiian, Inc.		274,434		6,759,309
First Horizon Corp.		1,121,896		25,691,418
First Republic Bank		384,349		50,176,762
FNB Corp.		732,639		8,498,612
Huntington Bancshares, Inc.		3,033,472		39,981,161
KeyCorp.		1,965,307		31,484,218
M&T Bank Corp.		369,059		65,072,483
PacWest Bancorp		248,916		5,625,502

Security	Shares		Value
Banks (continued)
Pinnacle Financial Partners, Inc.		158,276	$	12,836,184
Popular, Inc.		154,001		11,097,312
Prosperity Bancshares, Inc.		185,719		12,383,743
Regions Financial Corp.		1,974,938		39,637,006
Signature Bank		124,925		18,863,675
SVB Financial Group(a)(b)		45,283		15,205,126
Synovus Financial Corp.		302,179		11,334,734
Umpqua Holdings Corp.		450,347		7,696,430
Webster Financial Corp.		368,912		16,674,822
Western Alliance Bancorp		86,109		5,660,806
Wintrust Financial Corp.		128,318		10,464,333
Zions Bancorp NA		312,740		15,905,956
				600,432,090
Beverages — 0.3%
Boston Beer Co., Inc., Class A, NVS(a)(b)		994		321,708
Brown-Forman Corp., Class A, NVS(b)		39,338		2,657,675
Brown-Forman Corp., Class B		158,719		10,565,924
Molson Coors Beverage Co., Class B		367,614		17,641,796
				31,187,103
Biotechnology — 1.4%
Biogen, Inc.(a)		308,286		82,312,362
BioMarin Pharmaceutical, Inc.(a)		390,140		33,072,168
Exact Sciences Corp.(a)(b)		306,997		9,974,332
Exelixis, Inc.(a)		94,068		1,474,986
Horizon Therapeutics PLC(a)		32,976		2,040,885
Incyte Corp.(a)		51,716		3,446,354
Ionis Pharmaceuticals, Inc.(a)(b)		23,421		1,035,911
Mirati Therapeutics, Inc.(a)(b)		90,345		6,309,695
Natera, Inc.(a)		11,244		492,712
Ultragenyx Pharmaceutical, Inc.(a)		30,680		1,270,459
United Therapeutics Corp.(a)		94,784		19,845,874
				161,275,738
Building Products — 1.7%
A O Smith Corp.		204,298		9,924,797
Allegion PLC		38,229		3,428,377
Armstrong World Industries, Inc.		41,266		3,269,505
AZEK Co., Inc.(a)(b)		237,912		3,954,097
Builders FirstSource, Inc.(a)		326,140		19,216,169
Carlisle Cos., Inc.		16,962		4,756,314
Carrier Global Corp.		1,788,946		63,614,920
Fortune Brands Home & Security, Inc.		179,539		9,639,449
Hayward Holdings, Inc.(a)(b)		154,495		1,370,371
Lennox International, Inc.		67,916		15,122,856
Masco Corp.		451,596		21,085,017
Owens Corning		203,367		15,986,680
Trane Technologies PLC		206,897		29,960,754
				201,329,306
Capital Markets — 4.6%
Affiliated Managers Group, Inc.		80,569		9,011,643
Ameriprise Financial, Inc.		82,490		20,783,355
Bank of New York Mellon Corp.		1,550,535		59,726,608
Carlyle Group, Inc.		443,186		11,451,926
Cboe Global Markets, Inc.		224,332		26,329,847
Coinbase Global, Inc., Class A(a)(b)		333,716		21,521,345
Evercore, Inc., Class A		75,980		6,249,355
Franklin Resources, Inc.		598,973		12,889,899
Interactive Brokers Group, Inc., Class A		194,917		12,457,145
Invesco Ltd.		783,821		10,738,348
Janus Henderson Group PLC		289,142		5,872,474
Jefferies Financial Group, Inc.		429,874		12,681,283
KKR & Co., Inc.		1,209,053		51,989,279

SCHEDULES   OF  INVESTMENTS 33

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Lazard Ltd., Class A		188,941	$	6,013,992
Morningstar, Inc.		4,687		995,144
MSCI, Inc., Class A		41,466		17,489,944
Nasdaq, Inc.		726,163		41,158,919
Northern Trust Corp.		434,316		37,160,077
Raymond James Financial, Inc.		378,485		37,401,888
Robinhood Markets, Inc., Class A(a)(b)		1,190,796		12,027,039
SEI Investments Co.		218,677		10,726,107
State Street Corp.		774,301		47,085,244
Stifel Financial Corp.		221,079		11,476,211
T Rowe Price Group, Inc.		472,027		49,567,555
Tradeweb Markets, Inc., Class A		83,188		4,693,467
Virtu Financial, Inc., Class A		209,010		4,341,138
				541,839,232
Chemicals — 3.9%
Albemarle Corp.		120,080		31,753,955
Ashland, Inc.		106,302		10,095,501
Axalta Coating Systems Ltd.(a)(b)		350,825		7,388,375
Celanese Corp.		229,775		20,757,873
Chemours Co.		128,620		3,170,483
Corteva, Inc.		1,531,926		87,549,571
DuPont de Nemours, Inc.		1,060,170		53,432,568
Eastman Chemical Co.		258,792		18,387,172
Element Solutions, Inc.		484,432		7,881,709
FMC Corp.		174,085		18,400,784
Ginkgo Bioworks Holdings, Inc.(a)(b)		1,374,582		4,288,696
Huntsman Corp.		404,071		9,915,902
International Flavors & Fragrances, Inc.		538,748		48,934,481
LyondellBasell Industries NV, Class A		543,221		40,893,677
Mosaic Co.		639,700		30,916,701
NewMarket Corp.		12,400		3,730,292
Olin Corp.		282,691		12,121,790
PPG Industries, Inc.		234,089		25,911,311
RPM International, Inc.		257,011		21,411,586
Scotts Miracle-Gro Co., Class A		55,764		2,383,911
Westlake Corp.		69,276		6,018,699
				465,345,037
Commercial Services & Supplies — 0.8%
Cintas Corp.		12,567		4,878,384
Clean Harbors, Inc.(a)		107,729		11,848,035
Driven Brands Holdings, Inc.(a)(b)		106,847		2,989,579
IAA, Inc.(a)(b)		48,026		1,529,628
MSA Safety, Inc.		47,569		5,198,340
Republic Services, Inc.		407,551		55,443,238
Rollins, Inc.		34,044		1,180,646
Stericycle, Inc.(a)(b)		191,680		8,071,645
Tetra Tech, Inc.		65,888		8,468,585
				99,608,080
Communications Equipment — 1.2%
Ciena Corp.(a)(b)		317,341		12,830,097
F5, Inc.(a)(b)		125,171		18,115,999
Juniper Networks, Inc.		679,907		17,759,171
Lumentum Holdings, Inc.(a)(b)		144,733		9,924,342
Motorola Solutions, Inc.(b)		348,295		78,007,631
Ubiquiti, Inc.		8,942		2,625,013
Viasat, Inc.(a)(b)		153,730		4,647,258
				143,909,511
Construction & Engineering — 0.6%
AECOM		262,684		17,959,705
MasTec, Inc.(a)		125,280		7,955,280
MDU Resources Group, Inc.		423,691		11,587,949

Security	Shares		Value
Construction & Engineering (continued)
Quanta Services, Inc.		137,507	$	17,517,017
Valmont Industries, Inc.		37,965		10,198,158
WillScot Mobile Mini Holdings Corp.(a)(b)		205,859		8,302,293
				73,520,402
Construction Materials — 0.5%
Eagle Materials, Inc.		14,001		1,500,627
Martin Marietta Materials, Inc.		119,856		38,604,419
Vulcan Materials Co.		143,856		22,687,530
				62,792,576
Consumer Finance — 1.1%
Ally Financial, Inc.		651,747		18,138,119
Credit Acceptance Corp.(a)(b)		12,575		5,507,850
Discover Financial Services		576,820		52,444,474
OneMain Holdings, Inc.		246,839		7,286,687
SLM Corp.		528,749		7,397,199
SoFi Technologies, Inc.(a)(b)		1,668,770		8,143,598
Synchrony Financial(b)		1,015,186		28,618,093
Upstart Holdings, Inc.(a)(b)		124,586		2,590,143
				130,126,163
Containers & Packaging — 1.4%
Amcor PLC		3,171,448		34,029,637
AptarGroup, Inc.		137,464		13,063,204
Ardagh Group SA(a)		34,751		296,860
Ardagh Metal Packaging SA		222,239		1,075,637
Avery Dennison Corp.		65,821		10,709,077
Ball Corp.		392,526		18,966,856
Berry Global Group, Inc.(a)		136,589		6,355,486
Crown Holdings, Inc.		29,475		2,388,359
Graphic Packaging Holding Co.		147,025		2,902,273
International Paper Co.		764,304		24,228,437
Packaging Corp. of America		195,965		22,004,910
Silgan Holdings, Inc.		177,743		7,472,316
Sonoco Products Co.		204,257		11,587,500
Westrock Co.		538,940		16,647,857
				171,728,409
Distributors — 0.6%
Genuine Parts Co.		269,539		40,247,563
LKQ Corp.		542,800		25,593,020
				65,840,583
Diversified Consumer Services — 0.4%
ADT, Inc.(b)		438,704		3,285,893
Bright Horizons Family Solutions, Inc.(a)		88,944		5,127,622
Grand Canyon Education, Inc.(a)		66,764		5,491,339
H&R Block, Inc.		60,026		2,553,506
Mister Car Wash, Inc.(a)(b)		56,347		483,457
Service Corp. International		328,165		18,948,247
Terminix Global Holdings, Inc.(a)		259,581		9,939,356
				45,829,420
Diversified Financial Services — 0.4%
Apollo Global Management, Inc.		229,254		10,660,311
Equitable Holdings, Inc.		791,157		20,846,987
Voya Financial, Inc.		204,377		12,364,808
				43,872,106
Diversified Telecommunication Services — 0.2%
Frontier Communications Parent, Inc.(a)(b)		523,809		12,272,845
Lumen Technologies, Inc.		2,188,464		15,932,018
				28,204,863
Electric Utilities — 4.5%
Alliant Energy Corp.		530,773		28,125,661

34 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities (continued)
Avangrid, Inc.		148,753	$	6,203,000
Constellation Energy Corp.		689,026		57,320,073
Edison International		793,626		44,903,359
Entergy Corp.		428,602		43,130,219
Evergy, Inc.		470,753		27,962,728
Eversource Energy		727,463		56,713,016
FirstEnergy Corp.		1,146,869		42,434,153
Hawaiian Electric Industries, Inc.		233,408		8,089,921
IDACORP, Inc.		105,645		10,459,911
NRG Energy, Inc.		501,403		19,188,693
OGE Energy Corp.		425,521		15,514,496
PG&E Corp.(a)(b)		3,278,998		40,987,475
Pinnacle West Capital Corp.		236,976		15,287,322
PPL Corp.		1,556,614		39,460,165
Xcel Energy, Inc.		1,153,840		73,845,760
				529,625,952
Electrical Equipment — 1.5%
Acuity Brands, Inc.(b)		68,948		10,857,242
AMETEK, Inc.		487,090		55,240,877
Hubbell, Inc.		113,590		25,330,570
nVent Electric PLC		346,727		10,960,041
Plug Power, Inc.(a)(b)		548,401		11,521,905
Regal Rexnord Corp.		142,456		19,995,124
Rockwell Automation, Inc.(b)		80,403		17,295,489
Sensata Technologies Holding PLC(b)		325,603		12,138,480
Sunrun, Inc.(a)(b)		434,700		11,993,373
Vertiv Holdings Co.(b)		536,488		5,214,663
				180,547,764
Electronic Equipment, Instruments & Components — 1.8%
Amphenol Corp., Class A		306,057		20,493,577
Arrow Electronics, Inc.(a)		128,352		11,832,771
Avnet, Inc.		197,184		7,122,286
Cognex Corp.(b)		25,149		1,042,426
Coherent Corp.(a)		225,638		7,863,484
Corning, Inc.		1,499,481		43,514,939
IPG Photonics Corp.(a)		71,043		5,992,477
Jabil, Inc.		53,267		3,074,039
Keysight Technologies, Inc.(a)		28,137		4,427,638
Littelfuse, Inc.(b)		50,763		10,086,100
National Instruments Corp.		238,813		9,012,803
TD SYNNEX Corp.		90,966		7,385,529
Teledyne Technologies, Inc.(a)		97,946		33,053,837
Trimble, Inc.(a)		528,562		28,685,060
Vontier Corp.		127,348		2,127,985
Zebra Technologies Corp., Class A(a)		64,789		16,975,366
				212,690,317
Energy Equipment & Services — 0.7%
Baker Hughes Co.		2,011,615		42,163,450
Halliburton Co.		1,041,544		25,642,813
NOV, Inc.		821,554		13,292,744
				81,099,007
Entertainment — 1.2%
AMC Entertainment Holdings, Inc., Class A(a)(b)		1,084,848		7,561,390
Electronic Arts, Inc.		548,569		63,474,919
Liberty Media Corp.-Liberty Formula One, Class A, NVS(a)(b)		39,184		2,057,944
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		378,162		22,122,477
Live Nation Entertainment, Inc.(a)(b)		161,699		12,295,592
Madison Square Garden Co(a)		19,804		2,706,415
Playtika Holding Corp.(a)(b)		18,680		175,405

Security	Shares		Value
Entertainment (continued)
Roku, Inc.(a)(b)		180,255	$	10,166,382
Take-Two Interactive Software, Inc.(a)		59,380		6,472,420
Warner Bros Discovery, Inc.(a)(b)		1,337,960		15,386,540
				142,419,484
Equity Real Estate Investment Trusts (REITs) — 10.7%
Alexandria Real Estate Equities, Inc.		343,391		48,139,984
American Homes 4 Rent, Class A		638,255		20,941,147
Americold Realty Trust, Inc.		571,422		14,056,981
Apartment Income REIT Corp.		302,535		11,683,902
AvalonBay Communities, Inc.		295,258		54,383,571
Boston Properties, Inc.		332,128		24,899,636
Brixmor Property Group, Inc.		625,827		11,559,025
Camden Property Trust		201,365		24,053,049
Cousins Properties, Inc.		321,091		7,497,475
CubeSmart		472,383		18,923,663
Douglas Emmett, Inc.		363,885		6,524,458
EastGroup Properties, Inc.		86,340		12,462,316
EPR Properties		157,222		5,637,981
Equity LifeStyle Properties, Inc.		144,261		9,065,361
Equity Residential		782,811		52,620,555
Essex Property Trust, Inc.		137,409		33,284,582
Extra Space Storage, Inc.		246,401		42,555,917
Federal Realty Investment Trust		169,649		15,288,768
First Industrial Realty Trust, Inc.		277,804		12,448,397
Gaming and Leisure Properties, Inc.		516,051		22,830,096
Healthcare Realty Trust, Inc.		806,885		16,823,552
Healthpeak Properties, Inc.		1,142,421		26,184,289
Highwoods Properties, Inc.		217,644		5,867,682
Host Hotels & Resorts, Inc.		1,500,259		23,824,113
Hudson Pacific Properties, Inc.		294,786		3,227,907
Invitation Homes, Inc.		1,288,023		43,496,537
Iron Mountain, Inc.		152,118		6,688,628
JBG SMITH Properties		225,896		4,197,148
Kilroy Realty Corp.		243,954		10,272,903
Kimco Realty Corp.		1,280,839		23,580,246
Lamar Advertising Co., Class A		22,946		1,892,816
Life Storage, Inc.		176,876		19,590,786
Medical Properties Trust, Inc.		1,246,545		14,784,024
Mid-America Apartment Communities, Inc.		242,599		37,619,827
National Retail Properties, Inc.		368,238		14,677,967
National Storage Affiliates Trust		178,182		7,408,808
Omega Healthcare Investors, Inc.		493,301		14,547,446
Park Hotels & Resorts, Inc.		467,244		5,261,167
Rayonier, Inc.		308,345		9,241,100
Realty Income Corp.		1,307,511		76,097,140
Regency Centers Corp.		364,127		19,608,239
Rexford Industrial Realty, Inc.		361,895		18,818,540
SBA Communications Corp., Class A		174,039		49,540,201
Simon Property Group, Inc.		355,342		31,891,944
SL Green Realty Corp.		138,030		5,543,285
Spirit Realty Capital, Inc.		288,988		10,449,806
STORE Capital Corp.		536,175		16,798,363
Sun Communities, Inc.		257,264		34,815,537
UDR, Inc.		684,334		28,543,571
Ventas, Inc.		843,990		33,903,078
VICI Properties, Inc.		2,030,207		60,601,679
Vornado Realty Trust		368,536		8,535,294
Welltower, Inc.		979,041		62,971,917
Weyerhaeuser Co.		1,570,709		44,859,449
WP Carey, Inc.		404,452		28,230,750
				1,269,252,603

SCHEDULES   OF  INVESTMENTS 35

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food & Staples Retailing — 1.0%
Albertsons Cos., Inc., Class A		355,671	$	8,841,981
BJ’s Wholesale Club Holdings, Inc.(a)(b)		103,773		7,555,712
Casey’s General Stores, Inc.		77,815		15,759,094
Grocery Outlet Holding Corp.(a)(b)		171,445		5,707,404
Kroger Co.		1,389,306		60,782,137
Performance Food Group Co.(a)(b)		220,565		9,473,267
US Foods Holding Corp.(a)(b)		426,743		11,283,085
				119,402,680
Food Products — 2.5%
Bunge Ltd.		295,272		24,380,609
Campbell Soup Co.		407,461		19,199,562
Conagra Brands, Inc.		995,840		32,494,259
Darling Ingredients, Inc.(a)		316,347		20,926,354
Flowers Foods, Inc.		393,391		9,712,824
Freshpet, Inc.(a)(b)		42,074		2,107,487
Hershey Co.		40,770		8,988,562
Hormel Foods Corp.		607,360		27,598,438
Ingredion, Inc.		139,028		11,194,535
J M Smucker Co.		217,949		29,948,372
Kellogg Co.		242,859		16,917,558
McCormick & Co., Inc., NVS		529,348		37,726,632
Pilgrim’s Pride Corp.(a)		47,553		1,094,670
Post Holdings, Inc.(a)(b)		116,683		9,557,504
Seaboard Corp.		507		1,725,149
Tyson Foods, Inc., Class A		601,818		39,677,861
				293,250,376
Gas Utilities — 0.5%
Atmos Energy Corp.		292,362		29,777,070
National Fuel Gas Co.		169,084		10,407,120
UGI Corp.		445,848		14,414,266
				54,598,456
Health Care Equipment & Supplies — 2.0%
Align Technology, Inc.(a)(b)		41,187		8,530,240
Cooper Cos., Inc.		102,851		27,142,379
DENTSPLY SIRONA, Inc.		449,760		12,750,696
Enovis Corp.(a)		106,252		4,895,030
Envista Holdings Corp.(a)		348,441		11,432,349
Globus Medical, Inc., Class A(a)(b)		149,737		8,919,833
Hologic, Inc.(a)		519,951		33,547,239
ICU Medical, Inc.(a)		34,464		5,190,278
Integra LifeSciences Holdings Corp.(a)(b)		156,043		6,609,981
Masimo Corp.(a)		22,979		3,243,716
QuidelOrtho Corp.(a)		103,686		7,411,475
STERIS PLC		210,951		35,076,932
Tandem Diabetes Care, Inc.(a)		7,744		370,550
Teleflex, Inc.		99,664		20,078,309
Zimmer Biomet Holdings, Inc.		442,912		46,306,450
				231,505,457
Health Care Providers & Services — 1.8%
Acadia Healthcare Co., Inc.(a)(b)		186,941		14,615,047
agilon health, Inc.(a)		21,608		506,059
Amedisys, Inc.(a)(b)		67,098		6,494,415
Cardinal Health, Inc.		575,901		38,401,079
Chemed Corp.		19,737		8,616,385
Encompass Health Corp.		205,799		9,308,289
Enhabit, Inc.(a)		102,917		1,444,955
Henry Schein, Inc.(a)		284,184		18,690,782
Laboratory Corp. of America Holdings		191,028		39,124,445
Molina Healthcare, Inc.(a)		27,219		8,977,915
Oak Street Health, Inc.(a)(b)		244,515		5,995,508
Premier, Inc., Class A		247,104		8,386,710

Security	Shares		Value
Health Care Providers & Services (continued)
Quest Diagnostics, Inc.		247,639	$	30,382,829
Signify Health, Inc., Class A(a)		146,560		4,272,224
Tenet Healthcare Corp.(a)(b)		227,413		11,729,962
Universal Health Services, Inc., Class B(b)		133,553		11,776,703
				218,723,307
Health Care Technology — 0.2%
Certara, Inc.(a)(b)		86,357		1,146,821
Change Healthcare, Inc.(a)(b)		514,822		14,152,457
Definitive Healthcare Corp.(a)(b)		38,870		604,040
Doximity, Inc., Class A(a)(b)		122,716		3,708,477
Teladoc Health, Inc.(a)(b)		304,701		7,724,170
				27,335,965
Hotels, Restaurants & Leisure — 2.1%
Aramark		486,594		15,181,733
Boyd Gaming Corp.		163,423		7,787,106
Caesars Entertainment, Inc.(a)(b)		135,227		4,362,423
Carnival Corp.(a)		2,034,496		14,302,507
Darden Restaurants, Inc.		70,549		8,911,750
Domino’s Pizza, Inc.		20,269		6,287,444
Hilton Worldwide Holdings, Inc.		157,510		18,998,856
Hyatt Hotels Corp., Class A(a)(b)		102,996		8,338,556
Las Vegas Sands Corp.(a)		435,387		16,335,720
Marriott Vacations Worldwide Corp.		81,053		9,877,119
MGM Resorts International(b)		694,188		20,631,267
Norwegian Cruise Line Holdings Ltd.(a)(b)		821,297		9,329,934
Penn Entertainment, Inc.(a)(b)		333,831		9,183,691
Planet Fitness, Inc., Class A(a)(b)		46,591		2,686,437
Royal Caribbean Cruises Ltd.(a)(b)		467,978		17,736,366
Six Flags Entertainment Corp.(a)		80,959		1,432,974
Travel + Leisure Co.		49,427		1,686,449
Vail Resorts, Inc.		4,559		983,103
Wyndham Hotels & Resorts, Inc.		58,158		3,567,993
Wynn Resorts Ltd.(a)(b)		194,195		12,240,111
Yum! Brands, Inc.		535,658		56,961,872
				246,823,411
Household Durables — 1.4%
DR Horton, Inc.(b)		320,826		21,607,631
Garmin Ltd.		326,428		26,215,433
Leggett & Platt, Inc.		283,384		9,414,017
Lennar Corp., Class A		530,224		39,528,199
Lennar Corp., Class B		33,244		1,978,350
Mohawk Industries, Inc.(a)(b)		110,411		10,068,379
Newell Brands, Inc.		792,417		11,006,672
NVR, Inc.(a)		1,766		7,041,183
PulteGroup, Inc.		295,475		11,080,313
Tempur Sealy International, Inc.		359,542		8,679,344
Toll Brothers, Inc.		111,187		4,669,854
TopBuild Corp.(a)		10,507		1,731,343
Whirlpool Corp.		112,750		15,199,828
				168,220,546
Household Products — 0.3%
Church & Dwight Co., Inc.(b)		282,243		20,163,440
Clorox Co.		44,240		5,679,974
Reynolds Consumer Products, Inc.		114,969		2,990,344
Spectrum Brands Holdings, Inc.		83,283		3,250,535
				32,084,293
Independent Power and Renewable Electricity Producers — 0.4%
AES Corp.		1,158,850		26,190,010

36 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of��Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Independent Power and Renewable Electricity Producers (continued)
Brookfield Renewable Corp., Class A(b)		268,050	$	8,759,874
Vistra Corp.		367,575		7,719,075
				42,668,959
Insurance — 6.7%
Aflac, Inc.		1,325,988		74,520,525
Alleghany Corp.(a)		23,397		19,638,740
Allstate Corp.		570,202		71,007,255
American Financial Group, Inc.		143,187		17,601,978
Arch Capital Group Ltd.(a)		505,176		23,005,715
Arthur J. Gallagher & Co.		390,378		66,840,521
Assurant, Inc.		105,042		15,259,451
Assured Guaranty Ltd.		124,255		6,020,155
Axis Capital Holdings Ltd.		166,871		8,201,710
Brighthouse Financial, Inc.(a)		150,709		6,543,785
Brown & Brown, Inc.		462,545		27,974,722
Cincinnati Financial Corp.		330,959		29,643,998
CNA Financial Corp.		59,435		2,193,151
Erie Indemnity Co., Class A, NVS		13,705		3,046,758
Everest Re Group Ltd.		56,444		14,813,163
Fidelity National Financial, Inc.		555,685		20,115,797
First American Financial Corp.		213,063		9,822,204
Globe Life, Inc.		189,961		18,939,112
Hanover Insurance Group, Inc.		74,296		9,520,289
Hartford Financial Services Group, Inc.		681,817		42,231,745
Kemper Corp.		135,687		5,598,446
Lincoln National Corp.		285,297		12,527,391
Loews Corp.		421,501		21,007,610
Markel Corp.(a)		21,855		23,695,628
Old Republic International Corp.		592,529		12,401,632
Primerica, Inc.		78,188		9,652,309
Principal Financial Group, Inc.		521,555		37,630,193
Prudential Financial, Inc.		793,318		68,050,818
Reinsurance Group of America, Inc.		140,313		17,652,778
RenaissanceRe Holdings Ltd.(b)		41,394		5,811,304
Unum Group		420,807		16,327,312
W R Berkley Corp.		435,991		28,156,299
White Mountains Insurance Group Ltd.		6,051		7,884,574
Willis Towers Watson PLC		231,187		46,454,716
				799,791,784
Interactive Media & Services — 0.4%
IAC, Inc.(a)(b)		164,027		9,083,815
Match Group, Inc.(a)		37,677		1,799,077
Pinterest, Inc., Class A(a)		974,574		22,707,574
TripAdvisor, Inc.(a)		197,010		4,349,981
Twitter, Inc.(a)		115,913		5,081,626
				43,022,073
Internet & Direct Marketing Retail — 0.4%
DoorDash, Inc., Class A(a)(b)		60,316		2,982,626
eBay, Inc.		1,011,096		37,218,444
Wayfair, Inc., Class A(a)(b)		59,021		1,921,134
				42,122,204
IT Services — 2.3%
Affirm Holdings, Inc.(a)(b)		379,328		7,116,193
Akamai Technologies, Inc.(a)(b)		331,061		26,590,820
Amdocs Ltd.		254,024		20,182,207
Broadridge Financial Solutions, Inc.		22,549		3,254,272
Concentrix Corp.		91,617		10,227,206
DXC Technology Co.(a)		486,355		11,905,970
Euronet Worldwide, Inc.(a)		25,045		1,897,409
Genpact Ltd.(b)		178,846		7,828,089
Global Payments, Inc.(b)		580,494		62,722,377

Security	Shares		Value
IT Services (continued)
GoDaddy, Inc., Class A(a)(b)		285,185	$	20,213,913
Kyndryl Holdings, Inc.(a)(b)		427,507		3,535,483
Okta, Inc.(a)		272,223		15,481,322
SS&C Technologies Holdings, Inc.		473,401		22,604,898
Switch, Inc., Class A		122,758		4,135,717
Twilio, Inc., Class A(a)		223,996		15,487,083
VeriSign, Inc.(a)(b)		177,228		30,784,504
Western Union Co.		536,271		7,239,658
WEX, Inc.(a)(b)		26,037		3,305,137
Wix.com Ltd.(a)		25,001		1,955,828
				276,468,086
Leisure Products — 0.3%
Brunswick Corp.		128,701		8,423,481
Hasbro, Inc.		279,149		18,820,226
Mattel, Inc.(a)(b)		382,214		7,239,133
Peloton Interactive, Inc., Class A(a)(b)		651,568		4,515,366
Polaris, Inc.		30,691		2,935,594
				41,933,800
Life Sciences Tools & Services — 0.9%
10X Genomics, Inc., Class A(a)(b)		19,841		565,072
Agilent Technologies, Inc.		64,216		7,805,455
Avantor, Inc.(a)		90,895		1,781,542
Azenta, Inc.		155,456		6,662,844
Bio-Rad Laboratories, Inc., Class A(a)		45,406		18,940,659
Charles River Laboratories International, Inc.(a)(b)		6,707		1,319,937
PerkinElmer, Inc.(b)		266,725		32,095,019
QIAGEN NV(a)		482,003		19,897,084
Repligen Corp.(a)(b)		33,444		6,257,707
Syneos Health, Inc.(a)		177,440		8,366,296
				103,691,615
Machinery — 5.0%
AGCO Corp.(b)		113,099		10,876,731
Allison Transmission Holdings, Inc.		42,401		1,431,458
Crane Holdings Co.		98,726		8,642,474
Cummins, Inc.		297,485		60,541,172
Donaldson Co., Inc.		215,398		10,556,656
Dover Corp.		304,117		35,453,960
Esab Corp.		106,379		3,548,803
Flowserve Corp.		276,946		6,729,788
Fortive Corp.		757,292		44,150,124
Gates Industrial Corp. PLC(a)(b)		232,348		2,267,717
Graco, Inc.		110,636		6,632,628
IDEX Corp.		132,327		26,445,551
Ingersoll Rand, Inc.(b)		858,252		37,127,982
ITT, Inc.		175,224		11,449,136
Middleby Corp.(a)(b)		106,255		13,618,703
Nordson Corp.(b)		94,272		20,011,117
Oshkosh Corp.		137,824		9,687,649
Otis Worldwide Corp.		785,382		50,107,372
PACCAR, Inc.		720,161		60,270,274
Parker-Hannifin Corp.		209,146		50,678,167
Pentair PLC		345,373		14,032,505
Snap-on, Inc.		111,610		22,472,674
Stanley Black & Decker, Inc.		312,192		23,479,960
Timken Co.		130,811		7,723,081
Westinghouse Air Brake Technologies Corp.		382,986		31,155,911
Xylem, Inc.		326,187		28,495,696
				597,587,289
Marine — 0.1%
Kirby Corp.(a)		125,299		7,614,420

SCHEDULES   OF  INVESTMENTS 37

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media — 1.6%
Altice U.S.A., Inc., Class A(a)(b)		439,127	$	2,560,110
Cable One, Inc.(b)		4,818		4,109,995
DISH Network Corp., Class A(a)(b)		538,170		7,442,891
Fox Corp., Class A, NVS		636,570		19,529,968
Fox Corp., Class B		304,445		8,676,683
Interpublic Group of Cos., Inc.		834,699		21,368,294
Liberty Broadband Corp., Class A(a)		20,558		1,533,627
Liberty Broadband Corp., Class C(a)		139,673		10,307,867
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)		113,743		4,330,196
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		234,530		8,844,126
New York Times Co., Class A		345,150		9,923,063
News Corp., Class A, NVS		810,111		12,240,777
News Corp., Class B		256,766		3,959,332
Nexstar Media Group, Inc.(b)		71,656		11,955,804
Omnicom Group, Inc.		430,965		27,189,582
Paramount Global, Class A		17,349		373,697
Paramount Global, Class B, NVS		1,222,857		23,283,197
Sirius XM Holdings, Inc.(b)		1,488,903		8,501,636
				186,130,845
Metals & Mining — 1.4%
Alcoa Corp.		380,037		12,792,045
Cleveland-Cliffs, Inc.(a)(b)		1,087,846		14,653,286
Nucor Corp.		552,383		59,099,457
Reliance Steel & Aluminum Co.		126,785		22,112,572
Royal Gold, Inc.		128,612		12,066,378
SSR Mining, Inc.(b)		444,977		6,545,612
Steel Dynamics, Inc.		366,059		25,971,886
United States Steel Corp.(b)		497,037		9,006,310
				162,247,546
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
AGNC Investment Corp.		1,096,296		9,230,812
Annaly Capital Management, Inc.		907,217		15,567,844
Rithm Capital Corp.		895,404		6,554,357
Starwood Property Trust, Inc.		618,332		11,266,009
				42,619,022
Multiline Retail — 0.5%
Dollar Tree, Inc.(a)(b)		309,365		42,104,576
Kohl’s Corp.		268,613		6,755,617
Macy’s, Inc.		569,753		8,928,030
Nordstrom, Inc.(b)		36,705		614,075
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		124,299		6,413,828
				64,816,126
Multi-Utilities — 3.1%
Ameren Corp.		543,342		43,766,198
CenterPoint Energy, Inc.		1,331,394		37,518,683
CMS Energy Corp.		612,002		35,642,997
Consolidated Edison, Inc.		751,549		64,452,842
DTE Energy Co.		407,106		46,837,545
NiSource, Inc.		861,754		21,707,583
Public Service Enterprise Group, Inc.		1,050,958		59,095,369
WEC Energy Group, Inc.		666,049		59,564,762
				368,585,979
Oil, Gas & Consumable Fuels — 4.5%
Antero Midstream Corp.		705,755		6,478,831
Antero Resources Corp.(a)(b)		215,323		6,573,811
APA Corp.		687,922		23,520,053
Cheniere Energy, Inc.		223,656		37,106,767
Chesapeake Energy Corp.		256,049		24,122,376

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Continental Resources, Inc.		18,709	$	1,249,948
Coterra Energy, Inc.		1,389,206		36,286,061
Devon Energy Corp.		709,878		42,684,964
Diamondback Energy, Inc.		157,050		18,918,243
DT Midstream, Inc.		203,390		10,553,907
EQT Corp.		779,716		31,773,427
Hess Corp.		128,301		13,983,526
HF Sinclair Corp.		308,072		16,586,597
Marathon Oil Corp.		1,428,657		32,259,075
ONEOK, Inc.		831,953		42,629,272
Ovintiv, Inc.		156,179		7,184,234
PDC Energy, Inc.		92,134		5,324,424
Phillips 66		1,017,714		82,149,874
Range Resources Corp.		187,641		4,739,812
Southwestern Energy Co.(a)(b)		2,205,354		13,496,767
Williams Cos., Inc.		2,577,469		73,792,937
				531,414,906
Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.		139,845		7,158,666
Personal Products — 0.0%
Coty, Inc., Class A(a)		727,744		4,599,342
Pharmaceuticals — 1.0%
Catalent, Inc.(a)		246,949		17,869,230
Elanco Animal Health, Inc.(a)		934,677		11,599,342
Jazz Pharmaceuticals PLC(a)		127,945		17,053,789
Organon & Co.		533,178		12,476,365
Perrigo Co. PLC		282,032		10,057,261
Royalty Pharma PLC, Class A		776,651		31,205,837
Viatris, Inc.		2,571,803		21,911,761
				122,173,585
Professional Services — 1.8%
CACI International, Inc., Class A(a)		48,686		12,709,967
Clarivate PLC(a)(b)		1,012,860		9,510,755
CoStar Group, Inc.(a)(b)		710,721		49,501,718
Dun & Bradstreet Holdings, Inc.		527,738		6,538,674
Equifax, Inc.		128,994		22,113,441
FTI Consulting, Inc.(a)(b)		41,037		6,800,241
Jacobs Solutions, Inc.		270,571		29,354,248
KBR, Inc.		102,447		4,427,759
Leidos Holdings, Inc.		288,769		25,258,625
ManpowerGroup, Inc.		110,040		7,118,488
Nielsen Holdings PLC(a)		761,056		21,096,472
Robert Half International, Inc.		25,432		1,945,548
Science Applications International Corp.		116,806		10,329,155
TransUnion		107,882		6,417,900
				213,122,991
Real Estate Management & Development — 0.5%
CBRE Group, Inc., Class A(a)(b)		346,906		23,419,624
Howard Hughes Corp.(a)(b)		76,859		4,257,220
Jones Lang LaSalle, Inc.(a)		100,915		15,245,229
Opendoor Technologies, Inc.(a)(b)		700,652		2,179,028
WeWork, Inc., Class A(a)(b)		272,820		722,973
Zillow Group, Inc., Class A(a)(b)		114,702		3,283,918
Zillow Group, Inc., Class C(a)(b)		315,701		9,032,206
				58,140,198
Road & Rail — 0.6%
AMERCO		19,296		9,825,909
Avis Budget Group, Inc.(a)(b)		62,403		9,264,349
Hertz Global Holdings, Inc.(a)(b)		430,823		7,013,798
JB Hunt Transport Services, Inc.(b)		19,898		3,112,445

38 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Road & Rail (continued)
Knight-Swift Transportation Holdings, Inc.		328,106	$	16,054,227
Landstar System, Inc.		7,511		1,084,363
Lyft, Inc., Class A(a)(b)		128,674		1,694,637
Ryder System, Inc.		103,753		7,832,314
Schneider National, Inc., Class B(b)		120,054		2,437,096
XPO Logistics, Inc.(a)(b)		198,503		8,837,354
				67,156,492
Semiconductors & Semiconductor Equipment — 1.3%
Cirrus Logic, Inc.(a)		119,487		8,220,706
First Solar, Inc.(a)		224,931		29,751,623
GLOBALFOUNDRIES, Inc.(a)(b)		99,400		4,805,990
Microchip Technology, Inc.		164,960		10,067,509
MKS Instruments, Inc.		120,419		9,951,426
ON Semiconductor Corp.(a)(b)		346,304		21,585,128
Qorvo, Inc.(a)		217,618		17,281,045
Skyworks Solutions, Inc.		340,084		28,998,963
Teradyne, Inc.(b)		31,255		2,348,813
Wolfspeed, Inc.(a)(b)		244,680		25,290,125
				158,301,328
Software — 1.7%
ANSYS, Inc.(a)		87,426		19,382,344
Bill.com Holdings, Inc.(a)(b)		206,372		27,317,462
Black Knight, Inc.(a)		298,021		19,290,899
CCC Intelligent Solutions Holdings, Inc.(a)(b)		217,218		1,976,684
Ceridian HCM Holding, Inc.(a)		232,663		13,001,208
Citrix Systems, Inc.(a)		139,861		14,531,558
Coupa Software, Inc.(a)		70,098		4,121,762
Dolby Laboratories, Inc., Class A		129,008		8,404,871
DoubleVerify Holdings, Inc.(a)(b)		17,264		472,170
Dropbox, Inc., Class A(a)		40,003		828,862
Guidewire Software, Inc.(a)(b)		175,537		10,809,569
Informatica, Inc., Class A(a)(b)		63,155		1,267,521
Jamf Holding Corp.(a)(b)		17,172		380,532
Manhattan Associates, Inc.(a)(b)		50,440		6,710,033
nCino, Inc.(a)(b)		117,950		4,023,275
NCR Corp.(a)(b)		252,908		4,807,781
NortonLifeLock, Inc.		773,193		15,572,107
Nutanix, Inc., Class A(a)		222,913		4,643,278
Paycor HCM, Inc.(a)(b)		99,089		2,929,071
Procore Technologies, Inc.(a)(b)		41,058		2,031,550
SentinelOne, Inc., Class A(a)(b)		116,267		2,971,785
Teradata Corp.(a)(b)		100,214		3,112,647
Tyler Technologies, Inc.(a)(b)		11,340		3,940,650
UiPath, Inc., Class A(a)(b)		711,164		8,967,778
Unity Software, Inc.(a)(b)		142,970		4,555,024
Zoom Video Communications, Inc., Class A(a)		266,204		19,589,952
				205,640,373
Specialty Retail — 2.0%
Advance Auto Parts, Inc.		118,125		18,467,662
AutoNation, Inc.(a)(b)		80,491		8,199,618
AutoZone, Inc.(a)		3,738		8,006,534
Bath & Body Works, Inc.		483,751		15,770,283
Best Buy Co., Inc.		293,515		18,591,240
Burlington Stores, Inc.(a)(b)		7,901		884,043
CarMax, Inc.(a)(b)		301,313		19,892,684
Dick’s Sporting Goods, Inc.(b)		114,204		11,950,307
GameStop Corp., Class A(a)(b)		563,464		14,159,850
Gap, Inc.		422,577		3,469,357
Leslie’s, Inc.(a)(b)		41,309		607,655
Lithia Motors, Inc.(b)		57,317		12,297,362
O’Reilly Automotive, Inc.(a)		78,527		55,231,966

Security	Shares		Value
Specialty Retail (continued)
Penske Automotive Group, Inc.(b)		57,480	$	5,657,757
Petco Health & Wellness Co., Inc.(a)(b)		168,895		1,884,868
RH(a)(b)		26,155		6,435,961
Ross Stores, Inc.		420,361		35,423,822
Victoria’s Secret & Co.(a)(b)		49,464		1,440,392
Williams-Sonoma, Inc.		30,491		3,593,364
				241,964,725
Technology Hardware, Storage & Peripherals — 0.8%
Dell Technologies, Inc., Class C		463,910		15,851,805
Hewlett Packard Enterprise Co.		2,746,757		32,906,149
HP, Inc.		1,183,500		29,492,820
Western Digital Corp.(a)		664,023		21,613,948
				99,864,722
Textiles, Apparel & Luxury Goods — 0.8%
Capri Holdings Ltd.(a)		284,541		10,937,756
Carter’s, Inc.		79,048		5,180,015
Columbia Sportswear Co.		75,829		5,103,292
Deckers Outdoor Corp.(a)		6,642		2,076,356
Hanesbrands, Inc.		731,522		5,091,393
PVH Corp.		140,962		6,315,098
Ralph Lauren Corp.		89,485		7,599,961
Skechers USA, Inc., Class A(a)		238,420		7,562,682
Tapestry, Inc.		460,661		13,096,592
Under Armour, Inc., Class A(a)		396,621		2,637,530
Under Armour, Inc., Class C, NVS(a)		422,765		2,519,679
VF Corp.		741,444		22,176,590
				90,296,944
Thrifts & Mortgage Finance — 0.2%
MGIC Investment Corp.		645,931		8,280,835
New York Community Bancorp, Inc.		979,749		8,357,259
Rocket Cos., Inc., Class A(b)		109,327		690,947
TFS Financial Corp.		102,344		1,330,472
				18,659,513
Trading Companies & Distributors — 0.5%
Air Lease Corp., Class A(b)		218,046		6,761,606
Core & Main, Inc., Class A(a)(b)		98,734		2,245,211
MSC Industrial Direct Co., Inc., Class A		98,523		7,173,460
SiteOne Landscape Supply, Inc.(a)(b)		36,613		3,812,878
United Rentals, Inc.(a)(b)		79,879		21,576,915
Univar Solutions, Inc.(a)		351,347		7,989,631
Watsco, Inc.		32,569		8,385,215
WESCO International, Inc.(a)		44,044		5,257,973
				63,202,889
Water Utilities — 0.6%
American Water Works Co., Inc.		384,615		50,061,488
Essential Utilities, Inc.		491,516		20,338,932
			70,400,420
Total Long-Term Investments — 99.9% (Cost: $11,994,898,829)				11,828,083,823

SCHEDULES   OF  INVESTMENTS 39

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities(c)(d)
Money Market Funds — 4.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(e)		550,653,898	$	550,819,094
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		12,286,278		12,286,278
Total Short-Term Securities — 4.7% (Cost: $562,768,315)				563,105,372
Total Investments — 104.6% (Cost: $12,557,667,144)				12,391,189,195
Liabilities in Excess of Other Assets — (4.6)%				(550,534,197	)
Net Assets — 100.0%			$	11,840,654,998

^(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 September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	397,536,030	$	152,938,049	(a)	$	—		$	68,994	$	276,021	$	550,819,094		550,653,898	$	2,065,385	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		21,620,000		—			(9,333,722	)(a)		—		—		12,286,278		12,286,278		118,427			—
									$	68,994	$	276,021	$	563,105,372			$	2,183,812		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		36		12/16/22	$	6,483	$	(637,292	)
S&P MidCap 400 E-Mini Index		87		12/16/22		19,211		(1,830,148	)
							$	(2,467,440	)

40 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell Mid-Cap Value ETF

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	2,467,440	$	—	$	—	$	—	$	2,467,440

^(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).

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(1,354,601	)	$	—	$	—	$	—	$	(1,354,601	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(3,781,966	)	$	—	$	—	$	—	$	(3,781,966	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	31,380,020

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.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	144,534,433	$	—	$	—	$	144,534,433
Air Freight & Logistics		46,146,564		—		—		46,146,564
Airlines		96,592,132		—		—		96,592,132
Auto Components		80,362,576		—		—		80,362,576
Automobiles		54,631,039		—		—		54,631,039
Banks		600,432,090		—		—		600,432,090
Beverages		31,187,103		—		—		31,187,103
Biotechnology		161,275,738		—		—		161,275,738
Building Products		201,329,306		—		—		201,329,306
Capital Markets		541,839,232		—		—		541,839,232
Chemicals		465,345,037		—		—		465,345,037
Commercial Services & Supplies		99,608,080		—		—		99,608,080
Communications Equipment		143,909,511		—		—		143,909,511
Construction & Engineering		73,520,402		—		—		73,520,402
Construction Materials		62,792,576		—		—		62,792,576
Consumer Finance		130,126,163		—		—		130,126,163
Containers & Packaging		171,431,549		296,860		—		171,728,409
Distributors		65,840,583		—		—		65,840,583
Diversified Consumer Services		45,829,420		—		—		45,829,420

SCHEDULES   OF  INVESTMENTS 41

Schedule of Investments (unaudited)   (continued) September 30, 2022 iShares^® Russell Mid-Cap Value ETF

	Level 1			Level 2		Level 3		Total
Common Stocks (continued)
Diversified Financial Services	$	43,872,106		$	—	$	—	$	43,872,106
Diversified Telecommunication Services		28,204,863			—		—		28,204,863
Electric Utilities		529,625,952			—		—		529,625,952
Electrical Equipment		180,547,764			—		—		180,547,764
Electronic Equipment, Instruments & Components		212,690,317			—		—		212,690,317
Energy Equipment & Services		81,099,007			—		—		81,099,007
Entertainment		142,419,484			—		—		142,419,484
Equity Real Estate Investment Trusts (REITs)		1,269,252,603			—		—		1,269,252,603
Food & Staples Retailing		119,402,680			—		—		119,402,680
Food Products		293,250,376			—		—		293,250,376
Gas Utilities		54,598,456			—		—		54,598,456
Health Care Equipment & Supplies		231,505,457			—		—		231,505,457
Health Care Providers & Services		218,723,307			—		—		218,723,307
Health Care Technology		27,335,965			—		—		27,335,965
Hotels, Restaurants & Leisure		246,823,411			—		—		246,823,411
Household Durables		168,220,546			—		—		168,220,546
Household Products		32,084,293			—		—		32,084,293
Independent Power and Renewable Electricity Producers		42,668,959			—		—		42,668,959
Insurance		799,791,784			—		—		799,791,784
Interactive Media & Services		43,022,073			—		—		43,022,073
Internet & Direct Marketing Retail		42,122,204			—		—		42,122,204
IT Services		276,468,086			—		—		276,468,086
Leisure Products		41,933,800			—		—		41,933,800
Life Sciences Tools & Services		103,691,615			—		—		103,691,615
Machinery		597,587,289			—		—		597,587,289
Marine		7,614,420			—		—		7,614,420
Media		186,130,845			—		—		186,130,845
Metals & Mining		162,247,546			—		—		162,247,546
Mortgage Real Estate Investment Trusts (REITs)		42,619,022			—		—		42,619,022
Multiline Retail		64,816,126			—		—		64,816,126
Multi-Utilities		368,585,979			—		—		368,585,979
Oil, Gas & Consumable Fuels		531,414,906			—		—		531,414,906
Paper & Forest Products		7,158,666			—		—		7,158,666
Personal Products		4,599,342			—		—		4,599,342
Pharmaceuticals		122,173,585			—		—		122,173,585
Professional Services		213,122,991			—		—		213,122,991
Real Estate Management & Development		58,140,198			—		—		58,140,198
Road & Rail		67,156,492			—		—		67,156,492
Semiconductors & Semiconductor Equipment		158,301,328			—		—		158,301,328
Software		191,108,815			14,531,558		—		205,640,373
Specialty Retail		241,964,725			—		—		241,964,725
Technology Hardware, Storage & Peripherals		99,864,722			—		—		99,864,722
Textiles, Apparel & Luxury Goods		90,296,944			—		—		90,296,944
Thrifts & Mortgage Finance		18,659,513			—		—		18,659,513
Trading Companies & Distributors		63,202,889			—		—		63,202,889
Water Utilities		70,400,420			—		—		70,400,420
Short-Term Securities Money Market Funds		563,105,372			—		—		563,105,372
	$	12,376,360,777		$	14,828,418	$	—	$	12,391,189,195
Derivative Financial Instruments(a) Liabilities
Equity Contracts	$	(2,467,440	)	$	—	$	—	$	(2,467,440	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

42 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

September 30, 2022

	iShares Russell 3000 ETF		iShares Russell Mid-Cap Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	9,402,323,851	$	11,828,083,823
Investments, at value — affiliated(c)		336,040,846		563,105,372
Cash		3,480,166		6,045,956
Cash pledged for futures contracts		1,375,459		1,596,590
Receivables:
Investments sold		8,333,989		73,018,960
Securities lending income — affiliated		169,011		404,210
Dividends — unaffiliated		7,734,926		20,240,247
Dividends — affiliated		35,268		44,134
Total assets		9,759,493,516		12,492,539,292
LIABILITIES
Collateral on securities loaned		305,073,342		550,409,732
Payables:
Investments purchased		8,281,461		98,723,510
Investment advisory fees		1,675,936		2,471,032
Variation margin on futures contracts		290,970		280,020
Total liabilities		315,321,709		651,884,294
NET ASSETS	$	9,444,171,807	$	11,840,654,998
NET ASSETS CONSIST OF:
Paid-in capital	$	8,093,022,358	$	11,997,615,042
Accumulated earnings (loss)		1,351,149,449		(156,960,044	)
NET ASSETS	$	9,444,171,807	$	11,840,654,998
NET ASSET VALUE
Shares outstanding		45,650,000		123,400,000
Net asset value	$	206.88	$	95.95
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Investments, at cost — unaffiliated	$	8,057,010,870	$	11,994,898,829
(b)   Securities loaned, at value	$	293,847,129	$	526,439,166
(c)   Investments, at cost — affiliated	$	334,391,146	$	562,768,315

See notes to financial statements.

FINANCIAL   STATEMENTS 43

Statements of Operations (unaudited)

Six Months Ended September 30, 2022

	iShares Russell 3000 ETF			iShares Russell Mid-Cap Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	86,263,705		$	145,769,082
Dividends — affiliated		489,350			118,427
Securities lending income — affiliated — net		1,195,280			2,065,385
Foreign taxes withheld		(22,760	)		(47,581	)
Total investment income		87,925,575			147,905,313
EXPENSES
Investment advisory		10,673,740			15,692,859
Total expenses		10,673,740			15,692,859
Net investment income		77,251,835			132,212,454
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(100,673,307	)		(231,646,104	)
Investments — affiliated		646,565			68,994
Futures contracts		(2,472,030	)		(1,354,601	)
In-kind redemptions — unaffiliated(a)		317,889,310			744,554,506
		215,390,538			511,622,795
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(2,711,119,675	)		(3,378,370,050	)
Investments — affiliated		(8,732,783	)		276,021
Futures contracts		(2,863,212	)		(3,781,966	)
		(2,722,715,670	)		(3,381,875,995	)
Net realized and unrealized loss		(2,507,325,132	)		(2,870,253,200	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,430,073,297	)	$	(2,738,040,746	)

^(a)  See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

44 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets

	iShares Russell 3000 ETF						iShares Russell Mid-Cap Value ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	77,251,835		$	132,413,906		$	132,212,454		$	200,831,244
Net realized gain		215,390,538			856,447,831			511,622,795			1,226,700,162
Net change in unrealized appreciation (depreciation)		(2,722,715,670	)		290,779,607			(3,381,875,995	)		53,384,283
Net increase (decrease) in net assets resulting from operations		(2,430,073,297	)		1,279,641,344			(2,738,040,746	)		1,480,915,689
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(73,409,927	)		(135,842,146	)		(121,931,401	)		(220,370,366	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(69,827,527	)		(84,663,380	)		(207,118,120	)		527,173,955
NET ASSETS
Total increase (decrease) in net assets		(2,573,310,751	)		1,059,135,818			(3,067,090,267	)		1,787,719,278
Beginning of period		12,017,482,558			10,958,346,740			14,907,745,265			13,120,025,987
End of period	$	9,444,171,807		$	12,017,482,558		$	11,840,654,998		$	14,907,745,265

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL   STATEMENTS 45

Financial Highlights

(For a share outstanding throughout each period)

	iShares Russell 3000 ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of period	$	262.10		$	237.19		$	148.31		$	166.74		$	156.30		$	139.89
Net investment income(a)		1.70			2.87			2.73			2.91			2.78			2.53
Net realized and unrealized gain (loss)(b)		(55.31	)		25.00			89.03			(18.04	)		10.52			16.45
Net increase (decrease) from investment operations		(53.61	)		27.87			91.76			(15.13	)		13.30			18.98
Distributions from net investment income(c)		(1.61	)		(2.96	)		(2.88	)		(3.30	)		(2.86	)		(2.57	)
Net asset value, end of period	$	206.88		$	262.10		$	237.19		$	148.31		$	166.74		$	156.30
Total Return(d)
Based on net asset value		(20.49	)%(e)		11.75	%		62.21	%		(9.29	)%		8.59	%		13.64	%
Ratios to Average Net Assets(f)
Total expenses		0.20	%(g)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		1.45	%(g)		1.10	%		1.37	%		1.69	%		1.72	%		1.68	%
Supplemental Data
Net assets, end of period (000)	$	9,444,172		$	12,017,483		$	10,958,347		$	8,230,988		$	9,379,045		$	8,182,126
Portfolio turnover rate(h)		3	%		5	%		4	%		5	%		5	%		4	%

^(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.

See notes to financial statements.

46 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares Russell Mid-Cap Value ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of period	$	119.55		$	109.15		$	64.10		$	86.86		$	86.44		$	83.02
Net investment income(a)		1.08			1.62			1.43			1.93			1.67			1.69
Net realized and unrealized gain (loss)(b)		(23.68	)		10.55			45.22			(22.63	)		0.70			3.48
Net increase (decrease) from investment operations		(22.60	)		12.17			46.65			(20.70	)		2.37			5.17
Distributions from net investment income(c)		(1.00	)		(1.77	)		(1.60	)		(2.06	)		(1.95	)		(1.75	)
Net asset value, end of period	$	95.95		$	119.55		$	109.15		$	64.10		$	86.86		$	86.44
Total Return(d)
Based on net asset value		(18.95	)%(e)		11.19	%		73.40	%		(24.28	)%		2.78	%		6.28	%
Ratios to Average Net Assets(f)
Total expenses		0.23	%(g)		0.23	%		0.23	%		0.24	%		0.24	%		0.24	%
Net investment income		1.97	%(g)		1.39	%		1.65	%		2.18	%		1.93	%		1.98	%
Supplemental Data
Net assets, end of period (000)	$	11,840,655		$	14,907,745		$	13,120,026		$	8,201,945		$	11,218,007		$	10,533,292
Portfolio turnover rate(h)		16	%		21	%		25	%		20	%		25	%		20	%

^(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.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 47

Notes to Financial Statements (unaudited)

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”):

iShares ETF	Diversification Classification
Russell 3000		Diversified
Russell Mid-Cap Value		Diversified

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. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdiction 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 September 30, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

48 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited)   (continued)

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

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

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

NOTES   TO   FINANCIAL   STATEMENTS 49

Notes to Financial Statements (unaudited)   (continued)

or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount	(b)
Russell 3000
Barclays Bank PLC	$	3,361,334	$	(3,361,334	)	$	—		$	—
Barclays Capital, Inc.		194,514		(157,922	)		—			36,592
BMO Capital Markets Corp.		329,860		(329,860	)		—			—
BNP Paribas SA		38,720,071		(38,720,071	)		—			—
BofA Securities, Inc.		23,067,215		(23,067,215	)		—			—
Citadel Clearing LLC		538,068		(538,068	)		—			—
Citigroup Global Markets, Inc.		12,418,805		(12,418,805	)		—			—
Credit Suisse Securities (USA) LLC		185,400		(185,400	)		—			—
Deutsche Bank Securities, Inc.		35,188		(35,188	)		—			—
Goldman Sachs & Co. LLC		33,784,839		(33,784,839	)		—			—
HSBC Bank PLC		58,153,721		(58,153,721	)		—			—
ING Financial Markets LLC		96,908		(96,908	)		—			—
J.P. Morgan Securities LLC		27,251,540		(27,251,540	)		—			—
Jefferies LLC		2,520,150		(2,520,150	)		—			—
Morgan Stanley		21,068,528		(21,068,528	)		—			—
National Financial Services LLC		561,870		(561,870	)		—			—
Natixis SA		314,346		(314,346	)		—			—
Pershing LLC		4,468		(4,468	)		—			—
RBC Capital Market LLC		511,080		(511,080	)		—			—
Scotia Capital (USA), Inc.		20,706,989		(20,706,989	)		—			—
SG Americas Securities LLC		4,118,747		(4,118,747	)		—			—
State Street Bank & Trust Co.		1,332,809		(1,332,809	)		—			—
Toronto-Dominion Bank		6,116,679		(6,116,679	)		—			—
UBS AG		32,002,091		(32,002,091	)		—			—
UBS Securities LLC		2,432,092		(2,432,092	)		—			—
Virtu Americas LLC		1,274,479		(1,274,479	)		—			—
Wells Fargo Bank N.A.		1,843,360		(1,843,360	)		—			—
Wells Fargo Securities LLC		901,978		(901,978	)		—			—
	$	293,847,129	$	(293,810,537	)	$	—		$	36,592
Russell Mid-Cap Value
Barclays Bank PLC	$	38,935,087	$	(38,935,087	)	$	—		$	—
Barclays Capital, Inc.		473,343		(473,343	)		—			—
BMO Capital Markets Corp.		121,118		(121,118	)		—			—
BNP Paribas SA		99,051,021		(99,051,021	)		—			—
BofA Securities, Inc.		11,676,990		(11,676,990	)		—			—
Citigroup Global Markets, Inc.		5,439,491		(5,439,491	)		—			—
Goldman Sachs & Co. LLC		103,943,202		(103,943,202	)		—			—
HSBC Bank PLC		4,112,386		(4,112,386	)		—			—
ING Financial Markets LLC		65,060		(65,060	)		—			—
J.P. Morgan Securities LLC		52,469,773		(52,469,773	)		—			—
Jefferies LLC		3,407,805		(3,407,805	)		—			—
Morgan Stanley		68,547,772		(68,547,772	)		—			—
National Financial Services LLC		3,337,906		(3,337,906	)		—			—
Natixis SA		454,010		(454,010	)		—			—
RBC Capital Market LLC		23,873,556		(23,873,556	)		—			—
Scotia Capital (USA), Inc.		8,226,762		(8,226,762	)		—			—
SG Americas Securities LLC		3,146,428		(3,146,428	)		—			—
State Street Bank & Trust Co.		6,414,917		(6,414,917	)		—			—
Toronto-Dominion Bank		22,795,647		(22,795,647	)		—			—
UBS AG		64,319,859		(64,319,859	)		—			—
UBS Securities LLC		3,775,921		(3,775,921	)		—			—
Wells Fargo Bank N.A.		1,564,699		(1,564,699	)		—			—
Wells Fargo Securities LLC		286,413		(286,413	)		—			—
	$	526,439,166	$	(526,439,166	)	$	—		$	—

^(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.

50 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited)   (continued)

^(b)  The market value of the loaned securities is determined as of September 30, 2022. 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.

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 to an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the following fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund, as follows:

iShares ETF	Investment Advisory Fees
Russell 3000	0.20%

For its investment advisory services to the iShares Russell Mid-Cap Value ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $121 billion		0.2500	%
Over $121 billion, up to and including $181 billion		0.2375
Over $181 billion, up to and including $231 billion		0.2257
Over $231 billion, up to and including $281 billion		0.2144
Over $281 billion		0.2037

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. Each Fund does not pay BRIL for ETF Services.

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on laon (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury,

NOTES   TO   FINANCIAL   STATEMENTS 51

Notes to Financial Statements (unaudited)   (continued)

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 that 70% of the total of securities lending 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 September 30, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Russell 3000	$	337,069
Russell Mid-Cap Value		588,178

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 September 30, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized  Gain (Loss)
Russell 3000	$	25,660,830	$	63,901,980	$	(29,583,401)
Russell Mid-Cap Value		1,040,871,249		1,122,464,144		(176,830,809)

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 September 30, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Russell 3000	$	299,564,963	$	294,448,624
Russell Mid-Cap Value		2,157,709,385		2,141,695,987

For the six months ended September 30, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Russell 3000	$	555,558,481	$	624,734,749
Russell Mid-Cap Value		1,831,575,216		2,021,621,516

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.

52 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited)   (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2022, 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 March 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Russell 3000	$	134,214,036
Russell Mid-Cap Value		414,944,990

As of September 30, 2022, 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:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Russell 3000	$	8,469,370,446	$	2,208,952,619	$	(941,721,778	)	$	1,267,230,841
Russell Mid-Cap Value		12,651,326,131		1,340,967,465		(1,603,550,751	)		(262,583,286	)

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

NOTES   TO   FINANCIAL   STATEMENTS 53

Notes to Financial Statements (unaudited)   (continued)

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 possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 09/30/22						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
Russell 3000
Shares sold		2,450,000		$	559,111,625			5,400,000		$	1,415,391,570
Shares redeemed		(2,650,000	)		(628,939,152	)		(5,750,000	)		(1,500,054,950	)
		(200,000	)	$	(69,827,527	)		(350,000	)	$	(84,663,380	)
Russell Mid-Cap Value
Shares sold		17,750,000		$	1,858,838,440			16,200,000		$	1,882,610,327
Shares redeemed		(19,050,000	)		(2,065,956,560	)		(11,700,000	)		(1,355,436,372	)
		(1,300,000	)	$	(207,118,120	)		4,500,000		$	527,173,955

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

54 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract

iShares Russell 3000 ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of the Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the

BOARD   REVIEW   AND   APPROVAL   OF  INVESTMENT   ADVISORY   CONTRACT 55

Board Review and Approval of Investment Advisory Contract   (continued)

revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. Further, with respect to comparisons with one or more open-end index mutual funds registered under the 1940 Act managed by BFA (or an affiliate) that track the same index as the Fund and have investment advisory fee rates and overall expenses (net of waivers and reimbursements) that are lower than the investment advisory fee rate and overall expenses (net of waivers and reimbursements) of the Fund, the Board gave weight to management’s explanations of the relevant circumstances applicable to such mutual funds. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Russell Mid-Cap Value ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed

56 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract   (continued)

of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of the Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services.

BOARD   REVIEW   AND   APPROVAL   OF  INVESTMENT   ADVISORY   CONTRACT 57

Board Review and Approval of Investment Advisory Contract   (continued)

The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

58 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Supplemental Information (unaudited)

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.

September 30, 2022

	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
Russell 3000(a)	$	1.610242	$	—	$	—	$	1.610242		100	%		—	%		—	%		100	%
Russell Mid-Cap Value(a)		0.996758		—		—		0.996758		100			—			—			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

SUPPLEMENTAL   INFORMATION 59

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.

60 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviation
CVR	Contingent Value Rights
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s

GLOSSARY   OF   TERMS   USED   IN  THIS   REPORT 61

Want to know more?

iShares.com  |  1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE Russell, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 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.

iS-SAR-306-0922

        

SEPTEMBER 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Mortgage Real Estate ETF | REM | Cboe BZX

· iShares Residential and Multisector Real Estate ETF | REZ | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is proving more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of September 30, 2022
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		(20.20)%		(15.47)%
U.S. small cap equities (Russell 2000® Index)		(19.01)		(23.50)
International equities (MSCI Europe, Australasia, Far East Index)		(22.51)		(25.13)
Emerging market equities (MSCI Emerging Markets Index)		(21.70)		(28.11)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.58		0.63
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(10.81)		(16.20)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(9.22)		(14.60)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(6.30)		(11.50)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(10.42)		(14.15)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S  P A G E  I S  N O T  P A R T  O F  Y O U R  F U N D  R E P O R T

Table of Contents

	Page
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		12
Statements of Operations		13
Statements of Changes in Net Assets		14
Financial Highlights		15
Notes to Financial Statements		17
Board Review and Approval of Investment Advisory Contract		23
Supplemental Information		25
General Information		26
Glossary of Terms Used in this Report		27

3

Fund Summary as of September 30, 2022 iShares^® Mortgage Real Estate ETF

Investment Objective

The iShares Mortgage Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. real estate investment trusts (REITs) that hold U.S. residential and commercial mortgages, as represented by the FTSE Nareit All Mortgage Capped 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

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(32.47	)%		(36.69	)%		(7.04	)%		(0.21	)%		(36.69	)%		(30.57	)%		(2.03	)%
Fund Market		(32.52	)		(36.75	)		(7.05	)		(0.23	)		(36.75	)		(30.62	)		(2.31	)
Index		(32.46	)		(36.50	)		(6.47	)		0.35			(36.50	)		(28.42	)		3.58

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

Actual				Hypothetical 5% Return
Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	(a)	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$        675.30	$        2.02		$        1,000.00	$        1,022.66	$         2.43		0.48	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

INDUSTRY ALLOCATION
Industry	Percent of    Total Investments(a)
Mortgage REITs		100.0%

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Annaly Capital Management, Inc.	15.4%
Starwood Property Trust, Inc.	11.1
AGNC Investment Corp.	9.2
Blackstone Mortgage Trust, Inc., Class A	8.2
Arbor Realty Trust, Inc.	4.7
Rithm Capital Corp.	4.7
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	4.7
Chimera Investment Corp.	3.2
Apollo Commercial Real Estate Finance, Inc.	3.1
Two Harbors Investment Corp.	3.0

^(a)  Excludes money market funds.

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Fund Summary as of September 30, 2022 iShares^® Residential and Multisector Real Estate ETF

Investment Objective

The iShares Residential and Multisector Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. residential, healthcare and self-storage real estate equities, as represented by the FTSE Nareit All Residential Capped 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

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(23.79	)%		(13.78	)%		5.62	%		7.97	%		(13.78	)%		31.43	%		115.24	%
Fund Market		(23.87	)		(13.80	)		5.62			7.97			(13.80	)		31.46			115.28
Index		(23.67	)		(13.47	)		6.05			8.37			(13.47	)		34.16			123.49

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

Actual				Hypothetical 5% Return
Beginning	Ending	Expenses		Beginning	Ending	Expenses		Annualized
Account Value	Account Value	Paid During		Account Value	Account Value	Paid During		Expense
(04/01/22)	(09/30/22)	the Period	(a)	(04/01/22)	(09/30/22)	the Period	(a)	Ratio
$        1,000.00	$        762.10	$        2.12		$        1,000.00	$        1,022.66	$        2.43		0.48	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of    Total Investments(a)
Residential REITs	50.0%
Health Care REITs	25.6
Specialized REITs	24.1
Office REITs	0.3

^(a) Excludes money market funds

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Public Storage	12.1%
Welltower, Inc.	7.9
AvalonBay Communities, Inc.	6.8
Equity Residential	6.6
Extra Space Storage, Inc.	6.0
Invitation Homes, Inc.	5.4
Mid-America Apartment Communities, Inc.	4.8
Sun Communities, Inc.	4.5
Essex Property Trust, Inc.	4.4
Ventas, Inc.	4.3

F U N D   S U M M A R Y 5

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

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Schedule of Investments (unaudited) September 30, 2022 iShares^® Mortgage Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Mortgage REITs — 97.1%
AG Mortgage Investment Trust, Inc.		307,664	$	1,264,499
AGNC Investment Corp.		5,853,048		49,282,664
Angel Oak Mortgage, Inc.(a)		168,487		2,018,474
Annaly Capital Management, Inc.		4,826,256		82,818,553
Apollo Commercial Real Estate Finance, Inc.		1,991,498		16,529,433
Arbor Realty Trust, Inc.		2,195,747		25,251,091
Ares Commercial Real Estate Corp.		726,427		7,591,162
ARMOUR Residential REIT, Inc.		1,615,114		7,865,605
Blackstone Mortgage Trust, Inc., Class A		1,897,045		44,277,030
BrightSpire Capital, Inc.		1,326,242		8,368,587
Broadmark Realty Capital, Inc.		1,842,822		9,416,821
Chimera Investment Corp.		3,291,260		17,180,377
Dynex Capital, Inc.		619,536		7,217,594
Ellington Financial, Inc.		804,561		9,147,859
Franklin BSP Realty Trust, Inc.		1,191,543		12,832,918
Granite Point Mortgage Trust, Inc.		735,783		4,738,443
Great Ajax Corp.		304,588		2,287,456
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(a)		842,824		25,225,722
Invesco Mortgage Capital, Inc.		470,536		5,222,950
KKR Real Estate Finance Trust, Inc.		808,317		13,135,151
Ladder Capital Corp.		1,607,995		14,407,635
MFA Financial, Inc.		1,452,762		11,302,488
New York Mortgage Trust, Inc.		5,380,947		12,591,416
Orchid Island Capital, Inc.		504,124		4,133,817
PennyMac Mortgage Investment Trust		1,282,368		15,106,295

Security	Shares		Value
Mortgage REITs (continued)
Ready Capital Corp.		1,048,319	$	10,629,955
Redwood Trust, Inc.		1,651,488		9,479,541
Rithm Capital Corp.		3,447,755		25,237,567
Starwood Property Trust, Inc.		3,273,098		59,635,846
TPG RE Finance Trust, Inc.		975,422		6,827,954
Two Harbors Investment Corp.		4,889,972		16,234,707
				537,259,610
Total Long-Term Investments — 97.1% (Cost: $845,511,933)				537,259,610
Short-Term Securities(b)(c)(d)
Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%		7,017,712		7,019,817
Total Short-Term Securities — 1.3% (Cost: $7,016,882)				7,019,817
Total Investments — 98.4% (Cost: $852,528,815)				544,279,427
Other Assets Less Liabilities — 1.6%				8,872,472
Net Assets — 100.0%			$	553,151,899

^(a)  All or a portion of this security is on loan.

^(b)  Affiliate of the Fund.

^(c)  Annualized 7-day yield as of period end.

^(d)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	23,893		$6,989,153	(a)	$	—		$	3,840	$	2,931	$	7,019,817		7,017,712	$	38,772	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		1,230,000		—			(1,230,000	)(a)		—		—		—		—		9,632			—
									$	3,840	$	2,931	$	7,019,817			$	48,404		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

^(c)  As of period end, the entity is no longer held by the Fund.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate Index		508		12/16/22	$	16,139	$	11,159

S C H E D U L E S  O F  I N V E S T M E N T S 7

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Mortgage Real Estate ETF

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:

	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)	$	—	$	—	$	11,159	$	—	$	—	$	—	$	11,159

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	47,468	$	—	$	—	$	—	$	47,468
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	41,084	$	—	$	—	$	—	$	41,084

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	16,117,675

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.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	537,259,610	$	—	$	—	$	537,259,610
Short-Term Securities
Money Market Funds		7,019,817		—		—		7,019,817
	$	544,279,427	$	—	$	—	$	544,279,427
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	11,159	$	—	$	—	$	11,159

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Schedule of Investments (unaudited) September 30, 2022 iShares^® Residential and Multisector Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Health Care REITs — 25.4%
CareTrust REIT, Inc.		185,625	$	3,361,669
Community Healthcare Trust, Inc.		45,567		1,492,319
Diversified Healthcare Trust		462,320		457,743
Global Medical REIT, Inc.		117,109		997,769
Healthcare Realty Trust, Inc.		733,175		15,286,699
Healthpeak Properties, Inc.		1,042,872		23,902,626
LTC Properties, Inc.		76,825		2,877,096
Medical Properties Trust, Inc.		1,148,456		13,620,688
National Health Investors, Inc.		82,624		4,670,735
Omega Healthcare Investors, Inc.		454,453		13,401,819
Physicians Realty Trust		432,494		6,504,710
Sabra Health Care REIT, Inc.		443,708		5,821,449
Universal Health Realty Income Trust		24,586		1,062,361
Ventas, Inc.		742,300		29,818,191
Welltower, Inc.		851,216		54,750,213
				178,026,087
Office REITs — 0.3%
Veris Residential, Inc.(a)		165,583		1,882,679
Residential REITs — 49.7%
American Homes 4 Rent, Class A		586,525		19,243,885
Apartment Income REIT Corp.		297,700		11,497,174
Apartment Investment and Management Co., Class A		287,904		2,101,699
AvalonBay Communities, Inc.		256,281		47,204,397
Bluerock Residential Growth REIT, Inc.		55,089		1,473,631
BRT Apartments Corp.		23,370		474,645
Camden Property Trust		200,482		23,947,575
Centerspace		29,532		1,988,094
Elme Communities		168,043		2,950,835
Equity LifeStyle Properties, Inc.		343,459		21,582,964
Equity Residential		679,466		45,673,705
Essex Property Trust, Inc.		125,681		30,443,709
Independence Realty Trust, Inc.(b)		426,131		7,129,172
Invitation Homes, Inc.(b)		1,119,605		37,809,061
Mid-America Apartment Communities, Inc.		214,020		33,188,081

Security	Shares		Value
Residential REITs (continued)
NexPoint Residential Trust, Inc.		43,511	$	2,010,643
Sun Communities, Inc.		232,395		31,450,015
UDR, Inc.		626,145		26,116,508
UMH Properties, Inc.		95,195		1,537,399
				347,823,192
Specialized REITs — 24.0%
CubeSmart		432,234		17,315,294
Extra Space Storage, Inc.(b)		243,085		41,983,210
Life Storage, Inc.		162,682		18,018,658
National Storage Affiliates Trust(b)		164,153		6,825,482
Public Storage		286,924		84,014,217
				168,156,861
Total Long-Term Investments — 99.4% (Cost: $889,692,404)				695,888,819
Short-Term Securities(c)(d)
Money Market Funds — 2.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(e)		16,649,592		16,654,587
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		1,250,564		1,250,564
Total Short-Term Securities — 2.6% (Cost: $17,902,333)				17,905,151
Total Investments — 102.0% (Cost: $907,594,737)				713,793,970
Liabilities in Excess of Other Assets — (2.0)%				(13,735,925	)
Net Assets — 100.0%			$	700,058,045

^(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 September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	16,649,792	(a)	$	—		$	1,977	$	2,818	$	16,654,587		16,649,592	$	7,053	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,910,000		—			(1,659,436	)(a)		—		—		1,250,564		1,250,564		9,780			—
									$	1,977	$	2,818	$	17,905,151			$	16,833		$	—

^(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.

S C H E D U L E S   O F   I N V E  S T M E N T S 9

Schedule of Investments (unaudited)  (continued) September 30, 2022 iShares^® Residential and Multisector Real Estate ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate Index		129		12/16/22	$	4,098	$	(243,026	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	243,026	$	—	$	—	$	—	$	243,026

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedules of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	23,157		$	—	$	—	$	—	$	23,157
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(384,731	)	$	—	$	—	$	—	$	(384,731	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	4,137,030

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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Schedule of Investments (unaudited)  (continued) September 30, 2022 iShares^® Residential and Multisector Real Estate ETF

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.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	695,888,819		$	—	$	—	$	695,888,819
Short-Term Securities
Money Market Funds		17,905,151			—		—		17,905,151
	$	713,793,970		$	—	$	—	$	713,793,970
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(243,026	)	$	—	$	—	$	(243,026	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E S   O F   I N V E  S T M E N T S 11

Statements of Assets and Liabilities  (unaudited)

September 30, 2022

	iShares Mortgage Real Estate ETF			iShares Residential and Multisector Real Estate ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	537,259,610		$	695,888,819
Investments, at value — affiliated(c)		7,019,817			17,905,151
Cash		808,769			119,999
Cash pledged for futures contracts		1,211,000			306,000
Receivables:
Investments sold		7,432,599			3,948,129
Securities lending income — affiliated		6,308			1,200
Dividends — unaffiliated		14,411,865			2,934,643
Dividends — affiliated		3,778			3,684
Variation margin on futures contracts		136,856			34,688
Total assets		568,290,602			721,142,313
LIABILITIES
Collateral on securities loaned		7,013,050			16,650,175
Payables:
Investments purchased		1,524,475			551,975
Capital shares redeemed		6,319,159			3,534,625
Investment advisory fees		282,019			347,493
Total liabilities		15,138,703			21,084,268
NET ASSETS	$	553,151,899		$	700,058,045
NET ASSETS CONSIST OF:
Paid-in capital	$	1,209,076,731		$	868,713,285
Accumulated loss		(655,924,832	)		(168,655,240	)
NET ASSETS	$	553,151,899		$	700,058,045
NET ASSET VALUE
Shares outstanding		26,400,000			9,750,000
Net asset value	$	20.95		$	71.80
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a)   Investments, at cost — unaffiliated	$	845,511,933		$	889,692,404
(b)   Securities loaned, at value	$	6,969,670		$	16,390,943
(c)   Investments, at cost — affiliated	$	7,016,882		$	17,902,333

See notes to financial statements.

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Statements of Operations  (unaudited)

Six Months Ended September 30, 2022

	iShares Mortgage Real Estate ETF			iShares Residential and Multisector Real Estate ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	14,914,644		$	15,540,236
Dividends — affiliated		9,632			9,780
Securities lending income — affiliated — net		38,772			7,053
Total investment income		14,963,048			15,557,069
EXPENSES
Investment advisory		1,935,142			2,394,892
Total expenses		1,935,142			2,394,892
Net investment income		13,027,906			13,162,177
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(60,948,687	)		(11,677,774	)
Investments — affiliated		3,840			1,977
Futures contracts		47,468			23,157
In-kind redemptions — unaffiliated(a)		173,072			49,528,714
		(60,724,307	)		37,876,074
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(243,520,056	)		(323,484,378	)
Investments — affiliated		2,931			2,818
Futures contracts		41,084			(384,731	)
		(243,476,041	)		(323,866,291	)
Net realized and unrealized loss		(304,200,348	)		(285,990,217	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(291,172,442	)	$	(272,828,040	)

^(a)  See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 13

Statements of Changes in Net Assets

	iShares Mortgage Real Estate ETF						iShares Residential and Multisector Real Estate ETF
	Six��Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	13,027,906		$	32,106,113		$	13,162,177		$	15,723,193
Net realized gain (loss)		(60,724,307	)		131,124,057			37,876,074			107,107,083
Net change in unrealized appreciation (depreciation)		(243,476,041	)		(173,766,987	)		(323,866,291	)		99,352,430
Net increase (decrease) in net assets resulting from operations		(291,172,442	)		(10,536,817	)		(272,828,040	)		222,182,706
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(35,558,183	)		(81,209,640	)		(14,075,997	)		(18,832,367	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(95,226,032	)		(446,732,193	)		(301,311,837	)		589,464,681
NET ASSETS
Total increase (decrease) in net assets		(421,956,657	)		(538,478,650	)		(588,215,874	)		792,815,020
Beginning of period		975,108,556			1,513,587,206			1,288,273,919			495,458,899
End of period	$	553,151,899		$	975,108,556		$	700,058,045		$	1,288,273,919

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Mortgage Real Estate ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of period	$	32.67		$	35.20		$	18.67		$	43.32		$	42.48		$	45.34
Net investment income(a)		0.47			0.82			1.38			2.61			3.13			2.66
Net realized and unrealized gain (loss)(b)		(10.86	)		(1.27	)		17.37			(23.51	)		1.52			(1.18	)
Net increase (decrease) from investment operations		(10.39	)		(0.45	)		18.75			(20.90	)		4.65			1.48
Distributions(c)
From net investment income		(1.33	)		(2.08	)		(1.34	)		(2.60	)		(3.08	)		(3.53	)
Return of capital		—			—			(0.88	)		(1.15	)		(0.73	)		(0.81	)
Total distributions		(1.33	)		(2.08	)		(2.22	)		(3.75	)		(3.81	)		(4.34	)
Net asset value, end of period	$	20.95		$	32.67		$	35.20		$	18.67		$	43.32		$	42.48
Total Return(d)
Based on net asset value		(32.47	)%(e)		(1.65	)%		103.62	%		(51.80	)%		11.46	%		3.10	%
Ratios to Average Net Assets(f)
Total expenses		0.48	%(g)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		3.23	%(g)		2.30	%		4.94	%		6.16	%		7.22	%		5.82	%
Supplemental Data
Net assets, end of period (000)	$	553,152		$	975,109		$	1,513,587		$	593,850		$	1,252,029		$	1,004,534
Portfolio turnover rate(h)		16	%		20	%		30	%		29	%		25	%		31	%

^(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.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 15

Financial Highlights

(For a share outstanding throughout each period)

	iShares Residential and Multisector Real Estate ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of period	$	95.78		$	73.95		$	55.26		$	70.64		$	57.61		$	63.14
Net investment income(a)		1.12			1.46			1.51			1.55			1.80			1.64
Net realized and unrealized gain (loss)(b)		(23.86	)		21.98			19.29			(14.77	)		13.45			(4.94	)
Net increase (decrease) from investment operations		(22.74	)		23.44			20.80			(13.22	)		15.25			(3.30	)
Distributions(c)
From net investment income		(1.24	)		(1.50	)		(2.11	)		(2.16	)		(2.00	)		(2.23	)
From net realized gain		—			(0.11	)		—			—			(0.22	)		—
Total distributions		(1.24	)		(1.61	)		(2.11	)		(2.16	)		(2.22	)		(2.23	)
Net asset value, end of period	$	71.80		$	95.78		$	73.95		$	55.26		$	70.64		$	57.61
Total Return(d)
Based on net asset value		(23.79	)%(e)		31.85	%		38.23	%		(19.25	)%		26.94	%		(5.41	)%
Ratios to Average Net Assets(f)
Total expenses		0.48	%(g)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		2.64	%(g)		1.64	%		2.36	%		2.07	%		2.81	%		2.61	%
Supplemental Data
Net assets, end of period (000)	$	700,058		$	1,288,274		$	495,459		$	331,559		$	430,875		$	285,163
Portfolio turnover rate(h)		8	%		8	%		7	%		12	%		10	%		19	%

^(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.

See notes to financial statements.

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Notes to Financial Statements (unaudited)

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”):

iShares ETF	Diversification Classification
Mortgage Real Estate		Non-Diversified
Residential and Multisector Real Estate		Non-Diversified

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. 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.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s 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

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 17

Notes to Financial Statements (unaudited) (continued)

price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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)
Mortgage Real Estate
Goldman Sachs & Co. LLC	$	5,770,504	$	(5,764,720	)	$	—	$	5,784
J.P. Morgan Securities LLC		1,085,388		(1,085,388	)		—		—
Natixis SA		47,888		(47,840	)		—		48
Toronto-Dominion Bank		20,366		(20,366	)		—		—
UBS AG		45,524		(45,524	)		—		—
	$	6,969,670	$	(6,963,838	)	$	—	$	5,832

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Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount	(b)
Residential and Multisector Real Estate
Goldman Sachs & Co. LLC	$	10,549,748	$	(10,549,748	)	$	—		$	—
National Financial Services LLC		690,228		(684,750	)		—			5,478
Scotia Capital (USA), Inc.		4,943,715		(4,943,715	)		—			—
UBS Securities LLC		207,252		(206,760	)		—			492
	$	16,390,943	$	(16,384,973	)	$	—		$	5,970

^(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 September 30, 2022. 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.

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 to an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
Mortgage Real Estate		0.48	%
Residential and Multisector Real Estate		0.48

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. Each Fund does not pay BRIL for ETF Services.

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs

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Notes to Financial Statements (unaudited) (continued)

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 September 30, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Mortgage Real Estate	$	10,215
Residential and Multisector Real Estate		2,999

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 September 30, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Loss
Mortgage Real Estate	$	10,592,266	$	28,010,879	$	(7,567,853	)
Residential and Multisector Real Estate		17,553,110		13,363,828		(4,020,614	)

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 September 30, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Mortgage Real Estate	$	130,764,887	$	126,276,944
Residential and Multisector Real Estate		88,731,615		82,086,709

For the six months ended September 30, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Mortgage Real Estate	$	182,316,503	$	275,203,227
Residential and Multisector Real Estate		167,735,483		467,999,692

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.

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Notes to Financial Statements (unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2022, 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 March 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Amounts
Mortgage Real Estate	$	191,583,889

As of September 30, 2022, 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:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Mortgage Real Estate	$	925,406,870	$	35,232,039	$	(416,348,323	)	$	(381,116,284	)
Residential and Multisector Real Estate		918,075,109		4,376,316		(208,900,481	)		(204,524,165	)

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s 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 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

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Notes to Financial Statements (unaudited) (continued)

time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 09/30/22						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
Mortgage Real Estate
Shares sold		6,400,000		$	183,567,514			8,400,000		$	299,578,675
Shares redeemed		(9,850,000	)		(278,793,546	)		(21,550,000	)		(746,310,868	)
		(3,450,000	)	$	(95,226,032	)		(13,150,000	)	$	(446,732,193	)
Residential and Multisector Real Estate
Shares sold		1,850,000		$	168,322,933			10,400,000		$	926,228,317
Shares redeemed		(5,550,000	)		(469,634,770	)		(3,650,000	)		(336,763,636	)
		(3,700,000	)	$	(301,311,837	)		6,750,000		$	589,464,681

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11.   SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Board Review and Approval of Investment Advisory Contract

iShares Mortgage Real Estate ETF, iShares Residential and Multisector Real Estate ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the

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Board Review and Approval of Investment Advisory Contract  (continued)

revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

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.

September 30, 2022

	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
Mortgage Real Estate(a)	$	1.042518	$	—	$	0.290060	$	1.332578		78	%		—	%		22	%		100%
Residential and Multisector Real Estate		1.238873		—		—		1.238873		100			—			—			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

S U P P L E M E N T A L  I N F O R M A T I O N 25

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.

26 2 0 2 2  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Glossary of Terms Used in this Report

Portfolio Abbreviation

REIT                 Real Estate Investment Trust

G L O S S A R Y  O F   T E R M S  U S E D  I N  T H I S  R E P O R T 27

Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE International Limited, 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.

©2022 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.

iS-SAR-312-0922

SEPTEMBER 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

·   iShares Factors US Growth Style ETF | STLG | Cboe BZX

·   iShares Factors US Value Style ETF | STLV | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is proving more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of September 30, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		(20.20	)%		(15.47	)%
U.S. small cap equities (Russell 2000® Index)		(19.01	)		(23.50	)
International equities (MSCI Europe, Australasia, Far East Index)		(22.51	)		(25.13	)
Emerging market equities (MSCI Emerging Markets Index)		(21.70	)		(28.11	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.58			0.63
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(10.81	)		(16.20	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(9.22	)		(14.60	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(6.30	)		(11.50	)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(10.42	)		(14.15	)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S    P A G E    I S    N O T    P A R T    O F    Y O U R    F U N D     R E P O R T

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		6
Disclosure of Expenses		6
Schedules of Investments		7
Financial Statements:
Statements of Assets and Liabilities		16
Statements of Operations		17
Statements of Changes in Net Assets		18
Financial Highlights		19
Notes to Financial Statements		21
Board Review and Approval of Investment Advisory Contract		27
General Information		31
Glossary of Terms Used in this Report		32

3

Fund Summary as of September 30, 2022 iShares^® Factors US Growth Style ETF

Investment Objective

The iShares Factors US Growth Style ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with favorable exposure to target style factors subject to constraints, as represented by the Russell US Large Cap Factors Growth Style 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

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(21.00	)%		(19.85	)%		6.08	%		(19.85	)%		17.37	%
Fund Market		(21.14	)		(19.91	)		6.08			(19.91	)		17.38
Index		(20.99	)		(19.73	)		6.24			(19.73	)		17.85

The inception date of the Fund was January 14, 2020. The first day of secondary market trading was January 16, 2020.

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

Actual							Hypothetical 5% Return
	Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	(a)		Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	790.00	$	1.12		$	1,000.00	$	1,023.81	$	1.27		0.25	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Information Technology	45.0	%
Consumer Discretionary	18.9
Health Care	11.6
Industrials	7.5
Financials	5.1
Consumer Staples	4.9
Materials	3.6
Energy	1.2
Communication Services	1.1
Other (each representing less than 1%)	1.1

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Apple Inc.	13.4	%
Microsoft Corp.	10.3
Amazon.com, Inc.	4.7
Tesla, Inc.	2.7
AbbVie, Inc.	2.6
Costco Wholesale Corp.	2.2
QUALCOMM, Inc.	2.2
Louisiana-Pacific Corp.	2.0
MSCI, Inc., Class A	1.8
Merck & Co., Inc.	1.7

^(a) Excludes money market funds.

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Fund Summary as of September 30, 2022 iShares^® Factors US Value Style ETF

Investment Objective

The iShares Factors USValue Style ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with favorable exposure to target style factors subject to constraints, as represented by the Russell US Large Cap Factors Value Style 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

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(15.74	)%		(13.08	)%		1.16	%		(13.08	)%		3.18	%
Fund Market		(15.89	)		(13.21	)		1.15			(13.21	)		3.17
Index		(15.65	)		(12.97	)		1.30			(12.97	)		3.56

The inception date of the Fund was January 14, 2020. The first day of secondary market trading was January 16, 2020.

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

Actual							Hypothetical 5% Return
	Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	(a)		Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	842.60	$	1.16		$	1,000.00	$	1,023.81	$	1.27		0.25	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Financials	22.2	%
Health Care	16.7
Industrials	10.1
Information Technology	10.1
Consumer Discretionary	9.5
Consumer Staples	9.3
Energy	6.0
Utilities	4.8
Communication Services	4.4
Materials	3.9
Real Estate	3.0

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Johnson & Johnson	3.1	%
Merck & Co., Inc.	2.2
Jefferies Financial Group, Inc.	2.1
Evercore, Inc., Class A	2.0
Verizon Communications, Inc.	1.8
Pfizer, Inc.	1.8
Hewlett Packard Enterprise Co.	1.6
Otis Worldwide Corp.	1.6
CVS Health Corp.	1.5
Enhabit, Inc.	1.5

^(a) Excludes money market funds.

F U N D    S U M M A R Y 5

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

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Schedule of Investments (unaudited) September 30, 2022 iShares^® Factors US Growth Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 2.0%
Expeditors International of Washington, Inc.		147	$	12,982
United Parcel Service, Inc., Class B		267		43,131
				56,113
Automobiles — 2.7%
Tesla, Inc.(a)		289		76,657
Beverages — 0.1%
PepsiCo, Inc.		25		4,081
Biotechnology — 4.3%
AbbVie, Inc.		542		72,742
Amgen, Inc.		59		13,298
Moderna, Inc.(a)		147		17,383
Vertex Pharmaceuticals, Inc.(a)		65		18,820
				122,243
Building Products — 0.9%
Carlisle Cos., Inc.		5		1,402
Masco Corp.		306		14,287
Trex Co., Inc.(a)		210		9,228
				24,917
Capital Markets — 4.4%
Ameriprise Financial, Inc.		73		18,392
Blackstone, Inc., NVS		103		8,621
FactSet Research Systems, Inc.		24		9,603
MSCI, Inc., Class A		120		50,615
Raymond James Financial, Inc.		377		37,255
				124,486
Chemicals — 1.3%
CF Industries Holdings, Inc.		161		15,496
Chemours Co.		324		7,987
Mosaic Co.		184		8,893
Scotts Miracle-Gro Co., Class A		102		4,360
				36,736
Communications Equipment — 0.5%
Arista Networks, Inc.(a)		78		8,806
Ubiquiti, Inc.		15		4,403
				13,209
Containers & Packaging — 0.3%
Sealed Air Corp.		202		8,991
Distributors — 0.4%
Pool Corp.		32		10,183
Diversified Consumer Services — 0.2%
H&R Block, Inc.		143		6,083
Electronic Equipment, Instruments & Components — 1.1%
Arrow Electronics, Inc.(a)		221		20,374
Jabil, Inc.		56		3,232
Keysight Technologies, Inc.(a)		6		944
Vontier Corp.		435		7,269
				31,819
Entertainment — 0.0%
Take-Two Interactive Software, Inc.(a)		7		763
Equity Real Estate Investment Trusts (REITs) — 0.3%
Public Storage		29		8,491
SBA Communications Corp., Class A		1		285
				8,776
Food & Staples Retailing — 2.9%
BJ’s Wholesale Club Holdings, Inc.(a)		268		19,513

Security	Shares		Value
Food & Staples Retailing (continued)
Costco Wholesale Corp.		134	$	63,284
Grocery Outlet Holding Corp.(a)		9		300
				83,097
Food Products — 1.2%
Hershey Co.		161		35,496
Health Care Equipment & Supplies — 0.2%
IDEXX Laboratories, Inc.(a)		16		5,213
Health Care Providers & Services — 2.6%
Chemed Corp.		40		17,462
DaVita, Inc.(a)		84		6,953
HCA Healthcare, Inc.		82		15,071
McKesson Corp.		31		10,536
Molina Healthcare, Inc.(a)		35		11,544
UnitedHealth Group, Inc.		24		12,121
				73,687
Health Care Technology — 0.0%
Veeva Systems, Inc., Class A(a)		7		1,154
Hotels, Restaurants & Leisure — 1.5%
Airbnb, Inc., Class A(a)		134		14,075
Domino’s Pizza, Inc.		68		21,094
Yum! Brands, Inc.		71		7,550
				42,719
Household Products — 0.6%
Procter & Gamble Co.		124		15,655
Independent Power and Renewable Electricity Producers — 0.8%
Vistra Corp.		1,057		22,197
Insurance — 0.8%
Alleghany Corp.(a)		3		2,518
Aon PLC, Class A		1		268
Assurant, Inc.		135		19,611
				22,397
Interactive Media & Services — 1.1%
Alphabet, Inc., Class A(a)		192		18,365
Alphabet, Inc., Class C, NVS(a)		140		13,461
				31,826
Internet & Direct Marketing Retail — 5.4%
Amazon.com, Inc.(a)		1,195		135,035
eBay, Inc.		333		12,258
Wayfair, Inc., Class A(a)		222		7,226
				154,519
IT Services — 1.3%
Gartner, Inc.(a)		1		277
Mastercard, Inc., Class A		1		284
MongoDB, Inc., Class A(a)		6		1,192
Paychex, Inc.		38		4,264
VeriSign, Inc.(a)(b)		176		30,571
				36,588
Life Sciences Tools & Services — 1.3%
Danaher Corp.		2		517
Maravai LifeSciences Holdings, Inc., Class A(a)		486		12,407
Mettler-Toledo International, Inc.(a)		23		24,935
Thermo Fisher Scientific, Inc.		1		507
				38,366
Machinery — 0.6%
AGCO Corp.		3		289

S C H E D U L E S    O F    I N V E S  T M E N T S 7

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Factors US Growth Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Allison Transmission Holdings, Inc.		278	$	9,385
Otis Worldwide Corp.		111		7,082
				16,756
Multiline Retail — 1.6%
Dollar General Corp.		65		15,591
Target Corp.		197		29,233
				44,824
Oil, Gas & Consumable Fuels — 1.2%
Devon Energy Corp.		432		25,976
PDC Energy, Inc.		87		5,028
Range Resources Corp.		118		2,981
				33,985
Paper & Forest Products — 2.0%
Louisiana-Pacific Corp.		1,119		57,282
Pharmaceuticals — 3.2%
Eli Lilly & Co.		129		41,712
Merck & Co., Inc.		570		49,088
				90,800
Professional Services — 2.7%
Booz Allen Hamilton Holding Corp., Class A		494		45,621
FTI Consulting, Inc.(a)		101		16,737
Robert Half International, Inc.		207		15,835
				78,193
Road & Rail — 0.5%
Old Dominion Freight Line, Inc.(b)		57		14,180
Semiconductors & Semiconductor Equipment — 7.0%
Advanced Micro Devices, Inc.(a)		62		3,928
Allegro MicroSystems, Inc.(a)		639		13,962
Broadcom, Inc.		45		19,981
KLA Corp.		32		9,684
Lattice Semiconductor Corp.(a)		178		8,759
NVIDIA Corp.		364		44,186
QUALCOMM, Inc.		558		63,043
Teradyne, Inc.		94		7,064
Texas Instruments, Inc.		182		28,170
				198,777
Software — 20.1%
Adobe, Inc.(a)		26		7,155
Aspen Technology, Inc.(a)		76		18,103
Atlassian Corp. PLC, Class A(a)		174		36,643
Cadence Design Systems, Inc.(a)		175		28,600
Citrix Systems, Inc.(a)		96		9,974
Crowdstrike Holdings, Inc., Class A(a)		184		30,325
Dropbox, Inc., Class A(a)		213		4,413
Fair Isaac Corp.(a)		54		22,249
Fortinet, Inc.(a)		628		30,854
HubSpot, Inc.(a)		37		9,994
Intuit, Inc.		30		11,620
Manhattan Associates, Inc.(a)		218		29,001
Microsoft Corp.		1,258		292,988
NortonLifeLock, Inc.		24		483
Nutanix, Inc., Class A(a)		315		6,561
Oracle Corp.		224		13,680

Security	Shares		Value
Software (continued)
Palo Alto Networks, Inc.(a)		12	$	1,966
Smartsheet, Inc., Class A(a)		272		9,346
Synopsys, Inc.(a)		24		7,332
Teradata Corp.(a)		53		1,646
				572,933
Specialty Retail — 5.9%
AutoZone, Inc.(a)		10		21,419
Best Buy Co., Inc.		260		16,468
Home Depot, Inc.		118		32,561
Leslie’s, Inc.(a)		889		13,077
Lowe’s Cos., Inc.		145		27,233
Tractor Supply Co.		63		11,711
Victoria’s Secret & Co.(a)		534		15,550
Williams-Sonoma, Inc.		251		29,580
				167,599
Technology Hardware, Storage & Peripherals — 15.1%
Apple Inc.		2,773		383,228
HP, Inc.		1,397		34,813
NetApp, Inc.		202		12,494
				430,535
Textiles, Apparel & Luxury Goods — 1.3%
Deckers Outdoor Corp.(a)		92		28,760
Lululemon Athletica, Inc.(a)		14		3,914
Nike, Inc., Class B		36		2,992
				35,666
Trading Companies & Distributors — 0.8%
Watsco, Inc.		17		4,377
WESCO International, Inc.(a)		9		1,074
WW Grainger, Inc.		36		17,611
				23,062
Total Long-Term Investments — 100.2% (Cost: $3,452,178)				2,852,563
Short-Term Securities(c)(d)
Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(e)		45,604		45,618
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		3,782		3,782
Total Short-Term Securities — 1.7% (Cost: $49,400)				49,400
Total Investments — 101.9% (Cost: $3,501,578)				2,901,963
Liabilities in Excess of Other Assets — (1.9)%				(53,308	)
Net Assets — 100.0%			$  2,848,655

^(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.

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Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Factors US Growth Style ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	4,274	$	41,342	(a)	$	—	$	3	$	(1	)	$	45,618		45,604	$	73	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		3,782	(a)		—		—		—			3,782		3,782		16			—
								$	3	$	(1	)	$	49,400			$	89		$	—

^(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.

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.

	Level 1		Level 2		Level 3			Total
Assets
Investments
Long-Term Investments
Common Stocks
Air Freight & Logistics	$	56,113	$	—	$	—		$	56,113
Automobiles		76,657		—		—			76,657
Beverages		4,081		—		—			4,081
Biotechnology		122,243		—		—			122,243
Building Products		24,917		—		—			24,917
Capital Markets		124,486		—		—			124,486
Chemicals		36,736		—		—			36,736
Communications Equipment		13,209		—		—			13,209
Containers & Packaging		8,991		—		—			8,991
Distributors		10,183		—		—			10,183
Diversified Consumer Services		6,083		—		—			6,083
Electronic Equipment, Instruments & Components		31,819		—		—			31,819
Entertainment		763		—		—			763
Equity Real Estate Investment Trusts (REITs)		8,776		—		—			8,776
Food & Staples Retailing		83,097		—		—			83,097
Food Products		35,496		—		—			35,496
Health Care Equipment & Supplies		5,213		—		—			5,213
Health Care Providers & Services		73,687		—		—			73,687
Health Care Technology		1,154		—		—			1,154
Hotels, Restaurants & Leisure		42,719		—		—			42,719
Household Products		15,655		—		—			15,655
Independent Power and Renewable Electricity Producers		22,197		—		—			22,197
Insurance		22,397		—		—			22,397
Interactive Media & Services		31,826		—		—			31,826
Internet & Direct Marketing Retail		154,519		—		—			154,519
IT Services		36,588		—		—			36,588
Life Sciences Tools & Services		38,366		—		—			38,366
Machinery		16,756		—		—			16,756
Multiline Retail		44,824		—		—	��		44,824
Oil, Gas & Consumable Fuels		33,985		—		—			33,985
Paper & Forest Products		57,282		—		—			57,282
Pharmaceuticals		90,800		—		—			90,800

S C H E D U L E S    O F    I N V E S  T M E N T S 9

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Factors US Growth Style ETF

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Professional Services	$	78,193	$	—	$	—	$	78,193
Road & Rail		14,180		—		—		14,180
Semiconductors & Semiconductor Equipment		198,777		—		—		198,777
Software		562,959		9,974		—		572,933
Specialty Retail		167,599		—		—		167,599
Technology Hardware, Storage & Peripherals		430,535		—		—		430,535
Textiles, Apparel & Luxury Goods		35,666		—		—		35,666
Trading Companies & Distributors		23,062		—		—		23,062
Short-Term Securities
Money Market Funds		49,400		—		—		49,400
	$	2,891,989	$	9,974	$	—	$	2,901,963

See notes to financial statements.

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Schedule of Investments (unaudited)  September 30, 2022 iShares^® Factors US Value Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.0%
Northrop Grumman Corp.		3	$	1,411
Air Freight & Logistics — 2.1%
CH Robinson Worldwide, Inc.		39		3,756
Expeditors International of Washington, Inc.		220		19,428
FedEx Corp.		104		15,441
United Parcel Service, Inc., Class B		236		38,124
				76,749
Banks — 1.9%
Citigroup, Inc.		427		17,793
JPMorgan Chase & Co.		113		11,809
Popular, Inc.		517		37,255
Regions Financial Corp.		45		903
				67,760
Biotechnology — 1.7%
Amgen, Inc.		70		15,778
Biogen, Inc.(a)		12		3,204
Gilead Sciences, Inc.		435		26,835
Moderna, Inc.(a)		127		15,018
Vertex Pharmaceuticals, Inc.(a)		4		1,158
				61,993
Building Products — 1.5%
Lennox International, Inc.		136		30,283
Masco Corp.		475		22,178
				52,461
Capital Markets — 10.3%
Ameriprise Financial, Inc.		1		252
Carlyle Group, Inc.		70		1,809
Evercore, Inc., Class A		860		70,735
Franklin Resources, Inc.		679		14,612
Goldman Sachs Group, Inc.		114		33,408
Jefferies Financial Group, Inc.		2,531		74,664
Lazard Ltd., Class A		1,685		53,634
Morgan Stanley		311		24,572
MSCI, Inc., Class A		76		32,056
Raymond James Financial, Inc.		306		30,239
State Street Corp.		126		7,662
Stifel Financial Corp.		128		6,644
Virtu Financial, Inc., Class A		1,091		22,660
				372,947
Chemicals — 0.5%
Chemours Co.		192		4,733
Huntsman Corp.		140		3,435
Scotts Miracle-Gro Co., Class A		236		10,089
				18,257
Commercial Services & Supplies — 0.5%
Republic Services, Inc.		126		17,141
Communications Equipment — 1.3%
Cisco Systems, Inc.		76		3,040
Juniper Networks, Inc.		98		2,560
Motorola Solutions, Inc.		119		26,652
Ubiquiti, Inc.		51		14,972
				47,224
Consumer Finance — 3.2%
Ally Financial, Inc.		1,396		38,851
American Express Co.		44		5,936
Capital One Financial Corp.		176		16,222
OneMain Holdings, Inc.		767		22,642

Security	Shares		Value
Consumer Finance (continued)
SLM Corp.		869	$	12,157
Synchrony Financial		649		18,295
				114,103
Containers & Packaging — 1.0%
Amcor PLC		1,216		13,048
Ball Corp.		149		7,200
Silgan Holdings, Inc.		379		15,933
				36,181
Diversified Consumer Services — 0.5%
H&R Block, Inc.		317		13,485
Service Corp. International		68		3,926
				17,411
Diversified Financial Services — 0.8%
Equitable Holdings, Inc.		64		1,686
Voya Financial, Inc.		422		25,531
				27,217
Diversified Telecommunication Services — 2.9%
AT&T Inc.		612		9,388
Lumen Technologies, Inc.		4,257		30,991
Verizon Communications, Inc.		1,727		65,574
				105,953
Electric Utilities — 2.5%
American Electric Power Co., Inc.		4		346
Duke Energy Corp.		91		8,465
Entergy Corp.		139		13,987
Hawaiian Electric Industries, Inc.		644		22,321
IDACORP, Inc.		68		6,733
NRG Energy, Inc.		400		15,308
Pinnacle West Capital Corp.		160		10,322
Xcel Energy, Inc.		171		10,944
				88,426
Electrical Equipment — 0.8%
Acuity Brands, Inc.		3		472
nVent Electric PLC		845		26,711
				27,183
Electronic Equipment, Instruments & Components — 0.4%
Arrow Electronics, Inc.(a)		2		184
Avnet, Inc.		141		5,093
Jabil, Inc.		26		1,501
Vontier Corp.		387		6,467
				13,245
Entertainment — 0.3%
Activision Blizzard, Inc.		6		446
Electronic Arts, Inc.		52		6,017
Playtika Holding Corp.(a)(b)		29		272
Take-Two Interactive Software, Inc.(a)		53		5,777
				12,512
Equity Real Estate Investment Trusts (REITs) — 3.1%
Brixmor Property Group, Inc.		315		5,818
Equity Residential		194		13,041
Healthpeak Properties, Inc.		414		9,489
Public Storage(b)		70		20,497
SBA Communications Corp., Class A		88		25,049
SL Green Realty Corp.		910		36,545
				110,439
Food & Staples Retailing — 4.0%
Albertsons Cos., Inc., Class A		1,482		36,843
BJ’s Wholesale Club Holdings, Inc.(a)		142		10,339

S C H E D U L E S    O F    I N V E S  T M E N T S 11

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Factors US Value Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food & Staples Retailing (continued)
Kroger Co.		859	$	37,581
Walgreens Boots Alliance, Inc.		207		6,500
Walmart, Inc.		412		53,436
				144,699
Food Products — 2.4%
Campbell Soup Co.		46		2,168
Flowers Foods, Inc.		1,673		41,306
General Mills, Inc.		3		230
Hershey Co.		111		24,472
J M Smucker Co.		126		17,314
				85,490
Health Care Equipment & Supplies — 0.5%
Abbott Laboratories		168		16,256
DENTSPLY SIRONA, Inc.		44		1,247
				17,503
Health Care Providers & Services — 4.5%
Chemed Corp.		26		11,351
CVS Health Corp.		585		55,791
Enhabit, Inc.(a)		3,827		53,731
HCA Healthcare, Inc.		107		19,666
Henry Schein, Inc.(a)		4		263
McKesson Corp.		35		11,895
Molina Healthcare, Inc.(a)		24		7,916
				160,613
Hotels, Restaurants & Leisure — 1.7%
Domino’s Pizza, Inc.		75		23,265
McDonald’s Corp.		29		6,691
Yum! Brands, Inc.		306		32,540
				62,496
Household Durables — 0.2%
Newell Brands, Inc.		601		8,348
Household Products — 1.1%
Colgate-Palmolive Co.		145		10,186
Kimberly-Clark Corp.		28		3,151
Procter & Gamble Co.		219		27,649
				40,986
Independent Power and Renewable Electricity Producers — 0.3%
Vistra Corp.		461		9,681
Insurance — 6.1%
Aflac, Inc.		285		16,017
Alleghany Corp.(a)		1		839
Allstate Corp.		124		15,442
American Financial Group, Inc.		194		23,848
Aon PLC, Class A		7		1,875
Assurant, Inc.		48		6,973
Assured Guaranty Ltd.		378		18,314
Axis Capital Holdings Ltd.		208		10,223
Brighthouse Financial, Inc.(a)		655		28,440
Cincinnati Financial Corp.		57		5,105
CNA Financial Corp.		225		8,302
Everest Re Group Ltd.		4		1,050
Fidelity National Financial, Inc.		263		9,521
First American Financial Corp.		32		1,475
Hanover Insurance Group, Inc.		28		3,588
Hartford Financial Services Group, Inc.		38		2,354
Loews Corp.		503		25,070
MetLife, Inc.		284		17,262
Old Republic International Corp.		115		2,407
Travelers Cos., Inc.		19		2,911

Security	Shares		Value
Insurance (continued)
Unum Group		97	$	3,764
White Mountains Insurance Group Ltd.		12		15,636
				220,416
Interactive Media & Services — 0.4%
Meta Platforms, Inc., Class A(a)		93		12,618
Internet & Direct Marketing Retail — 0.6%
eBay, Inc.		511		18,810
Wayfair, Inc., Class A(a)(b)		129		4,199
				23,009
IT Services — 1.6%
Akamai Technologies, Inc.(a)(b)		4		321
Concentrix Corp.		20		2,233
VeriSign, Inc.(a)		229		39,777
Western Union Co.		1,202		16,227
				58,558
Leisure Products — 0.3%
Hasbro, Inc.		155		10,450
Life Sciences Tools & Services — 1.1%
Danaher Corp.		83		21,438
Thermo Fisher Scientific, Inc.		37		18,766
				40,204
Machinery — 2.7%
AGCO Corp.		58		5,578
Allison Transmission Holdings, Inc.		622		20,999
Dover Corp.		4		466
Esab Corp.		423		14,111
Illinois Tool Works, Inc.		3		542
Otis Worldwide Corp.		886		56,527
Pentair PLC		9		366
				�� 98,589
Media — 0.8%
Altice U.S.A., Inc., Class A(a)(b)		938		5,468
Comcast Corp., Class A		532		15,604
Sirius XM Holdings, Inc.(b)		1,369		7,817
				28,889
Metals & Mining — 1.0%
Alcoa Corp.		145		4,881
Nucor Corp.		62		6,633
Reliance Steel & Aluminum Co.		77		13,429
Steel Dynamics, Inc.		148		10,501
				35,444
Multiline Retail — 1.5%
Kohl’s Corp.		329		8,274
Macy’s, Inc.		1,804		28,269
Target Corp.		128		18,994
				55,537
Multi-Utilities — 2.1%
Ameren Corp.		362		29,159
CMS Energy Corp.		81		4,718
Consolidated Edison, Inc.		201		17,238
NiSource, Inc.		275		6,927
WEC Energy Group, Inc.		207		18,512
				76,554
Oil, Gas & Consumable Fuels — 6.0%
Antero Midstream Corp.		4,778		43,862
APA Corp.		24		821
Chesapeake Energy Corp.		511		48,141
Chevron Corp.		111		15,947

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Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Factors US Value Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
ConocoPhillips		156	$	15,965
Coterra Energy, Inc.		432		11,284
Devon Energy Corp.		460		27,660
DT Midstream, Inc.		603		31,290
Exxon Mobil Corp.		11		960
Kinder Morgan, Inc.		849		14,127
Marathon Oil Corp.		60		1,355
PDC Energy, Inc.		102		5,895
				217,307
Paper & Forest Products — 1.4%
Louisiana-Pacific Corp.		1,004		51,395
Pharmaceuticals — 8.9%
Bristol-Myers Squibb Co.		586		41,659
Eli Lilly & Co.		49		15,844
Johnson & Johnson		692		113,045
Merck & Co., Inc.		933		80,350
Organon & Co.		128		2,995
Pfizer, Inc.		1,474		64,502
Royalty Pharma PLC, Class A		111		4,460
				322,855
Professional Services — 1.3%
Dun & Bradstreet Holdings, Inc.		990		12,266
FTI Consulting, Inc.(a)		147		24,359
ManpowerGroup, Inc.		16		1,035
Robert Half International, Inc.		139		10,634
				48,294
Road & Rail — 0.9%
Avis Budget Group, Inc.(a)		47		6,978
Schneider National, Inc., Class B		1,195		24,258
				31,236
Semiconductors & Semiconductor Equipment — 1.6%
Cirrus Logic, Inc.(a)		141		9,701
Intel Corp.		61		1,572
Qorvo, Inc.(a)		66		5,241
Teradyne, Inc.(b)		8		601
Texas Instruments, Inc.		273		42,255
				59,370
Software — 2.6%
Citrix Systems, Inc.(a)		205		21,299
Dropbox, Inc., Class A(a)		403		8,350
Manhattan Associates, Inc.(a)		171		22,748
NortonLifeLock, Inc.		390		7,855
Nutanix, Inc., Class A(a)		466		9,707
Oracle Corp.		190		11,603
Teradata Corp.(a)		375		11,648
				93,210
Specialty Retail — 3.5%
AutoNation, Inc.(a)		113		11,511

Security	Shares		Value
Specialty Retail (continued)
AutoZone, Inc.(a)		2	$	4,284
Bath & Body Works, Inc.		287		9,356
Best Buy Co., Inc.		209		13,238
Dick’s Sporting Goods, Inc.		143		14,964
Home Depot, Inc.		84		23,179
Leslie’s, Inc.(a)		639		9,400
Lowe’s Cos., Inc.		47		8,827
Victoria’s Secret & Co.(a)		441		12,842
Williams-Sonoma, Inc.		166		19,563
				127,164
Technology Hardware, Storage & Peripherals — 2.6%
Dell Technologies, Inc., Class C		42		1,435
Hewlett Packard Enterprise Co.		4,925		59,001
HP, Inc.		1,302		32,446
				92,882
Textiles, Apparel & Luxury Goods — 1.1%
Carter’s, Inc.		3		196
Columbia Sportswear Co.		242		16,287
Deckers Outdoor Corp.(a)		74		23,133
				39,616
Tobacco — 1.8%
Altria Group, Inc.		509		20,554
Philip Morris International, Inc.		534		44,327
				64,881
Trading Companies & Distributors — 0.4%
Watsco, Inc.		52		13,388
Total Long-Term Investments — 100.3% (Cost: $4,439,209)				3,620,295
Short-Term Securities(c)(d)(e)
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%		39,517		39,529
Total Short-Term Securities — 1.1% (Cost: $39,522)				39,529
Total Investments — 101.4% (Cost: $4,478,731)				3,659,824
Liabilities in Excess of Other Assets — (1.4)%				(50,502	)
Net Assets — 100.0%			$  3,609,322

^(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.

S C H E D U L E S    O F    I N V E S  T M E N T S 13

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Factors US Value Style ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	105,560	$	—	$	(66,077)	(a)	$	56	$	(10	)	$	39,529		39,517	$	312	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		10,000		—		(10,000)	(a)		—		—			—		—		28			—
								$	56	$	(10	)	$	39,529			$	340		$	—

^(a) Represents net amount purchased (sold).

^(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

^(c) As of period end, the entity is no longer held by the Fund.

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.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	1,411	$	—	$	—	$	1,411
Air Freight & Logistics		76,749		—		—		76,749
Banks		67,760		—		—		67,760
Biotechnology		61,993		—		—		61,993
Building Products		52,461		—		—		52,461
Capital Markets		372,947		—		—		372,947
Chemicals		18,257		—		—		18,257
Commercial Services & Supplies		17,141		—		—		17,141
Communications Equipment		47,224		—		—		47,224
Consumer Finance		114,103		—		—		114,103
Containers & Packaging		36,181		—		—		36,181
Diversified Consumer Services		17,411		—		—		17,411
Diversified Financial Services		27,217		—		—		27,217
Diversified Telecommunication Services		105,953		—		—		105,953
Electric Utilities		88,426		—		—		88,426
Electrical Equipment		27,183		—		—		27,183
Electronic Equipment, Instruments & Components		13,245		—		—		13,245
Entertainment		12,512		—		—		12,512
Equity Real Estate Investment Trusts (REITs)		110,439		—		—		110,439
Food & Staples Retailing		144,699		—		—		144,699
Food Products		85,490		—		—		85,490
Health Care Equipment & Supplies		17,503		—		—		17,503
Health Care Providers & Services		160,613		—		—		160,613
Hotels, Restaurants & Leisure		62,496		—		—		62,496
Household Durables		8,348		—		—		8,348
Household Products		40,986		—		—		40,986
Independent Power and Renewable Electricity Producers		9,681		—		—		9,681
Insurance		220,416		—		—		220,416
Interactive Media & Services		12,618		—		—		12,618
Internet & Direct Marketing Retail		23,009		—		—		23,009
IT Services		58,558		—		—		58,558

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Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® Factors US Value Style ETF

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Leisure Products	$	10,450	$	—	$	—	$	10,450
Life Sciences Tools & Services		40,204		—		—		40,204
Machinery		98,589		—		—		98,589
Media		28,889		—		—		28,889
Metals & Mining		35,444		—		—		35,444
Multiline Retail		55,537		—		—		55,537
Multi-Utilities		76,554		—		—		76,554
Oil, Gas & Consumable Fuels		217,307		—		—		217,307
Paper & Forest Products		51,395		—		—		51,395
Pharmaceuticals		322,855		—		—		322,855
Professional Services		48,294		—		—		48,294
Road & Rail		31,236		—		—		31,236
Semiconductors & Semiconductor Equipment		59,370		—		—		59,370
Software		71,911		21,299		—		93,210
Specialty Retail		127,164		—		—		127,164
Technology Hardware, Storage & Peripherals		92,882		—		—		92,882
Textiles, Apparel & Luxury Goods		39,616		—		—		39,616
Tobacco		64,881		—		—		64,881
Trading Companies & Distributors		13,388		—		—		13,388
Short-Term Securities
Money Market Funds		39,529		—		—		39,529
	$	3,638,525	$	21,299	$	—	$	3,659,824

See notes to financial statements.

S C H E D U L E S    O F    I N V E S  T M E N T S 15

Statements of Assets and Liabilities (unaudited)

September 30, 2022

	iShares Factors US Growth Style ETF			iShares Factors US Value Style ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	2,852,563		$	3,620,295
Investments, at value — affiliated(c)		49,400			39,529
Cash		84			49,399
Receivables:
Investments sold		1,605			—
Securities lending income — affiliated		5			7,910
Dividends — unaffiliated		1,245			5,713
Dividends — affiliated		7			13
Total assets		2,904,909			3,722,859
LIABILITIES
Collateral on securities loaned		45,650			39,583
Payables:
Investments purchased		9,973			27,822
Income dividend distributions		—			45,325
Investment advisory fees		631			807
Total liabilities		56,254			113,537
NET ASSETS	$	2,848,655		$	3,609,322
NET ASSETS CONSIST OF:
Paid-in capital	$	4,708,807		$	5,003,198
Accumulated loss		(1,860,152	)		(1,393,876	)
NET ASSETS	$	2,848,655		$	3,609,322
NET ASSET VALUE
Shares outstanding		100,000			150,000
Net asset value	$	28.49		$	24.06
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a)   Investments, at cost — unaffiliated	$	3,452,178		$	4,439,209
(b)   Securities loaned, at value	$	43,981		$	38,450
(c)   Investments, at cost — affiliated	$	49,400		$	39,522

See notes to financial statements.

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Statements of Operations (unaudited)

Six Months Ended September 30, 2022

	iShares Factors US Growth Style ETF			iShares Factors US Value Style ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	24,301		$	88,362
Dividends — affiliated		16			28
Securities lending income — affiliated — net		73			312
Foreign taxes withheld		—			(76	)
Total investment income		24,390			88,626
EXPENSES
Investment advisory		4,778			7,788
Total expenses		4,778			7,788
Net investment income		19,612			80,838
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(240,564	)		(511,146	)
Investments — affiliated		3			56
In-kind redemptions — unaffiliated(a)		(332,876	)		307,154
		(573,437	)		(203,936	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(394,739	)		(576,945	)
Investments — affiliated		(1	)		(10	)
		(394,740	)		(576,955	)
Net realized and unrealized loss		(968,177	)		(780,891	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(948,565	)	$	(700,053	)

^(a)  See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 17

Statements of Changes in Net Assets

	iShares Factors US Growth Style ETF						iShares Factors US Value Style ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	19,612		$	36,997		$	80,838		$	175,589
Net realized gain (loss)		(573,437	)		1,652,570			(203,936	)		2,079,050
Net change in unrealized appreciation (depreciation)		(394,740	)		(1,206,725	)		(576,955	)		(1,743,608	)
Net increase (decrease) in net assets resulting from operations		(948,565	)		482,842			(700,053	)		511,031
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(19,169	)		(43,421	)		(78,215	)		(173,963	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,642,579	)		167,748			(2,875,405	)		62,505
NET ASSETS
Total increase (decrease) in net assets		(2,610,313	)		607,169			(3,653,673	)		399,573
Beginning of period		5,458,968			4,851,799			7,262,995			6,863,422
End of period	$	2,848,655		$	5,458,968		$	3,609,322		$	7,262,995

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Financial Highlights  

(For a share outstanding throughout each period)

	iShares Factors US Growth Style ETF
		Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Period from 01/14/20 to 03/31/20	(a)
Net asset value, beginning of period	$	36.39		$	32.35		$	20.27		$	24.96
Net investment income(b)		0.17			0.24			0.25			0.06
Net realized and unrealized gain (loss)(c)		(7.79	)		4.06			12.08			(4.69	)
Net increase (decrease) from investment operations		(7.62	)		4.30			12.33			(4.63	)
Distributions(d)
From net investment income		(0.28	)		(0.26	)		(0.25	)		(0.06	)
Return of capital		—			—			—			(0.00	)(e)
Total distributions		(0.28	)		(0.26	)		(0.25	)		(0.06	)
Net asset value, end of period	$	28.49		$	36.39		$	32.35		$	20.27
Total Return(f)
Based on net asset value		(21.00	)%(g)		13.28	%		61.00	%		(18.54	)%(g)
Ratios to Average Net Assets(h)
Total expenses		0.25	%(i)		0.25	%		0.25	%		0.25	%(i)
Net investment income		1.03	%(i)		0.66	%		0.88	%		1.20	%(i)
Supplemental Data
Net assets, end of period (000)	$	2,849		$	5,459		$	4,852		$	4,054
Portfolio turnover rate(j)		38	%		111	%		103	%		13	%

^(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) Rounds to less than $0.01.

^(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.

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 19

Financial Highlights  

(For a share outstanding throughout each period)

	iShares Factors US Value Style ETF
		Six Months Ended 09/30/22 (unaudited	)		Year Ended 03/31/22			Year Ended 03/31/21			Period from 01/14/20 to 03/31/20	(a)
Net asset value, beginning of period	$	29.05		$	27.45		$	17.46		$	25.09
Net investment income(b)		0.36			0.69			0.51			0.15
Net realized and unrealized gain (loss)(c)		(4.92	)		1.58			10.06			(7.65	)
Net increase (decrease) from investment operations		(4.56	)		2.27			10.57			(7.50	)
Distributions from net investment income(d)		(0.43	)		(0.67	)		(0.58	)		(0.13	)
Net asset value, end of period	$	24.06		$	29.05		$	27.45		$	17.46
Total Return(e)
Based on net asset value		(15.74	)%(f)		8.28	%		61.25	%		(29.87	)%(f)
Ratios to Average Net Assets(g)
Total expenses		0.25	%(h)		0.25	%		0.25	%		0.25	%(h)
Net investment income		2.60	%(h)		2.37	%		2.29	%		3.09	%(h)
Supplemental Data
Net assets, end of period (000)	$	3,609		$	7,263		$	6,863		$	3,492
Portfolio turnover rate(i)		61	%		104	%		148	%		16	%

^(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.

See notes to financial statements.

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Notes to Financial Statements (unaudited) 

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”):

iShares ETF	Diversification Classification
Factors US Growth Style	Non-Diversified
Factors US Value Style	Non-Diversified

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 dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdiction 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 September 30, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s 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.

N O T E S    T O    F I N A N C I A L     S T A T E M E N T S 21

Notes to Financial Statements (unaudited) (continued)

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.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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Notes to Financial Statements (unaudited) (continued)

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
Factors US Growth Style
Citigroup Global Markets, Inc.	$	13,931	$	(13,931	)	$	—		$	—
Jefferies LLC		30,050		(30,050	)		—			—
	$	43,981	$	(43,981	)	$	—		$	—
Factors US Value Style
Barclays Bank PLC	$	4,069	$	(4,069	)	$	—		$	—
Citigroup Global Markets, Inc.		20,445		(20,445	)		—			—
J.P. Morgan Securities LLC		896		(896	)		—			—
Jefferies LLC		920		(920	)		—			—
Morgan Stanley		11,857		(11,857	)		—			—
Nomura Securities International, Inc.		263		(263	)		—			—
	$	38,450	$	(38,450	)	$	—		$	—

^(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.

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. 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:

iShares ETF	Investment Advisory Fees
Factors US Growth Style		0.25	%
Factors US Value Style		0.25

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. Each Fund does not pay BRIL for ETF Services.

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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Notes to Financial Statements (unaudited) (continued)

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 September 30, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Factors US Growth Style	$	24
Factors US Value Style		84

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 September 30, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Factors US Value Style	$	404,431	$	528,396	$	(69,675	)

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.

6. PURCHASES AND SALES

For the six months ended September 30, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Factors US Growth Style	$	1,476,426	$	1,506,726
Factors US Value Style		3,714,678		3,693,804

For the six months ended September 30, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Factors US Growth Style	$	6,585,576	$	8,183,597
Factors US Value Style		1,437,530		4,300,029

7. 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 September 30, 2022, 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 September 30, 2022, 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:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Factors US Growth Style	$	4,047,884	$	6,125	$	(1,152,046	)	$	(1,145,921	)
Factors US Value Style		4,712,094		34,833		(1,087,103	)		(1,052,270	)

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Notes to Financial Statements (unaudited) (continued)

8. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

9. 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.

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Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 09/30/22						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
Factors US Growth Style
Shares sold		200,000		$	6,596,262			450,000		$	16,814,770
Shares redeemed		(250,000	)		(8,238,841	)		(450,000	)		(16,647,022	)
		(50,000	)	$	(1,642,579	)		—		$	167,748
Factors US Value Style
Shares sold		50,000		$	1,458,535			450,000		$	13,270,839
Shares redeemed		(150,000	)		(4,333,940	)		(450,000	)		(13,208,334	)
		(100,000	)	$	(2,875,405	)		—		$	62,505

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

10. 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.

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Board Review and Approval of Investment Advisory Contract

iShares Factors US Growth Style ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the

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Board Review and Approval of Investment Advisory Contract (continued)

revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund ad thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Factors US Value Style ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in

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Board Review and Approval of Investment Advisory Contract (continued)

response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may

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Board Review and Approval of Investment Advisory Contract (continued)

impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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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.

G E N E R A L    I N F O R M A T I O  N 31

Glossary of Terms Used in this Report

Portfolio Abbreviation

NVS Non-Voting Shares

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Want to know more?

iShares.com  |   1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE Russell, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

^©2022 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.

iS-SAR-314-0922

SEPTEMBER 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares ESG Screened S&P 500 ETF | XVV | Cboe BZX

· iShares ESG Screened S&P Mid-Cap ETF | XJH | Cboe BZX

· iShares ESG Screened S&P Small-Cap ETF | XJR | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is proving more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of September 30, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(20.20)%	(15.47)%
U.S. small cap equities (Russell 2000® Index)	(19.01)	(23.50)
International equities (MSCI Europe, Australasia, Far East Index)	(22.51)	(25.13)
Emerging market equities (MSCI Emerging Markets Index)	(21.70)	(28.11)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.58	0.63
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(10.81)	(16.20)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(9.22)	(14.60)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(6.30)	(11.50)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(10.42)	(14.15)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS   PAGE  IS  NOT  PART  OF  YOUR  FUND  REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		7
Disclosure of Expenses		7
Schedules of Investments		8
Financial Statements:
Statements of Assets and Liabilities		33
Statements of Operations		34
Statements of Changes in Net Assets		35
Financial Highlights		37
Notes to Financial Statements		40
Board Review and Approval of Investment Advisory Contract		48
Supplemental Information		50
General Information		51
Glossary of Terms Used in this Report		52

3

Fund Summary as of September 30, 2022 iShares^® ESG Screened S&P 500 ETF

Investment Objective

The iShares ESG Screened S&P 500 ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P 500 Substainability 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

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(21.39	)%		(17.71	)%		4.10	%		(17.71	)%		8.48	%
Fund Market		(21.39	)		(17.88	)		4.14			(17.88	)		8.55
Index		(21.37	)		(17.67	)		4.20			(17.67	)		8.67

The inception date of the Fund was September 22, 2020. The first day of secondary market trading was September 24, 2020.

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

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        786.10	$          0.36			$        1,000.00	$        1,024.67	$          0.41		0.08	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	29.5	%
Health Care	15.3
Consumer Discretionary	13.1
Financials	11.8
Communication Services	9.0
Consumer Staples	6.3
Industrials	6.2
Real Estate	3.1
Materials	2.7
Utilities	1.8
Energy	1.2

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Apple, Inc.	7.8	%
Microsoft Corp.	6.5
Amazon.com, Inc.	3.7
Tesla, Inc.	2.6
Alphabet, Inc., Class A	2.1
Alphabet, Inc., Class C	1.9
Berkshire Hathaway, Inc., Class B	1.8
UnitedHealth Group, Inc.	1.8
Meta Platforms, Inc., Class A	1.2
JPMorgan Chase & Co.	1.1

^(a)  Excludes money market funds.

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Fund Summary as of September 30, 2022 iShares^® ESG Screened S&P Mid-Cap ETF

Investment Objective

The iShares ESG Screened S&P Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P MidCap 400 Sustainability 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 representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(17.96	)%		(16.48	)%		9.85	%		(16.48	)%		20.95	%
Fund Market		(18.10	)		(16.62	)		9.85			(16.62	)		20.95
Index		(17.96	)		(16.43	)		10.02			(16.43	)		21.30

The inception date of the Fund was September 22, 2020. The first day of secondary market trading was September 24, 2020.

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

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        820.40	$          0.55			$        1,000.00	$        1,024.47	$          0.61		0.12	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	20.2	%
Financials	16.6
Consumer Discretionary	13.8
Information Technology	13.2
Health Care	11.1
Real Estate	8.5
Materials	6.7
Consumer Staples	3.6
Energy	2.3
Utilities	2.3
Communication Services	1.7

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Carlisle Cos., Inc.	0.8	%
Targa Resources Corp.	0.8
First Solar, Inc.	0.8
Wolfspeed, Inc.	0.7
Steel Dynamics, Inc.	0.7
First Horizon Corp.	0.7
Hubbell, Inc.	0.7
Alleghany Corp.	0.7
RPM International, Inc.	0.6
Darling Ingredients, Inc.	0.6

^(a)  Excludes money market funds.

FUND   SUMMARY 5

Fund Summary as of September 30, 2022 iShares^® ESG Screened S&P Small-Cap ETF

Investment Objective

The iShares ESG Screened S&PSmall-Cap ETF (the “Fund”) seeks to track the investment results if an index composed of small-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P SmallCap 600 Sustainability 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

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(18.63	)%		(19.38	)%		12.00	%		(19.38	)%		25.79	%
Fund Market		(18.50	)		(19.21	)		12.09			(19.21	)		25.99
Index		(18.62	)		(19.22	)		12.50			(19.22	)		26.90

The inception date of the Fund was September 22, 2020. The first day of secondary market trading was September 24, 2020.

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

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        813.70	$          0.54			$        1,000.00	$        1,024.47	$          0.61		0.12	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	17.5	%
Industrials	16.7
Information Technology	13.8
Health Care	13.5
Consumer Discretionary	12.6
Real Estate	8.0
Materials	5.5
Consumer Staples	5.0
Energy	3.0
Communication Services	2.3
Utilities	2.1

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Livent Corp.	0.8	%
Agree Realty REIT Corp.	0.7
Lantheus Holdings, Inc.	0.7
AMN Healthcare, Inc.	0.6
Cytokinetics, Inc.	0.6
Rogers Corp.	0.6
Exponent, Inc.	0.6
SPS Commerce, Inc.	0.6
UFP Industries, Inc.	0.6
Ensign Group, Inc.	0.6

6 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

ABOUT   FUND   PERFORMANCE   /   DISCLOSURE   OF   EXPENSES 7

Schedule of Investments (unaudited) September 30, 2022 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.1%
Howmet Aerospace, Inc.		2,767	$	85,583
TransDigm Group, Inc.		384		201,531
				287,114
Air Freight & Logistics — 0.7%
CH Robinson Worldwide, Inc.		929		89,472
Expeditors International of Washington, Inc.		1,226		108,268
FedEx Corp.		1,778		263,980
United Parcel Service, Inc., Class B		5,463		882,493
				1,344,213
Airlines — 0.2%
Alaska Air Group, Inc.(a)		922		36,096
American Airlines Group, Inc.(a)		4,847		58,358
Delta Air Lines, Inc.(a)		4,807		134,884
Southwest Airlines Co.(a)		4,439		136,899
United Airlines Holdings, Inc.(a)		2,420		78,723
				444,960
Auto Components — 0.1%
Aptiv PLC(a)		2,029		158,688
BorgWarner, Inc.		1,747		54,856
				213,544
Automobiles — 3.0%
Ford Motor Co.		29,477		330,142
General Motors Co.		10,884		349,268
Tesla, Inc.(a)		19,880		5,273,170
				5,952,580
Banks — 3.6%
Bank of America Corp.		52,178		1,575,776
Citigroup, Inc.		14,455		602,340
Citizens Financial Group, Inc.		3,662		125,826
Comerica, Inc.		991		70,460
Fifth Third Bancorp		5,136		164,147
First Republic Bank		1,369		178,723
Huntington Bancshares, Inc.		10,698		141,000
JPMorgan Chase & Co.		21,889		2,287,400
KeyCorp.		6,992		112,012
M&T Bank Corp.		1,316		232,037
PNC Financial Services Group, Inc.		3,060		457,225
Regions Financial Corp.		7,022		140,932
Signature Bank		465		70,215
SVB Financial Group(a)		439		147,407
Truist Financial Corp.		9,894		430,785
US Bancorp		10,090		406,829
Zions Bancorp NA		1,112		56,556
				7,199,670
Beverages — 2.1%
Brown-Forman Corp., Class B		1,367		91,001
Coca-Cola Co.		29,051		1,627,437
Constellation Brands, Inc., Class A		1,185		272,171
Keurig Dr Pepper, Inc.		6,368		228,102
Molson Coors Beverage Co., Class B		1,391		66,754
Monster Beverage Corp.(a)		2,883		250,706
PepsiCo, Inc.		10,301		1,681,741
				4,217,912
Biotechnology — 2.5%
AbbVie, Inc.		13,197		1,771,169
Amgen, Inc.		3,993		900,022
Biogen, Inc.(a)		1,088		290,496
Gilead Sciences, Inc.		9,355		577,110

Security	Shares		Value
Biotechnology (continued)
Incyte Corp.(a)		1,378	$	91,830
Moderna, Inc.(a)		2,522		298,227
Regeneron Pharmaceuticals, Inc.(a)		799		550,407
Vertex Pharmaceuticals, Inc.(a)		1,914		554,180
				5,033,441
Building Products — 0.5%
A O Smith Corp.		951		46,200
Allegion PLC		659		59,099
Carrier Global Corp.		6,308		224,312
Fortune Brands Home & Security, Inc.		964		51,757
Johnson Controls International PLC		5,121		252,056
Masco Corp.		1,690		78,906
Trane Technologies PLC		1,730		250,521
				962,851
Capital Markets — 3.3%
Ameriprise Financial, Inc.		811		204,332
Bank of New York Mellon Corp.		5,512		212,322
BlackRock, Inc.(b)		1,126		619,615
Cboe Global Markets, Inc.		785		92,136
Charles Schwab Corp.		11,397		819,102
CME Group, Inc.		2,688		476,125
FactSet Research Systems, Inc.		284		113,631
Franklin Resources, Inc.		2,124		45,709
Goldman Sachs Group, Inc.		2,548		746,691
Intercontinental Exchange, Inc.		4,165		376,308
Invesco Ltd.		3,409		46,703
MarketAxess Holdings, Inc.		276		61,407
Moody’s Corp.		1,174		285,411
Morgan Stanley		9,995		789,705
MSCI, Inc., Class A		600		253,074
Nasdaq, Inc.		2,540		143,967
Northern Trust Corp.		1,560		133,474
Raymond James Financial, Inc.		1,452		143,487
S&P Global, Inc.		2,543		776,505
State Street Corp.		2,741		166,680
T Rowe Price Group, Inc.		1,680		176,417
				6,682,801
Chemicals — 1.9%
Air Products and Chemicals, Inc.		1,655		385,168
Albemarle Corp.		870		230,063
Celanese Corp.		747		67,484
CF Industries Holdings, Inc.		1,493		143,701
Corteva, Inc.		5,364		306,552
Dow, Inc.		5,383		236,475
Eastman Chemical Co.		920		65,366
Ecolab, Inc.		1,850		267,177
FMC Corp.		948		100,204
International Flavors & Fragrances, Inc.		1,900		172,577
Linde PLC		3,720		1,002,875
LyondellBasell Industries NV, Class A		1,903		143,258
Mosaic Co.		2,588		125,078
PPG Industries, Inc.		1,754		194,150
Sherwin-Williams Co.		1,757		359,746
				3,799,874
Commercial Services & Supplies — 0.6%
Cintas Corp.		639		248,054
Copart, Inc.(a)		1,598		170,027
Republic Services, Inc.		1,539		209,366

8 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
Rollins, Inc.		1,681	$	58,297
Waste Management, Inc.		2,806		449,549
				1,135,293
Communications Equipment — 0.9%
Arista Networks, Inc.(a)		1,847		208,508
Cisco Systems, Inc.		30,908		1,236,320
F5, Inc.(a)		437		63,247
Juniper Networks, Inc.		2,419		63,184
Motorola Solutions, Inc.		1,250		279,963
				1,851,222
Construction & Engineering — 0.1%
Quanta Services, Inc.		1,060		135,033
Construction Materials — 0.2%
Martin Marietta Materials, Inc.		468		150,738
Vulcan Materials Co.		997		157,237
				307,975
Consumer Finance — 0.6%
American Express Co.		4,477		603,992
Capital One Financial Corp.		2,855		263,146
Discover Financial Services		2,047		186,113
Synchrony Financial		3,611		101,794
				1,155,045
Containers & Packaging — 0.3%
Amcor PLC		11,269		120,916
Avery Dennison Corp.		601		97,783
Ball Corp.		2,356		113,842
International Paper Co.		2,709		85,875
Packaging Corp. of America		692		77,705
Sealed Air Corp.		1,089		48,471
Westrock Co.		1,882		58,135
				602,727
Distributors — 0.2%
Genuine Parts Co.		1,050		156,786
LKQ Corp.		1,942		91,565
Pool Corp.		296		94,190
				342,541
Diversified Financial Services — 1.8%
Berkshire Hathaway, Inc., Class B(a)		13,471		3,597,026
Diversified Telecommunication Services — 1.0%
AT&T Inc.		53,188		815,904
Lumen Technologies, Inc.		7,006		51,004
Verizon Communications, Inc.		31,346		1,190,207
				2,057,115
Electric Utilities — 1.2%
Constellation Energy Corp.		2,430		202,152
Edison International		2,846		161,027
Entergy Corp.		1,518		152,756
Eversource Energy		2,574		200,669
Exelon Corp.		7,433		278,440
FirstEnergy Corp.		4,069		150,553
NextEra Energy, Inc.		14,665		1,149,882
NRG Energy, Inc.		1,762		67,432
				2,362,911
Electrical Equipment — 0.6%
AMETEK, Inc.		1,711		194,044
Eaton Corp. PLC		2,986		398,213
Emerson Electric Co.		4,408		322,754

Security	Shares		Value
Electrical Equipment (continued)
Generac Holdings, Inc.(a)		476	$	84,795
Rockwell Automation, Inc.		859		184,779
				1,184,585
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		4,429		296,566
CDW Corp.		1,003		156,548
Corning, Inc.		5,674		164,659
Keysight Technologies, Inc.(a)		1,343		211,335
TE Connectivity Ltd.		2,397		264,533
Trimble, Inc.(a)		1,842		99,965
Zebra Technologies Corp., Class A(a)		388		101,660
				1,295,266
Energy Equipment & Services — 0.3%
Baker Hughes Co.		7,583		158,940
Halliburton Co.		6,776		166,825
Schlumberger NV		10,549		378,709
				704,474
Entertainment — 1.5%
Activision Blizzard, Inc.		5,308		394,597
Electronic Arts, Inc.		1,980		229,106
Live Nation Entertainment, Inc.(a)		1,065		80,983
Netflix, Inc.(a)		3,317		780,954
Take-Two Interactive Software, Inc.(a)		1,177		128,293
Walt Disney Co.(a)		13,607		1,283,548
Warner Bros Discovery, Inc.(a)		16,539		190,198
				3,087,679
Equity Real Estate Investment Trusts (REITs) — 3.0%
Alexandria Real Estate Equities, Inc.		1,107		155,190
American Tower Corp.		3,475		746,083
AvalonBay Communities, Inc.		1,042		191,926
Boston Properties, Inc.		1,064		79,768
Camden Property Trust		794		94,843
Crown Castle, Inc.		3,234		467,475
Digital Realty Trust, Inc.		2,154		213,634
Duke Realty Corp.		2,869		138,286
Equinix, Inc.		681		387,380
Equity Residential		2,524		169,663
Essex Property Trust, Inc.		489		118,450
Extra Space Storage, Inc.		1,002		173,055
Federal Realty Investment Trust		537		48,394
Healthpeak Properties, Inc.		4,048		92,780
Host Hotels & Resorts, Inc.		5,278		83,815
Iron Mountain, Inc.		2,149		94,492
Kimco Realty Corp.		4,653		85,662
Mid-America Apartment Communities, Inc.		862		133,670
Prologis, Inc.		5,525		561,340
Public Storage		1,176		344,345
Realty Income Corp.		4,629		269,408
Regency Centers Corp.		1,163		62,628
SBA Communications Corp., Class A		801		228,005
Simon Property Group, Inc.		2,443		219,259
UDR, Inc.		2,289		95,474
Ventas, Inc.		2,994		120,269
VICI Properties, Inc.		7,218		215,457
Vornado Realty Trust		1,201		27,815
Welltower, Inc.		3,442		221,389
Weyerhaeuser Co.		5,526		157,823
				5,997,778
Food & Staples Retailing — 1.1%
Costco Wholesale Corp.		3,306		1,561,325

SCHEDULES   OF   INVESTMENTS 9

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food & Staples Retailing (continued)
Kroger Co.		4,851	$	212,231
Sysco Corp.		3,802		268,839
Walgreens Boots Alliance, Inc.		5,360		168,304
				2,210,699
Food Products — 1.3%
Archer-Daniels-Midland Co.		4,175		335,879
Campbell Soup Co.		1,517		71,481
Conagra Brands, Inc.		3,583		116,913
General Mills, Inc.		4,439		340,072
Hershey Co.		1,101		242,737
Hormel Foods Corp.		2,121		96,378
J M Smucker Co.		799		109,791
Kellogg Co.		1,908		132,911
Kraft Heinz Co.		5,970		199,100
Lamb Weston Holdings, Inc.		1,075		83,184
McCormick & Co., Inc., NVS		1,867		133,061
Mondelez International, Inc., Class A		10,230		560,911
Tyson Foods, Inc., Class A		2,153		141,947
				2,564,365
Gas Utilities — 0.0%
Atmos Energy Corp.		1,038		105,720
Health Care Equipment & Supplies — 3.0%
Abbott Laboratories		13,071		1,264,750
ABIOMED, Inc.(a)		343		84,261
Align Technology, Inc.(a)		546		113,082
Baxter International, Inc.		3,764		202,729
Becton Dickinson and Co.		2,129		474,405
Boston Scientific Corp.(a)		10,671		413,288
Cooper Cos., Inc.		367		96,851
DENTSPLY SIRONA, Inc.(c)		1,597		45,275
Dexcom, Inc.(a)		2,931		236,063
Edwards Lifesciences Corp.(a)		4,627		382,329
Hologic, Inc.(a)		1,850		119,362
IDEXX Laboratories, Inc.(a)		620		201,996
Intuitive Surgical, Inc.(a)		2,665		499,528
Medtronic PLC		9,917		800,798
ResMed, Inc.		1,094		238,820
STERIS PLC		746		124,045
Stryker Corp.		2,513		508,983
Teleflex, Inc.		351		70,712
Zimmer Biomet Holdings, Inc.		1,569		164,039
				6,041,316
Health Care Providers & Services — 4.1%
AmerisourceBergen Corp.		1,165		157,660
Cardinal Health, Inc.		2,035		135,694
Centene Corp.(a)		4,257		331,237
Cigna Corp.		2,278		632,077
CVS Health Corp.		9,799		934,531
DaVita, Inc.(a)		417		34,515
Elevance Health, Inc.		1,792		813,998
HCA Healthcare, Inc.		1,613		296,453
Henry Schein, Inc.(a)		1,008		66,296
Humana, Inc.		943		457,534
Laboratory Corp. of America Holdings		678		138,861
McKesson Corp.		1,070		363,661
Molina Healthcare, Inc.(a)		431		142,161
Quest Diagnostics, Inc.		870		106,740
UnitedHealth Group, Inc.		6,982		3,526,189
Universal Health Services, Inc., Class B		500		44,090
				8,181,697

Security	Shares		Value
Hotels, Restaurants & Leisure — 2.1%
Booking Holdings, Inc.(a)		296	$	486,390
Caesars Entertainment, Inc.(a)		1,600		51,616
Carnival Corp.(a)		7,294		51,277
Chipotle Mexican Grill, Inc.(a)		208		312,574
Darden Restaurants, Inc.		919		116,088
Domino’s Pizza, Inc.		269		83,444
Expedia Group, Inc.(a)		1,134		106,244
Hilton Worldwide Holdings, Inc.		2,038		245,824
Las Vegas Sands Corp.(a)		2,463		92,412
Marriott International, Inc., Class A		2,068		289,809
McDonald’s Corp.		5,491		1,266,993
MGM Resorts International		2,445		72,665
Norwegian Cruise Line Holdings Ltd.(a)(c)		3,112		35,352
Royal Caribbean Cruises Ltd.(a)		1,632		61,853
Starbucks Corp.		8,564		721,603
Wynn Resorts Ltd.(a)		774		48,785
Yum! Brands, Inc.		2,128		226,292
				4,269,221
Household Durables — 0.3%
DR Horton, Inc.		2,369		159,552
Garmin Ltd.		1,141		91,634
Lennar Corp., Class A		1,911		142,465
Mohawk Industries, Inc.(a)		385		35,108
Newell Brands, Inc.		2,762		38,364
NVR, Inc.(a)		23		91,703
PulteGroup, Inc.		1,720		64,500
Whirlpool Corp.		405		54,598
				677,924
Household Products — 1.6%
Church & Dwight Co., Inc.		1,803		128,806
Clorox Co.		915		117,477
Colgate-Palmolive Co.		6,226		437,376
Kimberly-Clark Corp.		2,516		283,151
Procter & Gamble Co.		17,835		2,251,669
				3,218,479
Industrial Conglomerates — 0.2%
General Electric Co.		8,185		506,733
Insurance — 2.5%
Aflac, Inc.		4,310		242,222
Allstate Corp.		2,009		250,181
American International Group, Inc.		5,700		270,636
Aon PLC, Class A		1,574		421,627
Arthur J. Gallagher & Co.		1,567		268,302
Assurant, Inc.		389		56,510
Brown & Brown, Inc.		1,754		106,082
Chubb Ltd.		3,117		566,920
Cincinnati Financial Corp.		1,193		106,857
Everest Re Group Ltd.		296		77,682
Globe Life, Inc.		678		67,597
Hartford Financial Services Group, Inc.		2,420		149,895
Lincoln National Corp.		1,161		50,979
Loews Corp.		1,461		72,816
Marsh & McLennan Cos., Inc.		3,725		556,105
MetLife, Inc.		5,022		305,237
Principal Financial Group, Inc.		1,727		124,603
Progressive Corp.		4,366		507,373
Prudential Financial, Inc.		2,765		237,182
Travelers Cos., Inc.		1,765		270,398

10 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
W R Berkley Corp.		1,523	$	98,355
Willis Towers Watson PLC		823		165,374
				4,972,933
Interactive Media & Services — 5.3%
Alphabet, Inc., Class A(a)		44,754		4,280,720
Alphabet, Inc., Class C, NVS(a)		40,020		3,847,923
Match Group, Inc.(a)		2,131		101,755
Meta Platforms, Inc., Class A(a)		17,023		2,309,681
Twitter, Inc.(a)		5,039		220,910
				10,760,989
Internet & Direct Marketing Retail — 3.8%
Amazon.com, Inc.(a)		66,154		7,475,402
eBay, Inc.		4,118		151,584
Etsy, Inc.(a)		954		95,524
				7,722,510
IT Services — 4.9%
Accenture PLC, Class A		4,721		1,214,713
Akamai Technologies, Inc.(a)		1,197		96,143
Automatic Data Processing, Inc.		3,101		701,415
Broadridge Financial Solutions, Inc.		876		126,425
Cognizant Technology Solutions Corp., Class A		3,864		221,948
DXC Technology Co.(a)		1,723		42,179
EPAM Systems, Inc.(a)		426		154,293
Fidelity National Information Services, Inc.		4,538		342,937
Fiserv, Inc.(a)		4,772		446,516
FleetCor Technologies, Inc.(a)		562		99,008
Gartner, Inc.(a)		593		164,077
Global Payments, Inc.		2,077		224,420
International Business Machines Corp.		6,741		800,898
Jack Henry & Associates, Inc.		538		98,061
Mastercard, Inc., Class A		6,368		1,810,677
Paychex, Inc.		2,395		268,743
PayPal Holdings, Inc.(a)		8,632		742,956
VeriSign, Inc.(a)		700		121,590
Visa, Inc., Class A		12,204		2,168,041
				9,845,040
Leisure Products — 0.0%
Hasbro, Inc.		956		64,454
Life Sciences Tools & Services — 2.1%
Agilent Technologies, Inc.		2,230		271,056
Bio-Rad Laboratories, Inc., Class A(a)		160		66,742
Bio-Techne Corp.		295		83,780
Charles River Laboratories International, Inc.(a)		381		74,981
Danaher Corp.		4,887		1,262,263
Illumina, Inc.(a)		1,169		223,034
IQVIA Holdings, Inc.(a)		1,386		251,060
Mettler-Toledo International, Inc.(a)		167		181,048
PerkinElmer, Inc.		951		114,434
Thermo Fisher Scientific, Inc.		2,924		1,483,024
Waters Corp.(a)		450		121,289
West Pharmaceutical Services, Inc.		552		135,836
				4,268,547
Machinery — 1.8%
Caterpillar, Inc.	��	3,940		646,475
Cummins, Inc.		1,047		213,075
Deere & Co.		2,076		693,156
Dover Corp.		1,073		125,090
Fortive Corp.		2,669		155,603
IDEX Corp.		560		111,916
Illinois Tool Works, Inc.		2,100		379,365

Security	Shares		Value
Machinery (continued)
Ingersoll Rand, Inc.		2,995	$	129,564
Nordson Corp.		409		86,819
Otis Worldwide Corp.		3,123		199,247
PACCAR, Inc.		2,594		217,092
Parker-Hannifin Corp.		958		232,133
Pentair PLC		1,231		50,016
Snap-on, Inc.		395		79,533
Stanley Black & Decker, Inc.		1,102		82,881
Westinghouse Air Brake Technologies Corp.		1,363		110,880
Xylem, Inc.		1,334		116,538
				3,629,383
Media — 0.8%
Charter Communications, Inc., Class A(a)		824		249,960
Comcast Corp., Class A		32,870		964,077
DISH Network Corp., Class A(a)		1,843		25,489
Fox Corp., Class A, NVS		2,292		70,319
Fox Corp., Class B		1,087		30,979
Interpublic Group of Cos., Inc.		2,910		74,496
News Corp., Class A, NVS		2,908		43,940
News Corp., Class B		924		14,248
Omnicom Group, Inc.		1,532		96,654
Paramount Global, Class B, NVS		3,785		72,066
				1,642,228
Metals & Mining — 0.4%
Freeport-McMoRan, Inc.		10,643		290,873
Newmont Corp.		5,942		249,742
Nucor Corp.		1,962		209,915
				750,530
Multiline Retail — 0.6%
Dollar General Corp.		1,692		405,843
Dollar Tree, Inc.(a)		1,582		215,310
Target Corp.		3,466		514,320
				1,135,473
Multi-Utilities — 0.5%
CenterPoint Energy, Inc.		4,676		131,770
Consolidated Edison, Inc.		2,639		226,320
Public Service Enterprise Group, Inc.		3,713		208,782
Sempra Energy		2,347		351,909
				918,781
Oil, Gas & Consumable Fuels — 0.8%
Kinder Morgan, Inc.		14,738		245,240
Marathon Petroleum Corp.		3,715		369,011
ONEOK, Inc.		3,319		170,066
Phillips 66		3,591		289,865
Valero Energy Corp.		2,953		315,528
Williams Cos., Inc.		9,116		260,991
				1,650,701
Personal Products — 0.2%
Estee Lauder Cos., Inc., Class A		1,733		374,155
Pharmaceuticals — 3.6%
Bristol-Myers Squibb Co.		15,937		1,132,961
Catalent, Inc.(a)		1,339		96,890
Eli Lilly & Co.		5,886		1,903,238
Merck & Co., Inc.		18,908		1,628,357
Organon & Co.		1,909		44,671
Pfizer, Inc.		41,890		1,833,107
Viatris, Inc.		9,042		77,038
Zoetis, Inc.		3,494		518,125
				7,234,387

SCHEDULES   OF   INVESTMENTS 11

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services — 0.2%
Equifax, Inc.		914	$	156,687
Nielsen Holdings PLC(a)		2,638		73,125
Robert Half International, Inc.		834		63,801
Verisk Analytics, Inc.		1,167		199,009
				492,622
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(a)		2,407		162,497
Road & Rail — 1.0%
CSX Corp.		15,975		425,574
JB Hunt Transport Services, Inc.		614		96,042
Norfolk Southern Corp.		1,750		366,887
Old Dominion Freight Line, Inc.		684		170,159
Union Pacific Corp.		4,661		908,056
				1,966,718
Semiconductors & Semiconductor Equipment — 5.4%
Advanced Micro Devices, Inc.(a)		12,049		763,425
Analog Devices, Inc.		3,880		540,639
Applied Materials, Inc.		6,493		531,972
Broadcom, Inc.		3,014		1,338,246
Enphase Energy, Inc.(a)		1,009		279,967
Intel Corp.		30,647		789,773
KLA Corp.		1,056		319,577
Lam Research Corp.		1,021		373,686
Microchip Technology, Inc.		4,124		251,688
Micron Technology, Inc.		8,225		412,073
Monolithic Power Systems, Inc.		333		121,012
NVIDIA Corp.		18,690		2,268,779
NXP Semiconductors N.V		1,957		288,677
ON Semiconductor Corp.(a)		3,247		202,386
Qorvo, Inc.(a)		774		61,463
QUALCOMM, Inc.		8,382		946,998
Skyworks Solutions, Inc.		1,201		102,409
SolarEdge Technologies, Inc.(a)		414		95,825
Teradyne, Inc.		1,175		88,301
Texas Instruments, Inc.		6,820		1,055,600
				10,832,496
Software — 9.6%
Adobe, Inc.(a)		3,493		961,274
ANSYS, Inc.(a)		652		144,548
Autodesk, Inc.(a)		1,621		302,803
Cadence Design Systems, Inc.(a)		2,040		333,397
Ceridian HCM Holding, Inc.(a)		1,147		64,094
Citrix Systems, Inc.(a)		919		95,484
Fortinet, Inc.(a)		4,905		240,983
Intuit, Inc.		2,105		815,309
Microsoft Corp.		55,665		12,964,378
NortonLifeLock, Inc.		4,402		88,656
Oracle Corp.		11,338		692,412
Paycom Software, Inc.(a)		363		119,786
PTC, Inc.(a)		786		82,216
Roper Technologies, Inc.		790		284,116
Salesforce, Inc.(a)		7,427		1,068,300
ServiceNow, Inc.(a)		1,508		569,436
Synopsys, Inc.(a)		1,145		349,809
Tyler Technologies, Inc.(a)		311		108,072
				19,285,073
Specialty Retail — 2.5%
Advance Auto Parts, Inc.		447		69,884

Security	Shares		Value
Specialty Retail (continued)
AutoZone, Inc.(a)		146	$	312,722
Bath & Body Works, Inc.		1,711		55,778
Best Buy Co., Inc.		1,511		95,707
CarMax, Inc.(a)(c)		1,196		78,960
Home Depot, Inc.		7,671		2,116,736
Lowe’s Cos., Inc.		4,770		895,854
O’Reilly Automotive, Inc.(a)		474		333,388
Ross Stores, Inc.		2,612		220,113
TJX Cos., Inc.		8,745		543,239
Tractor Supply Co.		824		153,165
Ulta Beauty, Inc.(a)		385		154,458
				5,030,004
Technology Hardware, Storage & Peripherals — 8.0%
Apple Inc.		112,754		15,582,603
Hewlett Packard Enterprise Co.		9,705		116,266
HP, Inc.		6,821		169,979
NetApp, Inc.		1,640		101,434
Seagate Technology Holdings PLC		1,464		77,929
Western Digital Corp.(a)		2,335		76,004
				16,124,215
Textiles, Apparel & Luxury Goods — 0.5%
Nike, Inc., Class B		9,432		783,988
Ralph Lauren Corp.		315		26,753
Tapestry, Inc.		1,871		53,193
VF Corp.		2,475		74,027
				937,961
Trading Companies & Distributors — 0.2%
Fastenal Co.(c)		4,294		197,696
United Rentals, Inc.(a)		525		141,813
				339,509
Water Utilities — 0.1%
American Water Works Co., Inc.		1,363		177,408
Wireless Telecommunication Services — 0.3%
T-Mobile U.S., Inc.(a)		4,493		602,826
Total Long-Term Investments — 99.8% (Cost: $264,322,377)				200,653,224
Short-Term Securities(b)(d)
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(e)		359,160		359,268
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		202,148		202,148
Total Short-Term Securities — 0.3% (Cost: $561,309)				561,416
Total Investments — 100.1% (Cost: $264,883,686)				201,214,640
Liabilities in Excess of Other Assets — (0.1)%				(138,657	)
Net Assets — 100.0%			$	201,075,983

^(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.

12 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® ESG Screened S&P 500 ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	12,354	$	345,627	(a)	$	—		$	1,177		$	110		$	359,268		359,160	$	839	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		320,000		—			(117,852	)(a)		—			—			202,148		202,148		2,221			—
BlackRock, Inc.		719,848		147,069			(32,627	)		(596	)		(214,079	)		619,615		1,126		10,053			—
									$	581		$	(213,969	)	$	1,181,031			$	13,113		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Micro E-mini S&P 500 Index		27		12/16/22	$	486	$	(41,630	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	41,630	$	—	$	—	$	—	$	41,630

^(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).

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(19,403	)	$	—	$	—	$	—	$	(19,403	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(64,628	)	$	—	$	—	$	—	$	(64,628	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	461,101

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

SCHEDULES   OF   INVESTMENTS 13

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® ESG Screened S&P 500 ETF

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.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	287,114	$	—	$	—	$	287,114
Air Freight & Logistics		1,344,213		—		—		1,344,213
Airlines		444,960		—		—		444,960
Auto Components		213,544		—		—		213,544
Automobiles		5,952,580		—		—		5,952,580
Banks		7,199,670		—		—		7,199,670
Beverages		4,217,912		—		—		4,217,912
Biotechnology		5,033,441		—		—		5,033,441
Building Products		962,851		—		—		962,851
Capital Markets		6,682,801		—		—		6,682,801
Chemicals		3,799,874		—		—		3,799,874
Commercial Services & Supplies		1,135,293		—		—		1,135,293
Communications Equipment		1,851,222		—		—		1,851,222
Construction & Engineering		135,033		—		—		135,033
Construction Materials		307,975		—		—		307,975
Consumer Finance		1,155,045		—		—		1,155,045
Containers & Packaging		602,727		—		—		602,727
Distributors		342,541		—		—		342,541
Diversified Financial Services		3,597,026		—		—		3,597,026
Diversified Telecommunication Services		2,057,115		—		—		2,057,115
Electric Utilities		2,362,911		—		—		2,362,911
Electrical Equipment		1,184,585		—		—		1,184,585
Electronic Equipment, Instruments & Components		1,295,266		—		—		1,295,266
Energy Equipment & Services		704,474		—		—		704,474
Entertainment		3,087,679		—		—		3,087,679
Equity Real Estate Investment Trusts (REITs)		5,997,778		—		—		5,997,778
Food & Staples Retailing		2,210,699		—		—		2,210,699
Food Products		2,564,365		—		—		2,564,365
Gas Utilities		105,720		—		—		105,720
Health Care Equipment & Supplies		6,041,316		—		—		6,041,316
Health Care Providers & Services		8,181,697		—		—		8,181,697
Hotels, Restaurants & Leisure		4,269,221		—		—		4,269,221
Household Durables		677,924		—		—		677,924
Household Products		3,218,479		—		—		3,218,479
Industrial Conglomerates		506,733		—		—		506,733
Insurance		4,972,933		—		—		4,972,933
Interactive Media & Services		10,760,989		—		—		10,760,989
Internet & Direct Marketing Retail		7,722,510		—		—		7,722,510
IT Services		9,845,040		—		—		9,845,040
Leisure Products		64,454		—		—		64,454
Life Sciences Tools & Services		4,268,547		—		—		4,268,547
Machinery		3,629,383		—		—		3,629,383
Media		1,642,228		—		—		1,642,228
Metals & Mining		750,530		—		—		750,530
Multiline Retail		1,135,473		—		—		1,135,473
Multi-Utilities		918,781		—		—		918,781
Oil, Gas & Consumable Fuels		1,650,701		—		—		1,650,701
Personal Products		374,155		—		—		374,155
Pharmaceuticals		7,234,387		—		—		7,234,387
Professional Services		492,622		—		—		492,622
Real Estate Management & Development		162,497		—		—		162,497
Road & Rail		1,966,718		—		—		1,966,718
Semiconductors & Semiconductor Equipment		10,832,496		—		—		10,832,496

14 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® ESG Screened S&P 500 ETF

	Level 1			Level 2		Level 3		Total
Common Stocks (continued)
Software	$	19,189,589		$	95,484	$	—	$	19,285,073
Specialty Retail		5,030,004			—		—		5,030,004
Technology Hardware, Storage & Peripherals		16,124,215			—		—		16,124,215
Textiles, Apparel & Luxury Goods		937,961			—		—		937,961
Trading Companies & Distributors		339,509			—		—		339,509
Water Utilities		177,408			—		—		177,408
Wireless Telecommunication Services		602,826			—		—		602,826
Short-Term Securities
Money Market Funds		561,416			—		—		561,416
	$	201,119,156		$	95,484	$	—	$	201,214,640
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(41,630	)	$	—	$	—	$	(41,630	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

SCHEDULES   OF   INVESTMENTS 15

Schedule of Investments (unaudited) September 30, 2022 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.4%
Axon Enterprise, Inc.(a)		3,308	$	382,901
Curtiss-Wright Corp.		1,881		261,760
Hexcel Corp.		4,145		214,380
Mercury Systems, Inc.(a)		2,825		114,695
Woodward, Inc.		2,947		236,526
				1,210,262
Air Freight & Logistics — 0.2%
GXO Logistics, Inc.(a)		5,835		204,575
Airlines — 0.1%
JetBlue Airways Corp.(a)		16,053		106,431
Auto Components — 1.5%
Adient PLC(a)		4,671		129,620
Dana, Inc.		6,277		71,746
Fox Factory Holding Corp.(a)		2,070		163,696
Gentex Corp.		11,519		274,613
Goodyear Tire & Rubber Co.(a)(b)		13,854		139,787
Lear Corp.		2,909		348,178
Visteon Corp.(a)		1,387		147,105
				1,274,745
Automobiles — 0.5%
Harley-Davidson, Inc.		6,516		227,278
Thor Industries, Inc.		2,683		187,756
				415,034
Banks — 8.2%
Associated Banc-Corp.		7,426		149,114
Bank of Hawaii Corp.		1,983		150,946
Bank OZK		5,472		216,472
Cadence Bank		4,744		120,545
Cathay General Bancorp		3,661		140,802
Commerce Bancshares, Inc.		5,367		355,081
Cullen/Frost Bankers, Inc.		3,154		417,022
East West Bancorp, Inc.		6,934		465,549
First Financial Bankshares, Inc.		6,423		268,674
First Horizon Corp.		26,288		601,995
FNB Corp.		17,258		200,193
Fulton Financial Corp.		8,365		132,167
Glacier Bancorp, Inc.		5,425		266,530
Hancock Whitney Corp.		4,218		193,227
Home BancShares, Inc.		9,458		212,900
International Bancshares Corp.		2,604		110,670
Old National Bancorp		14,349		236,328
PacWest Bancorp		5,817		131,464
Pinnacle Financial Partners, Inc.		3,760		304,936
Prosperity Bancshares, Inc.		4,489		299,326
Synovus Financial Corp.		7,151		268,234
Texas Capital Bancshares, Inc.(a)		2,454		144,860
UMB Financial Corp.		2,140		180,381
Umpqua Holdings Corp.		10,795		184,487
United Bankshares, Inc.		6,594		235,735
Valley National Bancorp		20,678		223,322
Washington Federal, Inc.		3,213		96,326
Webster Financial Corp.		8,652		391,070
Wintrust Financial Corp.		2,995		244,242
				6,942,598
Beverages — 0.5%
Boston Beer Co., Inc., Class A, NVS(a)		467		151,145

Security	Shares		Value
Beverages (continued)
Celsius Holdings, Inc.(a)		1,974	$	179,002
Coca-Cola Consolidated, Inc.		227		93,463
				423,610
Biotechnology — 2.0%
Arrowhead Pharmaceuticals, Inc.(a)		5,186		171,397
Exelixis, Inc.(a)		15,766		247,211
Halozyme Therapeutics, Inc.(a)		6,750		266,895
Neurocrine Biosciences, Inc.(a)		4,685		497,594
United Therapeutics Corp.(a)		2,239		468,802
				1,651,899
Building Products — 2.7%
Builders FirstSource, Inc.(a)(b)		7,646		450,502
Carlisle Cos., Inc.		2,534		710,559
Lennox International, Inc.		1,580		351,819
Owens Corning		4,715		370,646
Simpson Manufacturing Co., Inc.		2,127		166,757
Trex Co., Inc.(a)		5,402		237,364
				2,287,647
Capital Markets — 2.1%
Affiliated Managers Group, Inc.		1,885		210,837
Evercore, Inc., Class A		1,772		145,747
Federated Hermes, Inc.		4,166		137,978
Interactive Brokers Group, Inc., Class A		5,061		323,449
Janus Henderson Group PLC		6,519		132,401
Jefferies Financial Group, Inc.		9,151		269,955
SEI Investments Co.		5,067		248,536
Stifel Financial Corp.		5,221		271,022
				1,739,925
Chemicals — 2.3%
Ashland, Inc.		2,451		232,771
Avient Corp.		4,206		127,442
Cabot Corp.		2,758		176,209
Chemours Co.		7,600		187,340
Ingevity Corp.(a)		1,760		106,709
NewMarket Corp.		340		102,282
RPM International, Inc.		6,320		526,519
Scotts Miracle-Gro Co., Class A		2,027		86,654
Sensient Technologies Corp.		2,059		142,771
Valvoline, Inc.		8,725		221,092
				1,909,789
Commercial Services & Supplies — 1.6%
Brink’s Co.		2,339		113,301
Clean Harbors, Inc.(a)		2,465		271,101
IAA, Inc.(a)		6,579		209,541
MillerKnoll, Inc.		3,770		58,812
MSA Safety, Inc.		1,802		196,923
Stericycle, Inc.(a)		4,516		190,169
Tetra Tech, Inc.		2,612		335,720
				1,375,567
Communications Equipment — 1.0%
Calix, Inc.(a)		2,779		169,908
Ciena Corp.(a)		7,365		297,767
Lumentum Holdings, Inc.(a)		3,380		231,766
Viasat, Inc.(a)		3,751		113,393
				812,834
Construction & Engineering — 1.9%
AECOM		6,841		467,719
Dycom Industries, Inc.(a)		1,456		139,092
EMCOR Group, Inc.		2,418		279,231

16 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
MasTec, Inc.(a)		2,800	$	177,800
MDU Resources Group, Inc.		9,962		272,461
Valmont Industries, Inc.		1,046		280,976
				1,617,279
Construction Materials — 0.2%
Eagle Materials, Inc.		1,856		198,926
Consumer Finance — 0.4%
Bread Financial Holdings, Inc.		1,896		59,629
Navient Corp.		5,446		80,002
SLM Corp.		12,369		173,042
				312,673
Containers & Packaging — 1.0%
AptarGroup, Inc.		3,213		305,332
Greif, Inc., Class A, NVS		1,304		77,679
Silgan Holdings, Inc.		4,120		173,205
Sonoco Products Co.		4,777		270,999
				827,215
Diversified Consumer Services — 1.2%
Graham Holdings Co., Class B		190		102,216
Grand Canyon Education, Inc.(a)		1,575		129,544
H&R Block, Inc.		7,818		332,577
Service Corp. International		7,724		445,984
				1,010,321
Diversified Financial Services — 0.3%
Voya Financial, Inc.		4,818		291,489
Diversified Telecommunication Services — 0.3%
Iridium Communications, Inc.(a)		6,220		275,981
Electric Utilities — 0.2%
Hawaiian Electric Industries, Inc.		5,363		185,882
Electrical Equipment — 2.5%
Acuity Brands, Inc.		1,603		252,424
EnerSys		2,000		116,340
Hubbell, Inc.		2,630		586,490
nVent Electric PLC		8,156		257,811
Regal Rexnord Corp.		3,257		457,153
SunPower Corp.(a)		4,153		95,685
Sunrun, Inc.(a)(b)		10,391		286,688
Vicor Corp.(a)		1,075		63,575
				2,116,166
Electronic Equipment, Instruments & Components — 3.3%
Arrow Electronics, Inc.(a)(b)		3,156		290,952
Avnet, Inc.		4,659		168,283
Belden, Inc.(b)		2,132		127,963
Cognex Corp.		8,543		354,107
Coherent Corp.(a)		6,350		221,298
IPG Photonics Corp.(a)		1,632		137,659
Jabil, Inc.		6,769		390,639
Littelfuse, Inc.		1,221		242,600
National Instruments Corp.		6,482		244,631
Novanta, Inc.(a)		1,754		202,850
TD SYNNEX Corp.		2,064		167,576
Vishay Intertechnology, Inc.		6,430		114,390
Vontier Corp.		7,738		129,302
				2,792,250
Energy Equipment & Services — 0.6%
ChampionX Corp.		9,942		194,565
NOV, Inc.		19,243		311,352
				505,917

Security	Shares		Value
Entertainment — 0.2%
World Wrestling Entertainment, Inc., Class A		2,162	$	151,708
Equity Real Estate Investment Trusts (REITs) — 8.0%
Apartment Income REIT Corp.		7,554		291,735
Brixmor Property Group, Inc.		14,681		271,158
Corporate Office Properties Trust		5,508		127,951
Cousins Properties, Inc.		7,489		174,868
Douglas Emmett, Inc.		8,660		155,274
EastGroup Properties, Inc.		2,134		308,022
EPR Properties		3,711		133,076
First Industrial Realty Trust, Inc.		6,470		289,921
Highwoods Properties, Inc.		5,176		139,545
Independence Realty Trust, Inc.		10,867		181,805
JBG SMITH Properties		4,897		90,986
Kilroy Realty Corp.		5,153		216,993
Kite Realty Group Trust		10,734		184,839
Lamar Advertising Co., Class A		4,268		352,067
Life Storage, Inc.		4,134		457,882
Macerich Co.		10,676		84,767
Medical Properties Trust, Inc.		29,345		348,032
National Retail Properties, Inc.		8,677		345,865
National Storage Affiliates Trust		4,208		174,969
Omega Healthcare Investors, Inc.		11,469		338,221
Park Hotels & Resorts, Inc.		11,062		124,558
Pebblebrook Hotel Trust		6,537		94,852
Physicians Realty Trust		11,235		168,974
PotlatchDeltic Corp.		3,972		163,011
Rayonier, Inc.		7,173		214,975
Rexford Industrial Realty, Inc.		8,381		435,812
Sabra Health Care REIT, Inc.		11,381		149,319
SL Green Realty Corp.		3,170		127,307
Spirit Realty Capital, Inc.		6,679		241,513
STORE Capital Corp.		13,018		407,854
				6,796,151
Food & Staples Retailing — 0.9%
BJ’s Wholesale Club Holdings, Inc.(a)		6,623		482,221
Grocery Outlet Holding Corp.(a)		4,384		145,943
Sprouts Farmers Market, Inc.(a)		5,288		146,742
				774,906
Food Products — 1.7%
Darling Ingredients, Inc.(a)		7,857		519,741
Flowers Foods, Inc.		9,495		234,432
Ingredion, Inc.		3,210		258,469
Lancaster Colony Corp.		984		147,875
Pilgrim’s Pride Corp.(a)		2,246		51,703
Post Holdings, Inc.(a)(b)		2,676		219,191
				1,431,411
Gas Utilities — 1.3%
New Jersey Resources Corp.		4,714		182,432
ONE Gas, Inc.		2,652		186,674
Southwest Gas Holdings, Inc.		3,032		211,482
Spire, Inc.		2,572		160,313
UGI Corp.		10,303		333,096
				1,073,997
Health Care Equipment & Supplies — 4.0%
Enovis Corp.(a)		2,343		107,942
Envista Holdings Corp.(a)		8,004		262,611
Globus Medical, Inc., Class A(a)		3,788		225,651
Haemonetics Corp.(a)		2,514		186,112
ICU Medical, Inc.(a)		983		148,040
Integra LifeSciences Holdings Corp.(a)		3,575		151,437

SCHEDULES   OF   INVESTMENTS 17

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
LivaNova PLC(a)		2,661	$	135,099
Masimo Corp.(a)		2,368		334,267
Neogen Corp.(a)		10,587		147,900
NuVasive, Inc.(a)		2,600		113,906
Omnicell, Inc.(a)		2,178		189,551
Penumbra, Inc.(a)		1,856		351,898
QuidelOrtho Corp.(a)		2,669		190,780
Shockwave Medical, Inc.(a)		1,760		489,403
STAAR Surgical Co.(a)		2,353		166,004
Tandem Diabetes Care, Inc.(a)		3,183		152,307
				3,352,908
Health Care Providers & Services — 2.9%
Acadia Healthcare Co., Inc.(a)		4,450		347,901
Amedisys, Inc.(a)		1,596		154,477
Chemed Corp.		730		318,689
Encompass Health Corp.		4,888		221,084
HealthEquity, Inc.(a)		4,133		277,614
LHC Group, Inc.(a)		1,528		250,073
Option Care Health, Inc.(a)		7,461		234,798
Patterson Cos., Inc.		4,323		103,838
Progyny, Inc.(a)		3,539		131,155
R1 RCM, Inc.(a)		6,713		124,392
Tenet Healthcare Corp.(a)		5,285		272,600
				2,436,621
Hotels, Restaurants & Leisure — 2.8%
Boyd Gaming Corp.		4,029		191,982
Choice Hotels International, Inc.		1,427		156,285
Churchill Downs, Inc.		1,625		299,244
Cracker Barrel Old Country Store, Inc.		1,122		103,875
Light & Wonder, Inc.(a)		4,640		198,963
Marriott Vacations Worldwide Corp.		1,925		234,580
Papa John’s International, Inc.		1,593		111,526
Texas Roadhouse, Inc.		3,275		285,776
Travel + Leisure Co.		4,123		140,677
Wendy’s Co.		8,390		156,809
Wingstop, Inc.		1,465		183,740
Wyndham Hotels & Resorts, Inc.		4,425		271,474
				2,334,931
Household Durables — 1.5%
Helen of Troy Ltd.(a)		1,192		114,957
KB Home		4,157		107,749
Leggett & Platt, Inc.		6,524		216,727
Taylor Morrison Home Corp.(a)		5,592		130,406
Tempur Sealy International, Inc.		8,473		204,538
Toll Brothers, Inc.		5,260		220,920
TopBuild Corp.(a)		1,586		261,341
				1,256,638
Household Products — 0.1%
Energizer Holdings, Inc.		3,260		81,956
Independent Power and Renewable Electricity Producers — 0.2%
Ormat Technologies, Inc.		2,203		189,899
Insurance — 4.9%
Alleghany Corp.(a)		659		553,145
American Financial Group, Inc.		3,435		422,265
Brighthouse Financial, Inc.(a)		3,534		153,446
CNO Financial Group, Inc.		5,629		101,153
First American Financial Corp.		5,126		236,309
Hanover Insurance Group, Inc.		1,746		223,732
Kemper Corp.		3,057		126,132
Kinsale Capital Group, Inc.		1,055		269,468

Security	Shares		Value
Insurance (continued)
Old Republic International Corp.		14,167	$	296,515
Primerica, Inc.		1,842		227,395
Reinsurance Group of America, Inc.		3,283		413,034
RenaissanceRe Holdings Ltd.		2,151		301,979
RLI Corp.		1,994		204,146
Selective Insurance Group, Inc.		2,956		240,618
Unum Group		9,249		358,861
				4,128,198
Interactive Media & Services — 0.3%
TripAdvisor, Inc.(a)		4,982		110,003
Ziff Davis, Inc.(a)		2,323		159,079
				269,082
IT Services — 1.9%
Concentrix Corp.		2,105		234,981
Euronet Worldwide, Inc.(a)		2,319		175,687
Genpact Ltd.		8,306		363,554
Kyndryl Holdings, Inc.(a)		10,041		83,039
Maximus, Inc.		2,966		171,642
Sabre Corp.(a)		16,238		83,626
Western Union Co.		18,980		256,230
WEX, Inc.(a)		2,174		275,968
				1,644,727
Leisure Products — 0.9%
Brunswick Corp.		3,657		239,351
Polaris, Inc.		2,743		262,368
Topgolf Callaway Brands Corp.(a)		6,819		131,334
YETI Holdings, Inc.(a)		4,222		120,411
				753,464
Life Sciences Tools & Services — 1.6%
Azenta, Inc.		3,675		157,511
Bruker Corp.		4,962		263,284
Medpace Holdings, Inc.(a)		1,236		194,262
Repligen Corp.(a)(b)		2,528		473,014
Syneos Health, Inc.(a)		5,029		237,117
				1,325,188
Machinery — 4.7%
AGCO Corp.		3,033		291,684
Chart Industries, Inc.(a)		1,757		323,903
Crane Holdings Co.		2,336		204,493
Donaldson Co., Inc.		6,053		296,657
Esab Corp.		2,271		75,761
Flowserve Corp.		6,441		156,516
Graco, Inc.		8,285		496,686
ITT, Inc.		4,051		264,692
Kennametal, Inc.		4,010		82,526
Lincoln Electric Holdings, Inc.		2,837		356,668
Middleby Corp.(a)		2,640		338,369
Oshkosh Corp.		3,215		225,982
Terex Corp.		3,337		99,242
Timken Co.		3,289		194,183
Toro Co.		5,123		443,037
Watts Water Technologies, Inc., Class A		1,345		169,107
				4,019,506
Marine — 0.2%
Kirby Corp.(a)		2,948		179,150
Media — 0.9%
Cable One, Inc.		239		203,879
John Wiley & Sons, Inc., Class A		2,123		79,740

18 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
New York Times Co., Class A		8,106	$	233,047
TEGNA, Inc.		11,047		228,452
				745,118
Metals & Mining — 3.0%
Alcoa Corp.		8,814		296,679
Cleveland-Cliffs, Inc.(a)(b)		25,342		341,357
Commercial Metals Co.		5,942		210,822
Reliance Steel & Aluminum Co.		2,954		515,207
Royal Gold, Inc.		3,216		301,725
Steel Dynamics, Inc.		8,499		603,004
United States Steel Corp.		11,673		211,515
Worthington Industries, Inc.		1,486		56,676
				2,536,985
Multiline Retail — 0.7%
Kohl’s Corp.		6,293		158,269
Macy’s, Inc.		13,272		207,972
Nordstrom, Inc.		5,579		93,337
Ollie’s Bargain Outlet Holdings, Inc.(a)		2,864		147,782
				607,360
Oil, Gas & Consumable Fuels — 1.7%
DT Midstream, Inc.		4,767		247,360
Equitrans Midstream Corp.		21,297		159,301
HF Sinclair Corp.		7,147		384,794
Targa Resources Corp.		11,099		669,714
				1,461,169
Paper & Forest Products — 0.2%
Louisiana-Pacific Corp.		3,635		186,076
Personal Products — 0.4%
BellRing Brands, Inc.(a)		6,664		137,345
Coty, Inc., Class A(a)		17,115		108,167
Nu Skin Enterprises, Inc., Class A		2,512		83,825
				329,337
Pharmaceuticals — 0.8%
Jazz Pharmaceuticals PLC(a)		3,071		409,333
Perrigo Co. PLC		6,595		235,178
				644,511
Professional Services — 1.6%
ASGN, Inc.(a)		2,469		223,124
FTI Consulting, Inc.(a)		1,692		280,381
Insperity, Inc.		1,779		181,618
KBR, Inc.		6,812		294,415
ManpowerGroup, Inc.		2,547		164,765
Science Applications International Corp.		2,728		241,237
				1,385,540
Real Estate Management & Development — 0.4%
Jones Lang LaSalle, Inc.(a)		2,347		354,561
Road & Rail — 1.9%
Avis Budget Group, Inc.(a)		1,419		210,665
Knight-Swift Transportation Holdings, Inc.		7,871		385,128
Landstar System, Inc.		1,791		258,566
Ryder System, Inc.		2,518		190,084
Saia, Inc.(a)		1,294		245,860
Werner Enterprises, Inc.		2,902		109,115
XPO Logistics, Inc.(a)		5,636		250,915
				1,650,333
Semiconductors & Semiconductor Equipment — 3.7%
Amkor Technology, Inc.		5,002		85,284
Cirrus Logic, Inc.(a)		2,751		189,269

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
First Solar, Inc.(a)		4,879	$	645,345
Lattice Semiconductor Corp.(a)		6,727		331,036
MACOM Technology Solutions Holdings, Inc.(a)		2,514		130,200
MKS Instruments, Inc.		2,801		231,475
Power Integrations, Inc.		2,821		181,447
Semtech Corp.(a)		3,175		93,377
Silicon Laboratories, Inc.(a)(b)		1,685		207,996
SiTime Corp.(a)		777		61,173
Synaptics, Inc.(a)		1,941		192,178
Universal Display Corp.		2,129		200,871
Wolfspeed, Inc.(a)		6,057		626,052
				3,175,703
Software — 3.1%
ACI Worldwide, Inc.(a)		5,610		117,249
Aspen Technology, Inc.(a)(b)		1,402		333,956
Blackbaud, Inc.(a)		2,190		96,491
CommVault Systems, Inc.(a)		2,195		116,423
Envestnet, Inc.(a)		1,507		66,911
Fair Isaac Corp.(a)		1,243		512,128
Manhattan Associates, Inc.(a)		3,085		410,398
NCR Corp.(a)		6,830		129,838
Paylocity Holding Corp.(a)		1,985		479,536
Qualys, Inc.(a)		1,671		232,921
Teradata Corp.(a)		5,059		157,133
				2,652,984
Specialty Retail — 2.9%
AutoNation, Inc.(a)		1,900		193,553
Five Below, Inc.(a)		2,718		374,187
Foot Locker, Inc.		3,952		123,026
GameStop Corp., Class A(a)(b)		12,365		310,732
Gap, Inc.		10,486		86,090
Lithia Motors, Inc.		1,349		289,428
Murphy USA, Inc.		1,052		289,205
RH(a)		983		241,887
Victoria’s Secret & Co.(a)		4,088		119,043
Williams-Sonoma, Inc.		3,369		397,037
				2,424,188
Technology Hardware, Storage & Peripherals — 0.1%
Xerox Holdings Corp.		5,512		72,097
Textiles, Apparel & Luxury Goods — 1.8%
Capri Holdings Ltd.(a)		6,762		259,931
Carter’s, Inc.		1,920		125,818
Columbia Sportswear Co.		1,695		114,073
Crocs, Inc.(a)		3,020		207,353
Deckers Outdoor Corp.(a)		1,300		406,393
Hanesbrands, Inc.		17,095		118,981
Skechers USA, Inc., Class A(a)		6,608		209,606
Under Armour, Inc., Class A(a)		9,284		61,739
Under Armour, Inc., Class C, NVS(a)		9,820		58,527
				1,562,421
Thrifts & Mortgage Finance — 0.7%
Essent Group Ltd.		5,316		185,369
MGIC Investment Corp.		14,970		191,915
New York Community Bancorp, Inc.		22,837		194,800
				572,084
Trading Companies & Distributors — 1.1%
GATX Corp.		1,735		147,735
MSC Industrial Direct Co., Inc., Class A		2,319		168,846

SCHEDULES   OF   INVESTMENTS 19

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
Univar Solutions, Inc.(a)		8,207	$	186,627
Watsco, Inc.		1,627		418,888
				922,096
Water Utilities — 0.6%
Essential Utilities, Inc.		11,734		485,553
Total Long-Term Investments — 99.7% (Cost: $100,755,116)				84,457,572
Short-Term Securities(c)(d)
Money Market Funds — 2.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(e)		2,156,598		2,157,245
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		101,120		101,119
Total Short-Term Securities — 2.6% (Cost: $2,257,445)				2,258,364
Total Investments — 102.3% (Cost: $103,012,561)				86,715,936
Liabilities in Excess of Other Assets — (2.3)%				(1,990,902	)
Net Assets — 100.0%			$	84,725,034

^(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 September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	815,271	$	1,340,817	(a)	$	—	$	349	$	808	$	2,157,245		2,156,598	$	21,772	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		90,000		11,119	(a)		—		—		—		101,119		101,120		1,018			—
								$	349	$	808	$	2,258,364			$	22,790		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(4,490	)	$	—	$	—	$	—	$	(4,490	)

20 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® ESG Screened S&P Mid-Cap ETF

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.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	84,457,572	$	—	$	—	$	84,457,572
Short-Term Securities
Money Market Funds		2,258,364		—		—		2,258,364
	$	86,715,936	$	—	$	—	$	86,715,936

See notes to financial statements.

SCHEDULES   OF   INVESTMENTS 21

Schedule of Investments (unaudited) September 30, 2022 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.7%
AAR Corp.(a)		1,579	$	56,560
AeroVironment, Inc.(a)		1,173		97,781
Kaman Corp.		1,315		36,728
National Presto Industries, Inc.		238		15,482
Park Aerospace Corp.		912		10,068
Triumph Group, Inc.(a)		3,050		26,200
				242,819
Air Freight & Logistics — 1.0%
Atlas Air Worldwide Holdings, Inc.(a)		1,210		115,640
Forward Air Corp.		1,261		113,818
Hub Group, Inc., Class A(a)		1,595		110,023
				339,481
Airlines — 0.4%
Allegiant Travel Co.(a)		726		52,983
Hawaiian Holdings, Inc.(a)		2,413		31,731
SkyWest, Inc.(a)		2,375		38,618
Sun Country Airlines Holdings, Inc.(a)		1,529		20,810
				144,142
Auto Components — 1.4%
American Axle & Manufacturing Holdings, Inc.(a)		5,378		36,732
Dorman Products, Inc.(a)		1,328		109,055
Gentherm, Inc.(a)		1,557		77,430
LCI Industries		1,194		121,143
Motorcar Parts of America, Inc.(a)		903		13,744
Patrick Industries, Inc.		1,020		44,717
Standard Motor Products, Inc.		874		28,405
XPEL, Inc.(a)		921		59,349
				490,575
Automobiles — 0.2%
Winnebago Industries, Inc.		1,491		79,336
Banks — 9.5%
Ameris Bancorp		2,840		126,976
Banc of California, Inc.		2,619		41,825
BancFirst Corp.		816		73,008
Bancorp, Inc.(a)		2,202		48,400
BankUnited, Inc.		2,029		69,331
Banner Corp.		908		53,645
Berkshire Hills Bancorp, Inc.		581		15,861
Brookline Bancorp, Inc.		1,924		22,415
Central Pacific Financial Corp.		464		9,600
City Holding Co.		428		37,959
Columbia Banking System, Inc.		3,273		94,557
Community Bank System, Inc.		2,371		142,450
Customers Bancorp, Inc.(a)		1,193		35,170
CVB Financial Corp.		5,705		144,451
Dime Community Bancshares, Inc.		1,522		44,564
Eagle Bancorp, Inc.		1,451		65,034
FB Financial Corp.		1,651		63,085
First BanCorp/Puerto Rico		6,475		88,578
First Bancorp/Southern Pines NC		1,473		53,882
First Commonwealth Financial Corp.		1,770		22,727
First Financial Bancorp		3,854		81,242
First Hawaiian, Inc.		5,995		147,657
Hanmi Financial Corp.		1,259		29,813
Heritage Financial Corp.		1,409		37,296
Hilltop Holdings, Inc.		2,153		53,502
HomeStreet, Inc.		461		13,281
Hope Bancorp, Inc.		3,221		40,713
Independent Bank Corp.		1,185		88,318

Security	Shares		Value
Banks (continued)
Independent Bank Group, Inc.		1,662	$	102,030
Lakeland Financial Corp.		1,100		80,091
National Bank Holdings Corp., Class A		1,412		52,230
NBT Bancorp, Inc.		1,738		65,957
Northwest Bancshares, Inc.		5,563		75,156
OFG Bancorp		1,618		40,660
Pacific Premier Bancorp, Inc.		4,255		131,735
Park National Corp.		679		84,522
Pathward Financial, Inc.		1,023		33,718
Preferred Bank		107		6,980
Renasant Corp.		2,292		71,694
S&T Bancorp, Inc.		1,005		29,457
Seacoast Banking Corp. of Florida		2,543		76,875
ServisFirst Bancshares, Inc.(b)		2,295		183,600
Simmons First National Corp., Class A		3,595		78,335
Southside Bancshares, Inc.		1,418		50,140
Tompkins Financial Corp.		591		42,918
Triumph Bancorp, Inc.(a)		1,032		56,089
Trustmark Corp.		2,328		71,307
United Community Banks, Inc.		4,408		145,905
Veritex Holdings, Inc.		1,859		49,431
Westamerica Bancorp		1,103		57,676
				3,331,846
Beverages — 0.3%
MGP Ingredients, Inc.		723		76,754
National Beverage Corp.		1,096		42,240
				118,994
Biotechnology — 3.0%
Anika Therapeutics, Inc.(a)		685		16,303
Arcus Biosciences, Inc.(a)(b)		2,439		63,804
Avid Bioservices, Inc.(a)		2,903		55,505
Coherus Biosciences, Inc.(a)		3,029		29,109
Cytokinetics, Inc.(a)		4,420		214,149
Dynavax Technologies Corp.(a)		5,522		57,650
Eagle Pharmaceuticals, Inc.(a)		499		13,184
Emergent BioSolutions, Inc.(a)		2,083		43,722
Enanta Pharmaceuticals, Inc.(a)		915		47,461
Ironwood Pharmaceuticals, Inc.(a)		6,259		64,843
Ligand Pharmaceuticals, Inc.(a)		753		64,841
Myriad Genetics, Inc.(a)		3,786		72,237
Organogenesis Holdings, Inc.(a)		3,318		10,750
REGENXBIO, Inc.(a)		1,766		46,675
uniQure NV(a)		1,931		36,226
Vanda Pharmaceuticals, Inc.(a)		2,655		26,231
Vericel Corp.(a)		2,215		51,388
Vir Biotechnology, Inc.(a)		3,550		68,444
Xencor, Inc.(a)		2,803		72,822
				1,055,344
Building Products — 2.1%
AAON, Inc.		1,972		106,251
American Woodmark Corp.(a)		779		34,167
Apogee Enterprises, Inc.		1,040		39,749
Gibraltar Industries, Inc.(a)		1,485		60,781
Griffon Corp.		2,224		65,653
Insteel Industries, Inc.		916		24,302
PGT Innovations, Inc.(a)		2,814		58,981
Quanex Building Products Corp.		1,564		28,402
Resideo Technologies, Inc.(a)		6,840		130,370
UFP Industries, Inc.		2,893		208,759
				757,415

22 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets — 1.0%
B Riley Financial, Inc.		744	$	33,123
Blucora, Inc.(a)		2,242		43,360
Brightsphere Investment Group, Inc.		1,517		22,619
Donnelley Financial Solutions, Inc.(a)(b)		1,200		44,364
Piper Sandler Cos		644		67,453
StoneX Group, Inc.(a)		809		67,098
Virtus Investment Partners, Inc.		321		51,206
WisdomTree Investments, Inc.		5,230		24,476
				353,699
Chemicals — 3.0%
AdvanSix, Inc.		1,315		42,211
American Vanguard Corp.		1,362		25,469
Balchem Corp.		1,508		183,343
FutureFuel Corp.		1,240		7,490
Hawkins, Inc.		888		34,623
HB Fuller Co.		2,496		150,010
Innospec, Inc.		1,164		99,720
Koppers Holdings, Inc.		981		20,385
Livent Corp.(a)(b)		8,415		257,920
Quaker Chemical Corp.		640		92,403
Stepan Co.		995		93,202
Tredegar Corp.		1,181		11,149
Trinseo PLC		1,642		30,081
				1,048,006
Commercial Services & Supplies — 2.0%
ABM Industries, Inc.		3,136		119,889
Brady Corp., Class A, NVS		2,192		91,472
CoreCivic, Inc.(a)		5,522		48,815
Deluxe Corp.		2,023		33,683
GEO Group, Inc.(a)		5,611		43,205
Harsco Corp.(a)		3,729		13,946
Healthcare Services Group, Inc.		3,477		42,037
HNI Corp.		1,941		51,456
Interface, Inc.		2,759		24,803
KAR Auction Services, Inc.(a)		5,438		60,743
Matthews International Corp., Class A		1,437		32,203
Pitney Bowes, Inc.		1,838		4,283
UniFirst Corp.		709		119,275
Viad Corp.(a)		968		30,569
				716,379
Communications Equipment — 1.7%
ADTRAN Holdings, Inc.		3,308		64,770
Clearfield, Inc.(a)(b)		537		56,192
Comtech Telecommunications Corp.		1,292		12,933
Digi International, Inc.(a)		1,647		56,937
Extreme Networks, Inc.(a)		6,069		79,322
Harmonic, Inc.(a)		4,932		64,461
NETGEAR, Inc.(a)		1,349		27,034
NetScout Systems, Inc.(a)		3,188		99,848
Viavi Solutions, Inc.(a)		10,696		139,583
				601,080
Construction & Engineering — 1.4%
Arcosa, Inc.		2,270		129,799
Comfort Systems USA, Inc.		1,680		163,514
Granite Construction, Inc.		2,070		52,557
MYR Group, Inc.(a)		782		66,259
NV5 Global, Inc.(a)		584		72,311
				484,440
Consumer Finance — 0.7%
Encore Capital Group, Inc.(a)		1,121		50,983

Security	Shares		Value
Consumer Finance (continued)
Enova International, Inc.(a)		1,503	$	43,993
Green Dot Corp., Class A(a)		875		16,607
LendingTree, Inc.(a)		510		12,169
PRA Group, Inc.(a)		1,830		60,134
PROG Holdings, Inc.(a)		2,369		35,488
World Acceptance Corp.(a)(b)		171		16,556
				235,930
Containers & Packaging — 0.3%
Myers Industries, Inc.		1,712		28,197
O-I Glass, Inc.(a)		7,311		94,677
				122,874
Diversified Consumer Services — 1.0%
Adtalem Global Education, Inc.(a)		2,122		77,347
Frontdoor, Inc.(a)		3,826		78,012
Perdoceo Education Corp.(a)		3,181		32,765
Strategic Education, Inc.		1,053		64,665
Stride, Inc.(a)(b)		1,908		80,193
WW International, Inc.(a)		2,511		9,868
				342,850
Diversified Telecommunication Services — 0.4%
ATN International, Inc.		503		19,401
Cogent Communications Holdings, Inc.		2,003		104,476
Consolidated Communications Holdings, Inc.(a)		3,467		14,423
				138,300
Electrical Equipment — 0.4%
AZZ, Inc.		1,164		42,498
Encore Wire Corp.(b)		898		103,755
Powell Industries, Inc.		426		8,980
				155,233
Electronic Equipment, Instruments & Components — 4.5%
Advanced Energy Industries, Inc.		1,754		135,777
Arlo Technologies, Inc.(a)		4,114		19,089
Badger Meter, Inc.		1,374		126,944
Benchmark Electronics, Inc.		1,651		40,912
CTS Corp.		1,496		62,308
ePlus, Inc.(a)		1,263		52,465
Fabrinet(a)		1,727		164,842
FARO Technologies, Inc.(a)		858		23,543
Insight Enterprises, Inc.(a)		1,433		118,094
Itron, Inc.(a)(b)		2,119		89,231
Knowles Corp.(a)		4,302		52,355
Methode Electronics, Inc.		1,725		64,084
OSI Systems, Inc.(a)		744		53,613
PC Connection, Inc.		530		23,898
Plexus Corp.(a)		1,301		113,916
Rogers Corp.(a)		879		212,612
Sanmina Corp.(a)		2,714		125,061
ScanSource, Inc.(a)		1,184		31,269
TTM Technologies, Inc.(a)		4,798		63,238
				1,573,251
Energy Equipment & Services — 1.8%
Archrock, Inc.		6,284		40,343
Bristow Group, Inc.(a)		1,102		25,886
Core Laboratories NV		2,175		29,319
DMC Global, Inc.(a)		871		13,919
Dril-Quip, Inc.(a)		1,614		31,505
Helix Energy Solutions Group, Inc.(a)		6,696		25,847
Helmerich & Payne, Inc.		4,943		182,743
Nabors Industries Ltd.(a)		420		42,609
Oil States International, Inc.(a)		3,000		11,670

SCHEDULES   OF   INVESTMENTS 23

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Energy Equipment & Services (continued)
Patterson-UTI Energy, Inc.		10,180	$	118,902
ProPetro Holding Corp.(a)		4,115		33,126
RPC, Inc.		3,907		27,075
US Silica Holdings, Inc.(a)		3,547		38,840
				621,784
Entertainment — 0.2%
Cinemark Holdings, Inc.(a)		5,038		61,010
Marcus Corp.		1,145		15,904
				76,914
Equity Real Estate Investment Trusts (REITs) — 7.2%
Acadia Realty Trust		4,035		50,922
Agree Realty Corp.		3,748		253,290
Alexander & Baldwin, Inc.		3,413		56,588
American Assets Trust, Inc.		2,444		62,860
Armada Hoffler Properties, Inc.		3,179		32,998
Brandywine Realty Trust		8,055		54,371
CareTrust REIT, Inc.		4,555		82,491
Centerspace		722		48,605
Chatham Lodging Trust(a)		2,291		22,612
Community Healthcare Trust, Inc.		1,095		35,861
DiamondRock Hospitality Co.		9,903		74,372
Diversified Healthcare Trust		11,227		11,116
Easterly Government Properties, Inc.		4,264		67,243
Elme Communities		4,103		72,049
Essential Properties Realty Trust, Inc.		6,630		128,953
Four Corners Property Trust, Inc.		3,824		92,503
Franklin Street Properties Corp.		4,314		11,346
Getty Realty Corp.		1,722		46,305
Global Net Lease, Inc.		4,868		51,844
Hersha Hospitality Trust, Class A		1,543		12,313
Industrial Logistics Properties Trust		3,072		16,896
Innovative Industrial Properties, Inc.		1,313		116,200
iStar, Inc.		4,008		37,114
LTC Properties, Inc.		1,902		71,230
LXP Industrial Trust		13,141		120,372
NexPoint Residential Trust, Inc.		1,072		49,537
Office Properties Income Trust		2,275		31,964
Orion Office REIT, Inc.		2,659		23,266
Retail Opportunity Investments Corp.		5,847		80,455
RPT Realty		3,998		30,225
Safehold, Inc.		817		21,618
Saul Centers, Inc.		605		22,687
Service Properties Trust		7,753		40,238
SITE Centers Corp.		8,743		93,637
Summit Hotel Properties, Inc.		5,019		33,728
Sunstone Hotel Investors, Inc.		9,968		93,899
Tanger Factory Outlet Centers, Inc.		4,900		67,032
Uniti Group, Inc.		11,139		77,416
Universal Health Realty Income Trust		596		25,753
Urban Edge Properties		5,514		73,557
Urstadt Biddle Properties, Inc., Class A		1,416		21,962
Veris Residential, Inc.(a)		3,720		42,296
Whitestone REIT		2,179		18,434
Xenia Hotels & Resorts, Inc.		5,369		74,038
				2,552,196
Food & Staples Retailing — 0.9%
Andersons, Inc.		1,494		46,359
Chefs’ Warehouse, Inc.(a)		1,599		46,323
PriceSmart, Inc.		1,176		67,726

Security	Shares		Value
Food & Staples Retailing (continued)
SpartanNash Co.		1,696	$	49,218
United Natural Foods, Inc.(a)		2,737		94,070
				303,696
Food Products — 2.1%
B&G Foods, Inc.		3,365		55,489
Calavo Growers, Inc.		833		26,448
Cal-Maine Foods, Inc.		1,782		99,061
Fresh Del Monte Produce, Inc.		1,437		33,396
Hostess Brands, Inc.(a)		6,408		148,922
J & J Snack Foods Corp.		703		91,017
John B Sanfilippo & Son, Inc.		419		31,731
Seneca Foods Corp., Class A(a)		261		13,165
Simply Good Foods Co.(a)		4,005		128,120
Tootsie Roll Industries, Inc.		834		27,755
TreeHouse Foods, Inc.(a)		2,368		100,451
				755,555
Gas Utilities — 0.8%
Chesapeake Utilities Corp.		280		32,309
Northwest Natural Holding Co.		1,635		70,926
South Jersey Industries, Inc.		5,750		192,165
				295,400
Health Care Equipment & Supplies — 3.5%
AngioDynamics, Inc.(a)(b)		1,830		37,442
Artivion, Inc.(a)		1,893		26,199
Avanos Medical, Inc.(a)		2,183		47,546
BioLife Solutions, Inc.(a)		1,600		36,400
Cardiovascular Systems, Inc.(a)		1,915		26,542
CONMED Corp.(b)		1,430		114,643
Cutera, Inc.(a)		836		38,121
Glaukos Corp.(a)		2,235		118,991
Heska Corp.(a)		477		34,783
Inogen, Inc.(a)		1,074		26,077
Integer Holdings Corp.(a)		1,555		96,768
Lantheus Holdings, Inc.(a)		3,227		226,955
LeMaitre Vascular, Inc.		907		45,967
Meridian Bioscience, Inc.(a)		2,054		64,763
Merit Medical Systems, Inc.(a)		2,665		150,599
Mesa Laboratories, Inc.		235		33,095
OraSure Technologies, Inc.(a)		3,409		12,920
Orthofix Medical, Inc.(a)		939		17,944
Surmodics, Inc.(a)		658		20,003
Varex Imaging Corp.(a)		1,873		39,595
Zynex, Inc.		1,046		9,487
				1,224,840
Health Care Providers & Services — 3.9%
AdaptHealth Corp.(a)		3,599		67,589
Addus HomeCare Corp.(a)		755		71,906
AMN Healthcare Services, Inc.(a)		2,032		215,311
Apollo Medical Holdings, Inc.(a)(b)		1,842		71,838
Community Health Systems, Inc.(a)		5,882		12,646
CorVel Corp.(a)		433		59,940
Covetrus, Inc.(a)		4,929		102,918
Cross Country Healthcare, Inc.(a)		1,705		48,371
Ensign Group, Inc.		2,596		206,382
Fulgent Genetics, Inc.(a)		952		36,290
Hanger, Inc.(a)		1,785		33,415
Joint Corp.(a)		681		10,699
ModivCare, Inc.(a)		594		59,210
Owens & Minor, Inc.		3,580		86,278
Pediatrix Medical Group, Inc.(a)		3,960		65,380
Pennant Group, Inc.(a)		1,318		13,720

24 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
RadNet, Inc.(a)		2,287	$	46,540
Select Medical Holdings Corp.		4,848		107,141
US Physical Therapy, Inc.		611		46,448
				1,362,022
Health Care Technology — 0.6%
Allscripts Healthcare Solutions, Inc.(a)		5,202		79,226
Computer Programs and Systems, Inc.(a)		693		19,321
HealthStream, Inc.(a)		1,134		24,109
NextGen Healthcare, Inc.(a)		2,587		45,790
OptimizeRx Corp.(a)		846		12,538
Simulations Plus, Inc.		751		36,453
				217,437
Hotels, Restaurants & Leisure — 1.9%
BJ’s Restaurants, Inc.(a)		1,101		26,259
Bloomin’ Brands, Inc.		4,192		76,839
Brinker International, Inc.(a)		2,058		51,409
Cheesecake Factory, Inc.		2,280		66,758
Chuy’s Holdings, Inc.(a)		885		20,514
Dave & Buster’s Entertainment, Inc.(a)		1,999		62,029
Dine Brands Global, Inc.		736		46,780
El Pollo Loco Holdings, Inc.(a)		938		8,367
Golden Entertainment, Inc.(a)		1,030		35,937
Jack in the Box, Inc.		989		73,255
Monarch Casino & Resort, Inc.(a)		621		34,863
Ruth’s Hospitality Group, Inc.		1,447		24,397
Shake Shack, Inc., Class A(a)		1,752		78,805
Six Flags Entertainment Corp.(a)		3,473		61,472
				667,684
Household Durables — 2.5%
Cavco Industries, Inc.(a)		388		79,835
Century Communities, Inc.		1,349		57,710
Ethan Allen Interiors, Inc.		1,070		22,620
Green Brick Partners, Inc.(a)		1,275		27,259
Installed Building Products, Inc.		1,107		89,656
iRobot Corp.(a)		1,278		71,990
La-Z-Boy, Inc.		2,037		45,975
LGI Homes, Inc.(a)		962		78,278
M/I Homes, Inc.(a)		1,303		47,208
MDC Holdings, Inc.		2,673		73,294
Meritage Homes Corp.(a)		1,717		120,653
Sonos, Inc.(a)		5,974		83,039
Tri Pointe Homes, Inc.(a)		4,772		72,105
Tupperware Brands Corp.(a)		1,802		11,803
Universal Electronics, Inc.(a)		560		11,015
				892,440
Household Products — 0.6%
Central Garden & Pet Co.(a)		457		16,470
Central Garden & Pet Co., Class A, NVS(a)		1,946		66,475
WD-40 Co.		640		112,474
				195,419
Insurance — 2.5%
Ambac Financial Group, Inc.(a)		2,111		26,915
American Equity Investment Life Holding Co.		3,333		124,288
AMERISAFE, Inc.		905		42,291
Assured Guaranty Ltd.		2,906		140,796
Employers Holdings, Inc.		794		27,385
Genworth Financial, Inc., Class A(a)		14,070		49,245
HCI Group, Inc.		333		13,054
Horace Mann Educators Corp.		1,098		38,748
James River Group Holdings Ltd.		1,685		38,435

Security	Shares		Value
Insurance (continued)
Palomar Holdings, Inc.(a)		1,185	$	99,208
ProAssurance Corp.		1,419		27,685
Safety Insurance Group, Inc.		587		47,876
SiriusPoint Ltd.(a)		3,989		19,745
Stewart Information Services Corp.		1,207		52,673
Trupanion, Inc.(a)		1,645		97,762
United Fire Group, Inc.		1,016		29,190
Universal Insurance Holdings, Inc.		1,297		12,775
				888,071
Interactive Media & Services — 0.6%
Cars.com, Inc.(a)		2,963		34,074
QuinStreet, Inc.(a)		2,419		25,400
Shutterstock, Inc.		1,131		56,742
Yelp, Inc.(a)		3,299		111,869
				228,085
Internet & Direct Marketing Retail — 0.1%
Liquidity Services, Inc.(a)		1,270		20,650
PetMed Express, Inc.		987		19,266
				39,916
IT Services — 1.0%
CSG Systems International, Inc.		1,506		79,637
EVERTEC, Inc.		3,097		97,091
Perficient, Inc.(a)		1,625		105,658
TTEC Holdings, Inc.		887		39,303
Unisys Corp.(a)(b)		3,182		24,024
				345,713
Life Sciences Tools & Services — 0.1%
NeoGenomics, Inc.(a)		5,906		50,851
Machinery — 4.5%
3D Systems Corp.(a)		6,117		48,814
Alamo Group, Inc.		483		59,056
Albany International Corp., Class A		1,460		115,092
Astec Industries, Inc.		1,073		33,467
Barnes Group, Inc.		2,372		68,503
CIRCOR International, Inc.(a)		956		15,764
Enerpac Tool Group Corp.		2,730		48,676
EnPro Industries, Inc.		977		83,026
ESCO Technologies, Inc.		1,214		89,156
Federal Signal Corp.(b)		2,846		106,213
Franklin Electric Co., Inc.		1,826		149,203
Greenbrier Cos., Inc.		1,530		37,133
Hillenbrand, Inc.		3,261		119,744
John Bean Technologies Corp.		1,496		128,656
Lindsay Corp.		515		73,789
Proto Labs, Inc.(a)		1,291		47,031
SPX Technologies, Inc.(a)		2,123		117,232
Standex International Corp.		562		45,887
Tennant Co.		873		49,377
Titan International, Inc.(a)		2,388		28,990
Trinity Industries, Inc.		3,850		82,198
Wabash National Corp.		2,279		35,461
				1,582,468
Marine — 0.3%
Matson, Inc.		1,830		112,582
Media — 0.6%
AMC Networks, Inc., Class A(a)		1,313		26,654
EW Scripps Co., Class A(a)		2,718		30,632
Gannett Co., Inc.(a)		6,586		10,077
Scholastic Corp.		1,419		43,648

SCHEDULES   OF   INVESTMENTS 25

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares			Value
Media (continued)
TechTarget, Inc.(a)		1,274		$	75,421
Thryv Holdings, Inc.(a)		1,439			32,852
					219,284
Metals & Mining — 1.7%
Arconic Corp.(a)		4,819			82,116
ATI, Inc.(a)		6,099			162,294
Carpenter Technology Corp.		2,267			70,594
Century Aluminum Co.(a)		2,402			12,683
Compass Minerals International, Inc.		1,604			61,802
Haynes International, Inc.		585			20,545
Kaiser Aluminum Corp.		748			45,890
Materion Corp.		964			77,120
Olympic Steel, Inc.		450			10,265
SunCoke Energy, Inc.		3,915			22,746
TimkenSteel Corp.(a)		1,931	��		28,946
					595,001
Mortgage Real Estate Investment Trusts (REITs) — 1.3%
Apollo Commercial Real Estate Finance, Inc.		6,073			50,406
ARMOUR Residential REIT, Inc.		5,382			26,210
Ellington Financial, Inc.		2,674			30,403
Franklin BSP Realty Trust, Inc.		3,933			42,358
Granite Point Mortgage Trust, Inc.		2,457			15,823
Invesco Mortgage Capital, Inc.		1,550			17,205
KKR Real Estate Finance Trust, Inc.		2,731			44,379
New York Mortgage Trust, Inc.		17,734			41,498
PennyMac Mortgage Investment Trust		4,252			50,089
Ready Capital Corp.		4,780			48,469
Redwood Trust, Inc.		5,482			31,467
Two Harbors Investment Corp.		16,171			53,688
					451,995
Multiline Retail — 0.1%
Big Lots, Inc.		1,358			21,198
Multi-Utilities — 0.4%
Avista Corp.		3,328			123,303
Unitil Corp.		752			34,930
					158,233
Oil, Gas & Consumable Fuels — 1.1%
Dorian LPG Ltd.		1,489			20,206
Green Plains, Inc.(a)		1,983			57,646
Par Pacific Holdings, Inc.(a)		2,599			42,649
PBF Energy, Inc., Class A(a)		5,037			177,101
REX American Resources Corp.(a)		738			20,605
World Fuel Services Corp.		2,907			68,140
					386,347
Paper & Forest Products — 0.3%
Clearwater Paper Corp.(a)		786			29,554
Mercer International, Inc.		1,901			23,382
Sylvamo Corp.		1,554			52,681
					105,617
Personal Products — 0.9%
Edgewell Personal Care Co.		2,433			90,994
elf Beauty, Inc.(a)		2,338			87,956
Inter Parfums, Inc.		838			63,236
Medifast, Inc.		517			56,022
USANA Health Sciences, Inc.(a)		523			29,314
					327,522
Pharmaceuticals — 1.9%
Amphastar Pharmaceuticals, Inc.(a)		1,795			50,439
ANI Pharmaceuticals, Inc.(a)		566			18,191

Security	Shares		Value
Pharmaceuticals (continued)
Cara Therapeutics, Inc.(a)(b)		2,119	$	19,834
Collegium Pharmaceutical, Inc.(a)		1,602		25,664
Corcept Therapeutics, Inc.(a)		4,475		114,739
Harmony Biosciences Holdings, Inc.(a)		1,389		61,519
Innoviva, Inc.(a)		2,945		34,191
Nektar Therapeutics(a)		8,798		28,154
Pacira BioSciences, Inc.(a)(b)		2,151		114,412
Phibro Animal Health Corp., Class A		955		12,692
Prestige Consumer Healthcare, Inc.(a)		2,336		116,403
Supernus Pharmaceuticals, Inc.(a)		2,512		85,031
				681,269
Professional Services — 1.3%
Exponent, Inc.		2,400		210,408
Forrester Research, Inc.(a)		527		18,977
Heidrick & Struggles International, Inc.		927		24,093
Kelly Services, Inc., Class A, NVS		1,624		22,070
Korn Ferry		2,564		120,380
Resources Connection, Inc.		1,492		26,960
TrueBlue, Inc.(a)		1,535		29,288
				452,176
Real Estate Management & Development — 0.5%
Anywhere Real Estate, Inc.(a)		5,370		43,550
Douglas Elliman, Inc., NVS		3,167		12,985
Marcus & Millichap, Inc.		1,182		38,746
RE/MAX Holdings, Inc., Class A		881		16,660
St Joe Co.		1,604		51,376
				163,317
Road & Rail — 0.5%
ArcBest Corp.		1,152		83,785
Heartland Express, Inc.		2,187		31,296
Marten Transport Ltd.		2,701		51,751
				166,832
Semiconductors & Semiconductor Equipment — 3.4%
Alpha & Omega Semiconductor Ltd.(a)(b)		1,041		32,021
Axcelis Technologies, Inc.(a)		1,551		93,929
CEVA, Inc.(a)		1,091		28,617
Cohu, Inc.(a)		2,264		58,366
Diodes, Inc.(a)		2,135		138,583
FormFactor, Inc.(a)		3,621		90,706
Ichor Holdings Ltd.(a)		1,349		32,659
Kulicke & Soffa Industries, Inc.(b)		2,726		105,033
MaxLinear, Inc.(a)		3,383		110,353
Onto Innovation, Inc.(a)		2,332		149,365
PDF Solutions, Inc.(a)		1,383		33,925
Photronics, Inc.(a)		2,892		42,281
Rambus, Inc.(a)		5,189		131,904
SMART Global Holdings, Inc.(a)		2,347		37,247
Ultra Clean Holdings, Inc.(a)		2,133		54,925
Veeco Instruments, Inc.(a)		2,414		44,224
				1,184,138
Software — 2.7%
8x8, Inc.(a)		5,632		19,430
A10 Networks, Inc.		3,111		41,283
Adeia, Inc.		4,838		68,409
Agilysys, Inc.(a)		928		51,365
Alarm.com Holdings, Inc.(a)		2,335		151,448
Cerence, Inc.(a)		1,849		29,122
Consensus Cloud Solutions, Inc.(a)		828		39,164
Digital Turbine, Inc.(a)		4,223		60,854
Ebix, Inc.		1,103		20,924

26 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
InterDigital, Inc.		1,392	$	56,265
LivePerson, Inc.(a)		3,259		30,700
LiveRamp Holdings, Inc.(a)		3,152		57,240
OneSpan, Inc.(a)		1,653		14,232
Progress Software Corp.		2,040		86,802
SPS Commerce, Inc.(a)		1,691		210,073
				937,311
Specialty Retail — 4.0%
Aaron’s Co., Inc.		1,444		14,036
Abercrombie & Fitch Co., Class A(a)		2,368		36,822
America’s Car-Mart, Inc.(a)		279		17,025
Asbury Automotive Group, Inc.(a)		1,039		156,993
Bed Bath & Beyond, Inc.(a)(b)		3,266		19,890
Boot Barn Holdings, Inc.(a)		1,399		81,786
Buckle, Inc.		1,388		43,944
Caleres, Inc.		1,725		41,779
Cato Corp., Class A		753		7,184
Chico’s FAS, Inc.(a)		5,875		28,435
Children’s Place, Inc.(a)		619		19,121
Conn’s, Inc.(a)		598		4,234
Designer Brands, Inc., Class A		2,646		40,510
Genesco, Inc.(a)		612		24,064
Group 1 Automotive, Inc.		741		105,867
Guess?, Inc.		1,567		22,988
Haverty Furniture Cos., Inc.		610		15,189
Hibbett, Inc.		607		30,235
LL Flooring Holdings, Inc.(a)		1,377		9,543
MarineMax, Inc.(a)		1,011		30,118
Monro, Inc.		1,512		65,711
National Vision Holdings, Inc.(a)		3,704		120,936
ODP Corp.(a)		2,009		70,616
Rent-A-Center, Inc.		2,501		43,792
Sally Beauty Holdings, Inc.(a)		5,024		63,302
Shoe Carnival, Inc.		803		17,216
Signet Jewelers Ltd.		2,184		124,903
Sleep Number Corp.(a)		1,031		34,858
Sonic Automotive, Inc., Class A		870		37,671
Urban Outfitters, Inc.(a)		2,828		55,570
Zumiez, Inc.(a)		731		15,738
				1,400,076
Technology Hardware, Storage & Peripherals — 0.1%
Corsair Gaming, Inc.(a)		1,799		20,419
Diebold Nixdorf, Inc.(a)		3,526		8,603
				29,022
Textiles, Apparel & Luxury Goods — 1.0%
G-III Apparel Group Ltd.(a)		2,038		30,468
Kontoor Brands, Inc.		2,314		77,773
Movado Group, Inc.		753		21,220
Oxford Industries, Inc.		703		63,115
Steven Madden Ltd.		3,486		92,972
Unifi, Inc.(a)		601		5,715
Wolverine World Wide, Inc.		3,697		56,897
				348,160

Security	Shares		Value
Thrifts & Mortgage Finance — 2.0%
Axos Financial, Inc.(a)		2,497	$	85,472
Capitol Federal Financial, Inc.		5,661		46,986
Flagstar Bancorp, Inc.		2,115		70,641
Mr Cooper Group, Inc.(a)		3,364		136,242
NMI Holdings, Inc., Class A(a)		3,977		81,011
Northfield Bancorp, Inc.		2,000		28,620
Provident Financial Services, Inc.		1,475		28,763
TrustCo Bank Corp.		527		16,558
Walker & Dunlop, Inc.		1,442		120,739
WSFS Financial Corp.		1,754		81,491
				696,523
Trading Companies & Distributors — 1.4%
Applied Industrial Technologies, Inc.		1,805		185,518
Boise Cascade Co.		1,852		110,120
DXP Enterprises, Inc.(a)		743		17,594
GMS, Inc.(a)		2,002		80,100
NOW, Inc.(a)		5,204		52,300
Veritiv Corp.(a)		656		64,137
				509,769
Water Utilities — 0.8%
American States Water Co.		1,735		135,243
California Water Service Group		2,552		134,465
				269,708
Wireless Telecommunication Services — 0.4%
Gogo, Inc.(a)		1,926		23,343
Shenandoah Telecommunications Co.		2,351		40,014
Telephone & Data Systems, Inc.		4,701		65,344
				128,701
Total Long-Term Investments — 96.5% (Cost: $40,690,564)				33,977,266
Short-Term Securities(c)(d)
Money Market Funds — 7.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(e)		1,133,232		1,133,572
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		1,355,345		1,355,345
Total Short-Term Securities — 7.1% (Cost: $2,488,595)				2,488,917
Total Investments — 103.6% (Cost: $43,179,159)				36,466,183
Liabilities in Excess of Other Assets — (3.6)%				(1,253,063	)
Net Assets — 100.0%			$	35,213,120

^(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.

SCHEDULES   OF   INVESTMENTS 27

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® ESG Screened S&P Small-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	405,593	$	727,591	(a)	$	—	$	132	$	256	$	1,133,572		1,133,232	$	1,162	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		760,000		595,345	(a)		—		—		—		1,355,345		1,355,345		8,711			—
								$	132	$	256	$	2,488,917			$	9,873		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Monthly	Goldman Sachs Bank USA(b)		02/27/23	$	585,411	$	(41,998	)(c)	$	543,694		1.7	%
	Monthly	HSBC Bank PLC(d)		02/10/23		426,880		(29,910	)(e)		397,476		1.2
	Monthly	JPMorgan Chase Bank NA(f)		02/08/23		242,959		(17,304	)(g)		225,750		0.7
							$	(89,212	)	$	1,166,920

^(a)  The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c)  Amount includes $(281) of net dividends, payable for referenced securities purchased and financing fees.

^(e)  Amount includes $(506) of net dividends, payable for referenced securities purchased and financing fees.

^(g)  Amount includes $(95) of net dividends, payable for referenced securities purchased and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

	(b)	(d)	(f)
Range:	65 basis points	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date February 27, 2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Ameris Bancorp		157	$	8,540		1.6	%
Bancorp, Inc.		432		9,957		1.8
BankUnited, Inc.		1,465		51,426		9.5
Berkshire Hills Bancorp, Inc.		815		22,905		4.2
Brookline Bancorp, Inc.		290		3,705		0.7

	Shares		Value		% of Basket Value
Banks
Central Pacific Financial Corp.		11	$	228		0.0	%
City Holding Co.		164		15,166		2.8
Columbia Banking System, Inc.		241		8,118		1.5
Customers Bancorp, Inc.		198		6,161		1.1
CVB Financial Corp.		397		11,774		2.2
Eagle Bancorp, Inc.		39		2,465		0.5
First Bancorp		292		5,321		1.0
First Bancorp		146		5,999		1.1
First Commonwealth Financial Corp.		262		3,980		0.7
First Financial Bancorp		497		11,510		2.1
Hanmi Financial Corp.		172		4,073		0.8

28 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® ESG Screened S&P Small-Cap ETF

	Shares		Value		% of Basket Value
Banks
Heritage Financial Corp.		221	$	6,194		1.1	%
HomeStreet, Inc.		68		2,161		0.4
Hope Bancorp, Inc.		1,271		16,836		3.1
Independent Bank Corp.		267		21,688		4.0
Lakeland Financial Corp.		64		5,606		1.0
NBT Bancorp, Inc.		239		9,905		1.8
OFG Bancorp		196		5,554		1.0
Preferred Bank		328		21,722		4.0
S&T Bancorp, Inc.		129		4,221		0.8
Simmons First National Corp., Class A		814		19,175		3.5
Southside Bancshares, Inc.		2		495		0.1
Triumph Bancorp, Inc.		37		2,011		0.4
Trustmark Corp.		441		14,457		2.7
United Community Banks, Inc.		517		18,933		3.5
Verites Holdings, Inc.		150		4,520		0.8
Westamerica Bancorp		136		7,791		1.4
				332,597
Commercial Services & Supplies
Pitney Bowes, Inc.		887		2,263		0.4
Consumer Finance
Green Dot Corp., Class A		79		1,841		0.3
Equity Real Estate Investment Trusts (REITs)
Getty Realty Corp.		173		5,674		1.1
Gas Utilities
Chesapeake Utilities Corp.		91		11,539		2.1
Insurance
Employers Holdings, Inc.		125		4,656		0.9
Genworth Financial, Inc., Class A		1,078		4,431		0.8
Horace Mann Educators Corp.		259		9,881		1.8
James River Group Holdings Ltd.		184		1,391		0.2
ProAssurance Corp.		531		10,770		2.0
Safety Insurance Group, Inc.		81		7,993		1.5
				39,122
Oil, Gas & Consumable Fuels
Green Plains, Inc.		97		2,820		0.5
Specialty Retail
Haverty Furniture Cos, Inc.		18		448		0.1
Thrifts & Mortgage Finance
Capitol Federal Financial, Inc.		324		3,245		0.6
Provident Financial Services, Inc.		1,795		35,763		6.6
TrustCo Bank Corp.		164		5,373		1.0
WSFS Financial Corp.		1,021		48,969		9.0
				93,350
Water Utilities
Middlesex Water Co.		693		54,040		9.9
Net Value of Reference Entity — Goldman Sachs Bank USA			$	543,694

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Ameris Bancorp		13	$	581		0.1	%
BankUnited, Inc.		124		4,237		1.1
Banner Corp.		680		41,179		10.4
Berkshire Hills Bancorp, Inc.		730		19,929		5.0
Brookline Bancorp, Inc.		1,358		15,821		4.0
Central Pacific		57		1,179		0.3
City Holding Co.		98		8,692		2.2
Community Bank System, Inc.		11		661		0.2
Customers Bancorp, Inc.		30		884		0.2
First Bancorp		80		1,095		0.3
First Bancorp		38		1,390		0.3
First Commonwealth Financial Corp.		761		9,771		2.5
First Financial Bancorp		54		1,138		0.3
Heritage Financial Corp.		5		132		0.0
HomeStreet, Inc.		47		1,354		0.3
Hope Bancorp, Inc.		1,056		13,348		3.4
Independent Bank Corp.		242		18,036		4.5
Lakeland Financial Corp.		13		947		0.2
NBT Bancorp, Inc.		12		455		0.1
Northwest Bancshares, Inc.		328		4,431		1.1
OFG Bancorp		394		9,901		2.5
Pacific Premier Bancorp, Inc.		154		4,768		1.2
Preferred Bank		47		3,066		0.8
Renasant Corp.		306		10,479		2.6
S&T Bancorp, Inc.		689		20,195		5.1
Simmons First National Corp., Class A		1,413		30,789		7.7
Trustmark Corp.		73		2,236		0.6
Verites Holdings, Inc.		10		266		0.1
Westamerica Bancorp		11		575		0.1
				227,535
Commercial Services & Supplies
GEO Group, Inc.		169		1,656		0.4
Pitney Bowes, Inc.		4,783		11,144		2.8
				12,800
Consumer Finance
Green Dot Corp., Class A		205		3,891		1.0
Equity Real Estate Investment Trusts (REITs)
Getty Realty Corp.		15		403		0.1
Gas Utilities
Chesapeake Utilities Corp.		453		52,272		13.2
Insurance
Employers Holdings, Inc.		353		12,175		3.1
Genworth Financial, Inc., Class A		2,408		8,428		2.1
Horace Mann Educators Corp.		542		19,127		4.8
ProAssurance Corp.		563		10,984		2.8
Safety Insurance Group, Inc.		7		571		0.1
Stewart Information Services Corp.		56		2,881		0.7
				54,166

SCHEDULES   OF   INVESTMENTS 29

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® ESG Screened S&P Small-Cap ETF

	Shares		Value		% of Basket Value
Oil, Gas & Consumable Fuels
Green Plains, Inc.		357	$	11,250		2.8	%
Thrifts & Mortgage Finance
Flagstar Bancorp, Inc.		369		12,993		3.3
Provident Financial Services Inc.		214		4,173		1.0
TrustCo Bank Corp.		200		6,284		1.6
WSFS Financial Corp.		41		1,905		0.5
				25,355
Water Utilities
Middlesex Water Co.		127		9,804		2.5
Net Value of Reference Entity — HSBC Bank PLC			$	397,476

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Ameris Bancorp		17	$	760		0.3	%
Central Pacific Financial Corp.		743		15,600		6.9
Columbia Banking System, Inc.		138		3,987		1.8
Community Bank System, Inc.		113		6,789		3.0
First Bancorp		1,882		25,746		11.4
First Commonwealth Financial Corp.		1,543		19,812		8.8

	Shares		Value		% of Basket Value
Banks
HomeStreet, Inc.		252	$	7,260		3.2	%
Independent Bank Corp.		437		32,570		14.4
Pathward Financial, Inc.		330		11,239		5.0
Preferred Bank		153		9,980		4.4
Seacoast Banking Corp. of Florida		308		10,278		4.6
Simmons First National Corp., Class A		136		2,964		1.3
Triumph Bancorp, Inc.		10		544		0.3
Veritex Holdings, Inc.		495		13,162		5.8
				160,691
Consumer Finance
Green Dot Corp., Class A		1,069		20,290		9.0
Equity Real Estate Investment Trusts (REITs)
Acadia Realty Trust		387		5,326		2.3
Getty Realty Corp.		49		1,317		0.6
				6,643
Insurance
Genworth Financial, Inc., Class A		5,905		20,667		9.2
Multi-Utilities
Avista Corp.		60		3,631		1.6
Oil, Gas & Consumable Fuels
Green Plains, Inc.		260		7,558		3.3
Thrifts & Mortgage Finance
Capitol Federal Financial, Inc.		11		91		0.1
WSFS Financial Corp.		133		6,179		2.7
				6,270
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	225,750

Balances Reported in the Statements of Assets and Liabilities for OTC Swaps

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	—	$	—	$	(89,212	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps;
Swap premiums received	$	—	$	—	$	89,212	$	—	$	—	$	—	$	89,212

30 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® ESG Screened S&P Small-Cap ETF

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Swaps	$	—	$	—	$	(3,574	)	$	—	$	—	$	—	$	(3,574	)
Net Change in Unrealized Appreciation (Depreciation) on
Swaps	$	—	$	—	$	(104,197	)	$	—	$	—	$	—	$	(104,197	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Total return swaps
Average notional amount	$	1,169,040

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments
Swaps — OTC(a)	$	—	$	89,212
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	—	$	89,212
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	—	$	89,212

^(a)  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/received in the Statement of Assets and Liabilities.

The following tables present the Fund’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset(a)		Non- Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities(b)
Goldman Sachs Bank USA	$	41,998	$	—	$	—	$	—	$	41,998
HSBC Bank PLC		29,910		—		—		—		29,910
JPMorgan Chase Bank N.A		17,304		—		—		—		17,304
	$	89,212	$	—	$	—	$	—	$	89,212

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Net amount represents the net amount payable due to the counterparty in the event of default.

SCHEDULES   OF   INVESTMENTS 31

Schedule of Investments (unaudited) (continued) September 30, 2022 iShares^® ESG Screened S&P Small-Cap ETF

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.

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	33,977,266	$	—		$	—	$	33,977,266
Short-Term Securities
Money Market Funds		2,488,917		—			—		2,488,917
	$	36,466,183	$	—		$	—	$	36,466,183
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	—	$	(89,212	)	$	—	$	(89,212	)

^(a)  Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

32 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

September 30, 2022

	iShares ESG Screened S&P 500 ETF			iShares ESG Screened S&P Mid-Cap ETF			iShares ESG Screened S&P Small-Cap ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	200,033,609		$	84,457,572		$	33,977,266
Investments, at value — affiliated(c)		1,181,031			2,258,364			2,488,917
Cash		72,927			7,090			4,593
Cash pledged for futures contracts		30,000			—			—
Receivables:
Investments sold		5,662			535,335			353,823
Securities lending income — affiliated		114			1,958			279
Swaps		—			—			48,415
Dividends — unaffiliated		135,667			90,849			45,805
Dividends — affiliated		717			232			3,054
Total assets		201,459,727			87,351,400			36,922,152
LIABILITIES
Collateral on securities loaned		363,822			2,617,814			1,133,560
Payables:
Investments purchased		—			—			422,692
Swaps		—			—			56,493
Investment advisory fees		14,498			8,552			3,562
Other accrued expenses		—			—			3,513
Variation margin on futures contracts		5,424			—			—
Unrealized depreciation on OTC swaps		—			—			89,212
Total liabilities		383,744			2,626,366			1,709,032
NET ASSETS	$	201,075,983		$	84,725,034		$	35,213,120
NET ASSETS CONSIST OF:
Paid-in capital	$	266,201,959		$	102,865,458		$	43,371,486
Accumulated loss		(65,125,976	)		(18,140,424	)		(8,158,366	)
NET ASSETS	$	201,075,983		$	84,725,034		$	35,213,120
NET ASSET VALUE
Shares outstanding	$	7,500,000		$	2,850,000		$	1,150,000
Net asset value	$	26.81		$	29.73		$	30.62
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a) Investments, at cost — unaffiliated	$	263,371,702		$	100,755,116		$	40,690,564
(b) Securities loaned, at value	$	322,124		$	2,081,692		$	1,102,638
(c)  Investments, at cost — affiliated	$	1,511,984		$	2,257,445		$	2,488,595

See notes to financial statements.

FINANCIAL   STATEMENTS 33

Statements of Operations (unaudited)

Six Months Ended September 30, 2022

	iShares ESG Screened S&P 500 ETF			iShares ESG Screened S&P Mid-Cap ETF			iShares ESG Screened S&P Small-Cap ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	1,592,458		$	669,856		$	238,416
Dividends — affiliated		12,274			1,018			8,711
Securities lending income — affiliated — net		839			21,772			1,162
Foreign taxes withheld		(485	)		—			(175	)
Total investment income		1,605,086			692,646			248,114
EXPENSES
Investment advisory		87,676			46,910			18,143
Total expenses		87,676			46,910			18,143
Net investment income		1,517,410			645,736			229,971
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,256,883	)		(1,620,492	)		(638,926	)
Investments — affiliated		581			349			132
Futures contracts		(19,403	)		(4,490	)		—
In-kind redemptions — unaffiliated(a)		571,726			903,685			—
In-kind redemptions — affiliated(a)		2,055			—			—
Swaps		—			—			(3,574	)
		(701,924	)		(720,948	)		(642,368	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(51,470,605	)		(15,557,762	)		(5,544,466	)
Investments — affiliated		(213,969	)		808			256
Futures contracts		(64,628	)		—			—
Swaps		—			—			(104,197	)
		(51,749,202	)		(15,556,954	)		(5,648,407	)
Net realized and unrealized loss		(52,451,126	)		(16,277,902	)		(6,290,775	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(50,933,716	)	$	(15,632,166	)	$	(6,060,804	)

^(a)  See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

34 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets

	iShares ESG Screened S&P 500 ETF						iShares ESG Screened S&P Mid-Cap ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,517,410		$	2,155,766		$	645,736		$	586,448
Net realized gain (loss)		(701,924	)		27,890,630			(720,948	)		1,134,234
Net change in unrealized appreciation (depreciation)		(51,749,202	)		(13,278,031	)		(15,556,954	)		(2,007,608	)
Net increase (decrease) in net assets resulting from operations		(50,933,716	)		16,768,365			(15,632,166	)		(286,926	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,456,937	)		(2,164,851	)		(606,058	)		(598,577	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		25,052,632			183,536,895			24,297,078			57,811,412
NET ASSETS
Total increase (decrease) in net assets		(27,338,021	)		198,140,409			8,058,854			56,925,909
Beginning of period		228,414,004			30,273,595			76,666,180			19,740,271
End of period	$	201,075,983		$	228,414,004		$	84,725,034		$	76,666,180

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL   STATEMENTS 35

Statements of Changes in Net Assets  (continued)

	iShares ESG Screened S&P Small-Cap ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	229,971		$	167,343
Net realized gain (loss)		(642,368	)		1,351,582
Net change in unrealized appreciation (depreciation)		(5,648,407	)		(2,333,805	)
Net decrease in net assets resulting from operations		(6,060,804	)		(814,880	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(201,034	)		(297,928	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		16,859,024			16,027,431
NET ASSETS
Total increase in net assets		10,597,186			14,914,623
Beginning of period		24,615,934			9,701,311
End of period	$	35,213,120		$	24,615,934

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

36 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares ESG Screened S&P 500 ETF
		Six Months Ended 09/30/22 (unaudited	)		Year Ended 03/31/22			Period from 09/22/20 to 03/31/21	(a)
Net asset value, beginning of period	$	34.35		$	30.27		$	25.29
Net investment income(b)		0.21			0.39			0.21
Net realized and unrealized gain (loss)(c)		(7.55	)		4.07			4.91
Net increase (decrease) from investment operations		(7.34	)		4.46			5.12
Distributions from net investment income(d)		(0.20	)		(0.38	)		(0.14	)
Net asset value, end of period	$	26.81		$	34.35		$	30.27
Total Return(e)
Based on net asset value		(21.39	)%(f)		14.74	%		20.27	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.08	%(h)		0.08	%		0.08	%(h)
Net investment income		1.38	%(h)		1.12	%		1.37	%(h)
Supplemental Data
Net assets, end of period (000)	$	201,076		$	228,414		$	30,274
Portfolio turnover rate(i)		2	%		3	%		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.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 37

Financial Highlights

(For a share outstanding throughout each period)

	iShares ESG Screened S&P Mid-Cap ETF
		Six Months Ended 09/30/22 (unaudited	)		Year Ended 03/31/22			Period from 09/22/20 to 03/31/21	(a)
Net asset value, beginning of period	$	36.51		$	35.89		$	25.19
Net investment income(b)		0.27			0.46			0.22
Net realized and unrealized gain (loss)(c)		(6.82	)		0.58			10.66
Net increase (decrease) from investment operations		(6.55	)		1.04			10.88
Distributions from net investment income(d)		(0.23	)		(0.42	)		(0.18	)
Net asset value, end of period	$	29.73		$	36.51		$	35.89
Total Return(e)
Based on net asset value		(17.96	)%(f)		2.88	%		43.29	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.12	%(h)		0.12	%		0.12	%(h)
Net investment income		1.65	%(h)		1.23	%		1.29	%(h)
Supplemental Data
Net assets, end of period (000)	$	84,725		$	76,666		$	19,740
Portfolio turnover rate(i)		10	%		26	%		11	%

^(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.

See notes to financial statements.

38 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares ESG Screened S&P Small-Cap ETF
		Six Months Ended 09/30/22 (unaudited	)		Year Ended 03/31/22			Period from 09/22/20 to 03/31/21	(a)
Net asset value, beginning of period	$	37.87		$	38.81		$	25.18
Net investment income(b)		0.26			0.39			0.20
Net realized and unrealized gain (loss)(c)		(7.31	)		(0.55	)		13.69
Net increase (decrease) from investment operations		(7.05	)		(0.16	)		13.89
Distributions from net investment income(d)		(0.20	)		(0.78	)		(0.26	)
Net asset value, end of period	$	30.62		$	37.87		$	38.81
Total Return(e)
Based on net asset value		(18.63	)%(f)		(0.47	)%		55.32	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.12	%(h)		0.12	%		0.12	%(h)
Net investment income		1.52	%(h)		1.00	%		1.13	%(h)
Supplemental Data
Net assets, end of period (000)	$	35,214		$	24,616		$	9,701
Portfolio turnover rate(i)		13	%		34	%		18	%

^(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.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 39

Notes to Financial Statements (unaudited) 

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”):

iShares ETF	Diversification Classification
ESG Screened S&P 500		Non-Diversified
ESG Screened S&P Mid-Cap		Non-Diversified
ESG Screened S&P Small-Cap		Non-Diversified

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. 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.

ForeignTaxes: 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 jurisdiction 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 September 30, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s 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.

40 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can

NOTES   TO   FINANCIAL   STATEMENTS 41

Notes to Financial Statements (unaudited) (continued)

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
ESG Screened S&P 500						��
Barclays Capital, Inc.	$	44,821	$	(44,821	)		$	—		$	—
BNP Paribas SA		3,419		(3,419	)			—			—
Toronto-Dominion Bank		78,168		(78,168	)			—			—
UBS AG		195,716		(195,716	)			—			—
	$	322,124	$	(322,124	)		$	—		$	—
ESG Screened S&P Mid-Cap
Barclays Bank PLC	$	8,167	$	(8,167	)		$	—		$	—
Barclays Capital, Inc.		8,814		(8,814	)			—			—
BofA Securities, Inc.		129,624		(129,624	)			—			—
Citigroup Global Markets, Inc.		87,251		(87,251	)			—			—
HSBC Bank PLC		267,904		(267,904	)			—			—
J.P. Morgan Securities LLC		831,538		(831,538	)			—			—
Jefferies LLC		13,351		(13,351	)			—			—
UBS AG		735,043		(735,043	)			—			—
	$	2,081,692	$	(2,081,692	)		$	—		$	—
ESG Screened S&P Small-Cap
Barclays Bank PLC	$	250	$	(250	)		$	—		$	—
BNP Paribas SA		16,169		(16,169	)			—			—
BofA Securities, Inc.		2,553		(2,553	)			—			—
Goldman Sachs & Co. LLC		703,679		(703,679	)			—			—
J.P. Morgan Securities LLC		120,725		(120,725	)			—			—
Jefferies LLC		112,018		(112,018	)			—			—
Toronto-Dominion Bank		102,698		(102,698	)			—			—
UBS AG		32,846		(32,846	)			—			—
UBS Securities LLC		11,700		(11,700	)			—			—
	$	1,102,638	$	(1,102,638	)		$	—		$	—

^(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.

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 to an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received

42 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid. Total return swaps are entered into by the iShares EGS Screened S&P Small-Cap ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of the agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

NOTES   TO   FINANCIAL   STATEMENTS 43

Notes to Financial Statements (unaudited) (continued)

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:

iShares ETF	Investment Advisory Fees
ESG Screened S&P 500		0.08	%
ESG Screened S&P Mid-Cap		0.12
ESG Screened S&P Small-Cap		0.12

Distributor: BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

Prior to September 12, 2022, ETF Services were performed by State Street Bank and Trust Company.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended September 30, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
ESG Screened S&P 500	$	352
ESG Screened S&P Mid-Cap		5,459
ESG Screened S&P Small-Cap		400

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 September 30, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Loss
ESG Screened S&P 500	$	1,229,949	$	825,077	$	(324,907	)
ESG Screened S&P Mid-Cap		645,482		1,469,094		(870,180	)
ESG Screened S&P Small-Cap		890,679		222,807		(54,467	)

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.

44 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended September 30, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
ESG Screened S&P 500	$	3,780,660	$	3,670,627
ESG Screened S&P Mid-Cap		8,012,968		7,924,716
ESG Screened S&P Small-Cap		5,335,153		3,667,371

For the six months ended September 30, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
ESG Screened S&P 500	$	33,928,772	$	8,984,022
ESG Screened S&P Mid-Cap		29,233,550		5,104,886
ESG Screened S&P Small-Cap		14,637,005		—

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 September 30, 2022, 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 March 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Amounts
ESG Screened S&P Mid-Cap	$	322,579
ESG Screened S&P Small-Cap		296,856

As of September 30, 2022, 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:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
ESG Screened S&P 500	$	265,634,537	$	2,005,653	$	(66,467,180	)	$	(64,461,527	)
ESG Screened S&P Mid-Cap		103,852,511		1,967,800		(19,104,375	)		(17,136,575	)
ESG Screened S&P Small-Cap		43,571,185		727,347		(7,921,561	)		(7,194,214	)

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

NOTES   TO   FINANCIAL   STATEMENTS 45

Notes to Financial Statements (unaudited) (continued)

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 09/30/22						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
ESG Screened S&P 500
Shares sold		1,150,000		$	34,067,552			15,950,000		$	540,500,596
Shares redeemed		(300,000	)		(9,014,920	)		(10,300,000	)		(356,963,701	)
		850,000		$	25,052,632			5,650,000		$	183,536,895

46 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 09/30/22						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
ESG Screened S&P Mid-Cap
Shares sold		900,000		$	29,451,829			1,850,000		$	68,955,535
Shares redeemed		(150,000	)		(5,154,751	)		(300,000	)		(11,144,123	)
		750,000		$	24,297,078			1,550,000		$	57,811,412
ESG Screened S&P Small-Cap
Shares sold		500,000		$	16,859,024			700,000		$	27,779,582
Shares redeemed		—			—			(300,000	)		(11,752,151	)
		500,000		$	16,859,024			400,000		$	16,027,431

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

NOTES   TO   FINANCIAL   STATEMENTS 47

Board Review and Approval of Investment Advisory Contract  

iShares ESG Screened S&P 500 ETF, iShares ESG Screened S&P Mid-Cap ETF, iShares ESG Screened S&P Small-Cap ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the

48 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract  (continued)

revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

BOARD   REVIEW   AND   APPROVAL   OF   INVESTMENT   ADVISORY   CONTRACT 49

Supplemental Information (unaudited)

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.

September 30, 2022

	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 Screened S&P Small-Cap(a)	$	0.203770	$	—	$	—	$	0.203770		100	%		—	%		0	%		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.

50 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

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.

GENERAL  INFORMATION 51

Glossary of Terms Used in this Report

Portfolio Abbreviation
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s

52 2 0 2 2   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representations regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 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.

iS-SAR-315-0922

        

(b) Not Applicable

Item 2. Code of Ethics.

Not applicable to this semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a) (4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

By:	/s/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: November 21, 2022

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/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: November 21, 2022

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: November 21, 2022