iShares MSCI ACWI ex U.S. ETF NCSRS 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

Name of Fund:

iShares Trust

Fund Address: c/o BlackRockFund Advisors
400 Howard Street, San Francisco, CA 94105

Name and address of agent for service: The Corporation Trust Company
1209 Orange Street, Wilmington, DE 19801

Registrant's telephone number, including area code:

(415) 670-2000

Date of fiscal year end:

03/31/2025

Date of reporting period:

09/30/2024

Item 1 — Reports to Stockholders

(a) The Reports to Shareholders are attached herewith

iShares Mortgage Real Estate ETF

REM | Cboe BZX

Semi-Annual Shareholder Report — September 30, 2024

This semi-annual shareholder report contains important information about iShares Mortgage Real Estate ETF (the “Fund”) for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Mortgage Real Estate ETF	$25	0.48%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	7.02	%	16.40	%	(2.60	) %	2.72	%
Russell 3000^® Index	9.65		35.19		15.26		12.83
FTSE Nareit All Mortgage Capped Index	7.35		16.88		(1.94	)	3.32

Key Fund statistics

Net Assets	$672,481,305
Number of Portfolio Holdings	36
Portfolio Turnover Rate	9%

The Fund has added the Russell 3000^® Index in response to new regulatory requirements.

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. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of September 30, 2024)

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.	15.1	%
AGNC Investment Corp.	11.6	%
Starwood Property Trust, Inc.	9.6	%
Rithm Capital Corp.	8.8	%
Blackstone Mortgage Trust, Inc., Class A	4.6	%
Arbor Realty Trust, Inc.	4.5	%
Two Harbors Investment Corp.	3.3	%
Ladder Capital Corp., Class A	3.0	%
MFA Financial, Inc.	3.0	%
Apollo Commercial Real Estate Finance, Inc.	3.0	%

^(a)	Excludes money market funds.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE Russell or FTSE International Limited, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares Mortgage Real Estate ETF

Semi-Annual Shareholder Report — September 30, 2024

REM-09/24-SAR

iShares Residential and Multisector Real Estate ETF

REZ | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2024

This semi-annual shareholder report contains important information about iShares Residential and Multisector Real Estate ETF (the “Fund”) for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Residential and Multisector Real Estate ETF	$27	0.48%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	24.50	%	38.13	%	5.20	%	9.23	%
Russell 3000^® Index	9.65		35.19		15.26		12.83
FTSE Nareit All Residential Capped Index	24.85		38.83		5.65		9.65

Key Fund statistics

Net Assets	$1,087,605,260
Number of Portfolio Holdings	42
Portfolio Turnover Rate	11%

The Fund has added the Russell 3000^® Index in response to new regulatory requirements.

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

What did the Fund invest in?

(as of September 30, 2024)

Industry allocation

Industry	Percent of Total Investments^(a)
Residential REITs	42.0	%
Health Care REITs	36.1	%
Specialized REITs	21.9	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Welltower, Inc.	15.1	%
Public Storage	11.2	%
Extra Space Storage, Inc.	7.4	%
AvalonBay Communities, Inc.	6.2	%
Equity Residential	5.5	%
Ventas, Inc.	4.5	%
Alexandria Real Estate Equities, Inc.	4.4	%
Invitation Homes, Inc.	4.3	%
Essex Property Trust, Inc.	4.1	%
Mid-America Apartment Communities, Inc.	4.0	%

^(a)	Excludes money market funds.

Additional information

iShares Residential and Multisector Real Estate ETF

Semi-Annual Shareholder Report — September 30, 2024

REZ-09/24-SAR

iShares ESG Screened S&P 500 ETF

XVV | Cboe BZX

Semi-Annual Shareholder Report — September 30, 2024

This semi-annual shareholder report contains important information about iShares ESG Screened S&P 500 ETF (the “Fund”) for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares ESG Screened S&P 500 ETF	$4	0.08%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		Since Fund Inception
Fund NAV	10.52	%	38.00	%	16.31	%
S&P Total Market Index^™	9.60		35.24		15.57
S&P 500 Sustainability Screened Index^®	10.57		38.13		16.43

Key Fund statistics

Net Assets	$272,157,732
Number of Portfolio Holdings	447
Portfolio Turnover Rate	4%

The Fund has added the S&P Total Market Index^™ in response to new regulatory requirements.

The inception date of the Fund was September 22, 2020.

What did the Fund invest in?

(as of September 30, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Information Technology	34.0	%
Financials	14.1	%
Health Care	11.8	%
Consumer Discretionary	11.1	%
Communication Services	9.7	%
Industrials	7.1	%
Consumer Staples	4.9	%
Real Estate	2.6	%
Materials	2.3	%
Utilities	1.4	%
Energy	1.0	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Apple Inc.	8.0	%
Microsoft Corp.	7.2	%
NVIDIA Corp.	6.7	%
Amazon.com, Inc.	3.9	%
Meta Platforms, Inc., Class A	2.8	%
Alphabet, Inc., Class A	2.2	%
Berkshire Hathaway, Inc., Class B	1.9	%
Alphabet, Inc., Class C, NVS	1.8	%
Broadcom, Inc.	1.8	%
Tesla, Inc.	1.6	%

^(a)	Excludes money market funds.

Additional information

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

iShares ESG Screened S&P 500 ETF

Semi-Annual Shareholder Report — September 30, 2024

XVV-09/24-SAR

iShares ESG Screened S&P Mid-Cap ETF

XJH | Cboe BZX

Semi-Annual Shareholder Report — September 30, 2024

This semi-annual shareholder report contains important information about iShares ESG Screened S&P Mid-Cap ETF (the “Fund”) for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares ESG Screened S&P Mid-Cap ETF	$6	0.12%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		Since Fund Inception
Fund NAV	3.46	%	26.52	%	15.20	%
S&P Total Market Index^™	9.60		35.24		15.57
S&P MidCap 400 Sustainability Screened Index^®	3.60		26.74		15.38

Key Fund statistics

Net Assets	$236,633,858
Number of Portfolio Holdings	358
Portfolio Turnover Rate	13%

The Fund has added the S&P Total Market Index^™ in response to new regulatory requirements.

The inception date of the Fund was September 22, 2020.

What did the Fund invest in?

(as of September 30, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Industrials	22.5	%
Financials	17.0	%
Consumer Discretionary	15.6	%
Health Care	10.4	%
Information Technology	10.0	%
Real Estate	8.5	%
Materials	7.1	%
Consumer Staples	4.4	%
Energy	1.8	%
Utilities	1.4	%
Communication Services	1.3	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Illumina, Inc.	0.8	%
Carlisle Cos., Inc.	0.8	%
EMCOR Group, Inc.	0.8	%
Williams-Sonoma, Inc.	0.8	%
Lennox International, Inc.	0.8	%
Avantor, Inc.	0.7	%
Manhattan Associates, Inc.	0.7	%
Watsco, Inc.	0.7	%
Burlington Stores, Inc.	0.6	%
Fidelity National Financial, Inc., Class A	0.6	%

^(a)	Excludes money market funds.

Additional information

iShares ESG Screened S&P Mid-Cap ETF

Semi-Annual Shareholder Report — September 30, 2024

XJH-09/24-SAR

iShares ESG Screened S&P Small-Cap ETF

XJR | Cboe BZX

Semi-Annual Shareholder Report — September 30, 2024

This semi-annual shareholder report contains important information about iShares ESG Screened S&P Small-Cap ETF (the “Fund”) for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares ESG Screened S&P Small-Cap ETF	$6	0.12%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		Since Fund Inception
Fund NAV	7.63	%	27.52	%	15.07	%
S&P Total Market Index^™	9.60		35.24		15.57
S&P SmallCap 600 Sustainability Screened Index^®	7.74		27.80		15.42

Key Fund statistics

Net Assets	$83,505,172
Number of Portfolio Holdings	658
Portfolio Turnover Rate	14%

The Fund has added the S&P Total Market Index^™ in response to new regulatory requirements.

The inception date of the Fund was September 22, 2020.

What did the Fund invest in?

(as of September 30, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	19.5	%
Industrials	18.0	%
Consumer Discretionary	14.6	%
Information Technology	12.8	%
Health Care	10.6	%
Real Estate	8.6	%
Materials	5.3	%
Communication Services	3.6	%
Consumer Staples	3.3	%
Energy	1.9	%
Utilities	1.8	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Mueller Industries, Inc.	0.7	%
ATI, Inc.	0.7	%
Carpenter Technology Corp.	0.7	%
Meritage Homes Corp.	0.6	%
SPX Technologies, Inc.	0.6	%
Lumen Technologies, Inc.	0.6	%
SPS Commerce, Inc.	0.6	%
Glaukos Corp.	0.6	%
Robert Half, Inc.	0.6	%
VF Corp.	0.6	%

^(a)	Excludes money market funds.

Additional information

iShares ESG Screened S&P Small-Cap ETF

Semi-Annual Shareholder Report — September 30, 2024

XJR-09/24-SAR

iShares S&P 100 ETF

OEF | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2024

This semi-annual shareholder report contains important information about iShares S&P 100 ETF (the “Fund”) for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares S&P 100 ETF	$11	0.20%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	12.44	%	39.55	%	17.69	%	14.07	%
S&P Total Market Index^™	9.60		35.24		15.15		12.75
S&P 100^®	12.56		39.85		17.94		14.29

Key Fund statistics

Net Assets	$13,822,514,145
Number of Portfolio Holdings	104
Portfolio Turnover Rate	2%

The Fund has added the S&P Total Market Index^™ in response to new regulatory requirements.

What did the Fund invest in?

(as of September 30, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Information Technology	38.2	%
Communication Services	12.3	%
Financials	11.6	%
Consumer Discretionary	11.0	%
Health Care	10.7	%
Consumer Staples	6.6	%
Industrials	4.6	%
Energy	2.6	%
Utilities	1.1	%
Materials	0.8	%
Real Estate	0.5	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Apple Inc.	10.5	%
Microsoft Corp.	9.5	%
NVIDIA Corp.	8.9	%
Amazon.com, Inc.	5.2	%
Meta Platforms, Inc., Class A	3.7	%
Alphabet, Inc., Class A	2.9	%
Berkshire Hathaway, Inc., Class B	2.5	%
Alphabet, Inc., Class C, NVS	2.4	%
Broadcom, Inc.	2.4	%
Tesla, Inc.	2.2	%

^(a)	Excludes money market funds.

Additional information

iShares S&P 100 ETF

Semi-Annual Shareholder Report — September 30, 2024

OEF-09/24-SAR

iShares S&P 500 Growth ETF

IVW | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2024

This semi-annual shareholder report contains important information about iShares S&P 500 Growth ETF (the “Fund”) for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares S&P 500 Growth ETF	$10	0.18%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	13.56	%	40.83	%	17.34	%	14.96	%
S&P Total Market Index^™	9.60		35.24		15.15		12.75
S&P 500 Growth Index^™	13.67		41.10		17.56		15.17

Key Fund statistics

Net Assets	$53,555,268,118
Number of Portfolio Holdings	236
Portfolio Turnover Rate	7%

The Fund has added the S&P Total Market Index^™ in response to new regulatory requirements.

What did the Fund invest in?

(as of September 30, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Information Technology	49.8	%
Consumer Discretionary	13.8	%
Communication Services	12.3	%
Health Care	6.8	%
Industrials	6.1	%
Financials	5.2	%
Consumer Staples	2.6	%
Energy	1.2	%
Materials	1.2	%
Real Estate	0.7	%
Utilities	0.3	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Apple Inc.	12.8	%
Microsoft Corp.	11.6	%
NVIDIA Corp.	10.8	%
Amazon.com, Inc.	6.3	%
Meta Platforms, Inc., Class A	4.5	%
Alphabet, Inc., Class A	3.5	%
Alphabet, Inc., Class C, NVS	2.9	%
Broadcom, Inc.	2.9	%
Tesla, Inc.	2.6	%
Eli Lilly & Co.	2.5	%

^(a)	Excludes money market funds.

Additional information

iShares S&P 500 Growth ETF

Semi-Annual Shareholder Report — September 30, 2024

IVW-09/24-SAR

iShares S&P 500 Value ETF

IVE | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2024

This semi-annual shareholder report contains important information about iShares S&P 500 Value ETF (the “Fund”) for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares S&P 500 Value ETF	$9	0.18%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	6.67	%	30.85	%	13.02	%	10.64	%
S&P Total Market Index^™	9.60		35.24		15.15		12.75
S&P 500 Value Index^™	6.77		31.09		13.21		10.82

Key Fund statistics

Net Assets	$35,316,188,167
Number of Portfolio Holdings	440
Portfolio Turnover Rate	2%

The Fund has added the S&P Total Market Index^™ in response to new regulatory requirements.

What did the Fund invest in?

(as of September 30, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	23.0	%
Health Care	17.8	%
Industrials	11.7	%
Consumer Staples	10.2	%
Information Technology	8.0	%
Energy	6.0	%
Utilities	5.5	%
Consumer Discretionary	5.3	%
Real Estate	4.5	%
Communication Services	4.4	%
Materials	3.6	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Berkshire Hathaway, Inc., Class B	4.0	%
JPMorgan Chase & Co.	2.9	%
Exxon Mobil Corp.	2.5	%
Johnson & Johnson	1.9	%
Walmart, Inc.	1.7	%
UnitedHealth Group, Inc.	1.6	%
Bank of America Corp.	1.3	%
Home Depot, Inc. (The)	1.2	%
Chevron Corp.	1.2	%
Procter & Gamble Co. (The)	1.2	%

^(a)	Excludes money market funds.

Additional information

iShares S&P 500 Value ETF

Semi-Annual Shareholder Report — September 30, 2024

IVE-09/24-SAR

iShares S&P Small-Cap 600 Value ETF

IJS | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2024

This semi-annual shareholder report contains important information about iShares S&P Small-Cap 600 Value ETF (the “Fund”) for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares S&P Small-Cap 600 Value ETF	$9	0.18%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	5.82	%	22.63	%	9.20	%	8.90	%
S&P Total Market Index^™	9.60		35.24		15.15		12.75
S&P SmallCap 600 Value Index^™	5.90		22.85		9.42		9.10

Key Fund statistics

Net Assets	$7,190,964,426
Number of Portfolio Holdings	492
Portfolio Turnover Rate	14%

The Fund has added the S&P Total Market Index^™ in response to new regulatory requirements.

What did the Fund invest in?

(as of September 30, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	26.0	%
Industrials	16.4	%
Consumer Discretionary	13.2	%
Real Estate	9.7	%
Information Technology	9.3	%
Health Care	9.0	%
Materials	4.4	%
Communication Services	3.8	%
Consumer Staples	3.6	%
Utilities	2.5	%
Energy	2.1	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Comerica, Inc.	1.2	%
Lumen Technologies, Inc.	1.1	%
Bath & Body Works, Inc.	1.1	%
Robert Half, Inc.	1.0	%
VF Corp.	1.0	%
Mr. Cooper Group, Inc.	0.9	%
Dycom Industries, Inc.	0.8	%
Alaska Air Group, Inc.	0.8	%
Lincoln National Corp.	0.8	%
Organon & Co.	0.7	%

^(a)	Excludes money market funds.

Additional information

iShares S&P Small-Cap 600 Value ETF

Semi-Annual Shareholder Report — September 30, 2024

IJS-09/24-SAR

iShares Core S&P Mid-Cap ETF

IJH | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2024

This semi-annual shareholder report contains important information about iShares Core S&P Mid-Cap ETF (the “Fund”) for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Core S&P Mid-Cap ETF	$3	0.05%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	3.23	%	26.74	%	11.73	%	10.27	%
S&P Total Market Index^™	9.60		35.24		15.15		12.75
S&P MidCap 400^®	3.26		26.79		11.78		10.32

Key Fund statistics

Net Assets	$91,018,535,016
Number of Portfolio Holdings	417
Portfolio Turnover Rate	10%

The Fund has added the S&P Total Market Index™ in response to new regulatory requirements.

What did the Fund invest in?

(as of September 30, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Industrials	22.7	%
Financials	16.5	%
Consumer Discretionary	14.4	%
Health Care	9.9	%
Information Technology	9.2	%
Real Estate	7.5	%
Materials	6.5	%
Energy	5.0	%
Consumer Staples	4.3	%
Utilities	2.6	%
Communication Services	1.4	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Illumina, Inc.	0.7	%
Carlisle Cos., Inc.	0.7	%
EMCOR Group, Inc.	0.7	%
Williams-Sonoma, Inc.	0.7	%
Lennox International, Inc.	0.7	%
Avantor, Inc.	0.6	%
Manhattan Associates, Inc.	0.6	%
Watsco, Inc.	0.6	%
Texas Pacific Land Corp.	0.6	%
Burlington Stores, Inc.	0.6	%

^(a)	Excludes money market funds.

Additional information

iShares Core S&P Mid-Cap ETF

Semi-Annual Shareholder Report — September 30, 2024

IJH-09/24-SAR

iShares Core S&P Small-Cap ETF

IJR | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2024

This semi-annual shareholder report contains important information about iShares Core S&P Small-Cap ETF (the “Fund”) for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Core S&P Small-Cap ETF	$3	0.06%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	6.64	%	25.76	%	10.14	%	10.00	%
S&P Total Market Index^™	9.60		35.24		15.15		12.75
S&P SmallCap 600^®	6.71		25.86		10.21		10.05

Key Fund statistics

Net Assets	$86,324,266,452
Number of Portfolio Holdings	665
Portfolio Turnover Rate	13%

The Fund has added the S&P Total Market Index™ in response to new regulatory requirements.

What did the Fund invest in?

(as of September 30, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	18.1	%
Industrials	17.9	%
Consumer Discretionary	14.8	%
Information Technology	11.8	%
Health Care	11.3	%
Real Estate	7.5	%
Materials	5.5	%
Energy	4.4	%
Communication Services	3.4	%
Consumer Staples	3.2	%
Utilities	2.1	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Mueller Industries, Inc.	0.6	%
ATI, Inc.	0.6	%
Carpenter Technology Corp.	0.6	%
Comerica, Inc.	0.6	%
Meritage Homes Corp.	0.6	%
SPX Technologies, Inc.	0.5	%
SPS Commerce, Inc.	0.5	%
Glaukos Corp.	0.5	%
Bath & Body Works, Inc.	0.5	%
Robert Half, Inc.	0.5	%

^(a)	Excludes money market funds.

Additional information

iShares Core S&P Small-Cap ETF

Semi-Annual Shareholder Report — September 30, 2024

IJR-09/24-SAR

iShares Core S&P U.S. Growth ETF

IUSG | NASDAQ

Semi-Annual Shareholder Report — September 30, 2024

This semi-annual shareholder report contains important information about iShares Core S&P U.S. Growth ETF (the “Fund”) for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Core S&P U.S. Growth ETF	$2	0.04%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	12.77	%	40.13	%	17.14	%	14.82	%
S&P Total Market Index^™	9.60		35.24		15.15		12.75
S&P 900 Growth Index^™	12.80		40.21		17.21		14.87

Key Fund statistics

Net Assets	$19,914,062,294
Number of Portfolio Holdings	491
Portfolio Turnover Rate	2%

The Fund has added the S&P Total Market Index™ in response to new regulatory requirements.

The performance of the S&P 900 Growth Index in this report reflects the performance of the Russell 3000 Growth Index through January 22, 2017 and, beginning on January 23, 2017, the performance of the S&P 900 Growth Index.

What did the Fund invest in?

(as of September 30, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Information Technology	47.8	%
Consumer Discretionary	14.0	%
Communication Services	11.7	%
Industrials	7.3	%
Health Care	7.0	%
Financials	5.5	%
Consumer Staples	2.6	%
Energy	1.5	%
Materials	1.4	%
Real Estate	0.9	%
Utilities	0.3	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Apple Inc.	12.2	%
Microsoft Corp.	11.0	%
NVIDIA Corp.	10.3	%
Amazon.com, Inc.	6.0	%
Meta Platforms, Inc., Class A	4.3	%
Alphabet, Inc., Class A	3.3	%
Alphabet, Inc., Class C, NVS	2.8	%
Broadcom, Inc.	2.8	%
Tesla, Inc.	2.5	%
Eli Lilly & Co.	2.4	%

^(a)	Excludes money market funds.

Additional information

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC or FTSE Russell, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

iShares Core S&P U.S. Growth ETF

Semi-Annual Shareholder Report — September 30, 2024

IUSG-09/24-SAR

iShares Core S&P U.S. Value ETF

IUSV | NASDAQ

Semi-Annual Shareholder Report — September 30, 2024

This semi-annual shareholder report contains important information about iShares Core S&P U.S. Value ETF (the “Fund”) for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Core S&P U.S. Value ETF	$2	0.04%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	6.68	%	30.66	%	13.07	%	10.71	%
S&P Total Market Index^™	9.60		35.24		15.15		12.75
S&P 900 Value Index^™	6.70		30.72		13.12		10.74

Key Fund statistics

Net Assets	$19,347,546,004
Number of Portfolio Holdings	733
Portfolio Turnover Rate	2%

The Fund has added the S&P Total Market Index™ in response to new regulatory requirements.

The performance of the S&P 900 Value Index in this report reflects the performance of the Russell 3000 Value Index through January 22, 2017 and, beginning on January 23, 2017, the performance of the S&P 900 Value Index.

What did the Fund invest in?

(as of September 30, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	23.0	%
Health Care	17.4	%
Industrials	11.9	%
Consumer Staples	9.9	%
Information Technology	7.9	%
Energy	5.9	%
Consumer Discretionary	5.6	%
Utilities	5.5	%
Real Estate	4.9	%
Communication Services	4.2	%
Materials	3.8	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Berkshire Hathaway, Inc., Class B	3.8	%
JPMorgan Chase & Co.	2.7	%
Exxon Mobil Corp.	2.3	%
Johnson & Johnson	1.7	%
Walmart, Inc.	1.6	%
UnitedHealth Group, Inc.	1.5	%
Bank of America Corp.	1.2	%
Home Depot, Inc. (The)	1.1	%
Chevron Corp.	1.1	%
Procter & Gamble Co. (The)	1.1	%

^(a)	Excludes money market funds.

Additional information

iShares Core S&P U.S. Value ETF

Semi-Annual Shareholder Report — September 30, 2024

IUSV-09/24-SAR

iShares MSCI USA Quality GARP ETF

GARP | Cboe BZX

Semi-Annual Shareholder Report — September 30, 2024

This semi-annual shareholder report contains important information about iShares MSCI USA Quality GARP ETF (the “Fund”) (formerly known as iShares Factors US Growth Style ETF) for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI USA Quality GARP ETF	$8	0.15%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		Since Fund Inception
Fund NAV	12.50	%	50.10	%	18.67	%
MSCI USA Index	10.21		36.22		14.41
Underlying Index	12.61		50.44		18.90
MSCI USA Quality GARP Select Index	N/A		N/A		N/A
Russell US Large Cap Factors Growth Style Index	2.75		45.87		17.25

Key Fund statistics

Net Assets	$141,524,501
Number of Portfolio Holdings	148
Portfolio Turnover Rate	57%

The Fund has added the MSCI USA Index in response to new regulatory requirements.

The inception date of the Fund was January 14, 2020.

The performance of the Underlying Index in this report reflects the performance of the Russell US Large Cap Factors Growth Style Index through June 2, 2024 and, beginning on June 3, 2024, the performance of the MSCI USA Quality GARP Select Index.

The inception date of the MSCI USA Quality GARP Select Index was April 16, 2024. The cumulative total return for this index for the period April 16, 2024 through September 30, 2024 was 14.88%.

Effective August 5, 2024, the Russell US Large Cap Value Factors Growth Style Index was discontinued by the index provider. Returns shown are through August 2, 2024.

What did the Fund invest in?

(as of September 30, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Information Technology	47.8	%
Consumer Discretionary	14.3	%
Financials	10.6	%
Communication Services	9.3	%
Health Care	7.6	%
Industrials	6.0	%
Energy	2.5	%
Materials	1.6	%
Real Estate	0.2	%
Consumer Staples	0.1	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Tesla, Inc.	5.5	%
Broadcom, Inc.	5.0	%
Apple Inc.	5.0	%
Microsoft Corp.	4.9	%
NVIDIA Corp.	4.7	%
KLA Corp.	4.7	%
Adobe, Inc.	4.5	%
Meta Platforms, Inc., Class A	4.4	%
Mastercard, Inc., Class A	4.2	%
Applied Materials, Inc.	3.3	%

^(a)	Excludes money market funds.

Additional information

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE Russell or MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

iShares MSCI USA Quality GARP ETF

Semi-Annual Shareholder Report — September 30, 2024

GARP-09/24-SAR

iShares Preferred and Income Securities ETF

PFF | NASDAQ

Semi-Annual Shareholder Report — September 30, 2024

This semi-annual shareholder report contains important information about iShares Preferred and Income Securities ETF (the “Fund”) for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Preferred and Income Securities ETF	$23	0.45%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	6.45	%	17.38	%	3.19	%	3.99	%
MSCI USA Index	10.21		36.22		15.94		13.30
ICE Exchange-Listed Preferred & Hybrid Securities Index	6.78		18.09		3.70		4.66

Key Fund statistics

Net Assets	$15,392,144,348
Number of Portfolio Holdings	445
Portfolio Turnover Rate	7%

The Fund has added the MSCI USA Index in response to new regulatory requirements.

The performance of the ICE Exchange-Listed Preferred & Hybrid Securities Index in this report reflects the performance of the S&P U.S. Preferred Stock Index through January 31, 2019, the performance of the ICE Exchange-Listed Preferred & Hybrid Securities Transition Index beginning on February 1, 2019 through October 31, 2019 and, beginning on November 1, 2019, the performance of the ICE Exchange-Listed Preferred & Hybrid Securities Index.

What did the Fund invest in?

(as of September 30, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	65.6	%
Utilities	11.0	%
Real Estate	8.3	%
Communication Services	5.1	%
Industrials	2.6	%
Consumer Discretionary	2.5	%
Consumer Staples	1.5	%
Materials	1.4	%
Information Technology	1.2	%
Energy	0.5	%
Health Care	0.3	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Wells Fargo & Co., Series L, NVS	2.3	%
Citigroup Capital XIII, (3-mo. CME Term SOFR + 6.632%), NVS	1.7	%
NextEra Energy, Inc.	1.4	%
Bank of America Corp., Series L, NVS	1.3	%
Albemarle Corp., NVS	1.3	%
Apollo Global Management, Inc.	1.2	%
NextEra Energy, Inc.	1.2	%
Hewlett Packard Enterprise Co.	1.1	%
JPMorgan Chase & Co., Series EE, NVS	1.0	%
AT&T Inc., Series C, NVS	0.9	%

^(a)	Excludes money market funds.

Additional information

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc., S&P Dow Jones Indices LLC or ICE Data Indices, LLC, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

iShares Preferred and Income Securities ETF

Semi-Annual Shareholder Report — September 30, 2024

PFF-09/24-SAR

iShares Russell Top 200 ETF

IWL | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2024

This semi-annual shareholder report contains important information about iShares Russell Top 200 ETF (the “Fund”) for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Russell Top 200 ETF	$8	0.15%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	11.14	%	37.53	%	16.99	%	13.98	%
Russell 3000^® Index	9.65		35.19		15.26		12.83
Russell Top 200^® Index	11.25		37.72		17.16		14.15

Key Fund statistics

Net Assets	$1,510,293,516
Number of Portfolio Holdings	201
Portfolio Turnover Rate	4%

The Fund has added the Russell 3000^® Index in response to new regulatory requirements.

What did the Fund invest in?

(as of September 30, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Information Technology	34.7	%
Financials	12.8	%
Health Care	11.8	%
Consumer Discretionary	10.3	%
Communication Services	10.2	%
Industrials	7.2	%
Consumer Staples	5.9	%
Energy	3.0	%
Materials	1.6	%
Utilities	1.4	%
Real Estate	1.1	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Apple Inc.	8.2	%
Microsoft Corp.	7.8	%
NVIDIA Corp.	6.9	%
Amazon.com, Inc.	4.2	%
Meta Platforms, Inc., Class A	3.1	%
Alphabet, Inc., Class A	2.4	%
Berkshire Hathaway, Inc., Class B	2.0	%
Alphabet, Inc., Class C, NVS	2.0	%
Broadcom, Inc.	1.9	%
Tesla, Inc.	1.8	%

^(a)	Excludes money market funds.

Additional information

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE Russell, and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

iShares Russell Top 200 ETF

Semi-Annual Shareholder Report — September 30, 2024

IWL-09/24-SAR

iShares Russell Top 200 Growth ETF

IWY | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2024

This semi-annual shareholder report contains important information about iShares Russell Top 200 Growth ETF (the “Fund”) for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Russell Top 200 Growth ETF	$11	0.20%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	12.93	%	43.88	%	21.25	%	17.58	%
Russell 3000^® Index	9.65		35.19		15.26		12.83
Russell Top 200^® Growth Index	13.13		44.21		21.52		17.80

Key Fund statistics

Net Assets	$11,857,356,427
Number of Portfolio Holdings	108
Portfolio Turnover Rate	15%

The Fund has added the Russell 3000^® Index in response to new regulatory requirements.

What did the Fund invest in?

(as of September 30, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Information Technology	52.9	%
Communication Services	13.9	%
Consumer Discretionary	12.0	%
Health Care	7.3	%
Financials	5.7	%
Consumer Staples	3.9	%
Industrials	3.1	%
Materials	0.6	%
Real Estate	0.5	%
Utilities	0.1	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Apple Inc.	14.1	%
Microsoft Corp.	13.3	%
NVIDIA Corp.	11.8	%
Meta Platforms, Inc., Class A	5.0	%
Amazon.com, Inc.	4.8	%
Alphabet, Inc., Class A	4.0	%
Alphabet, Inc., Class C, NVS	3.4	%
Broadcom, Inc.	3.3	%
Tesla, Inc.	3.0	%
Eli Lilly & Co.	2.9	%

^(a)	Excludes money market funds.

Additional information

iShares Russell Top 200 Growth ETF

Semi-Annual Shareholder Report — September 30, 2024

IWY-09/24-SAR

iShares Russell Top 200 Value ETF

IWX | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2024

This semi-annual shareholder report contains important information about iShares Russell Top 200 Value ETF (the “Fund”) for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Russell Top 200 Value ETF	$10	0.20%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	7.39	%	26.82	%	10.62	%	9.17	%
Russell 3000^® Index	9.65		35.19		15.26		12.83
Russell Top 200^® Value Index	7.51		27.08		10.84		9.39

Key Fund statistics

Net Assets	$3,209,900,075
Number of Portfolio Holdings	161
Portfolio Turnover Rate	17%

The Fund has added the Russell 3000^® Index in response to new regulatory requirements.

What did the Fund invest in?

(as of September 30, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	23.6	%
Health Care	19.1	%
Industrials	13.4	%
Information Technology	9.3	%
Consumer Staples	9.1	%
Energy	7.5	%
Communication Services	4.8	%
Consumer Discretionary	4.5	%
Utilities	3.6	%
Materials	3.1	%
Real Estate	2.0	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Berkshire Hathaway, Inc., Class B	5.2	%
JPMorgan Chase & Co.	3.7	%
Exxon Mobil Corp.	3.2	%
UnitedHealth Group, Inc.	3.1	%
Johnson & Johnson	2.4	%
Walmart, Inc.	2.2	%
Procter & Gamble Co. (The)	1.9	%
Bank of America Corp.	1.7	%
Chevron Corp.	1.6	%
Thermo Fisher Scientific, Inc.	1.4	%

^(a)	Excludes money market funds.

Additional information

iShares Russell Top 200 Value ETF

Semi-Annual Shareholder Report — September 30, 2024

IWX-09/24-SAR

iShares Russell 3000 ETF

IWV | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2024

This semi-annual shareholder report contains important information about iShares Russell 3000 ETF (the “Fund”) for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Russell 3000 ETF	$11	0.20%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	9.54	%	34.98	%	15.07	%	12.65	%
Russell 3000^® Index	9.65		35.19		15.26		12.83

Key Fund statistics

Net Assets	$14,952,872,835
Number of Portfolio Holdings	2,686
Portfolio Turnover Rate	2%

What did the Fund invest in?

(as of September 30, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Information Technology	29.0	%
Financials	13.6	%
Health Care	11.8	%
Consumer Discretionary	10.4	%
Industrials	9.8	%
Communication Services	8.4	%
Consumer Staples	5.6	%
Energy	3.5	%
Real Estate	2.8	%
Materials	2.7	%
Utilities	2.4	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Apple Inc.	6.1	%
Microsoft Corp.	5.8	%
NVIDIA Corp.	5.1	%
Amazon.com, Inc.	3.1	%
Meta Platforms, Inc., Class A	2.3	%
Alphabet, Inc., Class A	1.8	%
Berkshire Hathaway, Inc., Class B	1.5	%
Alphabet, Inc., Class C, NVS	1.5	%
Broadcom, Inc.	1.4	%
Tesla, Inc.	1.3	%

^(a)	Excludes money market funds.

Additional information

iShares Russell 3000 ETF

Semi-Annual Shareholder Report — September 30, 2024

IWV-09/24-SAR

iShares Russell Mid-Cap Value ETF

IWS | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2024

This semi-annual shareholder report contains important information about iShares Russell Mid-Cap Value ETF (the “Fund”) for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Russell Mid-Cap Value ETF	$12	0.23%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	6.23	%	28.77	%	10.11	%	8.72	%
Russell 3000^® Index	9.65		35.19		15.26		12.83
Russell MidCap^® Value Index	6.33		29.01		10.33		8.93

Key Fund statistics

Net Assets	$13,604,700,594
Number of Portfolio Holdings	719
Portfolio Turnover Rate	17%

The Fund has added the Russell 3000^® Index in response to new regulatory requirements.

What did the Fund invest in?

(as of September 30, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Industrials	17.2	%
Financials	16.6	%
Real Estate	10.3	%
Consumer Discretionary	9.5	%
Health Care	9.1	%
Information Technology	8.7	%
Materials	7.3	%
Utilities	7.0	%
Consumer Staples	5.9	%
Energy	5.3	%
Communication Services	3.1	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Aflac, Inc.	0.7	%
DR Horton, Inc.	0.6	%
Arthur J. Gallagher & Co.	0.6	%
Williams Cos., Inc. (The)	0.6	%
Realty Income Corp.	0.6	%
ONEOK, Inc.	0.6	%
Bank of New York Mellon Corp. (The)	0.6	%
Digital Realty Trust, Inc.	0.6	%
Crown Castle, Inc.	0.6	%
Fidelity National Information Services, Inc.	0.5	%

^(a)	Excludes money market funds.

Additional information

iShares Russell Mid-Cap Value ETF

Semi-Annual Shareholder Report — September 30, 2024

IWS-09/24-SAR

(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 Registrant – Not Applicable

Item 6 –

Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 –

Financial Statements and Financial Highlights for Open-End Management Investment Companies

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.


		SEPTEMBER 30, 2024

2024 Semi-Annual Financial

Statements and Additional

Information (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

Table of Contents


	Page
Schedules of Investments		3
Statements of Assets and Liabilities		29
Statements of Operations		30
Statements of Changes in Net Assets		31
Financial Highlights		33
Notes to Financial Statements		37
Additional Information		46
Board Review and Approval of Investment Advisory Contract		47
Glossary of Terms Used in this Report		53


2

Schedule of Investments (unaudited)

September 30, 2024

iShares^® S&P 100 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Aerospace & Defense — 1.9%
Boeing Co. (The)^(a)		239,703	$	36,444,444
General Dynamics Corp.		105,529		31,890,864
General Electric Co.		444,283		83,782,888
Lockheed Martin Corp.		86,920		50,809,955
RTX Corp.		545,048		66,038,016

				268,966,167

Air Freight & Logistics — 0.5%
FedEx Corp.		92,626		25,349,884
United Parcel Service, Inc., Class B		299,988		40,900,364

				66,250,248

Automobiles — 2.4%
Ford Motor Co.		1,604,688		16,945,505
General Motors Co.		461,931		20,712,986
Tesla, Inc.^(a)		1,136,856		297,435,636

				335,094,127

Banks — 3.7%
Bank of America Corp.		2,766,066		109,757,499
Citigroup, Inc.		781,694		48,934,044
JPMorgan Chase & Co.		1,165,771		245,814,473
U.S. Bancorp		638,065		29,178,712
Wells Fargo & Co.		1,394,650		78,783,779

				512,468,507

Beverages — 1.5%
Coca-Cola Co. (The)		1,589,323		114,208,751
PepsiCo, Inc.		562,803		95,704,650

				209,913,401

Biotechnology — 1.9%
AbbVie, Inc.		723,737		142,923,583
Amgen, Inc.		220,163		70,938,720
Gilead Sciences, Inc.		510,059		42,763,347

				256,625,650

Broadline Retail — 5.2%
Amazon.com, Inc.^(a)(b)		3,827,377		713,155,156


Capital Markets — 1.7%
Bank of New York Mellon Corp. (The)		303,301		21,795,210
BlackRock, Inc.^(c)		57,051		54,170,495
Charles Schwab Corp. (The)		611,882		39,656,072
Goldman Sachs Group, Inc. (The)		129,396		64,065,254
Morgan Stanley		510,434		53,207,640

				232,894,671

Chemicals — 0.8%
Dow, Inc.		288,074		15,737,483
Linde PLC		196,968		93,926,160

				109,663,643

Communications Equipment — 0.6%
Cisco Systems, Inc.		1,650,753		87,853,075


Consumer Finance — 0.6%
American Express Co.		230,116		62,407,459
Capital One Financial Corp.		156,774		23,473,771

				85,881,230

Consumer Staples Distribution & Retail — 2.4%
Costco Wholesale Corp.		181,650		161,036,358
Target Corp.		189,173		29,484,504
Walmart, Inc.		1,779,699		143,710,694

				334,231,556


Security	Shares		Value


Diversified Telecommunication Services — 1.0%
AT&T Inc.		2,937,916	$	64,634,152
Verizon Communications, Inc.		1,724,798		77,460,678

				142,094,830

Electric Utilities — 1.1%
Duke Energy Corp.		316,125		36,449,212
NextEra Energy, Inc.		841,818		71,158,876
Southern Co. (The)		447,885		40,390,269

				147,998,357

Electrical Equipment — 0.2%
Emerson Electric Co.		234,661		25,664,874


Entertainment — 1.4%
Netflix, Inc.^(a)		175,846		124,722,292
Walt Disney Co. (The)		743,094		71,478,212

				196,200,504

Financial Services — 5.3%
Berkshire Hathaway, Inc., Class B^(a)		750,552		345,449,064
Mastercard, Inc., Class A		338,048		166,928,102
PayPal Holdings, Inc.^(a)		418,427		32,649,859
Visa, Inc., Class A		684,443		188,187,603

				733,214,628

Food Products — 0.4%
Kraft Heinz Co. (The)		362,717		12,734,994
Mondelez International, Inc., Class A		547,180		40,310,750

				53,045,744

Ground Transportation — 0.4%
Union Pacific Corp.		249,612		61,524,366


Health Care Equipment & Supplies — 0.9%
Abbott Laboratories		712,901		81,277,843
Medtronic PLC		525,530		47,313,466

				128,591,309

Health Care Providers & Services — 1.8%
CVS Health Corp.		514,422		32,346,855
UnitedHealth Group, Inc.		378,359		221,218,940

				253,565,795

Hotels, Restaurants & Leisure — 1.4%
Booking Holdings, Inc.^(b)		13,737		57,861,893
McDonald’s Corp.		293,922		89,502,188
Starbucks Corp.		464,309		45,265,484

				192,629,565

Household Products — 1.5%
Colgate-Palmolive Co.		334,497		34,724,134
Procter & Gamble Co. (The)		964,541		167,058,501

				201,782,635

Industrial Conglomerates — 0.6%
3M Co.		224,776		30,726,879
Honeywell International, Inc.		266,815		55,153,329

				85,880,208

Insurance — 0.3%
American International Group, Inc.		264,667		19,381,565
MetLife, Inc.		241,780		19,942,014

				39,323,579

Interactive Media & Services — 9.0%
Alphabet, Inc., Class A^(b)		2,400,649		398,147,637
Alphabet, Inc., Class C, NVS^(b)		1,968,009		329,031,425
Meta Platforms, Inc., Class A		895,165		512,428,252

				1,239,607,314


S C H E D U L E S O F I N V E S T M E N T S		3

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® S&P 100 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


IT Services — 1.3%
Accenture PLC, Class A		256,654	$	90,722,056
International Business Machines Corp.		377,429		83,442,003

				174,164,059

Life Sciences Tools & Services — 1.2%
Danaher Corp.		263,366		73,221,016
Thermo Fisher Scientific, Inc.		156,518		96,817,339

				170,038,355

Machinery — 0.9%
Caterpillar, Inc.		198,679		77,707,330
Deere & Co.		104,994		43,817,146

				121,524,476

Media — 0.6%
Charter Communications, Inc., Class A^(a)		39,894		12,928,848
Comcast Corp., Class A		1,582,837		66,115,101

				79,043,949

Oil, Gas & Consumable Fuels — 2.7%
Chevron Corp.		696,920		102,635,409
ConocoPhillips		475,808		50,093,066
Exxon Mobil Corp.		1,820,392		213,386,350

				366,114,825

Pharmaceuticals — 4.9%
Bristol-Myers Squibb Co.		830,519		42,971,053
Eli Lilly & Co.^(b)		323,224		286,357,071
Johnson & Johnson		986,336		159,845,612
Merck & Co., Inc.		1,038,606		117,944,097
Pfizer, Inc.		2,321,854		67,194,455

				674,312,288

Retail REITs — 0.2%
Simon Property Group, Inc.		125,966		21,290,773


Semiconductors & Semiconductor Equipment — 13.4%
Advanced Micro Devices, Inc.^(a)		663,153		108,810,144
Broadcom, Inc.		1,907,279		329,005,627
Intel Corp.		1,747,660		41,000,104
NVIDIA Corp.		10,079,536		1,224,058,852
QUALCOMM, Inc.		456,446		77,618,642
Texas Instruments, Inc.		374,110		77,279,903

				1,857,773,272

Software — 12.3%
Adobe, Inc.^(a)		181,676		94,068,199
Intuit, Inc.		114,541		71,129,961
Microsoft Corp.		3,045,592		1,310,518,238
Oracle Corp.		654,925		111,599,220
Salesforce, Inc.		397,036		108,672,723

				1,695,988,341


Security	Shares		Value


Specialized REITs — 0.3%
American Tower Corp.		191,381	$	44,507,565


Specialty Retail — 1.6%
Home Depot, Inc. (The)		406,302		164,633,570
Lowe’s Cos., Inc.		233,482		63,238,600

				227,872,170

Technology Hardware, Storage & Peripherals — 10.5%
Apple Inc.		6,229,700		1,451,520,100


Textiles, Apparel & Luxury Goods — 0.3%
NIKE, Inc., Class B		492,213		43,511,629


Tobacco — 0.8%
Altria Group, Inc.		698,580		35,655,523
Philip Morris International, Inc.		637,062		77,339,327

				112,994,850

Wireless Telecommunication Services — 0.3%
T-Mobile U.S., Inc.		200,746		41,425,945


Total Long-Term Investments — 99.8% (Cost: $9,824,563,577)				13,796,203,736


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.05%^(c)(d)(e)		38,143,696		38,174,211
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.88%^(c)(d)		21,951,570		21,951,570


Total Short-Term Securities — 0.4% (Cost: $60,128,935)				60,125,781


Total Investments — 100.2% (Cost: $9,884,692,512)				13,856,329,517

Liabilities in Excess of Other Assets — (0.2)%				(33,815,372	)


Net Assets — 100.0%			$	13,822,514,145

^(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.


4		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® S&P 100 ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 03/31/24		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/24		Shares Held at 09/30/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	85,068	$	38,081,690	^(a)	$	—		$	10,615	$	(3,162	)	$	38,174,211		38,143,696	$	8,168	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		16,278,938		5,672,632	^(a)		—			—		—			21,951,570		21,951,570		603,653			—
BlackRock, Inc.		45,350,779		3,790,585			(1,705,374	)		454,362		6,280,143			54,170,495		57,051		578,060			—

									$	464,977	$	6,276,981		$	114,296,276			$	1,189,881		$	—

^(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

12/20/24

22,966

596,977

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)	$	—	$	—	$	596,977	$	—	$	—	$	—	$	596,977

^(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, 2024, 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	$	—	$	—	$	1,908,636	$	—	$	—	$	—	$	1,908,636


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	156,058	$	—	$	—	$	—	$	156,058


S C H E D U L E S O F I N V E S T M E N T S		5

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® S&P 100 ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	22,664,181

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 at the measurement date. 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	$	13,796,203,736	$	—	$	—	$	13,796,203,736
Short-Term Securities
Money Market Funds		60,125,781		—		—		60,125,781

	$	13,856,329,517	$	—	$	—	$	13,856,329,517

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	596,977	$	—	$	—	$	596,977

^(a)

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

See notes to financial statements.


6		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited)

September 30, 2024

iShares^® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.9%
Axon Enterprise, Inc.^(a)		139,070	$	55,572,372
Boeing Co. (The)^(a)		497,379		75,621,503
General Electric Co.		901,972		170,093,880
Howmet Aerospace, Inc.		457,041		45,818,360
TransDigm Group, Inc.		108,548		154,912,107

				502,018,222

Air Freight & Logistics — 0.0%
Expeditors International of Washington, Inc.		101,163		13,292,818


Automobiles — 2.6%
Tesla, Inc.^(a)		5,367,418		1,404,277,571


Beverages — 0.8%
Coca-Cola Co. (The)		2,926,424		210,292,829
Monster Beverage Corp.^(a)		819,813		42,769,644
PepsiCo, Inc.		956,578		162,666,089

				415,728,562

Biotechnology — 1.0%
AbbVie, Inc.		1,264,272		249,668,435
Regeneron Pharmaceuticals, Inc.^(a)		123,123		129,431,822
Vertex Pharmaceuticals, Inc.^(a)		319,507		148,596,316

				527,696,573

Broadline Retail — 6.3%
Amazon.com, Inc.^(a)		18,070,104		3,367,002,478


Building Products — 0.5%
A. O. Smith Corp.		146,411		13,152,100
Allegion PLC		64,160		9,350,678
Builders FirstSource, Inc.^(a)(b)		225,606		43,735,979
Carrier Global Corp.		777,665		62,594,256
Masco Corp.		228,305		19,163,922
Trane Technologies PLC		301,031		117,019,781

				265,016,716

Capital Markets — 1.4%
Ameriprise Financial, Inc.		100,821		47,366,714
Blackstone, Inc., Class A, NVS		1,002,869		153,569,330
Cboe Global Markets, Inc.		129,762		26,584,341
CME Group, Inc., Class A		251,124		55,410,511
FactSet Research Systems, Inc.		34,632		15,925,525
KKR & Co., Inc., Class A		1,304,676		170,364,592
Moody’s Corp.		142,094		67,436,391
MSCI, Inc., Class A		86,868		50,637,963
S&P Global, Inc.		272,451		140,753,636

				728,049,003

Chemicals — 0.8%
Celanese Corp., Class A		211,691		28,781,508
CF Industries Holdings, Inc.		188,752		16,194,922
Ecolab, Inc.		249,214		63,631,811
Linde PLC		483,557		230,588,991
Sherwin-Williams Co. (The)		224,806		85,801,706

				424,998,938

Commercial Services & Supplies — 0.5%
Cintas Corp.		363,872		74,913,967
Copart, Inc.^(a)(b)		1,696,571		88,900,321
Republic Services, Inc.		225,429		45,275,160
Rollins, Inc.		234,017		11,836,580
Waste Management, Inc.		331,346		68,787,430

				289,713,458


Security	Shares		Value

Communications Equipment — 0.5%
Arista Networks, Inc.^(a)		498,350	$	191,276,697
Motorola Solutions, Inc.		187,491		84,301,578

				275,578,275

Construction & Engineering — 0.1%
Quanta Services, Inc.		196,128		58,475,563


Construction Materials — 0.2%
Martin Marietta Materials, Inc.		78,150		42,064,238
Vulcan Materials Co.		163,766		41,011,919

				83,076,157

Consumer Finance — 0.5%
American Express Co.		760,510		206,250,312
Discover Financial Services		262,640		36,845,766

				243,096,078

Consumer Staples Distribution & Retail — 0.6%
Costco Wholesale Corp.		360,193		319,318,298


Distributors — 0.0%
Pool Corp.		42,262		15,924,322


Electric Utilities — 0.1%
Constellation Energy Corp.		271,615		70,625,332


Electrical Equipment — 0.6%
AMETEK, Inc.		215,301		36,969,334
Eaton Corp. PLC		477,445		158,244,371
GE Vernova, Inc.^(a)		227,909		58,112,237
Generac Holdings, Inc.^(a)		71,068		11,291,284
Hubbell, Inc.		47,824		20,485,410
Rockwell Automation, Inc.		105,493		28,320,651

				313,423,287

Electronic Equipment, Instruments & Components — 0.3%
Amphenol Corp., Class A		1,306,588		85,137,274
CDW Corp.		108,708		24,600,620
Jabil, Inc.		118,708		14,224,780
TE Connectivity PLC		229,621		34,670,475

				158,633,149

Entertainment — 1.3%
Electronic Arts, Inc.		204,929		29,395,016
Live Nation Entertainment, Inc.^(a)		303,420		33,221,456
Netflix, Inc.^(a)		830,202		588,837,372
Take-Two Interactive Software, Inc.^(a)		157,903		24,271,270

				675,725,114

Financial Services — 2.4%
Corpay, Inc.^(a)		134,517		42,071,537
Fiserv, Inc.^(a)		578,622		103,949,442
Mastercard, Inc., Class A		1,149,146		567,448,295
Visa, Inc., Class A^(b)		2,132,764		586,403,462

				1,299,872,736

Food Products — 0.2%
Hershey Co. (The)		108,735		20,853,198
Lamb Weston Holdings, Inc.		183,683		11,891,638
Mondelez International, Inc., Class A		1,086,931		80,074,207

				112,819,043

Ground Transportation — 1.1%
CSX Corp.		1,878,050		64,849,066
Old Dominion Freight Line, Inc.^(b)		363,968		72,298,604
Uber Technologies, Inc.^(a)		4,064,211		305,466,099
Union Pacific Corp.		530,060		130,649,189

				573,262,958


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, 2024

iShares^® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies — 1.3%
Align Technology, Inc.^(a)		74,837	$	19,032,546
Boston Scientific Corp.^(a)		1,566,181		131,245,968
Cooper Cos., Inc. (The)^(a)		161,996		17,874,639
Dexcom, Inc.^(a)		473,561		31,747,529
Edwards Lifesciences Corp.^(a)		431,843		28,497,320
IDEXX Laboratories, Inc.^(a)(b)		89,298		45,115,136
Insulet Corp.^(a)		51,642		12,019,675
Intuitive Surgical, Inc.^(a)		452,860		222,476,532
STERIS PLC		107,019		25,956,388
Stryker Corp.		424,432		153,330,304

				687,296,037

Health Care Providers & Services — 0.9%
DaVita, Inc.^(a)(b)		49,147		8,056,667
HCA Healthcare, Inc.		172,153		69,968,144
Molina Healthcare, Inc.^(a)(b)		66,984		23,080,007
UnitedHealth Group, Inc.		678,819		396,891,893

				497,996,711

Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		816,538		14,371,069


Hotels, Restaurants & Leisure — 2.4%
Airbnb, Inc., Class A^(a)		426,221		54,049,085
Booking Holdings, Inc.		64,860		273,198,103
Caesars Entertainment, Inc.^(a)		243,111		10,147,453
Carnival Corp.^(a)		1,389,574		25,679,328
Chipotle Mexican Grill, Inc.^(a)		2,648,903		152,629,791
Darden Restaurants, Inc.		119,365		19,591,377
Domino’s Pizza, Inc.^(b)		27,078		11,647,331
Expedia Group, Inc.^(a)		241,531		35,751,419
Hilton Worldwide Holdings, Inc.		476,330		109,794,065
Las Vegas Sands Corp.		417,723		21,028,176
Marriott International, Inc., Class A		451,635		112,276,461
McDonald’s Corp.		610,598		185,933,197
MGM Resorts International^(a)		304,136		11,888,676
Norwegian Cruise Line Holdings Ltd.^(a)		851,842		17,471,279
Royal Caribbean Cruises Ltd.		457,401		81,124,641
Starbucks Corp.		1,292,706		126,025,908
Wynn Resorts Ltd.		181,157		17,369,333
Yum! Brands, Inc.		250,550		35,004,341

				1,300,609,964

Household Durables — 0.6%
DR Horton, Inc.		567,216		108,207,796
Garmin Ltd.		160,851		28,314,602
Lennar Corp., Class A		262,206		49,158,381
NVR, Inc.^(a)		5,965		58,527,387
PulteGroup, Inc.		402,057		57,707,241

				301,915,407

Household Products — 0.7%
Church & Dwight Co., Inc.		218,208		22,850,742
Colgate-Palmolive Co.		614,944		63,837,336
Procter & Gamble Co. (The)		1,776,015		307,605,798

				394,293,876

Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp.		664,602		78,781,921


Insurance — 1.0%
Aon PLC, Class A		213,920		74,014,181
Arch Capital Group Ltd.^(a)		725,623		81,182,701
Arthur J. Gallagher & Co.^(b)		215,578		60,657,182
Brown & Brown, Inc.		357,793		37,067,355
Erie Indemnity Co., Class A, NVS		28,056		15,145,190


Security	Shares		Value

Insurance (continued)
Marsh & McLennan Cos., Inc.		494,284	$	110,269,818
Progressive Corp. (The)		566,377		143,723,827

				522,060,254

Interactive Media & Services — 10.9%
Alphabet, Inc., Class A		11,334,112		1,879,762,475
Alphabet, Inc., Class C, NVS		9,291,514		1,553,448,226
Meta Platforms, Inc., Class A		4,226,318		2,419,313,476

				5,852,524,177

IT Services — 0.7%
Accenture PLC, Class A		654,352		231,300,345
Akamai Technologies, Inc.^(a)(b)		137,955		13,926,557
EPAM Systems, Inc.^(a)		44,125		8,782,199
Gartner, Inc.^(a)		148,789		75,400,314
GoDaddy, Inc., Class A^(a)(b)		273,094		42,815,677
VeriSign, Inc.^(a)		78,057		14,827,708

				387,052,800

Life Sciences Tools & Services — 0.5%
IQVIA Holdings, Inc.^(a)		127,476		30,207,988
Mettler-Toledo International, Inc.^(a)		15,598		23,392,320
Thermo Fisher Scientific, Inc.		280,802		173,695,693
Waters Corp.^(a)(b)		42,564		15,318,358
West Pharmaceutical Services, Inc.		140,568		42,192,891

				284,807,250

Machinery — 1.4%
Caterpillar, Inc.		544,069		212,796,267
Deere & Co.		282,383		117,846,897
Fortive Corp.		678,766		53,575,000
Illinois Tool Works, Inc.		239,803		62,845,172
Ingersoll Rand, Inc.^(b)		601,923		59,084,762
Otis Worldwide Corp.		302,648		31,457,233
PACCAR, Inc.		738,855		72,910,212
Parker-Hannifin Corp.		193,820		122,459,353
Pentair PLC		224,440		21,947,988
Snap-on, Inc.		45,924		13,304,642

				768,227,526

Media — 0.1%
Charter Communications, Inc., Class A^(a)(b)		86,519		28,039,078


Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		1,386,308		69,204,495
Nucor Corp.		289,690		43,551,995
Steel Dynamics, Inc.		175,172		22,085,686

				134,842,176

Oil, Gas & Consumable Fuels — 1.3%
APA Corp.		716,645		17,529,137
ConocoPhillips		1,550,042		163,188,422
Coterra Energy, Inc.		945,320		22,640,414
Diamondback Energy, Inc.		362,415		62,480,346
EOG Resources, Inc.		727,054		89,376,748
Hess Corp.		533,623		72,466,003
Marathon Oil Corp.		574,362		15,295,260
Marathon Petroleum Corp.		356,634		58,099,245
ONEOK, Inc.		698,936		63,694,038
Targa Resources Corp.		422,838		62,584,252
Williams Cos., Inc. (The)		920,980		42,042,737

				669,396,602

Passenger Airlines — 0.1%
Delta Air Lines, Inc.		695,707		35,334,959


8		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals — 3.1%
Eli Lilly & Co.		1,526,010	$	1,351,953,300
Merck & Co., Inc.		1,961,406		222,737,265
Zoetis, Inc., Class A		482,745		94,318,718

				1,669,009,283

Professional Services — 0.4%
Automatic Data Processing, Inc.		307,215		85,015,607
Broadridge Financial Solutions, Inc.		128,911		27,719,732
Dayforce, Inc.^(a)(b)		168,462		10,318,298
Equifax, Inc.		93,471		27,467,388
Paychex, Inc.		248,371		33,328,904
Paycom Software, Inc.		40,495		6,745,252
Verisk Analytics, Inc.		151,787		40,672,845

				231,268,026

Real Estate Management & Development — 0.0%
CoStar Group, Inc.^(a)		341,437		25,758,007


Retail REITs — 0.1%
Simon Property Group, Inc.		219,711		37,135,553


Semiconductors & Semiconductor Equipment — 17.4%
Advanced Micro Devices, Inc.^(a)(b)		3,130,922		513,721,682
Analog Devices, Inc.		566,115		130,302,690
Applied Materials, Inc.		1,601,692		323,621,869
Broadcom, Inc.		9,004,779		1,553,324,377
Enphase Energy, Inc.^(a)		97,094		10,973,564
KLA Corp.		260,032		201,371,381
Lam Research Corp.		252,230		205,839,858
Microchip Technology, Inc.		613,266		49,239,127
Monolithic Power Systems, Inc.		94,425		87,295,912
NVIDIA Corp.		47,588,237		5,779,115,501
NXP Semiconductors NV		370,132		88,835,381
ON Semiconductor Corp.^(a)		365,173		26,515,212
QUALCOMM, Inc.		1,120,597		190,557,520
Texas Instruments, Inc.		653,270		134,945,984

				9,295,660,058

Software — 17.8%
Adobe, Inc.^(a)		857,760		444,130,973
ANSYS, Inc.^(a)		96,524		30,755,442
Autodesk, Inc.^(a)		216,094		59,529,575
Cadence Design Systems, Inc.^(a)		529,557		143,525,834
Crowdstrike Holdings, Inc., Class A^(a)		446,457		125,217,795
Fair Isaac Corp.^(a)		47,488		92,293,878
Fortinet, Inc.^(a)		1,226,768		95,135,858
Intuit, Inc.		540,764		335,814,444
Microsoft Corp.		14,379,086		6,187,320,706
Oracle Corp.		3,092,058		526,886,683
Palantir Technologies, Inc., Class A^(a)(b)		3,894,867		144,889,052
Palo Alto Networks, Inc.^(a)(b)		626,384		214,098,051
PTC, Inc.^(a)		139,620		25,223,749
Roper Technologies, Inc.		89,306		49,693,431
Salesforce, Inc.		1,874,526		513,076,511
ServiceNow, Inc.^(a)(b)		398,518		356,430,514
Synopsys, Inc.^(a)		296,338		150,062,600
Tyler Technologies, Inc.^(a)		82,651		48,245,042

				9,542,330,138

Specialized REITs — 0.6%
American Tower Corp.		371,006		86,281,156
Digital Realty Trust, Inc.		244,476		39,563,551
Equinix, Inc.		86,186		76,501,279


Security	Shares		Value

Specialized REITs (continued)
Iron Mountain, Inc.		289,841	$	34,441,806
Public Storage		128,144		46,627,757
SBA Communications Corp., Class A		83,260		20,040,682

				303,456,231

Specialty Retail — 1.4%
AutoZone, Inc.^(a)		22,752		71,669,710
Home Depot, Inc. (The)		709,744		287,588,269
O’Reilly Automotive, Inc.^(a)		82,018		94,451,929
Ross Stores, Inc.		644,610		97,020,251
TJX Cos., Inc. (The)		1,421,049		167,030,100
Tractor Supply Co.		87,782		25,538,417
Ulta Beauty, Inc.^(a)		60,986		23,730,872

				767,029,548

Technology Hardware, Storage & Peripherals — 13.0%
Apple Inc.		29,412,126		6,853,025,358
Dell Technologies, Inc., Class C		295,362		35,012,211
NetApp, Inc.		147,345		18,198,581
Seagate Technology Holdings PLC		163,526		17,911,003
Super Micro Computer, Inc.^(a)(b)		97,582		40,633,145

				6,964,780,298

Textiles, Apparel & Luxury Goods — 0.4%
Deckers Outdoor Corp.^(a)		295,356		47,094,514
Lululemon Athletica, Inc.^(a)		221,845		60,197,641
NIKE, Inc., Class B		1,000,881		88,477,880
Ralph Lauren Corp., Class A		42,517		8,242,771

				204,012,806

Tobacco — 0.3%
Philip Morris International, Inc.		1,112,456		135,052,158


Trading Companies & Distributors — 0.4%
Fastenal Co.		554,742		39,619,674
United Rentals, Inc.		128,725		104,232,494
WW Grainger, Inc.		64,334		66,830,802

				210,682,970


Total Long-Term Investments — 99.9% (Cost: $34,951,461,527)				53,481,349,534


Short-Term Securities

Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.05%^(c)(d)(e)		528,536,602		528,959,431
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.88%^(c)(d)		65,199,806		65,199,806


Total Short-Term Securities — 1.1% (Cost: $594,069,229)				594,159,237


Total Investments — 101.0% (Cost: $35,545,530,756)				54,075,508,771

Liabilities in Excess of Other Assets — (1.0)%				(520,240,653	)


Net Assets — 100.0%			$	53,555,268,118

^(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		9

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® S&P 500 Growth ETF

Affiliates


Affiliated Issuer	Value at 03/31/24		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/24		Shares Held at 09/30/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	212,646,423	$	316,229,667	^(a)	$	—	$	41,577	$	41,764	$	528,959,431		528,536,602	$	213,268	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		24,073,535		41,126,271	^(a)		—		—		—		65,199,806		65,199,806		1,126,520			—

								$	41,577	$	41,764	$	594,159,237			$	1,339,788		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

Russell 1000 Growth E-Mini Index

369

12/20/24

$70,470

1,527,375

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)	$	—	$	—	$	1,527,375	$	—	$	—	$	—	$	1,527,375

^(a)

For the period ended September 30, 2024, 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	$	—	$	—	$	5,882,919	$	—	$	—	$	—	$	5,882,919


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	1,339,521	$	—	$	—	$	—	$	1,339,521


10		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® S&P 500 Growth ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	60,216,918

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


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	53,481,349,534	$	—	$	—	$	53,481,349,534
Short-Term Securities
Money Market Funds		594,159,237		—		—		594,159,237

	$	54,075,508,771	$	—	$	—	$	54,075,508,771

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	1,527,375	$	—	$	—	$	1,527,375

^(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

Schedule of Investments (unaudited)

September 30, 2024

iShares^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.3%
Boeing Co. (The)^(a)		548,532	$	83,398,805
General Dynamics Corp.		431,525		130,406,855
General Electric Co.		1,034,242		195,037,356
Howmet Aerospace, Inc.		285,913		28,662,778
Huntington Ingalls Industries, Inc.		65,823		17,402,285
L3Harris Technologies, Inc.		317,448		75,511,356
Lockheed Martin Corp.		354,983		207,508,863
Northrop Grumman Corp.		230,035		121,474,582
RTX Corp.		2,225,981		269,699,858
Textron, Inc.		313,519		27,771,513


				1,156,874,251

Air Freight & Logistics — 0.9%
CH Robinson Worldwide, Inc.		195,782		21,608,459
Expeditors International of Washington, Inc.		148,788		19,550,743
FedEx Corp.		377,120		103,210,202
United Parcel Service, Inc., Class B		1,225,760		167,120,119


				311,489,523

Automobile Components — 0.1%
Aptiv PLC^(a)(b)		443,700		31,950,837
BorgWarner, Inc.		382,713		13,888,655


				45,839,492

Automobiles — 0.4%
Ford Motor Co.		6,533,487		68,993,623
General Motors Co.		1,880,737		84,332,247


				153,325,870

Banks — 7.2%
Bank of America Corp.		11,296,635		448,250,477
Citigroup, Inc.		3,192,449		199,847,307
Citizens Financial Group, Inc.		750,159		30,809,030
Fifth Third Bancorp		1,132,531		48,517,628
Huntington Bancshares, Inc.		2,429,942		35,720,147
JPMorgan Chase & Co.		4,761,010		1,003,906,569
KeyCorp.		1,553,046		26,013,521
M&T Bank Corp.		279,076		49,709,017
PNC Financial Services Group, Inc. (The)		665,156		122,954,087
Regions Financial Corp.		1,538,961		35,903,960
Truist Financial Corp.		2,240,874		95,842,181
U.S. Bancorp		2,611,237		119,411,868
Wells Fargo & Co.		5,695,767		321,753,878


				2,538,639,670

Beverages — 2.0%
Brown-Forman Corp., Class B, NVS		308,478		15,177,118
Coca-Cola Co. (The)		3,959,386		284,521,478
Constellation Brands, Inc., Class A		262,189		67,563,483
Keurig Dr. Pepper, Inc.		1,770,001		66,339,637
Molson Coors Beverage Co., Class B		295,631		17,004,695
Monster Beverage Corp.^(a)		472,059		24,627,318
PepsiCo, Inc.		1,471,036		250,149,672


				725,383,401

Biotechnology — 3.1%
AbbVie, Inc.		1,862,119		367,731,260
Amgen, Inc.		899,154		289,716,410
Biogen, Inc.^(a)(b)		243,408		47,182,207
Gilead Sciences, Inc.		2,083,331		174,666,471
Incyte Corp.^(a)		265,811		17,570,107
Moderna, Inc.^(a)(b)		565,307		37,779,467


Security	Shares		Value

Biotechnology (continued)
Regeneron Pharmaceuticals, Inc.^(a)		71,029	$	74,668,526
Vertex Pharmaceuticals, Inc.^(a)		155,481		72,311,104


				1,081,625,552

Broadline Retail — 0.1%
eBay, Inc.		818,275		53,277,885


Building Products — 0.6%
A. O. Smith Corp.		75,312		6,765,277
Allegion PLC		89,913		13,103,921
Carrier Global Corp.		731,602		58,886,645
Johnson Controls International PLC		1,117,833		86,755,019
Masco Corp.		167,990		14,101,080
Trane Technologies PLC		116,840		45,419,213


				225,031,155

Capital Markets — 5.1%
Ameriprise Financial, Inc.		77,110		36,227,049
Bank of New York Mellon Corp. (The)		1,234,873		88,737,974
BlackRock, Inc.^(c)		233,005		221,240,578
Blackstone, Inc., Class A, NVS		337,385		51,663,765
Cboe Global Markets, Inc.		63,164		12,940,409
Charles Schwab Corp. (The)		2,499,835		162,014,306
CME Group, Inc., Class A		385,648		85,093,231
FactSet Research Systems, Inc.		33,732		15,511,660
Franklin Resources, Inc.		519,230		10,462,485
Goldman Sachs Group, Inc. (The)		528,453		261,642,365
Intercontinental Exchange, Inc.		960,750		154,334,880
Invesco Ltd.		745,099		13,083,938
MarketAxess Holdings, Inc.		62,884		16,110,881
Moody’s Corp.		138,892		65,916,754
Morgan Stanley		2,084,612		217,299,955
MSCI, Inc., Class A		56,512		32,942,540
Nasdaq, Inc.		694,847		50,730,779
Northern Trust Corp.		336,563		30,300,767
Raymond James Financial, Inc.		310,158		37,981,949
S&P Global, Inc.		300,057		155,015,447
State Street Corp.		499,696		44,208,105
T Rowe Price Group, Inc.		374,034		40,743,524


				1,804,203,341

Chemicals — 2.4%
Air Products & Chemicals, Inc.		372,019		110,764,937
Albemarle Corp.		196,031		18,566,096
CF Industries Holdings, Inc.		137,581		11,804,450
Corteva, Inc.		1,158,387		68,101,572
Dow, Inc.		1,172,903		64,075,691
DuPont de Nemours, Inc.		698,625		62,254,474
Eastman Chemical Co.		196,711		22,021,796
Ecolab, Inc.		207,646		53,018,253
FMC Corp.		210,406		13,874,172
International Flavors & Fragrances, Inc.		426,960		44,800,913
Linde PLC		386,123		184,126,614
LyondellBasell Industries NV, Class A		437,625		41,968,237
Mosaic Co. (The)		531,305		14,228,348
PPG Industries, Inc.		390,394		51,711,589
Sherwin-Williams Co. (The)		194,171		74,109,245


				835,426,387

Commercial Services & Supplies — 0.6%
Cintas Corp.		257,989		53,114,775
Republic Services, Inc.		147,177		29,559,029
Rollins, Inc.		269,323		13,622,357


12		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Commercial Services & Supplies (continued)
Veralto Corp.		413,501	$	46,254,222
Waste Management, Inc.		324,479		67,361,841


				209,912,224

Communications Equipment — 1.3%
Cisco Systems, Inc.		6,741,695		358,793,008
F5, Inc.^(a)		97,958		21,570,352
Juniper Networks, Inc.		553,881		21,590,281
Motorola Solutions, Inc.		117,050		52,629,191


				454,582,832

Construction & Engineering — 0.1%
Quanta Services, Inc.^(b)		76,857		22,914,915


Construction Materials — 0.1%
Martin Marietta Materials, Inc.		34,770		18,714,953
Vulcan Materials Co.		79,996		20,033,398


				38,748,351

Consumer Finance — 0.7%
American Express Co.		281,941		76,462,399
Capital One Financial Corp.		638,990		95,675,973
Discover Financial Services		192,794		27,047,070
Synchrony Financial		660,016		32,921,598


				232,107,040

Consumer Staples Distribution & Retail — 3.6%
Costco Wholesale Corp.		430,279		381,450,939
Dollar General Corp.		367,412		31,072,033
Dollar Tree, Inc.^(a)		336,501		23,662,750
Kroger Co. (The)		1,111,179		63,670,557
Sysco Corp.		822,893		64,235,027
Target Corp.		774,166		120,661,513
Walgreens Boots Alliance, Inc.		1,197,422		10,728,901
Walmart, Inc.		7,268,301		586,915,306


				1,282,397,026

Containers & Packaging — 0.5%
Amcor PLC		2,417,924		27,395,079
Avery Dennison Corp.		134,676		29,731,074
Ball Corp.		507,088		34,436,346
International Paper Co.		580,885		28,376,232
Packaging Corp. of America		149,238		32,145,865
Smurfit WestRock PLC		824,879		40,765,520


				192,850,116

Distributors — 0.2%
Genuine Parts Co.		233,722		32,646,289
LKQ Corp.		440,513		17,585,279
Pool Corp.		27,699		10,436,983


				60,668,551

Diversified Telecommunication Services — 1.6%
AT&T Inc.		11,998,467		263,966,274
Verizon Communications, Inc.		7,044,081		316,349,678


				580,315,952

Electric Utilities — 3.7%
Alliant Energy Corp.		428,668		26,015,861
American Electric Power Co., Inc.		890,434		91,358,528
Constellation Energy Corp.		287,783		74,829,336
Duke Energy Corp.		1,291,839		148,949,037
Edison International		646,221		56,279,387
Entergy Corp.		358,741		47,213,903
Evergy, Inc.		384,608		23,849,542
Eversource Energy		597,614		40,667,633
Exelon Corp.		1,673,368		67,855,072


Security	Shares		Value

Electric Utilities (continued)
FirstEnergy Corp.		856,825	$	38,000,189
NextEra Energy, Inc.		3,437,996		290,613,802
NRG Energy, Inc.		344,435		31,378,028
PG&E Corp.		3,576,765		70,712,644
Pinnacle West Capital Corp.		190,505		16,876,838
PPL Corp.		1,236,502		40,903,486
Southern Co. (The)		1,829,703		165,002,617
Xcel Energy, Inc.		932,905		60,918,696


			1,291,424,599

Electrical Equipment — 1.0%
AMETEK, Inc.		201,253		34,557,153
Eaton Corp. PLC		253,145		83,902,379
Emerson Electric Co.		958,339		104,813,536
GE Vernova, Inc.^(a)		262,108		66,832,298
Generac Holdings, Inc.^(a)(b)		39,672		6,303,087
Hubbell, Inc.		48,469		20,761,696
Rockwell Automation, Inc.		98,731		26,505,324


				343,675,473

Electronic Equipment, Instruments & Components — 1.0%
Amphenol Corp., Class A		886,697		57,777,176
CDW Corp.		129,222		29,242,938
Corning, Inc.		1,288,712		58,185,347
Jabil, Inc.		87,807		10,521,913
Keysight Technologies, Inc.^(a)		291,990		46,405,971
TE Connectivity PLC		310,219		46,839,967
Teledyne Technologies, Inc.^(a)		78,287		34,263,088
Trimble, Inc.^(a)		407,586		25,307,015
Zebra Technologies Corp., Class A^(a)		86,106		31,886,774


				340,430,189

Energy Equipment & Services — 0.6%
Baker Hughes Co., Class A		1,662,363		60,094,422
Halliburton Co.		1,477,297		42,915,478
Schlumberger NV		2,376,186		99,681,003


				202,690,903

Entertainment — 1.1%
Electronic Arts, Inc.		225,290		32,315,598
Take-Two Interactive Software, Inc.^(a)		137,154		21,081,941
Walt Disney Co. (The)		3,034,802		291,917,604
Warner Bros Discovery, Inc., Class A^(a)(b)		3,728,238		30,757,964


				376,073,107

Financial Services — 6.3%
Berkshire Hathaway, Inc., Class B^(a)		3,065,254		1,410,813,806
Fidelity National Information Services, Inc.		912,936		76,458,390
Fiserv, Inc.^(a)		462,431		83,075,729
Global Payments, Inc.		425,763		43,606,647
Jack Henry & Associates, Inc.		122,019		21,541,234
Mastercard, Inc., Class A		386,563		190,884,809
PayPal Holdings, Inc.^(a)		1,710,744		133,489,354
Visa, Inc., Class A		950,391		261,310,006


				2,221,179,975

Food Products — 1.4%
Archer-Daniels-Midland Co.		800,105		47,798,273
Bunge Global SA		236,750		22,879,520
Campbell Soup Co.		329,979		16,142,573
Conagra Brands, Inc.		799,235		25,991,122
General Mills, Inc.		931,427		68,785,884
Hershey Co. (The)		152,994		29,341,189
Hormel Foods Corp.		485,855		15,401,603
J M Smucker Co. (The)		177,685		21,517,653
Kellanova		448,333		36,184,956


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, 2024

iShares^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products (continued)
Kraft Heinz Co. (The)		1,476,960	$	51,856,066
Lamb Weston Holdings, Inc.		81,757		5,292,948
McCormick & Co., Inc., NVS		420,930		34,642,539
Mondelez International, Inc., Class A		1,296,465		95,510,577
Tyson Foods, Inc., Class A		480,173		28,599,104


				499,944,007

Gas Utilities — 0.1%
Atmos Energy Corp.		259,390		35,979,987


Ground Transportation — 0.9%
CSX Corp.		1,622,109		56,011,424
JB Hunt Transport Services, Inc.		134,703		23,213,368
Norfolk Southern Corp.		378,344		94,018,484
Union Pacific Corp.		560,681		138,196,653


				311,439,929

Health Care Equipment & Supplies — 3.8%
Abbott Laboratories		2,911,486		331,938,519
Align Technology, Inc.^(a)		53,191		13,527,535
Baxter International, Inc.		852,065		32,352,908
Becton Dickinson & Co.		483,672		116,613,319
Boston Scientific Corp.^(a)		1,108,915		92,927,077
Cooper Cos., Inc. (The)^(a)		194,165		21,424,166
Dexcom, Inc.^(a)		262,983		17,630,380
Edwards Lifesciences Corp.^(a)		635,067		41,908,071
GE HealthCare Technologies, Inc.		764,051		71,706,186
Hologic, Inc.^(a)		388,669		31,660,977
IDEXX Laboratories, Inc.^(a)(b)		60,515		30,573,388
Insulet Corp.^(a)(b)		72,728		16,927,442
Intuitive Surgical, Inc.^(a)		201,805		99,140,742
Medtronic PLC		2,146,260		193,227,788
ResMed, Inc.		245,872		60,022,273
Solventum Corp.^(a)(b)		231,544		16,143,248
STERIS PLC		72,901		17,681,409
Stryker Corp.		206,540		74,614,641
Teleflex, Inc.		78,972		19,531,355
Zimmer Biomet Holdings, Inc.		340,358		36,741,646


				1,336,293,070

Health Care Providers & Services — 4.5%
Cardinal Health, Inc.		409,483		45,256,061
Cencora, Inc.		291,914		65,704,003
Centene Corp.^(a)		880,244		66,264,768
Cigna Group (The)		467,792		162,061,860
CVS Health Corp.		2,105,064		132,366,424
DaVita, Inc.^(a)(b)		34,940		5,727,714
Elevance Health, Inc.		388,031		201,776,120
HCA Healthcare, Inc.		161,689		65,715,260
Henry Schein, Inc.^(a)(b)		212,025		15,456,623
Humana, Inc.		201,435		63,802,522
Labcorp Holdings, Inc.		140,393		31,375,028
McKesson Corp.		216,997		107,287,657
Molina Healthcare, Inc.^(a)(b)		40,276		13,877,499
Quest Diagnostics, Inc.		186,323		28,926,646
UnitedHealth Group, Inc.		958,036		560,144,488
Universal Health Services, Inc., Class B		99,501		22,786,724


				1,588,529,397

Health Care REITs — 0.6%
Alexandria Real Estate Equities, Inc.		260,509		30,935,444
Healthpeak Properties, Inc.		1,177,812		26,936,560
Ventas, Inc.		691,323		44,334,544
Welltower, Inc.		968,362		123,979,387


				226,185,935


Security	Shares		Value

Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		467,875	$	8,234,600


Hotels, Restaurants & Leisure — 1.2%
Airbnb, Inc., Class A^(a)		368,137		46,683,453
Caesars Entertainment, Inc.^(a)(b)		150,195		6,269,139
Carnival Corp.^(a)		495,396		9,154,918
Darden Restaurants, Inc.		94,392		15,492,559
Domino’s Pizza, Inc.		35,279		15,174,909
Las Vegas Sands Corp.		230,665		11,611,676
McDonald’s Corp.		672,210		204,694,667
MGM Resorts International^(a)		124,310		4,859,278
Starbucks Corp.		777,470		75,795,551
Yum! Brands, Inc.		254,282		35,525,738


				425,261,888

Household Durables — 0.2%
Garmin Ltd.		118,440		20,848,993
Lennar Corp., Class A		177,608		33,297,948
Mohawk Industries, Inc.^(a)		87,660		14,085,209


				68,232,150

Household Products — 1.8%
Church & Dwight Co., Inc.		220,757		23,117,673
Clorox Co. (The)		208,103		33,902,060
Colgate-Palmolive Co.		834,039		86,581,589
Kimberly-Clark Corp.		563,600		80,189,008
Procter & Gamble Co. (The)		2,402,907		416,183,492


				639,973,822

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		1,188,246		23,836,215


Industrial Conglomerates — 1.0%
3M Co.		919,273		125,664,619
Honeywell International, Inc.		1,089,674		225,246,513


				350,911,132

Industrial REITs — 0.5%
Prologis, Inc.		1,549,392		195,657,222


Insurance — 3.7%
Aflac, Inc.		843,416		94,293,909
Allstate Corp. (The)		441,839		83,794,766
American International Group, Inc.		1,077,564		78,910,012
Aon PLC, Class A		178,128		61,630,507
Arthur J. Gallagher & Co.		179,655		50,549,527
Assurant, Inc.		86,542		17,209,742
Brown & Brown, Inc.		88,112		9,128,403
Chubb Ltd.		628,611		181,285,126
Cincinnati Financial Corp.		262,060		35,671,607
Erie Indemnity Co., Class A, NVS		17,627		9,515,407
Everest Group Ltd.		72,321		28,337,538
Globe Life, Inc.		151,142		16,007,449
Hartford Financial Services Group, Inc. (The)		490,318		57,666,300
Loews Corp.		303,436		23,986,616
Marsh & McLennan Cos., Inc.		394,986		88,117,427
MetLife, Inc.		984,402		81,193,477
Principal Financial Group, Inc.		355,598		30,545,868
Progressive Corp. (The)		490,024		124,348,490
Prudential Financial, Inc.		597,391		72,344,050
Travelers Cos., Inc. (The)		381,414		89,296,646
W R Berkley Corp.		503,058		28,538,480
Willis Towers Watson PLC		169,939		50,052,134


				1,312,423,481

Interactive Media & Services — 0.0%
Match Group, Inc.^(a)		433,962		16,421,122


14		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services — 1.7%
Accenture PLC, Class A		482,153	$	170,431,443
Akamai Technologies, Inc.^(a)		134,976		13,625,827
Cognizant Technology Solutions Corp., Class A		829,418		64,014,481
EPAM Systems, Inc.^(a)		56,774		11,299,729
International Business Machines Corp.		1,541,419		340,776,913
VeriSign, Inc.^(a)		73,440		13,950,662


				614,099,055

Leisure Products — 0.0%
Hasbro, Inc.		219,297		15,859,559


Life Sciences Tools & Services — 2.2%
Agilent Technologies, Inc.		488,225		72,491,648
Bio-Techne Corp.		264,584		21,148,199
Charles River Laboratories International, Inc.^(a)		86,129		16,964,829
Danaher Corp.		1,075,591		299,035,810
IQVIA Holdings, Inc.^(a)		179,645		42,570,476
Mettler-Toledo International, Inc.^(a)		22,007		33,003,898
Revvity, Inc.		206,433		26,371,816
Thermo Fisher Scientific, Inc.		396,319		245,151,044
Waters Corp.^(a)		62,842		22,616,207


				779,353,927

Machinery — 2.0%
Caterpillar, Inc.		340,791		133,290,176
Cummins, Inc.		229,335		74,256,380
Deere & Co.		184,404		76,957,321
Dover Corp.		229,899		44,080,834
IDEX Corp.		126,566		27,148,407
Illinois Tool Works, Inc.		244,135		63,980,459
Ingersoll Rand, Inc.		156,520		15,364,003
Nordson Corp.		91,346		23,990,200
Otis Worldwide Corp.		408,858		42,496,701
PACCAR, Inc.		236,623		23,349,958
Parker-Hannifin Corp.		47,284		29,874,977
Pentair PLC		82,543		8,071,880
Snap-on, Inc.		48,645		14,092,943
Stanley Black & Decker, Inc.		256,519		28,250,437
Westinghouse Air Brake Technologies Corp.		293,140		53,284,058
Xylem, Inc.		407,347		55,004,065


				713,492,799

Media — 1.2%
Charter Communications, Inc., Class A^(a)		87,705		28,423,436
Comcast Corp., Class A		6,464,322		270,014,730
Fox Corp., Class A, NVS^(b)		375,894		15,911,593
Fox Corp., Class B		218,638		8,483,154
Interpublic Group of Cos., Inc. (The)		626,353		19,811,545
News Corp., Class A, NVS		628,560		16,738,553
News Corp., Class B		190,230		5,316,929
Omnicom Group, Inc.		327,392		33,849,059
Paramount Global, Class B, NVS		1,000,727		10,627,721


				409,176,720

Metals & Mining — 0.6%
Freeport-McMoRan, Inc.		1,201,623		59,985,020
Newmont Corp.		1,920,056		102,626,993
Nucor Corp.		146,630		22,044,354
Steel Dynamics, Inc.		89,344		11,264,492


				195,920,859

Multi-Utilities — 1.5%
Ameren Corp.		445,960		39,003,662
CenterPoint Energy, Inc.		1,088,013		32,009,343
CMS Energy Corp.		499,332		35,267,819
Consolidated Edison, Inc.		577,823		60,168,709


Security	Shares		Value

Multi-Utilities (continued)
Dominion Energy, Inc.		1,403,855	$	81,128,780
DTE Energy Co.		346,051		44,436,409
NiSource, Inc.		749,600		25,973,640
Public Service Enterprise Group, Inc.		833,610		74,366,348
Sempra		1,059,483		88,604,563
WEC Energy Group, Inc.		530,319		51,006,081


				531,965,354

Office REITs — 0.1%
BXP, Inc.		242,605		19,519,998


Oil, Gas & Consumable Fuels — 5.4%
Chevron Corp.		2,846,224		419,163,409
ConocoPhillips		602,393		63,419,935
Coterra Energy, Inc.		423,734		10,148,429
Devon Energy Corp.		1,047,848		40,991,814
EOG Resources, Inc.		323,348		39,749,170
EQT Corp.		993,887		36,416,020
Exxon Mobil Corp.		7,434,486		871,470,449
Kinder Morgan, Inc.		3,231,157		71,376,258
Marathon Oil Corp.		443,245		11,803,614
Marathon Petroleum Corp.		251,903		41,037,518
Occidental Petroleum Corp.		1,126,728		58,071,561
ONEOK, Inc.		370,864		33,796,836
Phillips 66		700,418		92,069,946
Valero Energy Corp.		536,110		72,390,933
Williams Cos., Inc. (The)		1,243,277		56,755,595


				1,918,661,487

Passenger Airlines — 0.2%
Delta Air Lines, Inc.		474,745		24,112,299
Southwest Airlines Co.		1,000,872		29,655,837
United Airlines Holdings, Inc.^(a)(b)		549,761		31,369,363


				85,137,499

Personal Care Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		389,615		38,840,719
Kenvue, Inc.		3,204,781		74,126,585


				112,967,304

Pharmaceuticals — 4.2%
Bristol-Myers Squibb Co.		3,392,577		175,531,934
Catalent, Inc.^(a)		302,302		18,310,432
Johnson & Johnson		4,028,209		652,811,551
Merck & Co., Inc.		2,544,999		289,010,086
Pfizer, Inc.		9,482,470		274,422,682
Viatris, Inc.		2,008,381		23,317,303
Zoetis, Inc., Class A		341,153		66,654,473


				1,500,058,461

Professional Services — 0.9%
Amentum Holdings, Inc.^(a)		209,356		6,751,731
Automatic Data Processing, Inc.		416,258		115,191,076
Broadridge Financial Solutions, Inc.		83,974		18,056,929
Dayforce, Inc.^(a)(b)		120,052		7,353,185
Equifax, Inc.		126,178		37,078,667
Jacobs Solutions, Inc.		209,356		27,404,700
Leidos Holdings, Inc.		225,420		36,743,460
Paychex, Inc.		321,583		43,153,223
Paycom Software, Inc.		45,308		7,546,954
Verisk Analytics, Inc.		107,350		28,765,506


				328,045,431


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, 2024

iShares^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Real Estate Management & Development — 0.3%
CBRE Group, Inc., Class A^(a)		504,042	$	62,743,148
CoStar Group, Inc.^(a)(b)		390,951		29,493,344

				92,236,492

Residential REITs — 0.7%
AvalonBay Communities, Inc.		237,459		53,487,640
Camden Property Trust		178,745		22,080,370
Equity Residential		570,848		42,505,342
Essex Property Trust, Inc.		107,358		31,715,700
Invitation Homes, Inc.		953,327		33,614,310
Mid-America Apartment Communities, Inc.		195,372		31,044,611
UDR, Inc.		501,432		22,734,927

				237,182,900

Retail REITs — 0.6%
Federal Realty Investment Trust		126,993		14,600,385
Kimco Realty Corp.		1,123,749		26,093,452
Realty Income Corp.		1,457,286		92,421,078
Regency Centers Corp.		272,159		19,658,044
Simon Property Group, Inc.		323,088		54,608,334

				207,381,293

Semiconductors & Semiconductor Equipment — 2.9%
Analog Devices, Inc.		340,442		78,359,535
Enphase Energy, Inc.^(a)		142,310		16,083,876
First Solar, Inc.^(a)(b)		178,840		44,609,850
Intel Corp.		7,140,266		167,510,640
Microchip Technology, Inc.		368,080		29,553,143
Micron Technology, Inc.		1,855,501		192,434,009
NXP Semiconductors NV		107,009		25,683,230
ON Semiconductor Corp.^(a)		402,842		29,250,358
Qorvo, Inc.^(a)		158,734		16,397,222
QUALCOMM, Inc.		894,777		152,156,829
Skyworks Solutions, Inc.		268,269		26,496,929
Teradyne, Inc.		272,646		36,515,479
Texas Instruments, Inc.		962,556		198,835,193

				1,013,886,293

Software — 0.5%
ANSYS, Inc.^(a)		62,938		20,053,935
Autodesk, Inc.^(a)		173,047		47,670,988
Gen Digital, Inc.		902,127		24,745,344
PTC, Inc.^(a)		79,991		14,451,174
Roper Technologies, Inc.		102,476		57,021,745

				163,943,186

Specialized REITs — 1.7%
American Tower Corp.		461,149		107,244,812
Crown Castle, Inc.		727,193		86,266,906
Digital Realty Trust, Inc.		303,857		49,173,178
Equinix, Inc.		84,202		74,740,221
Extra Space Storage, Inc.		354,082		63,802,036
Iron Mountain, Inc.		240,675		28,599,410
Public Storage		152,877		55,627,354
SBA Communications Corp., Class A		108,115		26,023,281
VICI Properties, Inc.		1,752,307		58,369,346
Weyerhaeuser Co.		1,215,204		41,146,807

				590,993,351

Specialty Retail — 2.6%
AutoZone, Inc.^(a)(b)		8,834		27,827,453
Best Buy Co., Inc.		327,761		33,857,711
CarMax, Inc.^(a)(b)		262,777		20,333,684


Security	Shares		Value


Specialty Retail (continued)
Home Depot, Inc. (The)		1,045,378	$	423,587,166
Lowe’s Cos., Inc.		953,542		258,266,851
O’Reilly Automotive, Inc.^(a)		26,133		30,094,763
TJX Cos., Inc. (The)		661,904		77,800,196
Tractor Supply Co.		104,667		30,450,770
Ulta Beauty, Inc.^(a)(b)		27,474		10,690,683

				912,909,277

Technology Hardware, Storage & Peripherals — 0.6%
Dell Technologies, Inc., Class C		225,380		26,716,545
Hewlett Packard Enterprise Co.		2,174,590		44,492,111
HP, Inc.		1,637,490		58,736,766
NetApp, Inc.		217,711		26,889,486
Seagate Technology Holdings PLC		206,116		22,575,886
Western Digital Corp.^(a)		545,958		37,283,472

				216,694,266

Textiles, Apparel & Luxury Goods — 0.4%
NIKE, Inc., Class B		1,145,977		101,304,367
Ralph Lauren Corp., Class A		29,528		5,724,593
Tapestry, Inc.		384,313		18,055,025

				125,083,985

Tobacco — 1.0%
Altria Group, Inc.		2,855,140		145,726,346
Philip Morris International, Inc.		1,639,110		198,987,954

				344,714,300

Trading Companies & Distributors — 0.1%
Fastenal Co.		479,416		34,239,891
WW Grainger, Inc.		18,487		19,204,480

				53,444,371

Water Utilities — 0.1%
American Water Works Co., Inc.		327,162		47,844,171


Wireless Telecommunication Services — 0.5%
T-Mobile U.S., Inc.		820,036		169,222,629


Total Long-Term Investments — 99.7% (Cost: $29,747,844,673)				35,220,206,704


Short-Term Securities

Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.05%^(c)(d)(e)		154,236,703		154,360,092
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.88%^(c)(d)		53,555,373		53,555,373


Total Short-Term Securities — 0.6% (Cost: $207,807,449)				207,915,465


Total Investments — 100.3% (Cost: $29,955,652,122)				35,428,122,169

Liabilities in Excess of Other Assets — (0.3)%				(111,934,002	)


Net Assets — 100.0%			$	35,316,188,167

^(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.


16		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® S&P 500 Value ETF

Affiliates


Affiliated Issuer	Value at 03/31/24		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/24		Shares Held at 09/30/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	108,139,870	$	46,185,164	^(a)	$	—		$	(16,018	)	$	51,076	$	154,360,092		154,236,703	$	140,822	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		44,835,528		8,719,845	^(a)		—			—			—		53,555,373		53,555,373		1,394,033			—
BlackRock, Inc.		195,796,946		7,348,662			(9,086,703	)		1,501,897			25,679,776		221,240,578		233,005		2,385,994			—

									$	1,485,879		$	25,730,852	$	429,156,043			$	3,920,849		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

Russell 1000 Value E-Mini Index

922

12/20/24

86,908

1,706,070

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)	$	—	$	—	$	1,706,070	$	—	$	—	$	—	$	1,706,070

^(a)

For the period ended September 30, 2024, 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	$	—	$	—	$	1,861,979		$	—	$	—	$	—	$	1,861,979


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(697,952	)	$	—	$	—	$	—	$	(697,952	)


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, 2024

iShares^® S&P 500 Value ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	88,875,935

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



	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	35,220,206,704	$	—	$	—	$	35,220,206,704
Short-Term Securities
Money Market Funds		207,915,465		—		—		207,915,465

	$	35,428,122,169	$	—	$	—	$	35,428,122,169

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	1,706,070	$	—	$	—	$	1,706,070

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

See notes to financial statements.


18		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited)

September 30, 2024

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Aerospace & Defense — 0.5%
AAR Corp.^(a)		103,532	$	6,766,852
Mercury Systems, Inc.^(a)		530,213		19,617,881
National Presto Industries, Inc.		30,537		2,294,550
Triumph Group, Inc.^(a)(b)		819,553		10,564,038


				39,243,321

Air Freight & Logistics — 0.5%
Forward Air Corp.^(b)		200,692		7,104,497
Hub Group, Inc., Class A		646,787		29,396,469


				36,500,966

Automobile Components — 1.6%
Adient PLC^(a)		915,521		20,663,309
American Axle & Manufacturing Holdings, Inc.^(a)		1,234,635		7,630,044
Dana, Inc.		1,354,848		14,307,195
Dorman Products, Inc.^(a)		89,350		10,107,272
Fox Factory Holding Corp.^(a)(b)		271,364		11,261,606
Gentherm, Inc.^(a)		177,669		8,270,492
LCI Industries		98,923		11,924,178
Phinia, Inc.		458,632		21,110,831
Standard Motor Products, Inc.		216,593		7,190,888


				112,465,815

Automobiles — 0.1%
Winnebago Industries, Inc.		133,776		7,773,723


Banks — 14.2%
Ameris Bancorp		679,164		42,373,042
Atlantic Union Bankshares Corp.		942,748		35,513,317
Axos Financial, Inc.^(a)(b)		206,776		13,002,075
Banc of California, Inc.		1,446,138		21,301,613
BancFirst Corp.		79,057		8,320,749
Bank of Hawaii Corp.		250,306		15,711,708
BankUnited, Inc.		784,939		28,603,177
Banner Corp.		361,798		21,548,689
Berkshire Hills Bancorp, Inc.		226,034		6,087,096
Brookline Bancorp, Inc.		942,338		9,508,190
Capitol Federal Financial, Inc.		1,282,275		7,488,486
Cathay General Bancorp		401,637		17,250,309
Central Pacific Financial Corp.		286,500		8,454,615
City Holding Co.		62,129		7,293,323
Comerica, Inc.		1,393,074		83,459,063
Community Financial System, Inc.		551,727		32,038,787
CVB Financial Corp.		1,378,710		24,568,612
Dime Community Bancshares, Inc.		373,694		10,762,387
Eagle Bancorp, Inc.		316,867		7,154,857
FB Financial Corp.		367,324		17,238,515
First Bancorp/Southern Pines NC		433,442		18,026,853
First Commonwealth Financial Corp.		584,157		10,018,293
First Financial Bancorp		1,002,589		25,295,320
First Hawaiian, Inc.		1,342,840		31,086,746
Fulton Financial Corp.		1,910,056		34,629,315
Hanmi Financial Corp.		315,765		5,873,229
Heritage Financial Corp.		362,218		7,885,486
Hilltop Holdings, Inc.		484,246		15,573,351
Hope Bancorp, Inc.		1,267,721		15,922,576
Independent Bank Corp.		446,084		26,376,947
Independent Bank Group, Inc.		378,583		21,829,096
Lakeland Financial Corp.		143,275		9,330,068
National Bank Holdings Corp., Class A		398,150		16,762,115
NBT Bancorp, Inc.		495,309		21,907,517
Northwest Bancshares, Inc.		1,337,448		17,895,054
Pacific Premier Bancorp, Inc.		1,012,491		25,474,274


Security	Shares		Value


Banks (continued)
Park National Corp.		90,058	$	15,127,943
Provident Financial Services, Inc.		1,281,572		23,785,976
Renasant Corp.		667,367		21,689,428
S&T Bancorp, Inc.		188,824		7,924,943
Seacoast Banking Corp. of Florida		887,653		23,655,952
ServisFirst Bancshares, Inc.		284,458		22,884,646
Simmons First National Corp., Class A		1,318,322		28,396,656
Southside Bancshares, Inc.		182,228		6,091,882
Stellar Bancorp, Inc.		500,672		12,962,398
Tompkins Financial Corp.		131,511		7,600,021
TrustCo Bank Corp.		199,611		6,601,136
Trustmark Corp.		642,691		20,450,428
United Community Banks, Inc.		1,251,666		36,398,447
Veritex Holdings, Inc.		571,069		15,030,536
WaFd, Inc.		742,850		25,888,323
Westamerica BanCorp		109,282		5,400,716
WSFS Financial Corp.		342,288		17,453,265


				1,018,907,546

Beverages — 0.1%
MGP Ingredients, Inc.		63,045		5,248,496
National Beverage Corp.		112,297		5,271,221


				10,519,717

Biotechnology — 1.1%
Alkermes PLC^(a)		622,462		17,422,711
Arcus Biosciences, Inc.^(a)(b)		339,480		5,190,649
Ironwood Pharmaceuticals, Inc., Class A^(a)		644,752		2,656,378
Krystal Biotech, Inc.^(a)(b)		90,261		16,430,210
Myriad Genetics, Inc.^(a)		491,425		13,460,131
Protagonist Therapeutics, Inc.^(a)		182,215		8,199,675
REGENXBIO, Inc.^(a)(b)		276,454		2,900,002
Vir Biotechnology, Inc.^(a)(b)		961,289		7,200,055
Xencor, Inc.^(a)		311,652		6,267,322


				79,727,133

Broadline Retail — 0.9%
Etsy, Inc.^(a)		674,761		37,469,478
Kohl’s Corp.		1,167,696		24,638,386


				62,107,864

Building Products — 2.0%
American Woodmark Corp.^(a)		72,014		6,729,708
Apogee Enterprises, Inc.		126,667		8,868,590
Griffon Corp.		137,388		9,617,160
Hayward Holdings, Inc.^(a)(b)		1,490,879		22,870,084
Insteel Industries, Inc.		76,744		2,385,971
Masterbrand, Inc.^(a)		1,334,262		24,737,217
Quanex Building Products Corp.		156,247		4,335,854
Resideo Technologies, Inc.^(a)		1,537,369		30,962,612
Zurn Elkay Water Solutions Corp.		874,424		31,426,799


				141,933,995

Capital Markets — 2.5%
Artisan Partners Asset Management, Inc., Class A		322,947		13,990,064
BGC Group, Inc., Class A		1,409,299		12,937,365
Brightsphere Investment Group, Inc.		118,615		3,012,821
Cohen & Steers, Inc.		143,475		13,766,426
Moelis & Co., Class A		271,282		18,585,530
Piper Sandler Cos		84,788		24,063,682
PJT Partners, Inc., Class A		107,433		14,325,116
StepStone Group, Inc., Class A		460,621		26,177,091
StoneX Group, Inc.^(a)		297,095		24,326,139


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, 2024

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Capital Markets (continued)
Virtu Financial, Inc., Class A		860,639	$	26,215,064
Virtus Investment Partners, Inc.		26,273		5,502,880


				182,902,178

Chemicals — 2.2%
AdvanSix, Inc.		281,606		8,555,190
Balchem Corp.		149,895		26,381,520
HB Fuller Co.		291,973		23,176,817
Ingevity Corp.^(a)		381,633		14,883,687
Innospec, Inc.		97,795		11,059,637
Koppers Holdings, Inc.		102,869		3,757,805
Mativ Holdings, Inc.		570,449		9,691,928
Minerals Technologies, Inc.		168,892		13,043,529
Quaker Chemical Corp.		69,515		11,712,582
Sensient Technologies Corp.		253,621		20,345,477
Stepan Co.		222,022		17,151,199


				159,759,371

Commercial Services & Supplies — 2.9%
ABM Industries, Inc.		659,040		34,770,951
Brady Corp., Class A, NVS		161,491		12,375,055
CoreCivic, Inc.^(a)		1,157,878		14,647,157
Deluxe Corp.		464,228		9,047,804
Enviri Corp.^(a)		841,199		8,697,998
GEO Group, Inc. (The)^(a)		1,432,051		18,401,855
Healthcare Services Group, Inc.^(a)		770,543		8,606,965
HNI Corp.		199,767		10,755,455
Interface, Inc., Class A		612,209		11,613,605
Matthews International Corp., Class A		117,497		2,725,930
MillerKnoll, Inc.		733,246		18,155,171
OPENLANE, Inc.^(a)		1,140,531		19,252,163
Pitney Bowes, Inc.		1,642,182		11,708,758
UniFirst Corp.		93,070		18,488,356
Vestis Corp.		564,527		8,411,452


				207,658,675

Communications Equipment — 1.2%
Calix, Inc.^(a)(b)		313,613		12,165,048
Digi International, Inc.^(a)		382,368		10,526,591
Extreme Networks, Inc.^(a)		547,431		8,227,888
Harmonic, Inc.^(a)		570,780		8,316,265
NetScout Systems, Inc.^(a)		748,860		16,287,705
Viasat, Inc.^(a)(b)		893,989		10,674,229
Viavi Solutions, Inc.^(a)		2,330,151		21,017,962


				87,215,688

Construction & Engineering — 1.4%
Arcosa, Inc.		210,021		19,901,590
Dycom Industries, Inc.^(a)		305,485		60,211,094
Granite Construction, Inc.		224,776		17,820,241


				97,932,925

Consumer Finance — 1.2%
Bread Financial Holdings, Inc.		497,094		23,651,733
Encore Capital Group, Inc.^(a)(b)		248,762		11,758,980
Enova International, Inc.^(a)		277,166		23,223,739
EZCORP, Inc., Class A, NVS^(a)(b)		543,600		6,093,756
Green Dot Corp., Class A^(a)		672		7,869
Navient Corp.		835,746		13,029,280
PRA Group, Inc.^(a)		413,890		9,254,580


				87,019,937

Consumer Staples Distribution & Retail — 1.2%
Andersons, Inc. (The)		158,561		7,950,249
Chefs’ Warehouse, Inc. (The)^(a)(b)		363,821		15,284,120
Grocery Outlet Holding Corp.^(a)(b)		1,028,924		18,057,616


Security	Shares		Value


Consumer Staples Distribution & Retail (continued)
PriceSmart, Inc.		264,037	$	24,233,316
SpartanNash Co.		354,332		7,940,580
United Natural Foods, Inc.^(a)(b)		626,872		10,543,987


				84,009,868

Containers & Packaging — 0.7%
Myers Industries, Inc.		202,489		2,798,398
O-I Glass, Inc.^(a)		1,635,127		21,452,866
Sealed Air Corp.		801,334		29,088,424


				53,339,688

Diversified Consumer Services — 0.3%
Mister Car Wash, Inc.^(a)(b)		537,586		3,499,685
Perdoceo Education Corp.		286,040		6,361,530
Strategic Education, Inc.		151,026		13,977,456


				23,838,671

Diversified REITs — 1.1%
Alexander & Baldwin, Inc.		762,552		14,640,999
American Assets Trust, Inc.		498,801		13,327,963
Armada Hoffler Properties, Inc.		412,670		4,469,216
Essential Properties Realty Trust, Inc.		883,688		30,177,945
Global Net Lease, Inc.		2,077,924		17,496,120


				80,112,243

Diversified Telecommunication Services — 1.1%
Consolidated Communications Holdings, Inc.^(a)		808,807		3,752,865
Lumen Technologies, Inc.^(a)		10,676,803		75,805,301


				79,558,166

Electric Utilities — 0.2%
MGE Energy, Inc.		170,936		15,632,097


Electrical Equipment — 0.7%
Sunrun, Inc.^(a)(b)		2,347,235		42,391,064
Vicor Corp.^(a)		114,746		4,830,807


				47,221,871

Electronic Equipment, Instruments & Components — 3.0%
Advanced Energy Industries, Inc.		150,319		15,819,572
Benchmark Electronics, Inc.		379,124		16,802,776
CTS Corp.		140,290		6,787,230
ePlus, Inc.^(a)		108,856		10,704,899
Insight Enterprises, Inc.^(a)(b)		102,991		22,183,231
Itron, Inc.^(a)		240,784		25,718,139
Knowles Corp.^(a)		547,821		9,877,213
PC Connection, Inc.		129,760		9,787,797
Plexus Corp.^(a)		160,093		21,886,314
Rogers Corp.^(a)(b)		58,647		6,627,697
Sanmina Corp.^(a)		573,810		39,277,294
ScanSource, Inc.^(a)(b)		240,977		11,574,125
TTM Technologies, Inc.^(a)		1,070,515		19,536,899


				216,583,186

Energy Equipment & Services — 1.0%
Bristow Group, Inc.^(a)		258,428		8,964,867
Cactus, Inc., Class A^(b)		265,263		15,828,243
Core Laboratories, Inc.^(b)		280,228		5,192,625
Helmerich & Payne, Inc.		477,000		14,510,340
Innovex International, Inc.^(a)(b)		367,490		5,394,753
Nabors Industries Ltd.^(a)(b)		94,251		6,076,362
Patterson-UTI Energy, Inc.		1,690,064		12,928,990
ProPetro Holding Corp.^(a)		842,173		6,451,045


				75,347,225

Financial Services — 3.3%
HA Sustainable Infrastructure Capital, Inc.		1,222,801		42,149,951


20		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Financial Services (continued)
Jackson Financial, Inc., Class A		424,874	$	38,761,255
Mr. Cooper Group, Inc.^(a)		677,101		62,415,170
NCR Atleos Corp.^(a)(b)		759,402		21,665,739
NMI Holdings, Inc., Class A^(a)		292,806		12,060,679
Payoneer Global, Inc.^(a)		1,611,887		12,137,509
Radian Group, Inc.		710,750		24,655,918
Walker & Dunlop, Inc.		191,894		21,797,239


				235,643,460

Food Products — 1.1%
B&G Foods, Inc.		831,245		7,381,456
Fresh Del Monte Produce, Inc.		352,347		10,408,330
Hain Celestial Group, Inc. (The)^(a)		958,340		8,270,474
John B Sanfilippo & Son, Inc.		45,150		4,258,096
Simply Good Foods Co. (The)^(a)		354,026		12,309,484
Tootsie Roll Industries, Inc.		68,579		2,123,892
TreeHouse Foods, Inc.^(a)		490,469		20,589,889
WK Kellogg Co.		694,529		11,883,391


				77,225,012

Gas Utilities — 0.5%
Chesapeake Utilities Corp.		129,652		16,098,889
Northwest Natural Holding Co.		406,036		16,574,389


				32,673,278

Ground Transportation — 1.0%
Heartland Express, Inc.		207,228		2,544,760
Hertz Global Holdings, Inc.^(a)(b)		1,307,479		4,314,681
Marten Transport Ltd.		326,791		5,784,200
RXO, Inc.^(a)		778,493		21,797,804
Schneider National, Inc., Class B^(b)		493,670		14,089,342
Werner Enterprises, Inc.		649,002		25,044,987


				73,575,774

Health Care Equipment & Supplies — 2.9%
Artivion, Inc.^(a)		185,000		4,924,700
Avanos Medical, Inc.^(a)		482,478		11,593,946
Embecta Corp.		605,615		8,539,172
ICU Medical, Inc.^(a)(b)		256,470		46,733,963
Inari Medical, Inc.^(a)		226,251		9,330,591
Inspire Medical Systems, Inc.^(a)		78,285		16,522,049
Integra LifeSciences Holdings Corp.^(a)		700,585		12,729,630
Merit Medical Systems, Inc.^(a)(b)		250,597		24,766,502
Omnicell, Inc.^(a)		482,950		21,056,620
QuidelOrtho Corp.^(a)(b)		607,149		27,685,994
STAAR Surgical Co.^(a)		201,365		7,480,710
Tandem Diabetes Care, Inc.^(a)(b)		371,197		15,742,465


				207,106,342

Health Care Providers & Services — 2.2%
AdaptHealth Corp.^(a)		1,109,627		12,461,111
Addus HomeCare Corp.^(a)		109,008		14,501,334
AMN Healthcare Services, Inc.^(a)(b)		183,555		7,780,897
Cross Country Healthcare, Inc.^(a)(b)		338,993		4,556,066
Fulgent Genetics, Inc.^(a)		213,291		4,634,813
National HealthCare Corp.		68,670		8,636,626
Owens & Minor, Inc.^(a)(b)		775,919		12,174,169
Patterson Cos., Inc.		823,729		17,990,241
Pediatrix Medical Group, Inc.^(a)		887,369		10,284,607
Premier, Inc., Class A		1,100,641		22,012,820
Select Medical Holdings Corp.		1,105,859		38,561,303
U.S. Physical Therapy, Inc.		71,241		6,029,126


				159,623,113

Health Care REITs — 0.9%
CareTrust REIT, Inc.		599,119		18,488,812


Security	Shares		Value


Health Care REITs (continued)
LTC Properties, Inc.		260,301	$	9,550,444
Medical Properties Trust, Inc.^(b)		6,300,774		36,859,528
Universal Health Realty Income Trust		70,672		3,233,244


				68,132,028

Health Care Technology — 0.2%
Certara, Inc.^(a)		482,463		5,649,642
HealthStream, Inc.		120,433		3,473,288
Schrodinger, Inc.^(a)(b)		259,823		4,819,716
Simulations Plus, Inc.		69,912		2,238,582


				16,181,228

Hotel & Resort REITs — 0.5%
Pebblebrook Hotel Trust^(b)		1,265,327		16,740,276
Service Properties Trust		1,741,883		7,942,986
Summit Hotel Properties, Inc.		563,488		3,865,528
Xenia Hotels & Resorts, Inc.		438,967		6,483,543


				35,032,333

Hotels, Restaurants & Leisure — 1.5%
BJ’s Restaurants, Inc.^(a)		243,134		7,916,443
Bloomin’ Brands, Inc.		404,974		6,694,220
Brinker International, Inc.^(a)		270,958		20,736,416
Cheesecake Factory, Inc. (The)		267,776		10,858,317
Chuy’s Holdings, Inc.^(a)		79,029		2,955,685
Cracker Barrel Old Country Store, Inc.		233,128		10,572,355
Golden Entertainment, Inc.		88,344		2,808,456
Papa John’s International, Inc.		181,569		9,781,122
Penn Entertainment, Inc.^(a)(b)		1,570,739		29,624,137
Sabre Corp.^(a)		1,903,463		6,985,709


				108,932,860

Household Durables — 2.0%
Century Communities, Inc.		141,881		14,610,905
Ethan Allen Interiors, Inc.		142,334		4,539,031
Helen of Troy Ltd.^(a)(b)		239,543		14,815,735
La-Z-Boy, Inc.		203,141		8,720,843
Leggett & Platt, Inc.		1,408,782		19,187,611
LGI Homes, Inc.^(a)(b)		86,858		10,294,410
Newell Brands, Inc.		4,368,122		33,547,177
Sonos, Inc.^(a)		1,270,640		15,616,166
Tri Pointe Homes, Inc.^(a)		383,258		17,365,420
Worthington Enterprises, Inc.		102,769		4,259,775


				142,957,073

Household Products — 0.5%
Central Garden & Pet Co.^(a)(b)		101,623		3,706,191
Central Garden & Pet Co., Class A, NVS^(a)		546,087		17,147,132
Energizer Holdings, Inc.		373,904		11,875,191


				32,728,514

Independent Power and Renewable Electricity Producers — 0.5%
Clearway Energy, Inc., Class A		363,457		10,347,621
Clearway Energy, Inc., Class C		869,729		26,683,286


				37,030,907

Industrial REITs — 0.7%
Innovative Industrial Properties, Inc.		133,872		18,019,171
LXP Industrial Trust		3,090,656		31,061,093


				49,080,264

Insurance — 2.9%
AMERISAFE, Inc.		115,873		5,600,142
Assured Guaranty Ltd.		207,726		16,518,372
Employers Holdings, Inc.		260,796		12,510,384
Genworth Financial, Inc., Class A^(a)		4,536,442		31,074,628
Horace Mann Educators Corp.		428,086		14,961,606


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, 2024

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Insurance (continued)
Lincoln National Corp.		1,787,118	$	56,312,088
Mercury General Corp.		279,078		17,576,332
ProAssurance Corp.^(a)		537,153		8,078,781
Safety Insurance Group, Inc.		155,793		12,740,752
Stewart Information Services Corp.		290,638		21,722,284
Trupanion, Inc.^(a)(b)		181,875		7,635,112
United Fire Group, Inc.		227,011		4,751,340


				209,481,821

Interactive Media & Services — 0.9%
IAC, Inc.^(a)(b)		445,384		23,970,567
QuinStreet, Inc.^(a)(b)		580,425		11,103,530
Shutterstock, Inc.		127,112		4,495,952
Ziff Davis, Inc.^(a)		469,794		22,860,176


				62,430,225

IT Services — 0.9%
DigitalOcean Holdings, Inc.^(a)(b)		298,967		12,075,277
DXC Technology Co.^(a)(b)		1,898,589		39,395,722
Perficient, Inc.^(a)		143,972		10,867,006


				62,338,005

Leisure Products — 0.7%
Sturm Ruger & Co., Inc.		176,982		7,376,610
Topgolf Callaway Brands Corp.^(a)(b)		1,486,105		16,317,433
Vista Outdoor, Inc.^(a)		613,301		24,029,133


				47,723,176

Life Sciences Tools & Services — 0.5%
BioLife Solutions, Inc.^(a)(b)		153,548		3,844,842
Cytek Biosciences, Inc.^(a)(b)		1,118,481		6,196,385
Fortrea Holdings, Inc.^(a)(b)		940,826		18,816,520
Mesa Laboratories, Inc.		56,796		7,375,528


				36,233,275

Machinery — 2.9%
Albany International Corp., Class A		170,357		15,136,220
Astec Industries, Inc.		239,417		7,646,979
Barnes Group, Inc.		479,752		19,386,778
Enerpac Tool Group Corp., Class A		188,155		7,881,813
Enpro, Inc.		121,134		19,645,512
Gates Industrial Corp. PLC^(a)(b)		1,567,096		27,502,535
Greenbrier Cos., Inc. (The)		326,885		16,635,178
Hillenbrand, Inc.		737,394		20,499,553
John Bean Technologies Corp.^(b)		133,736		13,174,333
Kennametal, Inc.		817,983		21,210,299
Lindsay Corp.		58,296		7,266,013
Proto Labs, Inc.^(a)		93,887		2,757,461
Titan International, Inc.^(a)(b)		523,396		4,255,210
Trinity Industries, Inc.		432,859		15,080,808
Wabash National Corp.		462,002		8,865,818


				206,944,510

Media — 1.6%
Cable One, Inc.		48,381		16,923,190
EchoStar Corp., Class A^(a)(b)		1,267,233		31,452,723
John Wiley & Sons, Inc., Class A		432,873		20,886,122
Scholastic Corp., NVS		262,177		8,392,286
TechTarget, Inc.^(a)		115,208		2,816,836
TEGNA, Inc.		1,737,084		27,411,185
Thryv Holdings, Inc.^(a)(b)		358,321		6,173,871


				114,056,213

Metals & Mining — 0.8%
Arch Resources, Inc., Class A		59,798		8,261,692
Century Aluminum Co.^(a)		545,597		8,855,039


Security	Shares		Value


Metals & Mining (continued)
Haynes International, Inc.		59,601	$	3,548,643
Kaiser Aluminum Corp.		167,364		12,137,237
Metallus, Inc.^(a)		175,413		2,601,375
MP Materials Corp., Class A^(a)(b)		778,238		13,735,901
SunCoke Energy, Inc.		882,991		7,664,362
Worthington Steel, Inc.		114,973		3,910,232


				60,714,481

Mortgage Real Estate Investment Trusts (REITs) — 1.7%
Apollo Commercial Real Estate Finance, Inc.		515,909		4,741,204
Arbor Realty Trust, Inc.^(b)		1,979,820		30,805,999
ARMOUR Residential REIT, Inc.		161,253		3,289,561
Blackstone Mortgage Trust, Inc., Class A		1,823,071		34,656,580
Franklin BSP Realty Trust, Inc.		859,228		11,221,518
KKR Real Estate Finance Trust, Inc.		611,534		7,552,445
PennyMac Mortgage Investment Trust		921,496		13,140,533
Ready Capital Corp.		1,766,307		13,476,922


				118,884,762

Multi-Utilities — 0.5%
Avista Corp.		826,415		32,023,581
Unitil Corp.		94,888		5,748,315


				37,771,896

Office REITs — 2.2%
Brandywine Realty Trust		1,825,562		9,931,057
Douglas Emmett, Inc.		1,757,844		30,885,319
Easterly Government Properties, Inc.		1,016,559		13,804,871
Highwoods Properties, Inc.		1,113,136		37,301,188
Hudson Pacific Properties, Inc.		1,416,968		6,773,107
JBG SMITH Properties		894,807		15,641,227
SL Green Realty Corp.		680,566		47,374,199


				161,710,968

Oil, Gas & Consumable Fuels — 1.0%
Comstock Resources, Inc.		473,543		5,270,533
CVR Energy, Inc.		164,068		3,778,486
Green Plains, Inc.^(a)(b)		681,607		9,228,959
Peabody Energy Corp.		727,093		19,297,048
Talos Energy, Inc.^(a)(b)		1,305,252		13,509,358
Vital Energy, Inc.^(a)(b)		149,613		4,024,590
World Kinect Corp.		620,504		19,179,779


				74,288,753

Paper & Forest Products — 0.5%
Clearwater Paper Corp.^(a)		177,409		5,063,253
Mercer International, Inc.		17,468		118,258
Sylvamo Corp.		361,630		31,045,936


				36,227,447

Passenger Airlines — 1.5%
Alaska Air Group, Inc.^(a)		1,324,706		59,889,958
Allegiant Travel Co.		154,721		8,518,938
JetBlue Airways Corp.^(a)(b)		3,131,989		20,545,848
SkyWest, Inc.^(a)		193,708		16,469,054
Sun Country Airlines Holdings, Inc.^(a)		229,702		2,574,960


				107,998,758

Personal Care Products — 0.3%
Edgewell Personal Care Co.		517,759		18,815,362
Nu Skin Enterprises, Inc., Class A		40,023		294,970
USANA Health Sciences, Inc.^(a)		117,870		4,469,630


				23,579,962

Pharmaceuticals — 2.0%
Corcept Therapeutics, Inc.^(a)(b)		341,777		15,817,440
Harmony Biosciences Holdings, Inc.^(a)(b)		180,288		7,211,520


22		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Pharmaceuticals (continued)
Innoviva, Inc.^(a)(b)		293,625	$	5,669,899
Ligand Pharmaceuticals, Inc.^(a)(b)		191,830		19,200,265
Organon & Co.		2,703,542		51,718,758
Pacira BioSciences, Inc.^(a)		484,347		7,289,422
Phibro Animal Health Corp., Class A		216,941		4,885,511
Prestige Consumer Healthcare, Inc.^(a)		270,589		19,509,467
Supernus Pharmaceuticals, Inc.^(a)(b)		350,400		10,925,472


				142,227,754

Professional Services — 1.7%
CSG Systems International, Inc.		151,315		7,361,475
Heidrick & Struggles International, Inc.		216,716		8,421,584
Kelly Services, Inc., Class A, NVS		338,823		7,254,200
Korn Ferry		232,643		17,504,059
NV5 Global, Inc.^(a)(b)		136,764		12,784,699
Robert Half, Inc.		1,074,169		72,409,732


				125,735,749

Real Estate Management & Development — 0.7%
Cushman & Wakefield PLC^(a)(b)		2,003,333		27,305,429
Kennedy-Wilson Holdings, Inc.		1,240,865		13,711,558
Marcus & Millichap, Inc.		150,331		5,957,618


				46,974,605

Residential REITs — 0.7%
Centerspace		160,654		11,321,287
Elme Communities		924,141		16,255,640
NexPoint Residential Trust, Inc.		232,072		10,213,489
Veris Residential, Inc.		508,870		9,088,418


				46,878,834

Retail REITs — 2.2%
Acadia Realty Trust		1,106,006		25,969,021
Getty Realty Corp.		298,362		9,490,895
Macerich Co. (The)		2,267,969		41,367,755
Phillips Edison & Co., Inc.		630,280		23,767,859
Retail Opportunity Investments Corp.		1,338,304		21,051,522
Saul Centers, Inc.		65,651		2,754,716
SITE Centers Corp.		265,246		16,047,383
Urban Edge Properties		527,282		11,278,562
Whitestone REIT		239,674		3,242,789


				154,970,502

Semiconductors & Semiconductor Equipment — 2.1%
Alpha & Omega Semiconductor Ltd.^(a)		249,430		9,258,842
CEVA, Inc.^(a)		144,012		3,477,890
Cohu, Inc.^(a)(b)		290,678		7,470,425
Diodes, Inc.^(a)		191,537		12,275,606
Ichor Holdings Ltd.^(a)		353,734		11,252,279
Impinj, Inc.^(a)		74,131		16,050,844
Kulicke & Soffa Industries, Inc.		211,773		9,557,315
MaxLinear, Inc.^(a)		309,463		4,481,024
Photronics, Inc.^(a)		202,743		5,019,917
Semtech Corp.^(a)(b)		433,322		19,785,483
SiTime Corp.^(a)(b)		82,632		14,172,214
SMART Global Holdings, Inc.^(a)(b)		327,818		6,867,787
SolarEdge Technologies, Inc.^(a)(b)		367,010		8,408,199
Ultra Clean Holdings, Inc.^(a)		472,839		18,880,461
Wolfspeed, Inc.^(a)(b)		700,403		6,793,909


				153,752,195

Software — 1.8%
A10 Networks, Inc.		411,076		5,935,937
ACI Worldwide, Inc.^(a)		406,604		20,696,144
Adeia, Inc.		696,982		8,301,056
BlackLine, Inc.^(a)(b)		178,817		9,859,969


Security	Shares		Value


Software (continued)
Box, Inc., Class A^(a)(b)		595,790	$	19,500,207
Clear Secure, Inc., Class A		309,969		10,272,373
Envestnet, Inc.^(a)		245,459		15,370,642
N-able, Inc.^(a)(b)		270,294		3,530,040
NCR Voyix Corp.^(a)		1,526,449		20,713,913
SolarWinds Corp.		314,202		4,100,336
Sprinklr, Inc., Class A^(a)(b)		1,264,321		9,773,201


				128,053,818

Specialized REITs — 0.7%
Four Corners Property Trust, Inc.		544,885		15,970,579
Outfront Media, Inc.		839,013		15,421,059
Safehold, Inc.		480,063		12,592,053
Uniti Group, Inc.		1,230,555		6,940,330


				50,924,021

Specialty Retail — 4.3%
Academy Sports & Outdoors, Inc.^(b)		757,334		44,198,012
Advance Auto Parts, Inc.		626,048		24,409,612
Asbury Automotive Group, Inc.^(a)(b)		106,996		25,528,176
Bath & Body Works, Inc.		2,343,991		74,820,193
Buckle, Inc. (The)		121,245		5,331,143
Caleres, Inc.^(b)		368,875		12,191,319
Foot Locker, Inc.		865,273		22,358,654
Leslie’s, Inc.^(a)(b)		1,970,601		6,227,099
MarineMax, Inc.^(a)		206,224		7,273,520
Monro, Inc.		314,179		9,067,206
National Vision Holdings, Inc.^(a)(b)		825,701		9,008,398
ODP Corp. (The)^(a)		352,610		10,490,147
Sally Beauty Holdings, Inc.^(a)(b)		1,080,457		14,661,801
Shoe Carnival, Inc.		188,296		8,256,780
Sonic Automotive, Inc., Class A		153,095		8,952,996
Upbound Group, Inc.		224,860		7,193,271
Victoria’s Secret & Co.^(a)		822,162		21,129,563


				311,097,890

Technology Hardware, Storage & Peripherals — 0.2%
Corsair Gaming, Inc.^(a)(b)		480,708		3,345,728
Xerox Holdings Corp.		1,214,009		12,601,413


				15,947,141

Textiles, Apparel & Luxury Goods — 1.7%
G-III Apparel Group Ltd.^(a)		415,701		12,687,195
Hanesbrands, Inc.^(a)		3,692,796		27,142,051
VF Corp.		3,473,555		69,297,422
Wolverine World Wide, Inc.		840,139		14,635,221


				123,761,889

Tobacco — 0.4%
Universal Corp.		259,284		13,770,573
Vector Group Ltd.		794,020		11,846,779


				25,617,352

Trading Companies & Distributors — 1.1%
Air Lease Corp., Class A		859,225		38,914,300
DNOW, Inc.^(a)		1,117,966		14,455,300
DXP Enterprises, Inc.^(a)(b)		134,289		7,165,661
Rush Enterprises, Inc., Class A		357,303		18,876,318


				79,411,579

Water Utilities — 0.7%
American States Water Co.		184,855		15,396,573
California Water Service Group		370,608		20,094,366
Middlesex Water Co.		101,099		6,595,699
SJW Group		178,166		10,353,226


				52,439,864


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, 2024

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Wireless Telecommunication Services — 0.2%
Gogo, Inc.^(a)(b)		337,322	$	2,421,972
Telephone & Data Systems, Inc.		511,994		11,903,860


				14,325,832


Total Long-Term Investments — 98.9% (Cost: $6,752,341,384)			7,115,737,332


Short-Term Securities

Money Market Funds — 6.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.05%^(c)(d)(e)		382,934,149		383,240,497
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.88%^(c)(d)		60,677,532		60,677,532


Total Short-Term Securities — 6.2% (Cost: $443,589,231)				443,918,029


Total Investments — 105.1% (Cost: $7,195,930,615)				7,559,655,361

Liabilities in Excess of Other Assets — (5.1)%				(368,690,935	)


Net Assets — 100.0%			$	7,190,964,426

^(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, 2024 for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 03/31/24		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/24		Shares Held at 09/30/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	348,242,967	$	34,880,965	^(a)	$	—		$	9,613	$	106,952	$	383,240,497		382,934,149	$	1,729,447	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		120,932,534		—			(60,255,002	)^(a)		—		—		60,677,532		60,677,532		2,114,151			—

									$	9,613	$	106,952	$	443,918,029			$	3,843,598		$	—

^(a)

Represents net amount purchased (sold).

^(b)


24		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® S&P Small-Cap 600 Value 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

Russell 2000 E-Mini Index

118

12/20/24

$13,270

86,680

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)		08/18/26–08/19/26	$	21,199,368	$	333,236	^(c)	$	21,569,580		0.3	%
		Monthly		HSBC Bank PLC^(d)		02/09/28		28,820,386		2,227,259	^(e)		31,160,996		0.4
		Monthly		JPMorgan Chase Bank NA^(f)		02/10/25		6,859,263		511,126	^(g)		7,392,268		0.1

									$	3,071,621		$	60,122,844

^(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 $(36,976) of net dividends, payable for referenced securities purchased and financing fees.

^(e)

Amount includes $(113,351) of net dividends, payable for referenced securities purchased and financing fees.

^(g)

Amount includes $(21,879) 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:	40 basis points	40 basis points	40 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 August 18, 2026 to August 19, 2026.



	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Axos Financial, Inc.		3,481	$	218,885		1.0	%
Berkshire Hills Bancorp, Inc.		26		700		0.0
City Holding Co.		379		44,491		0.2
WaFd, Inc.		109,973		3,832,559		17.8


				4,096,635

Capital Markets
Moelis & Co., Class A		68,581		4,698,484		21.8


Consumer Finance
Bread Financial Holdings, Inc.		1,343		63,900		0.3
Green Dot Corp., Class A		65,767		770,132		3.6


				834,032



	Shares		Value		% of Basket Value


Diversified Consumer Services
Perdoceo Education Corp.		827	$	18,393		0.1	%


Financial Services
Jackson Financial, Inc., Class A		117,319		10,703,012		49.6


Software
Envestnet, Inc.		19,467		1,219,024		5.6


Net Value of Reference Entity — Goldman Sachs Bank USA			$ 21,569,580


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) (continued)

September 30, 2024

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 HSBC Bank PLC as of period end, termination date February 9, 2028.



	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Berkshire Hills Bancorp, Inc.		26	$	700		0.0	%
Northwest Bancshares, Inc.		15		201		0.0
Provident Financial Services, Inc.		88,559		1,643,655		5.3
S&T Bancorp, Inc.		25		1,049		0.0


				1,645,605

Commercial Services & Supplies
Pitney Bowes, Inc.		2,312		16,485		0.1


Consumer Finance
Bread Financial Holdings, Inc.		23,186		1,103,190		3.5
Green Dot Corp., Class A		250,399		2,932,172		9.4


				4,035,362

Containers & Packaging
Sealed Air Corp.		116,431		4,226,445		13.6


Financial Services
Jackson Financial, Inc., Class A		198,555		18,114,173		58.1


Office REITs
Hudson Pacific Properties, Inc.		64,025		306,039		1.0
JBG SMITH Properties		13,573		237,256		0.7


				543,295



	Shares		Value		% of Basket Value


Software
Envestnet, Inc.		41,195	$	2,579,631		8.3	%


Net Value of Reference Entity — HSBC Bank PLC			$ 31,160,996

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 10, 2025.



	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Consumer Finance
Green Dot Corp., Class A		247,154	$	2,894,173		39.2	%


Financial Services
Jackson Financial, Inc., Class A		49,305		4,498,095		60.8


Net Value of Reference Entity — JPMorgan Chase Bank NA			$ 7,392,268

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	$	—	$	—	$	3,071,621	$	—

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)	$	—	$	—	$	86,680	$	—	$	—	$	—	$	86,680
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		3,071,621		—		—		—		3,071,621

	$	—	$	—	$	3,158,301	$	—	$	—	$	—	$	3,158,301

^(a)


26		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® S&P Small-Cap 600 Value ETF

For the period ended September 30, 2024, 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	$	—	$	—	$	2,852,508		$	—	$	—	$	—	$	2,852,508
Swaps		—		—		14,358,539			—		—		—		14,358,539

	$	—	$	—	$	17,211,047		$	—	$	—	$	—	$	17,211,047

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(152,192	)	$	—	$	—	$	—	$	(152,192	)
Swaps		—		—		(1,635,588	)		—		—		—		(1,635,588	)

	$	—	$	—	$	(1,787,780	)	$	—	$	—	$	—	$	(1,787,780	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	15,050,015
Total return swaps
Average notional amount	$	56,858,688

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	$	—	$	3,990
Swaps — OTC^(a)		3,071,621		—

Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	3,071,621	$	3,990

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(3,990	)

Total derivative assets and liabilities subject to an MNA	$	3,071,621	$	—

^(a)

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

The following table presents the Fund’s derivative assets and 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 Assets Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)		Non- Cash Collateral Received^(b)		Cash Collateral Received^(b)			Net Amount of Derivative Assets^(c)
Goldman Sachs Bank USA	$	333,236	$	—	$	—	$	(240,000	)	$	93,236
HSBC Bank PLC		2,227,259		—		—		(2,227,259	)		—
JPMorgan Chase Bank N.A.		511,126		—		—		(440,000	)		71,126

	$	3,071,621	$	—	$	—	$	(2,907,259	)	$	164,362

^(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 receivable from the counterparty in the event of default.


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, 2024

iShares^® S&P Small-Cap 600 Value ETF

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	7,115,737,332	$	—	$	—	$	7,115,737,332
Short-Term Securities
Money Market Funds		443,918,029		—		—		443,918,029

	$	7,559,655,361	$	—	$	—	$	7,559,655,361

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	86,680	$	3,071,621	$	—	$	3,158,301

^(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.


28		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Assets and Liabilities (unaudited)

September 30, 2024


	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)	$	13,742,033,241	$	53,481,349,534	$	34,998,966,126	$	7,115,737,332
Investments, at value — affiliated^(c)		114,296,276		594,159,237		429,156,043		443,918,029
Cash		28		29		162		500,784
Cash pledged:
Futures contracts		1,281,640		3,936,340		4,366,360		169,000
Receivables:
Investments sold		—		—		12,025,790		78,036,953
Securities lending income — affiliated		3,065		47,253		27,017		199,430
Swaps		—		—		—		131,786
Capital shares sold		—		11,026		—		—
Dividends — unaffiliated		5,073,115		11,490,027		30,395,016		10,572,245
Dividends — affiliated		115,489		275,864		329,496		328,216
Due from broker		—		—		—		1,087,526
Variation margin on futures contracts		90,850		332,100		248,412		—
Unrealized appreciation on OTC swaps		—		—		—		3,071,621

Total assets		13,862,893,704		54,091,601,410		35,475,514,422		7,653,752,922


LIABILITIES
Cash received:
Collateral — OTC derivatives		—		—		—		3,760,000
Collateral on securities loaned		38,175,469		528,647,225		154,157,186		383,008,673
Payables:
Investments purchased		—		—		—		74,826,053
Swaps		—		—		—		143,295
Investment advisory fees		2,204,090		7,686,067		5,169,069		1,046,485
Variation margin on futures contracts		—		—		—		3,990

Total liabilities		40,379,559		536,333,292		159,326,255		462,788,496


Commitments and contingent liabilities

NET ASSETS	$	13,822,514,145	$	53,555,268,118	$	35,316,188,167	$	7,190,964,426


NET ASSETS CONSIST OF:
Paid-in capital	$	10,145,230,458	$	36,766,103,676	$	32,206,149,163	$	7,975,324,025
Accumulated earnings (loss)		3,677,283,687		16,789,164,442		3,110,039,004		(784,359,599	)

NET ASSETS	$	13,822,514,145	$	53,555,268,118	$	35,316,188,167	$	7,190,964,426


NET ASSET VALUE
Shares outstanding	$	49,950,000	$	559,200,000	$	179,050,000	$	66,800,000


Net asset value	$	276.73	$	95.77	$	197.24	$	107.65


Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited


Par value		None		None		None		None


^(a)Investments, at cost — unaffiliated	$	9,786,514,463	$	34,951,461,527	$	29,578,558,365	$	6,752,341,384
^(b)Securities loaned, at value	$	37,751,151	$	522,124,753	$	151,218,978	$	372,396,518
^(c)Investments, at cost — affiliated	$	98,178,049	$	594,069,229	$	377,093,757	$	443,589,231

See notes to financial statements.


S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S		29

Statements of Operations (unaudited)

Six Months Ended September 30, 2024


	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	$	82,352,381		$	166,590,302		$	375,303,716		$	79,237,578
Dividends — affiliated		1,181,713			1,126,520			3,780,027			2,114,151
Interest — unaffiliated		1,491			21,176			6,419			34,933
Securities lending income — affiliated — net		8,168			213,268			140,822			1,729,447
Foreign taxes withheld		—			(118,057	)		(32,566	)		—

Total investment income		83,543,753			167,833,209			379,198,418			83,116,109


EXPENSES
Investment advisory		12,663,868			44,468,935			30,109,964			6,167,462
Interest expense		—			—			22			227

Total expenses		12,663,868			44,468,935			30,109,986			6,167,689

Net investment income		70,879,885			123,364,274			349,088,432			76,948,420


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(20,111,127	)		91,799,473			(94,230,475	)		(264,042,279	)
Investments — affiliated		21,710			41,577			13,125			9,613
Futures contracts		1,908,636			5,882,919			1,861,979			2,852,508
In-kind redemptions — unaffiliated^(a)		147,046,092			1,844,543,686			303,728,582			38,572,320
In-kind redemptions — affiliated^(a)		443,267			—			1,472,754			—
Swaps		—			—			—			14,358,539

	$	129,308,578		$	1,942,267,655		$	212,845,965		$	(208,249,299	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		1,307,515,740			4,172,406,072			1,630,586,733			506,001,200
Investments — affiliated		6,276,981			41,764			25,730,852			106,952
Futures contracts		156,058			1,339,521			(697,952	)		(152,192	)
Swaps		—			—			—			(1,635,588	)

		1,313,948,779			4,173,787,357			1,655,619,633			504,320,372

Net realized and unrealized gain		1,443,257,357			6,116,055,012			1,868,465,598			296,071,073


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,514,137,242		$	6,239,419,286		$	2,217,554,030		$	373,019,493

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

See notes to financial statements.


30		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Changes in Net Assets


	iShares S&P 100 ETF						iShares S&P 500 Growth ETF

	Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24			Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	70,879,885		$	129,347,242		$	123,364,274		$	330,164,354
Net realized gain		129,308,578			1,240,683,662			1,942,267,655			2,872,957,670
Net change in unrealized appreciation (depreciation)		1,313,948,779			1,770,781,391			4,173,787,357			6,951,610,079

Net increase in net assets resulting from operations		1,514,137,242			3,140,812,295			6,239,419,286			10,154,732,103


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(72,183,728	)^(b)		(128,201,209	)		(122,648,102	)^(b)		(327,303,427	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		688,694,263			1,131,227,742			3,240,325,624			4,206,651,149


NET ASSETS
Total increase in net assets		2,130,647,777			4,143,838,828			9,357,096,808			14,034,079,825
Beginning of period		11,691,866,368			7,548,027,540			44,198,171,310			30,164,091,485


End of period	$	13,822,514,145		$	11,691,866,368		$	53,555,268,118		$	44,198,171,310

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

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S		31

Statements of Changes in Net Assets (continued)


	iShares S&P 500 Value ETF						iShares S&P Small-Cap 600 Value ETF

	Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24			Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	349,088,432		$	511,037,793		$	76,948,420		$	130,876,502
Net realized gain (loss)		212,845,965			2,483,850,832			(208,249,299	)		53,059,409
Net change in unrealized appreciation (depreciation)		1,655,619,633			3,311,268,765			504,320,372			538,008,192

Net increase in net assets resulting from operations		2,217,554,030			6,306,157,390			373,019,493			721,944,103


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(355,511,503	)^(b)		(493,782,581	)		(69,267,132	)^(b)		(107,152,234	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(283,105,484	)		3,448,601,067			(337,591,841	)		(373,336,015	)


NET ASSETS
Total increase (decrease) in net assets		1,578,937,043			9,260,975,876			(33,839,480	)		241,455,854
Beginning of period		33,737,251,124			24,476,275,248			7,224,803,906			6,983,348,052


End of period	$	35,316,188,167		$	33,737,251,124		$	7,190,964,426		$	7,224,803,906

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

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


32		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights

(For a share outstanding throughout each period)


	iShares S&P 100 ETF

	Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20

Net asset value, beginning of period	$	247.45		$	187.06		$	208.24		$	179.83		$	118.50		$	125.31

Net investment income^(a)		1.45			2.82			2.66			2.41			2.37			2.48
Net realized and unrealized gain (loss)^(b)		29.29			60.31			(21.16	)		28.36			61.39			(6.58	)

Net increase (decrease) from investment operations		30.74			63.13			(18.50	)		30.77			63.76			(4.10	)

Distributions from net investment income^(c)		(1.46	)^(d)		(2.74	)		(2.68	)		(2.36	)		(2.43	)		(2.71	)


Net asset value, end of period	$	276.73		$	247.45		$	187.06		$	208.24		$	179.83		$	118.50


Total Return^(e)
Based on net asset value		12.44	%^(f)		33.98	%		(8.80	)%		17.14	%		54.11	%		(3.42	)%


Ratios to Average Net Assets^(g)
Total expenses		0.20	%^(h)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%

Net investment income		1.12	%^(h)		1.32	%		1.48	%		1.19	%		1.52	%		1.86	%


Supplemental Data
Net assets, end of period (000)	$	13,822,514		$	11,691,866		$	7,548,028		$	8,777,448		$	6,977,233		$	4,852,686

Portfolio turnover rate⁽ⁱ⁾		2	%		3	%		3	%		2	%		8	%		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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		33

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares S&P 500 Growth ETF

		Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21	^(a)		Year Ended 03/31/20	^(a)

Net asset value, beginning of period	$	84.53		$	63.92		$	76.34		$	65.08		$	41.25		$	43.10

Net investment income^(b)		0.22			0.68			0.60			0.41			0.47			0.60
Net realized and unrealized gain (loss)^(c)		11.24			20.60			(12.44	)		11.27			23.85			(1.68	)

Net increase (decrease) from investment operations		11.46			21.28			(11.84	)		11.68			24.32			(1.08	)

Distributions from net investment income^(d)		(0.22	)^(e)		(0.67	)		(0.58	)		(0.42	)		(0.49	)		(0.77	)


Net asset value, end of period	$	95.77		$	84.53		$	63.92		$	76.34		$	65.08		$	41.25


Total Return^(f)
Based on net asset value		13.56	%^(g)		33.49	%		(15.48	)%		17.94	%		59.13	%		(2.65	)%


Ratios to Average Net Assets^(h)
Total expenses		0.18	%⁽ⁱ⁾		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%

Net investment income		0.50	%⁽ⁱ⁾		0.95	%		0.94	%		0.55	%		0.82	%		1.30	%


Supplemental Data
Net assets, end of period (000)	$	53,555,268		$	44,198,171		$	30,164,091		$	36,758,412		$	31,174,756		$	22,307,379

Portfolio turnover rate^(j)		7	%		31	%		34	%		14	%		13	%		27	%

^(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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(g)	Not annualized.

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

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


34		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares S&P 500 Value ETF

	Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20

Net asset value, beginning of period	$	186.86		$	151.79		$	155.61		$	141.09		$	96.29		$	112.76

Net investment income^(a)		1.95			3.16			3.00			2.89			2.83			2.86
Net realized and unrealized gain (loss)^(b)		10.42			34.93			(3.78	)		14.48			44.86			(16.41	)

Net increase (decrease) from investment operations		12.37			38.09			(0.78	)		17.37			47.69			(13.55	)

Distributions from net investment income^(c)		(1.99	)^(d)		(3.02	)		(3.04	)		(2.85	)		(2.89	)		(2.92	)


Net asset value, end of period	$	197.24		$	186.86		$	151.79		$	155.61		$	141.09		$	96.29


Total Return^(e)
Based on net asset value		6.67	%^(f)		25.36	%		(0.35	)%		12.39	%		50.10	%		(12.34	)%


Ratios to Average Net Assets^(g)
Total expenses		0.18	%^(h)		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%

Net investment income		2.09	%^(h)		1.93	%		2.06	%		1.92	%		2.39	%		2.40	%


Supplemental Data
Net assets, end of period (000)	$	35,316,188		$	33,737,251		$	24,476,275		$	25,886,355		$	21,424,451		$	14,187,829

Portfolio turnover rate⁽ⁱ⁾		2	%		32	%		29	%		18	%		26	%		32	%

^(a)	Based on average shares outstanding.

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

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

^(d)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		35

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares S&P Small-Cap 600 Value ETF

		Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21	^(a)		Year Ended 03/31/20	^(a)

Net asset value, beginning of period	$	102.77		$	93.67		$	102.39		$	100.53		$	50.14		$	73.81

Net investment income^(b)		1.14			1.82			1.62			1.07			1.12			1.10
Net realized and unrealized gain (loss)^(c)		4.77			8.78			(8.96	)		2.32			50.16			(23.45	)

Net increase (decrease) from investment operations		5.91			10.60			(7.34	)		3.39			51.28			(22.35	)

Distributions from net investment income^(d)		(1.03	)^(e)		(1.50	)		(1.38	)		(1.53	)		(0.89	)		(1.32	)


Net asset value, end of period	$	107.65		$	102.77		$	93.67		$	102.39		$	100.53		$	50.14


Total Return^(f)
Based on net asset value		5.82	%^(g)		11.46	%		(7.08	)%		3.38	%		103.08	%^(h)		(30.75	)%


Ratios to Average Net Assets⁽ⁱ⁾
Total expenses		0.18	%^(j)		0.18	%		0.18	%		0.18	%		0.21	%		0.25	%

Net investment income		2.25	%^(j)		1.93	%		1.71	%		1.04	%		1.56	%		1.48	%


Supplemental Data
Net assets, end of period (000)	$	7,190,964		$	7,224,804		$	6,983,348		$	8,549,270		$	8,806,141		$	4,120,917

Portfolio turnover rate^(k)		14	%		66	%		54	%		42	%		52	%		53	%

^(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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(g)	Not annualized.

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

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

^(j)	Annualized.

^(k)	Portfolio turnover rate excludes in-kind transactions, if any.

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 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 Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2024, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

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

Bank Overdraft: The Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

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

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

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

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.


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		37

Notes to Financial Statements (unaudited) (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

•

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

•

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

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

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 as of the measurement date.

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 at the measurement date. 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 that each Fund has the ability to access for identical assets or liabilities;

•

Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and

•

Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (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.


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Notes to Financial Statements (unaudited) (continued)

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
S&P 100
SG Americas Securities LLC	$	31,659,923	$	(31,659,923	)	$	—	$	—
Wells Fargo Bank N.A.		5,670,016		(5,670,016	)		—		—
Wells Fargo Securities LLC		421,212		(421,212	)		—		—


	$	37,751,151	$	(37,751,151	)	$	—	$	—


S&P 500 Growth
Barclays Bank PLC	$	9,180	$	(9,180	)	$	—	$	—
BofA Securities, Inc.		3,958,790		(3,958,790	)		—		—
Citigroup Global Markets, Inc.		3,746,658		(3,746,658	)		—		—
Goldman Sachs & Co. LLC		99,981,407		(99,981,407	)		—		—
HSBC Bank PLC		68,651,149		(68,651,149	)		—		—
Jefferies LLC		398,268		(398,268	)		—		—
National Financial Services LLC		688,224		(688,224	)		—		—
SG Americas Securities LLC		869,983		(869,983	)		—		—
Toronto-Dominion Bank		1,126,510		(1,126,510	)		—		—
UBS AG		131,474,720		(131,474,720	)		—		—
Wells Fargo Bank N.A.		63,424,860		(63,424,860	)		—		—
Wells Fargo Securities LLC		147,795,004		(147,795,004	)		—		—


	$	522,124,753	$	(522,124,753	)	$	—	$	—


S&P 500 Value
BNP Paribas SA	$	742,972	$	(742,972	)	$	—	$	—
BofA Securities, Inc.		7,000,303		(7,000,303	)		—		—
Citadel Clearing LLC		10,614,408		(10,614,408	)		—		—
Citigroup Global Markets, Inc.		75,485,584		(75,485,584	)		—		—
Goldman Sachs & Co. LLC		11,789,621		(11,789,621	)		—		—
HSBC Bank PLC		2,722,024		(2,722,024	)		—		—
J.P. Morgan Securities LLC		6,186		(6,186	)		—		—
Jefferies LLC		251,992		(251,992	)		—		—
Morgan Stanley		25,538,521		(25,538,521	)		—		—
National Financial Services LLC		7,738		(7,738	)		—		—
Natixis SA		394,132		(394,132	)		—		—
Toronto-Dominion Bank		7,260,444		(7,260,444	)		—		—
UBS AG		8,819,693		(8,819,693	)		—		—
UBS Securities LLC		7,290		(7,290	)		—		—


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		39

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
S&P 500 Value (continued)
Wells Fargo Bank N.A.	$	201,045	$	(201,045	)	$	—	$	—
Wells Fargo Securities LLC		377,025		(377,025	)		—		—


	$	151,218,978	$	(151,218,978	)	$	—	$	—


S&P Small-Cap 600 Value
Barclays Bank PLC	$	8,279,578	$	(8,279,578	)	$	—	$	—
Barclays Capital, Inc.		3,505,968		(3,505,968	)		—		—
BNP Paribas SA		75,457,152		(75,457,152	)		—		—
BofA Securities, Inc.		17,804,669		(17,804,669	)		—		—
Citadel Clearing LLC		413,349		(413,349	)		—		—
Citigroup Global Markets, Inc.		8,831,589		(8,831,589	)		—		—
Goldman Sachs & Co. LLC		71,881,851		(71,881,851	)		—		—
HSBC Bank PLC		59,180		(59,180	)		—		—
J.P. Morgan Securities LLC		55,103,391		(55,103,391	)		—		—
Jefferies LLC		216,294		(216,294	)		—		—
Mizuho Securities USA LLC		5,314,768		(5,314,768	)		—		—
Morgan Stanley		67,229,852		(67,229,852	)		—		—
National Financial Services LLC		10,115,006		(10,115,006	)		—		—
Natixis SA		11,538,092		(11,538,092	)		—		—
Nomura Securities International, Inc.		684,600		(684,600	)		—		—
Scotia Capital (USA), Inc.		27,806		(27,806	)		—		—
SG Americas Securities LLC		34,915		(34,915	)		—		—
State Street Bank & Trust Co.		583,220		(548,798	)		—		34,422
Toronto-Dominion Bank		17,539,251		(17,539,251	)		—		—
UBS AG		9,293,684		(9,293,684	)		—		—
Virtu Americas LLC		201,663		(199,350	)		—		2,313	(b)
Wells Fargo Bank N.A.		3,112,646		(3,112,646	)		—		—
Wells Fargo Securities LLC		5,167,994		(5,167,994	)		—		—


	$	372,396,518	$	(372,359,783	)	$	—	$	36,735

^(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 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, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

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

5.	DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.


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Notes to Financial Statements (unaudited) (continued)

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 Fund 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 Statement 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 Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s 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 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 Statement 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 Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule 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 Fund. Any additional required collateral is delivered to/pledged by the Fund 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 Fund from the counterparty are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the 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, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.


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		41

Notes to Financial Statements (unaudited) (continued)

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.

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, redemption fee, distribution fee or service fee. The money market fund in which the cash collateral has been invested may impose a discretionary liquidity fee of up to 2% of the value redeemed, if such fee is determined to be in the best interests of such money market fund.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the 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, 2024, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Amounts
S&P 100	$	3,448
S&P 500 Growth		88,471
S&P 500 Value		59,127
S&P Small-Cap 600 Value		482,803

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, 2024, 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	$	39,652,606	$	31,587,531	$	(5,712,163	)
S&P 500 Growth		1,107,321,911		1,394,652,096		31,530,601


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Notes to Financial Statements (unaudited) (continued)


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
S&P 500 Value	$	165,356,964	$	137,189,241	$	(69,211,089	)
S&P Small-Cap 600 Value		325,927,080		45,418,202		(14,434,389	)

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, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
S&P 100	$	220,928,029	$	220,960,251
S&P 500 Growth		3,283,403,814		3,313,136,890
S&P 500 Value		658,594,866		667,584,658
S&P Small-Cap 600 Value		1,023,152,218		971,361,374

For the six months ended September 30, 2024, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
S&P 100	$	976,489,149	$	289,665,417
S&P 500 Growth		6,354,196,016		3,117,344,959
S&P 500 Value		948,485,839		1,231,243,116
S&P Small-Cap 600 Value		263,434,438		587,211,849

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, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds’ NAV.

As of March 31, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring Capital Loss Carryforwards
S&P 100	$	(395,802,684	)
S&P 500 Growth		(3,670,091,387	)
S&P 500 Value		(2,538,458,762	)
S&P Small-Cap 600 Value		(916,055,748	)

As of September 30, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
S&P 100	$	9,914,393,787	$	4,189,383,693	$	(246,850,986	)	$	3,942,532,707
S&P 500 Growth		35,570,169,515		18,827,666,761		(320,800,130	)		18,506,866,631
S&P 500 Value		30,003,588,539		6,373,626,371		(947,386,671	)		5,426,239,700
S&P Small-Cap 600 Value		7,225,603,421		1,049,888,617		(712,678,376	)		337,210,241


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)

9.	PRINCIPAL RISKS

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

BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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

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

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

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

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

The Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the 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.


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Notes to Financial Statements (unaudited) (continued)

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 09/30/24						Year Ended 03/31/24
iShares ETF	Shares			Amount			Shares			Amount
S&P 100
Shares sold		3,800,000		$	978,884,167			19,700,000		$	4,039,635,606
Shares redeemed		(1,100,000	)		(290,189,904	)		(12,800,000	)		(2,908,407,864	)

		2,700,000		$	688,694,263			6,900,000		$	1,131,227,742

S&P 500 Growth
Shares sold		71,100,000		$	6,359,295,074			140,700,000		$	10,873,698,665
Shares redeemed		(34,750,000	)		(3,118,969,450	)		(89,750,000	)		(6,667,047,516	)

		36,350,000		$	3,240,325,624			50,950,000		$	4,206,651,149

S&P 500 Value
Shares sold		5,150,000		$	951,500,107			77,400,000		$	13,285,072,289
Shares redeemed		(6,650,000	)		(1,234,605,591	)		(58,100,000	)		(9,836,471,222	)

		(1,500,000	)	$	(283,105,484	)		19,300,000		$	3,448,601,067

S&P Small-Cap 600 Value
Shares sold		2,700,000		$	282,048,662			11,850,000		$	1,155,662,611
Shares redeemed		(6,200,000	)		(619,640,503	)		(16,100,000	)		(1,528,998,626	)

		(3,500,000	)	$	(337,591,841	)		(4,250,000	)	$	(373,336,015	)

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. Authorized Participants 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. Authorized Participants 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.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Fund’s custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

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		45

Additional 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.

Changes in and Disagreements with Accountants

Not applicable.

Proxy Results

Not applicable.

Remuneration Paid to Trustees, Officers, and Others

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA’s investment advisory fees.

Availability of Portfolio Holdings Information

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, when available, at iShares.com.


46		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Board Review and Approval of Investment Advisory Contract

iShares S&P 100 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 the approval of 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; and legal and compliance services; including the 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 held on May 6, 2024 and May 17, 2024, 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. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 4-5, 2024, 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 Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations 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 other fund(s) 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 any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any 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, 2023, 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 relevant factors and information 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 ongoing enhancements and initiatives with respect to the iShares product line and BFA’s 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, including related programs implemented pursuant to regulatory requirements. 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 6, 2024 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.

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.


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		47

Board Review and Approval of Investment Advisory Contract (continued)

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, and related costs of the services provided 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 (as discussed above), 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 breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. 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.

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 character and scope of 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 acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. 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, as applicable (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 (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. 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.


48		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Board Review and Approval of Investment Advisory Contract (continued)

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

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 other fund(s) 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 any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.


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		49

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 character and scope of 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 acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. 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.


50		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Board Review and Approval of Investment Advisory Contract (continued)

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

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 other fund(s) 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 any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.


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		51

Board Review and Approval of Investment Advisory Contract (continued)


52		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Glossary of Terms Used in this Report

Portfolio Abbreviation


NVS		Non-Voting Shares

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		53

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 representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.


		SEPTEMBER 30, 2024

2024 Semi-Annual Financial

Statements and Additional

Information (Unaudited)

iShares Trust

iShares Preferred and Income Securities ETF | PFF | NASDAQ

Table of Contents


	Page
Schedule of Investments		3
Statement of Assets and Liabilities		10
Statement of Operations		11
Statements of Changes in Net Assets		12
Financial Highlights		13
Notes to Financial Statements		14
Additional Information		20
Board Review and Approval of Investment Advisory Contract		21
Glossary of Terms Used in this Report		24


2

Schedule of Investments (unaudited)

September 30, 2024

iShares^® Preferred and Income Securities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Preferred Securities

Preferred Stocks — 98.4%

Automobiles — 1.3%
Ford Motor Co.
6.00%		3,051,241	$	73,962,082
6.50%, NVS		2,201,121		56,150,596
6.20%		2,860,486		69,910,278

				200,022,956

Banks — 25.6%
Associated Banc-Corp.
6.63%		1,144,141		28,306,048
Series E, 5.88%, NVS^(a)		393,290		9,100,731
Series F, 5.63%, NVS^(a)(b)		390,493		8,438,554
Atlantic Union Bankshares Corp., Series A, 6.88%, NVS^(a)		671,758		16,444,636
Banc of California, Inc., Series F, 7.75%, NVS^(a)		1,883,199		45,196,776
Bank of America Corp.
Series 02, (3-mo. CME Term SOFR + 0.912%), 5.97%, NVS^(a)(b)(c)		578,542		13,075,049
Series 4, (3-mo. CME Term SOFR + 1.012%), 6.07%, NVS^(a)(b)(c)		398,455		9,718,317
Series 5, (3-mo. CME Term SOFR + 0.762%), 5.89%, NVS^(a)(c)		822,526		20,020,283
Series E, (3-mo. CME Term SOFR + 0.612%), 5.73%, NVS^(a)(b)(c)		599,907		14,607,735
Series GG, 6.00%^(a)		2,693,357		67,791,796
Series HH, 5.88%, NVS^(a)		1,682,533		42,450,308
Series K*, 6.45%		2,082,905		53,197,394
Series KK, 5.38%, NVS^(a)		2,793,920		68,534,858
Series L, 7.25%, NVS^(a)(d)		154,052		196,109,737
Series LL, 5.00%, NVS^(a)		2,623,665		61,419,998
Series NN, 4.38%, NVS^(a)		2,124,423		44,697,860
Series PP, 4.13%, NVS^(a)		1,788,203		35,907,116
Series QQ, 4.25%, NVS^(a)		2,576,332		52,685,989
Series SS, 4.75%, NVS^(a)		1,335,394		30,460,337
Bank of Hawaii Corp.
8.00%^(a)		632,343		16,883,558
Series A, 4.38%, NVS^(a)		701,133		12,935,904
Bank OZK, Series A, 4.63%, NVS^(a)		1,336,860		24,745,279
Cadence Bank, Series A, 5.50%, NVS^(a)(b)		664,033		15,106,751
Citizens Financial Group, Inc.
7.38%, NVS^(a)		1,539,488		41,596,966
Series E, 5.00%, NVS^(a)		1,732,023		39,386,203
ConnectOne Bancorp, Inc., Series A, 5.25%, NVS^(a)		455,053		9,533,360
Cullen/Frost Bankers, Inc., Series B, 4.45%, NVS^(a)(b)		582,418		12,638,471
Dime Community Bancshares, Inc., 5.50%, NVS^(a)		510,175		10,417,773
Fifth Third Bancorp
Series A, 6.00%, NVS^(a)		772,589		19,670,116
Series I, (3-mo. CME Term SOFR + 3.972%), 9.30%, NVS^(a)(c)		1,718,794		43,640,180
Series K, 4.95%, NVS^(a)		954,920		22,096,849
First Citizens BancShares, Inc.
Series A, 5.38%, NVS^(a)		1,317,773		31,204,865
Series C, 5.63%, NVS^(a)		780,989		19,165,470
First Horizon Corp.
Series E, 6.50%, NVS^(a)		585,741		14,912,966
Series F, 4.70%^(a)		576,082		11,521,640
Fulton Financial Corp., Series A, 5.13%, NVS^(a)		741,302		14,373,846
Hancock Whitney Corp., 6.25%		674,973		17,630,295


Security	Shares		Value

Banks (continued)
Heartland Financial U.S.A., Inc., Series E, 7.00%, NVS^(a)		457,588	$	11,435,124
Huntington Bancshares, Inc.
Series C, 5.70%, NVS^(a)		683,507		16,205,951
Series H, 4.50%, NVS^(a)		1,924,494		39,336,657
Series J, 6.88%, NVS^(a)		1,248,946		32,210,317
JPMorgan Chase & Co.
Series DD, 5.75%, NVS^(a)		5,123,055		129,510,830
Series EE, 6.00%, NVS^(a)		5,731,653		145,927,885
Series GG, 4.75%, NVS^(a)		2,648,902		62,699,510
Series JJ, 4.55%, NVS^(a)		4,619,058		104,252,139
Series LL, 4.63%, NVS^(a)		5,721,482		131,021,938
Series MM, 4.20%, NVS^(a)		6,185,368		130,820,533
KeyCorp
6.20%, NVS^(a)		2,201,163		53,928,493
Series E, 6.13%, NVS^(a)		1,909,832		47,153,752
Series F, 5.65%, NVS^(a)		1,623,343		36,606,385
Series G, 5.63%, NVS^(a)		1,718,797		39,962,030
M&T Bank Corp.
Series H, 5.63%, NVS^(a)		950,484		23,714,576
Series J, 7.50%, NVS^(a)		2,864,656		80,239,015
Midland States Bancorp, Inc., 7.75%, NVS^(a)		438,294		10,988,031
New York Community Bancorp, Inc., Series A., 6.38%, NVS^(a)		1,951,251		42,147,022
New York Community Capital Trust V, 6.00%, NVS^(d)		276,906		10,721,800
Old National Bancorp
Series A, 7.00%, NVS^(a)		421,665		10,697,641
Series C, 7.00%, NVS^(a)(b)		473,726		11,956,844
Pinnacle Financial Partners, Inc., Series B, 6.75%, NVS^(a)		874,469		21,328,299
Popular Capital Trust II, 6.13%^(b)		390,595		9,983,608
Regions Financial Corp.
6.95%^(a)		1,909,199		50,192,842
Series C, 5.70%, NVS^(a)		1,834,313		44,775,580
Series E, 4.45%, NVS^(a)		1,527,901		29,167,630
Synovus Financial Corp.
Series D, (3-mo. CME Term SOFR + 3.614%), 8.21%, NVS^(a)(c)		763,888		19,150,672
Series E, 8.40%, NVS^(a)		1,336,863		35,199,603
Texas Capital Bancshares, Inc., Series B, 5.75%, NVS^(a)(b)		1,154,762		24,411,669
Truist Financial Corp.
Series I, (3-mo. CME Term SOFR + 0.792%), 5.38%, NVS^(a)(b)(c)		667,267		15,687,447
Series O, 5.25%, NVS^(a)		2,178,593		51,937,657
Series R, 4.75%, NVS^(a)		3,504,627		75,805,082
U.S. Bancorp
Series A, (3-mo. CME Term SOFR + 1.282%), 6.58%, NVS^(a)(c)		54,431		46,195,045
Series B*, (3-mo. CME Term SOFR + 0.862%), 6.16%, NVS^(a)(c)		3,813,998		82,039,097
Series K, 5.50%, NVS^(a)		2,196,318		54,095,312
Series L, 3.75%, NVS^(a)		1,924,485		35,025,627
Series M, 4.00%, NVS^(a)(b)		2,841,655		56,122,686
Series O, 4.50%, NVS^(a)		1,546,731		34,120,886
Valley National Bancorp
Series A, 6.25%, NVS^(a)(b)		460,213		11,307,433
Series B, (3-mo. LIBOR US + 3.578%), 8.43%, NVS^(a)(b)(c)		392,687		9,785,760
Series C, 8.25%^(a)		572,785		14,806,492
WaFd, Inc., Series A, 4.88%, NVS^(a)		1,154,994		22,522,383


S C H E D U L E O F I N V E S T M E N T S		3

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Preferred and Income Securities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
Webster Financial Corp.
Series F, 5.25%, NVS^(a)		580,388	$	12,640,851
Series G, 6.50%^(a)		521,881		12,707,802
Wells Fargo & Co.
Series AA, 4.70%, NVS^(a)		3,190,381		69,007,941
Series CC, 4.38%, NVS^(a)		2,848,123		59,127,033
Series DD, 4.25%, NVS^(a)		3,405,403		69,027,519
Series L, 7.50%, NVS^(a)(d)		275,668		353,461,510
Series Y, 5.63%, NVS^(a)		1,857,214		46,374,634
Series Z, 4.75%, NVS^(a)		5,545,655		120,285,257
WesBanco, Inc., Series A, 6.75%, NVS^(a)		582,418		14,566,274
Western Alliance Bancorp, Series A, 4.25%, NVS^(a)		1,051,998		21,229,320
Wintrust Financial Corp.
Series D, 6.50%, NVS^(a)(b)		482,302		12,236,002
Series E, 6.88%, NVS^(a)		1,098,056		27,901,603
Zions Bancorp N.A., Series G, (3-mo. LIBOR US + 4.240%), 9.45%, NVS^(a)(b)(c)		535,398		14,348,666

				3,943,735,709

Broadline Retail — 0.7%
Dillard’s Capital Trust I, 7.50%		762,762		19,725,025
Qurate Retail, Inc., 8.00%		1,204,556		52,398,186
QVC, Inc.
6.25%		1,925,490		25,108,390
6.38%		865,944		11,465,098

				108,696,699

Capital Markets — 10.6%
Affiliated Managers Group, Inc.
4.20%		763,888		13,627,762
4.75%		1,050,374		20,996,976
5.88%		1,154,467		28,850,130
6.75%		1,650,765		42,837,352
B Riley Financial, Inc.
6.50%		705,071		8,679,424
6.00%		1,043,623		9,893,546
5.50%^(b)		847,927		14,499,552
5.25%^(b)		1,548,739		13,179,769
5.00%^(b)		1,265,169		14,549,444
6.38%		572,254		12,131,785
Brookfield Finance I UK PLC, 4.50%^(a)		878,557		15,550,459
Brookfield Finance, Inc., Series 50, 4.63%, NVS		1,467,632		28,706,882
Brookfield Oaktree Holdings LLC
Series A, 6.63%, NVS^(a)		703,004		17,490,740
Series B, 6.55%, NVS^(a)		897,644		21,292,116
Carlyle Finance LLC, 4.63%, NVS		1,834,331		35,842,828
Charles Schwab Corp. (The)
Series D, 5.95%, NVS^(a)(b)		2,864,644		72,045,797
Series J, 4.45%, NVS^(a)(b)		2,273,253		50,761,740
Crescent Capital BDC, Inc., 5.00%^(b)		439,718		10,707,133
Gladstone Investment Corp.
5.00%, NVS		499,854		12,321,401
4.88%^(b)		526,421		12,544,612
Goldman Sachs Group, Inc. (The)
Series A, (3-mo. CME Term SOFR + 1.012%), 6.11%, NVS^(a)(b)(c)		2,864,572		66,515,362
Series C, (3-mo. CME Term SOFR + 1.012%), 6.11%, NVS^(a)(b)(c)		763,880		18,027,568
Series D, (3-mo. CME Term SOFR + 0.932%), 6.03%, NVS^(a)(c)		5,114,818		115,850,628
KKR Group Finance Co. IX LLC, 4.63%, NVS		1,837,404		37,464,668


Security	Shares		Value

Capital Markets (continued)
Morgan Stanley
Series A, (3-mo. CME Term SOFR + 0.962%), 6.26%^(a)(b)(c)		3,687,568	$	84,187,177
Series E, 7.13%, NVS^(a)(c)		2,884,443		72,976,408
Series F, 6.88%, NVS^(a)(c)		2,841,612		72,063,280
Series I, 6.38%, NVS^(a)(c)		3,353,276		84,871,416
Series K, 5.85%, NVS^(a)(c)		3,352,666		83,514,910
Series L, 4.88%, NVS^(a)		1,640,433		39,189,944
Series O, 4.25%, NVS^(a)		4,359,802		90,247,901
Series P, 6.50%, NVS^(a)		3,355,142		89,213,226
Series Q, 6.63%, NVS^(a)		3,355,712		90,067,310
New Mountain Finance Corp., 8.25%^(b)		457,593		11,773,868
Northern Trust Corp., Series E, 4.70%, NVS^(a)		1,539,473		35,330,905
Prospect Capital Corp., Series A, 5.35%^(a)		501,435		9,527,265
Saratoga Investment Corp., Series 2027, 6.00%		414,160		10,134,495
State Street Corp., Series G, 5.35%, NVS^(a)(c)		1,909,832		47,115,555
Stifel Financial Corp.
5.20%		799,888		18,805,367
Series B, 6.25%, NVS^(a)		624,736		15,624,647
Series C, 6.13%, NVS^(a)		859,470		22,397,788
Series D, 4.50%, NVS^(a)		1,145,956		24,214,050
Trinity Capital, Inc.
7.00%		600,009		15,060,226
7.88%, NVS		443,525		11,234,488
7.88%		437,078		11,084,298

				1,633,002,198

Chemicals — 1.4%
Albemarle Corp., 7.25%, NVS^(d)		4,357,097		196,069,365
EIDP, Inc., Series B, 4.50%, NVS^(a)		160,926		13,212,025

				209,281,390

Commercial Services & Supplies — 0.2%
Pitney Bowes, Inc., 6.70%		1,621,046		32,291,236


Consumer Finance — 3.1%
Atlanticus Holdings Corp.
6.13%		570,498		13,543,622
9.25%, NVS		447,011		11,255,737
Capital One Financial Corp.
Series I, 5.00%, NVS^(a)		5,590,884		119,924,462
Series J, 4.80%, NVS^(a)		4,659,058		94,252,743
Series K, 4.63%, NVS^(a)		481,112		9,867,607
Series L, 4.38%, NVS^(a)		2,476,343		48,932,538
Series N, 4.25%, NVS^(a)(b)		1,635,661		31,780,893
Navient Corp., 6.00%		1,145,962		23,308,867
SLM Corp., Series B, (3-mo. CME Term SOFR + 1.962%), 6.91%^(a)(b)(c)		237,841		17,678,722
Synchrony Financial
Series A, 5.63%, NVS^(a)		2,859,405		61,048,297
Series B, 8.25%, NVS^(a)		1,834,307		46,994,945

				478,588,433

Diversified REITs — 0.5%
Armada Hoffler Properties, Inc., Series A, 6.75%, NVS^(a)		626,227		15,993,838
CTO Realty Growth, Inc., Series A, 6.38%, NVS^(a)		428,832		10,090,417
Global Net Lease, Inc.
Series A, 7.25%, NVS^(a)(b)		620,334		14,236,665
Series B, 6.88%^(a)		442,541		10,399,713
Series D, 7.50%, NVS^(a)		729,398		17,614,962
LXP Industrial Trust, Series C, 6.50%, NVS^(a)(b)(d)		178,798		9,476,294

				77,811,889


4		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Preferred and Income Securities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Diversified Telecommunication Services — 3.5%
AT&T Inc.
5.35%		4,929,414	$	121,115,702
5.63%		3,146,552		78,695,265
Series A, 5.00%, NVS^(a)		4,485,339		100,157,620
Series C, 4.75%, NVS^(a)		6,540,895		137,424,204
Qwest Corp.
6.75%		2,448,092		39,438,762
6.50%, NVS		3,586,166		57,414,518

				534,246,071

Electric Utilities — 8.1%
BIP Bermuda Holdings I Ltd., 5.13%^(a)		1,145,956		22,472,197
Brookfield BRP Holdings Canada, Inc.
4.63%, NVS^(a)		1,340,044		23,316,766
4.88%^(a)		991,665		18,236,719
7.25%^(a)		536,630		13,694,798
Brookfield Infrastructure Finance ULC
5.00%		954,914		18,382,095
7.25%		602,607		15,523,156
Duke Energy Corp.
5.63%		1,909,829		47,459,251
Series A, 5.75%, NVS^(a)		3,788,783		94,757,463
Entergy Arkansas LLC, 4.88%^(b)		1,566,072		35,878,710
Entergy Louisiana LLC, 4.88%^(b)		1,029,765		23,488,940
Entergy Mississippi LLC, 4.90%^(b)		985,065		22,429,930
Georgia Power Co., Series 2017, 5.00%		1,031,284		25,111,765
NextEra Energy Capital Holdings, Inc., Series N, 5.65%		2,562,463		63,574,707
NextEra Energy, Inc.
6.93%^(b)(d)		3,788,783		175,647,980
7.30%^(d)		3,788,783		210,088,017
Pacific Gas & Electric Co., Series A, 6.00%^(a)		402,089		9,895,410
SCE Trust II, 5.10%, NVS^(a)		839,009		17,912,842
SCE Trust III, Series H, (3-mo. CME Term SOFR + 3.252%), 7.84%, NVS^(a)(b)(c)		1,041,967		26,028,336
SCE Trust IV, Series J, 5.38%, NVS^(a)		1,240,263		30,101,183
SCE Trust V, Series K, 5.45%, NVS^(a)(b)		1,154,747		28,429,871
SCE Trust VI, 5.00%, NVS^(a)		1,814,384		37,049,721
SCE Trust VII, Series M, 7.50%^(a)(b)		2,097,730		56,156,232
SCE Trust VIII, Series N, 6.95%, NVS^(a)(b)		1,334,893		35,641,643
Southern Co. (The)
5.25%		1,650,765		41,252,617
Series 2020, 4.95%		3,727,323		88,486,648
Series C, 4.20%		2,860,486		63,188,136

				1,244,205,133

Electrical Equipment — 0.3%
Babcock & Wilcox Enterprises, Inc.
6.50%		592,273		12,556,188
8.13%		736,220		17,190,737
Series A, 7.75%, NVS^(a)		749,800		11,209,510

				40,956,435

Financial Services — 5.6%
Apollo Global Management, Inc.
6.75%^(d)		2,723,174		185,148,600
7.63%		2,291,768		62,404,843
Citigroup Capital XIII(3-mo. CME Term SOFR + 6.632%), 11.89%, NVS^(c)		8,509,700		254,184,739
Compass Diversified Holdings
Series A, 7.25%, NVS^(a)		392,259		9,480,900
Series B, 7.88%, NVS^(a)		401,913		9,830,792
Series C, 7.88%, NVS^(a)		472,844		11,584,678


Security	Shares		Value

Financial Services (continued)
Equitable Holdings, Inc.
Series A, 5.25%, NVS^(a)		3,022,002	$	70,019,786
Series C, 4.30%^(a)		1,142,000		23,045,560
Federal Agricultural Mortgage Corp.
Series D, 5.70%, NVS^(a)		381,384		9,404,929
Series F, 5.25%, NVS^(a)		458,431		10,580,587
Series G, 4.88%, NVS^(a)		476,693		10,534,915
Jackson Financial, Inc., 8.00%^(a)		2,100,864		56,135,086
Merchants Bancorp
8.25%, NVS^(a)		507,407		12,984,545
Series B, 6.00%, NVS^(a)		482,152		12,126,123
Series C, 6.00%, NVS^(a)		748,289		17,921,522
National Rural Utilities Cooperative Finance Corp., Series US, 5.50%		954,923		23,739,386
NewtekOne, Inc., 5.50%^(b)		435,719		10,723,045
TPG Operating Group II LP, 6.95%, NVS		1,515,532		39,858,492
Voya Financial, Inc., Series B, 5.35%, NVS^(a)		1,100,376		27,729,475

				857,438,003

Food Products — 1.5%
CHS, Inc.
8.00%, NVS^(a)		1,180,714		35,763,827
Series 1, 7.88%, NVS^(a)(b)		2,033,154		54,427,533
Series 2, 7.10%, NVS^(a)(c)		1,591,311		41,087,650
Series 3, 6.75%, NVS^(a)(c)		1,866,030		48,535,440
Series 4, 7.50%^(a)		1,960,690		50,801,478

				230,615,928

Gas Utilities — 0.2%
Entergy New Orleans LLC, 5.50%		432,424		10,667,900
Spire, Inc., Series A, 5.90%, NVS^(a)		962,306		23,797,827

				34,465,727

Health Care Providers & Services — 0.3%
BrightSpring Health Services, Inc., 6.75%, NVS^(d)		757,721		42,235,369


Health Care REITs — 0.2%
Diversified Healthcare Trust
6.25%, NVS		953,520		16,781,952
5.63%		1,336,863		22,338,981

				39,120,933

Health Care Technology — 0.0%
CareCloud, Inc., Series A, 11.00%, NVS^(a)		435,563		5,209,333


Hotel & Resort REITs — 1.0%
Braemar Hotels & Resorts, Inc., Series B, 5.50%, NVS^(a)(b)(d)		292,301		4,235,441
Chatham Lodging Trust, Series A, 6.63%, NVS^(a)		428,847		9,927,808
DiamondRock Hospitality Co., 8.25%, NVS^(a)(b)		429,349		10,948,400
Pebblebrook Hotel Trust
Series E, 6.38%, NVS^(a)		414,086		9,072,624
Series F, 6.30%, NVS^(a)		536,411		11,919,052
Series G, 6.38%, NVS^(a)		856,168		18,904,189
Series H, 5.70%, NVS^(a)		775,280		15,350,544
RLJ Lodging Trust, Series A, 1.95%^(a)(d)		1,206,170		31,456,914
Summit Hotel Properties, Inc.
Series E, 6.25%, NVS^(a)		602,308		12,630,399
Series F, 5.88%, NVS^(a)		376,975		7,908,936
Sunstone Hotel Investors, Inc.
Series H, 6.13%^(a)		410,474		9,198,722
Series I, 5.70%, NVS^(a)		376,966		8,251,786

				149,804,815

Hotels, Restaurants & Leisure — 0.0%
FAT Brands, Inc., Series B, 8.25%, NVS^(b)		753,159		7,403,553


S C H E D U L E O F I N V E S T M E N T S		5

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Preferred and Income Securities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Independent Power and Renewable Electricity Producers — 0.4%
Brookfield Renewable Partners LP, Series 17, 5.25%, NVS^(a)		767,825	$	15,855,586
Tennessee Valley Authority
Series A, (30-yr. CMT + 0.840%), 2.22%^(b)(c)		801,802		18,168,833
Series D, (30-yr. CMT + 0.940%), 2.13%^(c)		987,027		22,622,659

				56,647,078

Industrial Conglomerates — 0.1%
Steel Partners Holdings LP, Series A, 6.00%, NVS		597,767		14,525,738


Insurance — 13.3%
AEGON Funding Co. LLC, 5.10%, NVS		3,504,633		77,978,084
Allstate Corp. (The)
(3-mo. CME Term SOFR + 3.427%), 8.73%, NVS^(c)		1,909,829		49,770,144
Series H, 5.10%, NVS^(a)		4,286,221		105,398,174
Series I, 4.75%, NVS^(a)		1,145,956		27,204,995
Series J, 7.38%^(a)		2,236,233		61,943,654
American Financial Group, Inc.
5.88%		477,396		11,868,065
4.50%		763,882		15,224,168
5.63%		572,981		14,599,556
5.13%		762,759		17,123,939
American National Group, Inc.
Series A, 5.95%, NVS^(a)		1,467,644		36,294,836
Series B, 6.63%, NVS^(a)		1,100,382		27,674,607
Arch Capital Group Ltd.
Series F, 5.45%, NVS^(a)		1,260,496		29,394,767
Series G, 4.55%^(a)		1,881,152		38,450,747
Argo Group International Holdings, Inc., 7.00%, NVS^(a)		572,981		14,244,308
Argo Group U.S., Inc., 6.50%^(b)		548,221		12,433,652
Aspen Insurance Holdings Ltd.
5.63%, NVS^(a)		1,038,396		22,024,379
5.63%, NVS^(a)		866,090		18,023,333
(3-mo. LIBOR US + 4.060%), 9.65%, NVS^(a)(b)(c)		1,041,967		27,309,955
Assurant, Inc., 5.25%		953,514		21,425,460
Athene Holding Ltd.
7.25%, NVS		2,149,669		55,160,506
Series A, 6.35%, NVS^(a)		3,214,822		79,856,178
Series B, 5.63%, NVS^(a)		1,307,156		29,411,010
Series C, 6.38%, NVS^(a)		2,236,233		55,771,651
Series D, 4.88%^(a)		2,193,044		42,545,054
Series E, 7.75%, NVS^(a)		1,894,437		50,297,302
Axis Capital Holdings Ltd., Series E, 5.50%, NVS^(a)		2,083,844		47,532,482
Brighthouse Financial, Inc.
6.25%		1,375,579		34,870,928
Series A, 6.60%, NVS^(a)		1,559,537		39,456,286
Series B, 6.75%, NVS^(a)		1,476,712		36,991,636
Series C, 5.38%^(a)		2,193,044		45,746,898
Series D, 4.63%, NVS^(a)		1,336,863		24,651,754
CNO Financial Group, Inc., 5.13%		576,623		12,420,459
Enstar Group Ltd.
Series D, 7.00%, NVS^(a)		1,490,804		29,100,494
Series E, 7.00%, NVS^(a)		423,433		8,722,720
F&G Annuities & Life, Inc., 7.95%, NVS		1,307,156		35,541,572
Globe Life, Inc., 4.25%, NVS		1,192,438		21,714,296
Hartford Financial Services Group, Inc. (The), Series G, 6.00%, NVS^(a)		1,315,820		32,948,133
Kemper Corp., 5.88%		572,981		13,367,647
Lincoln National Corp., Series D, 9.00%^(a)		1,863,645		52,685,244


Security	Shares		Value

Insurance (continued)
Maiden Holdings Ltd., 6.63%		420,132	$	6,894,366
Maiden Holdings North America Ltd., 7.75%		581,712		10,127,606
MetLife, Inc.
Series A, (3-mo. CME Term SOFR + 1.262%), 6.21%, NVS^(a)(b)(c)		2,273,253		55,240,048
Series E, 5.63%, NVS^(a)		3,050,030		75,457,742
Series F, 4.75%, NVS^(a)		3,727,227		84,570,781
Prudential Financial, Inc.
5.95%		1,145,950		29,966,592
5.63%		2,105,696		52,537,115
4.13%, NVS		1,909,832		40,316,553
Reinsurance Group of America, Inc.
7.13%		2,652,183		70,309,371
5.75%, NVS		1,527,892		38,411,205
RenaissanceRe Holdings Ltd.
Series F, 5.75%, NVS^(a)		953,514		23,618,542
Series G, 4.20%, NVS^(a)		1,834,343		34,008,719
Selective Insurance Group, Inc., Series B, 4.60%^(a)		763,888		15,094,427
SiriusPoint Ltd., Series B, 8.00%, NVS^(a)		763,891		19,234,775
Unum Group, 6.25%		1,144,135		28,889,409
W R Berkley Corp.
5.70%		678,565		17,004,839
5.10%		1,145,956		26,929,966
4.13%		1,146,078		23,620,668
4.25%		954,920		19,843,238

				2,049,255,035

IT Services — 0.0%
Exela Technologies, Inc., Series B, 6.00%^(a)(d)		293,261		422,296


Leisure Products — 0.3%
Brunswick Corp.
6.50%		712,076		17,737,813
6.63%		481,109		12,051,781
6.38%		885,176		22,244,473

				52,034,067

Machinery — 0.6%
Chart Industries, Inc., Series B, 6.75%, NVS^(d)		762,486		38,314,922
RBC Bearings, Inc., Series A, 5.00%, NVS^(d)		435,630		57,781,963

				96,096,885

Marine Transportation — 0.1%
Global Ship Lease, Inc., 8.75%, NVS^(a)		419,377		11,293,823


Media — 0.1%
Liberty Broadband Corp., Series A, 7.00%^(a)		678,589		16,204,705


Mortgage Real Estate Investment Trusts (REITs) — 6.4%
ACRES Commercial Realty Corp.
Series C, (3-mo. CME Term SOFR + 5.927%), 11.18%^(a)(c)		452,001		11,390,425
Series D, 7.88%, NVS^(a)(b)		433,844		10,143,273
AGNC Investment Corp.
Series C, (3-mo. CME Term SOFR + 5.373%), 10.67%, NVS^(a)(c)		1,220,747		31,544,103
Series D, (3-mo. CME Term SOFR + 4.594%), 9.90%, NVS^(a)(c)		876,112		22,262,006
Series E, 6.50%, NVS^(a)		1,511,899		38,220,807
Series F, 6.13%, NVS^(a)		2,149,067		52,695,123
Series G, 7.75%, NVS^(a)		564,958		14,078,753
Annaly Capital Management, Inc.
Series F, (3-mo. CME Term SOFR + 5.255%), 10.59%, NVS^(a)(c)		2,696,818		68,337,368


6		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Preferred and Income Securities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Mortgage Real Estate Investment Trusts (REITs) (continued)
Annaly Capital Management, Inc.
Series G, (3-mo. CME Term SOFR + 4.434%), 9.03%, NVS^(a)(c)		1,581,384	$	39,787,621
Series I, (3-mo. CME Term SOFR + 4.989%), 10.58%, NVS^(a)(c)		1,647,409		41,794,766
Arbor Realty Trust, Inc.
Series D, 6.38%, NVS^(a)		866,292		16,936,009
Series E, 6.25%, NVS^(a)		541,423		10,693,104
Series F, 6.25%, NVS^(a)		1,067,969		20,782,677
ARMOUR Residential REIT, Inc., Series C, 7.00%^(a)		621,193		14,113,505
Chimera Investment Corp.
Series A, 8.00%, NVS^(a)		546,103		13,374,062
Series B, (3-mo. CME Term SOFR + 6.053%), 11.38%, NVS^(a)(c)		1,214,756		30,138,096
Series C, 7.75%, NVS^(a)(b)		969,051		21,949,005
Series D, (3-mo. CME Term SOFR + 5.600%), 10.93%, NVS^(a)(c)		753,253		18,288,983
Dynex Capital, Inc., Series C, 6.90%, NVS^(a)		443,822		11,281,955
Ellington Financial, Inc.
6.75%, NVS^(a)		433,510		10,764,053
Series B, 6.25%, NVS^(a)		454,295		10,049,005
Series C, 8.63%^(a)(b)		376,966		9,461,847
Franklin BSP Realty Trust, Inc., Series E, 7.50%, NVS^(a)		961,052		21,671,723
Granite Point Mortgage Trust, Inc., Series A, 7.00%, NVS^(a)(b)		774,833		13,792,027
Invesco Mortgage Capital, Inc.
Series B, 7.75%, NVS^(a)(b)		405,704		9,988,433
Series C, 7.50%, NVS^(a)		686,399		16,507,896
KKR Real Estate Finance Trust, Inc., Series A, 6.50%, NVS^(a)		1,222,578		25,955,331
MFA Financial, Inc.
8.88%, NVS		432,275		11,027,335
Series B, 7.50%, NVS^(a)		753,942		17,340,666
Series C, 6.50%, NVS^(a)		1,026,533		24,328,832
New York Mortgage Trust, Inc.
Series D, 8.00%, NVS^(a)(b)		544,547		12,687,945
Series E, 7.88%, NVS^(a)		691,078		16,917,589
Series F, 6.88%, NVS^(a)		540,454		11,798,111
PennyMac Mortgage Investment Trust
Series A, 8.13%, NVS^(a)(b)(c)		433,510		10,729,373
Series B, 8.00%, NVS^(a)(b)(c)		735,093		18,215,605
Series C, 6.75%, NVS^(a)		942,436		20,007,916
Ready Capital Corp.
6.20%		393,777		9,568,781
5.75%		777,167		18,924,016
Series E, 6.50%, NVS^(a)(b)		433,510		8,301,717
Rithm Capital Corp.
Series A, (3-mo. LIBOR US + 5.802%), 11.18%, NVS^(a)(c)		596,102		15,129,069
Series B, (3-mo. LIBOR US + 5.640%), 11.02%^(a)(c)		1,075,267		27,462,319
Series C, 6.38%, NVS^(a)		1,502,021		36,018,464
Series D, 7.00%, NVS^(a)		1,788,420		43,315,532
TPG RE Finance Trust, Inc., Series C, 6.25%, NVS^(a)(b)		758,006		14,477,915
Two Harbors Investment Corp.
Series A, 8.13%, NVS^(a)		475,947		11,832,042
Series B, 7.63%, NVS^(a)		970,140		24,156,486
Series C, 7.25%, NVS^(a)		914,778		22,549,278

				980,790,947


Security	Shares		Value

Multi-Utilities — 2.2%
Algonquin Power & Utilities Corp., Series 19-A, (3-mo. LIBOR US + 4.010%), 9.60%, NVS^(c)		1,308,591	$	34,010,280
Brookfield Infrastructure Partners LP
Series 13, 5.13%, NVS^(a)		761,211		15,071,978
Series 14, 5.00%, NVS^(a)		762,759		15,468,753
CMS Energy Corp.
5.88%		2,311,625		57,282,067
5.88%, NVS		1,069,464		26,437,150
5.63%		769,750		19,212,960
Series C, 4.20%, NVS^(a)(b)		878,563		17,386,762
DTE Energy Co.
4.38%^(b)		1,077,644		22,835,276
Series E, 5.25%		1,515,532		37,297,243
Series G, 4.38%		885,185		18,916,403
Sempra, 5.75%		2,831,840		70,088,040

				334,006,912

Office REITs — 1.0%
City Office REIT, Inc., Series A, 6.63%, NVS^(a)		427,767		8,213,127
Equity Commonwealth, Series D, 6.50%, NVS^(a)(d)		443,911		11,208,797
Hudson Pacific Properties, Inc., Series C, 4.75%, NVS^(a)		1,585,049		21,746,872
Office Properties Income Trust, 6.38%		610,686		8,977,084
SL Green Realty Corp., Series I, 6.50%, NVS^(a)		768,609		18,846,293
Vornado Realty Trust
Series L, 5.40%, NVS^(a)		1,130,927		21,284,046
Series M, 5.25%, NVS^(a)		1,204,394		21,594,785
Series N, 5.25%, NVS^(a)		1,130,924		20,277,467
Series O, 4.45%, NVS^(a)(b)		1,130,924		18,479,298

				150,627,769

Oil, Gas & Consumable Fuels — 0.5%
El Paso Energy Capital Trust I, 4.75%^(d)		424,496		20,481,932
NGL Energy Partners LP, Series B, (3-mo. CME Term SOFR + 7.475%), 12.78%, NVS^(a)(c)		1,201,828		28,266,994
Seapeak LLC
9.00%, NVS^(a)		477,399		12,063,873
Series B, 8.50%, NVS^(a)		649,344		16,389,443

				77,202,242

Real Estate Management & Development — 1.1%
Brookfield Property Partners LP
Series A, 5.75%, NVS^(a)		1,112,141		16,459,687
Series A-1, 6.50%, NVS^(a)		711,354		12,306,424
Series A2, 6.38%, NVS^(a)		900,653		14,680,644
Brookfield Property Preferred LP, 6.25%		2,563,130		43,957,680
DigitalBridge Group, Inc.
Series H, 7.13%, NVS^(a)		777,314		19,938,104
Series I, 7.15%, NVS^(a)(b)		1,202,926		30,879,110
Series J, 7.13%, NVS^(a)(b)		1,083,110		27,792,603

				166,014,252

Residential REITs — 0.3%
American Homes 4 Rent
Series G, 5.88%, NVS^(a)		411,378		10,395,522
Series H, 6.25%, NVS^(a)(b)		445,678		11,164,234
UMH Properties, Inc., Series D, 6.38%, NVS^(a)(b)		1,134,562		27,331,599

				48,891,355

Retail REITs — 0.8%
Agree Realty Corp., Series A, 4.25%, NVS^(a)		668,410		14,110,135
Cedar Realty Trust, Inc., Series C, 6.50%, NVS^(a)(b)		471,197		6,549,638


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, 2024

iShares^® Preferred and Income Securities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Retail REITs (continued)
Federal Realty Investment Trust, Series C, 5.00%, NVS^(a)(b)		544,919	$	12,620,324
Kimco Realty Corp.
Series L, 5.13%, NVS^(a)		825,407		19,826,276
Series M, 5.25%, NVS^(a)		976,365		24,243,143
Regency Centers Corp.
Series A, 6.25%, NVS^(a)		446,743		11,450,023
Series B, 5.88%, NVS^(a)		458,090		11,154,492
Saul Centers, Inc., Series E, 6.00%, NVS^(a)(b)		391,299		9,230,743
SITE Centers Corp., Series A, 6.38%, NVS^(a)		642,311		15,569,619

				124,754,393

Software — 0.1%
Synchronoss Technologies, Inc., 8.38%		569,868		13,944,670


Specialized REITs — 3.2%
Digital Realty Trust, Inc.
Series J, 5.25%, NVS^(a)		736,991		17,879,402
Series K, 5.85%, NVS^(a)(b)		781,236		19,468,401
Series L, 5.20%, NVS^(a)		1,289,430		30,636,857
EPR Properties
Series C, 5.75%, NVS^(a)(d)		508,457		11,394,521
Series E, 9.00%, NVS^(a)(b)(d)		334,877		10,257,283
Series G, 5.75%, NVS^(a)		565,457		12,999,856
Gladstone Land Corp., Series B, 6.00%^(a)		551,865		12,565,966
National Storage Affiliates Trust, Series A, 6.00%, NVS^(a)		857,453		21,427,750
Public Storage
Series F, 5.15%, NVS^(a)(b)		1,069,464		26,704,516
Series G, 5.05%, NVS^(a)		1,154,747		28,637,726
Series H, 5.60%^(a)		1,088,554		27,104,995
Series I, 4.88%, NVS^(a)		1,216,711		28,300,698
Series J, 4.70%, NVS^(a)		988,376		22,208,809
Series K, 4.75%, NVS^(a)		878,563		20,066,379
Series L, 4.63%, NVS^(a)		2,140,658		46,923,223
Series M, 4.13%, NVS^(a)(b)		878,563		17,808,472
Series N, 3.88%, NVS^(a)		1,078,971		20,079,650
Series O, 3.90%, NVS^(a)		649,350		12,142,845
Series P, 4.00%, NVS^(a)		2,287,456		43,896,281
Series Q, 3.95%, NVS^(a)		549,038		10,409,760
Series R, 4.00%, NVS^(a)(b)		1,674,349		32,700,036
Series S, 4.10%, NVS^(a)		954,926		19,022,126

				492,635,552

Technology Hardware, Storage & Peripherals — 1.1%
Hewlett Packard Enterprise Co., 7.63%		2,841,655		171,948,544


Textiles, Apparel & Luxury Goods — 0.0%
Fossil Group, Inc., 7.00%		586,515		7,988,334


Trading Companies & Distributors — 1.1%
Air Lease Corp., Series A, (3-mo. CME Term SOFR + 3.912%), 8.86%, NVS^(a)(c)		954,923		23,987,666
FTAI Aviation Ltd.
Series A, NVS, (3-mo. LIBOR US + 6.886%), 12.09%^(a)(b)(c)		399,113		10,181,372


Security	Shares		Value

Trading Companies & Distributors (continued)
FTAI Aviation Ltd.
Series B, NVS, 8.00%^(a)		471,709	$	12,122,921
Series C, 8.25%, NVS^(a)		404,198		10,367,679
Triton International Ltd.
8.00%, NVS^(a)		549,035		13,863,134
7.38%, NVS^(a)		673,665		16,861,835
6.88%, NVS^(a)(b)		572,985		14,450,682
Series E, 5.75%, NVS^(a)		668,440		15,407,542
WESCO International, Inc., Series A, 10.63%, NVS^(a)		2,040,176		52,738,549

				169,981,380

Transportation Infrastructure — 0.2%
Atlas Corp.
Series D, 7.95%^(a)		490,121		12,375,555
Series H, 7.88%, NVS^(a)		854,842		21,294,114

				33,669,669

Wireless Telecommunication Services — 1.4%
Telephone & Data Systems, Inc.
Series UU, 6.63%, NVS^(a)		1,616,402		34,607,167
Series VV, 6.00%, NVS^(a)		2,531,703		49,089,721
United States Cellular Corp.
6.25%		1,894,437		44,557,158
5.50%		1,894,437		42,189,112
5.50%		1,894,437		41,961,780

				212,404,938


Total Long-Term Investments — 98.4% (Cost: $16,230,746,303)				15,150,472,394


Short-Term Securities

Money Market Funds — 2.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.05%^(e)(f)(g)		79,893,949		79,957,864
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.88%^(e)(f)		230,496,785		230,496,785


Total Short-Term Securities — 2.0% (Cost: $310,409,092)				310,454,649


Total Investments — 100.4% (Cost: $16,541,155,395)				15,460,927,043

Liabilities in Excess of Other Assets — (0.4)%				(68,782,695	)


Net Assets — 100.0%			$	15,392,144,348

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

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

^(c)	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.

^(d)	Convertible security.

^(e)	Affiliate of the Fund.

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

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


8		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Preferred and Income Securities ETF

Affiliates


Affiliated Issuer	Value at 03/31/24		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/24		Shares Held at 09/30/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	142,225,542	$	—	$	(62,301,968	)^(a)	$	1,557	$	32,733	$	79,957,864		79,893,949	$	1,093,402	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		406,927,713		—		(176,430,928	)^(a)		—		—		230,496,785		230,496,785		3,020,005			—

								$	1,557	$	32,733	$	310,454,649			$	4,113,407		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Preferred Securities
Preferred Stocks	$	14,898,065,537	$	252,406,857	$	—	$	15,150,472,394
Short-Term Securities
Money Market Funds		310,454,649		—		—		310,454,649

	$	15,208,520,186	$	252,406,857	$	—	$	15,460,927,043

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		9

Statement of Assets and Liabilities (unaudited)

September 30, 2024


	iShares Preferred and Income Securities ETF

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	15,150,472,394
Investments, at value — affiliated^(c)		310,454,649
Receivables:
Investments sold		152,006,292
Securities lending income — affiliated		219,503
Capital shares sold		2,962
Dividends — unaffiliated		36,258,380
Dividends — affiliated		517,842

Total assets		15,649,932,022


LIABILITIES
Bank overdraft		56,363
Collateral on securities loaned		79,803,163
Payables:
Investments purchased		171,971,933
Capital shares redeemed		326,178
Investment advisory fees		5,630,037

Total liabilities		257,787,674


Commitments and contingent liabilities

NET ASSETS	$	15,392,144,348


NET ASSETS CONSIST OF:
Paid-in capital	$	19,071,501,255
Accumulated loss		(3,679,356,907	)

NET ASSETS	$	15,392,144,348


NET ASSET VALUE
Shares outstanding	$	463,700,000

Net asset value	$	33.19

Shares authorized		Unlimited

Par value		None


^(a)Investments, at cost — unaffiliated	$	16,230,746,303
^(b)Securities loaned, at value	$	72,047,590
^(c)Investments, at cost — affiliated	$	310,409,092

See notes to financial statements.


10		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statement of Operations (unaudited)

Six Months Ended September 30, 2024


	iShares Preferred and Income Securities ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	485,660,648
Dividends — affiliated		3,020,005
Interest — unaffiliated		109,428
Securities lending income — affiliated — net		1,093,402
Foreign taxes withheld		(852,602	)

Total investment income		489,030,881


EXPENSES
Investment advisory		33,110,078
Interest expense		2,129

Total expenses		33,112,207

Net investment income		455,918,674


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(286,317,363	)
Investments — affiliated		1,557
In-kind redemptions — unaffiliated^(a)		33,007,152

	$	(253,308,654	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		704,434,192
Investments — affiliated		32,733

		704,466,925

Net realized and unrealized gain		451,158,271

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	907,076,945

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

See notes to financial statements.


S T A T E M E N T O F O P E R A T I O N S		11

Statements of Changes in Net Assets


	iShares Preferred and Income Securities ETF
	Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	455,918,674		$	867,924,083
Net realized loss		(253,308,654	)		(415,652,921	)
Net change in unrealized appreciation (depreciation)		704,466,925			846,470,347

Net increase in net assets resulting from operations		907,076,945			1,298,741,509


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(440,742,299	)^(b)		(870,372,798	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		81,761,248			1,433,710,878


NET ASSETS
Total increase in net assets		548,095,894			1,862,079,589
Beginning of period		14,844,048,454			12,981,968,865


End of period	$	15,392,144,348		$	14,844,048,454

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

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


12		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights

(For a share outstanding throughout each period)


	iShares Preferred and Income Securities ETF
	Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20

Net asset value, beginning of period	$	32.15		$	31.18		$	36.39		$	38.27		$	31.50		$	36.47

Net investment income^(a)		1.00			2.02			1.90			1.75			1.81			1.93
Net realized and unrealized gain (loss)^(b)		1.01			0.99			(5.13	)		(1.94	)		6.78			(4.93	)

Net increase (decrease) from investment operations		2.01			3.01			(3.23	)		(0.19	)		8.59			(3.00	)

Distributions from net investment income^(c)		(0.97	)^(d)		(2.04	)		(1.98	)		(1.69	)		(1.82	)		(1.97	)


Net asset value, end of period	$	33.19		$	32.15		$	31.18		$	36.39		$	38.27		$	31.50


Total Return^(e)
Based on net asset value		6.45	%^(f)		10.14	%		(8.99	)%		(0.67	)%		27.88	%		(8.90	)%


Ratios to Average Net Assets^(g)
Total expenses		0.45	%^(h)		0.46	%		0.46	%		0.45	%		0.46	%		0.46	%

Net investment income		6.26	%^(h)		6.58	%		5.80	%		4.56	%		4.97	%		5.25	%


Supplemental Data
Net assets, end of period (000)	$	15,392,144		$	14,844,048		$	12,981,969		$	17,711,748		$	18,364,340		$	13,816,631

Portfolio turnover rate⁽ⁱ⁾		7	%		21	%		16	%		21	%		28	%		46	%

^(a)	Based on average shares outstanding.

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

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

^(d)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		13

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock 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 September 30, 2024, if any, are disclosed in the Statement of Assets and Liabilities.

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

Bank Overdraft: The Fund had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

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

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

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.


14		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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:

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s 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 the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

•

Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

•

Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and

•

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 for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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


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		15

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 Capital, Inc.	$	633,741	$	(633,741	)	$	—	$	—
BNP Paribas SA		37,338		(37,338	)		—		—
BofA Securities, Inc.		3,738,103		(3,738,103	)		—		—
Citigroup Global Markets, Inc.		169,359		(169,359	)		—		—
Goldman Sachs & Co. LLC		9,227,572		(9,227,572	)		—		—
J.P. Morgan Securities LLC		47,121,343		(47,121,343	)		—		—
Morgan Stanley		2,293,291		(2,293,291	)		—		—
National Financial Services LLC		1,200,959		(1,200,959	)		—		—
RBC Capital Market LLC		497,514		(497,514	)		—		—
Toronto-Dominion Bank		2,673,445		(2,673,445	)		—		—
UBS AG		355,680		(355,680	)		—		—
UBS Securities LLC		16,799		(16,799	)		—		—
Wells Fargo Bank N.A.		3,322,704		(3,322,704	)		—		—
Wells Fargo Securities LLC		759,742		(759,742	)		—		—

	$	72,047,590	$	(72,047,590	)	$	—	$	—

^(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.

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 SLAgency Shares of such money market fund will not be subject to a sales load, redemption fee, distribution fee or service fee. The money market fund in which the cash collateral has been invested may impose a discretionary liquidity fee of up to 2% of the value redeemed, if such fee is determined to be in the best interests of such money market fund.


16		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Notes to Financial Statements (unaudited) (continued)

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the 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, 2024, the Fund paid BTC $277,739 for securities lending agent services.

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: 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.

6.	PURCHASES AND SALES

For the six months ended September 30, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
Preferred and Income Securities	$	1,061,781,035	$	1,100,718,461

For the six months ended September 30, 2024, in-kind transactions were as follows:

iShares ETF

In-kind

Purchases

In-kind

Sales

Preferred and Income Securities

640,989,686

571,951,304

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 substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Fund as of September 30, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Fund’s NAV.

As of March 31, 2024, the Fund had non-expiring capital loss carryforwards of $2,365,117,422 available to offset future realized capital gains.



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Preferred and Income Securities	$	16,600,685,450	$	193,317,328	$	(1,333,075,735	)	$	(1,139,758,407	)

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,


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)

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 an indexing approach to try to achieve the Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The 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.

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 Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

Counterparty Credit Risk: The 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.

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

The Fund invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Fund invest.

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.

LIBOR Transition Risk: The Fund may be exposed to financial instruments that recently transitioned from, or continue to be tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts. 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 09/30/24						Year Ended 03/31/24
iShares ETF	Shares			Amount			Shares			Amount

Preferred and Income Securities
Shares sold		21,400,000		$	689,941,160			75,050,000		$	2,326,504,374
Shares redeemed		(19,450,000	)		(608,179,912	)		(29,600,000	)		(892,793,496	)

		1,950,000		$	81,761,248			45,450,000		$	1,433,710,878

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.

To the extent applicable, to facilitate the timely settlement of orders for the Fund using a clearing facility outside of the continuous net settlement process, the Fund, at its sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, the Fund’s custodian, and the Fund. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Fund may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

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		19

Additional Information

Electronic Delivery

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.

Changes in and Disagreements with Accountants

Not applicable.

Proxy Results

Not applicable.

Remuneration Paid to Trustees, Officers, and Others

Availability of Portfolio Holdings Information


20		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Board Review and Approval of Investment Advisory Contract

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

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 other fund(s) 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 any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.


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		21

Board Review and Approval of Investment Advisory Contract (continued)

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 (as discussed above), 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 breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. 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.


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Board Review and Approval of Investment Advisory Contract (continued)


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		23

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


24		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.


		SEPTEMBER 30, 2024

2024 Semi-Annual Financial

Statements and Additional

Information (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

Table of Contents


	Page
Schedules of Investments		3
Statements of Assets and Liabilities		54
Statements of Operations		55
Statements of Changes in Net Assets		56
Financial Highlights		58
Notes to Financial Statements		62
Additional Information		72
Board Review and Approval of Investment Advisory Contract		73
Glossary of Terms Used in this Report		79


2

Schedule of Investments (unaudited)

September 30, 2024

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.3%
BWX Technologies, Inc.		2,851,587	$	309,967,507
Curtiss-Wright Corp.		1,194,628		392,662,277
Hexcel Corp.		2,549,889		157,659,637
Woodward, Inc.^(a)		1,860,893		319,161,758


			1,179,451,179

Air Freight & Logistics — 0.2%
GXO Logistics, Inc.^(a)(b)		3,726,401		194,033,700


Automobile Components — 0.9%
Autoliv, Inc.		2,280,558		212,935,700
Gentex Corp.		7,180,956		213,202,584
Goodyear Tire & Rubber Co. (The)^(a)(b)		8,882,856		78,613,276
Lear Corp.		1,754,774		191,533,582
Visteon Corp.^(b)		860,745		81,977,354


			778,262,496

Automobiles — 0.4%
Harley-Davidson, Inc.		3,694,989		142,367,926
Thor Industries, Inc.		1,659,360		182,347,071


			324,714,997

Banks — 5.7%
Associated Banc-Corp.		4,631,815		99,769,295
Bank OZK		3,291,442		141,499,092
Cadence Bank		4,729,501		150,634,607
Columbia Banking System, Inc.		6,534,158		170,606,865
Commerce Bancshares, Inc.		3,659,311		217,363,073
Cullen/Frost Bankers, Inc.		1,996,946		223,378,379
East West Bancorp, Inc.		4,323,382		357,716,627
First Financial Bankshares, Inc.		4,010,238		148,418,908
First Horizon Corp.		16,715,630		259,593,734
FNB Corp.		11,215,778		158,254,628
Glacier Bancorp, Inc.		3,537,028		161,642,180
Hancock Whitney Corp.		2,693,312		137,816,775
Home BancShares, Inc.		5,792,504		156,918,933
International Bancshares Corp.		1,668,312		99,748,374
New York Community Bancorp, Inc.^(a)		9,296,543		104,400,178
Old National Bancorp		9,949,351		185,654,890
Pinnacle Financial Partners, Inc.		2,386,886		233,843,221
Prosperity Bancshares, Inc.		2,971,395		214,148,438
SouthState Corp.		2,376,991		230,995,985
Synovus Financial Corp.		4,490,793		199,705,565
Texas Capital Bancshares, Inc.^(a)(b)		1,440,978		102,972,288
UMB Financial Corp.		1,383,642		145,434,611
United Bankshares, Inc.		4,206,200		156,050,020
Valley National Bancorp		13,342,318		120,881,401
Webster Financial Corp.		5,347,138		249,230,102
Western Alliance Bancorp		3,402,628		294,293,296
Wintrust Financial Corp.		2,074,275		225,121,066
Zions Bancorp N.A.		4,606,984		217,541,784


			5,163,634,315

Beverages — 0.5%
Boston Beer Co., Inc. (The), Class A, NVS^(b)		274,870		79,475,912
Celsius Holdings, Inc.^(a)(b)		4,870,824		152,749,041
Coca-Cola Consolidated, Inc.^(a)		183,861		242,034,620


			474,259,573

Biotechnology — 2.8%
Arrowhead Pharmaceuticals, Inc.^(a)(b)		3,874,963		75,058,033
BioMarin Pharmaceutical, Inc.^(a)(b)		5,938,444		417,413,229
Cytokinetics, Inc.^(a)(b)		3,670,068		193,779,590
Exelixis, Inc.^(b)		8,897,616		230,893,135


Security	Shares		Value

Biotechnology (continued)
Halozyme Therapeutics, Inc.^(a)(b)		3,951,351	$	226,175,331
Neurocrine Biosciences, Inc.^(a)(b)		3,149,656		362,903,364
Roivant Sciences Ltd.^(a)(b)		13,609,679		157,055,696
Sarepta Therapeutics, Inc.^(a)(b)		2,974,668		371,506,287
United Therapeutics Corp.^(a)(b)		1,387,774		497,308,813


			2,532,093,478

Broadline Retail — 0.4%
Macy’s, Inc.		8,621,840		135,276,669
Nordstrom, Inc.		3,008,379		67,658,444
Ollie’s Bargain Outlet Holdings, Inc.^(a)(b)		1,909,171		185,571,421


			388,506,534

Building Products — 3.7%
AAON, Inc.^(a)		2,097,384		226,181,891
Advanced Drainage Systems, Inc.^(a)		2,200,473		345,826,337
Carlisle Cos., Inc.		1,438,484		646,958,179
Fortune Brands Innovations, Inc.^(a)		3,871,195		346,588,088
Lennox International, Inc.		1,000,347		604,499,689
Owens Corning		2,712,093		478,738,656
Simpson Manufacturing Co., Inc.		1,315,153		251,549,314
Trex Co., Inc.^(a)(b)		3,390,800		225,759,464
UFP Industries, Inc.^(a)		1,900,192		249,324,192


			3,375,425,810

Capital Markets — 3.3%
Affiliated Managers Group, Inc.^(a)		929,963		165,347,421
Carlyle Group, Inc. (The)		6,558,497		282,408,881
Evercore, Inc., Class A		1,112,075		281,733,080
Federated Hermes, Inc., Class B		2,454,731		90,260,459
Hamilton Lane, Inc., Class A^(a)		1,264,307		212,896,656
Houlihan Lokey, Inc., Class A		1,656,928		261,827,763
Interactive Brokers Group, Inc., Class A^(a)		3,394,822		473,102,394
Janus Henderson Group PLC		3,974,223		151,298,670
Jefferies Financial Group, Inc.		5,063,657		311,668,088
Morningstar, Inc.		841,832		268,645,428
SEI Investments Co.		3,079,239		213,052,546
Stifel Financial Corp.		3,197,603		300,254,922


			3,012,496,308

Chemicals — 2.2%
Arcadium Lithium PLC^(a)(b)		33,542,208		95,595,293
Ashland, Inc.		1,523,171		132,470,182
Avient Corp.		2,848,250		143,323,940
Axalta Coating Systems Ltd.^(a)(b)		6,840,584		247,560,735
Cabot Corp.		1,710,081		191,135,753
Chemours Co. (The)		4,656,042		94,610,774
NewMarket Corp.		239,404		132,124,674
Olin Corp.		3,665,079		175,850,490
RPM International, Inc.		4,017,455		486,112,055
Scotts Miracle-Gro Co. (The)		1,329,281		115,248,663
Westlake Corp.		1,042,829		156,726,770


			1,970,759,329

Commercial Services & Supplies — 2.0%
Brink’s Co. (The)		1,376,756		159,208,064
Clean Harbors, Inc.^(b)		1,582,518		382,510,426
MSA Safety, Inc.		1,227,503		217,685,382
RB Global, Inc.^(a)		5,747,274		462,598,084
Stericycle, Inc.^(a)(b)		2,895,749		176,640,689
Tetra Tech, Inc.^(a)		8,343,425		393,475,923


			1,792,118,568


S C H E D U L E S O F I N V E S T M E N T S		3

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Communications Equipment — 0.5%
Ciena Corp.^(a)(b)		4,482,468	$	276,075,204
Lumentum Holdings, Inc.^(a)(b)		2,117,950		134,235,671


			410,310,875

Construction & Engineering — 2.6%
AECOM		4,181,831		431,857,687
Comfort Systems U.S.A., Inc.		1,109,316		433,021,501
EMCOR Group, Inc.		1,455,332		626,564,086
Fluor Corp.^(b)		5,342,835		254,906,658
MasTec, Inc.^(a)(b)		1,919,572		236,299,313
MDU Resources Group, Inc.		6,359,700		174,319,377
Valmont Industries, Inc.^(a)		629,025		182,385,799


			2,339,354,421

Construction Materials — 0.5%
Eagle Materials, Inc.^(a)		1,048,649		301,643,885
Knife River Corp.^(b)		1,765,874		157,851,477


			459,495,362

Consumer Finance — 0.7%
Ally Financial, Inc.		8,553,028		304,402,266
FirstCash Holdings, Inc.		1,214,446		139,418,401
SLM Corp.		6,783,065		155,128,697


			598,949,364

Consumer Staples Distribution & Retail — 2.2%
BJ’s Wholesale Club Holdings, Inc.^(a)(b)		4,139,477		341,424,063
Casey’s General Stores, Inc.^(a)		1,157,574		434,912,128
Performance Food Group Co.^(a)(b)		4,860,818		380,942,307
Sprouts Farmers Market, Inc.^(a)(b)		3,123,267		344,839,909
U.S. Foods Holding Corp.^(a)(b)		7,628,278		469,139,097


			1,971,257,504

Containers & Packaging — 1.7%
AptarGroup, Inc.		2,070,783		331,718,729
Berry Global Group, Inc.		3,574,612		243,002,124
Crown Holdings, Inc.^(a)		3,717,972		356,479,155
Graphic Packaging Holding Co.^(a)		9,361,194		276,997,730
Greif, Inc., Class A, NVS		806,493		50,534,851
Silgan Holdings, Inc.		2,531,307		132,893,618
Sonoco Products Co.		3,064,875		167,434,121


			1,559,060,328

Diversified Consumer Services — 1.3%
Duolingo, Inc., Class A^(a)(b)		1,167,739		329,325,753
Graham Holdings Co., Class B		107,145		88,043,189
Grand Canyon Education, Inc.^(b)		906,068		128,525,746
H&R Block, Inc.		4,354,231		276,711,380
Service Corp. International^(a)		4,541,951		358,496,192


			1,181,102,260

Diversified REITs — 0.5%
WP Carey, Inc.		6,826,303		425,278,677


Diversified Telecommunication Services — 0.4%
Frontier Communications Parent, Inc.^(b)		6,900,044		245,158,563
Iridium Communications, Inc.		3,692,611		112,440,005


			357,598,568

Electric Utilities — 0.9%
ALLETE, Inc.		1,801,473		115,636,552
IDACORP, Inc.		1,661,106		171,243,418
OGE Energy Corp.		6,265,471		257,009,620
Portland General Electric Co.		3,214,876		153,992,560
TXNM Energy, Inc.		2,821,705		123,506,028


			821,388,178


Security	Shares		Value

Electrical Equipment — 1.6%
Acuity Brands, Inc.		959,627	$	264,271,680
EnerSys		1,255,327		128,106,120
NEXTracker, Inc., Class A^(a)(b)		4,474,163		167,691,629
nVent Electric PLC		5,184,602		364,270,136
Regal Rexnord Corp.^(a)		2,075,554		344,292,898
Sensata Technologies Holding PLC		4,708,696		168,853,839


			1,437,486,302

Electronic Equipment, Instruments & Components — 2.7%
Arrow Electronics, Inc.^(a)(b)		1,651,440		219,360,775
Avnet, Inc.		2,748,398		149,265,495
Belden, Inc.^(a)		1,272,799		149,082,947
Cognex Corp.^(a)		5,349,476		216,653,778
Coherent Corp.^(a)(b)		4,781,754		425,145,748
Crane NXT Co.^(a)		1,531,916		85,940,488
Fabrinet^(a)(b)		1,127,443		266,572,623
IPG Photonics Corp.^(a)(b)		857,505		63,729,772
Littelfuse, Inc.		773,185		205,087,321
Novanta, Inc.^(a)(b)		1,119,918		200,375,729
TD SYNNEX Corp.		2,372,451		284,883,916
Vishay Intertechnology, Inc.		3,547,844		67,089,730
Vontier Corp.^(a)		4,794,226		161,757,185


			2,494,945,507

Energy Equipment & Services — 0.8%
ChampionX Corp.		5,942,103		179,154,405
NOV, Inc.		12,280,558		196,120,511
Valaris Ltd.^(a)(b)		2,077,958		115,846,159
Weatherford International PLC		2,281,951		193,783,279


			684,904,354

Entertainment — 0.4%
TKO Group Holdings, Inc., Class A^(b)		2,072,369		256,372,769
Warner Music Group Corp., Class A		4,416,925		138,249,752


			394,622,521

Financial Services — 1.6%
Equitable Holdings, Inc.		7,576,355		318,434,201
Essent Group Ltd.		3,314,136		213,065,803
Euronet Worldwide, Inc.^(a)(b)		1,316,904		130,676,384
MGIC Investment Corp.		8,086,057		207,003,059
Voya Financial, Inc.		3,066,902		242,959,976
Western Union Co. (The)		9,480,549		113,102,950
WEX, Inc.^(a)(b)		1,281,498		268,768,576


			1,494,010,949

Food Products — 1.0%
Darling Ingredients, Inc.^(b)		4,960,296		184,324,599
Flowers Foods, Inc.		6,109,136		140,937,768
Ingredion, Inc.		2,029,396		278,899,892
Lancaster Colony Corp.		601,042		106,125,986
Pilgrim’s Pride Corp.^(a)(b)		1,260,654		58,053,117
Post Holdings, Inc.^(a)(b)		1,476,224		170,872,928


			939,214,290

Gas Utilities — 1.0%
National Fuel Gas Co.		2,849,622		172,715,589
New Jersey Resources Corp.		3,093,260		146,001,872
ONE Gas, Inc.		1,767,163		131,512,270
Southwest Gas Holdings, Inc.		1,877,823		138,508,225
Spire, Inc.		1,801,286		121,208,535
UGI Corp.		6,696,600		167,548,932


			877,495,423

Ground Transportation — 1.6%
Avis Budget Group, Inc.		533,966		46,770,082


4		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Ground Transportation (continued)
Knight-Swift Transportation Holdings, Inc.		5,048,881	$	272,387,130
Landstar System, Inc.^(a)		1,105,855		208,862,834
Ryder System, Inc.		1,350,086		196,842,539
Saia, Inc.^(a)(b)		829,394		362,660,820
XPO, Inc.^(a)(b)		3,630,540		390,319,355


			1,477,842,760

Health Care Equipment & Supplies — 1.7%
DENTSPLY SIRONA, Inc.		6,323,083		171,102,626
Enovis Corp.^(a)(b)		1,740,858		74,943,937
Envista Holdings Corp.^(a)(b)		5,363,332		105,979,440
Globus Medical, Inc., Class A^(a)(b)		3,523,995		252,106,602
Haemonetics Corp.^(a)(b)		1,596,354		128,314,935
Lantheus Holdings, Inc.^(a)(b)		2,165,698		237,685,355
LivaNova PLC^(b)		1,693,276		88,964,721
Masimo Corp.^(a)(b)		1,377,239		183,627,276
Neogen Corp.^(a)(b)		6,150,825		103,395,368
Penumbra, Inc.^(a)(b)		1,211,621		235,430,077


			1,581,550,337

Health Care Providers & Services — 2.3%
Acadia Healthcare Co., Inc.^(a)(b)		2,896,716		183,680,762
Amedisys, Inc.^(a)(b)		1,017,894		98,236,950
Chemed Corp.^(a)		469,440		282,119,357
Encompass Health Corp.		3,138,701		303,324,065
Ensign Group, Inc. (The)		1,768,255		254,310,434
HealthEquity, Inc.^(a)(b)		2,714,058		222,145,647
Option Care Health, Inc.^(a)(b)		5,334,603		166,973,074
R1 RCM, Inc.^(a)(b)		4,866,585		68,959,509
Tenet Healthcare Corp.^(b)		2,988,887		496,753,019


			2,076,502,817

Health Care REITs — 0.7%
Healthcare Realty Trust, Inc.		11,323,675		205,524,701
Omega Healthcare Investors, Inc.		8,042,539		327,331,338
Sabra Health Care REIT, Inc.		7,307,187		135,986,750


			668,842,789

Health Care Technology — 0.2%
Doximity, Inc., Class A^(a)(b)		3,904,164		170,104,425


Hotel & Resort REITs — 0.1%
Park Hotels & Resorts, Inc.		6,516,518		91,882,904


Hotels, Restaurants & Leisure — 3.3%
Aramark		8,217,526		318,264,782
Boyd Gaming Corp.^(a)		2,148,172		138,879,320
Choice Hotels International, Inc.^(a)		706,840		92,101,252
Churchill Downs, Inc.^(a)		2,290,027		309,634,551
Hilton Grand Vacations, Inc.^(a)(b)		1,993,140		72,390,845
Hyatt Hotels Corp., Class A^(a)		1,401,431		213,297,798
Light & Wonder, Inc., Class A^(a)(b)		2,767,492		251,094,549
Marriott Vacations Worldwide Corp.		1,005,316		73,870,620
Planet Fitness, Inc., Class A^(a)(b)		2,638,194		214,274,117
Texas Roadhouse, Inc.		2,079,794		367,291,620
Travel + Leisure Co.		2,176,029		100,271,416
Vail Resorts, Inc.		1,173,570		204,541,515
Wendy’s Co. (The)		5,324,910		93,292,423
Wingstop, Inc.^(a)		914,050		380,317,924
Wyndham Hotels & Resorts, Inc.		2,463,549		192,501,719


			3,022,024,451

Household Durables — 2.0%
KB Home		2,248,325		192,658,969
Taylor Morrison Home Corp., Class A^(b)		3,251,524		228,452,076
Tempur Sealy International, Inc.^(a)		5,416,485		295,740,081


Security	Shares		Value

Household Durables (continued)
Toll Brothers, Inc.		3,201,874	$	494,657,514
TopBuild Corp.^(a)(b)		935,170		380,436,508
Whirlpool Corp.		1,712,264		183,212,248


			1,775,157,396

Independent Power and Renewable Electricity Producers — 0.1%
Ormat Technologies, Inc.		1,678,229		129,122,939


Industrial REITs — 1.2%
EastGroup Properties, Inc.		1,517,497		283,498,790
First Industrial Realty Trust, Inc.		4,127,991		231,084,936
Rexford Industrial Realty, Inc.		6,832,851		343,760,734
STAG Industrial, Inc.		5,680,401		222,046,875


			1,080,391,335

Insurance — 4.6%
American Financial Group, Inc.		2,250,743		302,950,008
Brighthouse Financial, Inc.^(a)(b)		1,894,372		85,303,571
CNO Financial Group, Inc.		3,299,034		115,796,093
Fidelity National Financial, Inc., Class A		8,101,011		502,748,743
First American Financial Corp.		3,209,295		211,845,563
Hanover Insurance Group, Inc. (The)		1,122,412		166,240,441
Kemper Corp.		1,889,041		115,703,761
Kinsale Capital Group, Inc.^(a)		690,027		321,255,870
Old Republic International Corp.		7,417,936		262,743,293
Primerica, Inc.		1,055,165		279,777,000
Reinsurance Group of America, Inc.		2,054,246		447,558,576
RenaissanceRe Holdings Ltd.^(a)		1,626,859		443,156,392
RLI Corp.		1,298,487		201,239,515
Ryan Specialty Holdings, Inc., Class A^(a)		3,190,925		211,845,511
Selective Insurance Group, Inc.		1,897,510		177,037,683
Unum Group		4,977,954		295,889,586


			4,141,091,606

Interactive Media & Services — 0.1%
ZoomInfo Technologies, Inc., Class A^(a)(b)		8,998,059		92,859,969


IT Services — 0.3%
ASGN, Inc.^(a)(b)		1,397,408		130,280,348
Kyndryl Holdings, Inc.^(a)(b)		7,211,835		165,727,968


			296,008,316

Leisure Products — 0.7%
Brunswick Corp.		2,065,638		173,141,777
Mattel, Inc.^(a)(b)		10,602,198		201,971,872
Polaris, Inc.		1,634,564		136,061,107
YETI Holdings, Inc.^(a)(b)		2,640,470		108,338,484


			619,513,240

Life Sciences Tools & Services — 2.5%
Avantor, Inc.^(a)(b)		21,205,644		548,590,010
Azenta, Inc.^(a)(b)		1,524,677		73,855,354
Bio-Rad Laboratories, Inc., Class A^(a)(b)		597,255		199,829,578
Bruker Corp.^(a)		3,447,278		238,069,019
Illumina, Inc.^(a)(b)		4,968,902		647,994,510
Medpace Holdings, Inc.^(a)(b)		792,953		264,687,711
Repligen Corp.^(a)(b)		1,624,663		241,782,348
Sotera Health Co.^(a)(b)		4,778,143		79,794,988


			2,294,603,518

Machinery — 4.6%
AGCO Corp.		1,932,439		189,108,481
Chart Industries, Inc.^(a)(b)		1,311,473		162,806,258
CNH Industrial NV		27,375,530		303,868,383
Crane Co.^(a)		1,516,826		240,083,219
Donaldson Co., Inc.		3,755,691		276,794,427
Esab Corp.		1,772,169		188,399,286


S C H E D U L E S O F I N V E S T M E N T S		5

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Flowserve Corp.		4,097,829	$	211,816,781
Graco, Inc.		5,269,310		461,117,318
ITT, Inc.^(a)		2,548,393		381,010,237
Lincoln Electric Holdings, Inc.		1,767,818		339,456,412
Middleby Corp. (The)^(a)(b)		1,677,195		233,348,140
Oshkosh Corp.		2,030,175		203,443,837
RBC Bearings, Inc.^(a)(b)		906,318		271,333,483
Terex Corp.		2,086,747		110,409,784
Timken Co. (The)		1,990,768		167,801,835
Toro Co. (The)		3,240,050		281,009,537
Watts Water Technologies, Inc., Class A		854,599		177,064,367


			4,198,871,785

Marine Transportation — 0.2%
Kirby Corp.^(a)(b)		1,806,025		221,111,641


Media — 0.5%
New York Times Co. (The), Class A		5,098,324		283,823,697
Nexstar Media Group, Inc., Class A		945,819		156,391,172


			440,214,869

Metals & Mining — 1.9%
Alcoa Corp.		8,058,171		310,884,237
Cleveland-Cliffs, Inc.^(a)(b)		14,599,157		186,431,235
Commercial Metals Co.		3,586,845		197,133,001
Reliance, Inc.		1,716,068		496,304,026
Royal Gold, Inc.		2,050,598		287,698,900
United States Steel Corp.^(a)		6,978,612		246,554,362


			1,725,005,761

Mortgage Real Estate Investment Trusts (REITs) — 0.6%
Annaly Capital Management, Inc.		15,627,808		313,650,106
Starwood Property Trust, Inc.		9,903,123		201,825,647


			515,475,753

Multi-Utilities — 0.3%
Black Hills Corp.		2,175,593		132,972,244
Northwestern Energy Group, Inc.		1,912,071		109,408,703


			242,380,947

Office REITs — 0.6%

COPT Defense Properties		3,506,648		106,356,634
Cousins Properties, Inc.		4,745,573		139,899,492
Kilroy Realty Corp.		3,295,339		127,529,619
Vornado Realty Trust		5,169,163		203,665,022


			577,450,767

Oil, Gas & Consumable Fuels — 4.2%
Antero Midstream Corp.		10,508,085		158,146,679
Antero Resources Corp.^(a)(b)		9,118,904		261,256,600
Chesapeake Energy Corp.^(a)		3,450,047		283,766,366
Chord Energy Corp.		1,930,167		251,365,648
Civitas Resources, Inc.		2,822,329		143,007,410
CNX Resources Corp.^(a)(b)		4,717,095		153,635,784
DT Midstream, Inc.		3,029,131		238,271,444
HF Sinclair Corp.		5,059,185		225,487,875
Matador Resources Co.		3,620,746		178,937,267
Murphy Oil Corp.		4,424,101		149,269,168
Ovintiv, Inc.		8,236,308		315,532,959
PBF Energy, Inc., Class A		3,106,029		96,131,598
Permian Resources Corp., Class A		19,794,442		269,402,356
Range Resources Corp.^(a)		7,551,272		232,277,127
Southwestern Energy Co.^(a)(b)		34,490,962		245,230,740
Texas Pacific Land Corp.^(a)		587,796		520,046,633
Viper Energy, Inc., Class A		3,164,342		142,743,468


			3,864,509,122


Security	Shares		Value

Paper & Forest Products — 0.2%
Louisiana-Pacific Corp.		1,950,933	$	209,647,260


Passenger Airlines — 0.3%
American Airlines Group, Inc.^(b)		20,483,991		230,240,059


Personal Care Products — 0.6%
BellRing Brands, Inc.^(a)(b)		4,031,330		244,782,357
Coty, Inc., Class A^(a)(b)		11,369,284		106,757,577
elf Beauty, Inc.^(a)(b)		1,758,858		191,768,288


			543,308,222

Pharmaceuticals — 0.4%
Jazz Pharmaceuticals PLC^(a)(b)		1,926,238		214,602,176
Perrigo Co. PLC		4,255,075		111,610,617


			326,212,793

Professional Services — 2.7%
CACI International, Inc., Class A^(a)(b)		695,680		351,012,301
Concentrix Corp.		1,466,144		75,139,880
ExlService Holdings, Inc.^(a)(b)		5,034,558		192,068,388
Exponent, Inc.^(a)		1,582,405		182,419,648
FTI Consulting, Inc.^(a)(b)		1,100,524		250,435,241
Genpact Ltd.		5,113,127		200,485,710
Insperity, Inc.		1,112,338		97,885,744
KBR, Inc.^(a)		4,150,109		270,296,599
ManpowerGroup, Inc.		1,480,007		108,810,115
Maximus, Inc.		1,877,045		174,865,512
Parsons Corp.^(a)(b)		1,457,340		151,097,011
Paylocity Holding Corp.^(a)(b)		1,351,933		223,028,387
Science Applications International Corp.^(a)		1,598,006		222,554,296


			2,500,098,832

Real Estate Management & Development — 0.4%
Jones Lang LaSalle, Inc.^(a)(b)		1,480,506		399,455,324


Residential REITs — 1.0%
American Homes 4 Rent, Class A		9,814,380		376,774,048
Equity LifeStyle Properties, Inc.		5,817,888		415,048,130
Independence Realty Trust, Inc.		7,009,429		143,693,295


			935,515,473

Retail REITs — 1.1%
Agree Realty Corp.		3,131,623		235,905,161
Brixmor Property Group, Inc.		9,399,588		261,872,522
Kite Realty Group Trust		6,851,476		181,975,202
NNN REIT, Inc.		5,728,741		277,786,651


			957,539,536

Semiconductors & Semiconductor Equipment — 2.4%
Allegro MicroSystems, Inc.^(a)(b)		4,848,290		112,965,157
Amkor Technology, Inc.^(a)		3,535,280		108,179,568
Cirrus Logic, Inc.^(a)(b)		1,666,001		206,933,984
Lattice Semiconductor Corp.^(a)(b)		4,297,398		228,062,912
MACOM Technology Solutions Holdings, Inc.^(a)(b)		1,801,435		200,427,658
MKS Instruments, Inc.^(a)		2,098,856		228,166,636
Onto Innovation, Inc.^(a)(b)		1,540,394		319,724,179
Power Integrations, Inc.^(a)		1,772,620		113,660,394
Rambus, Inc.^(a)(b)		3,358,766		141,807,101
Silicon Laboratories, Inc.^(a)(b)		1,007,157		116,397,134
Synaptics, Inc.^(b)		1,232,024		95,580,422
Universal Display Corp.^(a)		1,376,431		288,912,867


			2,160,818,012

Software — 2.7%
Altair Engineering, Inc., Class A^(a)(b)		1,853,680		177,044,977
Appfolio, Inc., Class A^(a)(b)		717,673		168,940,224


6		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Aspen Technology, Inc.^(a)(b)		828,680	$	197,905,358
Blackbaud, Inc.^(a)(b)		1,245,029		105,429,056
CommVault Systems, Inc.^(b)		1,363,504		209,775,090
Dolby Laboratories, Inc., Class A		1,861,455		142,457,151
Dropbox, Inc., Class A^(a)(b)		7,400,386		188,191,816
Dynatrace, Inc.^(a)(b)		9,292,284		496,858,426
Manhattan Associates, Inc.^(a)(b)		1,910,388		537,544,975
Qualys, Inc.^(a)(b)		1,148,209		147,498,928
Teradata Corp.^(b)		2,997,036		90,930,072


			2,462,576,073

Specialized REITs — 1.8%
CubeSmart		7,024,438		378,125,498
EPR Properties		2,361,899		115,827,527
Gaming & Leisure Properties, Inc.		8,558,834		440,352,009
Lamar Advertising Co., Class A^(a)		2,741,227		366,227,927
National Storage Affiliates Trust		2,179,436		105,048,815
PotlatchDeltic Corp.		2,239,935		100,909,072
Rayonier, Inc.		4,182,298		134,586,350


			1,641,077,198

Specialty Retail — 4.2%
Abercrombie & Fitch Co., Class A^(a)(b)		1,594,077		223,011,372
AutoNation, Inc.^(a)(b)		816,864		146,153,307
Burlington Stores, Inc.^(a)(b)		1,968,935		518,774,994
Dick’s Sporting Goods, Inc.		1,806,649		377,047,646
Five Below, Inc.^(b)		1,717,783		151,766,128
Floor & Decor Holdings, Inc., Class A^(a)(b)		3,342,635		415,054,988
GameStop Corp., Class A^(a)(b)		12,098,120		277,409,892
Gap, Inc. (The)		6,908,487		152,332,138
Lithia Motors, Inc., Class A^(a)		834,082		264,937,806
Murphy U.S.A., Inc.^(a)		581,663		286,684,243
Penske Automotive Group, Inc.		583,130		94,711,975
RH^(a)(b)		466,025		155,852,741
Valvoline, Inc.^(a)(b)		4,019,607		168,220,553
Williams-Sonoma, Inc.		4,011,801		621,508,211


			3,853,465,994

Technology Hardware, Storage & Peripherals — 0.5%
Pure Storage, Inc., Class A^(b)		9,637,498		484,187,900


Textiles, Apparel & Luxury Goods — 1.2%
Capri Holdings Ltd.^(b)		3,674,090		155,928,380
Carter’s, Inc.		1,126,235		73,182,750


Security	Shares		Value

Textiles, Apparel & Luxury Goods (continued)
Columbia Sportswear Co.		1,022,367	$	85,050,711
Crocs, Inc.^(a)(b)		1,852,339		268,237,210
PVH Corp.^(a)		1,742,333		175,679,436
Skechers U.S.A., Inc., Class A^(a)(b)		4,134,301		276,667,423
Under Armour, Inc., Class A^(a)(b)		5,897,548		52,547,153
Under Armour, Inc., Class C, NVS^(a)(b)		4,036,035		33,741,253


			1,121,034,316

Trading Companies & Distributors — 1.7%
Applied Industrial Technologies, Inc.		1,196,499		266,974,822
Core & Main, Inc., Class A^(a)(b)		6,017,550		267,179,220
GATX Corp.^(a)		1,110,439		147,077,645
MSC Industrial Direct Co., Inc., Class A		1,400,476		120,524,965
Watsco, Inc.^(a)		1,085,141		533,759,155
WESCO International, Inc.		1,395,372		234,394,589


			1,569,910,396

Water Utilities — 0.3%
Essential Utilities, Inc.		7,853,553		302,911,539


Total Long-Term Investments — 99.6% (Cost: $70,740,019,338)				90,632,749,544


Short-Term Securities

Money Market Funds — 4.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.05%^(c)(d)(e)		3,570,534,319		3,573,390,746
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.88%^(c)(d)		312,111,565		312,111,565


Total Short-Term Securities — 4.2% (Cost: $3,882,035,626)				3,885,502,311


Total Investments — 103.8% (Cost: $74,622,054,964)				94,518,251,855

Liabilities in Excess of Other Assets — (3.8)%				(3,499,716,839	)


Net Assets — 100.0%			$	91,018,535,016

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

^(b)	Non-income producing security.

^(c)	Affiliate of the Fund.

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

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


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, 2024

iShares^® Core S&P Mid-Cap ETF

Affiliates


Affiliated Issuer	Value at 03/31/24		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/24		Shares Held at 09/30/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,953,977,091	$	—	$	(381,559,303	)^(a)	$	(108,992	)	$	1,081,950	$	3,573,390,746		3,570,534,319	$	5,024,295	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		620,525,039		—		(308,413,474	)^(a)		—			—		312,111,565		312,111,565		10,807,662			—

								$	(108,992	)	$	1,081,950	$	3,885,502,311			$	15,831,957		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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 Mid 400 E-Mini Index

614

12/20/24

193,324

7,383,677

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)		08/18/26–08/19/26	$	11,796,486	$	93,651	^(c)	$	11,845,527		0.0	% ^(d)
	Monthly	HSBC Bank PLC^(e)		02/09/28		80,048,843		3,042,875	^(f)		83,262,851		0.1
	Monthly	JPMorgan Chase Bank NA^(g)		02/10/25		66,333,273		3,021,619	^(h)		69,502,822		0.1

							$	6,158,145		$	164,611,200

^(a)

^(c)

Amount includes $44,610 of net dividends, payable for referenced securities purchased and financing fees.

^(d)

Rounds to less than 0.1%.

^(f)

Amount includes $(171,133) of net dividends, payable for referenced securities purchased and financing fees.

^(h)

Amount includes $(147,930) 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)	(e)	(g)
Range:	40 basis points	40 basis points	40 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)


8		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P Mid-Cap ETF



	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Cadence Bank		8,844,096	$	8,802,639		74.3	%


Financial Services
Equitable Holdings, Inc.		2,952,390		3,042,888		25.7


Net Value of Reference Entity — Goldman Sachs Bank USA			$ 11,845,527



	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Cadence Bank		8,460,810	$	8,772,031		10.5	%


Financial Services
Equitable Holdings, Inc.		71,588,033		74,490,820		89.5


Net Value of Reference Entity — HSBC Bank PLC			$ 83,262,851



	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Cadence Bank		12,501,135	$	12,960,975		18.6	%


Financial Services
Equitable Holdings, Inc.		21,948,486		23,079,682		33.2
Western Union Co. (The)		12,765,489		12,544,669		18.1


				35,624,351

Insurance
Fidelity National Financial, Inc., Class A		44,646		47,042		0.1
Unum Group		19,073,516		20,870,454		30.0


				20,917,496


Net Value of Reference Entity — JPMorgan Chase Bank NA			$ 69,502,822

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	$	—	$	—	$	6,158,145	$	—


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, 2024

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
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	7,383,677	$	—	$	—	$	—	$	7,383,677
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		6,158,145		—		—		—		6,158,145

	$	—	$	—	$	13,541,822	$	—	$	—	$	—	$	13,541,822

^(a)

For the period ended September 30, 2024, 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	$	—	$	—	$	6,473,874		$	—	$	—	$	—	$	6,473,874
Swaps		—		—		50,950,406			—		—		—		50,950,406

	$	—	$	—	$	57,424,280		$	—	$	—	$	—	$	57,424,280

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	1,730,187		$	—	$	—	$	—	$	1,730,187
Swaps		—		—		(32,687,405	)		—		—		—		(32,687,405	)

	$	—	$	—	$	(30,957,218	)	$	—	$	—	$	—	$	(30,957,218)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	256,547,325
Total return swaps
Average notional amount	$	234,926,366

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	$	148,800		$	—
Swaps — OTC^(a)		6,158,145			—

Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	6,306,945		$	—

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(148,800	)		—

Total derivative assets and liabilities subject to an MNA	$	6,158,145		$	—

^(a)

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


10		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P Mid-Cap ETF


Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)		Non- Cash Collateral Received^(b)		Cash Collateral Received^(b)		Net Amount of Derivative Assets^(c)
Goldman Sachs Bank USA	$	93,651	$	—	$	—	$	—	$	93,651
HSBC Bank PLC		3,042,875		—		—		(2,940,000)		102,875
JPMorgan Chase Bank N.A.		3,021,619		—		—		(3,021,619)		—

	$	6,158,145	$	—	$	—	$	(5,961,619)	$	196,526

^(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 receivable from the counterparty in the event of default.

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	90,632,749,544	$	—	$	—	$	90,632,749,544
Short-Term Securities
Money Market Funds		3,885,502,311		—		—		3,885,502,311

	$	94,518,251,855	$	—	$	—	$	94,518,251,855

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	7,383,677	$	6,158,145	$	—	$	13,541,822

^(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.


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)

September 30, 2024

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.2%
AAR Corp.^(a)(b)(c)		2,243,808	$	146,655,291
AeroVironment, Inc.^(a)(b)(c)		1,778,758		356,640,979
Mercury Systems, Inc.^(a)(b)(c)		3,207,343		118,671,691
Moog, Inc., Class A^(a)		1,826,361		368,961,449
National Presto Industries, Inc.		326,990		24,570,029
Triumph Group, Inc.^(a)(b)(c)		4,076,599		52,547,361


			1,068,046,800

Air Freight & Logistics — 0.3%
Forward Air Corp.^(c)		1,222,612		43,280,465
Hub Group, Inc., Class A^(a)		3,924,713		178,378,206


			221,658,671

Automobile Components — 1.5%
Adient PLC^(a)(b)(c)		5,555,672		125,391,517
American Axle & Manufacturing Holdings, Inc.^(a)(b)(c)		7,469,222		46,159,792
Dana, Inc.^(a)		8,196,480		86,554,829
Dorman Products, Inc.^(a)(b)(c)		1,733,588		196,103,475
Fox Factory Holding Corp.^(a)(b)(c)		2,647,740		109,881,210
Gentherm, Inc.^(a)(b)(c)		1,996,788		92,950,481
LCI Industries^(a)		1,622,294		195,551,319
Patrick Industries, Inc.^(a)		1,427,313		203,206,552
Phinia, Inc.^(a)		2,784,032		128,148,993
Standard Motor Products, Inc.^(a)		1,319,472		43,806,470
XPEL, Inc.^(a)(b)(c)		1,439,790		62,443,692


			1,290,198,330

Automobiles — 0.1%
Winnebago Industries, Inc.^(a)		1,839,278		106,880,445


Banks — 9.2%
Ameris Bancorp^(a)		4,096,477		255,579,200
Atlantic Union Bankshares Corp.^(a)		5,686,323		214,203,787
Axos Financial, Inc.^(a)(b)(c)		3,424,405		215,326,586
Banc of California, Inc.^(a)		8,775,814		129,267,740
BancFirst Corp.		1,262,502		132,878,335
Bancorp, Inc. (The)^(a)(b)(c)		3,100,773		165,891,355
Bank of Hawaii Corp.^(a)		2,516,263		157,945,829
BankUnited, Inc.^(a)		4,734,476		172,524,305
Banner Corp.^(a)		2,182,239		129,974,155
Berkshire Hills Bancorp, Inc.^(a)		2,672,635		71,974,061
Brookline Bancorp, Inc.^(a)		5,631,159		56,818,394
Capitol Federal Financial, Inc.^(a)		7,754,593		45,286,823
Cathay General Bancorp^(a)		4,500,492		193,296,131
Central Pacific Financial Corp.^(a)		1,597,517		47,142,727
City Holding Co.^(a)		931,138		109,306,290
Comerica, Inc.^(a)		8,402,532		503,395,692
Community Financial System, Inc.^(a)		3,327,826		193,246,856
Customers Bancorp, Inc.^(a)(b)(c)		1,878,592		87,260,598
CVB Financial Corp.^(a)		8,329,487		148,431,458
Dime Community Bancshares, Inc.^(a)		2,268,920		65,344,896
Eagle Bancorp, Inc.^(a)		1,911,232		43,155,619
FB Financial Corp.		2,229,290		104,620,580
First BanCorp/Puerto Rico^(a)		10,313,004		218,326,295
First Bancorp/Southern Pines NC^(a)		2,614,367		108,731,524
First Commonwealth Financial Corp.^(a)		6,492,153		111,340,424
First Financial Bancorp^(a)		6,047,264		152,572,471
First Hawaiian, Inc.^(a)		8,121,302		188,008,141
Fulton Financial Corp.^(a)		11,520,785		208,871,832
Hanmi Financial Corp.^(a)		1,920,266		35,716,948
Heritage Financial Corp.^(a)		2,202,763		47,954,151
Hilltop Holdings, Inc.		2,944,850		94,706,376


Security	Shares		Value

Banks (continued)
Hope Bancorp, Inc.^(a)		7,665,921	$	96,283,968
Independent Bank Corp.^(a)		2,690,622		159,096,479
Independent Bank Group, Inc.^(a)		2,297,414		132,468,891
Lakeland Financial Corp.^(a)		1,615,462		105,198,885
National Bank Holdings Corp., Class A^(a)		2,412,338		101,559,430
NBT Bancorp, Inc.^(a)		2,987,532		132,138,540
Northwest Bancshares, Inc.^(a)		8,066,925		107,935,457
OFG Bancorp^(a)		2,948,961		132,467,328
Pacific Premier Bancorp, Inc.^(a)		6,106,988		153,651,818
Park National Corp.^(a)		923,225		155,083,336
Pathward Financial, Inc.^(a)(c)		1,581,895		104,420,889
Preferred Bank		590,912		47,420,688
Provident Financial Services, Inc.^(a)		6,854,136		127,212,764
Renasant Corp.^(a)		4,025,324		130,823,030
S&T Bancorp, Inc.^(a)		2,422,908		101,689,449
Seacoast Banking Corp. of Florida^(a)		5,354,009		142,684,340
ServisFirst Bancshares, Inc.^(a)		3,185,547		256,277,256
Simmons First National Corp., Class A^(a)		7,951,657		171,278,692
Southside Bancshares, Inc.^(a)		1,807,328		60,418,975
Stellar Bancorp, Inc.^(a)		3,039,689		78,697,548
Tompkins Financial Corp.^(a)		801,161		46,299,094
Triumph Financial, Inc.^(a)(b)(c)		1,396,592		111,084,928
TrustCo Bank Corp.^(a)		1,213,895		40,143,508
Trustmark Corp.^(a)		3,876,489		123,349,880
United Community Banks, Inc.^(a)		7,549,612		219,542,717
Veritex Holdings, Inc.^(a)		3,460,030		91,067,990
WaFd, Inc.^(a)		4,467,887		155,705,862
Westamerica BanCorp^(a)		1,704,051		84,214,200
WSFS Financial Corp.^(a)		3,753,747		191,403,560


			7,968,719,081

Beverages — 0.2%
MGP Ingredients, Inc.^(c)		893,943		74,420,755
National Beverage Corp.		1,486,155		69,760,116

				144,180,871

Biotechnology — 2.3%
ADMA Biologics, Inc.^(a)(b)(c)		14,799,870		295,849,401
Alkermes PLC^(a)(b)(c)		10,455,752		292,656,498
Arcus Biosciences, Inc.^(b)(c)		3,426,600		52,392,714
Catalyst Pharmaceuticals, Inc.^(a)(b)(c)		7,109,061		141,328,133
Dynavax Technologies Corp.^(a)(b)(c)		7,741,702		86,242,560
Ironwood Pharmaceuticals, Inc., Class A^(a)(b)		8,992,022		37,047,131
Krystal Biotech, Inc.^(a)(b)(c)		1,605,317		292,215,854
Myriad Genetics, Inc.^(a)(b)		5,786,842		158,501,602
Protagonist Therapeutics, Inc.^(a)(b)(c)		3,753,220		168,894,900
REGENXBIO, Inc.^(a)(b)(c)		2,908,581		30,511,015
TG Therapeutics, Inc.^(a)(b)(c)		8,499,967		198,814,228
Vericel Corp.^(a)(b)(c)		3,114,076		131,569,711
Vir Biotechnology, Inc.^(b)(c)		5,856,206		43,862,983
Xencor, Inc.^(a)(b)(c)		3,927,929		78,990,652


			2,008,877,382

Broadline Retail — 0.6%
Etsy, Inc.^(a)(b)(c)		7,285,732		404,576,698
Kohl’s Corp.^(a)		7,085,731		149,508,924


			554,085,622

Building Products — 2.7%
American Woodmark Corp.^(a)(b)		990,146		92,529,144
Apogee Enterprises, Inc.^(a)		1,393,254		97,548,679
Armstrong World Industries, Inc.^(a)		2,774,635		364,670,278
AZZ, Inc.^(a)		1,899,795		156,942,065
CSW Industrials, Inc.^(a)(c)		1,055,927		386,881,094
Gibraltar Industries, Inc.^(a)(b)(c)		1,935,833		135,372,802


12		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Building Products (continued)
Griffon Corp.^(a)(c)		2,596,626	$	181,763,820
Hayward Holdings, Inc.^(b)(c)		9,047,093		138,782,407
Insteel Industries, Inc.^(a)		1,243,852		38,671,359
Masterbrand, Inc.^(a)(b)		8,096,571		150,110,426
Quanex Building Products Corp.^(a)		3,001,604		83,294,511
Resideo Technologies, Inc.^(a)(b)		9,297,859		187,258,880
Zurn Elkay Water Solutions Corp.^(a)(c)		9,116,460		327,645,572


			2,341,471,037

Capital Markets — 2.4%
Artisan Partners Asset Management, Inc., Class A^(a)		4,468,255		193,564,807
BGC Group, Inc., Class A^(a)		21,227,840		194,871,571
Brightsphere Investment Group, Inc.		1,778,322		45,169,379
Cohen & Steers, Inc.		1,701,506		163,259,501
Donnelley Financial Solutions, Inc.^(a)(b)(c)		1,696,674		111,692,049
Moelis & Co., Class A		3,252,111		222,802,125
Piper Sandler Cos.^(a)(c)		1,005,318		285,319,302
PJT Partners, Inc., Class A^(a)(c)		1,510,983		201,474,473
StepStone Group, Inc., Class A^(a)		3,979,414		226,150,098
StoneX Group, Inc.^(a)(b)(c)		1,802,832		147,615,884
Virtu Financial, Inc., Class A^(a)		5,222,416		159,074,791
Virtus Investment Partners, Inc.^(a)		422,878		88,571,797
WisdomTree, Inc.^(a)		7,614,054		76,064,399


			2,115,630,176

Chemicals — 2.1%
AdvanSix, Inc.^(a)		1,699,867		51,641,959
Balchem Corp.^(a)		2,059,945		362,550,320
Hawkins, Inc.^(a)(c)		1,208,113		153,998,164
HB Fuller Co.^(a)		3,461,941		274,808,877
Ingevity Corp.^(a)(b)(c)		2,308,745		90,041,055
Innospec, Inc.^(a)		1,583,865		179,119,293
Koppers Holdings, Inc.^(a)		1,312,553		47,947,561
Mativ Holdings, Inc.^(a)		3,451,086		58,633,951
Minerals Technologies, Inc.^(a)		2,049,719		158,299,798
Quaker Chemical Corp.		879,017		148,105,574
Sensient Technologies Corp.^(a)		2,712,473		217,594,584
Stepan Co.^(a)		1,347,441		104,089,817


			1,846,830,953

Commercial Services & Supplies — 2.0%
ABM Industries, Inc.^(a)		3,998,887		210,981,278
Brady Corp., Class A, NVS^(a)		2,790,404		213,828,659
CoreCivic, Inc.^(a)(b)		7,004,822		88,610,998
Deluxe Corp.^(a)		2,808,427		54,736,242
Enviri Corp.^(a)(b)(c)		5,089,018		52,620,446
GEO Group, Inc. (The)^(a)(b)		8,654,870		111,215,079
Healthcare Services Group, Inc.^(a)(b)		4,661,585		52,069,904
HNI Corp.^(a)		3,003,565		161,711,940
Interface, Inc., Class A^(a)		3,703,714		70,259,455
Liquidity Services, Inc.^(b)(c)		1,425,757		32,507,260
Matthews International Corp., Class A^(a)		1,957,294		45,409,221
MillerKnoll, Inc.^(a)		4,435,806		109,830,557
OPENLANE, Inc.^(a)(b)(c)		6,899,344		116,460,927
Pitney Bowes, Inc.		7,894,604		56,288,527
UniFirst Corp.^(a)(c)		954,018		189,515,676
Vestis Corp.^(a)(c)		7,266,163		108,265,829
Viad Corp.^(a)(b)		1,353,820		\48,507,371


			1,722,819,369

Communications Equipment — 0.8%
Calix, Inc.^(a)(b)(c)		3,731,594		144,748,531
Digi International, Inc.^(a)(b)(c)		2,313,246		63,683,662
Extreme Networks, Inc.^(b)(c)		5,798,272		87,148,028


Security	Shares		Value

Communications Equipment (continued)
Harmonic, Inc.^(a)(b)		7,412,856	$	108,005,312
NetScout Systems, Inc.^(a)(b)		4,530,426		98,536,765
Viasat, Inc.^(b)(c)		5,357,239		63,965,434
Viavi Solutions, Inc.^(a)(b)(c)		14,095,047		127,137,324


			693,225,056

Construction & Engineering — 1.1%
Arcosa, Inc.^(a)		3,097,578		293,526,491
Dycom Industries, Inc.^(a)(b)		1,847,202		364,083,514
Granite Construction, Inc.^(a)		2,774,152		219,934,771
MYR Group, Inc.^(a)(b)		1,051,949		107,540,746


			985,085,522

Consumer Finance — 0.8%
Bread Financial Holdings, Inc.		1,781,705		84,773,524
Encore Capital Group, Inc.^(a)(b)(c)		1,510,139		71,384,271
Enova International, Inc.^(a)(b)(c)		1,676,492		140,473,265
EZCORP, Inc., Class A, NVS^(a)(b)(c)		3,311,624		37,123,305
Green Dot Corp., Class A^(a)(b)		2,961,912		34,683,990
Navient Corp.		5,004,115		78,014,153
PRA Group, Inc.^(a)(b)(c)		2,506,953		56,055,469
PROG Holdings, Inc.^(a)		2,697,610		130,807,109
World Acceptance Corp.^(b)(c)		210,585		24,844,818


			658,159,904

Consumer Staples Distribution & Retail — 0.7%
Andersons, Inc. (The)^(a)		2,047,463		102,659,795
Chefs’ Warehouse, Inc. (The)^(a)(b)(c)		2,201,000		92,464,010
Grocery Outlet Holding Corp.^(a)(b)(c)		6,244,214		109,585,956
PriceSmart, Inc.^(a)		1,597,032		146,575,597
SpartanNash Co.^(a)		2,158,587		48,373,935
United Natural Foods, Inc.^(a)(b)(c)		3,784,205		63,650,328


			563,309,621

Containers & Packaging — 0.5%
Myers Industries, Inc.^(a)		2,381,013		32,905,600
O-I Glass, Inc.^(a)(b)(c)		9,890,593		129,764,580
Sealed Air Corp.^(a)		7,796,625		283,017,488


			445,687,668

Diversified Consumer Services — 1.1%
Adtalem Global Education, Inc.^(a)(b)(c)		2,401,443		181,260,918
Frontdoor, Inc.^(a)(b)(c)		4,859,288		233,197,231
Mister Car Wash, Inc.^(b)(c)		5,970,149		38,865,670
Perdoceo Education Corp.^(a)		3,919,253		87,164,187
Strategic Education, Inc.^(a)		1,548,276		143,292,944
Stride, Inc.^(a)(b)(c)		2,701,747		230,486,037


			914,266,987

Diversified REITs — 0.8%
Alexander & Baldwin, Inc.^(a)		4,613,183		88,573,114
American Assets Trust, Inc.		3,017,570		80,629,470
Armada Hoffler Properties, Inc.^(a)		4,341,724		47,020,871
Essential Properties Realty Trust, Inc.^(a)		11,104,364		379,214,031
Global Net Lease, Inc.		8,880,109		74,770,518


			670,208,004

Diversified Telecommunication Services — 0.6%
Cogent Communications Holdings, Inc.^(a)		2,686,666		203,971,683
Consolidated Communications Holdings, Inc.^(b)		4,850,375		22,505,740
Lumen Technologies, Inc.^(b)(c)		47,061,267		334,134,996


			560,612,419

Electric Utilities — 0.5%
MGE Energy, Inc.^(a)		2,316,889		211,879,499
Otter Tail Corp.^(a)		2,665,015		208,297,572


			420,177,071


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, 2024

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electrical Equipment — 0.5%
Powell Industries, Inc.^(c)		595,802	$	132,262,086
Sunrun, Inc.^(a)(b)(c)		14,194,249		256,348,137
Vicor Corp.^(b)(c)		1,461,021		61,508,984


			450,119,207

Electronic Equipment, Instruments & Components — 3.3%
Advanced Energy Industries, Inc.^(a)(c)		2,392,173		251,752,287
Arlo Technologies, Inc.^(a)(b)(c)		6,392,713		77,415,754
Badger Meter, Inc.^(a)(c)		1,867,406		407,860,144
Benchmark Electronics, Inc.^(a)		2,300,897		101,975,755
CTS Corp.^(a)		1,928,919		93,321,101
ePlus, Inc.^(a)(b)(c)		1,693,719		166,560,326
Insight Enterprises, Inc.^(a)(b)(c)		1,779,292		383,241,704
Itron, Inc.^(a)(b)(c)		2,854,932		304,935,287
Knowles Corp.^(a)(b)(c)		5,617,238		101,278,801
OSI Systems, Inc.^(a)(b)(c)		1,006,986		152,890,684
PC Connection, Inc.^(c)		784,976		59,210,740
Plexus Corp.^(a)(b)(c)		1,728,822		236,347,256
Rogers Corp.^(a)(b)(c)		1,075,029		121,489,027
Sanmina Corp.^(a)(b)		3,470,027		237,523,348
ScanSource, Inc.^(a)(b)(c)		1,444,046		69,357,529
TTM Technologies, Inc.^(a)(b)(c)		6,475,672		118,181,014


			2,883,340,757

Energy Equipment & Services — 2.0%
Archrock, Inc.^(a)		10,727,782		217,130,308
Bristow Group, Inc.^(a)(b)(c)		1,563,403		54,234,450
Cactus, Inc., Class A^(a)(c)		4,221,397		251,890,759
Core Laboratories, Inc.^(a)(c)		2,980,100		55,221,253
Helix Energy Solutions Group, Inc.^(a)(b)(c)		9,108,391		101,103,140
Helmerich & Payne, Inc.^(a)		6,271,387		190,775,593
Innovex International, Inc.^(b)(c)		2,292,533		33,654,384
Liberty Energy, Inc., Class A^(a)		10,534,190		201,097,687
Nabors Industries Ltd.^(a)(b)(c)		574,172		37,016,869
Oceaneering International, Inc.^(a)(b)(c)		6,454,904		160,533,462
Patterson-UTI Energy, Inc.^(a)		22,790,070		174,344,036
ProPetro Holding Corp.^(b)(c)		5,130,542		39,299,952
RPC, Inc.		5,284,772		33,611,150
Tidewater, Inc.^(b)(c)		2,491,367		178,855,237


			1,728,768,280

Entertainment — 0.5%
Cinemark Holdings, Inc.^(a)(b)(c)		6,781,367		188,793,257
Madison Square Garden Sports Corp.,
Class A^(a)(b)		1,060,672		220,895,551


			409,688,808

Financial Services — 2.0%
EVERTEC, Inc.^(a)		4,063,509		137,712,320
HA Sustainable Infrastructure Capital, Inc.^(a)		7,375,507		254,233,726
Jackson Financial, Inc., Class A		1,652,947		150,798,355
Mr. Cooper Group, Inc.^(a)(b)		4,105,669		378,460,568
NCR Atleos Corp.^(a)(b)(c)		4,608,364		131,476,625
NMI Holdings, Inc., Class A^(a)(b)		5,076,228		209,089,831
Payoneer Global, Inc.^(b)(c)		16,028,953		120,698,016
Radian Group, Inc.		3,283,945		113,920,052
Walker & Dunlop, Inc.^(a)		2,035,893		231,257,086


			1,727,646,579

Food Products — 1.2%
B&G Foods, Inc.^(a)		5,063,965		44,968,009
Cal-Maine Foods, Inc.^(a)(c)		2,584,591		193,430,790
Fresh Del Monte Produce, Inc.		2,131,590		62,967,169
Hain Celestial Group, Inc. (The)^(a)(b)(c)		5,707,187		49,253,024
J & J Snack Foods Corp.^(a)(c)		990,101		170,416,184


Security	Shares		Value

Food Products (continued)
John B Sanfilippo & Son, Inc.^(a)		572,087	$	53,953,525
Simply Good Foods Co. (The)^(a)(b)(c)		5,805,839		201,869,022
Tootsie Roll Industries, Inc.		1,054,512		32,658,237
TreeHouse Foods, Inc.^(a)(b)(c)		2,976,362		124,947,677
WK Kellogg Co.		4,215,061		72,119,694


			1,006,583,331

Gas Utilities — 0.3%
Chesapeake Utilities Corp.^(a)		1,430,398		177,612,520
Northwest Natural Holding Co.^(a)		2,456,375		100,269,228


			277,881,748

Ground Transportation — 0.9%
ArcBest Corp.^(a)(c)		1,506,654		163,396,626
Heartland Express, Inc.		2,761,650		33,913,062
Hertz Global Holdings, Inc.^(b)(c)		7,840,939		25,875,099
Marten Transport Ltd.		3,671,986		64,994,152
RXO, Inc.^(a)(b)(c)		8,718,221		244,110,188
Schneider National, Inc., Class B^(c)		2,986,551		85,236,166
Werner Enterprises, Inc.^(a)		3,925,433		151,482,459


			769,007,752

Health Care Equipment & Supplies — 4.1%
Artivion, Inc.^(a)(b)(c)		2,395,069		63,756,737
Avanos Medical, Inc.^(a)(b)(c)		2,918,875		70,140,566
CONMED Corp.^(a)(c)		1,962,609		141,150,839
Embecta Corp.^(a)		3,663,804		51,659,636
Glaukos Corp.^(a)(b)(c)		3,488,775		454,517,607
ICU Medical, Inc.^(a)(b)(c)		1,550,913		282,607,367
Inari Medical, Inc.^(a)(b)(c)		3,193,929		131,717,632
Inspire Medical Systems, Inc.^(a)(b)(c)		1,893,441		399,610,723
Integer Holdings Corp.^(a)(b)(c)		2,129,095		276,782,350
Integra LifeSciences Holdings Corp.^(a)(b)(c)		4,251,855		77,256,205
LeMaitre Vascular, Inc.^(a)		1,298,719		120,638,008
Merit Medical Systems, Inc.^(a)(b)(c)		3,695,827		365,258,582
Omnicell, Inc.^(a)(b)(c)		2,930,765		127,781,354
QuidelOrtho Corp.^(a)(b)(c)		3,672,139		167,449,538
STAAR Surgical Co.^(a)(b)(c)		3,134,482		116,446,006
Tandem Diabetes Care, Inc.^(a)(b)(c)		4,171,198		176,900,507
TransMedics Group, Inc.^(a)(b)		2,118,065		332,536,205
UFP Technologies, Inc.^(a)(b)(c)		462,982		146,626,399


			3,502,836,261

Health Care Providers & Services — 2.4%
AdaptHealth Corp.^(b)(c)		6,712,942		75,386,339
Addus HomeCare Corp.^(a)(b)(c)		1,140,499		151,720,582
AMN Healthcare Services, Inc.^(a)(b)(c)		2,422,656		102,696,388
Astrana Health, Inc.^(a)(b)(c)		2,646,445		153,335,023
CorVel Corp.^(b)(c)		576,567		188,473,987
Cross Country Healthcare, Inc.^(a)(b)(c)		2,032,940		27,322,714
Fulgent Genetics, Inc.^(b)(c)		1,279,118		27,795,234
National HealthCare Corp.^(a)		783,804		98,579,029
NeoGenomics, Inc.^(a)(b)(c)		8,166,769		120,459,843
Owens & Minor, Inc.^(a)(b)(c)		4,710,854		73,913,299
Patterson Cos., Inc.^(a)		4,983,062		108,830,074
Pediatrix Medical Group, Inc.^(a)(b)		5,368,313		62,218,748
Premier, Inc., Class A^(a)		6,679,094		133,581,880
Privia Health Group, Inc.^(a)(b)(c)		6,517,800		118,689,138
Progyny, Inc.^(a)(b)(c)		4,989,192		83,618,858
RadNet, Inc.^(b)(c)		3,513,849		243,825,982
Select Medical Holdings Corp.^(a)		6,687,598		233,196,542
U.S. Physical Therapy, Inc.^(a)		964,431		81,619,796


			2,085,263,456


14		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care REITs — 0.8%
CareTrust REIT, Inc.^(a)		9,791,539	$	302,166,894
LTC Properties, Inc.^(a)		2,771,528		101,687,362
Medical Properties Trust, Inc.^(a)(c)		38,103,778		222,907,101
Universal Health Realty Income Trust^(a)		815,009		37,286,662


			664,048,019

Health Care Technology — 0.3%
Certara, Inc.^(b)(c)		6,949,498		81,378,622
HealthStream, Inc.^(a)(c)		1,536,660		44,317,274
Schrodinger, Inc.^(a)(b)(c)		3,516,670		65,234,229
Simulations Plus, Inc.^(a)(c)		1,036,695		33,194,974


			224,125,099

Hotel & Resort REITs — 0.9%
Apple Hospitality REIT, Inc.^(a)		14,217,431		211,128,850
DiamondRock Hospitality Co.^(a)		13,164,744		114,928,215
Pebblebrook Hotel Trust^(a)(c)		7,682,076		101,633,865
Service Properties Trust^(a)		10,537,979		48,053,184
Summit Hotel Properties, Inc.^(a)		6,933,085		47,560,963
Sunstone Hotel Investors, Inc.^(a)		12,915,091		133,283,739
Xenia Hotels & Resorts, Inc.^(a)		6,497,800		95,972,506


			752,561,322

Hotels, Restaurants & Leisure — 1.9%
BJ’s Restaurants, Inc.^(a)(b)(c)		1,481,176		48,227,091
Bloomin’ Brands, Inc.^(a)		4,803,846		79,407,574
Brinker International, Inc.^(a)(b)(c)		2,825,242		216,215,770
Cheesecake Factory, Inc. (The)^(a)		2,972,779		120,546,188
Chuy’s Holdings, Inc.^(a)(b)(c)		1,102,172		41,221,233
Cracker Barrel Old Country Store, Inc.^(a)		1,410,325		63,958,239
Dave & Buster’s Entertainment, Inc.^(a)(b)(c)		2,010,381		68,453,473
Golden Entertainment, Inc.		1,358,433		43,184,585
Jack in the Box, Inc.^(a)		1,214,932		56,542,935
Monarch Casino & Resort, Inc.		808,776		64,111,674
Papa John’s International, Inc.^(a)		2,079,031		111,997,400
Penn Entertainment, Inc.^(a)(b)(c)		9,499,678		179,163,927
Sabre Corp.^(a)(b)(c)		24,501,004		89,918,685
Shake Shack, Inc., Class A^(a)(b)(c)		2,538,814		262,030,993
Six Flags Entertainment Corp.^(a)(c)		5,913,001		238,353,070


			1,683,332,837

Household Durables — 3.3%
Cavco Industries, Inc.^(a)(b)(c)		524,056		224,421,741
Century Communities, Inc.^(a)		1,751,206		180,339,194
Ethan Allen Interiors, Inc.^(a)		1,446,742		46,136,602
Green Brick Partners, Inc.^(b)(c)		1,956,263		163,387,086
Helen of Troy Ltd.^(a)(b)(c)		1,449,158		89,630,422
Installed Building Products, Inc.^(a)(c)		1,479,288		364,304,256
La-Z-Boy, Inc.^(a)		2,671,427		114,684,361
Leggett & Platt, Inc.^(a)		8,521,930		116,068,687
LGI Homes, Inc.^(a)(b)(c)		1,317,686		156,172,145
M/I Homes, Inc.^(a)(b)		1,740,534		298,257,906
Meritage Homes Corp.^(a)		2,306,381		472,969,552
Newell Brands, Inc.^(a)		26,504,587		203,555,228
Sonos, Inc.^(a)(b)(c)		7,687,041		94,473,734
Tri Pointe Homes, Inc.^(a)(b)		5,942,639		269,260,973
Worthington Enterprises, Inc.		1,988,091		82,406,372


			2,876,068,259

Household Products — 0.6%
Central Garden & Pet Co.^(a)(b)(c)		609,417		22,225,438
Central Garden & Pet Co., Class A, NVS^(b)(c)		3,303,663		103,735,018
Energizer Holdings, Inc.^(a)		4,149,689		131,794,123
WD-40 Co.^(a)(c)		860,294		221,852,617


			479,607,196


Security	Shares		Value

Independent Power and Renewable Electricity Producers — 0.3%
Clearway Energy, Inc., Class A^(a)		2,232,566	$	63,561,154
Clearway Energy, Inc., Class C^(a)		5,277,583		161,916,246


			225,477,400

Industrial REITs — 0.5%
Innovative Industrial Properties, Inc.^(a)		1,799,039		242,150,649
LXP Industrial Trust^(a)		18,691,936		187,853,957


			430,004,606

Insurance — 2.2%
Ambac Financial Group, Inc.^(b)		2,217,455		24,857,671
AMERISAFE, Inc.^(a)		1,210,625		58,509,506
Assured Guaranty Ltd.^(a)		3,140,450		249,728,584
Employers Holdings, Inc.^(a)		1,575,427		75,573,233
Genworth Financial, Inc., Class A^(a)(b)		27,362,221		187,431,214
Goosehead Insurance, Inc., Class A^(a)(b)(c)		1,537,509		137,299,554
HCI Group, Inc.^(a)		536,230		57,408,784
Horace Mann Educators Corp.^(a)		2,582,067		90,243,242
Lincoln National Corp.		8,415,055		265,158,383
Mercury General Corp.		1,693,698		106,669,100
Palomar Holdings, Inc.^(a)(b)(c)		1,668,451		157,952,256
ProAssurance Corp.^(a)(b)		3,329,028		50,068,581
Safety Insurance Group, Inc.^(a)		949,086		77,616,253
SiriusPoint Ltd.^(b)(c)		6,231,289		89,356,684
Stewart Information Services Corp.^(a)		1,760,934		131,612,207
Trupanion, Inc.^(a)(b)(c)		2,115,920		88,826,322
United Fire Group, Inc.^(a)		1,388,898		29,069,635


			1,877,381,209

Interactive Media & Services — 1.1%
Cargurus, Inc., Class A^(a)(b)(c)		5,566,931		167,174,938
Cars.com, Inc.^(a)(b)(c)		3,858,336		64,665,711
IAC, Inc.^(a)(b)(c)		4,488,962		241,595,935
QuinStreet, Inc.^(a)(b)(c)		3,511,424		67,173,541
Shutterstock, Inc.		1,552,409		54,908,706
TripAdvisor, Inc.^(a)(b)(c)		6,976,673		101,091,992
Yelp, Inc.^(a)(b)(c)		4,263,341		149,558,002
Ziff Davis, Inc.^(a)(b)(c)		2,841,620		138,273,229


			984,442,054

IT Services — 0.7%
DigitalOcean Holdings, Inc.^(b)(c)		4,018,198		162,295,017
DXC Technology Co.^(a)(b)(c)		11,481,442		238,239,921
Perficient, Inc.^(a)(b)		2,240,064		169,080,031


			569,614,969

Leisure Products — 0.3%
Sturm Ruger & Co., Inc.^(a)		1,078,166		44,937,959
Topgolf Callaway Brands Corp.^(b)(c)		8,990,556		98,716,305
Vista Outdoor, Inc.^(a)(b)(c)		3,709,519		145,338,954


			288,993,218

Life Sciences Tools & Services — 0.3%
BioLife Solutions, Inc.^(b)(c)		2,286,078		57,243,393
Cytek Biosciences, Inc.^(a)(b)(c)		6,813,818		37,748,552
Fortrea Holdings, Inc.^(a)(b)(c)		5,674,733		113,494,660
Mesa Laboratories, Inc.^(a)(c)		345,975		44,928,313
OmniAb, Inc., 12.50 Earnout Shares^(b)(d)		450,637		5
OmniAb, Inc., 15.00 Earnout Shares^(b)(d)		450,637		5


			253,414,928

Machinery — 4.8%
Alamo Group, Inc.^(a)		658,780		118,666,041
Albany International Corp., Class A^(a)		1,981,395		176,046,946
Astec Industries, Inc.^(a)		1,458,532		46,585,512
Barnes Group, Inc.^(a)		2,912,449		117,692,064


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, 2024

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Enerpac Tool Group Corp., Class A^(a)		3,460,849	$	144,974,965
Enpro, Inc.^(a)(c)		1,343,005		217,808,551
ESCO Technologies, Inc.^(a)		1,649,289		212,725,295
Federal Signal Corp.^(a)(c)		3,882,315		362,841,160
Franklin Electric Co., Inc.^(a)		2,494,057		261,427,055
Gates Industrial Corp. PLC^(a)(b)(c)		14,358,532		251,992,237
Greenbrier Cos., Inc. (The)^(a)		1,983,854		100,958,330
Hillenbrand, Inc.^(a)		4,474,846		124,400,719
John Bean Technologies Corp.^(a)(c)		2,028,684		199,845,661
Kennametal, Inc.^(a)		4,963,897		128,713,849
Lindsay Corp.^(a)		691,529		86,192,175
Mueller Industries, Inc.^(a)(c)		7,194,815		533,135,791
Proto Labs, Inc.^(a)(b)(c)		1,597,485		46,918,134
SPX Technologies, Inc.^(a)(b)(c)		2,935,206		468,047,949
Standex International Corp.^(a)(c)		755,371		138,066,711
Tennant Co.^(a)		1,205,023		115,730,409
Titan International, Inc.^(b)(c)		3,138,788		25,518,346
Trinity Industries, Inc.^(a)		5,253,139		183,019,363
Wabash National Corp.^(a)		2,794,966		53,635,398


			4,114,942,661

Marine Transportation — 0.4%
Matson, Inc.^(a)		2,132,101		304,080,245


Media — 0.8%
Cable One, Inc.^(a)		292,667		102,371,990
EchoStar Corp., Class A^(a)(b)(c)		7,663,668		190,212,240
John Wiley & Sons, Inc., Class A^(a)		2,618,450		126,340,213
Scholastic Corp., NVS^(a)		1,597,184		51,125,860
TechTarget, Inc.^(a)(b)(c)		1,644,971		40,219,541
TEGNA, Inc.^(a)		10,540,620		166,330,984
Thryv Holdings, Inc.^(a)(b)(c)		2,182,901		37,611,384


			714,212,212

Metals & Mining — 2.5%
Alpha Metallurgical Resources, Inc.^(a)		696,612		164,525,822
Arch Resources, Inc., Class A^(a)		1,152,531		159,233,683
ATI, Inc.^(a)(b)(c)		7,902,090		528,728,842
Carpenter Technology Corp.^(a)(c)		3,171,099		506,043,978
Century Aluminum Co.^(b)(c)		3,300,675		53,569,955
Haynes International, Inc.^(a)		812,322		48,365,652
Kaiser Aluminum Corp.^(a)		1,012,508		73,427,080
Materion Corp.^(a)(c)		1,319,664		147,617,615
Metallus, Inc.^(a)(b)(c)		2,446,388		36,279,934
MP Materials Corp., Class A^(b)(c)		7,772,801		137,189,938
SunCoke Energy, Inc.^(a)		5,379,185		46,691,326
Warrior Met Coal, Inc.^(c)		2,470,246		157,848,719
Worthington Steel, Inc.		2,208,743		75,119,349

				2,134,641,893

Mortgage Real Estate Investment Trusts (REITs) — 1.2%
Apollo Commercial Real Estate Finance, Inc.^(a)(c)		8,141,792		74,823,068
Arbor Realty Trust, Inc.^(a)(c)		9,861,728		153,448,488
ARMOUR Residential REIT, Inc.^(a)(c)		3,097,832		63,195,773
Blackstone Mortgage Trust, Inc., Class A^(a)		11,025,196		209,588,976
Ellington Financial, Inc.^(a)		5,539,701		71,406,746
Franklin BSP Realty Trust, Inc.^(a)		5,234,406		68,361,342
KKR Real Estate Finance Trust, Inc.^(a)		3,725,472		46,009,579
New York Mortgage Trust, Inc.^(a)(c)		5,794,156		36,677,007
PennyMac Mortgage Investment Trust^(a)		5,517,751		78,683,129
Ready Capital Corp.^(a)		10,685,668		81,531,647


Security	Shares		Value

Mortgage Real Estate Investment Trusts (REITs) (continued)
Redwood Trust, Inc.^(a)		8,398,836	$	64,923,002
Two Harbors Investment Corp.^(a)		6,582,519		91,365,364


			1,040,014,121

Multi-Utilities — 0.3%
Avista Corp.^(a)		4,984,645		193,154,994
Unitil Corp.^(a)		1,034,620		62,677,280


			255,832,274

Office REITs — 1.1%
Brandywine Realty Trust^(a)		11,145,037		60,629,001
Douglas Emmett, Inc.		8,150,864		143,210,680
Easterly Government Properties, Inc.^(a)		6,150,147		83,518,996
Highwoods Properties, Inc.^(a)		6,731,725		225,580,105
Hudson Pacific Properties, Inc.^(a)		8,561,879		40,925,782
JBG SMITH Properties^(a)		5,329,869		93,166,110
SL Green Realty Corp.^(a)		4,115,441		286,475,848


			933,506,522

Oil, Gas & Consumable Fuels — 2.3%
California Resources Corp.		4,418,240		231,825,053
Comstock Resources, Inc.^(c)		5,755,363		64,057,190
CONSOL Energy, Inc.^(a)(c)		1,698,626		177,761,211
CVR Energy, Inc.		2,186,459		50,354,151
Dorian LPG Ltd.^(a)		2,317,323		79,762,258
Green Plains, Inc.^(a)(b)(c)		4,102,860		55,552,724
Magnolia Oil & Gas Corp., Class A^(a)		11,947,496		291,757,852
Northern Oil & Gas, Inc.^(a)		6,330,459		224,161,553
Par Pacific Holdings, Inc.^(b)		2,703,882		47,588,323
Peabody Energy Corp.^(a)		8,021,426		212,888,646
REX American Resources Corp.^(a)(b)(c)		985,341		45,611,435
SM Energy Co.^(a)		7,265,054		290,384,208
Talos Energy, Inc.^(b)(c)		7,896,452		81,728,278
Vital Energy, Inc.^(b)(c)		1,725,440		46,414,336
World Kinect Corp.^(a)		3,753,612		116,024,147


			2,015,871,365

Paper & Forest Products — 0.3%
Clearwater Paper Corp.^(a)(b)(c)		1,063,906		30,363,877
Mercer International, Inc.		108,020		731,295
Sylvamo Corp.^(a)		2,187,108		187,763,222


			218,858,394

Passenger Airlines — 0.9%
Alaska Air Group, Inc.^(a)(b)		8,010,190		362,140,690
Allegiant Travel Co.^(a)		927,844		51,087,091
JetBlue Airways Corp.^(a)(b)(c)		18,945,833		124,284,664
SkyWest, Inc.^(a)(b)		2,546,648		216,516,013
Sun Country Airlines Holdings, Inc.^(b)(c)		2,490,240		27,915,590


			781,944,048

Personal Care Products — 0.3%
Edgewell Personal Care Co.^(a)		3,132,052		113,818,770
Inter Parfums, Inc.		1,138,960		147,472,541
Nu Skin Enterprises, Inc., Class A		241,569		1,780,364
USANA Health Sciences, Inc.^(b)(c)		706,855		26,803,942


			289,875,617

Pharmaceuticals — 1.8%
Amphastar Pharmaceuticals, Inc.^(b)(c)		2,419,360		117,411,541
ANI Pharmaceuticals, Inc.^(a)(b)(c)		1,053,859		62,873,228
Collegium Pharmaceutical, Inc.^(a)(b)(c)		2,046,364		79,071,505
Corcept Therapeutics, Inc.^(a)(b)(c)		5,905,167		273,291,129
Harmony Biosciences Holdings, Inc.^(b)(c)		1,919,602		76,784,080
Innoviva, Inc.^(a)(b)(c)		3,497,302		67,532,902
Ligand Pharmaceuticals, Inc.^(a)(b)(c)		1,164,564		116,561,211


16		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Organon & Co.^(a)		16,348,125	$	312,739,631
Pacira BioSciences, Inc.^(a)(b)(c)		2,950,667		44,407,538
Phibro Animal Health Corp., Class A^(a)		1,300,975		29,297,957
Prestige Consumer Healthcare, Inc.^(a)(b)(c)		3,172,022		228,702,786
Supernus Pharmaceuticals, Inc.^(a)(b)(c)		3,504,248		109,262,453


			1,517,935,961

Professional Services — 1.4%
CSG Systems International, Inc.^(a)		1,794,940		87,323,831
Heidrick & Struggles International, Inc.^(a)		1,299,634		50,503,777
Kelly Services, Inc., Class A, NVS^(a)		2,064,133		44,193,088
Korn Ferry^(a)		3,349,669		252,029,096
NV5 Global, Inc.^(a)(b)(c)		833,146		77,882,488
Robert Half, Inc.^(a)		6,495,027		437,829,770
Verra Mobility Corp., Class A^(a)(b)(c)		10,455,182		290,758,611


			1,240,520,661

Real Estate Management & Development — 0.6%
Cushman & Wakefield PLC^(b)(c)		9,772,752		133,202,610
eXp World Holdings, Inc.^(c)		5,407,431		76,190,703
Kennedy-Wilson Holdings, Inc.^(a)		7,506,901		82,951,256
Marcus & Millichap, Inc.		1,534,914		60,828,642
St. Joe Co. (The)		2,413,845		140,751,302


			493,924,513

Residential REITs — 0.4%
Centerspace^(a)		971,901		68,489,863
Elme Communities^(a)		5,608,632		98,655,837
NexPoint Residential Trust, Inc.^(a)		1,403,959		61,788,236
Veris Residential, Inc.^(a)		5,130,878		91,637,481


			320,571,417

Retail REITs — 1.8%
Acadia Realty Trust^(a)		6,711,459		157,585,057
Getty Realty Corp.^(a)		3,176,762		101,052,799
Macerich Co. (The)^(a)		13,715,154		250,164,409
Phillips Edison & Co., Inc.^(a)		7,778,246		293,317,657
Retail Opportunity Investments Corp.^(a)		8,121,498		127,751,164
Saul Centers, Inc.		771,949		32,390,980
SITE Centers Corp.^(a)		3,004,016		181,742,968
Tanger, Inc.^(a)		6,943,991		230,401,621
Urban Edge Properties^(a)		7,705,691		164,824,730
Whitestone REIT^(a)		2,818,239		38,130,774


			1,577,362,159

Semiconductors & Semiconductor Equipment — 2.8%
Alpha & Omega Semiconductor Ltd.^(a)(b)(c)		1,508,962		56,012,669
Axcelis Technologies, Inc.^(a)(b)(c)		2,071,237		217,169,199
CEVA, Inc.^(a)(b)(c)		1,515,144		36,590,728
Cohu, Inc.^(a)(b)(c)		2,990,007		76,843,180
Diodes, Inc.^(a)(b)(c)		2,942,282		188,570,853
FormFactor, Inc.^(a)(b)		4,914,213		226,053,798
Ichor Holdings Ltd.^(a)(b)		2,139,990		68,073,082
Impinj, Inc.^(a)(b)(c)		1,446,006		313,089,219
Kulicke & Soffa Industries, Inc.^(a)(c)		3,473,108		156,741,364
MaxLinear, Inc.^(a)(b)(c)		4,849,862		70,226,002
PDF Solutions, Inc.^(a)(b)(c)		1,968,951		62,376,368
Photronics, Inc.^(a)(b)(c)		4,038,979		100,005,120
Semtech Corp.^(a)(b)(c)		4,764,594		217,551,362
SiTime Corp.^(a)(b)(c)		1,189,814		204,064,999
SMART Global Holdings, Inc.^(a)(b)(c)		3,361,387		70,421,058
SolarEdge Technologies, Inc.^(a)(b)(c)		3,639,791		83,387,612
Ultra Clean Holdings, Inc.^(a)(b)(c)		2,869,412		114,575,621


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Veeco Instruments, Inc.^(a)(b)(c)		3,606,830	$	119,494,278
Wolfspeed, Inc.^(a)(b)(c)		8,023,263		77,825,651


			2,459,072,163

Software — 3.9%
A10 Networks, Inc.^(a)		4,692,277		67,756,480
ACI Worldwide, Inc.^(a)(b)		6,645,082		338,234,674
Adeia, Inc.^(a)		6,954,066		82,822,926
Agilysys, Inc.^(a)(b)(c)		1,420,070		154,745,028
Alarm.com Holdings, Inc.^(a)(b)(c)		3,137,944		171,551,398
BlackLine, Inc.^(a)(b)		3,288,040		181,302,526
Box, Inc., Class A^(a)(b)(c)		9,237,808		302,353,456
Clear Secure, Inc., Class A^(a)		5,877,667		194,785,884
DoubleVerify Holdings, Inc.^(a)(b)		8,992,906		151,440,537
Envestnet, Inc.^(b)(c)		1,895,698		118,708,609
InterDigital, Inc.^(a)		1,602,417		226,950,320
LiveRamp Holdings, Inc.^(a)(b)		4,246,432		105,226,585
MARA Holdings, Inc.^(a)(b)(c)		18,697,460		303,272,801
N-able, Inc.^(b)		4,471,355		58,395,896
NCR Voyix Corp.^(a)(b)(c)		9,263,258		125,702,411
Progress Software Corp.^(a)(c)		2,725,403		183,610,400
SolarWinds Corp.		3,467,727		45,253,837
Sprinklr, Inc., Class A^(a)(b)(c)		7,648,819		59,125,371
SPS Commerce, Inc.^(a)(b)		2,355,221		457,313,262


			3,328,552,401

Specialized REITs — 0.6%
Four Corners Property Trust, Inc.^(a)		5,904,255		173,053,714
Outfront Media, Inc.^(a)		8,749,261		160,811,417
Safehold, Inc.^(c)		2,924,523		76,710,238
Uniti Group, Inc.^(a)		15,509,488		87,473,512


			498,048,881

Specialty Retail — 4.1%
Academy Sports & Outdoors, Inc.^(a)(c)		4,579,700		267,271,292
Advance Auto Parts, Inc.^(a)		3,798,933		148,120,398
American Eagle Outfitters, Inc.^(a)		11,350,356		254,134,471
Asbury Automotive Group, Inc.^(a)(b)(c)		1,268,611		302,677,898
Bath & Body Works, Inc.^(a)		14,172,945		452,400,404
Boot Barn Holdings, Inc.^(a)(b)(c)		1,936,805		323,988,740
Buckle, Inc. (The)		1,900,152		83,549,683
Caleres, Inc.^(a)(c)		2,238,709		73,989,332
Foot Locker, Inc.^(a)		5,233,779		135,240,849
Group 1 Automotive, Inc.^(a)(c)		830,864		318,254,147
Guess?, Inc.		1,815,487		36,545,753
Leslie’s, Inc.^(a)(b)(c)		11,817,675		37,343,853
MarineMax, Inc.^(a)(b)(c)		1,256,314		44,310,195
Monro, Inc.^(a)		1,900,697		54,854,115
National Vision Holdings, Inc.^(a)(b)(c)		4,995,264		54,498,330
ODP Corp. (The)^(a)(b)(c)		2,133,180		63,462,105
Sally Beauty Holdings, Inc.^(a)(b)(c)		6,530,650		88,620,921
Shoe Carnival, Inc.^(c)		1,129,184		49,514,718
Signet Jewelers Ltd.^(a)(c)		2,832,288		292,122,184
Sonic Automotive, Inc., Class A		926,169		54,162,363
Upbound Group, Inc.^(a)		3,091,661		98,902,235
Urban Outfitters, Inc.^(b)(c)		3,618,523		138,625,616
Victoria’s Secret & Co.^(a)(b)(c)		4,989,296		128,224,907


			3,500,814,509

Technology Hardware, Storage & Peripherals — 0.1%
Corsair Gaming, Inc.^(b)(c)		2,912,351		20,269,963
Xerox Holdings Corp.^(a)		7,395,792		76,768,321


			97,038,284


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, 2024

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Textiles, Apparel & Luxury Goods — 1.5%
G-III Apparel Group Ltd.^(a)(b)(c)		2,532,433	$	77,289,855
Hanesbrands, Inc.^(a)(b)		22,407,926		164,698,256
Kontoor Brands, Inc.^(a)		3,182,276		260,246,531
Oxford Industries, Inc.^(a)		936,009		81,208,141
Steven Madden Ltd.^(a)		4,611,201		225,902,737
VF Corp.^(a)		21,003,216		419,014,159
Wolverine World Wide, Inc.^(a)		5,082,587		88,538,666


			1,316,898,345

Tobacco — 0.2%
Universal Corp.^(a)		1,568,566		83,306,540
Vector Group Ltd.^(a)		8,595,235		128,240,906


			211,547,446

Trading Companies & Distributors — 1.4%
Air Lease Corp., Class A^(a)		6,576,876		297,866,714
Boise Cascade Co.^(a)		2,471,087		348,373,845
DNOW, Inc.^(a)(b)		6,763,409		87,450,878
DXP Enterprises, Inc.^(a)(b)(c)		818,075		43,652,482
GMS, Inc.^(a)(b)(c)		2,517,821		228,039,048
Rush Enterprises, Inc., Class A^(a)		3,928,786		207,557,764


			1,212,940,731

Water Utilities — 0.7%
American States Water Co.^(a)		2,386,560		198,776,582
California Water Service Group^(a)		3,768,917		204,350,680
Middlesex Water Co.^(a)		1,132,647		73,893,890
SJW Group^(a)		1,890,900		109,880,199


			586,901,351

Wireless Telecommunication Services — 0.2%
Gogo, Inc.^(b)(c)		3,816,777		27,404,459


Security	Shares		Value

Wireless Telecommunication Services (continued)
Shenandoah Telecommunications Co.^(a)		2,932,331	$	41,375,190
Telephone & Data Systems, Inc.^(a)		6,193,577		144,000,665

				212,780,314


Total Long-Term Investments — 98.3% (Cost: $69,403,707,946)				84,829,026,772


Short-Term Securities

Money Market Funds — 7.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.05%^(a)(e)(f)		4,877,116,613		4,881,018,306
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.88%^(a)(e)		1,354,441,626		1,354,441,626


Total Short-Term Securities — 7.2% (Cost: $6,231,527,320)				6,235,459,932


Total Investments — 105.5% (Cost: $75,635,235,266)				91,064,486,704

Liabilities in Excess of Other Assets — (5.5)%				(4,740,220,252	)


Net Assets — 100.0%			$	86,324,266,452

^(a)	Affiliate of the Fund.

^(b)	Non-income producing security.

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

^(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


Affiliated Issuer	Value at 03/31/24		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/24		Shares Held at 09/30/24		Income		Capital Gain Distributions from Underlying Funds
3D Systems Corp.^(a)	$	40,138,763	$	2,356,974	$	(25,536,400	)	$	(81,229,400	)	$	64,270,063		$	—		—	$	—	$	—
A10 Networks, Inc.		64,830,610		6,213,162		(6,835,392	)		(114,993	)		3,663,093			67,756,480		4,692,277		565,304		—
AAON, Inc.^(b)		401,191,982		5,087,043		(362,569,155	)		186,771,023			(230,573,401	)		N/A		N/A		—		—
AAR Corp.		134,187,170		14,904,141		(14,812,610	)		3,717,323			8,659,267			146,655,291		2,243,808		—		—
Abercrombie & Fitch Co., Class A^(a)		426,616,928		18,112,646		(558,095,183	)		465,896,115			(352,530,506	)		—		—		—		—
ABM Industries, Inc.		189,430,417		17,739,149		(30,111,226	)		3,767,045			30,155,893			210,981,278		3,998,887		1,873,946		—
Academy Sports & Outdoors, Inc.		338,208,644		19,645,764		(45,206,688	)		5,837,457			(51,213,885	)		267,271,292		4,579,700		1,082,258		—
Acadia Realty Trust		118,094,664		10,634,675		(14,899,890	)		(2,392,798	)		46,148,406			157,585,057		6,711,459		2,472,635		—
ACI Worldwide, Inc.		244,471,131		20,824,731		(50,746,370	)		9,984,029			113,701,153			338,234,674		6,645,082		—		—
Addus HomeCare Corp.		111,713,640		21,690,567		(15,225,652	)		3,201,209			30,340,818			151,720,582		1,140,499		—		—
Adeia, Inc.		76,516,779		—		(653,470	)		(457,319	)		7,416,936			82,822,926		6,954,066		700,703		—
Adient PLC		—		126,852,673		(869,965	)		(13,782	)		(577,409	)		125,391,517		5,555,672		—		—
ADMA Biologics, Inc.		—		298,777,821		(2,921,486	)		(40,660	)		33,726			295,849,401		14,799,870		—		—
Adtalem Global Education, Inc.		136,044,749		13,450,094		(29,395,086	)		7,096,027			54,065,134			181,260,918		2,401,443		—		—
ADTRAN Holdings, Inc.^(a)		26,105,510		532,784		(25,735,055	)		(61,298,886	)		60,395,647			—		—		—		—
Advance Auto Parts, Inc.		339,650,520		18,675,953		(27,135,254	)		(5,041,747	)		(178,029,074	)		148,120,398		3,798,933		1,962,057		—


18		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/24		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/24		Shares Held at 09/30/24		Income		Capital Gain Distributions from Underlying Funds
Advanced Energy Industries, Inc.	$	256,757,392	$	18,861,570	$	(31,244,675	)	$	4,667,667		$	2,710,333		$	251,752,287		2,392,173	$	501,882	$	—
AdvanSix, Inc.		52,228,519		3,863,306		(7,083,446	)		(1,080,802	)		3,714,382			51,641,959		1,699,867		579,431		—
AeroVironment, Inc.		289,734,914		23,337,323		(45,017,029	)		12,802,393			75,783,378			356,640,979		1,778,758		—		—
Agilysys, Inc.		115,408,563		18,709,722		(12,586,022	)		5,774,554			27,438,211			154,745,028		1,420,070		—		—
Air Lease Corp., Class A		358,689,114		23,231,469		(41,193,008	)		(744,099	)		(42,116,762	)		297,866,714		6,576,876		2,908,846		—
Alamo Group, Inc.		159,303,329		10,149,345		(17,071,962	)		2,017,535			(35,732,206	)		118,666,041		658,780		355,936		—
Alarm.com Holdings, Inc.		244,650,169		18,295,266		(30,933,424	)		(2,841,750	)		(57,618,863	)		171,551,398		3,137,944		—		—
Alaska Air Group, Inc.		366,060,323		24,272,227		(45,815,310	)		2,078,245			15,545,205			362,140,690		8,010,190		—		—
Albany International Corp., Class A		197,035,295		13,964,513		(24,586,861	)		2,240,532			(12,606,533	)		176,046,946		1,981,395		1,090,664		—
Alexander & Baldwin, Inc.		81,114,519		6,649,064		(12,117,409	)		(1,853,284	)		14,780,224			88,573,114		4,613,183		2,156,795		—
Alkermes PLC		305,075,002		20,837,027		(43,561,382	)		139,759			10,166,092			292,656,498		10,455,752		—		—
Allegiant Travel Co.		73,157,820		3,900,465		(6,146,777	)		(9,217,041	)		(10,607,376	)		51,087,091		927,844		578,009		—
Alpha & Omega Semiconductor Ltd.		34,202,796		4,647,075		(5,531,976	)		(259,289	)		22,954,063			56,012,669		1,508,962		—		—
Alpha Metallurgical Resources, Inc.		264,412,751		17,824,040		(40,946,288	)		(3,039,228	)		(73,725,453	)		164,525,822		696,612		—		—
AMC Networks, Inc., Class A^(a)		24,968,356		821,764		(17,341,077	)		(46,234,645	)		37,785,602			—		—		—		—
American Assets Trust, Inc.^(b)		72,317,307		5,930,674		(12,953,942	)		(4,934,935	)		47,093,358			N/A		N/A		2,191,987		—
American Axle & Manufacturing Holdings, Inc.		58,372,587		4,749,112		(7,509,065	)		(6,438,747	)		(3,014,095	)		46,159,792		7,469,222		—		—
American Eagle Outfitters, Inc.		323,400,488		19,100,537		(43,256,700	)		4,964,397			(50,074,251	)		254,134,471		11,350,356		3,064,301		—
American Equity Investment Life Holding Co.^(a)		237,031,953		2,699,524		(241,403,983	)		102,729,246			(101,056,740	)		—		—		1,608,040		—
American States Water Co.		180,425,468		14,860,809		(23,163,558	)		1,236,751			25,417,112			198,776,582		2,386,560		2,231,104		—
American Woodmark Corp.		110,597,134		7,567,828		(15,862,244	)		1,252,695			(11,026,269	)		92,529,144		990,146		—		—
Ameris Bancorp		208,183,978		782,432		(12,204,720	)		1,947,624			56,869,886			255,579,200		4,096,477		1,247,175		—
AMERISAFE, Inc.		64,964,180		4,687,801		(8,595,625	)		(1,580,131	)		(966,719	)		58,509,506		1,210,625		945,596		—
AMN Healthcare Services, Inc.		159,966,403		10,860,481		(16,561,197	)		(5,115,054	)		(46,454,245	)		102,696,388		2,422,656		—		—
Amphastar Pharmaceuticals, Inc.^(b)		111,383,775		8,582,098		(14,425,042	)		2,422,043			(50,508,985	)		N/A		N/A		—		—
Andersons, Inc. (The)		122,629,580		8,687,881		(13,065,628	)		1,974,406			(17,566,444	)		102,659,795		2,047,463		391,133		—
ANI Pharmaceuticals, Inc.^(c)		N/A		7,764,584		(5,873,689	)		1,315,174			8,585,342			62,873,228		1,053,859		—		—
Anywhere Real Estate, Inc.^(a)		46,360,549		521,081		(25,187,544	)		(34,503,698	)		12,809,612			—		—		—		—
Apogee Enterprises, Inc.		88,313,909		7,902,847		(14,199,851	)		2,169,572			13,362,202			97,548,679		1,393,254		729,657		—
Apollo Commercial Real Estate Finance, Inc.		98,659,427		7,129,068		(13,953,068	)		(6,838,369	)		(10,173,990	)		74,823,068		8,141,792		4,989,332		—
Apple Hospitality REIT, Inc.		235,995,243		24,183,007		(27,140,399	)		(1,337,818	)		(20,571,183	)		211,128,850		14,217,431		7,007,399		—
Arbor Realty Trust, Inc.		130,667,896		—		—			—			22,780,592			153,448,488		9,861,728		8,481,086		—
ArcBest Corp.		227,715,000		14,061,899		(23,522,228	)		4,118,929			(58,976,974	)		163,396,626		1,506,654		379,791		—
Arch Resources, Inc., Class A		199,470,286		14,114,438		(26,139,412	)		(2,495,337	)		(25,716,292	)		159,233,683		1,152,531		1,673,053		—
Archrock, Inc.		182,923,270		49,495,225		(18,086,946	)		5,554,246			(2,755,487	)		217,130,308		10,727,782		3,170,051		—
Arcosa, Inc.		282,727,707		19,807,876		(36,848,912	)		8,359,158			19,480,662			293,526,491		3,097,578		322,401		—
Arlo Technologies, Inc.		81,276,705		7,226,449		(6,770,774	)		1,442,215			(5,758,841	)		77,415,754		6,392,713		—		—


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, 2024

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/24		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/24		Shares Held at 09/30/24		Income			Capital Gain Distributions from Underlying Funds
Armada Hoffler Properties, Inc.	$	47,491,964	$	3,943,794		$	(6,411,307	)	$	(1,035,302	)	$	3,031,722		$	47,020,871		4,341,724	$	1,774,956		$	—
ARMOUR Residential REIT, Inc.		65,625,863		5,335,690			(9,744,760	)		(17,314,282	)		19,293,262			63,195,773		3,097,832		4,699,370			—
Armstrong World Industries, Inc.		370,612,482		25,260,347			(50,426,936	)		4,613,514			14,610,871			364,670,278		2,774,635		1,650,664			—
Artisan Partners Asset Management, Inc., Class A		210,773,276		802,165			(6,512,892	)		(42,573	)		(11,455,169	)		193,564,807		4,468,255		6,035,122			—
Artivion, Inc.		55,906,434		5,233,469			(11,081,969	)		597,843			13,100,960			63,756,737		2,395,069		—			—
Asbury Automotive Group, Inc.		327,638,238		22,940,889			(49,375,354	)		9,139,807			(7,665,682	)		302,677,898		1,268,611		—			—
Assured Guaranty Ltd.		320,280,790		19,705,770			(61,254,518	)		13,737,599			(42,741,057	)		249,728,584		3,140,450		2,207,723			—
Astec Industries, Inc.		67,137,118		4,116,371			(6,468,769	)		(2,652,297	)		(15,546,911	)		46,585,512		1,458,532		398,766			—
Astrana Health, Inc.		119,433,375		10,194,538			(20,191,329	)		(11,063,337	)		54,961,776			153,335,023		2,646,445		—			—
ATI, Inc.		440,845,464		35,913,429			(76,140,225	)		22,050,121			106,060,053			528,728,842		7,902,090		—			—
Atlantic Union Bankshares Corp.		172,030,744		31,015,749			(5,806,889	)		203,960			16,760,223			214,203,787		5,686,323		3,727,596			—
Avanos Medical, Inc.		62,437,222		5,455,205			(10,067,661	)		(5,193,454	)		17,509,254			70,140,566		2,918,875		—			—
Avista Corp.		181,775,337		8,918,227			(16,292,873	)		(3,988,739	)		22,743,042			193,154,994		4,984,645		4,942,792			—
Axcelis Technologies, Inc.		246,790,637		19,108,309			(35,029,006	)		6,404,213			(20,104,954	)		217,169,199		2,071,237		—			—
Axos Financial, Inc.		184,564,001		12,739,523			(10,323,257	)		2,539,232			25,807,087			215,326,586		3,424,405		—			—
AZZ, Inc.		130,942,421		31,232,607			(16,587,230	)		3,096,445			8,257,822			156,942,065		1,899,795		614,643			—
B&G Foods, Inc.		60,938,752		3,797,108			(6,269,607	)		(7,627,486	)		(5,870,758	)		44,968,009		5,063,965		1,930,490			—
Badger Meter, Inc.		320,684,928		26,705,820			(49,844,753	)		14,894,670			95,419,479			407,860,144		1,867,406		1,200,781			—
Balchem Corp.		337,370,931		25,307,512			(43,789,522	)		7,326,512			36,334,887			362,550,320		2,059,945		—			—
Banc of California, Inc.		142,775,981		9,915,271			(18,672,887	)		(2,856,408	)		(1,894,217	)		129,267,740		8,775,814		1,852,526			—
Bancorp, Inc. (The)		119,020,466		—			(18,917,678	)		7,715,932			58,072,635			165,891,355		3,100,773		—			—
Bank of Hawaii Corp.		164,414,620		—			(7,027,064	)		2,265,752			(1,707,479	)		157,945,829		2,516,263		3,639,285			—
BankUnited, Inc.		138,128,788		—			(6,439,201	)		1,792,122			39,042,596			172,524,305		4,734,476		2,833,854			—
Banner Corp.		109,299,984		—			(5,011,133	)		(814,470	)		26,499,774			129,974,155		2,182,239		2,160,952			—
Barnes Group, Inc.		127,508,496		9,794,621			(29,873,259	)		(7,781,522	)		18,043,728			117,692,064		2,912,449		1,090,735			—
Bath & Body Works, Inc.		—		452,513,509			—			—			(113,105	)		452,400,404		14,172,945		—			—
Benchmark Electronics, Inc.		72,706,217		7,965,606			(12,794,932	)		2,481,217			31,617,647			101,975,755		2,300,897		774,564			—
Berkshire Hills Bancorp, Inc.		65,145,745		—			(4,078,161	)		(3,218,683	)		14,125,160			71,974,061		2,672,635		994,861			—
BGC Group, Inc., Class A^(c)		N/A		31,021,713			—			—			13,200,423			194,871,571		21,227,840		726,116			—
BioLife Solutions, Inc.^(b)		44,461,976		3,868,559			(6,815,368	)		(4,476,816	)		60,332,311			N/A		N/A		—			—
BJ’s Restaurants, Inc.		56,788,309		4,361,172			(7,232,459	)		(666,364	)		(5,023,567	)		48,227,091		1,481,176		—			—
BlackLine, Inc.		221,795,489		13,404,886			(20,815,708	)		(3,519,714	)		(29,562,427	)		181,302,526		3,288,040		—			—
BlackRock Cash Funds: Institutional, SL Agency Shares		4,168,842,834		710,681,021	^(d)		—			70,217			1,424,234			4,881,018,306		4,877,116,613		11,919,650	^(e)		—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,650,477,675		—			(296,036,049	)^(d)		—			—			1,354,441,626		1,354,441,626		41,238,273			—
Blackstone Mortgage Trust, Inc., Class A		231,674,194		17,186,156			(28,522,498	)		(4,228,232	)		(6,520,644	)		209,588,976		11,025,196		12,193,675			—
Bloomin’ Brands, Inc.		168,157,121		9,523,799			(27,480,308	)		(6,881,036	)		(63,912,002	)		79,407,574		4,803,846		2,797,547			—
Boise Cascade Co.		410,039,603		25,290,932			(51,764,956	)		10,788,358			(45,980,092	)		348,373,845		2,471,087		14,330,358			—
Boot Barn Holdings, Inc.		194,716,578		20,034,952			(37,338,553	)		13,406,661			133,169,102			323,988,740		1,936,805		—			—
Box, Inc., Class A		274,622,552		19,578,110			(34,084,114	)		756,735			41,480,173			302,353,456		9,237,808		—			—
Brady Corp., Class A, NVS^(c)		N/A		13,382,378			(30,224,101	)		5,721,186			89,057,501			213,828,659		2,790,404		1,394,588			—
Brandywine Realty Trust		55,576,656		806,720			(2,764,258	)		(3,625,351	)		10,635,234			60,629,001		11,145,037		3,407,927			—


20		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/24		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/24		Shares Held at 09/30/24		Income		Capital Gain Distributions from Underlying Funds
Brightsphere Investment Group, Inc.^(b)	$	50,100,613	$	3,667,557	$	(13,312,868	)	$	2,734,351		$	(22,297,989	)	$	N/A		N/A	$	41,345	$	—
Brinker International, Inc.		148,806,405		13,854,033		(26,622,278	)		8,246,057			71,931,553			216,215,770		2,825,242		—		—
Bristow Group, Inc.		44,244,635		4,587,022		(6,546,903	)		680,030			11,269,666			54,234,450		1,563,403		—		—
Brookline Bancorp, Inc.		58,926,806		791,704		(3,417,609	)		(3,071,378	)		3,588,871			56,818,394		5,631,159		1,590,211		—
Cable One, Inc.		—		129,016,605		(12,405,469	)		(993,762	)		(13,245,384	)		102,371,990		292,667		1,806,430		—
Cactus, Inc., Class A		—		228,164,679		(17,140,143	)		1,057,530			39,808,693			251,890,759		4,221,397		573,703		—
Calavo Growers, Inc.^(a)		33,535,384		2,226,182		(36,587,718	)		(34,677,970	)		35,504,122			—		—		115,398		—
Caleres, Inc.		92,489,498		7,904,069		(8,430,268	)		1,517,890			(19,491,857	)		73,989,332		2,238,709		311,212		—
California Resources Corp.^(b)		240,636,797		28,906,898		(25,219,968	)		37,268			(45,258,433	)		N/A		N/A		3,007,325		—
California Water Service Group		181,161,610		14,863,419		(21,017,295	)		228,660			29,114,286			204,350,680		3,768,917		2,171,029		—
Calix, Inc.		131,656,972		10,094,919		(18,627,443	)		540,286			21,083,797			144,748,531		3,731,594		—		—
Cal-Maine Foods, Inc.		161,995,100		13,972,698		(25,025,070	)		3,771,949			38,716,113			193,430,790		2,584,591		4,823,322		—
Capitol Federal Financial, Inc.		50,037,138		791,830		(4,298,748	)		(3,492,374	)		2,248,977			45,286,823		7,754,593		1,387,322		—
CareTrust REIT, Inc.		214,785,921		44,638,914		(18,079,369	)		4,638,612			56,182,816			302,166,894		9,791,539		5,506,257		—
Cargurus, Inc., Class A		133,562,229		21,994,408		(25,775,959	)		2,818,468			34,575,792			167,174,938		5,566,931		—		—
Carpenter Technology Corp.		238,329,540		27,792,319		(48,447,947	)		17,445,125			270,924,941			506,043,978		3,171,099		1,327,705		—
Cars.com, Inc.		71,846,245		6,150,125		(11,825,362	)		130,898			(1,636,195	)		64,665,711		3,858,336		—		—
Catalyst Pharmaceuticals, Inc.		120,580,314		9,372,934		(18,212,646	)		2,135,900			27,451,631			141,328,133		7,109,061		—		—
Cathay General Bancorp		166,360,187		3,969,008		—			—			22,966,936			193,296,131		4,500,492		3,052,986		—
Cavco Industries, Inc.		209,205,210		20,786,873		(19,668,300	)		5,680,752			8,417,206			224,421,741		524,056		—		—
Centerspace		58,274,858		5,549,004		(8,791,613	)		(534,435	)		13,992,049			68,489,863		971,901		1,455,032		—
Central Garden & Pet Co.		27,644,281		1,896,036		(3,290,375	)		379,653			(4,404,157	)		22,225,438		609,417		—		—
Central Pacific Financial Corp.		31,550,961		—		—			—			15,591,766			47,142,727		1,597,517		830,709		—
Century Communities, Inc.		184,307,376		13,315,156		(28,105,151	)		6,201,619			4,620,194			180,339,194		1,751,206		988,719		—
Cerence, Inc.^(a)		44,565,995		378,570		(9,546,056	)		(75,386,085	)		39,987,576			—		—		—		—
CEVA, Inc.		36,252,382		2,373,230		(4,238,059	)		(1,940,035	)		4,143,210			36,590,728		1,515,144		—		—
Chatham Lodging Trust^(a)		33,462,988		625,364		(27,945,687	)		(25,284,316	)		19,141,651			—		—		—		—
Cheesecake Factory, Inc. (The)		114,054,371		9,273,666		(16,536,466	)		2,046,244			11,708,373			120,546,188		2,972,779		1,699,954		—
Chefs’ Warehouse, Inc. (The)		89,802,643		7,345,395		(14,626,857	)		1,304,584			8,638,245			92,464,010		2,201,000		—		—
Chesapeake Utilities Corp.		161,134,020		12,842,103		(20,745,678	)		1,464,684			22,917,391			177,612,520		1,430,398		1,898,052		—
Chuy’s Holdings, Inc.		39,656,159		3,231,037		(5,372,834	)		30,159			3,676,712			41,221,233		1,102,172		—		—
Cinemark Holdings, Inc.		128,753,594		12,397,672		(22,040,867	)		3,952,719			65,730,139			188,793,257		6,781,367		—		—
City Holding Co.		102,477,442		—		(5,748,841	)		2,022,399			10,555,290			109,306,290		931,138		1,386,266		—
Clear Secure, Inc., Class A		—		195,284,526		(2,123,400	)		(29,523	)		1,654,281			194,785,884		5,877,667		—		—
Clearwater Paper Corp.		49,072,013		4,170,291		(5,750,511	)		(487,314	)		(16,640,602	)		30,363,877		1,063,906		—		—
Clearway Energy, Inc., Class A		50,443,789		4,513,845		(7,396,065	)		370,978			15,628,607			63,561,154		2,232,566		1,930,003		—
Clearway Energy, Inc., Class C		114,319,172		23,738,377		(17,559,130	)		1,265,377			40,152,450			161,916,246		5,277,583		4,573,708		—
Cogent Communications Holdings, Inc.		185,461,025		14,059,752		(23,459,515	)		3,415,394			24,495,027			203,971,683		2,686,666		5,537,245		—
Cohu, Inc.		107,492,550		7,437,146		(13,791,618	)		(914,641	)		(23,380,257	)		76,843,180		2,990,007		—		—
Collegium Pharmaceutical, Inc.		85,512,929		6,256,572		(12,076,515	)		1,979,520			(2,601,001	)		79,071,505		2,046,364		—		—
Comerica, Inc.		—		407,329,778		(4,192,780	)		252,009			100,006,685			503,395,692		8,402,532		6,015,960		—


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, 2024

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/24		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/24		Shares Held at 09/30/24		Income		Capital Gain Distributions from Underlying Funds
Community Financial System, Inc.^(f)	$	169,987,632	$	—	$	(10,449,829	)	$	(3,806,940	)	$	37,515,993		$	193,246,856		3,327,826	$	3,160,381	$	—
Community Healthcare Trust, Inc.^(a)		43,689,432		2,808,647		(29,823,665	)		(33,794,022	)		17,119,608			—		—		1,513,858		—
Compass Minerals International, Inc.^(a)		36,124,701		2,144,523		(28,057,283	)		(87,904,616	)		77,692,675			—		—		—		—
CONMED Corp.		166,319,593		11,613,135		(20,018,546	)		(6,206,890	)		(10,556,453	)		141,150,839		1,962,609		820,659		—
CONSOL Energy, Inc.		150,719,419		12,802,377		(22,405,783	)		9,742,642			26,902,556			177,761,211		1,698,626		444,532		—
Corcept Therapeutics, Inc.		154,327,618		14,470,481		(22,393,566	)		5,785,048			121,101,548			273,291,129		5,905,167		—		—
Core Laboratories, Inc.		53,906,000		5,453,315		(8,168,621	)		(1,576,657	)		5,607,216			55,221,253		2,980,100		62,931		—
CoreCivic, Inc.		120,375,922		8,361,019		(16,557,078	)		(491,539	)		(23,077,326	)		88,610,998		7,004,822		—		—
Cracker Barrel Old Country Store, Inc.		109,535,744		5,755,243		(10,142,009	)		(9,747,355	)		(31,443,384	)		63,958,239		1,410,325		2,305,469		—
Cross Country Healthcare, Inc.		41,907,491		2,775,159		(5,562,138	)		(1,653,570	)		(10,144,228	)		27,322,714		2,032,940		—		—
CSG Systems International, Inc.		98,425,216		6,838,570		(12,159,522	)		(153,884	)		(5,626,549	)		87,323,831		1,794,940		1,137,365		—
CSW Industrials, Inc.		—		382,431,199		(3,870,279	)		60,739			8,259,435			386,881,094		1,055,927		—		—
CTS Corp.		98,474,562		8,149,578		(16,647,938	)		3,068,403			276,496			93,321,101		1,928,919		156,492		—
Customers Bancorp, Inc.		101,367,522		5,983,277		(7,114,595	)		1,608,109			(14,583,715	)		87,260,598		1,878,592		—		—
CVB Financial Corp.		156,554,438		7,266,624		(14,841,768	)		(2,680,446	)		2,132,610			148,431,458		8,329,487		5,150,677		—
Cytek Biosciences, Inc.		44,984,430		5,279,467		(4,790,197	)		(2,951,242	)		(4,773,906	)		37,748,552		6,813,818		—		—
Dana, Inc.		110,753,068		8,436,367		(13,978,271	)		(4,419,886	)		(14,236,449	)		86,554,829		8,196,480		1,731,698		—
Dave & Buster’s Entertainment, Inc.		135,937,089		7,499,191		(13,085,538	)		526,044			(62,423,313	)		68,453,473		2,010,381		—		—
Deluxe Corp.		60,961,307		5,393,421		(8,187,793	)		(1,905,860	)		(1,524,833	)		54,736,242		2,808,427		1,771,330		—
Designer Brands, Inc., Class A^(a)		31,716,095		1,864,352		(20,770,359	)		(25,452,632	)		12,642,544			—		—		143,920		—
DiamondRock Hospitality Co.		136,062,147		9,488,097		(18,359,604	)		(2,849,933	)		(9,412,492	)		114,928,215		13,164,744		804,068		—
Digi International, Inc.		78,434,480		4,928,986		(8,677,847	)		909,131			(11,911,088	)		63,683,662		2,313,246		—		—
Dime Community Bancshares, Inc.		45,186,213		404,801		(1,835,195	)		(1,214,778	)		22,803,855			65,344,896		2,268,920		1,159,270		—
Dine Brands Global, Inc.^(a)		48,734,326		2,746,342		(34,077,896	)		(43,832,398	)		26,429,626			—		—		1,053,066		—
Diodes, Inc.		218,729,916		15,527,014		(25,068,086	)		316,138			(20,934,129	)		188,570,853		2,942,282		—		—
DNOW, Inc.		109,719,194		7,819,573		(13,442,915	)		1,289,657			(17,934,631	)		87,450,878		6,763,409		—		—
Donnelley Financial Solutions, Inc.		104,157,515		11,726,730		(10,159,454	)		3,401,101			2,566,157			111,692,049		1,696,674		—		—
Dorian LPG Ltd.		89,039,592		9,064,328		(9,378,141	)		2,901,546			(11,865,067	)		79,762,258		2,317,323		4,585,887		—
Dorman Products, Inc.		184,483,809		13,978,631		(33,152,658	)		3,873,499			26,920,194			196,103,475		1,733,588		—		—
DoubleVerify Holdings, Inc.		330,969,132		15,487,911		(23,031,461	)		(10,317,284	)		(161,667,761	)		151,440,537		8,992,906		—		—
Dril-Quip, Inc.^(b)		52,021,387		3,082,143		(3,215,116	)		(1,867,399	)		26,282,447			N/A		N/A		—		—
DXC Technology Co.		261,941,846		18,772,232		(35,699,618	)		(1,746,049	)		(5,028,490	)		238,239,921		11,481,442		—		—
DXP Enterprises, Inc.		48,388,486		3,648,506		(7,836,900	)		1,481,719			(2,029,329	)		43,652,482		818,075		—		—
Dycom Industries, Inc.		284,371,540		23,641,937		(47,613,360	)		11,021,080			92,662,317			364,083,514		1,847,202		—		—
Dynavax Technologies Corp.		108,897,787		7,152,180		(19,104,363	)		(1,580,383	)		(9,122,661	)		86,242,560		7,741,702		—		—
Eagle Bancorp, Inc.		46,756,352		572,930		(2,187,230	)		(3,662,516	)		1,676,083			43,155,619		1,911,232		1,779,514		—
Easterly Government Properties, Inc.		73,901,601		5,716,348		(9,683,969	)		(4,934,522	)		18,519,538			83,518,996		6,150,147		3,487,540		—
EchoStar Corp., Class A		116,518,688		11,857,767		(22,990,998	)		2,889,383			81,937,400			190,212,240		7,663,668		—		—
Edgewell Personal Care Co.		130,314,327		10,020,483		(18,888,188	)		(309,997	)		(7,317,855	)		113,818,770		3,132,052		1,001,820		—
Ellington Financial, Inc.		63,431,203		8,299,886		(6,256,940	)		25,869			5,906,728			71,406,746		5,539,701		4,295,456		—
Elme Communities		83,013,576		6,123,405		(11,874,395	)		(4,293,381	)		25,686,632			98,655,837		5,608,632		2,115,732		—


22		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/24		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/24		Shares Held at 09/30/24		Income		Capital Gain Distributions from Underlying Funds
Embecta Corp.	$	51,766,934	$	4,507,974	$	(7,794,633	)	$	(5,368,901	)	$	8,548,262		$	51,659,636		3,663,804	$	1,166,719	$	—
Employers Holdings, Inc.		77,506,103		—		(5,869,444	)		296,931			3,639,643			75,573,233		1,575,427		996,294		—
Encore Capital Group, Inc.		72,864,940		5,855,632		(9,687,530	)		545,211			1,806,018			71,384,271		1,510,139		—		—
Encore Wire Corp.^(a)		279,963,447		6,620,564		(315,509,361	)		246,139,246			(217,213,896	)		—		—		21,303		—
Energizer Holdings, Inc.		132,741,368		9,998,470		(20,297,748	)		(2,292,459	)		11,644,492			131,794,123		4,149,689		2,694,286		—
Enerpac Tool Group Corp., Class A		130,735,444		10,618,485		(18,797,386	)		3,714,306			18,704,116			144,974,965		3,460,849		—		—
Enhabit, Inc.^(a)		39,567,070		2,243,905		(29,425,018	)		(44,271,422	)		31,885,465			—		—		—		—
Enova International, Inc.		123,538,671		4,642,859		(24,383,308	)		11,084,611			25,590,432			140,473,265		1,676,492		—		—
Enpro, Inc.		238,291,764		16,956,425		(26,802,250	)		4,576,898			(15,214,286	)		217,808,551		1,343,005		840,462		—
Ensign Group, Inc. (The)^(a)		472,263,109		34,818,663		(579,245,632	)		311,973,488			(239,809,628	)		—		—		435,326		—
Enviri Corp.		49,491,243		4,174,571		(7,007,334	)		(3,793,494	)		9,755,460			52,620,446		5,089,018		—		—
ePlus, Inc.		141,335,872		11,230,813		(20,502,394	)		4,436,497			30,059,538			166,560,326		1,693,719		—		—
ESCO Technologies, Inc.		187,009,178		14,152,560		(24,886,187	)		4,170,782			32,278,962			212,725,295		1,649,289		133,220		—
Essential Properties Realty Trust, Inc.		280,910,288		43,607,097		(31,444,639	)		3,894,723			82,246,562			379,214,031		11,104,364		6,522,647		—
Ethan Allen Interiors, Inc.		53,540,771		4,008,765		(7,003,134	)		414,869			(4,824,669	)		46,136,602		1,446,742		1,815,442		—
Etsy, Inc.		—		396,784,153		(4,002,262	)		30,952			11,763,855			404,576,698		7,285,732		—		—
EVERTEC, Inc.		174,163,939		12,024,649		(21,983,344	)		1,449,876			(27,942,800	)		137,712,320		4,063,509		430,119		—
EW Scripps Co. (The), Class A, NVS^(a)		15,629,783		—		(13,012,784	)		(49,687,334	)		47,070,335			—		—		—		—
EZCORP, Inc., Class A, NVS^(c)		N/A		2,709,162		(5,094,537	)		533,124			7,314,018			37,123,305		3,311,624		—		—
Fabrinet^(a)		463,452,278		36,229,939		(604,364,217	)		390,445,457			(285,763,457	)		—		—		—		—
FB Financial Corp.^(b)		89,370,607		7,959,535		(14,023,506	)		1,272,030			(4,424,617	)		N/A		N/A		803,955		—
Federal Signal Corp.		349,207,715		26,091,411		(45,493,871	)		11,349,195			21,686,710			362,841,160		3,882,315		981,130		—
First BanCorp/Puerto Rico		196,392,661		—		(16,898,628	)		8,833,723			29,998,539			218,326,295		10,313,004		3,478,989		—
First Bancorp/Southern Pines NC		98,394,709		432,411		(4,430,816	)		(1,327,262	)		15,662,482			108,731,524		2,614,367		1,164,008		—
First Commonwealth Financial Corp.		94,229,992		1,987,099		(6,011,752	)		(804,730	)		21,939,815			111,340,424		6,492,153		1,754,253		—
First Financial Bancorp		141,381,955		—		(6,005,065	)		(950,945	)		18,146,526			152,572,471		6,047,264		2,933,299		—
First Hawaiian, Inc.		189,773,225		14,435,806		(25,360,345	)		(1,391,641	)		10,551,096			188,008,141		8,121,302		4,458,259		—
Foot Locker, Inc.		157,685,484		10,316,693		(18,355,630	)		1,360,090			(15,765,788	)		135,240,849		5,233,779		—		—
FormFactor, Inc.		239,877,184		20,044,866		(36,974,232	)		8,462,137			(5,356,157	)		226,053,798		4,914,213		—		—
Fortrea Holdings, Inc.		237,073,985		514,798		(5,578,812	)		(3,483,325	)		(115,031,986	)		113,494,660		5,674,733		—		—
Forward Air Corp.^(b)		64,716,795		4,222,230		(35,517,185	)		(36,306,627	)		59,886,089			N/A		N/A		—		—
Four Corners Property Trust, Inc.		149,675,869		12,536,377		(18,550,669	)		1,129,009			28,263,128			173,053,714		5,904,255		4,083,658		—
Fox Factory Holding Corp.		—		152,023,534		(18,602,948	)		(974,973	)		(22,564,403	)		109,881,210		2,647,740		—		—
Franklin BSP Realty Trust, Inc.		74,448,306		6,058,791		(10,527,998	)		(1,745,664	)		127,907			68,361,342		5,234,406		3,732,008		—
Franklin Electric Co., Inc.		286,147,087		19,358,434		(37,636,996	)		6,539,284			(12,980,754	)		261,427,055		2,494,057		1,321,187		—
Frontdoor, Inc.		175,197,419		15,012,861		(36,978,940	)		7,123,789			72,842,102			233,197,231		4,859,288		—		—
Fulton Financial Corp.		158,776,503		36,903,722		(10,227,800	)		(214,134	)		23,633,541			208,871,832		11,520,785		2,000,000		—
Gates Industrial Corp. PLC		—		255,763,656		(6,552,434	)		(51,080	)		2,832,095			251,992,237		14,358,532		—		—
Gentherm, Inc.		127,545,919		8,600,997		(19,319,367	)		(3,777,728	)		(20,099,340	)		92,950,481		1,996,788		—		—
Genworth Financial, Inc., Class A		188,577,805		—		(12,541,066	)		4,034,006			7,360,469			187,431,214		27,362,221		—		—
GEO Group, Inc. (The)		116,993,858		14,894,431		(9,650,749	)		1,813,820			(12,836,281	)		111,215,079		8,654,870		—		—
Getty Realty Corp.		90,703,731		8,163,321		(12,061,325	)		315,100			13,931,972			101,052,799		3,176,762		2,850,353		—
Gibraltar Industries, Inc.		165,982,396		11,554,684		(20,142,087	)		2,066,276			(24,088,467	)		135,372,802		1,935,833		—		—
G-III Apparel Group Ltd.		80,161,244		5,548,012		(12,699,982	)		(615,533	)		4,896,114			77,289,855		2,532,433		—		—


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, 2024

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/24		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/24		Shares Held at 09/30/24		Income		Capital Gain Distributions from Underlying Funds
Glaukos Corp.	$	310,739,672	$	51,091,089	$	(26,334,972	)	$	10,442,528		$	108,579,290		$	454,517,607		3,488,775	$	—	$	—
GMS, Inc.		261,751,056		19,230,722		(33,618,249	)		7,712,232			(27,036,713	)		228,039,048		2,517,821		—		—
Golden Entertainment, Inc.^(b)		53,670,481		3,684,110		(6,814,890	)		(3,408,660	)		20,721,378			N/A		N/A		722,342		—
Goosehead Insurance, Inc., Class A^(c)		N/A		8,976,601		(19,728,930	)		1,783,976			29,856,192			137,299,554		1,537,509		—		—
Granite Construction, Inc.		169,512,080		14,715,795		(29,108,466	)		7,619,568			57,195,794			219,934,771		2,774,152		732,073		—
Green Dot Corp., Class A		27,918,280		—		(287,976	)		(952,628	)		8,006,314			34,683,990		2,961,912		—		—
Green Plains, Inc.		86,725,756		13,464,098		(4,710,772	)		(8,791,388	)		(31,134,970	)		55,552,724		4,102,860		—		—
Greenbrier Cos., Inc. (The)		109,967,366		7,761,734		(14,282,138	)		1,895,991			(4,384,623	)		100,958,330		1,983,854		1,239,883		—
Griffon Corp.		189,755,002		22,517,820		(21,072,266	)		10,194,212			(19,630,948	)		181,763,820		2,596,626		760,060		—
Grocery Outlet Holding Corp.		—		145,222,600		(10,608,268	)		(2,273,855	)		(22,754,521	)		109,585,956		6,244,214		—		—
Group 1 Automotive, Inc.		262,083,845		20,221,586		(43,252,763	)		15,544,427			63,657,052			318,254,147		830,864		835,681		—
HA Sustainable Infrastructure Capital, Inc.^(g)		212,931,073		8,250,445		(12,243,072	)		425,452			44,869,828			254,233,726		7,375,507		6,157,823		—
Hain Celestial Group, Inc. (The)		47,837,917		3,224,142		(6,064,293	)		(4,648,554	)		8,903,812			49,253,024		5,707,187		—		—
Hanesbrands, Inc.		137,124,946		9,670,312		(17,433,507	)		2,258,414			33,078,091			164,698,256		22,407,926		—		—
Hanmi Financial Corp.		32,078,068		—		(1,588,632	)		(1,254,230	)		6,481,742			35,716,948		1,920,266		992,276		—
Harmonic, Inc.		102,565,814		7,650,174		(10,748,862	)		2,574,094			5,964,092			108,005,312		7,412,856		—		—
Haverty Furniture Cos., Inc.^(a)		30,833,016		2,230,829		(27,010,818	)		4,127,202			(10,180,229	)		—		—		577,094		—
Hawkins, Inc.		99,171,994		9,916,677		(18,281,829	)		5,745,908			57,445,414			153,998,164		1,208,113		434,988		—
Haynes International, Inc.		51,663,220		4,453,646		(7,194,796	)		991,349			(1,547,767	)		48,365,652		812,322		376,320		—
HB Fuller Co.		291,912,112		20,744,304		(36,155,250	)		4,378,122			(6,070,411	)		274,808,877		3,461,941		1,612,591		—
HCI Group, Inc.^(c)		N/A		10,520,525		(3,012,011	)		1,317,915			21,880,682			57,408,784		536,230		380,435		—
Healthcare Services Group, Inc.		62,441,758		4,367,692		(8,009,986	)		(6,380,010	)		(349,550	)		52,069,904		4,661,585		—		—
HealthStream, Inc.		43,213,567		3,757,010		(6,014,937	)		201,937			3,159,697			44,317,274		1,536,660		90,466		—
Heidrick & Struggles International, Inc.		45,889,015		3,669,654		(5,955,153	)		641,457			6,258,804			50,503,777		1,299,634		407,031		—
Helen of Troy Ltd.		—		87,381,042		(912,238	)		7,353			3,154,265			89,630,422		1,449,158		—		—
Helix Energy Solutions Group, Inc.		104,258,014		8,489,687		(13,274,407	)		2,190,355			(560,509	)		101,103,140		9,108,391		—		—
Helmerich & Payne, Inc.		280,710,753		18,228,591		(30,563,739	)		2,030,452			(79,630,464	)		190,775,593		6,271,387		5,568,406		—
Heritage Financial Corp.		44,863,496		619,573		(2,758,073	)		(1,628,351	)		6,857,506			47,954,151		2,202,763		1,054,892		—
Hibbett, Inc.^(a)		61,077,161		3,293,633		(72,781,737	)		45,522,096			(37,111,153	)		—		—		—		—
Highwoods Properties, Inc.		187,403,299		15,132,816		(27,820,122	)		3,116,031			47,748,081			225,580,105		6,731,725		7,107,315		—
Hillenbrand, Inc.		238,257,223		14,318,169		(21,982,441	)		(2,899,935	)		(103,292,297	)		124,400,719		4,474,846		2,079,886		—
HNI Corp.		142,367,324		11,664,429		(18,872,560	)		3,038,407			23,514,340			161,711,940		3,003,565		2,082,060		—
Hope Bancorp, Inc.		91,648,340		973,298		(4,403,920	)		(1,996,181	)		10,062,431			96,283,968		7,665,921		2,221,055		—
Horace Mann Educators Corp.		100,136,924		—		(4,260,721	)		(1,406,723	)		(4,226,238	)		90,243,242		2,582,067		1,821,918		—
Hub Group, Inc., Class A		182,095,541		13,669,773		(26,318,099	)		4,130,380			4,800,611			178,378,206		3,924,713		1,040,607		—
Hudson Pacific Properties, Inc.		55,189,483		3,313,877		(3,195,559	)		(3,120,858	)		(11,261,161	)		40,925,782		8,561,879		426,397		—
IAC, Inc.		—		273,901,592		(25,484,111	)		(1,526,936	)		(5,294,610	)		241,595,935		4,488,962		—		—
Ichor Holdings Ltd.		76,787,219		12,906,445		(6,611,327	)		(552,017	)		(14,457,238	)		68,073,082		2,139,990		—		—
ICU Medical, Inc.		146,979,247		49,421,302		(16,703,242	)		3,606,566			99,303,494			282,607,367		1,550,913		—		—
Impinj, Inc.		—		295,089,516		(3,104,138	)		106,582			20,997,259			313,089,219		1,446,006		—		—
Inari Medical, Inc.		166,090,927		12,427,381		(23,399,851	)		(1,948,295	)		(21,452,530	)		131,717,632		3,193,929		—		—
Independent Bank Corp.		147,955,908		—		(7,919,295	)		(4,797,650	)		23,857,516			159,096,479		2,690,622		3,113,022		—
Independent Bank Group, Inc.		110,740,646		9,482,119		(15,809,277	)		(2,531,694	)		30,587,097			132,468,891		2,297,414		1,835,200		—


24		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/24		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/24		Shares Held at 09/30/24		Income		Capital Gain Distributions from Underlying Funds
Ingevity Corp.	$	109,111,890	$	10,884,813	$	(10,015,018	)	$	(1,144,009	)	$	(18,796,621	)	$	90,041,055		2,308,745	$	—	$	—
Innospec, Inc.		216,531,908		14,185,893		(24,790,061	)		2,791,973			(29,600,420	)		179,119,293		1,583,865		1,268,854		—
Innovative Industrial Properties, Inc.		196,591,916		15,812,782		(28,161,431	)		(4,839,795	)		62,747,177			242,150,649		1,799,039		6,924,997		—
Innoviva, Inc.		58,231,202		5,858,934		(11,341,219	)		1,371,736			13,412,249			67,532,902		3,497,302		—		—
Insight Enterprises, Inc.		346,915,721		26,290,166		(44,796,482	)		13,030,428			41,801,871			383,241,704		1,779,292		—		—
Inspire Medical Systems, Inc.		—		407,032,024		(3,956,271	)		(58,869	)		(3,406,161	)		399,610,723		1,893,441		—		—
Installed Building Products, Inc.		409,605,812		26,245,115		(48,171,543	)		11,445,520			(34,820,648	)		364,304,256		1,479,288		1,093,528		—
Insteel Industries, Inc.		50,360,583		3,293,997		(5,516,581	)		(532,027	)		(8,934,613	)		38,671,359		1,243,852		78,154		—
Integer Holdings Corp.		262,609,926		19,303,220		(34,505,952	)		7,490,483			21,884,673			276,782,350		2,129,095		—		—
Integra LifeSciences Holdings Corp.		—		137,930,799		(8,479,424	)		(4,271,961	)		(47,923,209	)		77,256,205		4,251,855		—		—
InterDigital, Inc.		185,290,969		14,822,616		(31,902,421	)		5,539,554			53,199,602			226,950,320		1,602,417		1,345,970		—
Interface, Inc., Class A		66,217,195		5,465,202		(9,435,224	)		703,073			7,309,209			70,259,455		3,703,714		78,408		—
Ironwood Pharmaceuticals, Inc., Class A		80,834,305		4,894,606		(5,718,422	)		(3,735,493	)		(39,227,865	)		37,047,131		8,992,022		—		—
Itron, Inc.		284,246,698		22,539,517		(45,009,961	)		8,510,247			34,648,786			304,935,287		2,854,932		—		—
J & J Snack Foods Corp.		151,372,390		12,694,457		(22,138,315	)		1,430,211			27,057,441			170,416,184		990,101		1,565,400		—
Jack in the Box, Inc.		90,464,340		5,669,720		(10,236,701	)		(6,316,132	)		(23,038,292	)		56,542,935		1,214,932		1,154,105		—
JBG SMITH Properties		92,662,861		—		(6,618,507	)		263,781			6,857,975			93,166,110		5,329,869		1,943,070		—
JetBlue Airways Corp.		167,021,826		10,167,766		(30,546,256	)		2,347,171			(24,705,843	)		124,284,664		18,945,833		—		—
John B Sanfilippo & Son, Inc.		64,605,268		5,220,007		(8,743,870	)		517,109			(7,644,989	)		53,953,525		572,087		1,882,019		—
John Bean Technologies Corp.		225,538,359		16,736,808		(27,608,677	)		(3,453,101	)		(11,367,728	)		199,845,661		2,028,684		426,666		—
John Wiley & Sons, Inc., Class A		109,181,518		9,681,698		(20,022,179	)		2,117,704			25,381,472			126,340,213		2,618,450		1,954,363		—
Kaiser Aluminum Corp.		95,942,079		7,212,025		(11,773,013	)		(1,365,909	)		(16,588,102	)		73,427,080		1,012,508		1,632,504		—
Kaman Corp.^(a)		88,158,700		592,447		(88,997,896	)		1,782,858			(1,536,109	)		—		—		—		—
Kelly Services, Inc., Class A, NVS^(c)		N/A		4,127,220		(6,231,555	)		152,060			1,364,399			44,193,088		2,064,133		324,724		—
Kennametal, Inc.		133,900,441		10,122,264		(20,107,113	)		(22,588	)		4,820,845			128,713,849		4,963,897		2,124,329		—
Kennedy-Wilson Holdings, Inc.		68,667,679		6,371,291		(11,387,794	)		(3,301,767	)		22,601,847			82,951,256		7,506,901		1,811,491		—
KKR Real Estate Finance Trust, Inc.		39,683,551		3,031,622		(5,491,229	)		(2,736,539	)		11,522,174			46,009,579		3,725,472		1,869,811		—
Knowles Corp.		96,889,478		8,266,879		(15,008,120	)		338,543			10,792,021			101,278,801		5,617,238		—		—
Kohl’s Corp.		217,953,909		12,286,001		(20,411,791	)		(1,905,897	)		(58,413,298	)		149,508,924		7,085,731		7,384,328		—
Kontoor Brands, Inc.		203,452,260		19,251,208		(33,452,421	)		5,885,441			65,110,043			260,246,531		3,182,276		3,332,309		—
Koppers Holdings, Inc.		77,999,677		4,737,697		(8,677,294	)		(139,194	)		(25,973,325	)		47,947,561		1,312,553		198,393		—
Korn Ferry		233,337,852		17,618,287		(31,414,343	)		6,464,270			26,023,030			252,029,096		3,349,669		2,527,113		—
Krystal Biotech, Inc.		—		299,005,845		(17,443,942	)		(409,672	)		11,063,623			292,215,854		1,605,317		—		—
Kulicke & Soffa Industries, Inc.		191,938,838		12,994,397		(27,627,893	)		1,509,892			(22,073,870	)		156,741,364		3,473,108		1,489,671		—
Lakeland Financial Corp.		111,815,586		3,871,170		(8,225,223	)		(776,267	)		(1,486,381	)		105,198,885		1,615,462		1,624,228		—
La-Z-Boy, Inc.		109,254,951		9,068,924		(18,292,007	)		2,007,198			12,645,295			114,684,361		2,671,427		1,146,362		—
LCI Industries		211,026,488		13,731,271		(24,150,298	)		(775,267	)		(4,280,875	)		195,551,319		1,622,294		3,581,800		—
Leggett & Platt, Inc.		—		111,446,758		(8,687,488	)		230,697			13,078,720			116,068,687		8,521,930		445,519		—
LeMaitre Vascular, Inc.		88,815,428		8,789,241		(11,978,457	)		3,710,870			31,300,926			120,638,008		1,298,719		428,221		—
Leslie’s, Inc.		81,012,497		3,776,563		(6,321,019	)		(11,363,071	)		(29,761,117	)		37,343,853		11,817,675		—		—
LGI Homes, Inc.		161,558,915		10,931,201		(18,031,671	)		1,618,274			95,426			156,172,145		1,317,686		—		—
Liberty Energy, Inc., Class A		212,251,930		28,843,618		(21,927,183	)		1,085,256			(19,155,934	)		201,097,687		10,534,190		1,421,105		—


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) (continued)

September 30, 2024

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/24		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/24		Shares Held at 09/30/24		Income		Capital Gain Distributions from Underlying Funds
Ligand Pharmaceuticals, Inc.	$	80,927,840	$	13,014,639	$	(6,794,094	)	$	803,308		$	28,609,518		$	116,561,211		1,164,564	$	—	$	—
Lindsay Corp.		87,669,760		7,579,506		(13,864,697	)		(799,582	)		5,607,188			86,192,175		691,529		526,958		—
LiveRamp Holdings, Inc.		154,634,003		10,171,794		(16,460,723	)		(1,800,839	)		(41,317,650	)		105,226,585		4,246,432		—		—
LTC Properties, Inc.		90,938,923		9,359,170		(10,295,368	)		(721,822	)		12,406,459			101,687,362		2,771,528		3,235,164		—
LXP Industrial Trust		178,269,512		14,341,225		(24,283,690	)		(1,540,796	)		21,067,706			187,853,957		18,691,936		4,905,728		—
M/I Homes, Inc.		256,983,654		20,156,853		(41,013,239	)		10,230,346			51,900,292			298,257,906		1,740,534		—		—
Macerich Co. (The)		251,312,714		17,845,244		(31,690,360	)		2,580,934			10,115,877			250,164,409		13,715,154		4,920,717		—
Madison Square Garden Sports Corp., Class A		208,081,912		18,903,868		(32,178,792	)		(724,577	)		26,813,140			220,895,551		1,060,672		—		—
Magnolia Oil & Gas Corp., Class A		324,595,238		23,185,004		(36,544,770	)		926,322			(20,403,942	)		291,757,852		11,947,496		3,192,165		—
MARA Holdings, Inc.^(h)		—		387,814,507		(14,273,479	)		(781,813	)		(69,486,414	)		303,272,801		18,697,460		—		—
Marcus Corp. (The)^(a)		23,783,455		751,739		(19,122,637	)		(17,131,903	)		11,719,346			—		—		116,685		—
MarineMax, Inc.		45,467,684		3,846,859		(7,754,816	)		284,246			2,466,222			44,310,195		1,256,314		—		—
Masterbrand, Inc.		160,872,762		10,772,704		(18,948,789	)		3,090,070			(5,676,321	)		150,110,426		8,096,571		—		—
Materion Corp.		183,669,118		12,382,182		(20,087,910	)		2,943,736			(31,289,511	)		147,617,615		1,319,664		375,466		—
Mativ Holdings, Inc.		68,853,206		5,157,004		(9,117,279	)		(7,142,388	)		883,408			58,633,951		3,451,086		730,785		—
Matson, Inc.		265,182,398		20,486,950		(49,811,811	)		12,738,883			55,483,825			304,080,245		2,132,101		1,519,241		—
Matthews International Corp., Class A		64,606,680		4,609,808		(7,339,143	)		(4,688,723	)		(11,779,401	)		45,409,221		1,957,294		991,218		—
MaxLinear, Inc.		94,301,983		6,796,417		(9,815,362	)		(7,138,423	)		(13,918,613	)		70,226,002		4,849,862		—		—
MDC Holdings, Inc.^(a)		253,760,822		200,267		(254,323,597	)		110,590,394			(110,227,886	)		—		—		—		—
Medical Properties Trust, Inc.		190,134,937		14,453,173		(27,494,397	)		2,754,301			43,059,087			222,907,101		38,103,778		15,301,825		—
Medifast, Inc.^(a)		27,979,271		823,218		(15,497,089	)		(71,591,006	)		58,285,606			—		—		—		—
Mercury Systems, Inc.		104,629,420		9,044,904		(20,389,381	)		(1,382,875	)		26,769,623			118,671,691		3,207,343		—		—
Merit Medical Systems, Inc.		295,424,924		23,870,245		(43,097,924	)		10,951,829			78,109,508			365,258,582		3,695,827		—		—
Meritage Homes Corp.		431,891,105		32,032,171		(59,426,351	)		14,255,422			54,217,205			472,969,552		2,306,381		3,631,008		—
Mesa Laboratories, Inc.		38,095,952		3,519,213		(3,361,491	)		(2,234,941	)		8,909,580			44,928,313		345,975		110,458		—
Metallus, Inc.		57,724,176		4,437,263		(6,417,677	)		(240,884	)		(19,222,944	)		36,279,934		2,446,388		—		—
Methode Electronics, Inc.^(a)		29,439,340		599,878		(25,307,321	)		(64,366,933	)		59,635,036			—		—		335,507		—
MGE Energy, Inc.		192,258,801		15,015,969		(25,305,195	)		1,103,794			28,806,130			211,879,499		2,316,889		2,131,945		—
Middlesex Water Co.		63,147,893		5,278,864		(9,208,030	)		(3,457,275	)		18,132,438			73,893,890		1,132,647		777,995		—
MillerKnoll, Inc.		121,771,339		10,360,819		(21,478,701	)		1,223,592			(2,046,492	)		109,830,557		4,435,806		1,821,124		—
Minerals Technologies, Inc.		165,905,226		12,910,414		(24,639,028	)		2,593,262			1,529,924			158,299,798		2,049,719		435,098		—
ModivCare, Inc.^(a)		19,550,593		—		(17,945,634	)		(44,551,662	)		42,946,703			—		—		—		—
Monro, Inc.		63,704,744		4,711,416		(7,647,382	)		(5,245,860	)		(668,803	)		54,854,115		1,900,697		1,130,189		—
Moog, Inc., Class A		310,010,605		25,281,711		(46,492,807	)		11,122,450			69,039,490			368,961,449		1,826,361		1,080,277		—
Movado Group, Inc.^(a)		29,513,715		2,576,108		(22,256,969	)		(11,159,138	)		1,326,284			—		—		1,095,859		—
Mr. Cooper Group, Inc.		339,614,041		4,962,227		(26,184,515	)		12,744,239			47,324,576			378,460,568		4,105,669		—		—
Mueller Industries, Inc.		413,464,268		34,487,366		(64,367,372	)		17,691,258			131,860,271			533,135,791		7,194,815		3,039,778		—
Myers Industries, Inc.		57,828,590		3,261,264		(4,960,060	)		(1,130,495	)		(22,093,699	)		32,905,600		2,381,013		669,175		—
MYR Group, Inc.		199,465,733		11,839,710		(20,295,077	)		2,163,156			(85,632,776	)		107,540,746		1,051,949		—		—
Myriad Genetics, Inc.		127,489,656		11,334,917		(16,181,194	)		778,930			35,079,293			158,501,602		5,786,842		—		—
Nabors Industries Ltd.		51,914,858		3,940,811		(5,413,552	)		(3,719,057	)		(9,706,191	)		37,016,869		574,172		—		—
National Bank Holdings Corp., Class A		90,295,690		—		(3,550,949	)		(135,603	)		14,950,292			101,559,430		2,412,338		1,386,453		—
National HealthCare Corp.		86,093,317		8,081,160		(23,275,430	)		3,213,234			24,466,748			98,579,029		783,804		1,014,578		—
National Vision Holdings, Inc.		117,699,450		5,750,899		(9,390,707	)		(7,501,389	)		(52,059,923	)		54,498,330		4,995,264		—		—
NBT Bancorp, Inc.		114,503,002		—		(5,361,782	)		(64,903	)		23,062,223			132,138,540		2,987,532		2,034,252		—
NCR Atleos Corp.		89,256,550		13,440,171		(10,226,242	)		1,103,927			37,902,219			131,476,625		4,608,364		—		—
NCR Voyix Corp.		114,431,766		11,847,158		(8,548,353	)		(910,286	)		8,882,126			125,702,411		9,263,258		—		—


26		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/24		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/24		Shares Held at 09/30/24		Income		Capital Gain Distributions from Underlying Funds
NeoGenomics, Inc.	$	135,337,127	$	9,911,366	$	(16,085,386	)	$	(15,785,029	)	$	7,081,765		$	120,459,843		8,166,769	$	—	$	—
NetScout Systems, Inc.		105,320,932		7,572,428		(13,676,450	)		(5,542,016	)		4,861,871			98,536,765		4,530,426		—		—
New York Mortgage Trust, Inc.		44,236,066		3,093,710		(5,398,506	)		(7,509,588	)		2,255,325			36,677,007		5,794,156		2,335,176		—
Newell Brands, Inc.		206,655,495		24,313,674		(17,749,140	)		(3,458,411	)		(6,206,390	)		203,555,228		26,504,587		3,588,188		—
NexPoint Residential Trust, Inc.		48,921,300		282,082		(5,173,768	)		(124,451	)		17,883,073			61,788,236		1,403,959		1,387,433		—
NMI Holdings, Inc., Class A		177,566,683		14,412,882		(29,510,050	)		5,983,810			40,636,506			209,089,831		5,076,228		—		—
Northern Oil & Gas, Inc.		245,218,591		29,091,461		(22,760,369	)		943,285			(28,331,415	)		224,161,553		6,330,459		5,028,563		—
Northfield Bancorp, Inc.^(a)		25,858,223		321,637		(23,105,698	)		(16,146,629	)		13,072,467			—		—		342,180		—
Northwest Bancshares, Inc.		98,166,325		603,926		(4,927,881	)		(1,958,043	)		16,051,130			107,935,457		8,066,925		3,339,605		—
Northwest Natural Holding Co.		92,464,716		8,431,031		(9,441,493	)		(1,904,160	)		10,719,134			100,269,228		2,456,375		2,430,112		—
Nu Skin Enterprises, Inc., Class A^(b)		46,295,787		2,711,195		(25,061,412	)		(107,374,736	)		87,319,909			N/A		N/A		400,197		—
NV5 Global, Inc.		84,619,580		6,286,837		(8,781,766	)		(1,916,228	)		(2,325,935	)		77,882,488		833,146		—		—
Oceaneering International, Inc.		159,186,222		12,977,372		(20,628,892	)		3,212,430			5,786,330			160,533,462		6,454,904		—		—
ODP Corp. (The)		119,796,714		7,909,545		(12,751,638	)		(12,301	)		(51,480,215	)		63,462,105		2,133,180		—		—
OFG Bancorp		114,835,642		2,293,986		(9,161,811	)		3,033,683			21,465,828			132,467,328		2,948,961		1,501,133		—
O-I Glass, Inc.		173,363,990		10,323,574		(17,364,677	)		(2,164,959	)		(34,393,348	)		129,764,580		9,890,593		—		—
Olympic Steel, Inc.^(a)		47,046,671		1,368,136		(26,777,923	)		8,428,612			(30,065,496	)		—		—		195,049		—
Omnicell, Inc.		89,774,859		7,772,979		(13,618,744	)		(3,270,112	)		47,122,372			127,781,354		2,930,765		—		—
OPENLANE, Inc.		126,216,648		9,969,174		(16,054,038	)		569,394			(4,240,251	)		116,460,927		6,899,344		—		—
OraSure Technologies, Inc.^(a)		30,618,556		578,057		(22,317,615	)		(29,568,399	)		20,689,401			—		—		—		—
Organon & Co.		324,517,911		25,441,062		(42,925,649	)		3,179,872			2,526,435			312,739,631		16,348,125		9,618,118		—
OSI Systems, Inc.		151,681,838		11,271,668		(18,829,021	)		3,440,724			5,325,475			152,890,684		1,006,986		—		—
Otter Tail Corp.		243,381,542		18,637,520		(29,943,950	)		(181,194	)		(23,596,346	)		208,297,572		2,665,015		2,621,193		—
Outfront Media, Inc.		164,701,790		11,905,719		(30,235,718	)		(582,942	)		15,022,568			160,811,417		8,749,261		5,848,138		—
Owens & Minor, Inc.		143,173,635		7,333,530		(14,958,589	)		(8,019,561	)		(53,615,716	)		73,913,299		4,710,854		—		—
Oxford Industries, Inc.		112,066,622		7,784,303		(13,213,764	)		778,356			(26,207,376	)		81,208,141		936,009		1,303,646		—
Pacific Premier Bancorp, Inc.		152,583,384		—		(5,776,148	)		(3,920,894	)		10,765,476			153,651,818		6,106,988		4,153,234		—
Pacira BioSciences, Inc.		91,656,770		5,891,866		(9,550,559	)		(11,415,414	)		(32,175,125	)		44,407,538		2,950,667		—		—
Palomar Holdings, Inc.		140,410,136		13,724,287		(13,825,792	)		1,589,109			16,054,516			157,952,256		1,668,451		—		—
Papa John’s International, Inc.		147,738,047		8,616,482		(16,167,597	)		(5,535,684	)		(22,653,848	)		111,997,400		2,079,031		2,033,412		—
Park National Corp.		131,604,688		11,420,441		(17,929,172	)		3,047,697			26,939,682			155,083,336		923,225		2,043,682		—
Pathward Financial, Inc.		86,978,756		—		(8,185,639	)		3,589,979			22,037,793			104,420,889		1,581,895		166,054		—
Patrick Industries, Inc.		168,332,872		18,281,026		(14,682,235	)		4,560,972			26,713,917			203,206,552		1,427,313		1,547,670		—
Patterson Cos., Inc.		154,005,164		9,990,939		(23,044,591	)		(4,390,061	)		(27,731,377	)		108,830,074		4,983,062		2,796,597		—
Patterson-UTI Energy, Inc.		259,086,203		38,444,723		(30,697,972	)		1,005,260			(93,494,178	)		174,344,036		22,790,070		3,382,727		—
PDF Solutions, Inc.		69,614,307		5,563,446		(8,575,346	)		1,222,647			(5,448,686	)		62,376,368		1,968,951		—		—
Peabody Energy Corp.		180,432,391		37,440,316		(22,492,264	)		(2,258,784	)		19,766,987			212,888,646		8,021,426		1,087,303		—
Pebblebrook Hotel Trust		125,421,081		8,287,067		(14,914,442	)		(334,098	)		(16,825,743	)		101,633,865		7,682,076		154,516		—
Pediatrix Medical Group, Inc.		56,116,907		3,885,693		(6,257,021	)		(4,136,023	)		12,609,192			62,218,748		5,368,313		—		—
Penn Entertainment, Inc.		—		201,905,592		(13,601,984	)		(30,704	)		(9,108,977	)		179,163,927		9,499,678		—		—
PennyMac Mortgage Investment Trust		85,896,365		6,415,781		(11,060,615	)		(1,805,342	)		(763,060	)		78,683,129		5,517,751		4,598,910		—
Perdoceo Education Corp.		77,794,259		—		(11,118,046	)		2,977,402			17,510,572			87,164,187		3,919,253		1,039,332		—
Perficient, Inc.		132,847,665		12,186,723		(20,691,854	)		2,514,686			42,222,811			169,080,031		2,240,064		—		—


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, 2024

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/24		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/24		Shares Held at 09/30/24		Income		Capital Gain Distributions from Underlying Funds
Phibro Animal Health Corp., Class A	$	17,762,924	$	1,871,391	$	(3,405,720	)	$	(950,350	)	$	14,019,712		$	29,297,957		1,300,975	$	328,556	$	—
Phillips Edison & Co., Inc.		295,590,681		19,993,509		(36,599,668	)		106,445			14,226,690			293,317,657		7,778,246		4,803,069		—
Phinia, Inc.		121,178,821		10,467,142		(27,487,263	)		4,515,483			19,474,810			128,148,993		2,784,032		1,552,830		—
Photronics, Inc.		119,751,092		8,404,246		(12,875,779	)		1,981,478			(17,255,917	)		100,005,120		4,038,979		—		—
Piper Sandler Cos.		203,757,726		18,379,034		(23,375,816	)		7,809,184			78,749,174			285,319,302		1,005,318		1,287,038		—
PJT Partners, Inc., Class A^(c)		N/A		55,164,071		(14,933,132	)		1,454,214			47,751,543			201,474,473		1,510,983		742,329		—
Plexus Corp.		176,823,465		14,631,248		(30,323,048	)		5,690,722			69,524,869			236,347,256		1,728,822		—		—
Powell Industries, Inc.^(b)		88,840,309		7,562,494		(12,946,440	)		5,034,261			(64,431,255	)		N/A		N/A		328,942		—
PRA Group, Inc.		69,490,212		4,735,373		(8,007,966	)		(3,377,721	)		(6,784,429	)		56,055,469		2,506,953		—		—
Premier, Inc., Class A		179,314,936		10,735,593		(37,634,856	)		(4,810,920	)		(14,022,873	)		133,581,880		6,679,094		3,171,362		—
Prestige Consumer Healthcare, Inc.		243,915,011		16,215,155		(29,776,693	)		4,778,774			(6,429,461	)		228,702,786		3,172,022		—		—
PriceSmart, Inc.		142,081,464		10,708,864		(18,743,258	)		1,174,064			11,354,463			146,575,597		1,597,032		2,664,612		—
Privia Health Group, Inc.		135,905,076		9,965,448		(17,171,104	)		(6,312,431	)		(3,697,851	)		118,689,138		6,517,800		—		—
ProAssurance Corp.		43,453,464		904,101		(1,508,892	)		(4,485,062	)		11,704,970			50,068,581		3,329,028		—		—
PROG Holdings, Inc.		104,567,589		9,083,566		(23,165,479	)		4,865,253			35,456,180			130,807,109		2,697,610		709,423		—
Progress Software Corp.		158,417,275		12,728,443		(25,581,296	)		2,396,452			35,649,526			183,610,400		2,725,403		1,024,475		—
Progyny, Inc.		—		83,846,271		(863,822	)		(11,008	)		647,417			83,618,858		4,989,192		—		—
ProPetro Holding Corp.^(b)		46,467,256		3,841,606		(8,895,172	)		(7,057,487	)		20,888,158			N/A		N/A		—		—
Protagonist Therapeutics, Inc.		—		139,138,756		(10,993,344	)		1,887,151			38,862,337			168,894,900		3,753,220		—		—
Proto Labs, Inc.		62,269,171		4,480,995		(8,620,393	)		(14,390,074	)		3,178,435			46,918,134		1,597,485		—		—
Provident Financial Services, Inc.		72,965,846		29,742,785		—			—			24,504,133			127,212,764		6,854,136		2,810,400		—
Quaker Chemical Corp.^(b)		192,463,746		12,203,747		(21,758,542	)		(2,847,507	)		(28,656,684	)		N/A		N/A		836,268		—
Quanex Building Products Corp.		86,192,111		30,608,600		(7,386,184	)		976,283			(27,096,299	)		83,294,511		3,001,604		410,743		—
QuidelOrtho Corp.		—		147,514,097		(4,228,964	)		350,619			23,813,786			167,449,538		3,672,139		—		—
QuinStreet, Inc.		62,392,409		5,806,329		(5,888,872	)		1,141,749			3,721,926			67,173,541		3,511,424		—		—
Ready Capital Corp.		97,658,707		10,732,361		(10,645,241	)		(3,645,450	)		(12,568,730	)		81,531,647		10,685,668		5,695,875		—
Redwood Trust, Inc.		56,581,824		5,264,457		(8,714,820	)		(4,354,511	)		16,146,052			64,923,002		8,398,836		2,843,247		—
REGENXBIO, Inc.		57,601,903		5,805,743		(3,524,761	)		(5,939,202	)		(23,432,668	)		30,511,015		2,908,581		—		—
Renasant Corp.		116,570,065		18,027,747		(7,710,171	)		(430,503	)		4,365,892			130,823,030		4,025,324		1,739,593		—
Resideo Technologies, Inc.		221,196,393		15,111,463		(25,641,353	)		181,002			(23,588,625	)		187,258,880		9,297,859		—		—
Resources Connection, Inc.^(a)		28,381,896		825,623		(23,420,046	)		(11,211,721	)		5,424,248			—		—		301,443		—
Retail Opportunity Investments Corp.		109,657,421		9,335,362		(15,452,089	)		(2,433,754	)		26,644,224			127,751,164		8,121,498		2,540,095		—
REX American Resources Corp.		60,573,866		3,976,881		(6,053,320	)		994,728			(13,880,720	)		45,611,435		985,341		—		—
Robert Half, Inc.		—		459,314,384		(37,282,191	)		410,046			15,387,531			437,829,770		6,495,027		3,665,496		—
Rogers Corp.		134,316,013		9,867,176		(15,746,118	)		(3,795,885	)		(3,152,159	)		121,489,027		1,075,029		—		—
Rush Enterprises, Inc., Class A		222,647,642		14,994,774		(25,959,124	)		(538,368	)		(3,587,160	)		207,557,764		3,928,786		1,448,754		—
RXO, Inc.		172,853,853		51,589,738		(25,843,768	)		1,000,186			44,510,179			244,110,188		8,718,221		—		—
S&T Bancorp, Inc.		81,315,390		1,566,760		(5,634,508	)		(850,456	)		25,292,263			101,689,449		2,422,908		1,662,388		—
Sabre Corp.		62,219,185		6,607,785		(9,928,614	)		(5,153,083	)		36,173,412			89,918,685		24,501,004		—		—
Safety Insurance Group, Inc.		80,597,815		4,165,523		(6,560,653	)		188,071			(774,503	)		77,616,253		949,086		1,783,001		—
Sally Beauty Holdings, Inc.		87,991,813		5,922,516		(12,769,257	)		(454,919	)		7,930,768			88,620,921		6,530,650		—		—
Sanmina Corp.		234,219,748		18,710,079		(38,276,155	)		8,195,809			14,673,867			237,523,348		3,470,027		—		—
ScanSource, Inc.		75,101,104		6,167,313		(18,334,405	)		2,622,617			3,800,900			69,357,529		1,444,046		—		—
Scholastic Corp.		66,855,493		5,167,624		(11,089,768	)		(1,490,597	)		(8,316,892	)		51,125,860		1,597,184		696,469		—


28		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/24		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/24		Shares Held at 09/30/24		Income		Capital Gain Distributions from Underlying Funds
Schrodinger, Inc.	$	99,752,391	$	6,060,978	$	(9,315,483	)	$	(6,928,416	)	$	(24,335,241	)	$	65,234,229		3,516,670	$	—	$	—
Seacoast Banking Corp. of Florida		143,325,915		—		(6,957,214	)		(2,781,657	)		9,097,296			142,684,340		5,354,009		1,996,760		—
Sealed Air Corp.^(c)		N/A		62,514,350		—			—			5,591,143			283,017,488		7,796,625		2,863,116		—
Select Medical Holdings Corp.		214,075,673		18,666,345		(31,772,080	)		5,520,383			26,706,221			233,196,542		6,687,598		1,776,150		—
Semtech Corp.		119,360,948		36,406,158		(16,281,822	)		2,571,833			75,494,245			217,551,362		4,764,594		—		—
Sensient Technologies Corp.		197,426,746		14,213,342		(24,641,694	)		1,805,537			28,790,653			217,594,584		2,712,473		2,320,307		—
Service Properties Trust		76,310,453		4,899,658		(8,281,187	)		(7,474,481	)		(17,401,259	)		48,053,184		10,537,979		4,410,110		—
ServisFirst Bancshares, Inc.		219,561,019		12,911,129		(20,398,237	)		131,580			44,071,765			256,277,256		3,185,547		953,467		—
Shake Shack, Inc., Class A		263,417,588		24,350,633		(23,116,435	)		4,789,817			(7,410,610	)		262,030,993		2,538,814		—		—
Shenandoah Telecommunications Co.		58,975,232		4,471,463		(11,191,446	)		(13,877,587	)		2,997,528			41,375,190		2,932,331		—		—
Signet Jewelers Ltd.		299,493,299		19,158,678		(34,833,972	)		9,442,168			(1,137,989	)		292,122,184		2,832,288		1,717,805		—
Simmons First National Corp., Class A		161,479,352		618,843		(7,126,171	)		(3,535,895	)		19,842,563			171,278,692		7,951,657		3,450,717		—
Simply Good Foods Co. (The)		208,748,051		17,651,840		(28,958,454	)		(297,960	)		4,725,545			201,869,022		5,805,839		—		—
Simulations Plus, Inc.		44,532,695		3,377,030		(5,197,558	)		(1,395,311	)		(8,121,882	)		33,194,974		1,036,695		127,791		—
SITE Centers Corp.^(c)		N/A		33,787,667		(3,905,308	)		1,416,857			66,120,004			181,742,968		3,004,016		—		—
SiTime Corp.		110,029,766		16,130,252		(13,399,385	)		930,063			90,374,303			204,064,999		1,189,814		—		—
Six Flags Entertainment Corp.		128,971,343		199,549,456		(26,714,464	)		(2,089,218	)		(61,364,047	)		238,353,070		5,913,001		14,568,886		—
SJW Group		111,631,584		8,564,033		(12,840,192	)		(2,597,217	)		5,121,991			109,880,199		1,890,900		1,568,921		—
SkyWest, Inc.		191,019,809		17,908,688		(35,042,379	)		9,142,270			33,487,625			216,516,013		2,546,648		—		—
SL Green Realty Corp.		241,273,192		10,737,589		(26,772,697	)		6,670,527			54,567,237			286,475,848		4,115,441		6,385,875		—
SM Energy Co.		389,494,401		25,866,138		(50,355,113	)		12,125,695			(86,746,913	)		290,384,208		7,265,054		2,756,487		—
SMART Global Holdings, Inc.		92,146,531		6,127,046		(8,705,851	)		108,206			(19,254,874	)		70,421,058		3,361,387		—		—
SolarEdge Technologies, Inc.		272,323,997		10,758,566		(16,261,533	)		(23,036,086	)		(160,397,332	)		83,387,612		3,639,791		—		—
Sonos, Inc.		159,420,737		9,733,456		(18,879,943	)		(16,211,170	)		(39,589,346	)		94,473,734		7,687,041		—		—
Southside Bancshares, Inc.		56,835,221		1,504,772		(5,566,468	)		(765,370	)		8,410,820			60,418,975		1,807,328		1,368,536		—
SpartanNash Co.		47,408,739		3,846,680		(7,692,484	)		(1,517,416	)		6,328,416			48,373,935		2,158,587		975,600		—
Sprinklr, Inc., Class A^(c)		N/A		39,860,595		(9,054,870	)		(2,991,952	)		(39,025,629	)		59,125,371		7,648,819		—		—
SPS Commerce, Inc.		458,220,474		34,743,436		(56,732,803	)		13,669,869			7,412,286			457,313,262		2,355,221		—		—
SPX Technologies, Inc.		379,566,448		31,945,218		(54,525,841	)		17,286,506			93,775,618			468,047,949		2,935,206		—		—
STAAR Surgical Co.		126,185,847		10,875,351		(15,659,425	)		(1,097,869	)		(3,857,898	)		116,446,006		3,134,482		—		—
Standard Motor Products, Inc.		42,476,548		5,747,672		(3,743,849	)		(985,856	)		311,955			43,806,470		1,319,472		731,754		—
Standex International Corp.		146,514,355		10,183,216		(18,159,573	)		3,416,394			(3,887,681	)		138,066,711		755,371		478,308		—
Stellar Bancorp, Inc.		77,165,464		6,151,058		(9,050,781	)		(1,115,711	)		5,547,518			78,697,548		3,039,689		822,743		—
Stepan Co.		129,222,617		9,258,316		(15,784,503	)		(3,966,568	)		(14,640,045	)		104,089,817		1,347,441		1,074,584		—
StepStone Group, Inc., Class A		—		190,394,801		(8,570,358	)		759,572			43,566,083			226,150,098		3,979,414		835,818		—
Steven Madden Ltd.		200,254,146		18,041,322		(23,300,888	)		4,092,763			26,815,394			225,902,737		4,611,201		1,950,843		—
Stewart Information Services Corp.		118,015,587		—		(3,572,798	)		97,779			17,071,639			131,612,207		1,760,934		1,754,234		—
StoneX Group, Inc.		129,396,999		9,658,555		(12,080,810	)		4,228,940			16,412,200			147,615,884		1,802,832		—		—
Strategic Education, Inc.		152,976,436		21,515,882		(14,098,305	)		2,208,568			(19,309,637	)		143,292,944		1,548,276		1,757,488		—
Stride, Inc.		169,468,753		21,355,936		(19,416,463	)		4,246,650			54,831,161			230,486,037		2,701,747		—		—
Sturm Ruger & Co., Inc.		55,414,613		4,397,937		(9,401,369	)		(3,669,458	)		(1,803,764	)		44,937,959		1,078,166		414,170		—


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, 2024

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/24		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/24		Shares Held at 09/30/24		Income		Capital Gain Distributions from Underlying Funds
Summit Hotel Properties, Inc.	$	47,449,138	$	1,783,889	$	(4,060,121	)	$	(2,970,669	)	$	5,358,726		$	47,560,963		6,933,085	$	1,143,311	$	—
SunCoke Energy, Inc.		63,760,352		4,966,195		(7,036,381	)		(116,974	)		(14,881,866	)		46,691,326		5,379,185		1,244,362		—
Sunrun, Inc.		193,939,904		17,162,857		(25,378,800	)		1,853,688			68,770,488			256,348,137		14,194,249		—		—
Sunstone Hotel Investors, Inc.		154,572,981		10,953,870		(20,851,422	)		(441,035	)		(10,950,655	)		133,283,739		12,915,091		2,352,620		—
Supernus Pharmaceuticals, Inc.		126,221,463		8,936,218		(15,025,570	)		(711,237	)		(10,158,421	)		109,262,453		3,504,248		—		—
Sylvamo Corp.		147,284,474		12,845,730		(28,427,274	)		7,564,286			48,496,006			187,763,222		2,187,108		1,733,994		—
Tandem Diabetes Care, Inc.		155,953,076		13,280,541		(23,558,877	)		2,667,486			28,558,281			176,900,507		4,171,198		—		—
Tanger, Inc.		214,753,381		13,874,965		(24,090,320	)		3,724,035			22,139,560			230,401,621		6,943,991		3,983,465		—
TechTarget, Inc.		57,952,091		4,000,288		(6,583,346	)		(5,259,359	)		(9,890,133	)		40,219,541		1,644,971		—		—
TEGNA, Inc.		—		160,951,294		(1,097,911	)		(499	)		6,478,100			166,330,984		10,540,620		—		—
Telephone & Data Systems, Inc.		107,208,339		9,570,340		(20,138,539	)		1,925,992			45,434,533			144,000,665		6,193,577		526,820		—
Tennant Co.		153,845,649		9,663,599		(15,069,710	)		1,410,717			(34,119,846	)		115,730,409		1,205,023		709,644		—
TG Therapeutics, Inc.		—		211,619,911		(1,966,352	)		(93,582	)		(10,745,749	)		198,814,228		8,499,967		—		—
Thryv Holdings, Inc.		46,606,862		4,622,015		(3,086,128	)		(816,837	)		(9,714,528	)		37,611,384		2,182,901		—		—
Tompkins Financial Corp.		42,574,609		3,359,732		(5,505,676	)		(1,806,637	)		7,677,066			46,299,094		801,161		1,025,921		—
Topgolf Callaway Brands Corp.^(b)		155,163,763		11,305,866		(18,043,215	)		(1,905,561	)		(20,881,663	)		N/A		N/A		—		—
TransMedics Group, Inc.		—		332,580,457		—			—			(44,252	)		332,536,205		2,118,065		—		—
TreeHouse Foods, Inc.		132,385,675		9,951,457		(26,398,348	)		(409,261	)		9,418,154			124,947,677		2,976,362		—		—
Tri Pointe Homes, Inc.		253,389,122		19,248,786		(43,358,647	)		8,029,070			31,952,642			269,260,973		5,942,639		—		—
Trinity Industries, Inc.		153,995,767		13,167,137		(21,677,423	)		2,618,578			34,915,304			183,019,363		5,253,139		3,036,796		—
TripAdvisor, Inc.		202,911,686		10,471,272		(15,538,671	)		(1,448,016	)		(95,304,279	)		101,091,992		6,976,673		—		—
Triumph Financial, Inc.		115,489,523		9,112,796		(13,251,917	)		2,218,225			(2,483,699	)		111,084,928		1,396,592		—		—
Triumph Group, Inc.		61,312,049		—		—			—			(8,764,688	)		52,547,361		4,076,599		—		—
Trupanion, Inc.		66,633,587		6,263,373		(18,659,883	)		(16,517,604	)		51,106,849			88,826,322		2,115,920		—		—
TrustCo Bank Corp.		35,514,998		527,001		(1,928,959	)		(740,931	)		6,771,399			40,143,508		1,213,895		902,721		—
Trustmark Corp.		113,806,258		—		(5,207,214	)		(367,637	)		15,118,473			123,349,880		3,876,489		1,840,286		—
TTM Technologies, Inc.		108,632,143		9,358,161		(17,451,914	)		2,199,552			15,443,072			118,181,014		6,475,672		—		—
Two Harbors Investment Corp.		92,300,806		7,552,964		(12,816,736	)		(9,513,907	)		13,842,237			91,365,364		6,582,519		6,155,456		—
U.S. Physical Therapy, Inc.		114,832,471		7,938,805		(12,343,685	)		(766,433	)		(28,041,362	)		81,619,796		964,431		890,017		—
U.S. Silica Holdings, Inc.^(a)		64,870,433		4,238,254		(85,084,375	)		9,932,300			6,043,388			—		—		—		—
UFP Technologies, Inc.		120,318,315		10,270,049		(13,590,654	)		3,125,212			26,503,477			146,626,399		462,982		—		—
Ultra Clean Holdings, Inc.		139,488,908		10,327,309		(16,558,621	)		1,620,398			(20,302,373	)		114,575,621		2,869,412		—		—
UniFirst Corp.		176,994,333		13,731,443		(24,675,115	)		(555,221	)		24,020,236			189,515,676		954,018		667,945		—
United Community Banks, Inc.		207,604,711		—		(9,015,305	)		(3,388,500	)		24,341,811			219,542,717		7,549,612		3,660,865		—
United Fire Group, Inc.		31,301,864		1,627,231		(2,646,742	)		(1,432,854	)		220,136			29,069,635		1,388,898		452,550		—
United Natural Foods, Inc.		46,247,422		4,311,779		(8,011,667	)		(8,459,731	)		29,562,525			63,650,328		3,784,205		—		—
Uniti Group, Inc.		95,117,599		5,460,443		(8,351,481	)		(6,692,057	)		1,939,008			87,473,512		15,509,488		2,407,719		—
Unitil Corp.		56,924,500		4,805,970		(7,579,995	)		(76,421	)		8,603,226			62,677,280		1,034,620		923,233		—
Universal Corp.		86,291,355		6,875,188		(11,832,890	)		(910,685	)		2,883,572			83,306,540		1,568,566		2,609,504		—
Universal Health Realty Income Trust		31,627,868		3,011,367		(4,950,747	)		(1,859,016	)		9,457,190			37,286,662		815,009		1,244,177		—
Upbound Group, Inc.		106,422,507		11,681,336		(9,377,945	)		2,534,581			(12,358,244	)		98,902,235		3,091,661		2,223,526		—
Urban Edge Properties		137,221,047		12,374,521		(16,984,518	)		1,152,333			31,061,347			164,824,730		7,705,691		2,678,576		—
Varex Imaging Corp.^(a)		49,787,344		2,899,188		(32,657,682	)		(42,029,800	)		22,000,950			—		—		—		—
Vector Group Ltd.		98,123,455		8,243,285		(13,211,604	)		2,233,080			32,852,690			128,240,906		8,595,235		3,575,080		—
Veeco Instruments, Inc.		133,835,777		11,413,200		(18,253,170	)		3,836,146			(11,337,675	)		119,494,278		3,606,830		—		—
Vericel Corp.		167,672,945		12,127,491		(16,622,581	)		(417,067	)		(31,191,077	)		131,569,711		3,114,076		—		—


30		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/24		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/24		Shares Held at 09/30/24		Income		Capital Gain Distributions from Underlying Funds
Veris Residential, Inc.	$	82,807,301	$	6,384,161	$	(11,580,994	)	$	544,701		$	13,482,312		$	91,637,481		5,130,878	$	959,547	$	—
Veritex Holdings, Inc.		73,789,592		—		(3,241,167	)		(2,472,115	)		22,991,680			91,067,990		3,460,030		1,426,090		—
Verra Mobility Corp., Class A		280,454,925		22,396,442		(42,486,842	)		5,073,741			25,320,345			290,758,611		10,455,182		—		—
Vestis Corp.		171,066,689		9,641,220		(34,766,762	)		(7,689,479	)		(29,985,839	)		108,265,829		7,266,163		613,607		—
VF Corp.		—		340,403,119		(43,715,685	)		3,375,075			118,951,650			419,014,159		21,003,216		3,978,168		—
Viad Corp.		55,967,874		3,942,061		(6,085,114	)		(1,155,077	)		(4,162,373	)		48,507,371		1,353,820		—		—
Viavi Solutions, Inc.		136,641,825		9,245,017		(17,067,496	)		(7,991,369	)		6,309,347			127,137,324		14,095,047		—		—
Victoria’s Secret & Co.		101,365,792		7,780,074		(14,033,284	)		368,488			32,743,837			128,224,907		4,989,296		—		—
Virtu Financial, Inc., Class A		—		141,103,400		(25,878,244	)		5,186,323			38,663,312			159,074,791		5,222,416		1,421,715		—
Virtus Investment Partners, Inc.		113,691,887		7,205,473		(14,567,632	)		1,458,759			(19,216,690	)		88,571,797		422,878		1,705,269		—
Vista Outdoor, Inc.		128,738,107		11,276,994		(18,951,046	)		3,578,347			20,696,552			145,338,954		3,709,519		—		—
Wabash National Corp.		91,802,028		5,678,323		(10,999,226	)		322,705			(33,168,432	)		53,635,398		2,794,966		475,947		—
WaFd, Inc.		133,084,058		10,438,816		(13,124,473	)		(47,410	)		25,354,871			155,705,862		4,467,887		2,362,701		—
Walker & Dunlop, Inc.		228,297,471		17,118,437		(41,043,698	)		4,779,040			22,105,836			231,257,086		2,035,893		2,927,527		—
WD-40 Co.		232,005,109		16,301,747		(29,540,148	)		4,178,059			(1,092,150	)		221,852,617		860,294		1,586,166		—
Werner Enterprises, Inc.		—		156,114,604		(15,886,513	)		199,899			11,054,469			151,482,459		3,925,433		575,161		—
Westamerica BanCorp		86,355,416		3,559,978		(6,566,846	)		(1,327,748	)		2,193,400			84,214,200		1,704,051		1,556,181		—
Whitestone REIT		40,052,823		3,056,135		(7,885,863	)		512,965			2,394,714			38,130,774		2,818,239		781,454		—
Winnebago Industries, Inc.		146,130,168		9,365,005		(17,138,121	)		1,129,226			(32,605,833	)		106,880,445		1,839,278		1,877,128		—
WisdomTree, Inc.^(c)		N/A		7,928,128		(6,097,981	)		1,639,874			18,374,761			76,064,399		7,614,054		447,456		—
WK Kellogg Co.^(b)		83,731,628		5,915,557		(10,369,288	)		1,454,226			(24,141,029	)		N/A		N/A		1,422,627		—
Wolfspeed, Inc.		—		65,500,236		(505,982	)		50,498			12,780,899			77,825,651		8,023,263		—		—
Wolverine World Wide, Inc.		60,404,233		5,787,842		(10,308,153	)		(5,278,791	)		37,933,535			88,538,666		5,082,587		517,907		—
World Kinect Corp.		108,100,039		8,431,576		(18,212,760	)		(1,469,217	)		19,174,509			116,024,147		3,753,612		1,328,228		—
WSFS Financial Corp.		181,742,487		—		(13,263,624	)		(1,217,981	)		24,142,678			191,403,560		3,753,747		1,179,371		—
Xencor, Inc.		90,997,852		6,199,887		(10,033,676	)		(6,897,008	)		(1,276,403	)		78,990,652		3,927,929		—		—
Xenia Hotels & Resorts, Inc.		107,196,752		7,906,959		(17,322,190	)		(5,141,609	)		3,332,594			95,972,506		6,497,800		1,568,592		—
Xerox Holdings Corp.		136,703,750		7,391,919		(10,602,268	)		(1,947,238	)		(54,777,842	)		76,768,321		7,395,792		3,690,603		—
XPEL, Inc.		77,628,307		5,777,682		(5,648,122	)		(1,736,391	)		(13,577,784	)		62,443,692		1,439,790		—		—
Xperi, Inc.^(a)		35,514,951		601,315		(23,925,493	)		(45,649,564	)		33,458,791			—		—		—		—
Yelp, Inc.		182,689,014		12,137,291		(25,179,693	)		(787,659	)		(19,300,951	)		149,558,002		4,263,341		—		—
Ziff Davis, Inc.		—		146,358,182		(1,413,360	)		(62,368	)		(6,609,225	)		138,273,229		2,841,620		—		—
Zurn Elkay Water Solutions Corp.		—		320,898,172		(3,209,141	)		383			9,956,158			327,645,572		9,116,460		—		—

								$	995,619,217		$	3,070,165,705		$	82,779,704,793			$	713,802,851	$	—

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

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

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

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

^(e)	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.

^(f)	Formerly the Community Bank System, Inc.

^(g)	Formerly the Hannon Armstrong Sustainable Infrastructure Capital, Inc.

^(h)	Formerly the Marathon Digital Holdings, Inc.


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, 2024

iShares^® Core S&P Small-Cap 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

Russell 2000 E-Mini Index

653

12/20/24

73,436

52,758

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)		08/18/26–08/19/26	$	340,946,205	$	9,419,512	^(c)	$	350,967,078		0.4	%
	Monthly	HSBC Bank PLC^(d)		02/09/28		706,796,045		49,229,747	^(e)		758,320,532		0.8
	Monthly	JPMorgan Chase Bank NA^(f)		02/10/25		272,000,360		10,074,035	^(g)		282,959,876		0.3

							$	68,723,294		$	1,392,247,486

^(a)

^(c)

Amount includes $(601,361) of net dividends, payable for referenced securities purchased and financing fees.

^(e)

Amount includes $(2,294,740) of net dividends, payable for referenced securities purchased and financing fees.

^(g)

Amount includes $(885,481) 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:	0-250 basis points	40 basis points	40 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)



	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Aerospace & Defense
Triumph Group, Inc.		320,849	$	4,135,744		1.2	%


Banks
Axos Financial, Inc.		3,150		198,072		0.0
Cathay General Bancorp		70,328		3,020,588		0.9
Central Pacific Financial Corp.		85,917		2,535,411		0.7
CVB Financial Corp.		13,595		242,263		0.1
WaFd, Inc.		676,043		23,560,098		6.7


				29,556,432

Capital Markets
Moelis & Co., Class A		1,105,792		75,757,810		21.6



	Shares		Value		% of Basket Value


Commercial Services & Supplies
Pitney Bowes, Inc.		1,637,578	$	11,675,931		3.3	%


Communications Equipment
Extreme Networks, Inc.		2,388,136		35,893,684		10.2


Consumer Finance
Bread Financial Holdings, Inc.		2,633		125,278		0.1
Green Dot Corp., Class A		426,458		4,993,823		1.4


				5,119,101

Containers & Packaging
Sealed Air Corp.		5,744		208,507		0.1


Energy Equipment & Services
Tidewater, Inc.		15,449		1,109,084		0.3


Financial Services
Jackson Financial, Inc., Class A		1,167,365		106,498,709		30.3
Radian Group, Inc.		20,939		726,374		0.2


				107,225,083

Health Care Providers & Services
RadNet, Inc.		373,326		25,905,091		7.4


32		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P Small-Cap ETF



	Shares		Value		% of Basket Value


Insurance
Ambac Financial Group, Inc.		162,355	$	1,820,000		0.5	%
Employers Holdings, Inc.		2,399		115,080		0.1


				1,935,080

Metals & Mining
Warrior Met Coal, Inc.		41,897		2,677,218		0.8


Mortgage Real Estate Investment Trusts (REITs)
Arbor Realty Trust, Inc.		2,079,849		32,362,450		9.2


Office REITs
Douglas Emmett, Inc.		129,275		2,271,362		0.6


Oil, Gas & Consumable Fuels
Par Pacific Holdings, Inc.		534,515		9,407,464		2.7


Software
Envestnet, Inc.		91,457		5,727,037		1.6


Net Value of Reference Entity — Goldman Sachs Bank USA			$	350,967,078



	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Aerospace & Defense
Triumph Group, Inc.		514,857	$	6,636,507		0.9	%


Banks
Hope Bancorp, Inc.		19,471		244,556		0.0
Preferred Bank		196,914		15,802,348		2.1
Provident Financial Services, Inc.		1,410,011		26,169,804		3.5


				42,216,708

Capital Markets
Moelis & Co., Class A		98,473		6,746,385		0.9


Commercial Services & Supplies
Pitney Bowes, Inc.		388,969		2,773,349		0.4


Consumer Finance
Bread Financial Holdings, Inc.		1,361,909		64,799,630		8.5
Green Dot Corp., Class A		41,442		485,286		0.1


				65,284,916

Containers & Packaging
Sealed Air Corp.		1,423,696		51,680,165		6.8


Diversified Consumer Services
Perdoceo Education Corp.		9,475		210,724		0.0


Diversified REITs
Global Net Lease, Inc.		3,679,753		30,983,520		4.1



	Shares		Value		% of Basket Value


Diversified Telecommunication Services
Lumen Technologies, Inc.		17,337,455	$	123,095,930		16.2	%


Energy Equipment & Services
Tidewater, Inc.		551,754		39,610,420		5.2


Financial Services
Jackson Financial, Inc., Class A		1,945,007		177,442,989		23.4


Health Care Providers & Services
RadNet, Inc.		83,404		5,787,404		0.8


Insurance
Ambac Financial Group, Inc.		261,185		2,927,884		0.4
Lincoln National Corp.		2,364,215		74,496,414		9.8


				77,424,298

Metals & Mining
Warrior Met Coal, Inc.		47,084		3,008,668		0.4


Office REITs
Douglas Emmett, Inc.		2,322,555		40,807,291		5.4
Hudson Pacific Properties, Inc.		444,506		2,124,739		0.2
JBG SMITH Properties		165,799		2,898,167		0.4


				45,830,197

Oil, Gas & Consumable Fuels
Par Pacific Holdings, Inc.		265,624		4,674,982		0.6


Software
Envestnet, Inc.		1,196,317		74,913,370		9.9


Net Value of Reference Entity — HSBC Bank PLC			$	758,320,532



	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Central Pacific Financial Corp.		35,828	$	1,057,284		0.4	%


Communications Equipment
Extreme Networks, Inc.		115,305		1,733,034		0.6


Financial Services
Radian Group, Inc.		6,221,764		215,832,993		76.3


Health Care Providers & Services
RadNet, Inc.		151,339		10,501,413		3.7


Insurance
Ambac Financial Group, Inc.		388,379		4,353,729		1.5


Metals & Mining
Warrior Met Coal, Inc.		753,842		48,170,504		17.0


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, 2024

iShares^® Core S&P Small-Cap ETF



	Shares		Value		% of Basket Value


Oil, Gas & Consumable Fuels
Par Pacific Holdings, Inc.		74,484	$	1,310,919		0.5	%

Net Value of Reference Entity — JPMorgan Chase Bank NA			$	282,959,876

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	$	—	$	—	$	68,723,294	$	—

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)	$	—	$	—	$	52,758	$	—	$	—	$	—	$	52,758
Swaps — OTC
Unrealized appreciation on OTC swaps;
Swap premiums paid		—		—		68,723,294		—		—		—		68,723,294

	$	—	$	—	$	68,776,052	$	—	$	—	$	—	$	68,776,052

^(a)

For the period ended September 30, 2024, 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	$	—	$	—	$	23,142,223		$	—	$	—	$	—	$	23,142,223
Swaps		—		—		237,256,441			—		—		—		237,256,441

	$	—	$	—	$	260,398,664		$	—	$	—	$	—	$	260,398,664


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(3,479,706	)	$	—	$	—	$	—	$	(3,479,706	)
Swaps		—		—		(7,406,531	)		—		—		—		(7,406,531	)

	$	—	$	—	$	(10,886,237	)	$	—	$	—	$	—	$	(10,886,237	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long			$146,834,315
Total return swaps
Average notional amount			$1,318,630,423

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


34		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P Small-Cap ETF

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	$	—	$	51,512
Swaps — OTC^(a)		68,723,294		—


Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	68,723,294	$	51,512


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(51,512	)


Total derivative assets and liabilities subject to an MNA	$	68,723,294	$	—

^(a)

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


Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)		Non- Cash Collateral Received^(b)		Cash Collateral Received^(b)			Net Amount of Derivative Assets^(c)
Goldman Sachs Bank USA	$	9,419,512	$	—	$	—	$	(9,419,512	)	$	—
HSBC Bank PLC		49,229,747		—		—		(49,229,747	)		—
JPMorgan Chase Bank N.A.		10,074,035		—		—		(10,074,035	)		—

	$	68,723,294	$	—	$	—	$	(68,723,294	)	$	—

^(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 receivable from the counterparty in the event of default.

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	84,829,026,762	$	—	$	10	$	84,829,026,772
Short-Term Securities
Money Market Funds		6,235,459,932		—		—		6,235,459,932

	$	91,064,486,694	$	—	$	10	$	91,064,486,704


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	52,758	$	68,723,294	$	—	$	68,776,052

^(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.


S C H E D U L E S O F I N V E S T M E N T S		35

Schedule of Investments (unaudited)

September 30, 2024

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.0%
Axon Enterprise, Inc.^(a)		49,049	$	19,599,980
Boeing Co. (The)^(a)		175,472		26,678,763
BWX Technologies, Inc.		63,102		6,859,187
Curtiss-Wright Corp.		16,757		5,507,858
General Electric Co.		317,686		59,909,226
Hexcel Corp.		28,612		1,769,080
Howmet Aerospace, Inc.		161,827		16,223,157
TransDigm Group, Inc.		38,358		54,741,853
Woodward, Inc.		40,782		6,994,521


				198,283,625
Air Freight & Logistics — 0.0%
Expeditors International of Washington, Inc.		35,858		4,711,741
GXO Logistics, Inc.^(a)		52,132		2,714,513


				7,426,254
Automobile Components — 0.0%
Autoliv, Inc.		29,476		2,752,174
Gentex Corp.		103,869		3,083,871
Visteon Corp.^(a)		8,733		831,731


				6,667,776
Automobiles — 2.5%
Tesla, Inc.^(a)		1,892,930		495,247,276


Banks — 0.1%
Bank OZK		38,158		1,640,412
Commerce Bancshares, Inc.		33,864		2,011,522
Cullen/Frost Bankers, Inc.		18,696		2,091,334
East West Bancorp, Inc.		50,687		4,193,842
First Financial Bankshares, Inc.		35,796		1,324,810
Hancock Whitney Corp.		29,599		1,514,581
International Bancshares Corp.		15,930		952,455
Pinnacle Financial Partners, Inc.		21,874		2,142,996
Western Alliance Bancorp		38,032		3,289,388


				19,161,340
Beverages — 0.8%
Boston Beer Co., Inc. (The), Class A, NVS^(a)		3,015		871,757
Celsius Holdings, Inc.^(a)(b)		103,089		3,232,871
Coca-Cola Co. (The)		1,031,379		74,114,895
Coca-Cola Consolidated, Inc.		4,029		5,303,776
Monster Beverage Corp.^(a)		289,276		15,091,529
PepsiCo, Inc.		338,032		57,482,341


				156,097,169
Biotechnology — 1.1%
AbbVie, Inc.		445,750		88,026,710
Arrowhead Pharmaceuticals, Inc.^(a)		86,229		1,670,256
BioMarin Pharmaceutical, Inc.^(a)		73,532		5,168,564
Cytokinetics, Inc.^(a)		33,729		1,780,891
Exelixis, Inc.^(a)		192,447		4,994,000
Halozyme Therapeutics, Inc.^(a)(b)		88,028		5,038,723
Neurocrine Biosciences, Inc.^(a)		69,639		8,023,805
Regeneron Pharmaceuticals, Inc.^(a)		43,524		45,754,170
Roivant Sciences Ltd.^(a)		184,926		2,134,046
Sarepta Therapeutics, Inc.^(a)		51,993		6,493,406
United Therapeutics Corp.^(a)		13,829		4,955,622
Vertex Pharmaceuticals, Inc.^(a)		112,491		52,317,314


				226,357,507


Security	Shares		Value

Broadline Retail — 6.0%
Amazon.com, Inc.^(a)		6,372,792	$	1,187,442,334
Ollie’s Bargain Outlet Holdings, Inc.^(a)(b)		40,986		3,983,839


				1,191,426,173
Building Products — 0.8%
A. O. Smith Corp.		51,576		4,633,072
AAON, Inc.		45,095		4,863,045
Advanced Drainage Systems, Inc.		48,225		7,579,041
Allegion PLC		23,278		3,392,536
Builders FirstSource, Inc.^(a)		79,608		15,432,807
Carlisle Cos., Inc.		31,525		14,178,369
Carrier Global Corp.		274,969		22,132,255
Fortune Brands Innovations, Inc.		32,912		2,946,611
Lennox International, Inc.		21,887		13,226,095
Masco Corp.		79,696		6,689,682
Owens Corning		59,949		10,582,198
Simpson Manufacturing Co., Inc.		28,485		5,448,326
Trane Technologies PLC		105,936		41,180,501
Trex Co., Inc.^(a)		75,604		5,033,714
UFP Industries, Inc.		41,123		5,395,749


				162,714,001
Capital Markets — 1.5%
Ameriprise Financial, Inc.		35,575		16,713,491
Blackstone, Inc., Class A, NVS		353,163		54,079,850
Carlyle Group, Inc. (The)		67,795		2,919,253
Cboe Global Markets, Inc.		45,778		9,378,539
CME Group, Inc., Class A		88,389		19,503,033
Evercore, Inc., Class A		16,732		4,238,885
FactSet Research Systems, Inc.		12,412		5,707,658
Hamilton Lane, Inc., Class A		27,708		4,665,750
Houlihan Lokey, Inc., Class A		35,809		5,658,538
Interactive Brokers Group, Inc., Class A		44,034		6,136,578
KKR & Co., Inc., Class A		460,343		60,111,589
Moody’s Corp.		50,317		23,879,945
Morningstar, Inc.		18,449		5,887,445
MSCI, Inc., Class A		30,646		17,864,473
S&P Global, Inc.		96,312		49,756,705
SEI Investments Co.		34,894		2,414,316


				288,916,048
Chemicals — 0.9%
Arcadium Lithium PLC^(a)(b)		434,765		1,239,080
Axalta Coating Systems Ltd.^(a)		147,913		5,352,971
Cabot Corp.		25,848		2,889,031
Celanese Corp., Class A		74,694		10,155,396
CF Industries Holdings, Inc.		65,926		5,656,451
Ecolab, Inc.		88,288		22,542,575
Linde PLC		170,468		81,289,371
NewMarket Corp.		5,247		2,895,767
Olin Corp.		35,053		1,681,843
RPM International, Inc.		46,842		5,667,882
Scotts Miracle-Gro Co. (The)		11,054		958,382
Sherwin-Williams Co. (The)		79,324		30,275,591
Westlake Corp.		21,935		3,296,611


				173,900,951
Commercial Services & Supplies — 0.7%
Brink’s Co. (The)		29,561		3,418,434
Cintas Corp.		128,817		26,520,844
Clean Harbors, Inc.^(a)		34,899		8,435,437
Copart, Inc.^(a)		598,625		31,367,950
MSA Safety, Inc.		26,902		4,770,801
RB Global, Inc.		124,737		10,040,081
Republic Services, Inc.		79,222		15,910,946


36		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Commercial Services & Supplies (continued)
Rollins, Inc.		84,079	$	4,252,716
Tetra Tech, Inc.		180,936		8,532,942
Waste Management, Inc.		117,336		24,358,954


				137,609,105
Communications Equipment — 0.5%
Arista Networks, Inc.^(a)		175,587		67,393,802
Ciena Corp.^(a)		39,011		2,402,688
Motorola Solutions, Inc.		66,151		29,743,474


				99,539,964
Construction & Engineering — 0.2%
AECOM		42,555		4,394,655
Comfort Systems U.S.A., Inc.		24,287		9,480,430
EMCOR Group, Inc.		31,896		13,732,185
Quanta Services, Inc.		69,113		20,606,041


				48,213,311
Construction Materials — 0.2%
Eagle Materials, Inc.^(b)		22,983		6,611,060
Knife River Corp.^(a)		27,920		2,495,769
Martin Marietta Materials, Inc.		27,574		14,841,705
Vulcan Materials Co.		57,686		14,446,305


				38,394,839
Consumer Finance — 0.5%
American Express Co.		268,010		72,684,312
Discover Financial Services		92,578		12,987,768
FirstCash Holdings, Inc.		25,992		2,983,881
SLM Corp.		63,040		1,441,725


				90,097,686
Consumer Staples Distribution & Retail — 0.6%
Casey’s General Stores, Inc.		25,297		9,504,336
Costco Wholesale Corp.		127,032		112,616,409
Sprouts Farmers Market, Inc.^(a)		29,059		3,208,404


				125,329,149
Containers & Packaging — 0.0%
AptarGroup, Inc.		27,031		4,330,096
Crown Holdings, Inc.		37,402		3,586,104


				7,916,200
Distributors — 0.0%
Pool Corp.		14,814		5,581,915


Diversified Consumer Services — 0.1%
Duolingo, Inc., Class A^(a)		24,828		7,001,992
Grand Canyon Education, Inc.^(a)		19,952		2,830,191
H&R Block, Inc.		96,509		6,133,147
Service Corp. International		49,977		3,944,685


				19,910,015
Diversified Telecommunication Services — 0.0%
Iridium Communications, Inc.		43,070		1,311,481


Electric Utilities — 0.1%
Constellation Energy Corp.		96,190		25,011,324
IDACORP, Inc.		13,819		1,424,601


				26,435,925
Electrical Equipment — 0.6%
Acuity Brands, Inc.		10,410		2,866,810
AMETEK, Inc.^(b)		75,973		13,045,324
Eaton Corp. PLC		168,728		55,923,208
EnerSys		12,094		1,234,193
GE Vernova, Inc.^(a)		80,384		20,496,312
Generac Holdings, Inc.^(a)		24,802		3,940,542
Hubbell, Inc.		16,758		7,178,289


Security	Shares		Value

Electrical Equipment (continued)
NEXTracker, Inc., Class A^(a)		98,054	$	3,675,064
nVent Electric PLC		115,476		8,113,344
Rockwell Automation, Inc.		36,836		9,888,992


				126,362,078
Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp., Class A		458,021		29,844,648
CDW Corp.		38,308		8,669,100
Cognex Corp.		52,659		2,132,690
Fabrinet^(a)		24,708		5,841,960
IPG Photonics Corp.^(a)(b)		9,251		687,534
Jabil, Inc.		41,878		5,018,241
Littelfuse, Inc.		12,129		3,217,217
Novanta, Inc.^(a)(b)		14,496		2,593,624
TE Connectivity PLC		81,027		12,234,267
Vontier Corp.^(b)		107,522		3,627,792


				73,867,073
Energy Equipment & Services — 0.1%
ChampionX Corp.		90,858		2,739,369
Valaris Ltd.^(a)		43,608		2,431,146
Weatherford International PLC		49,507		4,204,134


				9,374,649
Entertainment — 1.2%
Electronic Arts, Inc.		72,205		10,357,085
Live Nation Entertainment, Inc.^(a)		107,063		11,722,328
Netflix, Inc.^(a)		292,791		207,667,873
Take-Two Interactive Software, Inc.^(a)		55,023		8,457,585
TKO Group Holdings, Inc., Class A^(a)		17,972		2,223,316
Warner Music Group Corp., Class A		75,419		2,360,615


				242,788,802
Financial Services — 2.4%
Corpay, Inc.^(a)		47,465		14,845,153
Equitable Holdings, Inc.		36,198		1,521,402
Euronet Worldwide, Inc.^(a)(b)		15,585		1,546,499
Fiserv, Inc.^(a)		204,655		36,766,271
Mastercard, Inc., Class A		405,267		200,120,845
MGIC Investment Corp.		65,661		1,680,922
Visa, Inc., Class A		752,160		206,806,392
Voya Financial, Inc.		26,642		2,110,579
WEX, Inc.^(a)		28,085		5,890,267


				471,288,330
Food Products — 0.2%
Hershey Co. (The)		38,591		7,400,982
Ingredion, Inc.		16,272		2,236,261
Lamb Weston Holdings, Inc.		63,655		4,121,024
Lancaster Colony Corp.		6,763		1,194,143
Mondelez International, Inc., Class A		383,525		28,254,287


				43,206,697
Ground Transportation — 1.1%
Avis Budget Group, Inc.		12,678		1,110,466
CSX Corp.		662,663		22,881,753
Landstar System, Inc.		15,996		3,021,164
Old Dominion Freight Line, Inc.^(b)		128,915		25,607,676
Saia, Inc.^(a)(b)		18,030		7,883,798
Uber Technologies, Inc.^(a)(b)		1,433,331		107,729,158
Union Pacific Corp.		186,594		45,991,689
XPO, Inc.^(a)		38,023		4,087,853


				218,313,557
Health Care Equipment & Supplies — 1.3%
Align Technology, Inc.^(a)		26,484		6,735,411


S C H E D U L E S O F I N V E S T M E N T S		37

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Boston Scientific Corp.^(a)		551,334	$	46,201,789
Cooper Cos., Inc. (The)^(a)		57,899		6,388,576
Dexcom, Inc.^(a)		167,822		11,250,787
Edwards Lifesciences Corp.^(a)		151,224		9,979,272
Haemonetics Corp.^(a)		21,194		1,703,574
IDEXX Laboratories, Inc.^(a)		31,507		15,917,966
Insulet Corp.^(a)		18,455		4,295,401
Intuitive Surgical, Inc.^(a)		159,633		78,422,904
Lantheus Holdings, Inc.^(a)		47,614		5,225,636
LivaNova PLC^(a)		13,948		732,828
Masimo Corp.^(a)		19,124		2,549,803
Penumbra, Inc.^(a)		26,890		5,224,996
STERIS PLC		37,751		9,156,128
Stryker Corp.		149,571		54,034,019


				257,819,090
Health Care Providers & Services — 1.0%
Acadia Healthcare Co., Inc.^(a)		64,163		4,068,576
Amedisys, Inc.^(a)		9,516		918,389
Chemed Corp.		6,278		3,772,890
DaVita, Inc.^(a)(b)		17,350		2,844,185
Encompass Health Corp.		31,527		3,046,769
Ensign Group, Inc. (The)		38,663		5,560,513
HCA Healthcare, Inc.		60,970		24,780,037
HealthEquity, Inc.^(a)(b)		30,394		2,487,749
Molina Healthcare, Inc.^(a)		23,418		8,068,906
Option Care Health, Inc.^(a)(b)		61,551		1,926,546
UnitedHealth Group, Inc.		239,395		139,969,469


				197,444,029
Health Care REITs — 0.0%
Omega Healthcare Investors, Inc.		69,911		2,845,378


Health Care Technology — 0.0%
Doximity, Inc., Class A^(a)(b)		41,198		1,794,997


Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		283,977		4,997,995
Park Hotels & Resorts, Inc.		146,134		2,060,490


				7,058,485
Hotels, Restaurants & Leisure — 2.6%
Airbnb, Inc., Class A^(a)(b)		149,849		19,002,352
Booking Holdings, Inc.		22,869		96,326,972
Boyd Gaming Corp.		48,374		3,127,379
Caesars Entertainment, Inc.^(a)		87,136		3,637,057
Carnival Corp.^(a)		487,554		9,009,998
Chipotle Mexican Grill, Inc.^(a)		936,178		53,942,576
Choice Hotels International, Inc.^(b)		7,012		913,664
Churchill Downs, Inc.		50,189		6,786,055
Darden Restaurants, Inc.		42,111		6,911,678
Domino’s Pizza, Inc.		9,678		4,162,895
Expedia Group, Inc.^(a)(b)		85,215		12,613,524
Hilton Grand Vacations, Inc.^(a)		25,484		925,579
Hilton Worldwide Holdings, Inc.		168,459		38,829,799
Hyatt Hotels Corp., Class A		30,757		4,681,215
Las Vegas Sands Corp.		147,400		7,420,116
Light & Wonder, Inc., Class A^(a)		60,652		5,502,956
Marriott International, Inc., Class A		158,918		39,507,015
McDonald’s Corp.		215,106		65,501,928
MGM Resorts International^(a)		107,319		4,195,100
Norwegian Cruise Line Holdings Ltd.^(a)		296,191		6,074,877
Planet Fitness, Inc., Class A^(a)(b)		57,218		4,647,246
Royal Caribbean Cruises Ltd.		161,896		28,713,875
Starbucks Corp.		454,984		44,356,390


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Texas Roadhouse, Inc.		45,009	$	7,948,589
Travel + Leisure Co.		35,348		1,628,836
Vail Resorts, Inc.		16,483		2,872,822
Wendy’s Co. (The)		62,848		1,101,097
Wingstop, Inc.		20,173		8,393,582
Wyndham Hotels & Resorts, Inc.		35,634		2,784,441
Wynn Resorts Ltd.		64,632		6,196,916
Yum! Brands, Inc.		88,343		12,342,401


				510,058,930
Household Durables — 0.7%
DR Horton, Inc.^(b)		199,574		38,072,732
Garmin Ltd.		56,419		9,931,437
KB Home		24,454		2,095,463
Lennar Corp., Class A		92,529		17,347,337
NVR, Inc.^(a)		2,105		20,653,839
PulteGroup, Inc.		141,864		20,361,740
Tempur Sealy International, Inc.		118,234		6,455,576
Toll Brothers, Inc.		70,171		10,840,718
TopBuild Corp.^(a)		20,496		8,337,978


				134,096,820
Household Products — 0.7%
Church & Dwight Co., Inc.		77,155		8,079,672
Colgate-Palmolive Co.		217,839		22,613,866
Procter & Gamble Co. (The)		626,345		108,482,954


				139,176,492
Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp.		234,860		27,840,304


Industrial REITs — 0.1%
EastGroup Properties, Inc.		20,062		3,747,983
First Industrial Realty Trust, Inc.		43,541		2,437,425
Rexford Industrial Realty, Inc.		57,324		2,883,970
STAG Industrial, Inc.		63,222		2,471,348


				11,540,726
Insurance — 1.1%
Aon PLC, Class A		75,739		26,204,937
Arch Capital Group Ltd.^(a)		256,032		28,644,860
Arthur J. Gallagher & Co.		76,386		21,492,729
Brown & Brown, Inc.		126,247		13,079,189
Erie Indemnity Co., Class A, NVS		10,017		5,407,377
Kinsale Capital Group, Inc.		14,903		6,938,390
Marsh & McLennan Cos., Inc.		173,928		38,801,597
Primerica, Inc.		22,817		6,049,927
Progressive Corp. (The)		200,181		50,797,931
RenaissanceRe Holdings Ltd.		19,424		5,291,098
RLI Corp.		18,168		2,815,677
Ryan Specialty Holdings, Inc., Class A		70,783		4,699,283
Selective Insurance Group, Inc.		23,254		2,169,598


				212,392,593
Interactive Media & Services — 10.4%
Alphabet, Inc., Class A		3,997,213		662,937,776
Alphabet, Inc., Class C, NVS		3,276,843		547,855,381
Meta Platforms, Inc., Class A		1,490,497		853,220,103
ZoomInfo Technologies, Inc., Class A^(a)(b)		68,141		703,215


				2,064,716,475
IT Services — 0.7%
Accenture PLC, Class A		230,645		81,528,395
Akamai Technologies, Inc.^(a)		49,301		4,976,936
EPAM Systems, Inc.^(a)		16,016		3,187,664
Gartner, Inc.^(a)		52,678		26,695,103


38		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services (continued)
GoDaddy, Inc., Class A^(a)		96,370	$	15,108,889
VeriSign, Inc.^(a)		27,542		5,231,878

				136,728,865
Leisure Products — 0.0%
Brunswick Corp.		27,262		2,285,101
Mattel, Inc.^(a)(b)		98,308		1,872,767
YETI Holdings, Inc.^(a)(b)		38,733		1,589,215

				5,747,083
Life Sciences Tools & Services — 0.6%
Avantor, Inc.^(a)(b)		197,276		5,103,530
Azenta, Inc.^(a)		19,925		965,167
Bruker Corp.^(b)		45,330		3,130,490
IQVIA Holdings, Inc.^(a)		44,988		10,660,807
Medpace Holdings, Inc.^(a)		17,379		5,801,110
Mettler-Toledo International, Inc.^(a)		5,483		8,222,855
Repligen Corp.^(a)		35,749		5,320,166
Sotera Health Co.^(a)		103,771		1,732,976
Thermo Fisher Scientific, Inc.		98,908		61,181,522
Waters Corp.^(a)(b)		15,225		5,479,325
West Pharmaceutical Services, Inc.		49,589		14,884,634

				122,482,582
Machinery — 1.7%
Caterpillar, Inc.		191,725		74,987,482
Chart Industries, Inc.^(a)(b)		29,288		3,635,812
Crane Co.		32,720		5,178,922
Deere & Co.		99,378		41,473,421
Donaldson Co., Inc.		47,919		3,531,630
Esab Corp.		39,436		4,192,441
Flowserve Corp.		41,174		2,128,284
Fortive Corp.		239,494		18,903,261
Graco, Inc.		115,229		10,083,690
Illinois Tool Works, Inc.		84,959		22,265,205
Ingersoll Rand, Inc.^(b)		212,383		20,847,515
ITT, Inc.		55,782		8,339,967
Lincoln Electric Holdings, Inc.		38,739		7,438,663
Middleby Corp. (The)^(a)		17,587		2,446,879
Otis Worldwide Corp.		106,789		11,099,649
PACCAR, Inc.		261,603		25,814,984
Parker-Hannifin Corp.		68,221		43,103,392
Pentair PLC		78,552		7,681,600
RBC Bearings, Inc.^(a)(b)		20,052		6,003,168
Snap-on, Inc.		16,458		4,768,047
Terex Corp.		26,292		1,391,110
Timken Co. (The)		17,652		1,487,887
Toro Co. (The)		34,623		3,002,853
Watts Water Technologies, Inc., Class A		19,004		3,937,439

				333,743,301
Marine Transportation — 0.0%
Kirby Corp.^(a)		17,329		2,121,589


Media — 0.1%
Charter Communications, Inc., Class A^(a)		30,522		9,891,570
New York Times Co. (The), Class A		110,467		6,149,698

				16,041,268
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		491,120		24,516,710
Nucor Corp.		102,215		15,367,003
Reliance, Inc.		37,608		10,876,610
Royal Gold, Inc.		23,805		3,339,842
Steel Dynamics, Inc.		61,801		7,791,870

				61,892,035


Security	Shares		Value

Office REITs — 0.0%
COPT Defense Properties		30,541	$	926,309


Oil, Gas & Consumable Fuels — 1.4%
Antero Midstream Corp.		137,618		2,071,151
APA Corp.		250,750		6,133,345
Chord Energy Corp.		42,912		5,588,430
Civitas Resources, Inc.		60,960		3,088,843
CNX Resources Corp.^(a)		101,675		3,311,555
ConocoPhillips		545,948		57,477,405
Coterra Energy, Inc.		330,027		7,904,147
Diamondback Energy, Inc.		128,063		22,078,061
DT Midstream, Inc.		42,493		3,342,499
EOG Resources, Inc.		254,995		31,346,535
Hess Corp.		188,938		25,657,780
Marathon Oil Corp.		199,720		5,318,544
Marathon Petroleum Corp.		125,836		20,499,943
Matador Resources Co.		78,029		3,856,193
Murphy Oil Corp.		44,010		1,484,897
ONEOK, Inc.		247,550		22,559,232
Ovintiv, Inc.		180,506		6,915,185
Permian Resources Corp., Class A		433,813		5,904,195
Range Resources Corp.		166,867		5,132,829
Targa Resources Corp.		149,765		22,166,718
Texas Pacific Land Corp.		8,638		7,642,384
Viper Energy, Inc., Class A		44,374		2,001,711
Williams Cos., Inc. (The)		324,974		14,835,063

				286,316,645
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		27,206		2,923,557


Passenger Airlines — 0.1%
Delta Air Lines, Inc.		245,482		12,468,031


Personal Care Products — 0.1%
BellRing Brands, Inc.^(a)		48,495		2,944,616
Coty, Inc., Class A^(a)(b)		239,468		2,248,605
elf Beauty, Inc.^(a)		38,339		4,180,101

				9,373,322
Pharmaceuticals — 3.0%
Eli Lilly & Co.		538,183		476,797,847
Jazz Pharmaceuticals PLC^(a)		18,394		2,049,276
Merck & Co., Inc.		691,415		78,517,087
Zoetis, Inc., Class A		170,338		33,280,638

				590,644,848
Professional Services — 0.6%
Automatic Data Processing, Inc.		108,010		29,889,607
Broadridge Financial Solutions, Inc.		45,476		9,778,704
CACI International, Inc., Class A^(a)		5,756		2,904,247
Dayforce, Inc.^(a)(b)		59,768		3,660,790
Equifax, Inc.		32,797		9,637,727
ExlService Holdings, Inc.^(a)		60,135		2,294,150
Exponent, Inc.		17,983		2,073,080
FTI Consulting, Inc.^(a)		23,896		5,437,774
Insperity, Inc.		12,316		1,083,808
KBR, Inc.		43,186		2,812,704
Maximus, Inc.		30,856		2,874,545
Parsons Corp.^(a)		22,997		2,384,329
Paychex, Inc.		88,024		11,811,941
Paycom Software, Inc.		14,707		2,449,745
Paylocity Holding Corp.^(a)		29,628		4,887,731
Science Applications International Corp.		12,855		1,790,316
Verisk Analytics, Inc.		53,549		14,348,990

				110,120,188


S C H E D U L E S O F I N V E S T M E N T S		39

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Real Estate Management & Development — 0.1%
CoStar Group, Inc.^(a)(b)		119,671	$	9,027,980


Residential REITs — 0.1%
American Homes 4 Rent, Class A		127,449		4,892,767
Equity LifeStyle Properties, Inc.		82,974		5,919,365


				10,812,132
Retail REITs — 0.1%
Brixmor Property Group, Inc.		92,007		2,563,315
NNN REIT, Inc.		47,072		2,282,521
Simon Property Group, Inc.		77,518		13,102,093


				17,947,929
Semiconductors & Semiconductor Equipment — 16.6%
Advanced Micro Devices, Inc.^(a)		1,104,186		181,174,839
Allegro MicroSystems, Inc.^(a)		37,188		866,480
Analog Devices, Inc.		199,265		45,864,825
Applied Materials, Inc.		564,873		114,132,590
Broadcom, Inc.		3,175,723		547,812,218
Cirrus Logic, Inc.^(a)		21,377		2,655,237
Enphase Energy, Inc.^(a)		33,623		3,800,071
KLA Corp.		91,633		70,961,512
Lam Research Corp.		88,873		72,527,478
Lattice Semiconductor Corp.^(a)(b)		94,756		5,028,701
MACOM Technology Solutions Holdings, Inc.^(a)		23,762		2,643,760
Microchip Technology, Inc.		216,387		17,373,712
MKS Instruments, Inc.		21,431		2,329,764
Monolithic Power Systems, Inc.		33,327		30,810,812
NVIDIA Corp.		16,782,975		2,038,124,484
NXP Semiconductors NV		130,602		31,345,786
ON Semiconductor Corp.^(a)(b)		129,599		9,410,183
Onto Innovation, Inc.^(a)		33,457		6,944,335
Power Integrations, Inc.		19,868		1,273,936
QUALCOMM, Inc.		394,809		67,137,270
Rambus, Inc.^(a)		74,889		3,161,814
Silicon Laboratories, Inc.^(a)(b)		22,072		2,550,861
Synaptics, Inc.^(a)		11,239		871,922
Texas Instruments, Inc.		230,939		47,705,069
Universal Display Corp.		30,328		6,365,847


				3,312,873,506
Software — 17.1%
Adobe, Inc.^(a)		302,503		156,630,003
Altair Engineering, Inc., Class A^(a)		39,389		3,762,043
ANSYS, Inc.^(a)		33,763		10,757,905
Appfolio, Inc., Class A^(a)		15,728		3,702,371
Aspen Technology, Inc.^(a)		8,902		2,125,976
Autodesk, Inc.^(a)		76,585		21,097,636
Blackbaud, Inc.^(a)		16,276		1,378,252
Cadence Design Systems, Inc.^(a)		187,184		50,732,479
CommVault Systems, Inc.^(a)		18,285		2,813,147
Crowdstrike Holdings, Inc., Class A^(a)		157,159		44,078,385
Dolby Laboratories, Inc., Class A		23,664		1,811,006
Dropbox, Inc., Class A^(a)		159,253		4,049,804
Dynatrace, Inc.^(a)		203,648		10,889,059
Fair Isaac Corp.^(a)		16,762		32,577,282
Fortinet, Inc.^(a)		431,455		33,459,335
Intuit, Inc.		190,716		118,434,636
Manhattan Associates, Inc.^(a)		41,868		11,780,818
Microsoft Corp.		5,071,078		2,182,084,863
Oracle Corp.		1,090,483		185,818,303
Palantir Technologies, Inc., Class A^(a)(b)		1,376,629		51,210,599
Palo Alto Networks, Inc.^(a)		220,777		75,461,579
PTC, Inc.^(a)		49,570		8,955,316
Qualys, Inc.^(a)		25,180		3,234,623


Security	Shares		Value

Software (continued)
Roper Technologies, Inc.		31,302	$	17,417,685
Salesforce, Inc.		661,086		180,945,849
ServiceNow, Inc.^(a)(b)		140,541		125,698,465
Synopsys, Inc.^(a)		104,740		53,039,289
Teradata Corp.^(a)		68,169		2,068,247
Tyler Technologies, Inc.^(a)		29,009		16,933,133


				3,412,948,088
Specialized REITs — 0.6%
American Tower Corp.		130,912		30,444,895
CubeSmart		83,763		4,508,962
Digital Realty Trust, Inc.		86,261		13,959,618
EPR Properties		32,557		1,596,595
Equinix, Inc.		30,477		27,052,299
Gaming & Leisure Properties, Inc.		79,864		4,109,003
Iron Mountain, Inc.^(b)		101,454		12,055,779
Lamar Advertising Co., Class A		35,415		4,731,444
National Storage Affiliates Trust		22,932		1,105,322
Public Storage		45,225		16,456,021
Rayonier, Inc.		36,104		1,161,827
SBA Communications Corp., Class A^(b)		29,251		7,040,716


				124,222,481
Specialty Retail — 1.6%
Abercrombie & Fitch Co., Class A^(a)		35,386		4,950,501
AutoZone, Inc.^(a)(b)		8,058		25,383,022
Burlington Stores, Inc.^(a)		25,650		6,758,262
Dick’s Sporting Goods, Inc.		20,510		4,280,437
Five Below, Inc.^(a)		36,873		3,257,730
Floor & Decor Holdings, Inc., Class A^(a)(b)		73,344		9,107,125
Home Depot, Inc. (The)		250,309		101,425,207
Murphy U.S.A., Inc.		12,884		6,350,137
O’Reilly Automotive, Inc.^(a)		28,948		33,336,517
RH^(a)		4,329		1,447,748
Ross Stores, Inc.		226,718		34,123,326
TJX Cos., Inc. (The)		500,489		58,827,477
Tractor Supply Co.		30,838		8,971,699
Ulta Beauty, Inc.^(a)		21,734		8,457,134
Valvoline, Inc.^(a)(b)		90,181		3,774,075
Williams-Sonoma, Inc.		87,922		13,620,876


				324,071,273
Technology Hardware, Storage & Peripherals — 12.4%
Apple Inc.		10,372,792		2,416,860,536
Dell Technologies, Inc., Class C		104,227		12,355,068
NetApp, Inc.		52,285		6,457,720
Pure Storage, Inc., Class A^(a)		211,378		10,619,631
Seagate Technology Holdings PLC		58,854		6,446,279
Super Micro Computer, Inc.^(a)		34,373		14,312,917


				2,467,052,151
Textiles, Apparel & Luxury Goods — 0.4%
Capri Holdings Ltd.^(a)		38,864		1,649,388
Columbia Sportswear Co.		11,557		961,427
Crocs, Inc.^(a)		40,595		5,878,562
Deckers Outdoor Corp.^(a)		104,223		16,618,357
Lululemon Athletica, Inc.^(a)(b)		78,375		21,267,056
NIKE, Inc., Class B		353,169		31,220,140
Ralph Lauren Corp., Class A		15,216		2,949,926
Skechers U.S.A., Inc., Class A^(a)		90,393		6,049,100


				86,593,956
Tobacco — 0.2%
Philip Morris International, Inc.		393,260		47,741,764


40		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Trading Companies & Distributors — 0.5%
Applied Industrial Technologies, Inc.		26,007	$	5,802,942
Core & Main, Inc., Class A^(a)		75,172		3,337,637
Fastenal Co.		195,732		13,979,179
GATX Corp.		9,141		1,210,725
MSC Industrial Direct Co., Inc., Class A		15,508		1,334,619
United Rentals, Inc.		45,521		36,859,719
Watsco, Inc.		23,782		11,697,890
WW Grainger, Inc.		22,711		23,592,414

				97,815,125

Water Utilities — 0.0%
Essential Utilities, Inc.		84,021		3,240,690


Total Long-Term Investments — 99.9% (Cost: $11,705,203,611)				19,884,399,913


Short-Term Securities

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.05%^(c)(d)(e)		82,356,807		82,422,693
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.88%^(c)(d)		24,223,209		24,223,209


Total Short-Term Securities — 0.5% (Cost: $106,576,247)				106,645,902


Total Investments — 100.4% (Cost: $11,811,779,858)				19,991,045,815

Liabilities in Excess of Other Assets — (0.4)%				(76,983,521	)


Net Assets — 100.0%			$	19,914,062,294

^(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


Affiliated Issuer	Value at 03/31/24		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/24		Shares Held at 09/30/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	97,971,347	$	—		$	(15,587,810	)^(a)	$	22,705	$	16,451	$	82,422,693		82,356,807	$	120,523	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		18,101,428		6,121,781	^(a)		—			—		—		24,223,209		24,223,209		579,901			—

									$	22,705	$	16,451	$	106,645,902			$	700,424		$	—

^(a)

Represents net amount purchased (sold).

^(b)


S C H E D U L E S O F I N V E S T M E N T S		41

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P U.S. Growth 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
E-Mini Technology Select Sector Index		20		12/20/24	$	4,599	$	125,332
NASDAQ 100 E-Mini Index		35		12/20/24		14,183		404,327
S&P 500 E-Mini Index		23		12/20/24		6,686		173,849

							$	703,508

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)	$	—	$	—	$	703,508	$	—	$	—	$	—	$	703,508

^(a)

For the period ended September 30, 2024, 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	$	—	$	—	$	1,205,463	$	—	$	—	$	—	$	1,205,463

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	485,463	$	—	$	—	$	—	$	485,463

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	23,875,329

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


42		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P U.S. Growth ETF

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	19,884,399,913	$	—	$	—	$	19,884,399,913
Short-Term Securities
Money Market Funds		106,645,902		—		—		106,645,902

	$	19,991,045,815	$	—	$	—	$	19,991,045,815

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	703,508	$	—	$	—	$	703,508

^(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		43

Schedule of Investments (unaudited)

September 30, 2024

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.1%
Boeing Co. (The)^(a)(b)		281,625	$	42,818,265
Curtiss-Wright Corp.		11,511		3,783,551
General Dynamics Corp.		221,550		66,952,410
General Electric Co.		530,994		100,134,849
Hexcel Corp.		36,658		2,266,564
Howmet Aerospace, Inc.		148,154		14,852,439
Huntington Ingalls Industries, Inc.		33,858		8,951,378
L3Harris Technologies, Inc.		162,981		38,768,290
Lockheed Martin Corp.		182,255		106,538,983
Northrop Grumman Corp.		118,105		62,367,707
RTX Corp.		1,142,853		138,468,069
Textron, Inc.		161,931		14,343,848


			600,246,353

Air Freight & Logistics — 0.8%
CH Robinson Worldwide, Inc.		101,716		11,226,395
Expeditors International of Washington, Inc.		76,351		10,032,521
FedEx Corp.		193,619		52,989,648
GXO Logistics, Inc.^(a)(b)		37,522		1,953,771
United Parcel Service, Inc., Class B		629,322		85,801,761


			162,004,096

Automobile Components — 0.2%
Aptiv PLC^(a)(b)		229,687		16,539,761
Autoliv, Inc.		25,491		2,380,095
BorgWarner, Inc.		195,218		7,084,461
Gentex Corp.		71,905		2,134,859
Goodyear Tire & Rubber Co. (The)^(a)		242,504		2,146,160
Lear Corp.		49,603		5,414,168
Visteon Corp.^(a)		12,991		1,237,263


			36,936,767

Automobiles — 0.5%
Ford Motor Co.		3,354,402		35,422,485
General Motors Co.		965,599		43,297,459
Harley-Davidson, Inc.		102,380		3,944,702
Thor Industries, Inc.		45,461		4,995,709


			87,660,355

Banks — 7.3%
Associated Banc-Corp.		129,114		2,781,116
Bank of America Corp.		5,799,861		230,138,484
Bank OZK		46,289		1,989,964
Cadence Bank		42,877		1,365,632
Citigroup, Inc.		1,639,050		102,604,530
Citizens Financial Group, Inc.		387,450		15,912,571
Columbia Banking System, Inc.		183,597		4,793,718
Commerce Bancshares, Inc.		59,779		3,550,873
Cullen/Frost Bankers, Inc.		31,982		3,577,507
East West Bancorp, Inc.		55,674		4,606,467
Fifth Third Bancorp		584,933		25,058,530
First Financial Bankshares, Inc.		66,180		2,449,322
First Horizon Corp.		463,154		7,192,782
FNB Corp.		307,921		4,344,765
Glacier Bancorp, Inc.		98,593		4,505,700
Hancock Whitney Corp.		35,320		1,807,324
Home BancShares, Inc.		158,676		4,298,533
Huntington Bancshares, Inc.		1,258,134		18,494,570
International Bancshares Corp.		26,664		1,594,241
JPMorgan Chase & Co.		2,444,375		515,420,912
KeyCorp		802,139		13,435,828
M&T Bank Corp.		143,428		25,547,395
New York Community Bancorp, Inc.^(b)		257,587		2,892,702


Security	Shares		Value

Banks (continued)
Old National Bancorp		281,221	$	5,247,584
Pinnacle Financial Partners, Inc.		38,789		3,800,158
PNC Financial Services Group, Inc. (The)		341,502		63,126,645
Prosperity Bancshares, Inc.		82,812		5,968,261
Regions Financial Corp.		792,342		18,485,339
SouthState Corp.		65,227		6,338,760
Synovus Financial Corp.		124,430		5,533,402
Texas Capital Bancshares, Inc.^(a)		40,635		2,903,777
Truist Financial Corp.		1,150,503		49,207,013
U.S. Bancorp		1,340,643		61,307,604
UMB Financial Corp.		37,903		3,983,984
United Bankshares, Inc.		112,249		4,164,438
Valley National Bancorp		380,096		3,443,670
Webster Financial Corp.		147,099		6,856,284
Wells Fargo & Co.		2,924,291		165,193,199
Western Alliance Bancorp		46,197		3,995,579
Wintrust Financial Corp.		57,833		6,276,615
Zions Bancorp N.A.		126,269		5,962,422


			1,420,158,200

Beverages — 1.9%
Boston Beer Co., Inc. (The), Class A, NVS^(a)		4,318		1,248,507
Brown-Forman Corp., Class B, NVS		158,439		7,795,199
Coca-Cola Co. (The)		2,032,808		146,077,583
Constellation Brands, Inc., Class A		134,613		34,688,424
Keurig Dr. Pepper, Inc.		908,744		34,059,725
Molson Coors Beverage Co., Class B		151,843		8,734,009
Monster Beverage Corp.^(a)(b)		244,073		12,733,288
PepsiCo, Inc.		755,251		128,430,433


			373,767,168

Biotechnology — 3.0%
AbbVie, Inc.		956,040		188,798,779
Amgen, Inc.		461,638		148,744,380
Biogen, Inc.^(a)		125,375		24,302,690
BioMarin Pharmaceutical, Inc.^(a)		72,149		5,071,353
Cytokinetics, Inc.^(a)(b)		54,506		2,877,917
Gilead Sciences, Inc.		1,069,613		89,676,354
Incyte Corp.^(a)(b)		136,615		9,030,251
Moderna, Inc.^(a)		289,365		19,338,263
Regeneron Pharmaceuticals, Inc.^(a)		36,553		38,425,976
Roivant Sciences Ltd.^(a)		143,296		1,653,636
Sarepta Therapeutics, Inc.^(a)(b)		16,059		2,005,608
United Therapeutics Corp.^(a)		21,153		7,580,178
Vertex Pharmaceuticals, Inc.^(a)		79,828		37,126,406


			574,631,791

Broadline Retail — 0.2%
eBay, Inc.		419,604		27,320,417
Macy’s, Inc.		243,770		3,824,751
Nordstrom, Inc.		82,763		1,861,340


			33,006,508

Building Products — 0.6%
A. O. Smith Corp.		39,251		3,525,917
Allegion PLC		46,352		6,755,341
Carrier Global Corp.		375,072		30,189,545
Fortune Brands Innovations, Inc.		64,702		5,792,770
Johnson Controls International PLC		573,912		44,541,310
Masco Corp.		86,055		7,223,457
Trane Technologies PLC		59,984		23,317,580


			121,345,920

Capital Markets — 5.0%
Affiliated Managers Group, Inc.		25,767		4,581,373


44		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets (continued)
Ameriprise Financial, Inc.		39,648	$	18,627,027
Bank of New York Mellon Corp. (The)		634,003		45,559,456
BlackRock, Inc.^(c)		119,627		113,587,033
Blackstone, Inc., Class A, NVS		173,518		26,570,811
Carlyle Group, Inc. (The)		94,495		4,068,955
Cboe Global Markets, Inc.		32,775		6,714,614
Charles Schwab Corp. (The)		1,283,452		83,180,524
CME Group, Inc., Class A		197,996		43,687,817
Evercore, Inc., Class A		9,169		2,322,874
FactSet Research Systems, Inc.		17,454		8,026,222
Federated Hermes, Inc., Class B		70,101		2,577,614
Franklin Resources, Inc.		266,979		5,379,627
Goldman Sachs Group, Inc. (The)		271,313		134,329,779
Interactive Brokers Group, Inc., Class A^(b)		38,056		5,303,484
Intercontinental Exchange, Inc.		493,263		79,237,768
Invesco Ltd.		382,748		6,721,055
Janus Henderson Group PLC		109,465		4,167,333
Jefferies Financial Group, Inc.		140,303		8,635,650
MarketAxess Holdings, Inc.		32,838		8,413,096
Moody’s Corp.		71,310		33,843,013
Morgan Stanley		1,070,270		111,564,945
MSCI, Inc., Class A		28,886		16,838,516
Nasdaq, Inc.		355,522		25,956,661
Northern Trust Corp.		174,269		15,689,438
Raymond James Financial, Inc.		158,653		19,428,646
S&P Global, Inc.		154,052		79,586,344
SEI Investments Co.		42,911		2,969,012
State Street Corp.		256,555		22,697,421
Stifel Financial Corp.		87,915		8,255,219
T Rowe Price Group, Inc.		191,027		20,808,571

				969,329,898

Chemicals — 2.3%
Air Products & Chemicals, Inc.		190,997		56,867,447
Albemarle Corp.^(b)		102,026		9,662,883
Arcadium Lithium PLC^(a)		342,189		975,239
Ashland, Inc.		41,613		3,619,083
Avient Corp.		77,854		3,917,613
Cabot Corp.		15,646		1,748,753
CF Industries Holdings, Inc.		72,834		6,249,157
Chemours Co. (The)		126,794		2,576,454
Corteva, Inc.		594,733		34,964,353
Dow, Inc.		602,185		32,897,367
DuPont de Nemours, Inc.		358,684		31,962,331
Eastman Chemical Co.		101,368		11,348,148
Ecolab, Inc.		106,608		27,220,221
FMC Corp.		106,547		7,025,709
International Flavors & Fragrances, Inc.		220,383		23,124,788
Linde PLC		198,239		94,532,250
LyondellBasell Industries NV, Class A		222,723		21,359,136
Mosaic Co. (The)		278,403		7,455,632
Olin Corp.		61,723		2,961,470
PPG Industries, Inc.		200,127		26,508,822
RPM International, Inc.		50,476		6,107,596
Scotts Miracle-Gro Co. (The)		21,862		1,895,435
Sherwin-Williams Co. (The)		99,693		38,049,827

				453,029,714

Commercial Services & Supplies — 0.6%
Cintas Corp.		132,458		27,270,453
Republic Services, Inc.		75,266		15,116,424
Rollins, Inc.		136,912		6,925,009
Stericycle, Inc.^(a)		79,292		4,836,812


Security	Shares		Value

Commercial Services & Supplies (continued)
Veralto Corp.		211,826	$	23,694,856
Waste Management, Inc.		166,570		34,579,932


			112,423,486

Communications Equipment — 1.2%
Ciena Corp.^(a)		74,425		4,583,836
Cisco Systems, Inc.		3,461,287		184,209,694
F5, Inc.^(a)		50,266		11,068,573
Juniper Networks, Inc.		282,254		11,002,261
Lumentum Holdings, Inc.^(a)(b)		57,234		3,627,491
Motorola Solutions, Inc.		60,202		27,068,625


			241,560,480

Construction & Engineering — 0.2%
AECOM		62,199		6,423,291
Fluor Corp.^(a)		145,804		6,956,309
MasTec, Inc.^(a)		53,410		6,574,771
MDU Resources Group, Inc.		174,126		4,772,794
Quanta Services, Inc.		39,370		11,738,165
Valmont Industries, Inc.		17,750		5,146,612


			41,611,942

Construction Materials — 0.1%
Knife River Corp.^(a)		13,849		1,237,962
Martin Marietta Materials, Inc.^(b)		17,852		9,608,839
Vulcan Materials Co.		40,813		10,220,800


			21,067,601

Consumer Finance — 0.7%
Ally Financial, Inc.		234,867		8,358,917
American Express Co.		144,752		39,256,742
Capital One Financial Corp.		328,066		49,121,322
Discover Financial Services		98,789		13,859,109
SLM Corp.		112,102		2,563,773
Synchrony Financial		341,581		17,038,060


			130,197,923

Consumer Staples Distribution & Retail — 3.6%
BJ’s Wholesale Club Holdings, Inc.^(a)		114,335		9,430,351
Costco Wholesale Corp.		220,913		195,843,793
Dollar General Corp.		188,974		15,981,531
Dollar Tree, Inc.^(a)		174,623		12,279,489
Kroger Co. (The)		570,499		32,689,593
Performance Food Group Co.^(a)		135,381		10,609,809
Sprouts Farmers Market, Inc.^(a)		50,731		5,601,210
Sysco Corp.		422,486		32,979,257
Target Corp.		397,465		61,948,895
U.S. Foods Holding Corp.^(a)		211,363		12,998,825
Walgreens Boots Alliance, Inc.		612,291		5,486,127
Walmart, Inc.		3,731,655		301,331,141


			697,180,021

Containers & Packaging — 0.7%
Amcor PLC		1,236,866		14,013,692
AptarGroup, Inc.		23,178		3,712,884
Avery Dennison Corp.		68,995		15,231,336
Ball Corp.		259,510		17,623,324
Berry Global Group, Inc.		98,042		6,664,895
Crown Holdings, Inc.		54,483		5,223,830
Graphic Packaging Holding Co.		259,378		7,674,995
Greif, Inc., Class A, NVS		21,637		1,355,774
International Paper Co.		299,697		14,640,199
Packaging Corp. of America		76,664		16,513,426
Silgan Holdings, Inc.		69,174		3,631,635


S C H E D U L E S O F I N V E S T M E N T S		45

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Containers & Packaging (continued)
Smurfit WestRock PLC		426,420	$	21,073,676
Sonoco Products Co.		83,881		4,582,419


			131,942,085

Distributors — 0.2%
Genuine Parts Co.		120,031		16,765,930
LKQ Corp.		228,623		9,126,630
Pool Corp.		14,337		5,402,182


			31,294,742

Diversified Consumer Services — 0.0%
Graham Holdings Co., Class B		2,923		2,401,888
Service Corp. International		61,769		4,875,427


			7,277,315

Diversified REITs — 0.1%
WP Carey, Inc.		189,619		11,813,264


Diversified Telecommunication Services — 1.6%
AT&T Inc.		6,160,192		135,524,224
Frontier Communications Parent, Inc.^(a)		190,052		6,752,547
Iridium Communications, Inc.		52,922		1,611,475
Verizon Communications, Inc.		3,616,536		162,418,632


			306,306,878

Electric Utilities — 3.5%
ALLETE, Inc.		49,095		3,151,408
Alliant Energy Corp.		221,526		13,444,413
American Electric Power Co., Inc.		457,161		46,904,718
Constellation Energy Corp.		147,753		38,418,735
Duke Energy Corp.		663,249		76,472,610
Edison International		331,746		28,891,759
Entergy Corp.		183,465		24,145,829
Evergy, Inc.		196,677		12,195,941
Eversource Energy		305,994		20,822,892
Exelon Corp.		859,132		34,837,802
FirstEnergy Corp.		440,368		19,530,321
IDACORP, Inc.		28,392		2,926,931
NextEra Energy, Inc.		1,765,117		149,205,340
NRG Energy, Inc.		177,308		16,152,759
OGE Energy Corp.		172,253		7,065,818
PG&E Corp.		1,836,361		36,304,857
Pinnacle West Capital Corp.		97,195		8,610,505
Portland General Electric Co.		90,441		4,332,124
PPL Corp.		631,637		20,894,552
Southern Co. (The)		939,398		84,714,912
TXNM Energy, Inc.		78,413		3,432,137
Xcel Energy, Inc.		480,528		31,378,478


			683,834,841

Electrical Equipment — 1.0%
Acuity Brands, Inc.		12,889		3,549,502
AMETEK, Inc.		103,288		17,735,582
Eaton Corp. PLC		129,967		43,076,263
Emerson Electric Co.		492,025		53,812,774
EnerSys		19,743		2,014,773
GE Vernova, Inc.^(a)		134,450		34,282,061
Generac Holdings, Inc.^(a)		20,464		3,251,320
Hubbell, Inc.		25,133		10,765,721
Regal Rexnord Corp.		57,942		9,611,419
Rockwell Automation, Inc.		50,338		13,513,739
Sensata Technologies Holding PLC		129,435		4,641,539


			196,254,693

Electronic Equipment, Instruments & Components — 1.1%
Amphenol Corp., Class A		455,044		29,650,667


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Arrow Electronics, Inc.^(a)(b)		46,143	$	6,129,175
Avnet, Inc.		76,152		4,135,815
Belden, Inc.		35,717		4,183,532
CDW Corp.		66,260		14,994,638
Cognex Corp.		82,343		3,334,891
Coherent Corp.^(a)		132,492		11,779,864
Corning, Inc.		663,288		29,947,453
Crane NXT Co.		44,054		2,471,429
IPG Photonics Corp.^(a)		13,719		1,019,596
Jabil, Inc.		45,101		5,404,453
Keysight Technologies, Inc.^(a)		150,283		23,884,477
Littelfuse, Inc.		6,508		1,726,247
Novanta, Inc.^(a)		12,750		2,281,230
TD SYNNEX Corp.		65,736		7,893,579
TE Connectivity PLC		159,276		24,049,083
Teledyne Technologies, Inc.^(a)		40,194		17,591,306
Trimble, Inc.^(a)		209,240		12,991,712
Vishay Intertechnology, Inc.		97,472		1,843,196
Zebra Technologies Corp., Class A^(a)		44,003		16,295,191


			221,607,534

Energy Equipment & Services — 0.6%
Baker Hughes Co., Class A		853,324		30,847,663
ChampionX Corp.		55,131		1,662,200
Halliburton Co.		758,469		22,033,524
NOV, Inc.		346,518		5,533,892
Schlumberger NV		1,219,969		51,177,700


			111,254,979

Entertainment — 1.0%
Electronic Arts, Inc.		115,671		16,591,848
Take-Two Interactive Software, Inc.^(a)		70,443		10,827,794
TKO Group Holdings, Inc., Class A^(a)		32,730		4,049,028
Walt Disney Co. (The)		1,558,113		149,874,889
Warner Bros Discovery, Inc., Class A^(a)		1,915,751		15,804,946
Warner Music Group Corp., Class A		27,844		871,517


			198,020,022

Financial Services — 6.0%
Berkshire Hathaway, Inc., Class B^(a)		1,573,750		724,334,175
Equitable Holdings, Inc.		37,846		1,590,667
Essent Group Ltd.		94,625		6,083,441
Euronet Worldwide, Inc.^(a)		17,178		1,704,573
Fidelity National Information Services, Inc.		468,713		39,254,714
Fiserv, Inc.^(a)		237,420		42,652,503
Global Payments, Inc.		218,442		22,372,830
Jack Henry & Associates, Inc.		63,204		11,158,034
Mastercard, Inc., Class A		198,469		98,003,992
MGIC Investment Corp.		138,909		3,556,070
PayPal Holdings, Inc.^(a)		878,320		68,535,310
Visa, Inc., Class A		487,945		134,160,478
Voya Financial, Inc.		50,359		3,989,440
Western Union Co. (The)		215,347		2,569,090


			1,159,965,317

Food Products — 1.4%
Archer-Daniels-Midland Co.		410,094		24,499,015
Bunge Global SA		122,212		11,810,568
Campbell Soup Co.		171,603		8,394,819
Conagra Brands, Inc.		408,968		13,299,639
Darling Ingredients, Inc.^(a)		136,532		5,073,529
Flowers Foods, Inc.		164,442		3,793,677
General Mills, Inc.		478,211		35,315,882
Hershey Co. (The)		78,306		15,017,525
Hormel Foods Corp.		253,403		8,032,875


46		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products (continued)
Ingredion, Inc.		35,749	$	4,912,985
J M Smucker Co. (The)		92,296		11,177,046
Kellanova		229,486		18,521,815
Kraft Heinz Co. (The)		757,297		26,588,698
Lamb Weston Holdings, Inc.		42,004		2,719,339
Lancaster Colony Corp.		8,964		1,582,773
McCormick & Co., Inc., NVS		217,412		17,893,008
Mondelez International, Inc., Class A		665,624		49,036,520
Pilgrim’s Pride Corp.^(a)(b)		34,229		1,576,245
Post Holdings, Inc.^(a)		40,903		4,734,522
Tyson Foods, Inc., Class A		247,185		14,722,339


			278,702,819

Gas Utilities — 0.2%
Atmos Energy Corp.		132,767		18,416,111
National Fuel Gas Co.		78,423		4,753,218
New Jersey Resources Corp.		87,819		4,145,057
ONE Gas, Inc.		47,529		3,537,108
Southwest Gas Holdings, Inc.		51,828		3,822,833
Spire, Inc.		51,315		3,452,986
UGI Corp.		186,942		4,677,289


			42,804,602

Ground Transportation — 0.9%
CSX Corp.		832,820		28,757,275
JB Hunt Transport Services, Inc.		69,220		11,928,683
Knight-Swift Transportation Holdings, Inc.		141,433		7,630,310
Landstar System, Inc.		9,671		1,826,562
Norfolk Southern Corp.		194,246		48,270,131
Ryder System, Inc.		37,959		5,534,422
Union Pacific Corp.		287,859		70,951,486
XPO, Inc.^(a)(b)		52,566		5,651,371


			180,550,240

Health Care Equipment & Supplies — 3.7%
Abbott Laboratories		1,494,803		170,422,490
Align Technology, Inc.^(a)		27,496		6,992,783
Baxter International, Inc.		438,658		16,655,844
Becton Dickinson & Co.		248,326		59,871,399
Boston Scientific Corp.^(a)		569,167		47,696,195
Cooper Cos., Inc. (The)^(a)		100,145		11,049,999
DENTSPLY SIRONA, Inc.		174,162		4,712,824
Dexcom, Inc.^(a)		133,467		8,947,628
Edwards Lifesciences Corp.^(a)		326,477		21,544,217
Enovis Corp.^(a)		48,270		2,078,024
Envista Holdings Corp.^(a)		146,488		2,894,603
GE HealthCare Technologies, Inc.^(b)		392,278		36,815,290
Globus Medical, Inc., Class A^(a)		98,556		7,050,696
Haemonetics Corp.^(a)(b)		17,246		1,386,233
Hologic, Inc.^(a)		199,154		16,223,085
IDEXX Laboratories, Inc.^(a)		31,248		15,787,115
Insulet Corp.^(a)		37,788		8,795,157
Intuitive Surgical, Inc.^(a)		103,612		50,901,467
LivaNova PLC^(a)		29,000		1,523,660
Masimo Corp.^(a)		14,590		1,945,285
Medtronic PLC		1,101,923		99,206,128
Neogen Corp.^(a)(b)		168,482		2,832,182
ResMed, Inc.		125,856		30,723,967
Solventum Corp.^(a)		117,753		8,209,739
STERIS PLC		37,099		8,997,991
Stryker Corp.		106,040		38,308,010
Teleflex, Inc.		40,979		10,134,926
Zimmer Biomet Holdings, Inc.		174,228		18,807,913


			710,514,850


Security	Shares		Value

Health Care Providers & Services — 4.4%
Amedisys, Inc.^(a)		16,212	$	1,564,620
Cardinal Health, Inc.		210,230		23,234,620
Cencora, Inc.		149,873		33,733,415
Centene Corp.^(a)		451,929		34,021,215
Chemed Corp.		5,096		3,062,543
Cigna Group (The)		240,171		83,204,841
CVS Health Corp.		1,080,771		67,958,880
DaVita, Inc.^(a)(b)		17,947		2,942,052
Elevance Health, Inc.		199,220		103,594,400
Encompass Health Corp.		47,234		4,564,694
HCA Healthcare, Inc.		83,013		33,738,973
HealthEquity, Inc.^(a)		35,931		2,940,952
Henry Schein, Inc.^(a)(b)		108,861		7,935,967
Humana, Inc.		103,442		32,764,219
Labcorp Holdings, Inc.		71,770		16,039,160
McKesson Corp.		111,410		55,083,332
Molina Healthcare, Inc.^(a)		20,421		7,036,260
Option Care Health, Inc.^(a)		68,222		2,135,349
Quest Diagnostics, Inc.		96,122		14,922,940
R1 RCM, Inc.^(a)		134,981		1,912,681
Tenet Healthcare Corp.^(a)		82,816		13,764,019
UnitedHealth Group, Inc.		491,870		287,586,552
Universal Health Services, Inc., Class B		51,086		11,699,205


			845,440,889

Health Care REITs — 0.7%
Alexandria Real Estate Equities, Inc.		133,753		15,883,169
Healthcare Realty Trust, Inc.		313,755		5,694,653
Healthpeak Properties, Inc.		604,826		13,832,371
Omega Healthcare Investors, Inc.		133,297		5,425,188
Sabra Health Care REIT, Inc.		197,778		3,680,649
Ventas, Inc.		354,089		22,707,727
Welltower, Inc.		497,171		63,652,803


			130,876,560

Health Care Technology — 0.0%
Doximity, Inc., Class A^(a)(b)		53,374		2,325,505


Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		241,441		4,249,362


Hotels, Restaurants & Leisure — 1.2%
Airbnb, Inc., Class A^(a)		188,253		23,872,363
Aramark^(b)		228,553		8,851,858
Caesars Entertainment, Inc.^(a)		77,419		3,231,469
Carnival Corp.^(a)		249,646		4,613,458
Choice Hotels International, Inc.^(b)		10,628		1,384,828
Darden Restaurants, Inc.		48,852		8,018,079
Domino’s Pizza, Inc.		18,060		7,768,328
Hilton Grand Vacations, Inc.^(a)		23,265		844,985
Las Vegas Sands Corp.		118,441		5,962,320
Marriott Vacations Worldwide Corp.		28,254		2,076,104
McDonald’s Corp.		345,125		105,094,014
MGM Resorts International^(a)		63,849		2,495,857
Starbucks Corp.		399,866		38,982,936
Travel + Leisure Co.		18,735		863,309
Vail Resorts, Inc.		11,175		1,947,691
Wendy’s Co. (The)		65,627		1,149,785
Wyndham Hotels & Resorts, Inc.		24,136		1,885,987
Yum! Brands, Inc.		130,731		18,264,428


			237,307,799

Household Durables — 0.3%
Garmin Ltd.		61,328		10,795,568
KB Home		31,148		2,669,072


S C H E D U L E S O F I N V E S T M E N T S		47

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Household Durables (continued)
Lennar Corp., Class A		91,914	$	17,232,036
Mohawk Industries, Inc.^(a)		45,007		7,231,725
Taylor Morrison Home Corp., Class A^(a)		88,965		6,250,681
Whirlpool Corp.		47,047		5,034,029

				49,213,111

Household Products — 1.7%
Church & Dwight Co., Inc.		113,729		11,909,701
Clorox Co. (The)		107,004		17,432,022
Colgate-Palmolive Co.		428,213		44,452,791
Kimberly-Clark Corp.		289,360		41,170,141
Procter & Gamble Co. (The)		1,233,690		213,675,108

				328,639,763

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		611,646		12,269,619
Ormat Technologies, Inc.		45,799		3,523,775

				15,793,394

Industrial Conglomerates — 0.9%
3M Co.		471,968		64,518,025
Honeywell International, Inc.		559,456		115,645,150

				180,163,175

Industrial REITs — 0.6%
EastGroup Properties, Inc.		16,150		3,017,143
First Industrial Realty Trust, Inc.		58,997		3,302,652
Prologis, Inc.		795,480		100,453,214
Rexford Industrial Realty, Inc.		115,635		5,817,597
STAG Industrial, Inc.		77,563		3,031,938

				115,622,544

Insurance — 3.9%
Aflac, Inc.		433,022		48,411,860
Allstate Corp. (The)		226,846		43,021,344
American Financial Group, Inc.		62,363		8,394,060
American International Group, Inc.		553,239		40,513,692
Aon PLC, Class A		91,454		31,642,169
Arthur J. Gallagher & Co.		92,236		25,952,443
Assurant, Inc.		44,723		8,893,616
Brighthouse Financial, Inc.^(a)		51,402		2,314,632
Brown & Brown, Inc.		44,915		4,653,194
Chubb Ltd.		322,740		93,074,989
Cincinnati Financial Corp.		135,253		18,410,638
CNO Financial Group, Inc.		92,229		3,237,238
Erie Indemnity Co., Class A, NVS		9,054		4,887,530
Everest Group Ltd.		37,128		14,547,864
Fidelity National Financial, Inc., Class A		202,900		12,591,974
First American Financial Corp.		90,400		5,967,304
Globe Life, Inc.		77,628		8,221,582
Hanover Insurance Group, Inc. (The)		31,431		4,655,245
Hartford Financial Services Group, Inc. (The)		251,603		29,591,029
Kemper Corp.		53,370		3,268,913
Loews Corp.		156,619		12,380,732
Marsh & McLennan Cos., Inc.		202,794		45,241,314
MetLife, Inc.		505,404		41,685,722
Old Republic International Corp.		205,535		7,280,050
Principal Financial Group, Inc.		184,138		15,817,454
Progressive Corp. (The)		251,582		63,841,448
Prudential Financial, Inc.		306,710		37,142,581
Reinsurance Group of America, Inc.		56,558		12,322,291
RenaissanceRe Holdings Ltd.		20,164		5,492,674
RLI Corp.		12,639		1,958,792
Selective Insurance Group, Inc.		23,818		2,222,219
Travelers Cos., Inc. (The)		195,824		45,846,315


Security	Shares		Value


Insurance (continued)
Unum Group		122,800	$	7,299,232
W R Berkley Corp.		259,829		14,740,099
Willis Towers Watson PLC		87,251		25,698,037

				751,220,276

Interactive Media & Services — 0.1%
Match Group, Inc.^(a)		222,890		8,434,158
ZoomInfo Technologies, Inc., Class A^(a)		172,844		1,783,750

				10,217,908

IT Services — 1.7%
Accenture PLC, Class A		247,547		87,502,914
Akamai Technologies, Inc.^(a)		69,913		7,057,717
ASGN, Inc.^(a)(b)		38,335		3,573,972
Cognizant Technology Solutions Corp., Class A		425,837		32,866,100
EPAM Systems, Inc.^(a)		29,350		5,841,530
International Business Machines Corp.		791,388		174,960,059
Kyndryl Holdings, Inc.^(a)		203,066		4,666,457
VeriSign, Inc.^(a)		37,500		7,123,500

				323,592,249

Leisure Products — 0.1%
Brunswick Corp.		23,075		1,934,146
Hasbro, Inc.		111,693		8,077,638
Mattel, Inc.^(a)		169,231		3,223,850
Polaris, Inc.		45,311		3,771,688
YETI Holdings, Inc.^(a)		26,888		1,103,215

				18,110,537

Life Sciences Tools & Services — 2.3%
Agilent Technologies, Inc.		250,663		37,218,442
Avantor, Inc.^(a)		338,943		8,768,455
Azenta, Inc.^(a)		15,482		749,948
Bio-Rad Laboratories, Inc., Class A^(a)(b)		16,549		5,536,965
Bio-Techne Corp.		135,079		10,796,865
Bruker Corp.		38,207		2,638,575
Charles River Laboratories International, Inc.^(a)		44,776		8,819,529
Danaher Corp.		552,224		153,529,317
Illumina, Inc.^(a)		137,180		17,889,644
IQVIA Holdings, Inc.^(a)		92,003		21,801,951
Mettler-Toledo International, Inc.^(a)		11,253		16,876,124
Revvity, Inc.^(b)		105,439		13,469,832
Thermo Fisher Scientific, Inc.		203,474		125,862,912
Waters Corp.^(a)		32,453		11,679,510

				435,638,069

Machinery — 2.1%
AGCO Corp.		53,096		5,195,975
Caterpillar, Inc.		174,968		68,433,484
CNH Industrial NV		758,517		8,419,539
Cummins, Inc.		117,588		38,073,818
Deere & Co.		94,676		39,511,135
Donaldson Co., Inc.		44,244		3,260,783
Dover Corp.^(b)		118,464		22,714,287
Flowserve Corp.		61,395		3,173,508
IDEX Corp.		65,292		14,005,134
Illinois Tool Works, Inc.		125,344		32,848,902
Ingersoll Rand, Inc.		79,658		7,819,229
Middleby Corp. (The)^(a)(b)		23,048		3,206,668
Nordson Corp.		46,891		12,314,983
Oshkosh Corp.		55,757		5,587,409
Otis Worldwide Corp.		209,921		21,819,189
PACCAR, Inc.		120,951		11,935,445
Parker-Hannifin Corp.		24,274		15,336,799
Pentair PLC		44,508		4,352,437


48		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Machinery (continued)
Snap-on, Inc.		25,118	$	7,276,936
Stanley Black & Decker, Inc.		133,058		14,653,677
Terex Corp.		25,224		1,334,602
Timken Co. (The)		33,717		2,842,006
Toro Co. (The)		46,006		3,990,100
Westinghouse Air Brake Technologies Corp.		150,505		27,357,294
Xylem, Inc.		208,637		28,172,254

				403,635,593

Marine Transportation — 0.0%
Kirby Corp.^(a)		29,219		3,577,282


Media — 1.1%
Charter Communications, Inc., Class A^(a)		45,031		14,593,647
Comcast Corp., Class A		3,318,880		138,629,618
Fox Corp., Class A, NVS		194,154		8,218,539
Fox Corp., Class B		112,861		4,379,007
Interpublic Group of Cos., Inc. (The)		321,421		10,166,546
News Corp., Class A, NVS		325,575		8,670,062
News Corp., Class B^(b)		98,075		2,741,196
Nexstar Media Group, Inc., Class A		26,207		4,333,327
Omnicom Group, Inc.		168,466		17,417,700
Paramount Global, Class B, NVS		513,989		5,458,563

				214,608,205

Metals & Mining — 0.7%
Alcoa Corp.		223,274		8,613,911
Cleveland-Cliffs, Inc.^(a)(b)		409,931		5,234,819
Commercial Metals Co.		100,083		5,500,562
Freeport-McMoRan, Inc.		618,968		30,898,882
Newmont Corp.		985,795		52,690,743
Nucor Corp.		75,445		11,342,401
Royal Gold, Inc.		27,093		3,801,148
Steel Dynamics, Inc.		45,296		5,710,919
United States Steel Corp.		195,178		6,895,639

				130,689,024

Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Annaly Capital Management, Inc.		428,484		8,599,674
Starwood Property Trust, Inc.		273,061		5,564,983

				14,164,657

Multi-Utilities — 1.4%
Ameren Corp.		229,799		20,098,221
Black Hills Corp.		61,140		3,736,877
CenterPoint Energy, Inc.		563,260		16,571,109
CMS Energy Corp.		255,539		18,048,720
Consolidated Edison, Inc.		296,475		30,871,942
Dominion Energy, Inc.		720,759		41,652,663
DTE Energy Co.		178,393		22,907,445
NiSource, Inc.		387,756		13,435,745
Northwestern Energy Group, Inc.		52,393		2,997,927
Public Service Enterprise Group, Inc.		427,987		38,180,720
Sempra		543,857		45,482,761
WEC Energy Group, Inc.		271,914		26,152,688

				280,136,818

Office REITs — 0.1%
BXP, Inc.		126,160		10,150,833
COPT Defense Properties		58,497		1,774,214
Cousins Properties, Inc.		129,760		3,825,325
Kilroy Realty Corp.		91,018		3,522,397
Vornado Realty Trust		143,226		5,643,104

				24,915,873


Security	Shares		Value


Oil, Gas & Consumable Fuels — 5.3%
Antero Midstream Corp.		122,240	$	1,839,712
Antero Resources Corp.^(a)		250,667		7,181,610
Chesapeake Energy Corp.		177,300		14,582,925
Chevron Corp.		1,461,294		215,204,767
ConocoPhillips		309,278		32,560,788
Coterra Energy, Inc.		218,681		5,237,410
Devon Energy Corp.		537,990		21,046,169
DT Midstream, Inc.		30,822		2,424,459
EOG Resources, Inc.		165,582		20,354,995
EQT Corp.		512,537		18,779,356
Exxon Mobil Corp.		3,816,978		447,426,161
HF Sinclair Corp.		140,179		6,247,778
Kinder Morgan, Inc.		1,663,243		36,741,038
Marathon Oil Corp.		227,683		6,063,198
Marathon Petroleum Corp.		128,997		21,014,901
Murphy Oil Corp.		70,756		2,387,307
Occidental Petroleum Corp.		579,457		29,865,214
ONEOK, Inc.		190,859		17,392,981
PBF Energy, Inc., Class A		86,061		2,663,588
PetroCorp Escrow^(a)(d)		190		—
Phillips 66		359,606		47,270,209
Texas Pacific Land Corp.		5,425		4,799,715
Valero Energy Corp.		275,248		37,166,737
Viper Energy, Inc., Class A		31,376		1,415,371
Williams Cos., Inc. (The)		637,768		29,114,109

				1,028,780,498

Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		19,305		2,074,515


Passenger Airlines — 0.3%
American Airlines Group, Inc.^(a)(b)		571,660		6,425,458
Delta Air Lines, Inc.		244,995		12,443,296
Southwest Airlines Co.		514,982		15,258,917
United Airlines Holdings, Inc.^(a)		281,392		16,056,228

				50,183,899

Personal Care Products — 0.3%
BellRing Brands, Inc.^(a)		52,915		3,212,999
Estee Lauder Cos., Inc. (The), Class A		199,711		19,909,189
Kenvue, Inc.		1,645,382		38,057,686

				61,179,874

Pharmaceuticals — 4.0%
Bristol-Myers Squibb Co.		1,741,801		90,120,784
Catalent, Inc.^(a)		157,290		9,527,055
Jazz Pharmaceuticals PLC^(a)		31,334		3,490,921
Johnson & Johnson		2,068,142		335,163,092
Merck & Co., Inc.		1,306,642		148,382,266
Perrigo Co. PLC		116,016		3,043,100
Pfizer, Inc.		4,868,441		140,892,683
Viatris, Inc.		1,022,181		11,867,521
Zoetis, Inc., Class A		175,155		34,221,784

				776,709,206

Professional Services — 1.0%
Amentum Holdings, Inc.^(a)		107,827		3,477,421
Automatic Data Processing, Inc.		213,713		59,140,799
Broadridge Financial Solutions, Inc.		43,373		9,326,496
CACI International, Inc., Class A^(a)		12,020		6,064,811
Concentrix Corp.		40,440		2,072,550
Dayforce, Inc.^(a)(b)		60,087		3,680,329
Equifax, Inc.		64,951		19,086,501
ExlService Holdings, Inc.^(a)		60,649		2,313,759
Exponent, Inc.		21,114		2,434,022


S C H E D U L E S O F I N V E S T M E N T S		49

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Professional Services (continued)
Genpact Ltd.		142,717	$	5,595,934
Insperity, Inc.		15,242		1,341,296
Jacobs Solutions, Inc.		107,827		14,114,554
KBR, Inc.		62,186		4,050,174
Leidos Holdings, Inc.		115,271		18,789,173
ManpowerGroup, Inc.		41,618		3,059,755
Maximus, Inc.		13,855		1,290,732
Parsons Corp.^(a)(b)		11,306		1,172,206
Paychex, Inc.		165,073		22,151,146
Paycom Software, Inc.		23,972		3,993,016
Science Applications International Corp.		29,312		4,082,282
Verisk Analytics, Inc.		55,245		14,803,450

				202,040,406

Real Estate Management & Development — 0.3%
CBRE Group, Inc., Class A^(a)		258,780		32,212,934
CoStar Group, Inc.^(a)		201,150		15,174,756
Jones Lang LaSalle, Inc.^(a)		40,689		10,978,299

				58,365,989

Residential REITs — 0.7%
American Homes 4 Rent, Class A		109,000		4,184,510
AvalonBay Communities, Inc.		121,897		27,457,299
Camden Property Trust		91,471		11,299,413
Equity LifeStyle Properties, Inc.		57,312		4,088,638
Equity Residential		292,371		21,769,945
Essex Property Trust, Inc.		55,070		16,268,779
Independence Realty Trust, Inc.		191,973		3,935,446
Invitation Homes, Inc.		489,462		17,258,430
Mid-America Apartment Communities, Inc.		101,053		16,057,322
UDR, Inc.		257,862		11,691,463

				134,011,245

Retail REITs — 0.7%
Agree Realty Corp.		86,035		6,481,017
Brixmor Property Group, Inc.		144,830		4,034,964
Federal Realty Investment Trust		64,819		7,452,240
Kimco Realty Corp.		579,568		13,457,569
Kite Realty Group Trust		187,811		4,988,260
NNN REIT, Inc.		100,497		4,873,100
Realty Income Corp.		749,988		47,564,239
Regency Centers Corp.		140,337		10,136,541
Simon Property Group, Inc.		165,731		28,011,854

				126,999,784

Semiconductors & Semiconductor Equipment — 2.8%
Allegro MicroSystems, Inc.^(a)(b)		87,318		2,034,509
Amkor Technology, Inc.		97,955		2,997,423
Analog Devices, Inc.		174,754		40,223,128
Cirrus Logic, Inc.^(a)		19,858		2,466,562
Enphase Energy, Inc.^(a)(b)		73,496		8,306,518
First Solar, Inc.^(a)		92,157		22,987,642
Intel Corp.		3,665,920		86,002,483
MACOM Technology Solutions Holdings, Inc.^(a)(b)		18,945		2,107,821
Microchip Technology, Inc.		188,981		15,173,285
Micron Technology, Inc.		952,641		98,798,398
MKS Instruments, Inc.		29,659		3,224,230
NXP Semiconductors NV		54,442		13,066,624
ON Semiconductor Corp.^(a)		207,226		15,046,680
Power Integrations, Inc.		24,308		1,558,629
Qorvo, Inc.^(a)		81,165		8,384,345
QUALCOMM, Inc.		459,395		78,120,120
Skyworks Solutions, Inc.		138,137		13,643,791
Synaptics, Inc.^(a)		19,821		1,537,713


Security	Shares		Value


Semiconductors & Semiconductor Equipment (continued)
Teradyne, Inc.		139,548	$	18,689,664
Texas Instruments, Inc.		494,190		102,084,828

				536,454,393

Software — 0.5%
ANSYS, Inc.^(a)		32,495		10,353,882
Aspen Technology, Inc.^(a)		11,178		2,669,530
Autodesk, Inc.^(a)		88,663		24,424,883
Blackbaud, Inc.^(a)		13,824		1,170,616
CommVault Systems, Inc.^(a)		15,692		2,414,214
Dolby Laboratories, Inc., Class A		21,741		1,663,839
Gen Digital, Inc.		465,363		12,764,907
PTC, Inc.^(a)		42,039		7,594,766
Roper Technologies, Inc.		52,579		29,257,059

				92,313,696

Specialized REITs — 1.7%
American Tower Corp.		236,759		55,060,673
Crown Castle, Inc.		373,351		44,290,629
CubeSmart		86,383		4,649,997
Digital Realty Trust, Inc.		155,744		25,204,052
EPR Properties		24,460		1,199,518
Equinix, Inc.		43,223		38,366,031
Extra Space Storage, Inc.		182,075		32,808,094
Gaming & Leisure Properties, Inc.		133,991		6,893,837
Iron Mountain, Inc.		124,401		14,782,571
Lamar Advertising Co., Class A		31,541		4,213,878
National Storage Affiliates Trust		29,356		1,414,959
PotlatchDeltic Corp.		62,064		2,795,983
Public Storage		78,491		28,560,520
Rayonier, Inc.		71,423		2,298,392
SBA Communications Corp., Class A		55,478		13,353,555
VICI Properties, Inc.		901,496		30,028,832
Weyerhaeuser Co.		623,558		21,113,674

				327,035,195

Specialty Retail — 2.6%
AutoNation, Inc.^(a)(b)		22,634		4,049,675
AutoZone, Inc.^(a)(b)		4,549		14,329,532
Best Buy Co., Inc.		167,696		17,322,997
Burlington Stores, Inc.^(a)		22,008		5,798,668
CarMax, Inc.^(a)(b)		135,480		10,483,442
Dick’s Sporting Goods, Inc.		23,750		4,956,625
GameStop Corp., Class A^(a)(b)		335,212		7,686,411
Gap, Inc. (The)		192,802		4,251,284
Home Depot, Inc. (The)		536,714		217,476,513
Lithia Motors, Inc., Class A^(b)		23,110		7,340,660
Lowe’s Cos., Inc.		489,563		132,598,139
O’Reilly Automotive, Inc.^(a)		13,455		15,494,778
Penske Automotive Group, Inc.		16,623		2,699,908
RH^(a)		7,347		2,457,057
TJX Cos., Inc. (The)		339,831		39,943,736
Tractor Supply Co.		53,489		15,561,555
Ulta Beauty, Inc.^(a)		13,849		5,388,923

				507,839,903

Technology Hardware, Storage & Peripherals — 0.6%
Dell Technologies, Inc., Class C		116,854		13,851,873
Hewlett Packard Enterprise Co.		1,115,456		22,822,230
HP, Inc.		840,276		30,140,700
NetApp, Inc.		110,892		13,696,271
Seagate Technology Holdings PLC		107,077		11,728,144
Western Digital Corp.^(a)		280,749		19,172,349

				111,411,567


50		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Textiles, Apparel & Luxury Goods — 0.4%
Capri Holdings Ltd.^(a)		51,768	$	2,197,034
Carter’s, Inc.		31,559		2,050,704
Columbia Sportswear Co.		15,417		1,282,540
NIKE, Inc., Class B		588,363		52,011,289
PVH Corp.		49,247		4,965,575
Ralph Lauren Corp., Class A		15,381		2,981,914
Tapestry, Inc.		199,595		9,376,973
Under Armour, Inc., Class A^(a)		161,479		1,438,778
Under Armour, Inc., Class C, NVS^(a)(b)		111,916		935,618

				77,240,425

Tobacco — 0.9%
Altria Group, Inc.		1,465,873		74,818,158
Philip Morris International, Inc.		841,543		102,163,320

				176,981,478

Trading Companies & Distributors — 0.2%
Core & Main, Inc., Class A^(a)		71,695		3,183,258
Fastenal Co.		246,997		17,640,526
GATX Corp.		20,217		2,677,742
MSC Industrial Direct Co., Inc., Class A		18,044		1,552,866
WESCO International, Inc.		38,774		6,513,256
WW Grainger, Inc.		9,491		9,859,346

				41,426,994

Water Utilities — 0.1%
American Water Works Co., Inc.		167,732		24,529,128
Essential Utilities, Inc.		111,679		4,307,459

				28,836,587


Security	Shares		Value


Wireless Telecommunication Services — 0.5%
T-Mobile U.S., Inc.		421,016	$	86,880,862


Total Long-Term Investments — 99.7% (Cost: $15,923,612,607)			19,295,207,513


Short-Term Securities

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.05%^(c)(e)(f)		103,334,717		103,417,384
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.88%^(c)(e)		33,142,378		33,142,378


Total Short-Term Securities — 0.7% (Cost: $136,500,126)				136,559,762


Total Investments — 100.4% (Cost: $16,060,112,733)				19,431,767,275
Liabilities in Excess of Other Assets — (0.4)%				(84,221,271	)

Net Assets — 100.0%			$	19,347,546,004

^(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


Affiliated Issuer	Value at 03/31/24		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/24		Shares Held at 09/30/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	85,100,789	$	18,295,343	^(a)	$	—		$	818	$	20,434	$	103,417,384		103,334,717	$	122,492	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		26,469,410		6,672,968	^(a)		—			—		—		33,142,378		33,142,378		894,886			—
BlackRock, Inc.		92,634,074		8,344,505			(1,554,031	)		179,942		13,982,543		113,587,033		119,627		1,202,422			—

									$	180,760	$	14,002,977	$	250,146,795			$	2,219,800		$	—

^(a)

Represents net amount purchased (sold).

^(b)


S C H E D U L E S O F I N V E S T M E N T S		51

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P U.S. Value 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
E-Mini Consumer Staples Select Sector Index		43		12/20/24	$	3,641	$	(5,616	)
Russell 1000 Value E-Mini Index		460		12/20/24		43,360		1,040,365

							$	1,034,749

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)	$	—	$	—	$	1,040,365	$	—	$	—	$	—	$	1,040,365

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	5,616	$	—	$	—	$	—	$	5,616

^(a)

For the period ended September 30, 2024, 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	$	—	$	—	$	2,761,781		$	—	$	—	$	—	$	2,761,781

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(198,554	)	$	—	$	—	$	—	$	(198,554	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	53,646,900

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


52		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Core S&P U.S. Value ETF

Fair Value Hierarchy as of Period End



	Level 1			Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	19,295,207,513		$	—	$	—	$	19,295,207,513
Short-Term Securities
Money Market Funds		136,559,762			—		—		136,559,762

	$	19,431,767,275		$	—	$	—	$	19,431,767,275

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	1,040,365		$	—	$	—	$	1,040,365
Liabilities
Equity Contracts		(5,616	)		—		—		(5,616	)

	$	1,034,749		$	—	$	—	$	1,034,749

^(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		53

Statements of Assets and Liabilities (unaudited)

September 30, 2024


	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)	$	90,632,749,544	$	8,284,781,911	$	19,884,399,913	$	19,181,620,480
Investments, at value — affiliated^(c)		3,885,502,311		82,779,704,793		106,645,902		250,146,795
Cash		—		10,139,813		21		108
Cash pledged:
Collateral — OTC derivatives		—		17,720,000		—		—
Futures contracts		11,523,000		195,000		1,543,620		2,643,190
Receivables:
Investments sold		233,490,420		799,928,918		5,413,107		6,215,204
Securities lending income — affiliated		845,813		1,535,773		26,289		18,868
Swaps		1,531,549		25,269,980		—		—
Capital shares sold		730,938		2,165,023		—		—
Dividends — unaffiliated		78,898,319		86,101,667		4,336,463		17,243,370
Dividends — affiliated		1,657,380		6,846,874		134,055		191,034
Variation margin on futures contracts		148,800		—		67,675		140,300
Unrealized appreciation on OTC swaps		6,158,145		68,723,294		—		—


Total assets		94,853,236,219		92,083,113,046		20,002,567,045		19,458,219,349


LIABILITIES

Bank overdraft		5,712		—		—		—
Cash received:
Collateral — OTC derivatives		6,141,000		93,060,000		—		—
Collateral on securities loaned		3,570,678,746		4,878,415,563		82,311,204		103,296,879
Payables:
Investments purchased		254,228,072		783,149,912		5,560,609		6,749,218
Investment advisory fees		3,647,673		4,169,607		632,938		626,818
Variation margin on futures contracts		—		51,512		—		430


Total liabilities		3,834,701,203		5,758,846,594		88,504,751		110,673,345


Commitments and contingent liabilities

NET ASSETS	$	91,018,535,016	$	86,324,266,452	$	19,914,062,294	$	19,347,546,004


NET ASSETS CONSIST OF:

Paid-in capital	$	74,690,992,673	$	74,856,120,943	$	13,307,744,606	$	17,261,343,691
Accumulated earnings		16,327,542,343		11,468,145,509		6,606,317,688		2,086,202,313

NET ASSETS	$	91,018,535,016	$	86,324,266,452	$	19,914,062,294	$	19,347,546,004


NET ASSET VALUE
Shares outstanding	$	1,459,900,000	$	737,950,000	$	151,050,000	$	202,700,000


Net asset value	$	62.35	$	116.98	$	131.84	$	95.45


Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited


Par value		None		None		None		None


^(a)Investments, at cost — unaffiliated	$	70,740,019,338	$	7,432,169,323	$	11,705,203,611	$	15,839,098,098
^(b)Securities loaned, at value	$	3,488,188,070	$	4,751,450,140	$	80,815,802	$	101,069,384
^(c)Investments, at cost — affiliated	$	3,882,035,626	$	68,203,065,943	$	106,576,247	$	221,014,635

See notes to financial statements.


54		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Operations (unaudited)

Six Months Ended September 30, 2024


	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	$	648,297,808		$	59,213,514		$	62,542,205		$	198,924,256
Dividends — affiliated		10,807,662			701,883,201			579,901			2,097,308
Interest — unaffiliated		141,723			488,107			2,722			4,585
Securities lending income — affiliated — net		5,024,295			11,919,650			120,523			122,492
Foreign taxes withheld		(253,006	)		(748,986	)		(45,578	)		(16,481	)


Total investment income		664,018,482			772,755,486			63,199,773			201,132,160


EXPENSES
Investment advisory		21,270,846			24,191,537			3,663,765			3,558,462
Interest expense		2,075			—			—			—


Total expenses		21,272,921			24,191,537			3,663,765			3,558,462


Net investment income		642,745,561			748,563,949			59,536,008			197,573,698


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(390,109,349	)		(346,112,012	)		(875,768	)		(50,641,570	)
Investments — affiliated		(108,992	)		34,000,681			22,705			3,888
Futures contracts		6,473,874			23,142,223			1,205,463			2,761,781
In-kind redemptions — unaffiliated^(a)		1,088,373,252			49,296,481			94,505,518			22,070,902
In-kind redemptions — affiliated^(a)		—			961,618,536			—			176,872
Swaps		50,950,406			237,256,441			—			—


	$	755,579,191		$	959,202,350		$	94,857,918		$	(25,628,127	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		1,556,183,870			525,582,465			2,075,549,154			1,043,292,563
Investments — affiliated		1,081,950			3,070,165,705			16,451			14,002,977
Futures contracts		1,730,187			(3,479,706	)		485,463			(198,554	)
Swaps		(32,687,405	)		(7,406,531	)		—			—


		1,526,308,602			3,584,861,933			2,076,051,068			1,057,096,986


Net realized and unrealized gain		2,281,887,793			4,544,064,283			2,170,908,986			1,031,468,859


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,924,633,354		$	5,292,628,232		$	2,230,444,994		$	1,229,042,557

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

See notes to financial statements.


S T A T E M E N T S O F O P E R A T I O N S		55

Statements of Changes in Net Assets


	iShares Core S&P Mid-Cap ETF						iShares Core S&P Small-Cap ETF

	Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24			Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	642,745,561		$	1,150,069,713		$	748,563,949		$	1,196,313,259
Net realized gain		755,579,191			2,896,978,059			959,202,350			360,194,665
Net change in unrealized appreciation (depreciation)		1,526,308,602			11,692,625,873			3,584,861,933			9,163,432,520

Net increase in net assets resulting from operations		2,924,633,354			15,739,673,645			5,292,628,232			10,719,940,444


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(577,013,930	)^(b)		(1,078,873,318	)		(658,813,781	)^(b)		(1,000,635,614	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		3,609,206,843			3,892,631,820			1,331,189,385			3,883,131,718


NET ASSETS
Total increase in net assets		5,956,826,267			18,553,432,147			5,965,003,836			13,602,436,548
Beginning of period		85,061,708,749			66,508,276,602			80,359,262,616			66,756,826,068

End of period	$	91,018,535,016		$	85,061,708,749		$	86,324,266,452		$	80,359,262,616

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

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


56		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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 09/30/24 (unaudited)			Year Ended 03/31/24			Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	59,536,008		$	154,264,179		$	197,573,698		$	296,163,700
Net realized gain (loss)		94,857,918			298,655,874			(25,628,127	)		1,406,996,728
Net change in unrealized appreciation (depreciation)		2,076,051,068			3,733,653,027			1,057,096,986			1,671,136,107

Net increase in net assets resulting from operations		2,230,444,994			4,186,573,080			1,229,042,557			3,374,296,535


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(59,254,929	)^(b)		(151,138,533	)		(200,250,809	)^(b)		(286,055,103	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		820,670,603			563,304,631			1,316,745,609			629,781,643


NET ASSETS
Total increase in net assets		2,991,860,668			4,598,739,178			2,345,537,357			3,718,023,075
Beginning of period		16,922,201,626			12,323,462,448			17,002,008,647			13,283,985,572

End of period	$	19,914,062,294		$	16,922,201,626		$	19,347,546,004		$	17,002,008,647

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

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S		57

Financial Highlights

(For a share outstanding throughout each period)


	iShares Core S&P Mid-Cap ETF

		Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24	^(a)		Year Ended 03/31/23	^(a)		Year Ended 03/31/22	^(a)		Year Ended 03/31/21	^(a)		Year Ended 03/31/20	^(a)

Net asset value, beginning of period	$	60.80		$	50.03		$	53.68		$	52.03		$	28.77		$	37.87

Net investment income^(b)		0.45			0.83			0.80			0.68			0.55			0.62
Net realized and unrealized gain (loss)^(c)		1.50			10.72			(3.62	)		1.68			23.27			(9.03	)

Net increase (decrease) from investment operations		1.95			11.55			(2.82	)		2.36			23.82			(8.41	)

Distributions from net investment income^(d)		(0.40	)^(e)		(0.78	)		(0.83	)		(0.71	)		(0.56	)		(0.69	)


Net asset value, end of period	$	62.35		$	60.80		$	50.03		$	53.68		$	52.03		$	28.77


Total Return^(f)
Based on net asset value		3.23	%^(g)		23.30	%		(5.13	)%		4.51	%		83.36	%		(22.53	)%


Ratios to Average Net Assets^(h)
Total expenses		0.05	%⁽ⁱ⁾		0.05	%		0.05	%		0.05	%		0.05	%		0.07	%

Net investment income		1.51	%⁽ⁱ⁾		1.59	%		1.62	%		1.26	%		1.36	%		1.62	%


Supplemental Data
Net assets, end of period (000)	$	91,018,535		$	85,061,709		$	66,508,277		$	66,023,819		$	61,137,875		$	35,722,456

Portfolio turnover rate^(j)(k)		10	%		19	%		18	%		16	%		20	%		15	%

^(a)	Per share amounts reflect a five-for-one stock split effective after the close of trading on February 21, 2024.

^(b)	Based on average shares outstanding.

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

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

^(e)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(g)	Not annualized.

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

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions, if any.

^(k)	Excludes underlying investments in total return swaps.

See notes to financial statements.


58		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core S&P Small-Cap ETF

	Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20

Net asset value, beginning of period	$	110.59		$	96.76		$	107.93		$	108.34		$	56.22		$	77.13

Net investment income^(a)		1.02			1.70			1.57			1.13			1.03			1.06
Net realized and unrealized gain (loss)^(b)		6.27			13.55			(11.24	)		0.12			52.13			(20.77	)

Net increase (decrease) from investment operations		7.29			15.25			(9.67	)		1.25			53.16			(19.71	)

Distributions from net investment income^(c)		(0.90	)^(d)		(1.42	)		(1.50	)		(1.66	)		(1.04	)		(1.20	)


Net asset value, end of period	$	116.98		$	110.59		$	96.76		$	107.93		$	108.34		$	56.22


Total Return^(e)
Based on net asset value		6.64	%^(f)		15.91	%		(8.90	)%		1.12	%		95.23	%^(g)		(25.89	)%


Ratios to Average Net Assets^(h)
Total expenses		0.06	%⁽ⁱ⁾		0.06	%		0.06	%		0.06	%		0.06	%		0.07	%

Net investment income		1.86	%⁽ⁱ⁾		1.71	%		1.60	%		1.02	%		1.28	%		1.36	%


Supplemental Data
Net assets, end of period (000)	$	86,324,266		$	80,359,263		$	66,756,826		$	72,070,280		$	68,273,012		$	31,863,332

Portfolio turnover rate^(j)(k)		13	%		25	%		19	%		16	%		20	%		16	%

^(a)	Based on average shares outstanding.

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

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

^(d)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

^(g)	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, if any.

^(k)	Excludes underlying investments in total return swaps.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		59

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core S&P U.S. Growth ETF

	Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20

Net asset value, beginning of period	$	117.27		$	88.82		$	105.47		$	90.74		$	57.16		$	60.31

Net investment income^(a)		0.40			1.09			0.96			0.72			0.76			0.92
Net realized and unrealized gain (loss)^(b)		14.57			28.42			(16.67	)		14.73			33.62			(2.97	)

Net increase (decrease) from investment operations		14.97			29.51			(15.71	)		15.45			34.38			(2.05	)

Distributions from net investment income^(c)		(0.40	)^(d)		(1.06	)		(0.94	)		(0.72	)		(0.80	)		(1.10	)


Net asset value, end of period	$	131.84		$	117.27		$	88.82		$	105.47		$	90.74		$	57.16


Total Return^(e)
Based on net asset value		12.77	%^(f)		33.45	%		(14.86	)%		17.03	%		60.34	%		(3.54	)%


Ratios to Average Net Assets^(g)
Total expenses		0.04	%^(h)		0.04	%		0.04	%		0.04	%		0.04	%		0.04	%

Net investment income		0.65	%^(h)		1.09	%		1.10	%		0.69	%		0.96	%		1.44	%


Supplemental Data
Net assets, end of period (000)	$	19,914,062		$	16,922,202		$	12,323,462		$	12,857,333		$	10,461,747		$	6,893,329

Portfolio turnover rate⁽ⁱ⁾		2	%		31	%		36	%		15	%		14	%		35	%

^(a)	Based on average shares outstanding.

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

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

^(d)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


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Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core S&P U.S. Value ETF

	Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20

Net asset value, beginning of period	$	90.46		$	73.78		$	75.80		$	68.82		$	46.23		$	54.82

Net investment income^(a)		1.00			1.63			1.55			1.50			1.43			1.45
Net realized and unrealized gain (loss)^(b)		4.99			16.62			(2.02	)		6.93			22.60			(8.57	)

Net increase (decrease) from investment operations		5.99			18.25			(0.47	)		8.43			24.03			(7.12	)

Distributions from net investment income^(c)		(1.00	)^(d)		(1.57	)		(1.55	)		(1.45	)		(1.44	)		(1.47	)


Net asset value, end of period	$	95.45		$	90.46		$	73.78		$	75.80		$	68.82		$	46.23


Total Return^(e)
Based on net asset value		6.68	%^(f)		25.02	%		(0.46	)%		12.33	%		52.59	%		(13.34	)%


Ratios to Average Net Assets^(g)
Total expenses		0.04	%^(h)		0.04	%		0.04	%		0.04	%		0.04	%		0.04	%

Net investment income		2.22	%^(h)		2.05	%		2.18	%		2.04	%		2.48	%		2.52	%


Supplemental Data
Net assets, end of period (000)	$	19,347,546		$	17,002,009		$	13,283,986		$	12,123,855		$	9,084,867		$	5,270,383

Portfolio turnover rate⁽ⁱ⁾		2	%		33	%		31	%		20	%		25	%		34	%

^(a)	Based on average shares outstanding.

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

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

^(d)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		61

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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

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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.


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Notes to Financial Statements (unaudited) (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

•

Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and

•

4.	SECURITIES AND OTHER INVESTMENTS


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		63

Notes to Financial Statements (unaudited) (continued)

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.

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


Core S&P Mid-Cap
Barclays Bank PLC	$	81,970,289	$	(81,970,289	)	$	—	$	—
Barclays Capital, Inc.		3,088,090		(3,088,090	)		—		—
BMO Capital Markets Corp.		553,240		(553,240	)		—		—
BNP Paribas SA		388,588,193		(388,588,193	)		—		—
BofA Securities, Inc.		226,339,084		(226,339,084	)		—		—
Citadel Clearing LLC		68,152,432		(68,152,432	)		—		—
Citigroup Global Markets, Inc.		287,033,465		(287,033,465	)		—		—
Goldman Sachs & Co. LLC		468,672,229		(468,672,229	)		—		—
HSBC Bank PLC		36,635,551		(36,635,551	)		—		—
J.P. Morgan Securities LLC		444,345,403		(444,345,403	)		—		—
Jefferies LLC		24,954,254		(24,954,254	)		—		—
Mizuho Securities USA LLC		17,968		(17,968	)		—		—
Morgan Stanley		701,888,253		(701,888,253	)		—		—
National Financial Services LLC		86,590,733		(86,590,733	)		—		—
Natixis SA		77,848,072		(77,848,072	)		—		—
Nomura Securities International, Inc.		146,860		(146,860	)		—		—
RBC Capital Market LLC		1,028,171		(1,028,171	)		—		—
Scotia Capital (USA), Inc.		9,002,018		(9,002,018	)		—		—
SG Americas Securities LLC		7,889,557		(7,889,557	)		—		—
State Street Bank & Trust Co.		150,733,941		(150,733,941	)		—		—
Toronto-Dominion Bank		54,070,064		(54,070,064	)		—		—
UBS AG		215,097,835		(215,097,835	)		—		—
UBS Securities LLC		5,953,370		(5,953,370	)		—		—
Virtu Americas LLC		10,331,459		(10,331,459	)		—		—
Wells Fargo Bank N.A.		123,843,692		(123,843,692	)		—		—
Wells Fargo Securities LLC		13,413,847		(13,413,847	)		—		—


	$	3,488,188,070	$	(3,488,188,070	)	$	—	$	—


Core S&P Small-Cap
Barclays Bank PLC	$	246,877,093	$	(246,877,093	)	$	—	$	—
Barclays Capital, Inc.		12,106,716		(12,106,716	)		—		—
BMO Capital Markets Corp.		274,148		(274,148	)		—		—
BNP Paribas SA		456,264,119		(456,264,119	)		—		—
BofA Securities, Inc.		304,564,154		(304,564,154	)		—		—
Citadel Clearing LLC		10,148,305		(10,148,305	)		—		—
Citigroup Global Markets, Inc.		179,104,430		(179,104,430	)		—		—
Goldman Sachs & Co. LLC		899,698,056		(899,698,056	)		—		—
HSBC Bank PLC		79,229,159		(79,229,159	)		—		—
J.P. Morgan Securities LLC		1,004,033,861		(1,004,033,861	)		—		—


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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


Core S&P Small-Cap (continued)
Jefferies LLC	$	28,339,844	$	(28,339,844	)	$	—	$	—
Mizuho Securities USA LLC		21,616,180		(21,616,180	)		—		—
Morgan Stanley		621,955,649		(621,955,649	)		—		—
National Financial Services LLC		155,302,086		(155,302,086	)		—		—
Natixis SA		50,906,420		(50,906,420	)		—		—
Nomura Securities International, Inc.		389,980		(389,980	)		—		—
RBC Capital Market LLC		13,520,621		(13,520,621	)		—		—
Scotia Capital (USA), Inc.		5,525,404		(5,525,404	)		—		—
SG Americas Securities LLC		3,564,586		(3,564,586	)		—		—
State Street Bank & Trust Co.		157,003,544		(157,003,544	)		—		—
Toronto-Dominion Bank		177,831,711		(177,831,711	)		—		—
UBS AG		208,231,992		(208,231,992	)		—		—
UBS Securities LLC		1,187,198		(1,187,198	)		—		—
Virtu Americas LLC		3,566,584		(3,566,584	)		—		—
Wells Fargo Bank N.A.		72,035,689		(72,035,689	)		—		—
Wells Fargo Securities LLC		38,172,611		(38,172,611	)		—		—


	$	4,751,450,140	$	(4,751,450,140	)	$	—	$	—


Core S&P U.S. Growth
Barclays Bank PLC	$	252,117	$	(252,117	)	$	—	$	—
Barclays Capital, Inc.		789,082		(789,082	)		—		—
BNP Paribas SA		804,641		(804,641	)		—		—
BofA Securities, Inc.		9,452,240		(9,452,240	)		—		—
Citadel Clearing LLC		2,826,451		(2,826,451	)		—		—
Citigroup Global Markets, Inc.		5,278,178		(5,278,178	)		—		—
Goldman Sachs & Co. LLC		8,513,648		(8,513,648	)		—		—
HSBC Bank PLC		1,106,552		(1,106,552	)		—		—
J.P. Morgan Securities LLC		1,155,420		(1,155,420	)		—		—
Jefferies LLC		500,862		(500,862	)		—		—
Morgan Stanley		27,359,883		(27,359,883	)		—		—
National Financial Services LLC		4,215,487		(4,215,487	)		—		—
Natixis SA		13,352		(13,352	)		—		—
SG Americas Securities LLC		1,788,021		(1,788,021	)		—		—
Toronto-Dominion Bank		6,064		(6,064	)		—		—
UBS AG		8,829,172		(8,829,172	)		—		—
UBS Securities LLC		918,611		(918,611	)		—		—
Virtu Americas LLC		3,359,748		(3,359,748	)		—		—
Wells Fargo Bank N.A.		1,776,361		(1,776,361	)		—		—
Wells Fargo Securities LLC		1,869,912		(1,869,912	)		—		—


	$	80,815,802	$	(80,815,802	)	$	—	$	—


Core S&P U.S. Value
Barclays Bank PLC	$	1,826,870	$	(1,826,870	)	$	—	$	—
Barclays Capital, Inc.		3,728,560		(3,728,560	)		—		—
BNP Paribas SA		10,146,249		(10,146,249	)		—		—
BofA Securities, Inc.		3,533,278		(3,533,278	)		—		—
Citadel Clearing LLC		250,848		(250,848	)		—		—
Citigroup Global Markets, Inc.		12,492,262		(12,492,262	)		—		—
Goldman Sachs & Co. LLC		21,173,063		(21,173,063	)		—		—
HSBC Bank PLC		3,610,248		(3,610,248	)		—		—
J.P. Morgan Securities LLC		5,856,523		(5,856,523	)		—		—
Jefferies LLC		316,948		(316,948	)		—		—
Morgan Stanley		15,382,386		(15,382,386	)		—		—


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		65

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


Core S&P U.S. Value (continued)
National Financial Services LLC	$	5,623,124	$	(5,623,124	)	$	—	$	—
Nomura Securities International, Inc.		47,355		(47,355	)		—		—
Scotia Capital (USA), Inc.		5,880		(5,880	)		—		—
State Street Bank & Trust Co.		1,905,552		(1,905,552	)		—		—
Toronto-Dominion Bank		10,019,700		(10,019,700	)		—		—
UBS AG		5,100,852		(5,100,852	)		—		—
Wells Fargo Bank N.A.		13,853		(13,853	)		—		—
Wells Fargo Securities LLC		35,833		(35,833	)		—		—


	$	101,069,384	$	(101,069,384	)	$	—	$	—

^(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.

5.	DERIVATIVE FINANCIAL INSTRUMENTS

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).


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Notes to Financial Statements (unaudited) (continued)

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.

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.

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 their 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


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


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		67

Notes to Financial Statements (unaudited) (continued)



iShares ETF	Amounts

Core S&P Mid-Cap	$	1,915,397
Core S&P Small-Cap		3,713,046
Core S&P U.S. Growth		50,470
Core S&P U.S. Value		48,939

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

For the six months ended September 30, 2024, 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	$	1,037,925,276	$	2,354,204,591	$	(689,041,699)
Core S&P Small-Cap		1,709,563,435		1,004,229,476		334,812,600
Core S&P U.S. Growth		131,498,826		108,442,081		(5,513,799)
Core S&P U.S. Value		71,096,918		67,685,189		(32,415,121)

7.	PURCHASES AND SALES

For the six months ended September 30, 2024, 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	$	9,107,197,968	$	8,668,196,030
Core S&P Small-Cap		11,108,610,898		10,371,053,112
Core S&P U.S. Growth		445,375,414		451,556,553
Core S&P U.S. Value		423,834,930		414,901,303


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Notes to Financial Statements (unaudited) (continued)

For the six months ended September 30, 2024, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Core S&P Mid-Cap	$	6,539,376,581	$	3,005,767,159
Core S&P Small-Cap		4,318,473,607		3,001,635,494
Core S&P U.S. Growth		985,278,338		165,430,020
Core S&P U.S. Value		1,383,481,286		74,024,908

8.	INCOME TAX INFORMATION

As of March 31, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



iShares ETF	Non-Expiring Capital Loss Carryforwards

Core S&P Mid-Cap	$	(4,285,448,767	)
Core S&P Small-Cap		(4,964,616,684	)
Core S&P U.S. Growth		(1,662,318,209	)
Core S&P U.S. Value		(1,244,294,878	)



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Core S&P Mid-Cap	$	74,837,650,193	$	23,354,298,738	$	(3,660,155,254	)	$	19,694,143,484
Core S&P Small-Cap		75,976,878,511		21,963,482,993		(6,807,098,748	)		15,156,384,245
Core S&P U.S. Growth		11,822,431,868		8,296,379,558		(127,062,103	)		8,169,317,455
Core S&P U.S. Value		16,083,261,563		3,778,422,412		(428,881,951	)		3,349,540,461

9.	PRINCIPAL RISKS


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		69

Notes to Financial Statements (unaudited) (continued)

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

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.

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.

10.	CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Six Months Ended 09/30/24						Year Ended 03/31/24

iShares ETF	Shares			Amount			Shares			Amount
Core S&P Mid-Cap
Shares sold		111,800,000		$	6,676,570,365			284,400,000	^(a)	$	15,431,419,032
Shares redeemed		(51,000,000	)		(3,067,363,522	)		(214,550,000	)^(a)		(11,538,787,212	)


		60,800,000		$	3,609,206,843			69,850,000		$	3,892,631,820


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Notes to Financial Statements (unaudited) (continued)


	Six Months Ended 09/30/24						Year Ended 03/31/24

iShares ETF	Shares			Amount			Shares			Amount
Core S&P Small-Cap
Shares sold		39,000,000		$	4,370,139,153			103,100,000		$	10,394,445,497
Shares redeemed		(27,700,000	)		(3,038,949,768	)		(66,350,000	)		(6,511,313,779	)


		11,300,000		$	1,331,189,385			36,750,000		$	3,883,131,718

Core S&P U.S. Growth
Shares sold		8,100,000		$	986,151,873			16,100,000		$	1,637,491,864
Shares redeemed		(1,350,000	)		(165,481,270	)		(10,550,000	)		(1,074,187,233	)


		6,750,000		$	820,670,603			5,550,000		$	563,304,631

Core S&P U.S. Value
Shares sold		15,550,000		$	1,390,652,103			71,500,000		$	5,878,816,219
Shares redeemed		(800,000	)		(73,906,494	)		(63,600,000	)		(5,249,034,576	)


		14,750,000		$	1,316,745,609			7,900,000		$	629,781,643

^(a)

Share transactions reflect five-for-one stock split effective after the close of trading on February 21, 2024.

The Board authorized a five-for-one stock split for the iShares Core S&P Mid-Cap ETF, effective after the close of trading on February 21, 2024, for the shareholders of record on February 16, 2024. The impact of the stock split was an increase in the number of shares outstanding by a factor of five, while decreasing the NAV per share by a factor of five, resulting in no effect on the net assets of the Fund. The financial statements for the Fund have been adjusted to reflect the stock split.

11.	SUBSEQUENT EVENTS


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		71

Additional Information

Electronic Delivery

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.

Changes in and Disagreements with Accountants

Not applicable.

Proxy Results

Not applicable.

Remuneration Paid to Trustees, Officers, and Others

Availability of Portfolio Holdings Information


72		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Board Review and Approval of Investment Advisory Contract

iShares Core S&P Mid-Cap ETF (the “Fund”)


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		73

Board Review and Approval of Investment Advisory Contract (continued)

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).

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 character and scope of 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 acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. 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.


74		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Board Review and Approval of Investment Advisory Contract (continued)

iShares Core S&P Small-Cap ETF (the “Fund”)

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 other fund(s) 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 any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.


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		75

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 character and scope of 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 acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. 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.


76		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Board Review and Approval of Investment Advisory Contract (continued)

iShares Core S&PU.S. Growth ETF, iShares Core S&PU.S. Value ETF (each the “Fund”)

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 other fund(s) 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 any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.


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		77

Board Review and Approval of Investment Advisory Contract (continued)


78		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Glossary of Terms Used in this Report

Portfolio Abbreviation



NVS		Non-Voting Shares

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		79

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”).

LOGO

SEPTEMBER 30, 2024

2024 Semi-Annual Financial

Statements and Additional

Information (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

Table of Contents


	Page
Schedules of Investments		3
Statements of Assets and Liabilities		17
Statements of Operations		18
Statements of Changes in Net Assets		19
Financial Highlights		21
Notes to Financial Statements		24
Additional Information		31
Board Review and Approval of Investment Advisory Contract		32
Glossary of Terms Used in this Report		36


2

Schedule of Investments (unaudited)

September 30, 2024

iShares^® Russell Top 200 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Aerospace & Defense — 2.0%
Boeing Co. (The)^(a)		21,316	$	3,240,885
General Dynamics Corp.		10,008		3,024,417
General Electric Co.		39,977		7,538,863
Lockheed Martin Corp.		7,848		4,587,627
Northrop Grumman Corp.		5,081		2,683,124
RTX Corp.		48,833		5,916,606
TransDigm Group, Inc.		1,995		2,847,124

				29,838,646

Air Freight & Logistics — 0.4%
FedEx Corp.		8,339		2,282,217
United Parcel Service, Inc., Class B		26,737		3,645,323

				5,927,540

Automobiles — 2.0%
Ford Motor Co.		143,800		1,518,528
General Motors Co.		41,167		1,845,928
Tesla, Inc.^(a)		102,072		26,705,098

				30,069,554

Banks — 3.4%
Bank of America Corp.		249,247		9,890,121
Citigroup, Inc.		70,453		4,410,358
JPMorgan Chase & Co.		105,259		22,194,913
PNC Financial Services Group, Inc. (The)		14,625		2,703,431
Truist Financial Corp.		48,886		2,090,854
U.S. Bancorp		57,105		2,611,412
Wells Fargo & Co.		128,687		7,269,528

				51,170,617

Beverages — 1.5%
Coca-Cola Co. (The)		142,569		10,245,008
Constellation Brands, Inc., Class A		5,836		1,503,879
Keurig Dr. Pepper, Inc.		38,827		1,455,236
Monster Beverage Corp.^(a)		26,359		1,375,149
PepsiCo, Inc.		50,490		8,585,825

				23,165,097

Biotechnology — 2.1%
AbbVie, Inc.		65,066		12,849,234
Amgen, Inc.		19,695		6,345,926
Gilead Sciences, Inc.		45,833		3,842,639
Moderna, Inc.^(a)		11,835		790,933
Regeneron Pharmaceuticals, Inc.^(a)		3,835		4,031,505
Vertex Pharmaceuticals, Inc.^(a)		9,492		4,414,539

				32,274,776

Broadline Retail — 4.2%
Amazon.com, Inc.^(a)		341,177		63,571,510


Building Products — 0.5%
Carrier Global Corp.		30,746		2,474,746
Johnson Controls International PLC		24,582		1,907,809
Trane Technologies PLC		8,300		3,226,459

				7,609,014

Capital Markets — 2.7%
BlackRock, Inc.^(b)		5,422		5,148,243
Blackstone, Inc., Class A, NVS		25,899		3,965,914
Charles Schwab Corp. (The)		54,855		3,555,153
CME Group, Inc., Class A		13,241		2,921,627
Goldman Sachs Group, Inc. (The)		11,581		5,733,869
Intercontinental Exchange, Inc.		20,903		3,357,858
KKR & Co., Inc., Class A		24,694		3,224,542
Moody’s Corp.		5,789		2,747,401


Security	Shares		Value


Capital Markets (continued)
Morgan Stanley		42,631	$	4,443,855
S&P Global, Inc.		11,493		5,937,514

				41,035,976

Chemicals — 1.1%
Air Products & Chemicals, Inc.		8,130		2,420,626
Ecolab, Inc.		9,143		2,334,482
Linde PLC		17,645		8,414,195
Sherwin-Williams Co. (The)		8,599		3,281,980

				16,451,283

Commercial Services & Supplies — 0.6%
Cintas Corp.		12,736		2,622,088
Copart, Inc.^(a)		31,944		1,673,866
Republic Services, Inc.		7,517		1,509,714
Waste Management, Inc.		14,697		3,051,097

				8,856,765

Communications Equipment — 1.0%
Arista Networks, Inc.^(a)		9,473		3,635,927
Cisco Systems, Inc.		148,907		7,924,831
Motorola Solutions, Inc.		6,069		2,728,804

				14,289,562

Construction Materials — 0.2%
CRH PLC		25,331		2,349,197


Consumer Finance — 0.5%
American Express Co.		20,606		5,588,347
Capital One Financial Corp.		13,867		2,076,306

				7,664,653

Consumer Staples Distribution & Retail — 2.0%
Costco Wholesale Corp.		16,282		14,434,319
Target Corp.		17,042		2,656,166
Walmart, Inc.		159,396		12,871,227

				29,961,712

Diversified Telecommunication Services — 0.8%
AT&T Inc.		263,638		5,800,036
Verizon Communications, Inc.		154,762		6,950,361

				12,750,397

Electric Utilities — 1.2%
American Electric Power Co., Inc.		19,312		1,981,411
Constellation Energy Corp.		11,548		3,002,711
Duke Energy Corp.		28,294		3,262,298
NextEra Energy, Inc.		75,513		6,383,114
Southern Co. (The)		40,273		3,631,819

				18,261,353

Electrical Equipment — 0.6%
Eaton Corp. PLC		14,661		4,859,242
Emerson Electric Co.		20,934		2,289,552
GE Vernova, Inc.^(a)		9,983		2,545,465

				9,694,259

Electronic Equipment, Instruments & Components — 0.2%
Amphenol Corp., Class A		43,507		2,834,916


Energy Equipment & Services — 0.1%
Schlumberger NV		52,345		2,195,873


Entertainment — 1.3%
Netflix, Inc.^(a)		15,714		11,145,469
Spotify Technology SA^(a)		5,413		1,994,853
Walt Disney Co. (The)		67,452		6,488,208

				19,628,530


S C H E D U L E S O F I N V E S T M E N T S		3

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell Top 200 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Financial Services — 4.7%
Apollo Global Management, Inc.		19,116	$	2,387,780
Berkshire Hathaway, Inc., Class B^(a)		67,223		30,940,058
Fiserv, Inc.^(a)		21,027		3,777,500
Mastercard, Inc., Class A		30,349		14,986,336
PayPal Holdings, Inc.^(a)		37,665		2,939,000
Visa, Inc., Class A		57,863		15,909,432

				70,940,106

Food Products — 0.3%
Kraft Heinz Co. (The)		32,551		1,142,866
Mondelez International, Inc., Class A		49,176		3,622,796

				4,765,662

Ground Transportation — 1.0%
CSX Corp.		71,565		2,471,139
Norfolk Southern Corp.		8,332		2,070,502
Uber Technologies, Inc.^(a)		73,787		5,545,831
Union Pacific Corp.		22,404		5,522,138

				15,609,610

Health Care Equipment & Supplies — 2.1%
Abbott Laboratories		63,522		7,242,143
Becton Dickinson & Co.		10,654		2,568,680
Boston Scientific Corp.^(a)		53,939		4,520,088
Edwards Lifesciences Corp.^(a)		21,893		1,444,719
Intuitive Surgical, Inc.^(a)		12,974		6,373,737
Medtronic PLC		47,122		4,242,394
Stryker Corp.		13,289		4,800,784

				31,192,545

Health Care Providers & Services — 2.4%
Cigna Group (The)		10,254		3,552,396
CVS Health Corp.		46,466		2,921,782
Elevance Health, Inc.		8,536		4,438,720
HCA Healthcare, Inc.		6,910		2,808,431
McKesson Corp.		4,778		2,362,339
UnitedHealth Group, Inc.		33,775		19,747,567

				35,831,235

Health Care REITs — 0.2%
Welltower, Inc.		22,090		2,828,183


Hotels, Restaurants & Leisure — 1.7%
Airbnb, Inc., Class A^(a)		16,016		2,030,989
Booking Holdings, Inc.		1,251		5,269,362
Chipotle Mexican Grill, Inc.^(a)		50,316		2,899,208
DoorDash, Inc., Class A^(a)		12,703		1,813,099
Marriott International, Inc., Class A		8,449		2,100,421
McDonald’s Corp.		26,462		8,057,944
Starbucks Corp.		41,610		4,056,559

				26,227,582

Household Products — 1.3%
Colgate-Palmolive Co.		29,903		3,104,230
Kimberly-Clark Corp.		12,318		1,752,605
Procter & Gamble Co. (The)		86,658		15,009,166

				19,866,001

Industrial Conglomerates — 0.5%
3M Co.		20,355		2,782,528
Honeywell International, Inc.		23,931		4,946,777

				7,729,305

Industrial REITs — 0.3%
Prologis, Inc.		33,920		4,283,418


Insurance — 1.4%
American International Group, Inc.		23,925		1,752,028


Security	Shares		Value


Insurance (continued)
Aon PLC, Class A		7,234	$	2,502,892
Chubb Ltd.		14,853		4,283,457
Marsh & McLennan Cos., Inc.		18,106		4,039,267
MetLife, Inc.		21,601		1,781,650
Progressive Corp. (The)		21,467		5,447,466
Travelers Cos., Inc. (The)		8,367		1,958,882

				21,765,642

Interactive Media & Services — 7.4%
Alphabet, Inc., Class A		215,873		35,802,537
Alphabet, Inc., Class C, NVS		180,892		30,243,333
Meta Platforms, Inc., Class A		80,470		46,064,247

				112,110,117

IT Services — 1.1%
Accenture PLC, Class A		23,044		8,145,593
International Business Machines Corp.		33,691		7,448,406
Snowflake, Inc., Class A^(a)		11,578		1,329,849

				16,923,848

Life Sciences Tools & Services — 1.0%
Danaher Corp.		23,705		6,590,464
Thermo Fisher Scientific, Inc.		14,025		8,675,444

				15,265,908

Machinery — 1.2%
Caterpillar, Inc.		17,957		7,023,342
Deere & Co.		9,253		3,861,555
Illinois Tool Works, Inc.		10,907		2,858,397
PACCAR, Inc.		18,839		1,859,033
Parker-Hannifin Corp.		4,687		2,961,340

				18,563,667

Media — 0.4%
Comcast Corp., Class A		141,053		5,891,784


Metals & Mining — 0.4%
Freeport-McMoRan, Inc.		52,426		2,617,106
Newmont Corp.		42,283		2,260,027
Southern Copper Corp.		3,172		366,905

				5,244,038

Multi-Utilities — 0.3%
Dominion Energy, Inc.		30,692		1,773,691
Sempra		23,201		1,940,299

				3,713,990

Oil, Gas & Consumable Fuels — 2.8%
Chevron Corp.		63,275		9,318,509
ConocoPhillips		43,032		4,530,409
EOG Resources, Inc.		21,196		2,605,624
Exxon Mobil Corp.		164,821		19,320,318
Marathon Petroleum Corp.		12,899		2,101,376
Occidental Petroleum Corp.		24,444		1,259,844
Phillips 66		15,359		2,018,940
Valero Energy Corp.		11,764		1,588,493

				42,743,513

Personal Care Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A		8,443		841,683


Pharmaceuticals — 4.3%
Bristol-Myers Squibb Co.		74,600		3,859,804
Eli Lilly & Co.		29,402		26,048,408
Johnson & Johnson		88,593		14,357,381
Merck & Co., Inc.		93,125		10,575,275


4		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell Top 200 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Pharmaceuticals (continued)
Pfizer, Inc.		208,215	$	6,025,742
Zoetis, Inc., Class A		16,770		3,276,523

				64,143,133

Professional Services — 0.3%
Automatic Data Processing, Inc.		15,112		4,181,944


Semiconductors & Semiconductor Equipment — 12.3%
Advanced Micro Devices, Inc.^(a)		59,119		9,700,246
Analog Devices, Inc.		18,196		4,188,173
Applied Materials, Inc.		30,554		6,173,436
Broadcom, Inc.		166,997		28,806,982
Intel Corp.		156,322		3,667,314
KLA Corp.		4,955		3,837,202
Lam Research Corp.		4,792		3,910,655
Marvell Technology, Inc.		31,384		2,263,414
Micron Technology, Inc.		40,549		4,205,337
NVIDIA Corp.		859,462		104,373,065
QUALCOMM, Inc.		41,011		6,973,921
Texas Instruments, Inc.		33,427		6,905,015

				185,004,760

Software — 11.8%
Adobe, Inc.^(a)		16,283		8,431,012
Atlassian Corp., Class A^(a)		5,757		914,269
Autodesk, Inc.^(a)		7,891		2,173,813
Cadence Design Systems, Inc.^(a)		9,988		2,707,048
Crowdstrike Holdings, Inc., Class A^(a)		8,355		2,343,327
Fortinet, Inc.^(a)		23,118		1,792,801
Intuit, Inc.		10,028		6,227,388
Microsoft Corp.		273,131		117,528,269
Oracle Corp.		57,685		9,829,524
Palo Alto Networks, Inc.^(a)		11,325		3,870,885
Roper Technologies, Inc.		3,929		2,186,253
Salesforce, Inc.		34,435		9,425,204
ServiceNow, Inc.^(a)		7,540		6,743,700
Synopsys, Inc.^(a)		5,605		2,838,316
Workday, Inc., Class A^(a)		7,750		1,894,177

				178,905,986

Specialized REITs — 0.6%
American Tower Corp.		17,144		3,987,009
Equinix, Inc.		3,475		3,084,514
Public Storage		5,793		2,107,899

				9,179,422


Security	Shares		Value


Specialty Retail — 2.0%
AutoZone, Inc.^(a)		628	$	1,978,225
Home Depot, Inc. (The)		36,428		14,760,626
Lowe’s Cos., Inc.		21,027		5,695,163
O’Reilly Automotive, Inc.^(a)		2,130		2,452,908
TJX Cos., Inc. (The)		41,613		4,891,192

				29,778,114

Technology Hardware, Storage & Peripherals — 8.3%
Apple Inc.		533,888		124,395,904
Dell Technologies, Inc., Class C		10,010		1,186,585

				125,582,489

Textiles, Apparel & Luxury Goods — 0.3%
Lululemon Athletica, Inc.^(a)		4,419		1,199,096
NIKE, Inc., Class B		44,136		3,901,622

				5,100,718

Tobacco — 0.7%
Altria Group, Inc.		63,019		3,216,490
Philip Morris International, Inc.		57,091		6,930,847

				10,147,337

Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.		17,750		3,662,890


Total Long-Term Investments — 99.8% (Cost: $1,185,959,121)				1,507,625,860


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.88%^(b)(c)		2,094,099		2,094,099


Total Short-Term Securities — 0.2% (Cost: $2,094,099)				2,094,099


Total Investments — 100.0% (Cost: $1,188,053,220)				1,509,719,959

Other Assets Less Liabilities — 0.0%				573,557


Net Assets — 100.0%			$	1,510,293,516

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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


S C H E D U L E S O F I N V E S T M E N T S		5

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell Top 200 ETF

Affiliates


Affiliated Issuer	Value at 03/31/24		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/24		Shares Held at 09/30/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	—		$	(610	)^(b)	$	610	$	—	$	—		—	$	1,570	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,552,462		541,637	^(b)		—			—		—		2,094,099		2,094,099		63,133			—
BlackRock, Inc.		4,425,280		783,052			(708,453	)		129,989		518,375		5,148,243		5,422		56,646			—

									$	130,599	$	518,375	$	7,242,342			$	121,349		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

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

12/20/24

2,326

60,465

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)	$	—	$	—	$	60,465	$	—	$	—	$	—	$	60,465

^(a)

For the period ended September 30, 2024, 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	$	—	$	—	$	18,855	$	—	$	—	$	—	$	18,855


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	13,709	$	—	$	—	$	—	$	13,709


6		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell Top 200 ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	2,267,150

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



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	1,507,625,860	$	—	$	—	$	1,507,625,860
Short-Term Securities
Money Market Funds		2,094,099		—		—		2,094,099

	$	1,509,719,959	$	—	$	—	$	1,509,719,959

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	60,465	$	—	$	—	$	60,465

^(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		7

Schedule of Investments (unaudited)

September 30, 2024

iShares^® Russell Top 200 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Aerospace & Defense — 0.5%
Boeing Co. (The)^(a)		45,489	$	6,916,148
General Electric Co.		112,275		21,172,820
Lockheed Martin Corp.		32,604		19,058,994
TransDigm Group, Inc.		5,240		7,478,161

				54,626,123

Automobiles — 2.9%
Tesla, Inc.^(a)		1,329,731		347,897,522


Beverages — 1.5%
Coca-Cola Co. (The)		1,064,080		76,464,789
Monster Beverage Corp.^(a)		274,254		14,307,831
PepsiCo, Inc.		519,630		88,363,082

				179,135,702

Biotechnology — 1.4%
AbbVie, Inc.		366,086		72,294,663
Amgen, Inc.		199,795		64,375,947
Regeneron Pharmaceuticals, Inc.^(a)		4,183		4,397,337
Vertex Pharmaceuticals, Inc.^(a)		61,932		28,803,335

				169,871,282

Broadline Retail — 4.7%
Amazon.com, Inc.^(a)		2,964,591		552,392,241


Building Products — 0.1%
Trane Technologies PLC		36,837		14,319,647


Capital Markets — 1.1%
Blackstone, Inc., Class A, NVS		337,324		51,654,424
Charles Schwab Corp. (The)		71,144		4,610,843
Goldman Sachs Group, Inc. (The)		40,693		20,147,511
KKR & Co., Inc., Class A		92,526		12,082,045
Moody’s Corp.		75,694		35,923,615
Morgan Stanley		32,691		3,407,710

				127,826,148

Chemicals — 0.6%
Ecolab, Inc.		103,830		26,510,914
Sherwin-Williams Co. (The)		102,038		38,944,843

				65,455,757

Commercial Services & Supplies — 0.8%
Cintas Corp.		157,170		32,358,160
Copart, Inc.^(a)		387,717		20,316,371
Waste Management, Inc.		192,082		39,876,223

				92,550,754

Communications Equipment — 0.5%
Arista Networks, Inc.^(a)		123,386		47,358,015
Motorola Solutions, Inc.		37,407		16,819,309

				64,177,324

Consumer Finance — 0.2%
American Express Co.		100,812		27,340,214


Consumer Staples Distribution & Retail — 1.6%
Costco Wholesale Corp.		212,109		188,038,871


Electric Utilities — 0.1%
Constellation Energy Corp.		23,891		6,212,138


Electronic Equipment, Instruments & Components — 0.2%
Amphenol Corp., Class A		328,535		21,407,341


Security	Shares		Value


Entertainment — 1.4%
Netflix, Inc.^(a)		204,711	$	145,195,371
Spotify Technology SA^(a)		70,389		25,940,458


			171,135,829

Financial Services — 3.7%
Apollo Global Management, Inc.		186,191		23,257,118
Fiserv, Inc.^(a)		87,305		15,684,343
Mastercard, Inc., Class A		395,369		195,233,212
Visa, Inc., Class A		753,807		207,259,235


			441,433,908

Ground Transportation — 0.9%
Uber Technologies, Inc.^(a)		961,012		72,229,662
Union Pacific Corp.		139,997		34,506,460

				106,736,122

Health Care Equipment & Supplies — 0.9%
Edwards Lifesciences Corp.^(a)		54,423		3,591,374
Intuitive Surgical, Inc.^(a)		169,011		83,030,034
Stryker Corp.		51,257		18,517,104

				105,138,512

Health Care Providers & Services — 0.5%
Cigna Group (The)		12,110		4,195,389
Elevance Health, Inc.		17,768		9,239,360
HCA Healthcare, Inc.		22,138		8,997,547
McKesson Corp.		26,783		13,242,051
UnitedHealth Group, Inc.		29,818		17,433,988

				53,108,335

Hotels, Restaurants & Leisure — 1.7%
Airbnb, Inc., Class A^(a)		209,466		26,562,383
Booking Holdings, Inc.		15,298		64,437,012
Chipotle Mexican Grill, Inc.^(a)		654,350		37,703,647
DoorDash, Inc., Class A^(a)		144,452		20,617,634
McDonald’s Corp.		22,019		6,705,006
Starbucks Corp.		421,228		41,065,518

				197,091,200

Household Products — 0.6%
Colgate-Palmolive Co.		214,341		22,250,739
Kimberly-Clark Corp.		65,935		9,381,232
Procter & Gamble Co. (The)		252,100		43,663,720

				75,295,691

Industrial Conglomerates — 0.1%
3M Co.		49,074		6,708,416
Honeywell International, Inc.		48,181		9,959,494

				16,667,910

Insurance — 0.6%
Marsh & McLennan Cos., Inc.		32,223		7,188,629
Progressive Corp. (The)		235,626		59,792,454

				66,981,083

Interactive Media & Services — 12.1%
Alphabet, Inc., Class A		2,812,266		466,414,316
Alphabet, Inc., Class C, NVS		2,356,549		393,991,428
Meta Platforms, Inc., Class A		997,596		571,063,854

				1,431,469,598

IT Services — 0.2%
Snowflake, Inc., Class A^(a)		150,792		17,319,969


Machinery — 0.2%
Caterpillar, Inc.		33,118		12,953,112
Illinois Tool Works, Inc.		52,978		13,883,945

				26,837,057


8		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell Top 200 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Metals & Mining — 0.0%
Southern Copper Corp.		41,326	$	4,780,178


Personal Care Products — 0.0%
Estee Lauder Cos., Inc. (The), Class A		39,686		3,956,297


Pharmaceuticals — 4.3%
Eli Lilly & Co.		383,025		339,337,168
Merck & Co., Inc.		1,213,171		137,767,699
Zoetis, Inc., Class A		180,755		35,315,912

				512,420,779

Professional Services — 0.4%
Automatic Data Processing, Inc.		182,754		50,573,514


Semiconductors & Semiconductor Equipment — 17.6%
Advanced Micro Devices, Inc.^(a)		508,266		83,396,285
Applied Materials, Inc.		365,696		73,888,877
Broadcom, Inc.		2,175,552		375,282,720
KLA Corp.		64,528		49,971,128
Lam Research Corp.		62,573		51,064,574
Marvell Technology, Inc.		32,714		2,359,334
NVIDIA Corp.		11,196,560		1,359,710,246
QUALCOMM, Inc.		501,135		85,218,007
Texas Instruments, Inc.		52,539		10,852,981

				2,091,744,152

Software — 19.2%
Adobe, Inc.^(a)		212,122		109,832,529
Atlassian Corp., Class A^(a)		74,872		11,890,422
Autodesk, Inc.^(a)		103,218		28,434,495
Cadence Design Systems, Inc.^(a)		130,560		35,385,677
Crowdstrike Holdings, Inc., Class A^(a)		108,649		30,472,785
Fortinet, Inc.^(a)		245,662		19,051,088
Intuit, Inc.		130,632		81,122,472
Microsoft Corp.		3,558,193		1,531,090,448
Oracle Corp.		751,480		128,052,192
Palo Alto Networks, Inc.^(a)		147,180		50,306,124
Salesforce, Inc.		380,417		104,123,937
ServiceNow, Inc.^(a)		98,232		87,857,718
Synopsys, Inc.^(a)		72,897		36,914,312
Workday, Inc., Class A^(a)		101,400		24,783,174

				2,279,317,373


Security	Shares		Value

Specialized REITs — 0.5%
American Tower Corp.		223,147	$	51,895,066
Equinix, Inc.		2,453		2,177,357
Public Storage		11,451		4,166,675

				58,239,098

Specialty Retail — 2.1%
AutoZone, Inc.^(a)		7,457		23,489,848
Home Depot, Inc. (The)		378,701		153,449,645
O’Reilly Automotive, Inc.^(a)		25,541		29,413,016
TJX Cos., Inc. (The)		320,835		37,710,946

				244,063,455

Technology Hardware, Storage & Peripherals — 13.7%
Apple Inc.		6,955,176		1,620,556,008
Dell Technologies, Inc., Class C		20,566		2,437,894

				1,622,993,902

Textiles, Apparel & Luxury Goods — 0.4%
Lululemon Athletica, Inc.^(a)		57,556		15,617,820
NIKE, Inc., Class B		356,117		31,480,743

				47,098,563


Total Long-Term Investments — 97.3% (Cost: $8,734,430,691)			11,535,653,589


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.88%^(b)(c)		15,354,591		15,354,591


Total Short-Term Securities — 0.1% (Cost: $15,354,591)				15,354,591


Total Investments — 97.4% (Cost: $8,749,785,282)				11,551,008,180
Other Assets Less Liabilities — 2.6%				306,348,247

Net Assets — 100.0%			$	11,857,356,427

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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


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, 2024

iShares^® Russell Top 200 Growth ETF

Affiliates


Affiliated Issuer	Value at 03/31/24		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/24		Shares Held at 09/30/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	25,082,556	$	—		$	(25,099,047	)^(b)	$	19,076	$	(2,585	)	$	—		—	$	25,023	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		11,458,189		3,896,402	^(b)		—			—		—			15,354,591		15,354,591		333,232			—

									$	19,076	$	(2,585	)	$	15,354,591			$	358,255		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

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

Russell 1000 Growth E-Mini Index

1,700

12/20/24

324,658

245,426

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)	$	—	$	—	$	245,426	$	—	$	—	$	—	$	245,426

^(a)

For the period ended September 30, 2024, 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	$	—	$	—	$	1,733,607		$	—	$	—	$	—	$	1,733,607


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(43,539	)	$	—	$	—	$	—	$	(43,539	)


10		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell Top 200 Growth ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	181,924,320

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



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	11,535,653,589	$	—	$	—	$	11,535,653,589
Short-Term Securities
Money Market Funds		15,354,591		—		—		15,354,591

	$	11,551,008,180	$	—	$	—	$	11,551,008,180

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	245,426	$	—	$	—	$	245,426

^(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

Schedule of Investments (unaudited)

September 30, 2024

iShares^® Russell Top 200 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 4.3%
Boeing Co. (The)^(a)		95,470	$	14,515,259
General Dynamics Corp.		53,640		16,210,008
General Electric Co.		167,893		31,661,262
Lockheed Martin Corp.		28,522		16,672,820
Northrop Grumman Corp.		27,101		14,311,225
RTX Corp.		261,254		31,653,535
TransDigm Group, Inc.		8,533		12,177,700

				137,201,809

Air Freight & Logistics — 1.0%
FedEx Corp.		44,470		12,170,550
United Parcel Service, Inc., Class B		143,218		19,526,342

				31,696,892

Automobiles — 0.6%
Ford Motor Co.		771,184		8,143,703
General Motors Co.^(b)		219,552		9,844,712

				17,988,415

Banks — 8.5%
Bank of America Corp.		1,333,468		52,912,010
Citigroup, Inc.		376,547		23,571,842
JPMorgan Chase & Co.		563,134		118,742,435
PNC Financial Services Group, Inc. (The)		78,004		14,419,040
Truist Financial Corp.		262,105		11,210,231
U.S. Bancorp		306,292		14,006,733
Wells Fargo & Co.		688,472		38,891,783

				273,754,074

Beverages — 1.6%
Coca-Cola Co. (The)		325,691		23,404,155
Constellation Brands, Inc., Class A		31,296		8,064,666
Keurig Dr. Pepper, Inc.		208,036		7,797,189
Monster Beverage Corp.^(a)		28,233		1,472,916
PepsiCo, Inc.		56,687		9,639,625

				50,378,551

Biotechnology — 3.2%
AbbVie, Inc.		197,722		39,046,141
Amgen, Inc.		23,342		7,521,026
Gilead Sciences, Inc.		245,203		20,557,820
Moderna, Inc.^(a)		63,329		4,232,277
Regeneron Pharmaceuticals, Inc.^(a)		18,806		19,769,619
Vertex Pharmaceuticals, Inc.^(a)		25,400		11,813,032

				102,939,915

Building Products — 1.1%
Carrier Global Corp.		164,787		13,263,706
Johnson Controls International PLC		131,100		10,174,671
Trane Technologies PLC		29,309		11,393,287

				34,831,664

Capital Markets — 5.2%
BlackRock, Inc.^(c)		29,006		27,541,487
Charles Schwab Corp. (The)		263,664		17,088,064
CME Group, Inc., Class A		70,620		15,582,303
Goldman Sachs Group, Inc. (The)		45,292		22,424,522
Intercontinental Exchange, Inc.		111,626		17,931,601
KKR & Co., Inc., Class A		94,199		12,300,505
Morgan Stanley		214,619		22,371,885
S&P Global, Inc.		61,486		31,764,897

				167,005,264

Chemicals — 1.9%
Air Products & Chemicals, Inc.		43,601		12,981,762


Security	Shares		Value

Chemicals (continued)
Ecolab, Inc.		6,430	$	1,641,772
Linde PLC		94,400		45,015,584
Sherwin-Williams Co. (The)		4,143		1,581,259

				61,220,377

Commercial Services & Supplies — 0.3%
Cintas Corp.		3,535		727,786
Copart, Inc.^(a)		11,698		612,975
Republic Services, Inc.		40,285		8,090,840

				9,431,601

Communications Equipment — 1.6%
Cisco Systems, Inc.		796,651		42,397,766
Motorola Solutions, Inc.		16,957		7,624,376

				50,022,142

Construction Materials — 0.4%
CRH PLC		134,947		12,514,985


Consumer Finance — 0.9%
American Express Co.		68,903		18,686,493
Capital One Financial Corp.		74,368		11,135,121

				29,821,614

Consumer Staples Distribution & Retail — 2.6%
Target Corp.		90,889		14,165,960
Walmart, Inc.		852,766		68,860,854

				83,026,814

Diversified Telecommunication Services — 2.1%
AT&T Inc.		1,410,456		31,030,032
Verizon Communications, Inc.		827,971		37,184,178

				68,214,210

Electric Utilities — 3.0%
American Electric Power Co., Inc.		103,585		10,627,821
Constellation Energy Corp.		52,023		13,527,020
Duke Energy Corp.		151,583		17,477,520
NextEra Energy, Inc.		403,994		34,149,613
Southern Co. (The)		215,140		19,401,325

				95,183,299

Electrical Equipment — 1.6%
Eaton Corp. PLC		78,434		25,996,165
Emerson Electric Co.		112,250		12,276,782
GE Vernova, Inc.^(a)		53,523		13,647,295

				51,920,242

Electronic Equipment, Instruments & Components — 0.2%
Amphenol Corp., Class A		96,632		6,296,541


Energy Equipment & Services — 0.4%
Schlumberger NV		280,674		11,774,274


Entertainment — 1.1%
Walt Disney Co. (The)		360,866		34,711,701


Financial Services — 6.2%
Apollo Global Management, Inc.		25,880		3,232,671
Berkshire Hathaway, Inc., Class B^(a)		359,642		165,528,827
Fiserv, Inc.^(a)		76,786		13,794,605
PayPal Holdings, Inc.^(a)		200,879		15,674,588

				198,230,691

Food Products — 0.8%
Kraft Heinz Co. (The)		174,480		6,125,993
Mondelez International, Inc., Class A		263,090		19,381,840


			25,507,833


12		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell Top 200 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Ground Transportation — 1.2%
CSX Corp.		383,831	$	13,253,684
Norfolk Southern Corp.		44,390		11,030,915
Union Pacific Corp.		62,447		15,391,937

				39,676,536

Health Care Equipment & Supplies — 3.9%
Abbott Laboratories		339,842		38,745,387
Becton Dickinson & Co.		56,793		13,692,792
Boston Scientific Corp.^(a)		288,574		24,182,501
Edwards Lifesciences Corp.^(a)		94,889		6,261,725
Medtronic PLC		252,204		22,705,926
Stryker Corp.		49,981		18,056,136

				123,644,467

Health Care Providers & Services — 5.3%
Cigna Group (The)		49,777		17,244,744
CVS Health Corp.		247,815		15,582,607
Elevance Health, Inc.		38,374		19,954,480
HCA Healthcare, Inc.		27,973		11,369,066
McKesson Corp.		14,495		7,166,618
UnitedHealth Group, Inc.		168,407		98,464,205

				169,781,720

Health Care REITs — 0.5%
Welltower, Inc.		118,434		15,163,105


Hotels, Restaurants & Leisure — 1.8%
Booking Holdings, Inc.		411		1,731,181
DoorDash, Inc., Class A^(a)		8,658		1,235,756
Marriott International, Inc., Class A		45,059		11,201,668
McDonald’s Corp.		132,511		40,350,925
Starbucks Corp.		49,815		4,856,464

				59,375,994

Household Products — 2.3%
Colgate-Palmolive Co.		71,812		7,454,804
Kimberly-Clark Corp.		38,834		5,525,301
Procter & Gamble Co. (The)		360,230		62,391,836

				75,371,941

Industrial Conglomerates — 1.1%
3M Co.		88,365		12,079,496
Honeywell International, Inc.		108,186		22,363,128

				34,442,624

Industrial REITs — 0.7%
Prologis, Inc.		181,540		22,924,871


Insurance — 2.8%
American International Group, Inc.		127,596		9,343,855
Aon PLC, Class A		38,565		13,343,104
Chubb Ltd.		79,489		22,923,833
Marsh & McLennan Cos., Inc.		83,595		18,649,209
MetLife, Inc.		115,564		9,531,719
Progressive Corp. (The)		18,061		4,583,159
Travelers Cos., Inc. (The)		44,878		10,506,837

				88,881,716

IT Services — 2.6%
Accenture PLC, Class A		123,283		43,578,075
International Business Machines Corp.		180,244		39,848,343

				83,426,418

Life Sciences Tools & Services — 2.5%
Danaher Corp.		126,821		35,258,774
Thermo Fisher Scientific, Inc.		75,031		46,411,926

				81,670,700


Security	Shares		Value

Machinery — 2.7%
Caterpillar, Inc.		82,426	$	32,238,457
Deere & Co.		49,545		20,676,615
Illinois Tool Works, Inc.		36,340		9,523,624
PACCAR, Inc.		101,025		9,969,147
Parker-Hannifin Corp.		25,130		15,877,636

				88,285,479

Media — 1.0%
Comcast Corp., Class A		754,632		31,520,979


Metals & Mining — 0.8%
Freeport-McMoRan, Inc.		281,137		14,034,359
Newmont Corp.		226,700		12,117,115

				26,151,474

Multi-Utilities — 0.6%
Dominion Energy, Inc.		164,481		9,505,357
Sempra		124,391		10,402,819

				19,908,176

Oil, Gas & Consumable Fuels — 7.1%
Chevron Corp.		338,520		49,853,841
ConocoPhillips		230,218		24,237,351
EOG Resources, Inc.		113,030		13,894,778
Exxon Mobil Corp.		881,791		103,363,541
Marathon Petroleum Corp.		69,186		11,271,091
Occidental Petroleum Corp.		130,971		6,750,245
Phillips 66		82,173		10,801,641
Valero Energy Corp.		62,740		8,471,782

				228,644,270

Personal Care Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A		28,999		2,890,910


Pharmaceuticals — 4.1%
Bristol-Myers Squibb Co.		398,509		20,618,856
Johnson & Johnson		473,970		76,811,578
Pfizer, Inc.		1,113,945		32,237,568
Zoetis, Inc., Class A		15,738		3,074,891

				132,742,893

Professional Services — 0.0%
Automatic Data Processing, Inc.		5,843		1,616,933


Semiconductors & Semiconductor Equipment — 4.1%
Advanced Micro Devices, Inc.^(a)		107,537		17,644,671
Analog Devices, Inc.		97,349		22,406,819
Applied Materials, Inc.		13,285		2,684,234
Intel Corp.		837,251		19,641,909
Marvell Technology, Inc.		154,858		11,168,359
Micron Technology, Inc.		216,579		22,461,408
QUALCOMM, Inc.		13,548		2,303,838
Texas Instruments, Inc.		157,195		32,471,771

				130,783,009

Software — 0.7%
Fortinet, Inc.^(a)		22,827		1,770,234
Roper Technologies, Inc.		20,975		11,671,329
Salesforce, Inc.		28,002		7,664,427

				21,105,990

Specialized REITs — 0.8%
Equinix, Inc.		17,618		15,638,266
Public Storage		26,329		9,580,333

				25,218,599

Specialty Retail — 1.8%
AutoZone, Inc.^(a)		295		929,262
Home Depot, Inc. (The)		39,368		15,951,913


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, 2024

iShares^® Russell Top 200 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Specialty Retail (continued)
Lowe’s Cos., Inc.		112,495	$	30,469,271
O’Reilly Automotive, Inc.^(a)		895		1,030,682
TJX Cos., Inc. (The)		91,055		10,702,605

				59,083,733

Technology Hardware, Storage & Peripherals — 0.2%
Dell Technologies, Inc., Class C		44,858		5,317,467


Textiles, Apparel & Luxury Goods — 0.2%
NIKE, Inc., Class B		90,213		7,974,829


Tobacco — 1.7%
Altria Group, Inc.		337,665		17,234,422
Philip Morris International, Inc.		305,433		37,079,566

				54,313,988

Wireless Telecommunication Services — 0.6%
T-Mobile U.S., Inc.		95,062		19,616,994


Total Long-Term Investments — 99.8% (Cost: $2,806,743,007)				3,203,208,723


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.05%^(c)(d)(e)		531,794		532,220
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.88%^(c)(d)		4,648,853		4,648,853


Total Short-Term Securities — 0.2% (Cost: $5,181,087)				5,181,073


Total Investments — 100.0% (Cost: $2,811,924,094)				3,208,389,796

Other Assets Less Liabilities — 0.0%				1,510,279


Net Assets — 100.0%			$	3,209,900,075

^(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 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell Top 200 Value ETF

Affiliates


Affiliated Issuer	Value at 03/31/24		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/24		Shares Held at 09/30/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	534,071	^(a)	$	—		$	(1,837	)	$	(14	)	$	532,220		531,794	$	944	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,978,323		1,670,530	^(a)		—			—			—			4,648,853		4,648,853		103,976			—
BlackRock, Inc.		19,215,951		10,180,871			(4,760,059	)		330,746			2,573,978			27,541,487		29,006		260,656			—

									$	328,909		$	2,573,964		$	32,722,560			$	365,576		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

Russell 1000 Value E-Mini Index

12/20/24

5,938

118,323

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)	$	—	$	—	$	118,323	$	—	$	—	$	—	$	118,323

^(a)

For the period ended September 30, 2024, 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	$	—	$	—	$	232,875		$	—	$	—	$	—	$	232,875


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(25,849	)	$	—	$	—	$	—	$	(25,849	)


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, 2024

iShares^® Russell Top 200 Value ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	5,610,185

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




	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	3,203,208,723	$	—	$	—	$	3,203,208,723
Short-Term Securities
Money Market Funds		5,181,073		—		—		5,181,073

	$	3,208,389,796	$	—	$	—	$	3,208,389,796

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	118,323	$	—	$	—	$	118,323

^(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 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Assets and Liabilities (unaudited)

September 30, 2024


	iShares Russell Top 200 ETF		iShares Russell Top 200 Growth ETF		iShares Russell Top 200 Value ETF

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	1,502,477,617	$	11,535,653,589	$	3,175,667,236
Investments, at value — affiliated^(c)		7,242,342		15,354,591		32,722,560
Cash		1		7		11
Cash pledged:
Futures contracts		118,000		825,000		312,000
Receivables:
Investments sold		—		304,809,715		—
Securities lending income — affiliated		1,471		4,750		186
Dividends — unaffiliated		615,944		2,622,313		2,179,167
Dividends — affiliated		11,432		58,023		24,914
Variation margin on futures contracts		9,200		76,500		19,215

Total assets		1,510,476,007		11,859,404,488		3,210,925,289


LIABILITIES
Collateral on securities loaned		—		—		532,001
Payables:
Investment advisory fees		182,491		1,877,162		493,213
Variation margin on futures contracts		—		170,899		—

Total liabilities		182,491		2,048,061		1,025,214


Commitments and contingent liabilities

NET ASSETS	$	1,510,293,516	$	11,857,356,427	$	3,209,900,075


NET ASSETS CONSIST OF:
Paid-in capital	$	1,160,565,523	$	8,731,854,389	$	2,867,866,687
Accumulated earnings		349,727,993		3,125,502,038		342,033,388

NET ASSETS	$	1,510,293,516	$	11,857,356,427	$	3,209,900,075


NET ASSET VALUE
Shares outstanding	$	10,750,000	$	53,900,000	$	39,500,000


Net asset value	$	140.49	$	219.99	$	81.26


Shares authorized		Unlimited		Unlimited		Unlimited


Par value		None		None		None


^(a)Investments, at cost — unaffiliated	$	1,181,913,228	$	8,734,430,691	$	2,784,974,388
^(b)Securities loaned, at value	$	—	$	—	$	502,208
^(c)Investments, at cost — affiliated	$	6,139,992	$	15,354,591	$	26,949,706

See notes to financial statements.


S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S		17

Statements of Operations (unaudited)

Six Months Ended September 30, 2024


	iShares Russell Top 200 ETF			iShares Russell Top 200 Growth ETF			iShares Russell Top 200 Value ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	9,072,134		$	36,781,866		$	25,749,295
Dividends — affiliated		119,779			333,232			364,632
Interest — unaffiliated		152			910			851
Securities lending income — affiliated — net		1,570			25,023			944

Total investment income		9,193,635			37,141,031			26,115,722


EXPENSES
Investment advisory		1,069,012			10,920,098			2,329,154
Interest expense		—			—			1

Total expenses		1,069,012			10,920,098			2,329,155

Net investment income		8,124,623			26,220,933			23,786,567


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(7,485,933	)		(26,714,721	)		(49,593,082	)
Investments — affiliated		(11,367	)		19,076			(41,584	)
Futures contracts		18,855			1,733,607			232,875
In-kind redemptions — unaffiliated^(a)		69,030,698			674,715,842			85,061,075
In-kind redemptions — affiliated^(a)		141,966			—			370,492

	$	61,694,219		$	649,753,804		$	36,029,776

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		82,943,545			590,648,899			122,824,528
Investments — affiliated		518,375			(2,585	)		2,573,964
Futures contracts		13,709			(43,539	)		(25,849	)

		83,475,629			590,602,775			125,372,643

Net realized and unrealized gain		145,169,848			1,240,356,579			161,402,419


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	153,294,471		$	1,266,577,512		$	185,188,986

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

See notes to financial statements.


18		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Changes in Net Assets


	iShares Russell Top 200 ETF						iShares Russell Top 200 Growth ETF
	Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24			Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	8,124,623		$	13,243,831		$	26,220,933		$	50,928,661
Net realized gain		61,694,219			40,766,873			649,753,804			1,117,696,451
Net change in unrealized appreciation (depreciation)		83,475,629			238,711,187			590,602,775			1,578,837,131

Net increase in net assets resulting from operations		153,294,471			292,721,891			1,266,577,512			2,747,462,243


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(8,317,548	)^(b)		(13,527,019	)		(26,618,653	)^(b)		(54,476,201	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		55,961,619			226,752,885			395,964,733			1,593,895,605


NET ASSETS
Total increase in net assets		200,938,542			505,947,757			1,635,923,592			4,286,881,647
Beginning of period		1,309,354,974			803,407,217			10,221,432,835			5,934,551,188


End of period	$	1,510,293,516		$	1,309,354,974		$	11,857,356,427		$	10,221,432,835

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

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S		19

Statements of Changes in Net Assets (continued)


	iShares Russell Top 200 Value ETF
	Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	23,786,567		$	40,358,205
Net realized gain		36,029,776			60,591,305
Net change in unrealized appreciation (depreciation)		125,372,643			237,069,606

Net increase in net assets resulting from operations		185,188,986			338,019,116


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(23,663,117	)^(b)		(40,150,011	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		906,757,895			286,589,409


NET ASSETS
Total increase in net assets		1,068,283,764			584,458,514
Beginning of period		2,141,616,311			1,557,157,797


End of period	$	3,209,900,075		$	2,141,616,311

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

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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 09/30/24 (unaudited)			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20

Net asset value, beginning of period	$	127.12		$	97.38		$	107.99		$	94.64		$	61.54		$	65.66

Net investment income^(a)		0.75			1.47			1.42			1.26			1.23			1.28
Net realized and unrealized gain (loss)^(b)		13.39			29.74			(10.59	)		13.37			33.09			(3.94	)

Net increase (decrease) from investment operations		14.14			31.21			(9.17	)		14.63			34.32			(2.66	)

Distributions from net investment income^(c)		(0.77	)^(d)		(1.47	)		(1.44	)		(1.28	)		(1.22	)		(1.46	)


Net asset value, end of period	$	140.49		$	127.12		$	97.38		$	107.99		$	94.64		$	61.54


Total Return^(e)
Based on net asset value		11.14	%^(f)		32.29	%		(8.41	)%		15.48	%		56.06	%		(4.24	)%


Ratios to Average Net Assets^(g)
Total expenses		0.15	%^(h)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%

Net investment income		1.14	%^(h)		1.34	%		1.51	%		1.20	%		1.48	%		1.82	%


Supplemental Data
Net assets, end of period (000)	$	1,510,294		$	1,309,355		$	803,407		$	1,042,089		$	865,920		$	369,243

Portfolio turnover rate⁽ⁱ⁾		4	%		4	%		5	%		4	%		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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		21

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell Top 200 Growth ETF
	Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20

Net asset value, beginning of period	$	195.25		$	138.98		$	158.56		$	134.47		$	84.14		$	82.24

Net investment income^(a)		0.50			1.10			1.14			0.89			0.93			1.04
Net realized and unrealized gain (loss)^(b)		24.74			56.34			(19.62	)		24.09			50.31			1.90

Net increase (decrease) from investment operations		25.24			57.44			(18.48	)		24.98			51.24			2.94

Distributions from net investment income^(c)		(0.50	)^(d)		(1.17	)		(1.10	)		(0.89	)		(0.91	)		(1.04	)


Net asset value, end of period	$	219.99		$	195.25		$	138.98		$	158.56		$	134.47		$	84.14


Total Return^(e)
Based on net asset value		12.93	%^(f)		41.48	%		(11.60	)%		18.58	%		61.04	%		3.55	%


Ratios to Average Net Assets^(g)
Total expenses		0.20	%^(h)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%

Net investment income		0.48	%^(h)		0.66	%		0.87	%		0.57	%		0.77	%		1.16	%


Supplemental Data
Net assets, end of period (000)	$	11,857,356		$	10,221,433		$	5,934,551		$	4,820,372		$	3,529,895		$	1,678,603

Portfolio turnover rate⁽ⁱ⁾		15	%		11	%		12	%		10	%		11	%		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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


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Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell Top 200 Value ETF
	Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20

Net asset value, beginning of period	$	76.35		$	65.15		$	69.61		$	63.58		$	44.04		$	52.57

Net investment income^(a)		0.78			1.55			1.40			1.30			1.26			1.40
Net realized and unrealized gain (loss)^(b)		4.82			11.18			(4.52	)		6.01			19.49			(8.38	)

Net increase (decrease) from investment operations		5.60			12.73			(3.12	)		7.31			20.75			(6.98	)

Distributions from net investment income^(c)		(0.69	)^(d)		(1.53	)		(1.34	)		(1.28	)		(1.21	)		(1.55	)


Net asset value, end of period	$	81.26		$	76.35		$	65.15		$	69.61		$	63.58		$	44.04


Total Return^(e)
Based on net asset value		7.39	%^(f)		19.82	%		(4.37	)%		11.56	%		47.63	%		(13.72	)%


Ratios to Average Net Assets^(g)
Total expenses		0.20	%^(h)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%

Net investment income		2.04	%^(h)		2.28	%		2.17	%		1.91	%		2.31	%		2.56	%


Supplemental Data
Net assets, end of period (000)	$	3,209,900		$	2,141,616		$	1,557,158		$	1,287,723		$	1,153,937		$	389,726

Portfolio turnover rate⁽ⁱ⁾		17	%		14	%		18	%		15	%		17	%		17	%

^(a)	Based on average shares outstanding.

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

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

^(d)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		23

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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)

2.	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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS


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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 each Fund’s assets and liabilities:

•

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

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

•

Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and

•

4.	SECURITIES AND OTHER INVESTMENTS


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		25

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
Russell Top 200 Value
Jefferies LLC	$	502,208	$	(502,208	)	$	—	$	—

^(a)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES


iShares ETF	Investment Advisory Fees
Russell Top 200		0.15	%
Russell Top 200 Growth		0.20
Russell Top 200 Value		0.20


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Notes to Financial Statements (unaudited) (continued)

service fee. The money market fund in which the cash collateral has been invested may impose a discretionary liquidity fee of up to 2% of the value redeemed, if such fee is determined to be in the best interests of such money market fund.


iShares ETF	Amounts
Russell Top 200	$	651
Russell Top 200 Growth		10,171
Russell Top 200 Value		398

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates

For the six months ended September 30, 2024, 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	$	47,266,628	$	37,032,939	$	(5,396,667	)
Russell Top 200 Growth		816,091,681		640,839,868		(6,281,411	)
Russell Top 200 Value		365,080,056		123,699,644		(15,256,338	)

7.	PURCHASES AND SALES

For the six months ended September 30, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
Russell Top 200	$	62,938,030	$	63,283,171
Russell Top 200 Growth		1,629,971,576		1,933,975,176
Russell Top 200 Value		398,932,189		402,296,966

For the six months ended September 30, 2024, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Russell Top 200	$	240,502,084	$	184,534,402
Russell Top 200 Growth		2,099,477,627		1,705,425,420
Russell Top 200 Value		1,203,852,834		294,296,735

8.	INCOME TAX INFORMATION


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		27

Notes to Financial Statements (unaudited) (continued)

As of March 31, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring Capital Loss Carryforwards
Russell Top 200	$	(31,259,949	)
Russell Top 200 Growth		(321,061,912	)
Russell Top 200 Value		(85,807,431	)


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Russell Top 200	$	1,190,690,191	$	351,089,573	$	(31,999,340	)	$	319,090,233
Russell Top 200 Growth		8,755,013,380		2,850,188,499		(53,948,273	)		2,796,240,226
Russell Top 200 Value		2,817,878,573		433,209,696		(42,580,150	)		390,629,546

9.	PRINCIPAL RISKS

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.


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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.

10.	CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Six Months Ended 09/30/24						Year Ended 03/31/24
iShares ETF	Shares			Amount			Shares			Amount
Russell Top 200
Shares sold		1,850,000		$	240,972,154			3,650,000		$	398,960,552
Shares redeemed		(1,400,000	)		(185,010,535	)		(1,600,000	)		(172,207,667	)

		450,000		$	55,961,619			2,050,000		$	226,752,885

Russell Top 200 Growth
Shares sold		10,150,000		$	2,103,190,247			24,600,000		$	4,159,076,206
Shares redeemed		(8,600,000	)		(1,707,225,514	)		(14,950,000	)		(2,565,180,601	)

		1,550,000		$	395,964,733			9,650,000		$	1,593,895,605

Russell Top 200 Value
Shares sold		15,450,000		$	1,207,656,930			9,700,000		$	658,415,263
Shares redeemed		(4,000,000	)		(300,899,035	)		(5,550,000	)		(371,825,854	)

		11,450,000		$	906,757,895			4,150,000		$	286,589,409


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		29

Notes to Financial Statements (unaudited) (continued)

11.	SUBSEQUENT EVENTS


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Additional Information

Electronic Delivery

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.

Changes in and Disagreements with Accountants

Not applicable.

Proxy Results

Not applicable.

Remuneration Paid to Trustees, Officers, and Others

Availability of Portfolio Holdings Information


A D D I T I O N A L I N F O R M A T I O N		31

Board Review and Approval of Investment Advisory Contract

iShares Russell Top 200 ETF (the “Fund”)


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Board Review and Approval of Investment Advisory Contract (continued)


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		33

Board Review and Approval of Investment Advisory Contract (continued)

iShares Russell Top 200 Growth ETF, iShares Russell Top 200 Value ETF (each the “Fund”)

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 other fund(s) 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 any waivers and reimbursements) for the Fund were lower than the medianofthe investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.


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Board Review and Approval of Investment Advisory Contract (continued)


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		35

Glossary of Terms Used in this Report

Portfolio Abbreviation


NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


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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.


		SEPTEMBER 30, 2024

2024 Semi-Annual Financial

Statements and Additional

Information (Unaudited)

iShares Trust

· iShares Russell 3000 ETF | IWV | NYSE Arca

· iShares Russell Mid-Cap Value ETF | IWS | NYSE Arca

Table of Contents


		Page

Schedules of Investments		3
Statements of Assets and Liabilities		38
Statements of Operations		39
Statements of Changes in Net Assets		40
Financial Highlights		41
Notes to Financial Statements		43
Additional Information		51
Board Review and Approval of Investment Advisory Contract		52
Glossary of Terms Used in this Report		57


2

Schedule of Investments (unaudited)

September 30, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.9%
AAR Corp.^(a)		9,432	$	616,476
AeroVironment, Inc.^(a)		6,899		1,383,250
AerSale Corp.^(a)		7,467		37,708
Archer Aviation, Inc., Class A^(a)(b)		76,533		231,895
Astronics Corp.^(a)		7,747		150,912
Axon Enterprise, Inc.^(a)		19,442		7,769,023
Boeing Co. (The)^(a)		156,195		23,747,888
BWX Technologies, Inc.		25,337		2,754,132
Cadre Holdings, Inc.		6,741		255,821
Curtiss-Wright Corp.		10,096		3,318,454
Ducommun, Inc.^(a)		2,627		172,935
General Dynamics Corp.		73,398		22,180,876
General Electric Co.		292,951		55,244,700
HEICO Corp.^(b)		11,958		3,126,778
HEICO Corp., Class A		21,673		4,416,090
Hexcel Corp.		23,322		1,441,999
Howmet Aerospace, Inc.		108,887		10,915,922
Huntington Ingalls Industries, Inc.		10,871		2,874,075
Kratos Defense & Security Solutions, Inc.^(a)		41,027		955,929
L3Harris Technologies, Inc.		51,091		12,153,016
Leonardo DRS, Inc.^(a)		13,315		375,749
Loar Holdings, Inc.^(a)(b)		2,784		207,659
Lockheed Martin Corp.		57,380		33,542,053
Mercury Systems, Inc.^(a)		13,194		488,178
Moog, Inc., Class A		7,724		1,560,402
National Presto Industries, Inc.		2,253		169,290
Northrop Grumman Corp.		37,241		19,665,855
Park Aerospace Corp.		6,407		83,483
Rocket Lab U.S.A., Inc., Class A^(a)(b)		101,960		992,071
RTX Corp.		358,650		43,454,034
Spirit AeroSystems Holdings, Inc., Class A^(a)		32,658		1,061,712
Textron, Inc.		51,106		4,526,969
TransDigm Group, Inc.		14,631		20,880,339
Triumph Group, Inc.^(a)		16,026		206,575
V2X, Inc.^(a)		3,361		187,745
Virgin Galactic Holdings, Inc., Shares C^(a)(b)		3,345		20,405
Woodward, Inc.		16,343		2,802,988


				283,973,386

Air Freight & Logistics — 0.4%
Air Transport Services Group, Inc.^(a)(b)		15,931		257,923
CH Robinson Worldwide, Inc.		30,928		3,413,523
Expeditors International of Washington, Inc.		37,408		4,915,411
FedEx Corp.		60,851		16,653,702
Forward Air Corp.		7,373		261,004
GXO Logistics, Inc.^(a)(b)		31,211		1,625,157
Hub Group, Inc., Class A		17,450		793,102
United Parcel Service, Inc., Class B		196,729		26,822,032


				54,741,854

Automobile Components — 0.1%
Adient PLC^(a)(b)		24,993		564,092
American Axle & Manufacturing Holdings, Inc.^(a)		30,315		187,347
Aptiv PLC^(a)(b)		72,795		5,241,968
BorgWarner, Inc.		62,749		2,277,161
Cooper-Standard Holdings, Inc.^(a)(b)		719		9,973
Dana, Inc.		34,295		362,155
Dorman Products, Inc.^(a)		7,455		843,310
Fox Factory Holding Corp.^(a)(b)		11,291		468,576
Gentex Corp.		63,099		1,873,409
Gentherm, Inc.^(a)		8,510		396,141
Goodyear Tire & Rubber Co. (The)^(a)		75,680		669,768


Security	Shares		Value

Automobile Components (continued)
LCI Industries		6,997	$	843,418
Lear Corp.		16,026		1,749,238
Luminar Technologies, Inc., Class A^(a)(b)		66,524		59,852
Modine Manufacturing Co.^(a)(b)		14,343		1,904,607
Patrick Industries, Inc.		5,928		843,969
Phinia, Inc.		12,551		577,723
QuantumScape Corp., Class A^(a)(b)		98,515		566,461
Solid Power, Inc., Class A^(a)(b)		38,046		51,362
Standard Motor Products, Inc.		5,119		169,951
Stoneridge, Inc.^(a)		6,876		76,942
Visteon Corp.^(a)		7,026		669,156
XPEL, Inc.^(a)		6,676		289,538


				20,696,117

Automobiles — 1.5%
Ford Motor Co.		1,059,027		11,183,325
General Motors Co.		301,698		13,528,138
Harley-Davidson, Inc.		32,010		1,233,345
Lucid Group, Inc.^(a)(b)		242,002		854,267
Rivian Automotive, Inc., Class A^(a)(b)		221,086		2,480,585
Tesla, Inc.^(a)		747,981		195,694,269
Thor Industries, Inc.		13,403		1,472,856
Winnebago Industries, Inc.		7,871		457,384


				226,904,169

Banks — 3.6%
1st Source Corp.		4,063		243,292
ACNB Corp.		3,192		139,395
Amalgamated Financial Corp.		5,099		159,956
Amerant Bancorp, Inc., Class A		7,800		166,686
Ameris Bancorp		16,286		1,016,084
Arrow Financial Corp.		5,013		143,673
Associated Banc-Corp.		39,763		856,495
Atlantic Union Bankshares Corp.		23,799		896,508
Axos Financial, Inc.^(a)		15,596		980,676
Banc of California, Inc.		34,052		501,586
BancFirst Corp.		6,004		631,921
Bancorp, Inc. (The)^(a)(b)		11,772		629,802
Bank First Corp.		2,959		268,381
Bank of America Corp.		1,826,484		72,474,885
Bank of Hawaii Corp.		10,335		648,728
Bank of Marin Bancorp		4,528		90,968
Bank of NT Butterfield & Son Ltd. (The)		14,124		520,893
Bank OZK		29,671		1,275,556
BankUnited, Inc.		20,095		732,262
Banner Corp.		9,732		579,638
Bar Harbor Bankshares		4,836		149,142
BayCom Corp.		6,254		148,345
BCB Bancorp, Inc.		5,787		71,412
Berkshire Hills Bancorp, Inc.		11,818		318,259
Blue Foundry Bancorp^(a)		8,912		91,348
BOK Financial Corp.		6,091		637,240
Bridgewater Bancshares, Inc.^(a)		8,217		116,435
Brookline Bancorp, Inc.		17,954		181,156
Burke & Herbert Financial Services Corp.		3,943		240,484
Business First Bancshares, Inc.		6,577		168,832
Byline Bancorp, Inc.		7,398		198,044
Cadence Bank		38,190		1,216,351
California BanCorp^(a)(b)		9,007		133,214
Camden National Corp.		3,742		154,619
Capital City Bank Group, Inc.		4,590		161,981
Capitol Federal Financial, Inc.		39,610		231,322
Carter Bankshares, Inc.^(a)		8,356		145,311
Cathay General Bancorp		17,703		760,344


S C H E D U L E S O F I N V E S T M E N T S		3

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
Central Pacific Financial Corp.		8,258	$	243,694
Citigroup, Inc.		515,765		32,286,889
Citizens & Northern Corp.		5,841		115,009
Citizens Financial Group, Inc.		121,462		4,988,444
Citizens Financial Services, Inc.		1,362		80,018
City Holding Co.		3,834		450,073
Civista Bancshares, Inc.		6,066		108,096
CNB Financial Corp.		5,097		122,634
Coastal Financial Corp.^(a)		2,812		151,820
Colony Bankcorp, Inc.		2,341		36,332
Columbia Banking System, Inc.		54,814		1,431,194
Columbia Financial, Inc.^(a)(b)		8,658		147,792
Comerica, Inc.		36,631		2,194,563
Commerce Bancshares, Inc.		32,034		1,902,820
Community Financial System, Inc.		14,122		820,065
Community Trust Bancorp, Inc.		3,868		192,085
Community West Bancshares		7,186		138,402
ConnectOne Bancorp, Inc.		10,492		262,825
CrossFirst Bankshares, Inc.^(a)		12,928		215,768
Cullen/Frost Bankers, Inc.		16,282		1,821,305
Customers Bancorp, Inc.^(a)		7,317		339,875
CVB Financial Corp.		34,616		616,857
Dime Community Bancshares, Inc.		9,511		273,917
Eagle Bancorp, Inc.		7,887		178,088
East West Bancorp, Inc.		37,505		3,103,164
Eastern Bankshares, Inc.		48,814		800,061
Enterprise Bancorp, Inc.		4,098		130,972
Enterprise Financial Services Corp.		9,410		482,357
Equity Bancshares, Inc., Class A		3,990		163,111
Esquire Financial Holdings, Inc.		2,277		148,483
Farmers & Merchants Bancorp, Inc.		4,376		120,996
Farmers National Banc Corp.		10,882		164,536
FB Financial Corp.		10,467		491,216
Fidelity D&D Bancorp, Inc.		2,339		115,406
Fifth Third Bancorp		181,852		7,790,540
Financial Institutions, Inc.		4,651		118,461
First Bancorp, Inc. (The)		3,809		100,253
First BanCorp/Puerto Rico		43,597		922,948
First Bancorp/Southern Pines NC		8,919		370,941
First Bancshares, Inc. (The)		9,235		296,721
First Bank		9,440		143,488
First Busey Corp.		14,063		365,919
First Business Financial Services, Inc.		3,332		151,906
First Citizens BancShares, Inc., Class A		3,215		5,918,654
First Commonwealth Financial Corp.		23,135		396,765
First Community Bankshares, Inc.		4,434		191,327
First Financial Bancorp		24,566		619,800
First Financial Bankshares, Inc.		34,668		1,283,063
First Financial Corp.		2,813		123,350
First Foundation, Inc.^(b)		11,675		72,852
First Hawaiian, Inc.		35,593		823,978
First Horizon Corp.		149,958		2,328,848
First Interstate BancSystem, Inc., Class A		23,818		730,736
First Merchants Corp.		14,405		535,866
First Mid Bancshares, Inc.		6,985		271,786
First of Long Island Corp. (The)		6,644		85,508
Five Star Bancorp		3,943		117,225
Flushing Financial Corp.		7,611		110,968
FNB Corp.		94,498		1,333,367
FS Bancorp, Inc.		3,249		144,548
Fulton Financial Corp.		43,533		789,253
German American Bancorp, Inc.		6,531		253,076
Glacier Bancorp, Inc.		31,820		1,454,174


Security	Shares		Value

Banks (continued)
Great Southern Bancorp, Inc.		2,597	$	148,834
Guaranty Bancshares, Inc.		3,142		108,022
Hancock Whitney Corp.		23,754		1,215,492
Hanmi Financial Corp.		8,508		158,249
HarborOne Bancorp, Inc.		17,165		222,802
HBT Financial, Inc.		5,158		112,857
Heartland Financial U.S.A., Inc.		12,739		722,301
Heritage Commerce Corp.		16,622		164,225
Heritage Financial Corp.		9,212		200,545
Hilltop Holdings, Inc.		13,890		446,702
Hingham Institution For Savings (The)^(b)		471		114,599
Home Bancorp, Inc.		2,916		129,995
Home BancShares, Inc.		52,770		1,429,539
HomeStreet, Inc.		4,917		77,492
HomeTrust Bancshares, Inc.		5,466		186,281
Hope Bancorp, Inc.		29,353		368,674
Horizon Bancorp, Inc.		10,618		165,110
Huntington Bancshares, Inc.		386,010		5,674,347
Independent Bank Corp.		11,527		681,592
Independent Bank Corp.		5,194		173,220
Independent Bank Group, Inc.		9,401		542,062
International Bancshares Corp.		14,738		881,185
John Marshall Bancorp, Inc.		5,935		117,394
JPMorgan Chase & Co.		771,338		162,644,331
Kearny Financial Corp.		15,750		108,203
KeyCorp		246,212		4,124,051
Lakeland Financial Corp.		5,935		386,487
Live Oak Bancshares, Inc.		8,518		403,498
M&T Bank Corp.		45,072		8,028,225
Mercantile Bank Corp.		4,790		209,419
Metrocity Bankshares, Inc.		7,621		233,355
Metropolitan Bank Holding Corp.^(a)		2,478		130,293
Mid Penn Bancorp, Inc.		5,633		168,032
Middlefield Banc Corp.		4,234		121,939
Midland States Bancorp, Inc.		6,259		140,076
MidWestOne Financial Group, Inc.		6,108		174,261
MVB Financial Corp.		5,626		108,919
National Bank Holdings Corp., Class A		8,169		343,915
NB Bancorp, Inc.^(a)(b)		10,385		192,746
NBT Bancorp, Inc.		11,816		522,622
New York Community Bancorp, Inc.		63,241		710,196
Nicolet Bankshares, Inc.		3,287		314,336
Northeast Bank		2,869		221,286
Northeast Community Bancorp, Inc.		7,131		188,615
Northfield Bancorp, Inc.		12,331		143,040
Northrim BanCorp, Inc.		2,505		178,406
Northwest Bancshares, Inc.		26,773		358,223
NU Holdings Ltd., Class A^(a)		855,108		11,672,224
OceanFirst Financial Corp.		15,264		283,758
OFG Bancorp		11,298		507,506
Old National Bancorp		84,217		1,571,489
Old Second Bancorp, Inc.		12,002		187,111
Orange County Bancorp, Inc.		2,535		152,911
Origin Bancorp, Inc.		7,061		227,082
Orrstown Financial Services, Inc.		6,540		235,178
Pacific Premier Bancorp, Inc.		22,786		573,296
Park National Corp.		3,584		602,040
Pathward Financial, Inc.		6,753		445,766
Peapack-Gladstone Financial Corp.		4,878		133,706
Peoples Bancorp, Inc.		9,705		292,023
Peoples Financial Services Corp.		3,260		152,829
Pinnacle Financial Partners, Inc.		20,385		1,997,118
PNC Financial Services Group, Inc. (The)		107,225		19,820,541


4		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
Popular, Inc.		19,301	$	1,935,311
Preferred Bank		2,434		195,329
Premier Financial Corp.		8,992		211,132
Primis Financial Corp.		9,785		119,181
Prosperity Bancshares, Inc.		24,866		1,792,093
Provident Financial Services, Inc.		36,608		679,444
QCR Holdings, Inc.		5,089		376,739
RBB Bancorp		4,915		113,143
Red River Bancshares, Inc.		2,074		107,848
Regions Financial Corp.		248,881		5,806,394
Renasant Corp.		16,209		526,792
Republic Bancorp, Inc., Class A		3,154		205,956
S&T Bancorp, Inc.		8,869		372,232
Sandy Spring Bancorp, Inc.		11,049		346,607
Seacoast Banking Corp. of Florida		16,955		451,851
ServisFirst Bancshares, Inc.		13,606		1,094,603
Shore Bancshares, Inc.		6,842		95,720
Sierra Bancorp		2,170		62,670
Simmons First National Corp., Class A		34,010		732,575
SmartFinancial, Inc.		6,465		188,390
South Plains Financial, Inc.		3,569		121,060
Southern First Bancshares, Inc.^(a)		2,930		99,854
Southern Missouri Bancorp, Inc.		2,574		145,405
Southside Bancshares, Inc.		9,256		309,428
SouthState Corp.		21,098		2,050,304
Stellar Bancorp, Inc.		13,685		354,305
Stock Yards Bancorp, Inc.		7,637		473,418
Synovus Financial Corp.		37,766		1,679,454
Texas Capital Bancshares, Inc.^(a)		13,117		937,341
Third Coast Bancshares, Inc.^(a)		1,139		30,491
Timberland Bancorp, Inc.		3,824		115,714
Tompkins Financial Corp.		3,442		198,913
Towne Bank		17,093		565,095
TriCo Bancshares		7,327		312,497
Triumph Financial, Inc.^(a)		5,850		465,309
Truist Financial Corp.		358,408		15,329,110
TrustCo Bank Corp.		5,288		174,874
Trustmark Corp.		16,710		531,712
U.S. Bancorp		420,179		19,214,786
UMB Financial Corp.		11,260		1,183,539
United Bankshares, Inc.		36,262		1,345,320
United Community Banks, Inc.		25,283		735,230
Univest Financial Corp.		7,233		203,537
Valley National Bancorp		113,192		1,025,520
Veritex Holdings, Inc.		12,013		316,182
WaFd, Inc.		16,945		590,533
Washington Trust Bancorp, Inc.		3,612		116,343
Webster Financial Corp.		46,948		2,188,246
Wells Fargo & Co.		944,617		53,361,414
WesBanco, Inc.		17,015		506,707
West BanCorp, Inc.		5,766		109,612
Westamerica BanCorp		7,723		381,671
Western Alliance Bancorp		28,429		2,458,824
Wintrust Financial Corp.		18,426		1,999,774
WSFS Financial Corp.		15,922		811,863
Zions Bancorp N.A.		39,813		1,879,970


				531,554,348

Beverages — 1.2%
Boston Beer Co., Inc. (The), Class A, NVS^(a)		2,432		703,188
Brown-Forman Corp., Class A		14,235		684,419
Brown-Forman Corp., Class B, NVS		46,023		2,264,332
Celsius Holdings, Inc.^(a)		47,312		1,483,704


Security	Shares		Value

Beverages (continued)
Coca-Cola Co. (The)		1,044,748	$	75,075,591
Coca-Cola Consolidated, Inc.		1,582		2,082,545
Constellation Brands, Inc., Class A		42,636		10,986,871
Duckhorn Portfolio, Inc. (The)^(a)		15,754		91,531
Keurig Dr. Pepper, Inc.		284,924		10,678,952
MGP Ingredients, Inc.^(b)		3,891		323,926
Molson Coors Beverage Co., Class B		46,673		2,684,631
Monster Beverage Corp.^(a)		193,184		10,078,409
National Beverage Corp.		6,766		317,596
PepsiCo, Inc.		369,993		62,917,310
Primo Water Corp.		45,096		1,138,674
Vita Coco Co., Inc. (The)^(a)(b)		11,921		337,483


				181,849,162

Biotechnology — 2.3%
2seventy bio, Inc.^(a)		19,421		91,667
4D Molecular Therapeutics, Inc.^(a)		12,533		135,482
89bio, Inc.^(a)		16,345		120,953
AbbVie, Inc.		476,805		94,159,451
ABSCI CORP^(a)(b)		35,028		133,807
ACADIA Pharmaceuticals, Inc.^(a)		34,756		534,547
ACELYRIN, Inc.^(a)		10,911		53,791
ADC Therapeutics SA^(a)		47,145		148,507
ADMA Biologics, Inc.^(a)		65,006		1,299,470
Aerovate Therapeutics, Inc.^(a)		4,652		9,723
Agenus, Inc.^(a)(b)		3,102		16,999
Agios Pharmaceuticals, Inc.^(a)		16,356		726,697
Akebia Therapeutics, Inc.^(a)(b)		109,692		144,793
Akero Therapeutics, Inc.^(a)		20,372		584,473
Aldeyra Therapeutics, Inc.^(a)(b)		14,750		79,503
Alector, Inc.^(a)		16,256		75,753
Alkermes PLC^(a)(b)		42,728		1,195,957
Allogene Therapeutics, Inc.^(a)(b)		25,010		70,028
Alnylam Pharmaceuticals, Inc.^(a)		34,218		9,410,977
Altimmune, Inc.^(a)(b)		23,037		141,447
ALX Oncology Holdings, Inc.^(a)		9,214		16,769
Amgen, Inc.		144,322		46,501,992
Amicus Therapeutics, Inc.^(a)		80,804		862,987
AnaptysBio, Inc.^(a)		7,306		244,751
Anavex Life Sciences Corp.^(a)(b)		19,387		110,118
Anika Therapeutics, Inc.^(a)		6,040		149,188
Annexon, Inc.^(a)		23,371		138,356
Apellis Pharmaceuticals, Inc.^(a)(b)		26,599		767,115
Apogee Therapeutics, Inc.^(a)		11,071		650,311
Applied Therapeutics, Inc.^(a)		31,666		269,161
Arbutus Biopharma Corp.^(a)		48,723		187,584
Arcellx, Inc.^(a)(b)		10,927		912,514
Arcturus Therapeutics Holdings, Inc.^(a)(b)		8,828		204,898
Arcus Biosciences, Inc.^(a)		12,142		185,651
Arcutis Biotherapeutics, Inc.^(a)(b)		24,841		231,021
Ardelyx, Inc.^(a)(b)		56,320		388,045
ArriVent Biopharma, Inc.^(a)(b)		7,545		177,307
Arrowhead Pharmaceuticals, Inc.^(a)		30,950		599,501
ARS Pharmaceuticals, Inc.^(a)(b)		17,482		253,489
Astria Therapeutics, Inc.^(a)(b)		11,371		125,195
Aura Biosciences, Inc.^(a)		8,750		77,963
Aurinia Pharmaceuticals, Inc.^(a)(b)		37,907		277,858
Avid Bioservices, Inc.^(a)(b)		16,824		191,457
Avidity Biosciences, Inc.^(a)(b)		28,834		1,324,346
Avita Medical, Inc.^(a)(b)		7,179		76,959
Beam Therapeutics, Inc.^(a)(b)		21,349		523,050
BioCryst Pharmaceuticals, Inc.^(a)		64,713		491,819
Biogen, Inc.^(a)		39,485		7,653,772


S C H E D U L E S O F I N V E S T M E N T S		5

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Biohaven Ltd.^(a)(b)		19,452	$	972,016
BioMarin Pharmaceutical, Inc.^(a)		50,140		3,524,341
Biomea Fusion, Inc.^(a)(b)		5,256		53,086
Bluebird Bio, Inc.^(a)(b)		17,400		9,039
Blueprint Medicines Corp.^(a)		16,995		1,572,037
Bridgebio Pharma, Inc.^(a)		38,507		980,388
C4 Therapeutics, Inc.^(a)(b)		21,185		120,754
Cabaletta Bio, Inc.^(a)		9,462		44,661
CareDx, Inc.^(a)		12,953		404,457
Cargo Therapeutics, Inc.^(a)(b)		11,792		217,562
Caribou Biosciences, Inc.^(a)(b)		18,021		35,321
Catalyst Pharmaceuticals, Inc.^(a)		32,651		649,102
Celcuity, Inc.^(a)		7,945		118,460
Celldex Therapeutics, Inc.^(a)		16,630		565,254
Century Therapeutics, Inc.^(a)		10,273		17,567
CG oncology, Inc.^(a)		12,701		479,209
Cogent Biosciences, Inc.^(a)(b)		24,872		268,618
Coherus Biosciences, Inc.^(a)(b)		16,670		17,337
Compass Therapeutics, Inc.^(a)(b)		33,502		61,644
Corbus Pharmaceuticals Holdings, Inc.^(a)(b)		3,244		66,924
Crinetics Pharmaceuticals, Inc.^(a)		20,745		1,060,069
Cullinan Therapeutics, Inc.^(a)		16,661		278,905
Cytokinetics, Inc.^(a)		29,782		1,572,490
Day One Biopharmaceuticals, Inc.^(a)		18,330		255,337
Denali Therapeutics, Inc.^(a)		32,493		946,521
Design Therapeutics, Inc.^(a)		8,954		48,173
Dianthus Therapeutics, Inc.^(a)(b)		6,373		174,493
Disc Medicine, Inc.^(a)(b)		5,381		264,422
Dynavax Technologies Corp.^(a)(b)		37,546		418,262
Dyne Therapeutics, Inc.^(a)		21,512		772,711
Editas Medicine, Inc.^(a)(b)		18,810		64,142
Enanta Pharmaceuticals, Inc.^(a)		4,859		50,339
Entrada Therapeutics, Inc.^(a)(b)		7,514		120,074
Erasca, Inc.^(a)(b)		67,963		185,539
Exact Sciences Corp.^(a)(b)		48,594		3,310,223
Exelixis, Inc.^(a)		76,904		1,995,659
Fate Therapeutics, Inc.^(a)(b)		20,397		71,390
Generation Bio Co.^(a)		21,119		52,164
Geron Corp.^(a)(b)		166,160		754,366
Gilead Sciences, Inc.		336,582		28,219,035
GRAIL, Inc.^(a)(b)		7,096		97,641
Halozyme Therapeutics, Inc.^(a)		33,267		1,904,203
Heron Therapeutics, Inc.^(a)(b)		28,502		56,719
HilleVax, Inc.^(a)(b)		5,855		10,305
Humacyte, Inc.^(a)(b)		24,600		133,824
Ideaya Biosciences, Inc.^(a)(b)		21,856		692,398
IGM Biosciences, Inc.^(a)(b)		5,408		89,448
ImmunityBio, Inc.^(a)(b)		48,009		178,593
Immunome, Inc.^(a)		13,706		200,382
Immunovant, Inc.^(a)(b)		16,240		463,002
Incyte Corp.^(a)		42,910		2,836,351
Inhibrx Biosciences, Inc.^(a)		1,923		30,114
Inovio Pharmaceuticals, Inc.^(a)(b)		14,125		81,642
Inozyme Pharma, Inc.^(a)		23,860		124,788
Insmed, Inc.^(a)(b)		41,894		3,058,262
Intellia Therapeutics, Inc.^(a)		23,403		480,932
Ionis Pharmaceuticals, Inc.^(a)(b)		42,124		1,687,487
Iovance Biotherapeutics, Inc.^(a)(b)		63,857		599,617
Ironwood Pharmaceuticals, Inc., Class A^(a)		40,587		167,218
iTeos Therapeutics, Inc.^(a)(b)		6,641		67,805
Janux Therapeutics, Inc.^(a)		9,276		421,409
KalVista Pharmaceuticals, Inc.^(a)(b)		6,526		75,571
Keros Therapeutics, Inc.^(a)(b)		6,999		406,432


Security	Shares		Value

Biotechnology (continued)
Kiniksa Pharmaceuticals International PLC^(a)		11,590	$	289,634
Kodiak Sciences, Inc.^(a)		14,200		37,062
Korro Bio, Inc.^(a)(b)		3,252		108,682
Krystal Biotech, Inc.^(a)(b)		6,672		1,214,504
Kura Oncology, Inc.^(a)		16,773		327,744
Kymera Therapeutics, Inc.^(a)(b)		13,017		616,095
Larimar Therapeutics, Inc.^(a)		17,006		111,389
LENZ Therapeutics, Inc.^(b)		5,752		136,552
Lexicon Pharmaceuticals, Inc.^(a)(b)		35,171		55,218
Lyell Immunopharma, Inc.^(a)		41,146		56,781
MacroGenics, Inc.^(a)		16,426		54,042
Madrigal Pharmaceuticals, Inc.^(a)		4,679		992,977
MannKind Corp.^(a)		82,320		517,793
MeiraGTx Holdings PLC^(a)		17,245		71,912
Mersana Therapeutics, Inc.^(a)		22,396		42,328
MiMedx Group, Inc.^(a)		33,606		198,611
Mineralys Therapeutics, Inc.^(a)(b)		6,255		75,748
Mirum Pharmaceuticals, Inc.^(a)		10,463		408,057
Moderna, Inc.^(a)(b)		86,843		5,803,718
Monte Rosa Therapeutics, Inc.^(a)(b)		14,260		75,578
Myriad Genetics, Inc.^(a)		22,876		626,574
Natera, Inc.^(a)		29,885		3,793,901
Neurocrine Biosciences, Inc.^(a)		26,432		3,045,495
Neurogene, Inc.^(a)(b)		4,411		185,086
Nkarta, Inc.^(a)		8,773		39,654
Novavax, Inc.^(a)(b)		41,180		520,103
Nurix Therapeutics, Inc.^(a)(b)		17,557		394,506
Nuvalent, Inc., Class A^(a)(b)		9,522		974,101
Ocugen, Inc.^(a)(b)		110,344		109,483
Olema Pharmaceuticals, Inc.^(a)		11,850		141,489
Organogenesis Holdings, Inc., Class A^(a)(b)		31,200		89,232
ORIC Pharmaceuticals, Inc.^(a)(b)		17,309		177,417
Outlook Therapeutics, Inc.^(a)(b)		3,236		17,280
PepGen, Inc.^(a)		7,447		63,672
Perspective Therapeutics, Inc.^(a)(b)		14,855		198,314
Praxis Precision Medicines, Inc.^(a)(b)		4,598		264,569
Precigen, Inc.^(a)		60,837		57,619
Prime Medicine, Inc.^(a)(b)		10,452		40,449
ProKidney Corp., Class A^(a)(b)		16,316		31,327
Protagonist Therapeutics, Inc.^(a)		15,915		716,175
Prothena Corp. PLC^(a)		10,824		181,086
PTC Therapeutics, Inc.^(a)		19,942		739,848
Q32 Bio, Inc.^(a)(b)		3,150		140,553
RAPT Therapeutics, Inc.^(a)(b)		5,488		11,031
Recursion Pharmaceuticals, Inc., Class A^(a)(b)		55,120		363,241
Regeneron Pharmaceuticals, Inc.^(a)		28,214		29,659,685
REGENXBIO, Inc.^(a)		9,324		97,809
Relay Therapeutics, Inc.^(a)(b)		20,097		142,287
Replimune Group, Inc.^(a)(b)		10,357		113,513
REVOLUTION Medicines, Inc.^(a)		39,577		1,794,817
Rhythm Pharmaceuticals, Inc.^(a)(b)		13,585		711,718
Rigel Pharmaceuticals, Inc.^(a)		6,413		103,762
Rocket Pharmaceuticals, Inc.^(a)		18,782		346,904
Roivant Sciences Ltd.^(a)		114,780		1,324,561
Sage Therapeutics, Inc.^(a)		13,619		98,329
Sana Biotechnology, Inc.^(a)(b)		49,115		204,318
Sarepta Therapeutics, Inc.^(a)(b)		25,030		3,125,997
Savara, Inc.^(a)(b)		42,192		178,894
Scholar Rock Holding Corp.^(a)(b)		12,506		100,173
Soleno Therapeutics, Inc.^(a)(b)		5,868		296,275
SpringWorks Therapeutics, Inc.^(a)		18,977		608,023
Spyre Therapeutics, Inc.^(a)(b)		9,232		271,513
Stoke Therapeutics, Inc.^(a)		7,813		96,022


6		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Summit Therapeutics, Inc.^(a)(b)		23,443	$	513,402
Sutro Biopharma, Inc.^(a)		22,612		78,238
Syndax Pharmaceuticals, Inc.^(a)		19,749		380,168
Tango Therapeutics, Inc.^(a)		13,009		100,169
Taysha Gene Therapies, Inc.^(a)		69,235		139,162
Tenaya Therapeutics, Inc.^(a)		15,878		30,645
TG Therapeutics, Inc.^(a)(b)		35,917		840,099
Tourmaline Bio, Inc.		10,053		258,463
Travere Therapeutics, Inc.^(a)(b)		16,964		237,326
TScan Therapeutics, Inc.^(a)		20,716		103,166
Twist Bioscience Corp.^(a)		15,181		685,878
Tyra Biosciences, Inc.^(a)		6,536		153,661
Ultragenyx Pharmaceutical, Inc.^(a)		25,222		1,401,082
United Therapeutics Corp.^(a)		11,569		4,145,751
UroGen Pharma Ltd.^(a)(b)		9,501		120,663
Vanda Pharmaceuticals, Inc.^(a)		14,951		70,120
Vaxcyte, Inc.^(a)		31,908		3,646,127
Vera Therapeutics, Inc., Class A^(a)		10,733		474,399
Veracyte, Inc.^(a)		23,675		805,897
Vericel Corp.^(a)		11,677		493,353
Vertex Pharmaceuticals, Inc.^(a)		69,498		32,322,130
Verve Therapeutics, Inc.^(a)(b)		12,523		60,611
Viking Therapeutics, Inc.^(a)(b)		27,531		1,742,988
Vir Biotechnology, Inc.^(a)		20,218		151,433
Viridian Therapeutics, Inc.^(a)(b)		19,165		436,004
Voyager Therapeutics, Inc.^(a)		9,013		52,726
X4 Pharmaceuticals, Inc.^(a)(b)		55,558		37,185
Xencor, Inc.^(a)		15,026		302,173
Y-mAbs Therapeutics, Inc.^(a)		9,177		120,678
Zentalis Pharmaceuticals, Inc.^(a)		14,121		51,965
Zymeworks, Inc.^(a)(b)		14,106		177,030


			350,907,358

Broadline Retail — 3.3%
Amazon.com, Inc.^(a)		2,500,144		465,851,832
Coupang, Inc., Class A^(a)		311,222		7,640,500
Dillard’s, Inc., Class A^(b)		1,055		404,793
eBay, Inc.		136,000		8,854,960
Etsy, Inc.^(a)		30,810		1,710,879
Kohl’s Corp.		29,493		622,302
Macy’s, Inc.		74,216		1,164,449
Nordstrom, Inc.		29,224		657,248
Ollie’s Bargain Outlet Holdings, Inc.^(a)		17,096		1,661,731
Savers Value Village, Inc.^(a)(b)		6,895		72,536


			488,641,230

Building Products — 0.8%
A. O. Smith Corp.		32,009		2,875,368
AAON, Inc.		17,659		1,904,347
Advanced Drainage Systems, Inc.		19,261		3,027,059
Allegion PLC		23,223		3,384,520
American Woodmark Corp.^(a)		4,791		447,719
Apogee Enterprises, Inc.		7,013		491,015
Armstrong World Industries, Inc.		12,194		1,602,657
AZEK Co., Inc. (The), Class A^(a)		39,845		1,864,746
AZZ, Inc.		6,773		559,517
Builders FirstSource, Inc.^(a)		32,469		6,294,440
Carlisle Cos., Inc.		12,421		5,586,345
Carrier Global Corp.		225,436		18,145,344
CSW Industrials, Inc.^(b)		4,427		1,622,008
Fortune Brands Innovations, Inc.		32,864		2,942,314
Gibraltar Industries, Inc.^(a)		8,183		572,237
Griffon Corp.		11,171		781,970
Hayward Holdings, Inc.^(a)		38,046		583,626


Security	Shares		Value

Building Products (continued)
Insteel Industries, Inc.		4,316	$	134,184
Janus International Group, Inc.^(a)(b)		37,833		382,492
JELD-WEN Holding, Inc.^(a)(b)		21,900		346,239
Johnson Controls International PLC		180,151		13,981,519
Lennox International, Inc.		8,495		5,133,444
Masco Corp.		59,125		4,962,952
Masterbrand, Inc.^(a)		34,378		637,368
Owens Corning		23,100		4,077,612
Quanex Building Products Corp.		11,808		327,672
Resideo Technologies, Inc.^(a)		38,077		766,871
Simpson Manufacturing Co., Inc.		11,682		2,234,416
Tecnoglass, Inc.		5,986		410,999
Trane Technologies PLC		60,897		23,672,491
Trex Co., Inc.^(a)		28,677		1,909,315
UFP Industries, Inc.		16,427		2,155,387
Zurn Elkay Water Solutions Corp.^(b)		39,156		1,407,267


			115,225,460

Capital Markets — 3.1%
Affiliated Managers Group, Inc.		8,412		1,495,654
Ameriprise Financial, Inc.		27,067		12,716,347
Ares Management Corp., Class A		49,387		7,696,470
Artisan Partners Asset Management, Inc., Class A		14,871		644,212
B Riley Financial, Inc.^(b)		5,806		30,481
Bank of New York Mellon Corp. (The)		198,811		14,286,558
BGC Group, Inc., Class A		87,698		805,068
BlackRock, Inc.^(c)		39,698		37,693,648
Blackstone, Inc., Class A, NVS		190,515		29,173,562
Blue Owl Capital, Inc., Class A		134,799		2,609,709
Brightsphere Investment Group, Inc.		8,582		217,983
Carlyle Group, Inc. (The)		57,590		2,479,825
Cboe Global Markets, Inc.		28,621		5,863,584
Charles Schwab Corp. (The)		402,097		26,059,907
CME Group, Inc., Class A		97,043		21,412,538
Cohen & Steers, Inc.		8,002		767,792
Coinbase Global, Inc., Class A^(a)		53,039		9,449,959
Diamond Hill Investment Group, Inc., Class A		691		111,673
Donnelley Financial Solutions, Inc.^(a)		6,487		427,039
Evercore, Inc., Class A		9,563		2,422,690
FactSet Research Systems, Inc.		10,362		4,764,966
Forge Global Holdings, Inc.^(a)		46,860		61,387
Franklin Resources, Inc.		80,874		1,629,611
GCM Grosvenor, Inc., Class A		13,099		148,281
Goldman Sachs Group, Inc. (The)		84,769		41,969,980
Hamilton Lane, Inc., Class A^(b)		10,393		1,750,077
Houlihan Lokey, Inc., Class A		13,915		2,198,848
Interactive Brokers Group, Inc., Class A		28,140		3,921,590
Intercontinental Exchange, Inc.		152,792		24,544,507
Invesco Ltd.		100,716		1,768,573
Janus Henderson Group PLC		34,871		1,327,539
Jefferies Financial Group, Inc.		47,742		2,938,520
KKR & Co., Inc., Class A		181,039		23,640,073
Lazard, Inc.		29,191		1,470,643
LPL Financial Holdings, Inc.		20,313		4,725,413
MarketAxess Holdings, Inc.		10,053		2,575,579
Moelis & Co., Class A		16,331		1,118,837
Moody’s Corp.		42,411		20,127,836
Morgan Stanley		312,096		32,532,887
Morningstar, Inc.		7,270		2,320,002
MSCI, Inc., Class A		20,756		12,099,295
Nasdaq, Inc.		110,673		8,080,236
Northern Trust Corp.		54,004		4,861,980


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, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets (continued)
Open Lending Corp.^(a)(b)		27,050	$	165,546
P10, Inc., Class A		9,863		105,633
Patria Investments Ltd., Class A		14,387		160,703
Perella Weinberg Partners, Class A		16,101		310,910
Piper Sandler Cos		4,473		1,269,482
PJT Partners, Inc., Class A		6,324		843,242
Raymond James Financial, Inc.		50,750		6,214,845
Robinhood Markets, Inc., Class A^(a)		178,442		4,179,112
S&P Global, Inc.		84,405		43,605,311
SEI Investments Co.		27,049		1,871,520
State Street Corp.		81,224		7,185,887
StepStone Group, Inc., Class A		15,177		862,509
Stifel Financial Corp.		26,102		2,450,978
StoneX Group, Inc.^(a)		7,990		654,221
T Rowe Price Group, Inc.		59,644		6,497,021
TPG, Inc., Class A		23,025		1,325,319
Tradeweb Markets, Inc., Class A^(b)		30,608		3,785,291
Victory Capital Holdings, Inc., Class A		10,968		607,627
Virtu Financial, Inc., Class A		21,871		666,191
Virtus Investment Partners, Inc.		1,761		368,841
WisdomTree, Inc.		40,310		402,697
XP, Inc., Class A		109,614		1,966,475


				462,440,720

Chemicals — 1.5%
AdvanSix, Inc.		7,922		240,670
Air Products & Chemicals, Inc.		59,589		17,742,029
Albemarle Corp.		31,121		2,947,470
American Vanguard Corp.		8,872		47,022
Arcadium Lithium PLC^(a)		269,659		768,528
Ashland, Inc.		13,780		1,198,447
Aspen Aerogels, Inc.^(a)(b)		15,847		438,803
Avient Corp.		23,160		1,165,411
Axalta Coating Systems Ltd.^(a)		61,063		2,209,870
Balchem Corp.		8,204		1,443,904
Cabot Corp.		14,200		1,587,134
Celanese Corp., Class A		29,924		4,068,467
CF Industries Holdings, Inc.		48,519		4,162,930
Chemours Co. (The)		38,486		782,036
Core Molding Technologies, Inc.^(a)		4,145		71,335
Corteva, Inc.		188,030		11,054,284
Dow, Inc.		189,809		10,369,266
DuPont de Nemours, Inc.		112,379		10,014,093
Eastman Chemical Co.		31,991		3,581,392
Ecolab, Inc.		67,294		17,182,177
Ecovyst, Inc.^(a)(b)		25,798		176,716
Element Solutions, Inc.		59,272		1,609,828
FMC Corp.		33,214		2,190,131
Hawkins, Inc.		4,506		574,380
HB Fuller Co.		15,168		1,204,036
Huntsman Corp.		45,352		1,097,518
Ingevity Corp.^(a)		9,786		381,654
Innospec, Inc.		6,549		740,626
International Flavors & Fragrances, Inc.		68,790		7,218,135
Intrepid Potash, Inc.^(a)		2,909		69,816
Koppers Holdings, Inc.		5,236		191,271
Linde PLC		129,303		61,659,429
LSB Industries, Inc.^(a)		19,596		157,552
LyondellBasell Industries NV, Class A		69,863		6,699,862
Mativ Holdings, Inc.		14,012		238,064
Minerals Technologies, Inc.		8,131		627,957
Mosaic Co. (The)		88,273		2,363,951
NewMarket Corp.		1,780		982,364


Security	Shares		Value

Chemicals (continued)
Olin Corp.		33,630	$	1,613,567
Orion SA		16,084		286,456
Perimeter Solutions SA^(a)		38,726		520,865
PPG Industries, Inc.		62,919		8,334,251
PureCycle Technologies, Inc.^(a)(b)		27,897		265,022
Quaker Chemical Corp.		3,570		601,509
Rayonier Advanced Materials, Inc.^(a)		16,322		139,716
RPM International, Inc.		33,668		4,073,828
Scotts Miracle-Gro Co. (The)		10,792		935,666
Sensient Technologies Corp.		11,486		921,407
Sherwin-Williams Co. (The)		63,039		24,060,095
Stepan Co.		6,142		474,469
Tronox Holdings PLC		34,220		500,639
Westlake Corp.		9,099		1,367,489


				223,353,537

Commercial Services & Supplies — 0.7%
ABM Industries, Inc.		17,637		930,528
ACCO Brands Corp.		27,951		152,892
ACV Auctions, Inc., Class A^(a)		41,609		845,911
Aris Water Solutions, Inc., Class A		6,532		110,195
BrightView Holdings, Inc.^(a)		14,011		220,533
Brink’s Co. (The)		11,728		1,356,226
Casella Waste Systems, Inc., Class A^(a)		16,032		1,595,024
CECO Environmental Corp.^(a)(b)		8,495		239,559
Cimpress PLC^(a)(b)		4,479		366,920
Cintas Corp.		92,937		19,133,870
Clean Harbors, Inc.^(a)		13,569		3,279,763
Copart, Inc.^(a)		235,247		12,326,943
CoreCivic, Inc.^(a)		30,750		388,988
Deluxe Corp.		10,958		213,571
Driven Brands Holdings, Inc.^(a)		17,077		243,689
Ennis, Inc.		6,551		159,320
Enviri Corp.^(a)		22,623		233,922
GEO Group, Inc. (The)^(a)		33,336		428,368
Healthcare Services Group, Inc.^(a)		20,349		227,298
HNI Corp.		12,989		699,328
Interface, Inc., Class A		14,517		275,388
Liquidity Services, Inc.^(a)		6,789		154,789
Matthews International Corp., Class A		7,969		184,881
MillerKnoll, Inc.		21,162		523,971
Montrose Environmental Group, Inc.^(a)(b)		9,034		237,594
MSA Safety, Inc.		9,693		1,718,957
OPENLANE, Inc.^(a)		28,673		484,000
RB Global, Inc.^(b)		48,458		3,900,384
Republic Services, Inc.		55,160		11,078,334
Rollins, Inc.		75,080		3,797,546
Steelcase, Inc., Class A		25,394		342,565
Stericycle, Inc.^(a)		24,189		1,475,529
Tetra Tech, Inc.		71,590		3,376,184
UniFirst Corp.		4,141		822,610
Veralto Corp.		66,359		7,422,918
Vestis Corp.		40,686		606,221
Viad Corp.^(a)		5,068		181,586
VSE Corp.^(b)		4,639		383,784
Waste Management, Inc.		107,753		22,369,523


			102,489,612

Communications Equipment — 0.8%
ADTRAN Holdings, Inc.		18,618		110,405
Applied Optoelectronics, Inc.^(a)		11,884		170,060
Arista Networks, Inc.^(a)		69,255		26,581,454
Aviat Networks, Inc.^(a)		3,560		77,003
Calix, Inc.^(a)		14,614		566,877


8		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Communications Equipment (continued)
Ciena Corp.^(a)		40,260	$	2,479,613
Cisco Systems, Inc.		1,090,099		58,015,069
Clearfield, Inc.^(a)		3,427		133,516
CommScope Holding Co., Inc.^(a)		52,247		319,229
Digi International, Inc.^(a)(b)		8,712		239,841
Extreme Networks, Inc.^(a)		35,345		531,235
F5, Inc.^(a)		15,824		3,484,445
Harmonic, Inc.^(a)		32,303		470,655
Infinera Corp.^(a)(b)		53,341		360,052
Juniper Networks, Inc.		88,311		3,442,363
Lumentum Holdings, Inc.^(a)		19,132		1,212,586
Motorola Solutions, Inc.		44,151		19,851,614
NETGEAR, Inc.^(a)		8,808		176,689
NetScout Systems, Inc.^(a)		16,658		362,312
Ribbon Communications, Inc.^(a)		23,585		76,651
Ubiquiti, Inc.		1,064		235,910
Viasat, Inc.^(a)(b)		31,334		374,128
Viavi Solutions, Inc.^(a)		64,268		579,697


				119,851,404

Construction & Engineering — 0.3%
AECOM		35,867		3,703,985
Ameresco, Inc., Class A^(a)(b)		8,041		305,076
API Group Corp.^(a)		61,100		2,017,522
Arcosa, Inc.		12,871		1,219,656
Argan, Inc.		3,865		392,027
Bowman Consulting Group Ltd.^(a)(b)		3,355		80,788
Comfort Systems U.S.A., Inc.		9,576		3,737,992
Construction Partners, Inc., Class A^(a)(b)		11,790		822,942
Dycom Industries, Inc.^(a)		7,209		1,420,894
EMCOR Group, Inc.		12,597		5,423,386
Fluor Corp.^(a)		45,529		2,172,189
Granite Construction, Inc.		11,122		881,752
Great Lakes Dredge & Dock Corp.^(a)		14,804		155,886
IES Holdings, Inc.^(a)(b)		2,702		539,373
Limbach Holdings, Inc.^(a)(b)		3,660		277,282
MasTec, Inc.^(a)		16,865		2,076,081
MDU Resources Group, Inc.		52,465		1,438,066
MYR Group, Inc.^(a)		4,098		418,939
Northwest Pipe Co.^(a)		4,024		181,603
Primoris Services Corp.		15,706		912,204
Quanta Services, Inc.		39,201		11,687,778
Sterling Infrastructure, Inc.^(a)		8,300		1,203,666
Tutor Perini Corp.^(a)		13,340		362,314
Valmont Industries, Inc.		5,543		1,607,193
WillScot Holdings Corp.^(a)		49,562		1,863,531


			44,902,125

Construction Materials — 0.3%
CRH PLC		184,647		17,124,163
Eagle Materials, Inc.		9,065		2,607,547
Knife River Corp.^(a)		15,378		1,374,639
Martin Marietta Materials, Inc.		16,446		8,852,060
Summit Materials, Inc., Class A^(a)		32,641		1,273,978
United States Lime & Minerals, Inc.		3,447		336,634
Vulcan Materials Co.		35,586		8,911,802


			40,480,823

Consumer Finance — 0.6%
Ally Financial, Inc.		72,145		2,567,641
American Express Co.		150,937		40,934,114
Bread Financial Holdings, Inc.		12,814		609,690
Capital One Financial Corp.		102,112		15,289,230
Credit Acceptance Corp.^(a)(b)		1,835		813,676
Discover Financial Services		67,560		9,477,992


Security	Shares		Value

Consumer Finance (continued)
Encore Capital Group, Inc.^(a)(b)		6,551	$	309,666
Enova International, Inc.^(a)		7,286		610,494
FirstCash Holdings, Inc.		9,811		1,126,303
Green Dot Corp., Class A^(a)		14,236		166,704
LendingClub Corp.^(a)		25,877		295,774
LendingTree, Inc.^(a)		3,892		225,853
Moneylion, Inc., Class A^(a)		2,270		94,318
Navient Corp.		25,489		397,373
Nelnet, Inc., Class A		3,260		369,293
NerdWallet, Inc., Class A^(a)		5,937		75,459
OneMain Holdings, Inc.		29,682		1,397,132
PRA Group, Inc.^(a)		9,619		215,081
PROG Holdings, Inc.		10,719		519,764
Regional Management Corp.		3,405		111,378
SLM Corp.		58,367		1,334,853
SoFi Technologies, Inc.^(a)(b)		282,717		2,222,156
Synchrony Financial		105,490		5,261,841
Upstart Holdings, Inc.^(a)(b)		20,300		812,203
World Acceptance Corp.^(a)		990		116,800


			85,354,788

Consumer Staples Distribution & Retail — 1.8%
Albertsons Cos., Inc., Class A		111,114		2,053,387
Andersons, Inc. (The)		9,891		495,935
BJ’s Wholesale Club Holdings, Inc.^(a)(b)		35,255		2,907,832
Casey’s General Stores, Inc.		10,045		3,774,007
Chefs’ Warehouse, Inc. (The)^(a)(b)		7,626		320,368
Costco Wholesale Corp.		119,312		105,772,474
Dollar General Corp.		59,420		5,025,150
Dollar Tree, Inc.^(a)		55,237		3,884,266
Grocery Outlet Holding Corp.^(a)		26,352		462,478
Ingles Markets, Inc., Class A		4,257		317,572
Kroger Co. (The)		179,054		10,259,794
Maplebear, Inc.^(a)(b)		46,227		1,883,288
Performance Food Group Co.^(a)		42,003		3,291,775
PriceSmart, Inc.		7,402		679,356
SpartanNash Co.		9,065		203,147
Sprouts Farmers Market, Inc.^(a)		26,535		2,929,729
Sysco Corp.		134,538		10,502,036
Target Corp.		124,593		19,419,065
U.S. Foods Holding Corp.^(a)		60,509		3,721,304
United Natural Foods, Inc.^(a)		14,193		238,726
Walgreens Boots Alliance, Inc.		192,518		1,724,961
Walmart, Inc.		1,168,055		94,320,441
Weis Markets, Inc.		4,766		328,520


				274,515,611

Containers & Packaging — 0.3%
Amcor PLC		390,764		4,427,356
AptarGroup, Inc.		17,467		2,798,039
Ardagh Metal Packaging SA		41,863		157,823
Avery Dennison Corp.		21,770		4,805,945
Ball Corp.		83,149		5,646,648
Berry Global Group, Inc.		30,817		2,094,940
Crown Holdings, Inc.		31,415		3,012,070
Graphic Packaging Holding Co.		78,264		2,315,832
Greif, Inc., Class A, NVS		6,359		398,455
Greif, Inc., Class B		2,007		140,149
International Paper Co.		92,400		4,513,740
Myers Industries, Inc.		9,768		134,994
O-I Glass, Inc.^(a)		43,889		575,824
Packaging Corp. of America		24,116		5,194,586
Pactiv Evergreen, Inc.		10,647		122,547
Ranpak Holdings Corp., Class A^(a)		18,045		117,834


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, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Containers & Packaging (continued)
Sealed Air Corp.		38,026	$	1,380,344
Silgan Holdings, Inc.		22,174		1,164,135
Smurfit WestRock PLC		139,495		6,893,843
Sonoco Products Co.		26,221		1,432,453
TriMas Corp.		9,917		253,181


				47,580,738

Distributors — 0.1%
A-Mark Precious Metals, Inc.		5,180		228,749
Genuine Parts Co.		37,267		5,205,454
GigaCloud Technology, Inc., Class A^(a)(b)		6,258		143,809
LKQ Corp.		71,080		2,837,514
Pool Corp.		9,895		3,728,436


			12,143,962

Diversified Consumer Services — 0.1%
ADT, Inc.		75,770		547,817
Adtalem Global Education, Inc.^(a)		10,631		802,428
Bright Horizons Family Solutions, Inc.^(a)		15,065		2,111,058
Carriage Services, Inc.		3,930		129,022
Chegg, Inc.^(a)		32,272		57,121
Coursera, Inc.^(a)		35,034		278,170
Duolingo, Inc., Class A^(a)		9,854		2,779,025
European Wax Center, Inc., Class A^(a)		6,873		46,736
Frontdoor, Inc.^(a)		22,970		1,102,330
Graham Holdings Co., Class B		851		699,284
Grand Canyon Education, Inc.^(a)		8,105		1,149,694
H&R Block, Inc.		36,821		2,339,975
Laureate Education, Inc., Class A		35,540		590,319
Lincoln Educational Services Corp.^(a)		11,514		137,477
Mister Car Wash, Inc.^(a)(b)		20,335		132,381
OneSpaWorld Holdings Ltd.		26,792		442,336
Perdoceo Education Corp.		20,257		450,516
Service Corp. International		38,511		3,039,673
Strategic Education, Inc.		5,934		549,192
Stride, Inc.^(a)		11,223		957,434
Udemy, Inc.^(a)		22,481		167,259
Universal Technical Institute, Inc.^(a)		13,887		225,803


			18,735,050

Diversified REITs — 0.1%
Alexander & Baldwin, Inc.		20,342		390,566
American Assets Trust, Inc.		12,535		334,935
Armada Hoffler Properties, Inc.		14,906		161,432
Broadstone Net Lease, Inc.		46,879		888,357
CTO Realty Growth, Inc.		6,739		128,176
Empire State Realty Trust, Inc., Class A		38,938		431,433
Essential Properties Realty Trust, Inc.		47,138		1,609,763
Gladstone Commercial Corp.		9,848		159,931
Global Net Lease, Inc.		55,342		465,980
NexPoint Diversified Real Estate Trust		10,784		67,400
One Liberty Properties, Inc.		4,642		127,841
WP Carey, Inc.		58,649		3,653,833


			8,419,647

Diversified Telecommunication Services — 0.7%
Anterix, Inc.^(a)		3,216		121,115
AST SpaceMobile, Inc., Class A^(a)(b)		31,457		822,601
AT&T Inc.		1,931,532		42,493,704
ATN International, Inc.		3,085		99,769
Bandwidth, Inc., Class A^(a)		8,564		149,956
Cogent Communications Holdings, Inc.		11,622		882,342
Consolidated Communications Holdings, Inc.^(a)		20,900		96,976
Frontier Communications Parent, Inc.^(a)		67,625		2,402,716
GCI Liberty, Inc. Escrow, Class A^(a)(d)		28,033		—


Security	Shares		Value

Diversified Telecommunication Services (continued)
Globalstar, Inc.^(a)		173,175	$	214,737
IDT Corp., Class B		5,287		201,805
Iridium Communications, Inc.		33,885		1,031,798
Liberty Global Ltd., Class A^(a)		44,559		940,640
Liberty Global Ltd., Class C, NVS^(a)(b)		46,218		998,771
Liberty Latin America Ltd., Class A^(a)(b)		11,969		114,663
Liberty Latin America Ltd., Class C, NVS^(a)(b)		43,088		408,905
Lumen Technologies, Inc.^(a)(b)		270,127		1,917,902
Verizon Communications, Inc.		1,134,092		50,932,072


			103,830,472

Electric Utilities — 1.5%
ALLETE, Inc.		15,108		969,783
Alliant Energy Corp.		68,005		4,127,223
American Electric Power Co., Inc.		142,272		14,597,107
Avangrid, Inc.		19,426		695,257
Constellation Energy Corp.		84,641		22,008,353
Duke Energy Corp.		207,557		23,931,322
Edison International		102,902		8,961,735
Entergy Corp.		57,649		7,587,185
Evergy, Inc.		59,976		3,719,112
Eversource Energy		95,021		6,466,179
Exelon Corp.		267,591		10,850,815
FirstEnergy Corp.		154,706		6,861,211
Genie Energy Ltd., Class B		3,964		64,415
Hawaiian Electric Industries, Inc.^(a)		29,397		284,563
IDACORP, Inc.		13,012		1,341,407
MGE Energy, Inc.		9,554		873,713
NextEra Energy, Inc.		554,533		46,874,674
NRG Energy, Inc.		55,770		5,080,647
OGE Energy Corp.		55,464		2,275,133
Otter Tail Corp.		10,639		831,544
PG&E Corp.		574,461		11,357,094
Pinnacle West Capital Corp.		30,852		2,733,179
Portland General Electric Co.		26,973		1,292,007
PPL Corp.		200,634		6,636,973
Southern Co. (The)		295,022		26,605,084
TXNM Energy, Inc.		22,530		986,138
Xcel Energy, Inc.		148,366		9,688,300


				227,700,153

Electrical Equipment — 0.8%
Acuity Brands, Inc.		8,603		2,369,180
Allient, Inc.		3,530		67,035
American Superconductor Corp.^(a)		9,102		214,807
AMETEK, Inc.		62,420		10,718,138
Array Technologies, Inc.^(a)		41,454		273,596
Atkore, Inc.		10,028		849,773
Blink Charging Co.^(a)(b)		9,989		17,181
Bloom Energy Corp., Class A^(a)(b)		52,095		550,123
ChargePoint Holdings, Inc., Class A^(a)(b)		88,252		120,905
Eaton Corp. PLC		107,404		35,597,982
Emerson Electric Co.		153,869		16,828,653
Energy Vault Holdings, Inc.^(a)(b)		36,069		34,626
EnerSys		11,569		1,180,616
Enovix Corp.^(a)(b)		38,471		359,319
Fluence Energy, Inc., Class A^(a)(b)		15,667		355,798
FuelCell Energy, Inc.^(a)(b)		101,283		38,488
GE Vernova, Inc.^(a)		73,154		18,652,807
Generac Holdings, Inc.^(a)		15,631		2,483,453
GrafTech International Ltd.^(a)		57,454		75,839
Hubbell, Inc.		14,519		6,219,214
LSI Industries, Inc.		9,048		146,125
NEXTracker, Inc., Class A^(a)		38,623		1,447,590


10		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electrical Equipment (continued)
NuScale Power Corp., Class A^(a)(b)		22,597	$	261,673
nVent Electric PLC		44,472		3,124,603
Plug Power, Inc.^(a)(b)		206,513		466,719
Powell Industries, Inc.		2,857		634,225
Preformed Line Products Co.		886		113,479
Regal Rexnord Corp.		17,466		2,897,260
Rockwell Automation, Inc.		30,619		8,219,977
Sensata Technologies Holding PLC		40,645		1,457,530
SES AI Corp., Class A^(a)(b)		45,378		29,033
Shoals Technologies Group, Inc., Class A^(a)		43,268		242,734
Stem, Inc.^(a)(b)		42,642		14,848
Sunrun, Inc.^(a)(b)		54,001		975,258
Thermon Group Holdings, Inc.^(a)		8,810		262,890
TPI Composites, Inc.^(a)(b)		10,665		48,526
Vertiv Holdings Co., Class A^(b)		96,203		9,571,236
Vicor Corp.^(a)		5,577		234,792


				127,156,031

Electronic Equipment, Instruments & Components — 0.7%
908 Devices, Inc.^(a)(b)		7,963		27,632
Advanced Energy Industries, Inc.		9,641		1,014,619
Amphenol Corp., Class A		317,495		20,687,974
Arlo Technologies, Inc.^(a)		21,818		264,216
Arrow Electronics, Inc.^(a)		14,433		1,917,135
Avnet, Inc.		24,517		1,331,518
Badger Meter, Inc.		8,124		1,774,363
Bel Fuse, Inc., Class B, NVS		2,767		217,237
Belden, Inc.		11,275		1,320,641
Benchmark Electronics, Inc.		10,714		474,844
CDW Corp.		35,908		8,125,980
Climb Global Solutions, Inc.		2,024		201,469
Cognex Corp.		45,633		1,848,136
Coherent Corp.^(a)		34,993		3,111,228
Corning, Inc.		207,118		9,351,378
Crane NXT Co.		12,707		712,863
CTS Corp.		8,336		403,296
Daktronics, Inc.^(a)(b)		13,771		177,784
ePlus, Inc.^(a)		7,644		751,711
Evolv Technologies Holdings, Inc., Class A^(a)(b)		34,496		139,709
Fabrinet^(a)		9,499		2,245,944
FARO Technologies, Inc.^(a)		4,236		81,077
Insight Enterprises, Inc.^(a)(b)		7,403		1,594,532
IPG Photonics Corp.^(a)		8,569		636,848
Itron, Inc.^(a)		11,872		1,268,048
Jabil, Inc.		29,814		3,572,612
Keysight Technologies, Inc.^(a)		46,796		7,437,288
Kimball Electronics, Inc.^(a)		6,078		112,504
Knowles Corp.^(a)		26,256		473,396
Lightwave Logic, Inc.^(a)(b)		31,861		87,936
Littelfuse, Inc.		6,333		1,679,828
Methode Electronics, Inc.		9,352		111,850
MicroVision, Inc.^(a)(b)		42,006		47,887
Mirion Technologies, Inc., Class A^(a)(b)		56,658		627,204
Napco Security Technologies, Inc.		10,274		415,686
nLight, Inc.^(a)		10,973		117,301
Novanta, Inc.^(a)(b)		9,870		1,765,940
OSI Systems, Inc.^(a)(b)		4,591		697,051
Ouster, Inc., Class A^(a)(b)		14,486		91,262
PAR Technology Corp.^(a)(b)		10,082		525,071
PC Connection, Inc.		3,008		226,893
Plexus Corp.^(a)		7,508		1,026,419
Powerfleet, Inc. NJ^(a)		31,942		159,710
Rogers Corp.^(a)		5,051		570,813


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Sanmina Corp.^(a)		14,108	$	965,693
ScanSource, Inc.^(a)(b)		6,852		329,102
SmartRent, Inc., Class A^(a)		38,716		66,979
TD SYNNEX Corp.		20,249		2,431,500
Teledyne Technologies, Inc.^(a)		12,466		5,455,870
Trimble, Inc.^(a)		65,072		4,040,320
TTM Technologies, Inc.^(a)		24,261		442,763
Vishay Intertechnology, Inc.		32,553		615,577
Vishay Precision Group, Inc.^(a)		3,280		84,952
Vontier Corp.		43,029		1,451,798
Zebra Technologies Corp., Class A^(a)		13,608		5,039,315


				100,350,702

Energy Equipment & Services — 0.4%
Archrock, Inc.		42,485		859,896
Atlas Energy Solutions, Inc.		18,113		394,863
Baker Hughes Co., Class A		269,782		9,752,619
Borr Drilling Ltd.^(b)		63,232		347,144
Bristow Group, Inc.^(a)		6,223		215,876
Cactus, Inc., Class A		17,514		1,045,060
ChampionX Corp.		51,808		1,562,011
Core Laboratories, Inc.^(b)		12,409		229,939
DMC Global, Inc.^(a)		6,454		83,773
Expro Group Holdings NV^(a)(b)		25,670		440,754
Halliburton Co.		236,895		6,881,800
Helix Energy Solutions Group, Inc.^(a)		35,965		399,212
Helmerich & Payne, Inc.		27,204		827,546
Innovex International, Inc.^(a)(b)		10,013		146,991
Kodiak Gas Services, Inc.		6,596		191,284
Liberty Energy, Inc., Class A		41,584		793,839
Nabors Industries Ltd.^(a)		2,264		145,960
Newpark Resources, Inc.^(a)		26,481		183,513
Noble Corp. PLC		37,453		1,353,551
NOV, Inc.		105,824		1,690,009
Oceaneering International, Inc.^(a)		24,931		620,034
Oil States International, Inc.^(a)		23,262		107,005
Patterson-UTI Energy, Inc.		106,460		814,419
ProFrac Holding Corp., Class A^(a)(b)		8,255		56,051
ProPetro Holding Corp.^(a)		20,153		154,372
RPC, Inc.		20,931		133,121
Schlumberger NV		385,118		16,155,700
Seadrill Ltd.^(a)		19,839		788,402
Select Water Solutions, Inc., Class A		22,735		253,041
Solaris Energy Infrastructure, Inc., Class A		12,679		161,784
TechnipFMC PLC		117,097		3,071,454
TETRA Technologies, Inc.^(a)		42,748		132,519
Tidewater, Inc.^(a)		13,146		943,751
Transocean Ltd.^(a)(b)		194,471		826,502
Valaris Ltd.^(a)		15,805		881,129
Weatherford International PLC		19,555		1,660,611


				54,305,535

Entertainment — 1.3%
AMC Entertainment Holdings, Inc., Class A^(a)(b)		90,647		412,444
Atlanta Braves Holdings, Inc., Class A^(a)		3,156		133,025
Atlanta Braves Holdings, Inc., Class C, NVS^(a)		13,533		538,613
Cinemark Holdings, Inc.^(a)		29,449		819,860
Electronic Arts, Inc.		71,632		10,274,894
Eventbrite, Inc., Class A^(a)		18,770		51,242
IMAX Corp.^(a)(b)		14,965		306,932
Liberty Media Corp. - Liberty Formula One, Class A^(a)		6,614		473,099
Liberty Media Corp. - Liberty Formula One, Class C, NVS^(a)		55,394		4,289,157


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, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Entertainment (continued)
Liberty Media Corp. - Liberty Live, Class A^(a)		5,045	$	249,778
Liberty Media Corp. - Liberty Live, Class C, NVS^(a)(b)		12,363		634,593
Lions Gate Entertainment Corp., Class A^(a)		14,339		112,274
Lions Gate Entertainment Corp., Class B, NVS^(a)		33,932		234,809
Live Nation Entertainment, Inc.^(a)		42,261		4,627,157
Madison Square Garden Entertainment Corp.^(a)		11,448		486,883
Madison Square Garden Sports Corp., Class A^(a)		5,312		1,106,277
Marcus Corp. (The)		7,322		110,343
Netflix, Inc.^(a)		115,151		81,673,150
Playstudios, Inc., Class A^(a)		27,823		42,013
Playtika Holding Corp.		25,647		203,124
ROBLOX Corp., Class A^(a)(b)		137,295		6,076,677
Roku, Inc., Class A^(a)		33,577		2,506,859
Sphere Entertainment Co., Class A^(a)(b)		6,928		306,079
Spotify Technology SA^(a)		39,267		14,471,068
Take-Two Interactive Software, Inc.^(a)		46,529		7,151,973
TKO Group Holdings, Inc., Class A^(a)		21,199		2,622,528
Vivid Seats, Inc., Class A^(a)(b)		22,625		83,713
Walt Disney Co. (The)		494,287		47,545,467
Warner Bros Discovery, Inc., Class A^(a)		652,240		5,380,980


				192,925,011

Financial Services — 4.0%
Acacia Research Corp.^(a)(b)		31,099		144,921
Affirm Holdings, Inc., Class A^(a)(b)		64,077		2,615,623
Alerus Financial Corp.		5,620		128,586
Apollo Global Management, Inc.		140,569		17,558,474
AvidXchange Holdings, Inc.^(a)		50,418		408,890
Banco Latinoamericano de Comercio Exterior SA, Class E		10,974		356,545
Berkshire Hathaway, Inc., Class B^(a)		492,610		226,728,679
Block, Inc., Class A^(a)		148,992		10,001,833
Burford Capital Ltd.		53,432		708,508
Cannae Holdings, Inc.		16,877		321,676
Cantaloupe, Inc.^(a)		24,747		183,128
Cass Information Systems, Inc.		3,427		142,152
Compass Diversified Holdings		20,388		451,187
Corpay, Inc.^(a)		18,428		5,763,541
Enact Holdings, Inc.		8,540		310,258
Equitable Holdings, Inc.		88,229		3,708,265
Essent Group Ltd.		29,429		1,891,990
Euronet Worldwide, Inc.^(a)		12,471		1,237,497
EVERTEC, Inc.		19,259		652,688
Federal Agricultural Mortgage Corp., Class C, NVS		2,539		475,834
Fidelity National Information Services, Inc.		151,054		12,650,773
Fiserv, Inc.^(a)		154,715		27,794,550
Flywire Corp.^(a)		30,571		501,059
Global Payments, Inc.		68,395		7,005,016
HA Sustainable Infrastructure Capital, Inc.		31,822		1,096,904
I3 Verticals, Inc., Class A^(a)(b)		6,175		131,589
International Money Express, Inc.^(a)		9,621		177,892
Jack Henry & Associates, Inc.		20,076		3,544,217
Jackson Financial, Inc., Class A		18,898		1,724,065
Marqeta, Inc., Class A^(a)		142,137		699,314
Mastercard, Inc., Class A		222,397		109,819,639
Merchants Bancorp		5,233		235,276
MGIC Investment Corp.		69,407		1,776,819
Mr. Cooper Group, Inc.^(a)		16,951		1,562,543
NCR Atleos Corp.^(a)		21,570		615,392
NewtekOne, Inc.		6,683		83,270
NMI Holdings, Inc., Class A^(a)		22,295		918,331


Security	Shares		Value

Financial Services (continued)
Onity Group, Inc.^(a)		3,482	$	111,215
Pagseguro Digital Ltd., Class A^(a)		52,940		455,813
Payoneer Global, Inc.^(a)		72,911		549,020
PayPal Holdings, Inc.^(a)		276,039		21,539,323
Paysafe Ltd.^(a)(b)		7,815		175,291
Paysign, Inc.^(a)		30,579		112,225
PennyMac Financial Services, Inc., Class A		6,800		774,996
Radian Group, Inc.		39,825		1,381,529
Remitly Global, Inc.^(a)(b)		34,762		465,463
Repay Holdings Corp., Class A^(a)(b)		21,002		171,376
Rocket Cos., Inc., Class A^(a)(b)		40,422		775,698
Sezzle, Inc.^(a)(b)		1,108		189,014
Shift4 Payments, Inc., Class A^(a)(b)		17,016		1,507,618
StoneCo Ltd., Class A^(a)		76,862		865,466
TFS Financial Corp.		15,293		196,668
Toast, Inc., Class A^(a)(b)		119,177		3,373,901
UWM Holdings Corp., Class A		33,347		284,116
Velocity Financial, Inc.^(a)		7,853		153,997
Visa, Inc., Class A		424,022		116,584,849
Voya Financial, Inc.		28,370		2,247,471
Walker & Dunlop, Inc.		9,520		1,081,377
Waterstone Financial, Inc.		8,324		122,363
Western Union Co. (The)		72,596		866,070
WEX, Inc.^(a)		11,007		2,308,498


				600,420,281

Food Products — 0.7%
Archer-Daniels-Midland Co.		128,686		7,687,702
B&G Foods, Inc.		17,011		151,058
Beyond Meat, Inc.^(a)(b)		15,177		102,900
BRC, Inc., Class A^(a)(b)		14,213		48,608
Bunge Global SA^(b)		38,738		3,743,640
Calavo Growers, Inc.		4,164		118,799
Cal-Maine Foods, Inc.		11,753		879,595
Campbell Soup Co.		51,077		2,498,687
Conagra Brands, Inc.		127,106		4,133,487
Darling Ingredients, Inc.^(a)		42,667		1,585,506
Dole PLC		18,925		308,288
Flowers Foods, Inc.		49,728		1,147,225
Fresh Del Monte Produce, Inc.		9,010		266,155
Freshpet, Inc.^(a)		12,233		1,673,107
General Mills, Inc.		150,696		11,128,900
Hain Celestial Group, Inc. (The)^(a)		23,568		203,392
Hershey Co. (The)		38,889		7,458,132
Hormel Foods Corp.		78,751		2,496,407
Ingredion, Inc.		18,018		2,476,214
J & J Snack Foods Corp.		4,143		713,093
J M Smucker Co. (The)		27,513		3,331,824
John B Sanfilippo & Son, Inc.		1,984		187,111
Kellanova		69,893		5,641,064
Kraft Heinz Co. (The)		238,846		8,385,883
Lamb Weston Holdings, Inc.		39,013		2,525,702
Lancaster Colony Corp.		5,089		898,565
Limoneira Co.		7,473		198,034
McCormick & Co., Inc., NVS		68,291		5,620,349
Mission Produce, Inc.^(a)		10,511		134,751
Mondelez International, Inc., Class A		359,945		26,517,148
Pilgrim’s Pride Corp.^(a)		10,491		483,111
Post Holdings, Inc.^(a)		13,447		1,556,490
Seaboard Corp.		75		235,275
Seneca Foods Corp., Class A^(a)(b)		2,112		131,641
Simply Good Foods Co. (The)^(a)		22,976		798,876
SunOpta, Inc.^(a)		28,173		179,744


12		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products (continued)
TreeHouse Foods, Inc.^(a)		13,353	$	560,559
Tyson Foods, Inc., Class A		75,647		4,505,535
Utz Brands, Inc., Class A		15,698		277,855
Vital Farms, Inc.^(a)		8,776		307,774
Westrock Coffee Co.^(a)(b)		10,123		65,799
WK Kellogg Co.		17,473		298,963


				111,662,948

Gas Utilities — 0.1%
Atmos Energy Corp.		40,199		5,576,003
Brookfield Infrastructure Corp., Class A		31,812		1,381,595
Chesapeake Utilities Corp.		5,892		731,610
National Fuel Gas Co.		24,688		1,496,340
New Jersey Resources Corp.		26,552		1,253,254
Northwest Natural Holding Co.		8,738		356,685
ONE Gas, Inc.		14,531		1,081,397
Southwest Gas Holdings, Inc.		17,266		1,273,540
Spire, Inc.		15,791		1,062,576
UGI Corp.		56,720		1,419,135


				15,632,135

Ground Transportation — 1.0%
ArcBest Corp.		6,209		673,366
Avis Budget Group, Inc.		5,451		477,453
Covenant Logistics Group, Inc., Class A		3,753		198,309
CSX Corp.		525,188		18,134,742
FTAI Infrastructure, Inc.		32,729		306,343
Heartland Express, Inc.		11,974		147,041
Hertz Global Holdings, Inc.^(a)(b)		35,862		118,345
JB Hunt Transport Services, Inc.		22,118		3,811,595
Knight-Swift Transportation Holdings, Inc.		42,311		2,282,678
Landstar System, Inc.		9,282		1,753,091
Lyft, Inc., Class A^(a)		93,672		1,194,318
Marten Transport Ltd.		14,196		251,269
Norfolk Southern Corp.		60,742		15,094,387
Old Dominion Freight Line, Inc.		53,024		10,532,687
RXO, Inc.^(a)(b)		36,249		1,014,972
Ryder System, Inc.		12,045		1,756,161
Saia, Inc.^(a)		7,133		3,118,976
Schneider National, Inc., Class B		14,890		424,961
Uber Technologies, Inc.^(a)		540,474		40,622,026
U-Haul Holding Co.^(a)		2,329		180,451
U-Haul Holding Co., NVS		26,893		1,936,296
Union Pacific Corp.		163,959		40,412,614
Universal Logistics Holdings, Inc.		3,542		152,696
Werner Enterprises, Inc.		16,468		635,500
XPO, Inc.^(a)		30,381		3,266,261


				148,496,538

Health Care Equipment & Supplies — 2.3%
Abbott Laboratories		465,490		53,070,515
Accuray, Inc.^(a)(b)		29,651		53,372
Align Technology, Inc.^(a)		20,136		5,120,988
Alphatec Holdings, Inc.^(a)(b)		21,463		119,334
AngioDynamics, Inc.^(a)		10,281		79,986
Artivion, Inc.^(a)		10,618		282,651
AtriCure, Inc.^(a)		12,117		339,761
Avanos Medical, Inc.^(a)		12,141		291,748
Axogen, Inc.^(a)		11,032		154,669
Axonics, Inc.^(a)		12,881		896,518
Baxter International, Inc.		136,983		5,201,245
Becton Dickinson & Co.		78,122		18,835,214
Bioventus, Inc., Class A^(a)		14,726		175,976
Boston Scientific Corp.^(a)		396,261		33,206,672
Cerus Corp.^(a)		39,055		67,956


Security	Shares		Value

Health Care Equipment & Supplies (continued)
CONMED Corp.		7,887	$	567,233
Cooper Cos., Inc. (The)^(a)		52,382		5,779,830
CVRx, Inc.^(a)		5,179		45,627
DENTSPLY SIRONA, Inc.		53,054		1,435,641
Dexcom, Inc.^(a)		108,409		7,267,739
Edwards Lifesciences Corp.^(a)		160,651		10,601,359
Embecta Corp.		16,199		228,406
Enovis Corp.^(a)(b)		14,070		605,713
Envista Holdings Corp.^(a)(b)		43,422		858,019
GE HealthCare Technologies, Inc.		119,120		11,179,412
Glaukos Corp.^(a)(b)		13,349		1,739,108
Globus Medical, Inc., Class A^(a)		30,078		2,151,780
Haemonetics Corp.^(a)		13,781		1,107,717
Hologic, Inc.^(a)		60,650		4,940,549
ICU Medical, Inc.^(a)		6,005		1,094,231
IDEXX Laboratories, Inc.^(a)		22,243		11,237,608
Inari Medical, Inc.^(a)		14,900		614,476
Inmode Ltd.^(a)		20,480		347,136
Inogen, Inc.^(a)(b)		4,700		45,590
Inspire Medical Systems, Inc.^(a)(b)		7,753		1,636,271
Insulet Corp.^(a)		18,436		4,290,979
Integer Holdings Corp.^(a)		9,154		1,190,020
Integra LifeSciences Holdings Corp.^(a)		19,422		352,898
Intuitive Surgical, Inc.^(a)		95,269		46,802,802
iRadimed Corp.		2,772		139,404
iRhythm Technologies, Inc.^(a)(b)		8,017		595,182
Lantheus Holdings, Inc.^(a)(b)		18,950		2,079,762
LeMaitre Vascular, Inc.		4,795		445,408
LivaNova PLC^(a)		13,880		729,255
Masimo Corp.^(a)		11,577		1,543,561
Medtronic PLC		344,917		31,052,878
Merit Medical Systems, Inc.^(a)(b)		15,629		1,544,614
Neogen Corp.^(a)(b)		57,475		966,155
Nevro Corp.^(a)(b)		9,146		51,126
Novocure Ltd.^(a)		27,066		423,042
Omnicell, Inc.^(a)		11,653		508,071
OraSure Technologies, Inc.^(a)		20,796		88,799
Orthofix Medical, Inc.^(a)		9,142		142,798
OrthoPediatrics Corp.^(a)(b)		2,878		78,023
Paragon 28, Inc.^(a)		14,838		99,118
Penumbra, Inc.^(a)		9,711		1,886,944
PROCEPT BioRobotics Corp.^(a)(b)		11,124		891,255
Pulmonx Corp.^(a)		8,078		66,967
Pulse Biosciences, Inc.^(a)(b)		9,373		164,402
QuidelOrtho Corp.^(a)		14,555		663,708
ResMed, Inc.		38,862		9,486,991
RxSight, Inc.^(a)		8,210		405,820
SI-BONE, Inc.^(a)		13,894		194,238
Solventum Corp.^(a)(b)		36,999		2,579,570
STAAR Surgical Co.^(a)		12,722		472,622
STERIS PLC		27,055		6,561,920
Stryker Corp.		97,292		35,147,708
Surmodics, Inc.^(a)		3,867		149,962
Tactile Systems Technology, Inc.^(a)		7,280		106,361
Tandem Diabetes Care, Inc.^(a)(b)		16,481		698,959
Teleflex, Inc.		12,889		3,187,707
TransMedics Group, Inc.^(a)(b)		8,813		1,383,641
Treace Medical Concepts, Inc.^(a)		10,798		62,628
UFP Technologies, Inc.^(a)		1,991		630,550
Utah Medical Products, Inc.		1,152		77,080
Varex Imaging Corp.^(a)		9,875		117,710
Zimmer Biomet Holdings, Inc.		54,939		5,930,665


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, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Zimvie, Inc.^(a)		9,066	$	143,877
Zynex, Inc.^(a)(b)		7,402		60,400


				345,575,630

Health Care Providers & Services — 2.4%
Acadia Healthcare Co., Inc.^(a)		24,736		1,568,510
Accolade, Inc.^(a)		15,020		57,827
AdaptHealth Corp.^(a)		20,267		227,598
Addus HomeCare Corp.^(a)		4,457		592,915
agilon health, Inc.^(a)(b)		76,237		299,611
Alignment Healthcare, Inc.^(a)(b)		20,867		246,648
Amedisys, Inc.^(a)		8,829		852,087
AMN Healthcare Services, Inc.^(a)		9,655		409,275
Astrana Health, Inc.^(a)(b)		12,472		722,628
BrightSpring Health Services, Inc.^(a)		15,411		226,233
Brookdale Senior Living, Inc.^(a)		49,771		337,945
Cardinal Health, Inc.		65,186		7,204,357
Castle Biosciences, Inc.^(a)(b)		5,406		154,179
Cencora, Inc.		44,679		10,056,349
Centene Corp.^(a)		141,456		10,648,808
Chemed Corp.		3,956		2,377,437
Cigna Group (The)		74,920		25,955,285
Community Health Systems, Inc.^(a)		41,277		250,551
Concentra Group Holdings Parent, Inc.^(a)		6,262		140,018
CorVel Corp.^(a)		2,099		686,142
Cross Country Healthcare, Inc.^(a)		12,076		162,301
CVS Health Corp.		339,076		21,321,099
DaVita, Inc.^(a)(b)		13,545		2,220,432
DocGo, Inc.^(a)(b)		24,746		82,157
Elevance Health, Inc.		62,510		32,505,200
Encompass Health Corp.		27,379		2,645,907
Enhabit, Inc.^(a)		14,477		114,368
Ensign Group, Inc. (The)		15,031		2,161,758
Fulgent Genetics, Inc.^(a)		5,285		114,843
GeneDx Holdings Corp., Class A^(a)		4,387		186,184
Guardant Health, Inc.^(a)(b)		29,324		672,693
HCA Healthcare, Inc.		50,913		20,692,571
HealthEquity, Inc.^(a)(b)		23,142		1,894,173
Henry Schein, Inc.^(a)		35,748		2,606,029
Hims & Hers Health, Inc., Class A^(a)(b)		50,605		932,144
Humana, Inc.		32,401		10,262,693
Labcorp Holdings, Inc.		22,858		5,108,306
LifeStance Health Group, Inc.^(a)(b)		45,247		316,729
McKesson Corp.		35,017		17,313,105
ModivCare, Inc.^(a)		3,110		44,411
Molina Healthcare, Inc.^(a)		15,653		5,393,398
Nano-X Imaging Ltd.^(a)(b)		14,634		88,975
National HealthCare Corp.		3,527		443,591
National Research Corp., Class A		3,787		86,571
NeoGenomics, Inc.^(a)		34,596		510,291
OPKO Health, Inc.^(a)(b)		101,341		150,998
Option Care Health, Inc.^(a)		44,430		1,390,659
Owens & Minor, Inc.^(a)		19,617		307,791
PACS Group, Inc.^(a)		10,552		421,763
Patterson Cos., Inc.		21,703		473,994
Pediatrix Medical Group, Inc.^(a)		20,821		241,315
Pennant Group, Inc. (The)^(a)		8,646		308,662
Performant Financial Corp.^(a)		40,375		151,003
PetIQ, Inc., Class A^(a)		9,420		289,853
Premier, Inc., Class A		32,970		659,400
Privia Health Group, Inc.^(a)		29,354		534,536
Progyny, Inc.^(a)(b)		21,167		354,759
Quest Diagnostics, Inc.		29,590		4,593,847


Security	Shares		Value

Health Care Providers & Services (continued)
R1 RCM, Inc.^(a)		38,791	$	549,668
RadNet, Inc.^(a)		17,521		1,215,782
Select Medical Holdings Corp.		26,742		932,494
Surgery Partners, Inc.^(a)(b)		20,019		645,413
Tenet Healthcare Corp.^(a)		25,661		4,264,858
U.S. Physical Therapy, Inc.		3,554		300,775
UnitedHealth Group, Inc.		247,501		144,708,885
Universal Health Services, Inc., Class B		15,365		3,518,739
Viemed Healthcare, Inc.^(a)		11,732		85,996


				356,995,522

Health Care REITs — 0.3%
Alexandria Real Estate Equities, Inc.		47,177		5,602,269
American Healthcare REIT, Inc.		22,047		575,427
CareTrust REIT, Inc.		36,860		1,137,500
Community Healthcare Trust, Inc.		5,810		105,451
Diversified Healthcare Trust		82,972		347,653
Global Medical REIT, Inc.		11,716		116,105
Healthcare Realty Trust, Inc.		99,987		1,814,764
Healthpeak Properties, Inc.		189,380		4,331,120
LTC Properties, Inc.		9,930		364,332
Medical Properties Trust, Inc.^(b)		158,580		927,693
National Health Investors, Inc.		11,450		962,487
Omega Healthcare Investors, Inc.		65,954		2,684,328
Sabra Health Care REIT, Inc.		63,526		1,182,219
Universal Health Realty Income Trust		3,265		149,374
Ventas, Inc.		108,909		6,984,334
Welltower, Inc.		162,746		20,836,370


				48,121,426

Health Care Technology — 0.1%
Certara, Inc.^(a)		28,728		336,405
Definitive Healthcare Corp., Class A^(a)		10,489		46,886
Doximity, Inc., Class A^(a)		33,319		1,451,709
Evolent Health, Inc., Class A^(a)		29,131		823,825
Health Catalyst, Inc.^(a)		12,157		98,958
HealthStream, Inc.		6,939		200,121
OptimizeRx Corp.^(a)(b)		5,256		40,576
Phreesia, Inc.^(a)		12,862		293,125
Schrodinger, Inc.^(a)		15,758		292,311
Simulations Plus, Inc.		4,191		134,196
Teladoc Health, Inc.^(a)		44,781		411,089
Veeva Systems, Inc., Class A^(a)		39,946		8,383,467
Waystar Holding Corp.^(a)(b)		11,559		322,380


				12,835,048

Hotel & Resort REITs — 0.1%
Apple Hospitality REIT, Inc.		64,145		952,553
Braemar Hotels & Resorts, Inc.		22,862		70,644
Chatham Lodging Trust		12,962		110,436
DiamondRock Hospitality Co.		57,124		498,693
Host Hotels & Resorts, Inc.		188,290		3,313,904
Park Hotels & Resorts, Inc.		59,755		842,545
Pebblebrook Hotel Trust		34,710		459,213
RLJ Lodging Trust		47,088		432,268
Ryman Hospitality Properties, Inc.		15,574		1,670,156
Service Properties Trust		43,556		198,615
Summit Hotel Properties, Inc.		29,130		199,832
Sunstone Hotel Investors, Inc.		55,305		570,748
Xenia Hotels & Resorts, Inc.		31,114		459,554


				9,779,161

Hotels, Restaurants & Leisure — 2.1%
Accel Entertainment, Inc., Class A^(a)		13,083		152,024
Airbnb, Inc., Class A^(a)		117,485		14,898,273


14		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Aramark		70,238	$	2,720,318
Bally’s Corp.^(a)(b)		8,238		142,106
BJ’s Restaurants, Inc.^(a)		6,056		197,183
Bloomin’ Brands, Inc.		23,277		384,769
Booking Holdings, Inc.		9,163		38,595,656
Boyd Gaming Corp.		19,591		1,266,558
Brinker International, Inc.^(a)(b)		12,117		927,314
Caesars Entertainment, Inc.^(a)		57,787		2,412,029
Carnival Corp.^(a)		264,735		4,892,303
Cava Group, Inc.^(a)		20,272		2,510,687
Cheesecake Factory, Inc. (The)		11,698		474,354
Chipotle Mexican Grill, Inc.^(a)		367,181		21,156,969
Choice Hotels International, Inc.^(b)		7,581		987,804
Churchill Downs, Inc.		19,402		2,623,344
Chuy’s Holdings, Inc.^(a)		5,764		215,574
Cracker Barrel Old Country Store, Inc.		5,828		264,300
Darden Restaurants, Inc.		32,208		5,286,299
Dave & Buster’s Entertainment, Inc.^(a)(b)		9,570		325,858
Denny’s Corp.^(a)		17,633		113,733
Despegar.com Corp.^(a)		16,395		203,298
Dine Brands Global, Inc.		4,579		143,002
Domino’s Pizza, Inc.		9,470		4,073,426
DoorDash, Inc., Class A^(a)		93,211		13,304,006
DraftKings, Inc., Class A^(a)		119,503		4,684,518
Dutch Bros, Inc., Class A^(a)(b)		29,482		944,308
El Pollo Loco Holdings, Inc.^(a)		11,448		156,838
Empire Resorts, Inc. Escrow^(a)(d)		881		—
Everi Holdings, Inc.^(a)		24,261		318,790
Expedia Group, Inc.^(a)		33,978		5,029,424
First Watch Restaurant Group, Inc.^(a)(b)		6,418		100,121
Global Business Travel Group I, Class A^(a)(b)		33,460		257,307
Golden Entertainment, Inc.		5,261		167,247
Hilton Grand Vacations, Inc.^(a)		20,476		743,688
Hilton Worldwide Holdings, Inc.		66,026		15,218,993
Hyatt Hotels Corp., Class A		11,758		1,789,568
Inspired Entertainment, Inc.^(a)		6,657		61,710
International Game Technology PLC		28,979		617,253
Jack in the Box, Inc.		5,471		254,620
Krispy Kreme, Inc.		22,437		240,973
Kura Sushi U.S.A., Inc., Class A^(a)(b)		1,526		122,935
Las Vegas Sands Corp.		95,186		4,791,663
Life Time Group Holdings, Inc.^(a)		16,664		406,935
Light & Wonder, Inc., Class A^(a)		23,776		2,157,196
Lindblad Expeditions Holdings, Inc.^(a)		12,564		116,217
Marriott International, Inc., Class A		61,918		15,392,815
Marriott Vacations Worldwide Corp.		9,823		721,794
McDonald’s Corp.		193,695		58,982,064
MGM Resorts International^(a)		61,493		2,403,761
Monarch Casino & Resort, Inc.		3,661		290,207
Mondee Holdings, Inc., Class A^(a)(b)		12,520		17,403
Norwegian Cruise Line Holdings Ltd.^(a)		116,060		2,380,391
Papa John’s International, Inc.		8,789		473,463
Penn Entertainment, Inc.^(a)		43,520		820,787
Planet Fitness, Inc., Class A^(a)		22,707		1,844,263
PlayAGS, Inc.^(a)		16,065		182,980
Portillo’s, Inc., Class A^(a)(b)		10,556		142,189
Potbelly Corp.^(a)		10,223		85,260
RCI Hospitality Holdings, Inc.		2,958		131,779
Red Rock Resorts, Inc., Class A		12,942		704,562
Royal Caribbean Cruises Ltd.		63,560		11,273,002
Rush Street Interactive, Inc., Class A^(a)		23,180		251,503
Sabre Corp.^(a)		86,120		316,060
Shake Shack, Inc., Class A^(a)		9,523		982,869


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Six Flags Entertainment Corp.		24,851	$	1,001,744
Starbucks Corp.		304,560		29,691,554
Super Group SGHC Ltd.		36,074		130,949
Sweetgreen, Inc., Class A^(a)(b)		25,235		894,581
Target Hospitality Corp.^(a)		9,664		75,186
Texas Roadhouse, Inc.		18,338		3,238,491
Travel + Leisure Co.		19,046		877,640
United Parks & Resorts, Inc.^(a)(b)		10,146		513,388
Vail Resorts, Inc.		10,212		1,779,849
Wendy’s Co. (The)		48,256		845,445
Wingstop, Inc.		7,844		3,263,732
Wyndham Hotels & Resorts, Inc.		21,605		1,688,215
Wynn Resorts Ltd.		28,188		2,702,665
Xponential Fitness, Inc., Class A^(a)(b)		4,879		60,500
Yum! Brands, Inc.		75,798		10,589,739


				311,202,321

Household Durables — 0.6%
Beazer Homes U.S.A., Inc.^(a)		9,897		338,181
Cavco Industries, Inc.^(a)		2,397		1,026,491
Century Communities, Inc.		7,209		742,383
Champion Homes, Inc.^(a)		15,183		1,440,108
Cricut, Inc., Class A		12,650		87,665
DR Horton, Inc.		79,691		15,202,652
Dream Finders Homes, Inc., Class A^(a)(b)		7,888		285,624
Ethan Allen Interiors, Inc.		6,067		193,477
Garmin Ltd.		41,664		7,334,114
GoPro, Inc., Class A^(a)		31,893		43,374
Green Brick Partners, Inc.^(a)		8,322		695,053
Helen of Troy Ltd.^(a)(b)		6,436		398,067
Hooker Furnishings Corp.		5,282		95,499
Hovnanian Enterprises, Inc., Class A^(a)		1,542		315,139
Installed Building Products, Inc.		6,058		1,491,904
iRobot Corp.^(a)(b)		7,312		63,541
KB Home		18,254		1,564,185
Landsea Homes Corp.^(a)(b)		9,804		121,079
La-Z-Boy, Inc.		12,852		551,736
Leggett & Platt, Inc.		36,518		497,375
Lennar Corp., Class A		64,243		12,044,278
Lennar Corp., Class B^(b)		3,028		523,662
LGI Homes, Inc.^(a)		5,993		710,290
Lovesac Co. (The)^(a)(b)		3,858		110,532
M/I Homes, Inc.^(a)		7,335		1,256,926
Meritage Homes Corp.		9,857		2,021,375
Mohawk Industries, Inc.^(a)		13,950		2,241,486
Newell Brands, Inc.		115,975		890,688
NVR, Inc.^(a)		775		7,604,145
PulteGroup, Inc.		55,689		7,993,042
SharkNinja, Inc.		17,785		1,933,407
Sonos, Inc.^(a)		32,469		399,044
Taylor Morrison Home Corp., Class A^(a)		27,026		1,898,847
Tempur Sealy International, Inc.		44,272		2,417,251
Toll Brothers, Inc.		27,478		4,245,076
TopBuild Corp.^(a)		8,682		3,531,924
Tri Pointe Homes, Inc.^(a)		25,933		1,175,024
Vizio Holding Corp., Class A^(a)		19,483		217,625
Whirlpool Corp.		14,362		1,536,734
Worthington Enterprises, Inc.		7,848		325,300


				85,564,303

Household Products — 1.1%
Central Garden & Pet Co.^(a)(b)		2,604		94,968
Central Garden & Pet Co., Class A, NVS^(a)		15,231		478,254
Church & Dwight Co., Inc.		66,131		6,925,238


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, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Household Products (continued)
Clorox Co. (The)		33,221	$	5,412,033
Colgate-Palmolive Co.		218,441		22,676,360
Energizer Holdings, Inc.		19,424		616,906
Kimberly-Clark Corp.		90,337		12,853,148
Oil-Dri Corp. of America		1,958		135,083
Procter & Gamble Co. (The)		635,026		109,986,503
Reynolds Consumer Products, Inc.		14,405		447,996
Spectrum Brands Holdings, Inc.		8,152		775,581
WD-40 Co.		3,607		930,173


				161,332,243

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		190,534		3,822,112
Altus Power, Inc., Class A^(a)(b)		14,104		44,851
Brookfield Renewable Corp., Class A		34,734		1,134,412
Clearway Energy, Inc., Class A		8,360		238,009
Clearway Energy, Inc., Class C		23,066		707,665
Montauk Renewables, Inc.^(a)		19,025		99,120
Ormat Technologies, Inc.		13,944		1,072,851
Sunnova Energy International, Inc.^(a)(b)		27,629		269,107
Vistra Corp.		92,575		10,973,841


				18,361,968

Industrial Conglomerates — 0.4%
3M Co.		149,099		20,381,833
Brookfield Business Corp., Class A		5,477		138,733
Honeywell International, Inc.		175,206		36,216,832


				56,737,398

Industrial REITs — 0.3%
Americold Realty Trust, Inc.		76,536		2,163,673
EastGroup Properties, Inc.		13,140		2,454,815
First Industrial Realty Trust, Inc.		34,640		1,939,147
Industrial Logistics Properties Trust		28,883		137,483
Innovative Industrial Properties, Inc.		7,833		1,054,322
Lineage, Inc.		16,625		1,303,067
LXP Industrial Trust		74,931		753,056
Plymouth Industrial REIT, Inc.		11,861		268,059
Prologis, Inc.		248,440		31,373,003
Rexford Industrial Realty, Inc.		57,413		2,888,448
STAG Industrial, Inc.		50,262		1,964,742
Terreno Realty Corp.		25,471		1,702,227


				48,002,042

Insurance — 2.3%
Aflac, Inc.		150,596		16,836,633
Allstate Corp. (The)		71,125		13,488,856
Ambac Financial Group, Inc.^(a)		13,096		146,806
American Financial Group, Inc.		19,579		2,635,333
American International Group, Inc.		175,336		12,839,855
AMERISAFE, Inc.		4,931		238,315
Aon PLC, Class A		52,765		18,256,162
Arch Capital Group Ltd.^(a)(b)		97,139		10,867,911
Arthur J. Gallagher & Co.		58,377		16,425,537
Assurant, Inc.		13,864		2,756,995
Assured Guaranty Ltd.		14,751		1,173,000
Axis Capital Holdings Ltd.		21,304		1,696,011
Baldwin Insurance Group, Inc. (The), Class A^(a)		16,387		816,073
Brighthouse Financial, Inc.^(a)		17,519		788,881
Brown & Brown, Inc.		64,208		6,651,949
Chubb Ltd.		108,759		31,365,008
Cincinnati Financial Corp.		41,111		5,596,029
CNA Financial Corp.		8,100		396,414
CNO Financial Group, Inc.		27,966		981,607
Donegal Group, Inc., Class A		7,018		103,445


Security	Shares		Value

Insurance (continued)
Employers Holdings, Inc.		6,711	$	321,927
Enstar Group Ltd.^(a)		3,163		1,017,189
Everest Group Ltd.		11,686		4,578,925
F&G Annuities & Life, Inc.		4,728		211,436
Fidelis Insurance Holdings Ltd.		16,216		292,861
Fidelity National Financial, Inc., Class A		69,686		4,324,713
First American Financial Corp.		27,709		1,829,071
Genworth Financial, Inc., Class A^(a)		118,020		808,437
Globe Life, Inc.		23,867		2,527,754
Goosehead Insurance, Inc., Class A^(a)		6,375		569,288
Greenlight Capital Re Ltd., Class A^(a)		11,021		150,437
Hamilton Insurance Group Ltd., Class B^(a)		10,601		205,023
Hanover Insurance Group, Inc. (The)		9,478		1,403,787
Hartford Financial Services Group, Inc. (The)		78,338		9,213,332
HCI Group, Inc.		2,423		259,406
Heritage Insurance Holdings, Inc.^(a)		9,002		110,185
Hippo Holdings, Inc.^(a)(b)		6,444		108,775
Horace Mann Educators Corp.		10,907		381,200
Investors Title Co.		641		147,302
James River Group Holdings Ltd.		8,229		51,596
Kemper Corp.		16,471		1,008,849
Kinsale Capital Group, Inc.		5,819		2,709,152
Lemonade, Inc.^(a)(b)		10,592		174,662
Lincoln National Corp.		45,044		1,419,336
Loews Corp.		47,700		3,770,685
Markel Group, Inc.^(a)		3,424		5,370,818
Marsh & McLennan Cos., Inc.		132,523		29,564,556
MBIA, Inc.		15,111		53,946
Mercury General Corp.		7,077		445,710
MetLife, Inc.		158,292		13,055,924
Old Republic International Corp.		67,065		2,375,442
Oscar Health, Inc., Class A^(a)		53,004		1,124,215
Palomar Holdings, Inc.^(a)		5,848		553,630
Primerica, Inc.		9,448		2,505,137
Principal Financial Group, Inc.		61,646		5,295,391
ProAssurance Corp.^(a)		12,959		194,903
Progressive Corp. (The)		157,223		39,896,909
Prudential Financial, Inc.		96,589		11,696,928
Reinsurance Group of America, Inc.		17,690		3,854,120
RenaissanceRe Holdings Ltd.		13,752		3,746,045
RLI Corp.		10,660		1,652,087
Root, Inc., Class A^(a)(b)		3,015		113,907
Ryan Specialty Holdings, Inc., Class A		26,955		1,789,542
Safety Insurance Group, Inc.		3,793		310,192
Selective Insurance Group, Inc.		16,808		1,568,186
Selectquote, Inc.^(a)(b)		44,957		97,557
SiriusPoint Ltd.^(a)		24,283		348,218
Skyward Specialty Insurance Group, Inc.^(a)		8,572		349,138
Stewart Information Services Corp.		6,984		521,984
Tiptree, Inc.		6,852		134,094
Travelers Cos., Inc. (The)		61,478		14,393,229
Trupanion, Inc.^(a)(b)		9,687		406,660
United Fire Group, Inc.		6,023		126,061
Universal Insurance Holdings, Inc.		9,269		205,401
Unum Group		44,094		2,620,947
W R Berkley Corp.		78,856		4,473,501
White Mountains Insurance Group Ltd.^(b)		655		1,111,011
Willis Towers Watson PLC		27,665		8,148,173


				339,759,710

Interactive Media & Services — 5.6%
Alphabet, Inc., Class A		1,581,917		262,360,934
Alphabet, Inc., Class C, NVS		1,325,573		221,622,550


16		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Interactive Media & Services (continued)
Bumble, Inc., Class A^(a)(b)		23,370	$	149,101
Cargurus, Inc., Class A^(a)		25,914		778,197
Cars.com, Inc.^(a)		18,883		316,479
EverQuote, Inc., Class A^(a)		7,814		164,797
fuboTV, Inc.^(a)		89,065		126,472
Getty Images Holdings, Inc.^(a)(b)		38,878		148,125
Grindr, Inc.^(a)(b)		6,548		78,118
IAC, Inc.^(a)		20,522		1,104,494
Match Group, Inc.^(a)		69,357		2,624,469
MediaAlpha, Inc., Class A^(a)		7,598		137,600
Meta Platforms, Inc., Class A		589,686		337,559,854
Nextdoor Holdings, Inc., Class A^(a)		39,406		97,727
Outbrain, Inc.^(a)		3,875		18,833
Pinterest, Inc., Class A^(a)		162,277		5,252,906
QuinStreet, Inc.^(a)		12,468		238,513
Shutterstock, Inc.		6,071		214,731
TripAdvisor, Inc.^(a)		27,816		403,054
TrueCar, Inc.^(a)		36,426		125,670
Trump Media & Technology Group Corp., Class A^(a)(b)		15,486		248,860
Vimeo, Inc.^(a)		39,207		197,995
Yelp, Inc.^(a)		18,883		662,416
Ziff Davis, Inc.^(a)(b)		13,141		639,441
ZipRecruiter, Inc., Class A^(a)		21,599		205,190
ZoomInfo Technologies, Inc., Class A^(a)		83,215		858,779


				836,335,305

IT Services — 1.3%
Accenture PLC, Class A		168,864		59,690,047
Akamai Technologies, Inc.^(a)		39,920		4,029,924
Amdocs Ltd.		30,881		2,701,470
Applied Digital Corp.^(a)(b)		42,047		346,888
ASGN, Inc.^(a)(b)		12,076		1,125,845
BigCommerce Holdings, Inc., Series 1^(a)		20,023		117,135
Cloudflare, Inc., Class A^(a)		81,295		6,575,953
Cognizant Technology Solutions Corp., Class A		133,435		10,298,513
Core Scientific, Inc.^(a)		47,556		564,014
Couchbase, Inc.^(a)		9,475		152,737
DigitalOcean Holdings, Inc.^(a)		17,765		717,528
DXC Technology Co.^(a)		48,255		1,001,291
EPAM Systems, Inc.^(a)		15,045		2,994,406
Fastly, Inc., Class A^(a)		33,165		251,059
Gartner, Inc.^(a)		20,412		10,343,985
Globant SA^(a)(b)		10,955		2,170,624
GoDaddy, Inc., Class A^(a)		38,030		5,962,343
Grid Dynamics Holdings, Inc., Class A^(a)		11,414		159,796
Hackett Group, Inc. (The)		7,942		208,636
International Business Machines Corp.		247,320		54,677,506
Kyndryl Holdings, Inc.^(a)		59,385		1,364,667
MongoDB, Inc., Class A^(a)		19,048		5,149,627
Okta, Inc., Class A^(a)		41,841		3,110,460
Perficient, Inc.^(a)		8,539		644,524
Snowflake, Inc., Class A^(a)		84,797		9,739,783
Squarespace, Inc., Class A^(a)		16,992		788,939
Thoughtworks Holding, Inc.^(a)		29,053		128,414
Tucows, Inc., Class A^(a)(b)		2,748		57,406
Twilio, Inc., Class A^(a)		47,426		3,093,124
Unisys Corp.^(a)		18,180		103,262
VeriSign, Inc.^(a)		22,499		4,273,910


				192,543,816

Leisure Products — 0.1%
Acushnet Holdings Corp.		7,168		456,960
AMMO, Inc.^(a)(b)		36,932		52,813


Security	Shares		Value

Leisure Products (continued)
Brunswick Corp.		19,005	$	1,592,999
Funko, Inc., Class A^(a)		7,152		87,397
Hasbro, Inc.		37,362		2,702,020
JAKKS Pacific, Inc.^(a)		3,485		88,937
Johnson Outdoors, Inc., Class A		1,500		54,300
Malibu Boats, Inc., Class A^(a)(b)		5,132		199,173
MasterCraft Boat Holdings, Inc.^(a)		5,268		95,930
Mattel, Inc.^(a)		89,120		1,697,736
Peloton Interactive, Inc., Class A^(a)(b)		99,982		467,916
Polaris, Inc.		14,672		1,221,297
Smith & Wesson Brands, Inc.		15,113		196,167
Sturm Ruger & Co., Inc.		4,164		173,555
Topgolf Callaway Brands Corp.^(a)(b)		38,335		420,918
Vista Outdoor, Inc.^(a)		15,932		624,216
YETI Holdings, Inc.^(a)		22,786		934,910


				11,067,244

Life Sciences Tools & Services — 1.3%
10X Genomics, Inc., Class A^(a)(b)		30,371		685,777
Adaptive Biotechnologies Corp.^(a)		29,616		151,634
Agilent Technologies, Inc.		79,233		11,764,516
Avantor, Inc.^(a)		180,028		4,657,324
Azenta, Inc.^(a)		14,518		703,252
BioLife Solutions, Inc.^(a)(b)		9,591		240,159
Bio-Rad Laboratories, Inc., Class A^(a)(b)		5,184		1,734,463
Bio-Techne Corp.		42,166		3,370,328
Bruker Corp.		29,458		2,034,369
Charles River Laboratories International, Inc.^(a)(b)		13,865		2,730,989
Codexis, Inc.^(a)		16,746		51,578
CryoPort, Inc.^(a)(b)		10,161		82,406
Cytek Biosciences, Inc.^(a)		28,046		155,375
Danaher Corp.		173,710		48,294,854
Fortrea Holdings, Inc.^(a)(b)		23,422		468,440
Illumina, Inc.^(a)		42,590		5,554,162
IQVIA Holdings, Inc.^(a)		48,455		11,482,381
Maravai LifeSciences Holdings, Inc., Class A^(a)		30,029		249,541
MaxCyte, Inc.^(a)(b)		25,240		98,183
Medpace Holdings, Inc.^(a)		6,831		2,280,188
Mesa Laboratories, Inc.		1,393		180,895
Mettler-Toledo International, Inc.^(a)		5,672		8,506,298
OmniAb, Inc.^(a)(b)		19,229		81,339
OmniAb, Inc., 12.50 Earnout Shares^(a)(d)		1,502		—
OmniAb, Inc., 15.00 Earnout Shares^(a)(d)		1,502		—
Pacific Biosciences of California, Inc.^(a)(b)		68,157		115,867
QIAGEN NV		59,517		2,712,190
Quanterix Corp.^(a)		12,340		159,926
Quantum-Si, Inc., Class A^(a)		35,198		31,052
Repligen Corp.^(a)(b)		14,729		2,191,970
Revvity, Inc.		33,411		4,268,255
Sotera Health Co.^(a)		40,554		677,252
Standard BioTools, Inc.^(a)(b)		82,117		158,486
Thermo Fisher Scientific, Inc.		102,772		63,571,676
Waters Corp.^(a)		15,982		5,751,762
West Pharmaceutical Services, Inc.		19,509		5,855,821


				191,052,708

Machinery — 1.9%
3D Systems Corp.^(a)(b)		31,239		88,719
AGCO Corp.		16,450		1,609,797
Alamo Group, Inc.		2,409		433,933
Albany International Corp., Class A		8,026		713,110
Allison Transmission Holdings, Inc.		24,675		2,370,527
Astec Industries, Inc.		6,015		192,119
Atmus Filtration Technologies, Inc.		22,532		845,626


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, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Barnes Group, Inc.		12,468	$	503,832
Blue Bird Corp.^(a)		9,930		476,243
Caterpillar, Inc.		131,472		51,421,329
Chart Industries, Inc.^(a)(b)		11,321		1,405,389
CNH Industrial NV		234,548		2,603,483
Columbus McKinnon Corp.		6,651		239,436
Commercial Vehicle Group, Inc.^(a)		11,184		36,348
Crane Co.		13,653		2,160,997
Cummins, Inc.		36,736		11,894,749
Deere & Co.		67,720		28,261,588
Donaldson Co., Inc.		32,844		2,420,603
Douglas Dynamics, Inc.		5,502		151,745
Dover Corp.		36,699		7,036,666
Energy Recovery, Inc.^(a)(b)		14,959		260,137
Enerpac Tool Group Corp., Class A		15,945		667,936
Enpro, Inc.		6,074		985,081
Esab Corp.		15,205		1,616,444
ESCO Technologies, Inc.		6,659		858,878
Federal Signal Corp.		15,365		1,436,013
Flowserve Corp.		35,748		1,847,814
Fortive Corp.		94,242		7,438,521
Franklin Electric Co., Inc.		11,849		1,242,012
Gates Industrial Corp. PLC^(a)		55,059		966,285
Gorman-Rupp Co. (The)		4,773		185,908
Graco, Inc.		44,532		3,896,995
Graham Corp.^(a)		4,517		133,658
Greenbrier Cos., Inc. (The)		8,419		428,443
Helios Technologies, Inc.		8,191		390,711
Hillenbrand, Inc.		19,070		530,146
Hillman Solutions Corp.^(a)		46,685		492,994
Hyliion Holdings Corp., Class A^(a)(b)		54,989		136,373
Hyster-Yale, Inc., Class A		2,702		172,307
IDEX Corp.		20,233		4,339,978
Illinois Tool Works, Inc.		79,593		20,858,938
Ingersoll Rand, Inc.		107,926		10,594,016
ITT, Inc.		22,151		3,311,796
John Bean Technologies Corp.^(b)		8,673		854,377
Kadant, Inc.^(b)		3,343		1,129,934
Kennametal, Inc.		22,276		577,617
Lincoln Electric Holdings, Inc.		15,008		2,881,836
Lindsay Corp.		3,120		388,877
Luxfer Holdings PLC		7,312		94,690
Manitowoc Co., Inc. (The)^(a)(b)		9,254		89,023
Middleby Corp. (The)^(a)		14,483		2,015,020
Miller Industries, Inc.		3,063		186,843
Mueller Industries, Inc.		31,098		2,304,362
Mueller Water Products, Inc., Class A		45,789		993,621
Nordson Corp.^(b)		15,543		4,082,058
Omega Flex, Inc.		1,093		54,563
Oshkosh Corp.		17,992		1,802,978
Otis Worldwide Corp.		108,561		11,283,830
PACCAR, Inc.		138,572		13,674,285
Parker-Hannifin Corp.		34,498		21,796,526
Pentair PLC		44,416		4,343,441
Proto Labs, Inc.^(a)		7,174		210,700
RBC Bearings, Inc.^(a)(b)		7,812		2,338,757
REV Group, Inc.		15,098		423,650
Shyft Group, Inc. (The)		8,957		112,410
Snap-on, Inc.		13,931		4,035,950
SPX Technologies, Inc.^(a)		12,366		1,971,882
Standex International Corp.		3,115		569,360
Stanley Black & Decker, Inc.		40,999		4,515,220
Tennant Co.		4,651		446,682


Security	Shares		Value

Machinery (continued)
Terex Corp.		18,067	$	955,925
Timken Co. (The)		16,773		1,413,796
Titan International, Inc.^(a)		11,235		91,341
Toro Co. (The)		28,111		2,438,067
Trinity Industries, Inc.		20,270		706,207
Wabash National Corp.		12,630		242,370
Watts Water Technologies, Inc., Class A		7,058		1,462,347
Westinghouse Air Brake Technologies Corp.		47,009		8,544,826
Xylem, Inc.		64,570		8,718,887


				285,409,881

Marine Transportation — 0.0%
Costamare, Inc.		18,113		284,736
Genco Shipping & Trading Ltd.		9,102		177,489
Golden Ocean Group Ltd.		30,337		405,909
Kirby Corp.^(a)		15,748		1,928,028
Matson, Inc.		9,423		1,343,908
Pangaea Logistics Solutions Ltd.		17,021		123,062
Safe Bulkers, Inc.		13,807		71,520


				4,334,652

Media — 0.6%
Advantage Solutions, Inc., Class A^(a)		38,657		132,594
AMC Networks, Inc., Class A^(a)		7,729		67,165
Boston Omaha Corp., Class A^(a)		4,971		73,919
Cable One, Inc.		1,459		510,344
Cardlytics, Inc.^(a)(b)		12,330		39,456
Charter Communications, Inc., Class A^(a)		25,211		8,170,381
Clear Channel Outdoor Holdings, Inc.^(a)		99,222		158,755
Comcast Corp., Class A		1,033,340		43,162,612
EchoStar Corp., Class A^(a)		31,688		786,496
Entravision Communications Corp., Class A		23,566		48,782
EW Scripps Co. (The), Class A, NVS^(a)		13,770		30,914
Fox Corp., Class A, NVS^(b)		61,970		2,623,190
Fox Corp., Class B		37,243		1,445,028
Gannett Co., Inc.^(a)(b)		26,344		148,053
Gray Television, Inc.		21,629		115,931
Ibotta, Inc., Class A^(a)(b)		2,033		125,253
iHeartMedia, Inc., Class A^(a)(b)		28,487		52,701
Integral Ad Science Holding Corp.^(a)		23,663		255,797
Interpublic Group of Cos., Inc. (The)		100,218		3,169,895
John Wiley & Sons, Inc., Class A		8,552		412,634
Liberty Broadband Corp., Class A^(a)		4,142		318,189
Liberty Broadband Corp., Class C, NVS^(a)		29,072		2,246,975
Magnite, Inc.^(a)		34,172		473,282
National CineMedia, Inc.^(a)(b)		24,523		172,887
New York Times Co. (The), Class A		43,900		2,443,913
News Corp., Class A, NVS		104,308		2,777,722
News Corp., Class B		31,676		885,344
Nexstar Media Group, Inc., Class A		8,232		1,361,161
Omnicom Group, Inc.		51,825		5,358,187
Paramount Global, Class A^(b)		4,209		92,009
Paramount Global, Class B, NVS		153,644		1,631,699
PubMatic, Inc., Class A^(a)		11,420		169,815
Scholastic Corp., NVS		6,981		223,462
Sinclair, Inc., Class A		11,969		183,126
Sirius XM Holdings, Inc.		66,718		1,577,881
Stagwell, Inc., Class A^(a)		34,115		239,487
TechTarget, Inc.^(a)		7,417		181,346
TEGNA, Inc.		45,453		717,248
Thryv Holdings, Inc.^(a)		6,691		115,286
Trade Desk, Inc. (The), Class A^(a)		118,341		12,976,091
WideOpenWest, Inc.^(a)		14,921		78,335


				95,753,345


18		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Metals & Mining — 0.5%
Alcoa Corp.		67,243	$	2,594,235
Alpha Metallurgical Resources, Inc.		3,041		718,223
Arch Resources, Inc., Class A		5,013		692,596
ATI, Inc.^(a)		33,185		2,220,408
Caledonia Mining Corp. PLC		10,102		151,126
Carpenter Technology Corp.		12,516		1,997,303
Century Aluminum Co.^(a)		15,379		249,601
Cleveland-Cliffs, Inc.^(a)(b)		131,345		1,677,276
Coeur Mining, Inc.^(a)		105,230		723,982
Commercial Metals Co.		31,893		1,752,839
Compass Minerals International, Inc.		9,058		108,877
Constellium SE, Class A^(a)		30,666		498,629
Freeport-McMoRan, Inc.		386,375		19,287,840
Haynes International, Inc.		3,771		224,525
Hecla Mining Co.		168,350		1,122,895
i-80 Gold Corp.^(a)		51,527		59,771
Ivanhoe Electric, Inc.^(a)(b)		12,342		104,413
Kaiser Aluminum Corp.		4,375		317,275
Materion Corp.		5,046		564,446
Metallus, Inc.^(a)(b)		10,107		149,887
Metals Acquisition Ltd., Class A^(a)		14,361		198,900
MP Materials Corp., Class A^(a)(b)		29,137		514,268
Newmont Corp.		310,099		16,574,792
Novagold Resources, Inc.^(a)		65,882		270,116
Nucor Corp.		64,417		9,684,452
Olympic Steel, Inc.		2,567		100,113
Perpetua Resources Corp.^(a)		17,054		159,455
Piedmont Lithium, Inc.^(a)(b)		4,903		43,784
Radius Recycling, Inc., Class A		6,280		116,431
Ramaco Resources, Inc., Class A		11,397		133,345
Reliance, Inc.		15,511		4,485,936
Royal Gold, Inc.		18,018		2,527,926
Ryerson Holding Corp.		9,069		180,564
Southern Copper Corp.		22,633		2,617,959
SSR Mining, Inc.		53,430		303,482
Steel Dynamics, Inc.		39,670		5,001,594
SunCoke Energy, Inc.		26,472		229,777
Tredegar Corp.^(a)		11,482		83,704
United States Steel Corp.		59,619		2,106,339
Warrior Met Coal, Inc.		14,644		935,752
Worthington Steel, Inc.		7,848		266,911


				81,751,747

Mortgage Real Estate Investment Trusts (REITs) — 0.1%
AFC Gamma, Inc.		6,510		66,467
AGNC Investment Corp.		204,370		2,137,710
Annaly Capital Management, Inc.		131,705		2,643,319
Apollo Commercial Real Estate Finance, Inc.		41,389		380,365
Arbor Realty Trust, Inc.^(b)		41,214		641,290
Ares Commercial Real Estate Corp.		11,167		78,169
ARMOUR Residential REIT, Inc.		16,126		328,971
Blackstone Mortgage Trust, Inc., Class A		47,912		910,807
BrightSpire Capital, Inc., Class A		40,910		229,096
Chicago Atlantic Real Estate Finance, Inc.		7,511		116,496
Chimera Investment Corp.		20,165		319,212
Claros Mortgage Trust, Inc.		23,633		177,011
Dynex Capital, Inc.		17,663		225,380
Ellington Financial, Inc.		19,210		247,617
Franklin BSP Realty Trust, Inc.		22,117		288,848
Granite Point Mortgage Trust, Inc.		16,114		51,081
Invesco Mortgage Capital, Inc.		8,754		82,200
KKR Real Estate Finance Trust, Inc.		16,064		198,390
Ladder Capital Corp., Class A		28,193		327,039


Security	Shares		Value

Mortgage Real Estate Investment Trusts (REITs) (continued)
MFA Financial, Inc.		30,014	$	381,778
New York Mortgage Trust, Inc.		24,588		155,642
Orchid Island Capital, Inc.		11,990		98,558
PennyMac Mortgage Investment Trust		23,905		340,885
Ready Capital Corp.		38,912		296,899
Redwood Trust, Inc.		31,849		246,193
Rithm Capital Corp.		136,546		1,549,797
Starwood Property Trust, Inc.		84,149		1,714,957
Sunrise Realty Trust, Inc.		2,172		31,255
TPG RE Finance Trust, Inc.		14,995		127,907
Two Harbors Investment Corp.		24,192		335,785


				14,729,124

Multi-Utilities — 0.6%
Ameren Corp.		72,118		6,307,440
Avista Corp.		18,156		703,545
Black Hills Corp.		17,685		1,080,907
CenterPoint Energy, Inc.		172,028		5,061,064
CMS Energy Corp.		80,209		5,665,162
Consolidated Edison, Inc.		92,499		9,631,921
Dominion Energy, Inc.		225,988		13,059,847
DTE Energy Co.		56,176		7,213,560
NiSource, Inc.		120,499		4,175,290
Northwestern Energy Group, Inc.		15,623		893,948
Public Service Enterprise Group, Inc.		133,973		11,951,731
Sempra		171,035		14,303,657
Unitil Corp.		3,445		208,698
WEC Energy Group, Inc.		84,345		8,112,302


				88,369,072

Office REITs — 0.1%
Brandywine Realty Trust		50,094		272,511
BXP, Inc.		41,947		3,375,056
City Office REIT, Inc.		13,001		75,926
COPT Defense Properties		29,962		908,747
Cousins Properties, Inc.		40,066		1,181,146
Douglas Emmett, Inc.		44,532		782,427
Easterly Government Properties, Inc.		26,229		356,190
Equity Commonwealth^(a)		28,114		559,468
Highwoods Properties, Inc.		27,268		913,751
Hudson Pacific Properties, Inc.		40,406		193,141
JBG SMITH Properties		23,521		411,147
Kilroy Realty Corp.		31,246		1,209,220
NET Lease Office Properties^(b)		3,766		115,315
Orion Office REIT, Inc.		14,508		58,032
Paramount Group, Inc.		47,277		232,603
Peakstone Realty Trust, Class E		7,356		100,262
Piedmont Office Realty Trust, Inc., Class A		34,146		344,875
Postal Realty Trust, Inc., Class A		3,886		56,891
SL Green Realty Corp.		16,806		1,169,866
Vornado Realty Trust		47,646		1,877,252


				14,193,826

Oil, Gas & Consumable Fuels — 3.1%
Amplify Energy Corp.^(a)		12,589		82,206
Antero Midstream Corp.		89,585		1,348,254
Antero Resources Corp.^(a)		77,570		2,222,380
APA Corp.		99,800		2,441,108
Ardmore Shipping Corp.		13,398		242,504
Berry Corp.		23,141		118,945
California Resources Corp.		19,556		1,026,103
Centrus Energy Corp., Class A^(a)(b)		3,264		179,030
Cheniere Energy, Inc.		61,718		11,099,365
Chesapeake Energy Corp.		35,551		2,924,070
Chevron Corp.		463,678		68,285,859


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, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Chord Energy Corp.		17,035	$	2,218,468
Civitas Resources, Inc.		26,851		1,360,540
Clean Energy Fuels Corp.^(a)(b)		42,101		130,934
CNX Resources Corp.^(a)		39,591		1,289,479
Comstock Resources, Inc.		22,564		251,137
ConocoPhillips		315,003		33,163,516
CONSOL Energy, Inc.		8,169		854,886
Coterra Energy, Inc.		202,026		4,838,523
Crescent Energy Co., Class A		44,501		487,286
CVR Energy, Inc.		7,587		174,729
Delek U.S. Holdings, Inc.		19,299		361,856
Devon Energy Corp.		169,097		6,615,075
DHT Holdings, Inc.		31,505		347,500
Diamondback Energy, Inc.		50,899		8,774,988
Diversified Energy Co. PLC^(b)		12,529		142,580
Dorian LPG Ltd.		9,511		327,369
DT Midstream, Inc.		25,264		1,987,266
Encore Energy Corp.^(a)(b)		43,804		176,968
Energy Fuels, Inc.^(a)(b)		39,920		219,161
EOG Resources, Inc.		154,672		19,013,829
EQT Corp.		157,208		5,760,101
Evolution Petroleum Corp.		14,148		75,126
Excelerate Energy, Inc., Class A		4,899		107,827
Exxon Mobil Corp.		1,207,810		141,579,488
FLEX LNG Ltd.		7,293		185,534
Golar LNG Ltd.		25,416		934,292
Granite Ridge Resources, Inc.		21,769		129,308
Green Plains, Inc.^(a)(b)		9,663		130,837
Gulfport Energy Corp.^(a)		2,965		448,753
Hallador Energy Co.^(a)(b)		10,178		95,979
Hess Corp.		74,874		10,167,889
HF Sinclair Corp.		43,167		1,923,953
International Seaways, Inc.		10,766		555,095
Kinder Morgan, Inc.		520,968		11,508,183
Kinetik Holdings, Inc., Class A		9,746		441,104
Kosmos Energy Ltd.^(a)		125,020		503,831
Magnolia Oil & Gas Corp., Class A		48,640		1,187,789
Marathon Oil Corp.		150,876		4,017,828
Marathon Petroleum Corp.		94,669		15,422,527
Matador Resources Co.		33,042		1,632,936
Murphy Oil Corp.		38,253		1,290,656
New Fortress Energy, Inc., Class A^(b)		18,670		169,710
NextDecade Corp.^(a)(b)		31,732		149,458
Nordic American Tankers Ltd.		51,862		190,333
Northern Oil & Gas, Inc.		24,561		869,705
Occidental Petroleum Corp.		179,377		9,245,091
ONEOK, Inc.		156,878		14,296,292
Ovintiv, Inc.		72,059		2,760,580
Par Pacific Holdings, Inc.^(a)		16,260		286,176
PBF Energy, Inc., Class A		29,165		902,657
Peabody Energy Corp.		30,733		815,654
Permian Resources Corp., Class A		179,262		2,439,756
PetroCorp Escrow^(a)(d)		1,248		—
Phillips 66		112,554		14,795,223
Range Resources Corp.^(b)		62,750		1,930,190
REX American Resources Corp.^(a)		4,624		214,045
Riley Exploration Permian, Inc.		3,330		88,212
Ring Energy, Inc.^(a)		50,338		80,541
Sable Offshore Corp., Class A^(a)		13,453		317,894
SandRidge Energy, Inc.		10,057		122,997
Scorpio Tankers, Inc.		12,876		918,059
SFL Corp. Ltd.		35,371		409,242
Sitio Royalties Corp., Class A		19,265		401,483


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
SM Energy Co.		32,088	$	1,282,557
Southwestern Energy Co.^(a)		297,575		2,115,758
Talos Energy, Inc.^(a)		36,101		373,645
Targa Resources Corp.		59,520		8,809,555
Teekay Corp.^(a)		22,118		203,486
Teekay Tankers Ltd., Class A		6,448		375,596
Texas Pacific Land Corp.		4,990		4,414,853
Uranium Energy Corp.^(a)		105,749		656,701
Ur-Energy, Inc.^(a)(b)		123,853		147,385
VAALCO Energy, Inc.		28,085		161,208
Valero Energy Corp.		86,215		11,641,611
Viper Energy, Inc., Class A		27,778		1,253,066
Vital Energy, Inc.^(a)(b)		7,335		197,311
Vitesse Energy, Inc.		6,407		153,896
W&T Offshore, Inc.		33,365		71,735
Williams Cos., Inc. (The)		327,626		14,956,127
World Kinect Corp.		17,909		553,567


				469,576,305

Paper & Forest Products — 0.0%
Clearwater Paper Corp.^(a)		4,548		129,800
Louisiana-Pacific Corp.		16,926		1,818,868
Sylvamo Corp.		9,439		810,338


				2,759,006

Passenger Airlines — 0.2%
Alaska Air Group, Inc.^(a)		32,818		1,483,702
Allegiant Travel Co.		3,691		203,227
American Airlines Group, Inc.^(a)(b)		175,551		1,973,193
Blade Air Mobility, Inc., Class A^(a)		23,571		69,299
Delta Air Lines, Inc.		171,888		8,730,192
Frontier Group Holdings, Inc.^(a)(b)		9,877		52,842
JetBlue Airways Corp.^(a)		80,959		531,091
Joby Aviation, Inc., Class A^(a)(b)		107,165		539,040
SkyWest, Inc.^(a)		11,417		970,673
Southwest Airlines Co.		162,049		4,801,512
Spirit Airlines, Inc.^(b)		26,768		64,243
Sun Country Airlines Holdings, Inc.^(a)		12,173		136,459
United Airlines Holdings, Inc.^(a)(b)		89,402		5,101,278


				24,656,751

Personal Care Products — 0.2%
Beauty Health Co. (The), Class A^(a)		24,295		34,985
BellRing Brands, Inc.^(a)		35,729		2,169,465
Coty, Inc., Class A^(a)		99,440		933,741
Edgewell Personal Care Co.		15,227		553,349
elf Beauty, Inc.^(a)		14,410		1,571,122
Estee Lauder Cos., Inc. (The), Class A		61,652		6,146,088
Herbalife Ltd.^(a)		28,522		205,073
Inter Parfums, Inc.		5,068		656,205
Kenvue, Inc.		514,615		11,903,045
Medifast, Inc.		3,216		61,554
Nu Skin Enterprises, Inc., Class A		11,941		88,005
Olaplex Holdings, Inc.^(a)		34,775		81,721
USANA Health Sciences, Inc.^(a)		3,640		138,029
Waldencast PLC, Class A^(a)(b)		11,615		42,279


				24,584,661

Pharmaceuticals — 3.3%
Amneal Pharmaceuticals, Inc., Class A^(a)		48,081		400,034
Amphastar Pharmaceuticals, Inc.^(a)		10,536		511,312
ANI Pharmaceuticals, Inc.^(a)		5,376		320,732
Aquestive Therapeutics, Inc.^(a)(b)		33,574		167,199
Arvinas, Inc.^(a)		14,613		359,918
Atea Pharmaceuticals, Inc.^(a)		18,337		61,429


20		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Avadel Pharmaceuticals PLC^(a)(b)		24,643	$	323,193
Axsome Therapeutics, Inc.^(a)		10,030		901,396
Bristol-Myers Squibb Co.		545,246		28,211,028
Cassava Sciences, Inc.^(a)(b)		10,034		295,301
Catalent, Inc.^(a)		47,703		2,889,371
Collegium Pharmaceutical, Inc.^(a)(b)		9,126		352,629
Corcept Therapeutics, Inc.^(a)(b)		23,151		1,071,428
CorMedix, Inc.^(a)(b)		22,556		182,252
Edgewise Therapeutics, Inc.^(a)(b)		20,668		551,629
Elanco Animal Health, Inc.^(a)		130,716		1,920,218
Eli Lilly & Co.		215,454		190,879,317
Enliven Therapeutics, Inc.^(a)(b)		11,906		304,079
Esperion Therapeutics, Inc.^(a)		64,790		106,904
Evolus, Inc.^(a)		11,634		188,471
EyePoint Pharmaceuticals, Inc.^(a)		11,310		90,367
Fulcrum Therapeutics, Inc.^(a)		22,893		81,728
Harmony Biosciences Holdings, Inc.^(a)(b)		7,433		297,320
Harrow, Inc.^(a)(b)		6,882		309,415
Innoviva, Inc.^(a)(b)		18,640		359,938
Intra-Cellular Therapies, Inc.^(a)		28,135		2,058,638
Jazz Pharmaceuticals PLC^(a)		16,554		1,844,281
Johnson & Johnson		649,208		105,210,648
Ligand Pharmaceuticals, Inc.^(a)(b)		3,927		393,053
Liquidia Corp.^(a)(b)		21,056		210,560
Longboard Pharmaceuticals, Inc.^(a)(b)		5,516		183,848
Merck & Co., Inc.		682,417		77,495,275
Mind Medicine MindMed, Inc.^(a)(b)		19,431		110,562
Neumora Therapeutics, Inc.^(a)(b)		24,430		322,720
Nuvation Bio, Inc., Class A^(a)		46,775		107,115
Ocular Therapeutix, Inc.^(a)(b)		44,915		390,761
Omeros Corp.^(a)(b)		19,529		77,530
Organon & Co.		68,692		1,314,078
Pacira BioSciences, Inc.^(a)		11,890		178,945
Perrigo Co. PLC		37,187		975,415
Pfizer, Inc.		1,524,652		44,123,429
Phathom Pharmaceuticals, Inc.^(a)(b)		9,188		166,119
Phibro Animal Health Corp., Class A		3,839		86,454
Pliant Therapeutics, Inc.^(a)(b)		14,934		167,410
Prestige Consumer Healthcare, Inc.^(a)		13,719		989,140
Revance Therapeutics, Inc.^(a)(b)		22,407		116,292
Royalty Pharma PLC, Class A		105,147		2,974,609
Scilex Holding Co. (Acquired 01/13/23, Cost $96,475)^(a)(e)		19,104		17,060
scPharmaceuticals, Inc.^(a)		10,962		49,987
SIGA Technologies, Inc.		12,196		82,323
Supernus Pharmaceuticals, Inc.^(a)		13,186		411,139
Tarsus Pharmaceuticals, Inc.^(a)(b)		9,771		321,368
Terns Pharmaceuticals, Inc.^(a)		11,324		94,442
Theravance Biopharma, Inc.^(a)		15,492		124,866
Third Harmonic Bio, Inc.^(a)(b)		10,703		145,026
Ventyx Biosciences, Inc.^(a)(b)		12,380		26,988
Viatris, Inc.		321,872		3,736,934
WaVe Life Sciences Ltd.^(a)		31,240		256,168
Xeris Biopharma Holdings, Inc.^(a)		25,208		71,843
Zevra Therapeutics, Inc.^(a)		18,665		129,535
Zoetis, Inc., Class A		122,922		24,016,500


				500,117,669

Professional Services — 0.9%
Alight, Inc., Class A^(a)(b)		116,856		864,734
Amentum Holdings, Inc.^(a)		33,620		1,084,245
Asure Software, Inc.^(a)		3,444		31,168
Automatic Data Processing, Inc.		110,498		30,578,112


Security	Shares		Value

Professional Services (continued)
Barrett Business Services, Inc.		7,012	$	263,020
Booz Allen Hamilton Holding Corp., Class A		34,589		5,629,706
Broadridge Financial Solutions, Inc.		31,607		6,796,453
CACI International, Inc., Class A^(a)		6,103		3,079,330
CBIZ, Inc.^(a)		13,652		918,643
Clarivate PLC^(a)(b)		123,878		879,534
Concentrix Corp.		13,321		682,701
Conduent, Inc.^(a)		41,404		166,858
CRA International, Inc.		1,745		305,933
CSG Systems International, Inc.		7,910		384,822
Dayforce, Inc.^(a)(b)		39,348		2,410,065
Dun & Bradstreet Holdings, Inc.		83,599		962,224
Equifax, Inc.		33,111		9,729,998
ExlService Holdings, Inc.^(a)		43,889		1,674,365
Exponent, Inc.		13,484		1,554,436
First Advantage Corp.^(a)		15,151		300,747
Forrester Research, Inc.^(a)(b)		3,655		65,827
Franklin Covey Co.^(a)		4,403		181,095
FTI Consulting, Inc.^(a)		9,451		2,150,670
Genpact Ltd.		47,450		1,860,515
Heidrick & Struggles International, Inc.		4,485		174,287
Huron Consulting Group, Inc.^(a)		4,721		513,173
ICF International, Inc.		4,885		814,769
Innodata, Inc.^(a)		8,577		143,836
Insperity, Inc.		9,466		833,008
Jacobs Solutions, Inc.		33,620		4,400,858
KBR, Inc.		36,652		2,387,145
Kelly Services, Inc., Class A, NVS		10,149		217,290
Kforce, Inc.		5,089		312,719
Korn Ferry		14,242		1,071,568
Legalzoom.com, Inc.^(a)		36,239		230,118
Leidos Holdings, Inc.		36,185		5,898,155
ManpowerGroup, Inc.		11,983		880,990
Maximus, Inc.		16,532		1,540,121
NV5 Global, Inc.^(a)		3,706		346,437
Parsons Corp.^(a)(b)		12,516		1,297,659
Paychex, Inc.		86,413		11,595,760
Paycom Software, Inc.		14,022		2,335,645
Paycor HCM, Inc.^(a)		17,110		242,791
Paylocity Holding Corp.^(a)		12,110		1,997,787
Planet Labs PBC, Class A^(a)(b)		45,100		100,573
Resources Connection, Inc.		10,775		104,518
Robert Half, Inc.		28,509		1,921,792
Science Applications International Corp.		13,609		1,895,325
SS&C Technologies Holdings, Inc.		57,344		4,255,498
Sterling Check Corp.^(a)(b)		5,961		99,668
TransUnion		52,252		5,470,784
TriNet Group, Inc.		8,553		829,384
TrueBlue, Inc.^(a)		10,053		79,318
TTEC Holdings, Inc.		4,691		27,536
Upwork, Inc.^(a)		30,614		319,916
Verisk Analytics, Inc.		38,051		10,196,146
Verra Mobility Corp., Class A^(a)(b)		44,395		1,234,625
Willdan Group, Inc.^(a)		2,050		83,948
WNS Holdings Ltd.^(a)		12,356		651,285


				137,059,633

Real Estate Management & Development — 0.2%
Anywhere Real Estate, Inc.^(a)		31,717		161,122
CBRE Group, Inc., Class A^(a)		82,551		10,275,948
Compass, Inc., Class A^(a)		108,551		663,247
CoStar Group, Inc.^(a)		108,955		8,219,565
Cushman & Wakefield PLC^(a)(b)		40,265		548,812


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, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Real Estate Management & Development (continued)
DigitalBridge Group, Inc., Class A		42,172	$	595,890
eXp World Holdings, Inc.^(b)		16,327		230,047
Forestar Group, Inc.^(a)		6,636		214,807
FRP Holdings, Inc.^(a)		5,072		151,450
Howard Hughes Holdings, Inc.^(a)		9,738		754,013
Jones Lang LaSalle, Inc.^(a)		12,797		3,452,759
Kennedy-Wilson Holdings, Inc.		31,893		352,418
Marcus & Millichap, Inc.		5,923		234,729
Newmark Group, Inc., Class A		41,911		650,878
Opendoor Technologies, Inc.^(a)(b)		147,811		295,622
Real Brokerage, Inc. (The)^(a)(b)		25,394		140,937
Redfin Corp.^(a)		27,211		340,954
REX Holdings, Inc., Class A		5,474		68,151
RMR Group, Inc. (The), Class A		4,164		105,682
Seaport Entertainment Group, Inc.^(a)(b)		1,083		29,696
St. Joe Co. (The)		8,467		493,711
Star Holdings^(a)		2,429		33,617
Tejon Ranch Co.^(a)		8,492		149,035
Zillow Group, Inc., Class A^(a)(b)		12,633		782,362
Zillow Group, Inc., Class C, NVS^(a)(b)		42,468		2,711,582


				31,657,034

Residential REITs — 0.4%
American Homes 4 Rent, Class A		88,835		3,410,376
Apartment Investment & Management Co., Class A^(a)		40,546		366,536
AvalonBay Communities, Inc.		38,283		8,623,246
Camden Property Trust		27,841		3,439,199
Centerspace		4,692		330,645
Elme Communities		23,914		420,647
Equity LifeStyle Properties, Inc.		49,509		3,531,972
Equity Residential		102,334		7,619,790
Essex Property Trust, Inc.		17,326		5,118,447
Independence Realty Trust, Inc.		58,272		1,194,576
Invitation Homes, Inc.		164,351		5,795,016
Mid-America Apartment Communities, Inc.		31,255		4,966,420
NexPoint Residential Trust, Inc.		6,243		274,754
Sun Communities, Inc.		33,341		4,506,036
UDR, Inc.		88,771		4,024,877
UMH Properties, Inc.		15,648		307,796
Veris Residential, Inc.		24,315		434,266


				54,364,599

Retail REITs — 0.4%
Acadia Realty Trust		25,241		592,659
Agree Realty Corp.		27,162		2,046,113
Alexander’s, Inc.		561		135,964
Brixmor Property Group, Inc.		80,706		2,248,469
CBL & Associates Properties, Inc.		9,030		227,556
Federal Realty Investment Trust		22,550		2,592,573
Getty Realty Corp.		11,922		379,239
InvenTrust Properties Corp.		18,641		528,845
Kimco Realty Corp.		174,328		4,047,896
Kite Realty Group Trust		55,709		1,479,631
Macerich Co. (The)		58,537		1,067,715
NETSTREIT Corp.		16,056		265,406
NNN REIT, Inc.		49,050		2,378,434
Phillips Edison & Co., Inc.		33,808		1,274,900
Realty Income Corp.		235,227		14,918,096
Regency Centers Corp.		48,525		3,504,961
Retail Opportunity Investments Corp.		29,216		459,568
Saul Centers, Inc.		3,218		135,027
Simon Property Group, Inc.		86,699		14,653,865
SITE Centers Corp.		12,115		732,958


Security	Shares		Value

Retail REITs (continued)
Tanger, Inc.		29,384	$	974,961
Urban Edge Properties		30,417		650,620
Whitestone REIT		15,847		214,410


				55,509,866

Semiconductors & Semiconductor Equipment — 9.7%
ACM Research, Inc., Class A^(a)(b)		16,084		326,505
Advanced Micro Devices, Inc.^(a)		433,226		71,083,722
Aehr Test Systems^(a)(b)		6,833		87,804
Allegro MicroSystems, Inc.^(a)		33,140		772,162
Alpha & Omega Semiconductor Ltd.^(a)		6,417		238,199
Ambarella, Inc.^(a)		9,313		525,300
Amkor Technology, Inc.		29,188		893,153
Analog Devices, Inc.		133,198		30,658,184
Applied Materials, Inc.		223,705		45,199,595
Astera Labs, Inc.^(a)(b)		5,923		310,306
Axcelis Technologies, Inc.^(a)(b)		8,886		931,697
Broadcom, Inc.		1,223,757		211,098,082
CEVA, Inc.^(a)		5,693		137,486
Cirrus Logic, Inc.^(a)		14,421		1,791,232
Cohu, Inc.^(a)		11,162		286,863
Credo Technology Group Holding Ltd.^(a)(b)		33,941		1,045,383
Diodes, Inc.^(a)		12,207		782,347
Enphase Energy, Inc.^(a)		36,157		4,086,464
Entegris, Inc.		40,112		4,513,803
First Solar, Inc.^(a)		28,602		7,134,483
FormFactor, Inc.^(a)		20,527		944,242
GLOBALFOUNDRIES, Inc.^(a)(b)		26,415		1,063,204
Ichor Holdings Ltd.^(a)		7,365		234,281
Impinj, Inc.^(a)(b)		6,122		1,325,535
indie Semiconductor, Inc., Class A^(a)(b)		32,976		131,574
Intel Corp.		1,146,059		26,886,544
KLA Corp.		36,209		28,040,612
Kulicke & Soffa Industries, Inc.		15,165		684,396
Lam Research Corp.		35,119		28,659,913
Lattice Semiconductor Corp.^(a)		36,781		1,951,968
MACOM Technology Solutions Holdings, Inc.^(a)		14,702		1,635,745
Marvell Technology, Inc.		230,969		16,657,484
MaxLinear, Inc.^(a)		18,862		273,122
Microchip Technology, Inc.		143,511		11,522,498
Micron Technology, Inc.		296,428		30,742,548
MKS Instruments, Inc.		17,698		1,923,950
Monolithic Power Systems, Inc.		12,618		11,665,341
Navitas Semiconductor Corp.^(a)(b)		26,982		66,106
NVE Corp.		1,256		100,317
NVIDIA Corp.		6,298,134		764,845,393
ON Semiconductor Corp.^(a)		115,841		8,411,215
Onto Innovation, Inc.^(a)		13,479		2,797,701
PDF Solutions, Inc.^(a)		7,590		240,451
Photronics, Inc.^(a)		16,335		404,455
Power Integrations, Inc.		15,725		1,008,287
Qorvo, Inc.^(a)		26,266		2,713,278
QUALCOMM, Inc.		300,209		51,050,540
Rambus, Inc.^(a)		29,422		1,242,197
Semtech Corp.^(a)(b)		17,126		781,973
Silicon Laboratories, Inc.^(a)		8,415		972,522
SiTime Corp.^(a)		5,259		901,971
Skyworks Solutions, Inc.		43,606		4,306,965
SMART Global Holdings, Inc.^(a)(b)		14,193		297,343
Synaptics, Inc.^(a)		10,315		800,238
Teradyne, Inc.		42,265		5,660,551
Texas Instruments, Inc.		244,953		50,599,941
Ultra Clean Holdings, Inc.^(a)		11,567		461,870


22		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Universal Display Corp.^(b)		12,694	$	2,664,471
Veeco Instruments, Inc.^(a)		15,282		506,293
Wolfspeed, Inc.^(a)(b)		32,816		318,315


				1,447,398,120

Software — 10.0%
8x8, Inc.^(a)(b)		28,269		57,669
A10 Networks, Inc.		15,004		216,658
ACI Worldwide, Inc.^(a)		27,725		1,411,202
Adeia, Inc.		28,191		335,755
Adobe, Inc.^(a)		119,320		61,781,510
Agilysys, Inc.^(a)		6,316		688,255
Alarm.com Holdings, Inc.^(a)		12,278		671,238
Alkami Technology, Inc.^(a)		12,674		399,738
Altair Engineering, Inc., Class A^(a)(b)		15,515		1,481,838
American Software, Inc., Class A		8,863		99,177
Amplitude, Inc., Class A^(a)(b)		17,314		155,307
ANSYS, Inc.^(a)		23,352		7,440,648
Appfolio, Inc., Class A^(a)		6,075		1,430,055
Appian Corp., Class A^(a)(b)		10,367		353,929
AppLovin Corp., Class A^(a)		70,477		9,200,772
Asana, Inc., Class A^(a)(b)		19,806		229,552
Aspen Technology, Inc.^(a)		7,701		1,839,153
Atlassian Corp., Class A^(a)		41,806		6,639,211
Aurora Innovation, Inc., Class A^(a)(b)		246,562		1,459,647
Autodesk, Inc.^(a)		57,899		15,950,017
AvePoint, Inc., Class A^(a)		39,470		464,562
Bentley Systems, Inc., Class B^(b)		37,650		1,912,996
BILL Holdings, Inc.^(a)		27,101		1,429,849
Bit Digital, Inc.^(a)(b)		25,581		89,789
Blackbaud, Inc.^(a)		11,357		961,711
BlackLine, Inc.^(a)(b)		14,968		825,336
Blend Labs, Inc., Class A^(a)		61,567		230,876
Box, Inc., Class A^(a)		37,648		1,232,219
Braze, Inc., Class A^(a)		18,108		585,613
C3.ai, Inc., Class A^(a)		21,751		527,027
Cadence Design Systems, Inc.^(a)		73,628		19,955,397
CCC Intelligent Solutions Holdings, Inc.^(a)(b)		119,754		1,323,282
Cerence, Inc.^(a)		9,988		31,462
Cipher Mining, Inc.^(a)		46,038		178,167
Cleanspark, Inc.^(a)(b)		61,497		574,382
Clear Secure, Inc., Class A		22,050		730,737
Clearwater Analytics Holdings, Inc., Class A^(a)		43,143		1,089,361
CommVault Systems, Inc.^(a)		11,489		1,767,583
Confluent, Inc., Class A^(a)		64,943		1,323,538
Consensus Cloud Solutions, Inc.^(a)		5,708		134,423
Crowdstrike Holdings, Inc., Class A^(a)		61,229		17,172,898
CS Disco, Inc.^(a)		9,767		57,430
Daily Journal Corp.^(a)(b)		396		194,080
Datadog, Inc., Class A^(a)(b)		80,324		9,242,079
Digimarc Corp.^(a)(b)		5,332		143,324
Digital Turbine, Inc.^(a)(b)		22,749		69,839
DocuSign, Inc.^(a)		55,703		3,458,599
Dolby Laboratories, Inc., Class A		15,593		1,193,332
Domo, Inc., Class B^(a)		6,939		52,112
DoubleVerify Holdings, Inc.^(a)		37,174		626,010
Dropbox, Inc., Class A^(a)		64,492		1,640,032
Dynatrace, Inc.^(a)		79,566		4,254,394
E2open Parent Holdings, Inc., Class A^(a)(b)		54,181		238,938
Elastic NV^(a)		21,408		1,643,278
Enfusion, Inc., Class A^(a)		8,114		77,002
Envestnet, Inc.^(a)		14,382		900,601
EverCommerce, Inc.^(a)(b)		11,411		118,218


Security	Shares		Value

Software (continued)
Fair Isaac Corp.^(a)		6,402	$	12,442,415
Five9, Inc.^(a)		19,508		560,465
Fortinet, Inc.^(a)		169,618		13,153,876
Freshworks, Inc., Class A^(a)		54,364		624,099
Gen Digital, Inc.		147,251		4,039,095
Gitlab, Inc., Class A^(a)		31,830		1,640,518
Guidewire Software, Inc.^(a)(b)		21,949		4,015,350
HashiCorp, Inc., Class A^(a)		38,061		1,288,745
HubSpot, Inc.^(a)		13,134		6,982,034
Hut 8 Corp.^(a)(b)		21,387		262,205
Informatica, Inc., Class A^(a)(b)		18,169		459,312
Instructure Holdings, Inc.^(a)(b)		5,242		123,449
Intapp, Inc.^(a)(b)		11,165		534,022
InterDigital, Inc.		6,556		928,526
Intuit, Inc.		73,484		45,633,564
Jamf Holding Corp.^(a)(b)		26,218		454,882
LiveRamp Holdings, Inc.^(a)		16,769		415,536
Manhattan Associates, Inc.^(a)		16,604		4,672,034
MARA Holdings, Inc.^(a)(b)		72,905		1,182,519
Matterport, Inc., Class A^(a)		65,719		295,735
MeridianLink, Inc.^(a)(b)		6,084		125,148
Microsoft Corp.		2,001,505		861,247,601
MicroStrategy, Inc., Class A^(a)(b)		42,064		7,091,990
Mitek Systems, Inc.^(a)(b)		11,023		95,569
N-able, Inc.^(a)		18,065		235,929
nCino, Inc.^(a)(b)		20,494		647,405
NCR Voyix Corp.^(a)		44,497		603,824
NextNav, Inc.^(a)(b)		23,047		172,622
Nutanix, Inc., Class A^(a)		65,496		3,880,638
Olo, Inc., Class A^(a)		26,892		133,384
ON24, Inc.^(a)		15,230		93,208
OneSpan, Inc.^(a)		11,053		184,253
Ooma, Inc.^(a)		7,147		81,404
Oracle Corp.		422,713		72,030,295
Pagaya Technologies Ltd., Class A^(a)(b)		11,527		121,840
PagerDuty, Inc.^(a)(b)		26,835		497,789
Palantir Technologies, Inc., Class A^(a)(b)		540,791		20,117,425
Palo Alto Networks, Inc.^(a)(b)		82,953		28,353,335
Pegasystems, Inc.		11,039		806,840
PowerSchool Holdings, Inc., Class A^(a)		16,439		374,974
Procore Technologies, Inc.^(a)(b)		28,285		1,745,750
Progress Software Corp.		11,810		795,640
PROS Holdings, Inc.^(a)		11,855		219,555
PTC, Inc.^(a)		31,807		5,746,253
Q2 Holdings, Inc.^(a)(b)		14,878		1,186,818
Qualys, Inc.^(a)		10,052		1,291,280
Rapid7, Inc.^(a)		15,267		609,001
Red Violet, Inc.^(a)(b)		5,814		165,408
Rimini Street, Inc.^(a)		25,388		46,968
RingCentral, Inc., Class A^(a)		24,559		776,801
Riot Platforms, Inc.^(a)(b)		72,373		537,008
Roper Technologies, Inc.		28,653		15,943,675
Salesforce, Inc.		252,343		69,068,803
Sapiens International Corp. NV		6,918		257,834
SEMrush Holdings, Inc., Class A^(a)		12,266		192,699
SentinelOne, Inc., Class A^(a)(b)		74,153		1,773,740
ServiceNow, Inc.^(a)		55,257		49,421,308
Smartsheet, Inc., Class A^(a)		37,476		2,074,671
SolarWinds Corp.		12,363		161,337
SoundHound AI, Inc., Class A^(a)(b)		75,672		352,632
SoundThinking, Inc.^(a)		2,895		33,553
Sprinklr, Inc., Class A^(a)		30,935		239,128
Sprout Social, Inc., Class A^(a)(b)		13,757		399,916


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, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
SPS Commerce, Inc.^(a)		9,879	$	1,918,205
Synopsys, Inc.^(a)		40,946		20,734,645
Tenable Holdings, Inc.^(a)		31,526		1,277,434
Teradata Corp.^(a)		26,451		802,523
Terawulf, Inc.^(a)(b)		67,540		316,087
Tyler Technologies, Inc.^(a)		11,405		6,657,327
UiPath, Inc., Class A^(a)(b)		119,800		1,533,440
Unity Software, Inc.^(a)(b)		77,009		1,741,944
Varonis Systems, Inc.^(a)(b)		30,392		1,717,148
Verint Systems, Inc.^(a)(b)		17,874		452,748
Vertex, Inc., Class A^(a)(b)		14,469		557,201
Weave Communications, Inc.^(a)		13,488		172,646
Workday, Inc., Class A^(a)		56,882		13,902,530
Workiva, Inc., Class A^(a)		13,140		1,039,637
Xperi, Inc.^(a)(b)		12,473		115,251
Yext, Inc.^(a)		25,674		177,664
Zeta Global Holdings Corp., Class A^(a)(b)		47,639		1,421,071
Zoom Video Communications, Inc., Class A^(a)		71,241		4,968,347
Zscaler, Inc.^(a)		24,670		4,217,090
Zuora, Inc., Class A^(a)		42,930		370,057


				1,502,028,434

Specialized REITs — 1.0%
American Tower Corp.		125,825		29,261,862
Crown Castle, Inc.		116,594		13,831,546
CubeSmart		59,064		3,179,415
Digital Realty Trust, Inc.		86,784		14,044,255
EPR Properties		20,793		1,019,689
Equinix, Inc.		25,483		22,619,475
Extra Space Storage, Inc.		56,612		10,200,916
Farmland Partners, Inc.		10,308		107,719
Four Corners Property Trust, Inc.		22,349		655,049
Gaming & Leisure Properties, Inc.		68,585		3,528,698
Gladstone Land Corp.		9,314		129,465
Iron Mountain, Inc.^(b)		77,819		9,247,232
Lamar Advertising Co., Class A		23,442		3,131,851
National Storage Affiliates Trust		18,543		893,773
Outfront Media, Inc.		39,217		720,809
PotlatchDeltic Corp.		21,783		981,324
Public Storage		42,735		15,549,984
Rayonier, Inc.		37,985		1,222,357
Safehold, Inc.		14,574		382,276
SBA Communications Corp., Class A		28,635		6,892,445
Uniti Group, Inc.		61,999		349,674
VICI Properties, Inc.		278,871		9,289,193
Weyerhaeuser Co.		197,206		6,677,395


				153,916,402

Specialty Retail — 2.1%
1-800-Flowers.com, Inc., Class A^(a)(b)		10,788		85,549
Aaron’s Co., Inc. (The)		9,903		98,535
Abercrombie & Fitch Co., Class A^(a)		12,863		1,799,534
Academy Sports & Outdoors, Inc.		20,262		1,182,490
Advance Auto Parts, Inc.		15,677		611,246
American Eagle Outfitters, Inc.		48,853		1,093,819
America’s Car-Mart, Inc.^(a)(b)		1,966		82,415
Arhaus, Inc., Class A		13,661		168,167
Arko Corp., Class A		20,963		147,160
Asbury Automotive Group, Inc.^(a)(b)		5,450		1,300,315
AutoNation, Inc.^(a)(b)		6,921		1,238,305
AutoZone, Inc.^(a)		4,603		14,499,634
Bath & Body Works, Inc.		61,607		1,966,495
Best Buy Co., Inc.		57,920		5,983,136
Beyond, Inc.^(a)		11,623		117,160


Security	Shares		Value

Specialty Retail (continued)
Boot Barn Holdings, Inc.^(a)(b)		8,227	$	1,376,213
Buckle, Inc. (The)		6,836		300,579
Build-A-Bear Workshop, Inc.		4,292		147,516
Burlington Stores, Inc.^(a)		17,135		4,514,730
Caleres, Inc.		10,750		355,287
Camping World Holdings, Inc., Class A		10,975		265,815
CarMax, Inc.^(a)(b)		43,096		3,334,768
Carvana Co., Class A^(a)(b)		29,197		5,083,490
Designer Brands, Inc., Class A		17,831		131,593
Destination XL Group, Inc.^(a)		15,400		45,276
Dick’s Sporting Goods, Inc.		15,217		3,175,788
EVgo, Inc., Class A^(a)(b)		20,833		86,249
Five Below, Inc.^(a)		14,713		1,299,894
Floor & Decor Holdings, Inc., Class A^(a)(b)		28,014		3,478,498
Foot Locker, Inc.		20,938		541,038
GameStop Corp., Class A^(a)(b)		101,082		2,317,810
Gap, Inc. (The)		53,565		1,181,108
Genesco, Inc.^(a)		3,216		87,379
Group 1 Automotive, Inc.		3,766		1,442,529
GrowGeneration Corp.^(a)		28,239		60,149
Haverty Furniture Cos., Inc.		4,617		126,829
Home Depot, Inc. (The)		266,945		108,166,114
Leslie’s, Inc.^(a)		42,082		132,979
Lithia Motors, Inc., Class A^(b)		7,097		2,254,291
Lowe’s Cos., Inc.		154,020		41,716,317
MarineMax, Inc.^(a)		5,454		192,363
Monro, Inc.		8,467		244,358
Murphy U.S.A., Inc.		4,950		2,439,706
National Vision Holdings, Inc.^(a)		20,793		226,852
ODP Corp. (The)^(a)(b)		9,067		269,743
OneWater Marine, Inc., Class A^(a)(b)		3,398		81,246
O’Reilly Automotive, Inc.^(a)		15,476		17,822,162
Penske Automotive Group, Inc.		5,358		870,246
Petco Health & Wellness Co., Inc.^(a)		23,560		107,198
Revolve Group, Inc., Class A^(a)(b)		9,790		242,596
RH^(a)		4,196		1,403,268
Ross Stores, Inc.		88,309		13,291,388
Sally Beauty Holdings, Inc.^(a)(b)		27,921		378,888
Shoe Carnival, Inc.		5,567		244,113
Signet Jewelers Ltd.		11,818		1,218,909
Sleep Number Corp.^(a)		5,818		106,586
Sonic Automotive, Inc., Class A		3,359		196,434
Stitch Fix, Inc., Class A^(a)		26,447		74,581
ThredUp, Inc., Class A^(a)(b)		29,670		24,982
TJX Cos., Inc. (The)		304,661		35,809,854
Tractor Supply Co.		29,117		8,471,009
Ulta Beauty, Inc.^(a)		12,768		4,968,284
Upbound Group, Inc.		16,472		526,939
Urban Outfitters, Inc.^(a)		18,943		725,706
Valvoline, Inc.^(a)		34,298		1,435,371
Victoria’s Secret & Co.^(a)		21,339		548,412
Warby Parker, Inc., Class A^(a)		26,027		425,021
Wayfair, Inc., Class A^(a)		24,802		1,393,376
Williams-Sonoma, Inc.		33,891		5,250,394
Winmark Corp.		780		298,685
Zumiez, Inc.^(a)		5,438		115,829


				311,400,698

Technology Hardware, Storage & Peripherals — 6.4%
Apple Inc.		3,912,329		911,572,657
CompoSecure, Inc., Class A^(b)		10,834		151,893
Corsair Gaming, Inc.^(a)		10,280		71,549
Dell Technologies, Inc., Class C		73,363		8,696,450


24		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Technology Hardware, Storage & Peripherals (continued)
Diebold Nixdorf, Inc.^(a)(b)		6,743	$	301,142
Eastman Kodak Co.^(a)		20,163		95,169
Hewlett Packard Enterprise Co.		347,137		7,102,423
HP, Inc.		262,822		9,427,425
Immersion Corp.		5,051		45,055
IonQ, Inc.^(a)(b)		45,805		400,336
NetApp, Inc.		55,633		6,871,232
Pure Storage, Inc., Class A^(a)		82,828		4,161,279
Super Micro Computer, Inc.^(a)(b)		13,309		5,541,867
Turtle Beach Corp.^(a)		8,511		130,559
Western Digital Corp.^(a)		88,177		6,021,607
Xerox Holdings Corp.		33,787		350,709


				960,941,352

Textiles, Apparel & Luxury Goods — 0.4%
Amer Sports, Inc.^(a)		15,701		250,431
Birkenstock Holding PLC^(a)		11,799		581,573
Capri Holdings Ltd.^(a)		30,624		1,299,683
Carter’s, Inc.		9,888		642,522
Columbia Sportswear Co.		10,074		838,056
Crocs, Inc.^(a)		16,426		2,378,649
Deckers Outdoor Corp.^(a)		41,130		6,558,179
Figs, Inc., Class A^(a)		38,181		261,158
G-III Apparel Group Ltd.^(a)		11,312		345,242
Hanesbrands, Inc.^(a)		95,738		703,674
Kontoor Brands, Inc.		14,233		1,163,975
Lululemon Athletica, Inc.^(a)		32,438		8,802,051
Movado Group, Inc.		4,380		81,468
NIKE, Inc., Class B		323,441		28,592,184
Oxford Industries, Inc.		4,626		401,352
PVH Corp.		14,720		1,484,218
Ralph Lauren Corp., Class A		11,021		2,136,641
Skechers U.S.A., Inc., Class A^(a)		35,109		2,349,494
Steven Madden Ltd.		19,404		950,602
Tapestry, Inc.		63,354		2,976,371
Under Armour, Inc., Class A^(a)		50,563		450,516
Under Armour, Inc., Class C, NVS^(a)(b)		51,457		430,181
VF Corp.		93,045		1,856,248
Wolverine World Wide, Inc.		22,727		395,904


				65,930,372

Tobacco — 0.5%
Altria Group, Inc.		462,001		23,580,531
Philip Morris International, Inc.		418,897		50,854,096
Turning Point Brands, Inc.		6,139		264,898
Universal Corp.		6,692		355,412
Vector Group Ltd.		41,437		618,240


				75,673,177

Trading Companies & Distributors — 0.5%
Air Lease Corp., Class A		28,543		1,292,712
Alta Equipment Group, Inc., Class A		9,002		60,673
Applied Industrial Technologies, Inc.		10,642		2,374,549
Beacon Roofing Supply, Inc.^(a)		17,330		1,497,832
BlueLinx Holdings, Inc.^(a)		2,301		242,571
Boise Cascade Co.		11,020		1,553,600
Core & Main, Inc., Class A^(a)		51,767		2,298,455
Custom Truck One Source, Inc.^(a)(b)		17,323		59,764
Distribution Solutions Group, Inc.^(a)		4,011		154,464
DNOW, Inc.^(a)		27,837		359,932
DXP Enterprises, Inc.^(a)		2,853		152,236
Fastenal Co.		153,178		10,939,973
Ferguson Enterprises, Inc.		54,367		10,795,655
FTAI Aviation Ltd.		27,497		3,654,351
GATX Corp.		9,083		1,203,043


Security	Shares		Value

Trading Companies & Distributors (continued)
Global Industrial Co.		3,983	$	135,303
GMS, Inc.^(a)		11,231		1,017,192
H&E Equipment Services, Inc.		8,192		398,787
Herc Holdings, Inc.		7,477		1,192,058
Hudson Technologies, Inc.^(a)		11,405		95,118
McGrath RentCorp.		6,189		651,578
MRC Global, Inc.^(a)		23,482		299,161
MSC Industrial Direct Co., Inc., Class A		12,424		1,069,209
Rush Enterprises, Inc., Class A		15,575		822,827
Rush Enterprises, Inc., Class B		3,380		162,071
SiteOne Landscape Supply, Inc.^(a)(b)		12,310		1,857,702
Titan Machinery, Inc.^(a)(b)		5,753		80,139
Transcat, Inc.^(a)(b)		2,630		317,625
United Rentals, Inc.		17,850		14,453,681
Watsco, Inc.		9,292		4,570,549
WESCO International, Inc.		11,717		1,968,222
Willis Lease Finance Corp.		1,186		176,489
WW Grainger, Inc.		11,692		12,145,767
Xometry, Inc., Class A^(a)		9,530		175,066


				78,228,354

Water Utilities — 0.1%
American States Water Co.		10,263		854,805
American Water Works Co., Inc.		52,462		7,672,043
California Water Service Group		15,597		845,670
Consolidated Water Co. Ltd.		4,743		119,571
Essential Utilities, Inc.		68,467		2,640,772
Middlesex Water Co.		5,205		339,574
SJW Group		7,718		448,493
York Water Co. (The)		3,319		124,330


				13,045,258

Wireless Telecommunication Services — 0.2%
Gogo, Inc.^(a)		17,535		125,901
Shenandoah Telecommunications Co.		13,393		188,975
Spok Holdings, Inc.		7,707		116,068
Telephone & Data Systems, Inc.		27,753		645,257
T-Mobile U.S., Inc.		130,084		26,844,134


				27,920,335

Total Common Stocks — 99.8% (Cost: $9,309,205,986)				14,923,816,425


Rights

Biotechnology — 0.0%
Aduro Biotech CVR^(a)(d)		4,039		1,938
Chinook Therapeutics, Inc., CVR^(a)(d)		16,679		10,508
GTX, Inc., Contingent Rights^(a)(b)(d)		684		701
Inhibrx, Inc., CVR^(a)(d)		7,685		8,300


				21,447

Real Estate Management & Development — 0.0%
Seaport Entertainment Group, Inc.^(a)(b)		1,083		3,195


Total Rights — 0.0% (Cost: $1,402)				24,642


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) (continued)

September 30, 2024

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Warrants^(a)

Oil, Gas & Consumable Fuels — 0.0%
Chord Energy Corp. (Issued/Exercisable, 0.58 Share for 1 Warrant, Expires 09/01/25, Strike Price USD 0.00)		204	$	2,630


Total Warrants — 0.0% (Cost: $22,807)				2,630


Total Long-Term Investments — 99.8% (Cost: $9,309,230,195)				14,923,843,697


Short-Term Securities

Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.05%^(c)(f)(g)		232,302,002		232,487,843
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.88%^(c)(f)		21,607,598		21,607,598


Total Short-Term Securities — 1.7% (Cost: $253,886,256)				254,095,441


Total Investments — 101.5% (Cost: $9,563,116,451)				15,177,939,138

Liabilities in Excess of Other Assets — (1.5)%				(225,066,303	)


Net Assets — 100.0%			$	14,952,872,835

^(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)	Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $17,060, representing 0.0% of its net assets as of period end, and an original cost of $96,475.

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

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

Affiliates



Affiliated Issuer	Value at 03/31/24		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/24		Shares Held at 09/30/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	223,915,337	$	8,500,446	^(a)	$	—		$	48,973	$	23,087	$	232,487,843		232,302,002	$	708,823	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		18,894,297		2,713,301	^(a)		—			—		—		21,607,598		21,607,598		631,097			—
BlackRock, Inc.		33,310,484		1,050,045			(1,295,100	)		354,888		4,273,331		37,693,648		39,698		407,092			—


									$	403,861	$	4,296,418	$	291,789,089			$	1,747,012		$	—

^(a)

Represents net amount purchased (sold).

^(b)


26		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

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
Russell 2000 E-Mini Index		27		12/20/24	$	3,036	$	109,542
S&P 500 E-Mini Index		85		12/20/24		24,711		565,622


							$	675,164

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)	$	—	$	—	$	675,164	$	—	$	—	$	—	$	675,164

^(a)

For the period ended September 30, 2024, 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	$	—	$	—	$	950,130	$	—	$	—	$	—	$	950,130


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	82,012	$	—	$	—	$	—	$	82,012

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	26,396,779

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		27

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell 3000 ETF

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	14,923,799,365	$	17,060	$	—	$	14,923,816,425
Rights		3,195		—		21,447		24,642
Warrants		2,630		—		—		2,630
Short-Term Securities
Money Market Funds		254,095,441		—		—		254,095,441

	$	15,177,900,631	$	17,060	$	21,447	$	15,177,939,138

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	675,164	$	—	$	—	$	675,164

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

See notes to financial statements.


28		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited)

September 30, 2024

iShares^® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.7%
BWX Technologies, Inc.		110,085	$	11,966,240
Curtiss-Wright Corp.		58,128		19,106,092
Hexcel Corp.		123,163		7,615,168
Howmet Aerospace, Inc.		577,273		57,871,618
Huntington Ingalls Industries, Inc.		60,066		15,880,249
L3Harris Technologies, Inc.		287,320		68,344,808
Loar Holdings, Inc.^(a)(b)		2,155		160,741
Spirit AeroSystems Holdings, Inc., Class A^(a)		154,577		5,025,298
Textron, Inc.		283,237		25,089,134
Woodward, Inc.^(b)		91,595		15,709,459


				226,768,807

Air Freight & Logistics — 0.4%
CH Robinson Worldwide, Inc.		176,954		19,530,413
Expeditors International of Washington, Inc.		179,245		23,552,793
GXO Logistics, Inc.^(a)		178,638		9,301,681


				52,384,887

Automobile Components — 0.5%
Aptiv PLC^(a)(b)		413,093		29,746,827
BorgWarner, Inc.		345,608		12,542,114
Gentex Corp.		353,452		10,493,990
Lear Corp.		85,520		9,334,508
QuantumScape Corp., Class A^(a)(b)		532,674		3,062,876


				65,180,315

Automobiles — 0.3%
Harley-Davidson, Inc.		185,554		7,149,396
Lucid Group, Inc.^(a)(b)		1,345,994		4,751,359
Rivian Automotive, Inc., Class A^(a)(b)		1,247,248		13,994,122
Thor Industries, Inc.		77,524		8,519,112


				34,413,989

Banks — 3.1%
Bank OZK		163,214		7,016,570
BOK Financial Corp.		35,177		3,680,218
Citizens Financial Group, Inc.		684,878		28,127,939
Columbia Banking System, Inc.		316,260		8,257,549
Comerica, Inc.		204,312		12,240,332
Commerce Bancshares, Inc.		180,704		10,733,818
Cullen/Frost Bankers, Inc.		89,589		10,021,425
East West Bancorp, Inc.		208,588		17,258,571
Fifth Third Bancorp		1,035,993		44,381,940
First Citizens BancShares, Inc., Class A		18,174		33,457,425
First Hawaiian, Inc.		193,846		4,487,535
First Horizon Corp.		827,979		12,858,514
FNB Corp.		541,971		7,647,211
Huntington Bancshares, Inc.		2,190,296		32,197,351
KeyCorp.		1,403,940		23,515,995
M&T Bank Corp.		252,109		44,905,655
Pinnacle Financial Partners, Inc.		114,960		11,262,631
Popular, Inc.		97,489		9,775,222
Prosperity Bancshares, Inc.		136,074		9,806,853
Regions Financial Corp.		1,393,770		32,516,654
Synovus Financial Corp.		218,931		9,735,862
Webster Financial Corp.		258,883		12,066,537
Western Alliance Bancorp		162,354		14,041,997
Wintrust Financial Corp.		98,417		10,681,197
Zions Bancorp N.A.		220,808		10,426,554


				421,101,555

Beverages — 0.3%
Boston Beer Co., Inc. (The), Class A, NVS^(a)		10,707		3,095,822
Brown-Forman Corp., Class A		73,898		3,553,016


Security	Shares		Value

Beverages (continued)
Brown-Forman Corp., Class B, NVS		260,860	$	12,834,312
Coca-Cola Consolidated, Inc.		9,201		12,112,196
Molson Coors Beverage Co., Class B		265,535		15,273,573


				46,868,919

Biotechnology — 1.0%
Alnylam Pharmaceuticals, Inc.^(a)(b)		21,487		5,909,570
Biogen, Inc.^(a)		221,015		42,841,548
BioMarin Pharmaceutical, Inc.^(a)		287,458		20,205,423
Exact Sciences Corp.^(a)		167,421		11,404,719
Exelixis, Inc.^(a)		74,507		1,933,457
GRAIL, Inc.^(a)(b)		38,782		533,640
Incyte Corp.^(a)		228,031		15,072,849
Ionis Pharmaceuticals, Inc.^(a)(b)		18,523		742,031
Roivant Sciences Ltd.^(a)		648,206		7,480,297
United Therapeutics Corp.^(a)		66,247		23,739,612


				129,863,146

Broadline Retail — 0.6%
Dillard’s, Inc., Class A		4,748		1,821,760
eBay, Inc.		767,861		49,995,430
Etsy, Inc.^(a)		61,199		3,398,380
Kohl’s Corp.		169,191		3,569,930
Macy’s, Inc.		417,805		6,555,360
Nordstrom, Inc.		153,652		3,455,634
Ollie’s Bargain Outlet Holdings, Inc.^(a)(b)		93,319		9,070,607


				77,867,101

Building Products — 1.4%
A. O. Smith Corp.		182,673		16,409,516
Advanced Drainage Systems, Inc.		66,341		10,426,152
Allegion PLC		132,357		19,289,709
Armstrong World Industries, Inc.		44,072		5,792,383
AZEK Co., Inc. (The), Class A^(a)		64,584		3,022,531
Builders FirstSource, Inc.^(a)		165,488		32,081,504
Carlisle Cos., Inc.		60,376		27,154,106
Fortune Brands Innovations, Inc.		187,630		16,798,514
Hayward Holdings, Inc.^(a)		216,531		3,321,585
Masco Corp.		333,833		28,021,942
Owens Corning		130,862		23,099,760
Simpson Manufacturing Co., Inc.		58,522		11,193,503


				196,611,205

Capital Markets — 4.1%
Affiliated Managers Group, Inc.		47,795		8,497,951
Ameriprise Financial, Inc.		13,282		6,240,016
Bank of New York Mellon Corp. (The)		1,121,276		80,574,893
Carlyle Group, Inc. (The)		332,108		14,300,570
Cboe Global Markets, Inc.		160,027		32,784,732
Coinbase Global, Inc., Class A^(a)(b)		48,146		8,578,173
Evercore, Inc., Class A		54,651		13,845,284
FactSet Research Systems, Inc.		37,349		17,174,938
Franklin Resources, Inc.		435,131		8,767,890
Houlihan Lokey, Inc., Class A		72,528		11,460,875
Interactive Brokers Group, Inc., Class A		159,842		22,275,581
Invesco Ltd.		555,371		9,752,315
Janus Henderson Group PLC		195,324		7,435,985
Jefferies Financial Group, Inc.		190,966		11,753,957
Lazard, Inc.		10,675		537,807
MarketAxess Holdings, Inc.		56,033		14,355,655
MSCI, Inc., Class A		49,074		28,606,707
Nasdaq, Inc.		624,912		45,624,825
Northern Trust Corp.		302,301		27,216,159
Raymond James Financial, Inc.		286,853		35,128,018
Robinhood Markets, Inc., Class A^(a)		1,010,044		23,655,230


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, 2024

iShares^® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets (continued)
SEI Investments Co.		151,562	$	10,486,575
State Street Corp.		458,180		40,535,185
Stifel Financial Corp.		150,577		14,139,180
T Rowe Price Group, Inc.		332,715		36,242,645
TPG, Inc., Class A		95,814		5,515,054
Tradeweb Markets, Inc., Class A		107,130		13,248,767
Virtu Financial, Inc., Class A		123,714		3,768,328
XP, Inc., Class A		556,376		9,981,385


				562,484,680

Chemicals — 3.6%
Albemarle Corp.		178,184		16,875,807
Ashland, Inc.		75,337		6,552,059
Axalta Coating Systems Ltd.^(a)		334,083		12,090,464
Celanese Corp., Class A		123,848		16,838,374
CF Industries Holdings, Inc.		276,150		23,693,670
Chemours Co. (The)		211,469		4,297,050
Corteva, Inc.		1,061,289		62,393,180
Dow, Inc.		1,067,812		58,334,570
DuPont de Nemours, Inc.		634,490		56,539,404
Eastman Chemical Co.		177,396		19,859,482
Element Solutions, Inc.		339,440		9,219,190
FMC Corp.		190,419		12,556,229
Huntsman Corp.		245,920		5,951,264
International Flavors & Fragrances, Inc.		387,931		40,705,600
LyondellBasell Industries NV, Class A		394,926		37,873,403
Mosaic Co. (The)		485,283		12,995,879
NewMarket Corp.		10,334		5,703,231
Olin Corp.		178,701		8,574,074
PPG Industries, Inc.		354,559		46,964,885
RPM International, Inc.		149,722		18,116,362
Scotts Miracle-Gro Co. (The)		63,924		5,542,211
Westlake Corp.		51,088		7,678,015


				489,354,403

Commercial Services & Supplies — 0.7%
Clean Harbors, Inc.^(a)		77,588		18,753,795
MSA Safety, Inc.		56,102		9,949,129
RB Global, Inc.^(b)		277,518		22,337,424
Stericycle, Inc.^(a)		139,285		8,496,385
Tetra Tech, Inc.		318,385		15,015,037
Veralto Corp.		205,923		23,034,547
Vestis Corp.		198,648		2,959,855


				100,546,172

Communications Equipment — 0.4%
Ciena Corp.^(a)		217,888		13,419,722
F5, Inc.^(a)		88,789		19,551,338
Juniper Networks, Inc.		496,294		19,345,540
Lumentum Holdings, Inc.^(a)(b)		102,198		6,477,309
Ubiquiti, Inc.		3,723		825,464


				59,619,373

Construction & Engineering — 1.0%
AECOM		206,314		21,306,047
API Group Corp.^(a)		348,043		11,492,380
EMCOR Group, Inc.		42,663		18,367,701
MasTec, Inc.^(a)		95,038		11,699,178
MDU Resources Group, Inc.		308,724		8,462,125
Quanta Services, Inc.		152,941		45,599,359
Valmont Industries, Inc.		30,074		8,719,956
WillScot Holdings Corp.^(a)(b)		197,756		7,435,626


				133,082,372


Security	Shares		Value

Construction Materials — 0.6%
Eagle Materials, Inc.		12,318	$	3,543,273
Martin Marietta Materials, Inc.^(b)		87,792		47,254,044
Vulcan Materials Co.		148,969		37,306,306


				88,103,623

Consumer Finance — 0.9%
Ally Financial, Inc.		363,109		12,923,049
Credit Acceptance Corp.^(a)		2,121		940,494
Discover Financial Services		379,379		53,223,080
OneMain Holdings, Inc.		171,972		8,094,722
SLM Corp.		331,766		7,587,489
SoFi Technologies, Inc.^(a)(b)		1,315,985		10,343,642
Synchrony Financial		598,747		29,865,500


				122,977,976

Consumer Staples Distribution & Retail — 1.7%
Albertsons Cos., Inc., Class A		636,567		11,763,758
BJ’s Wholesale Club Holdings, Inc.^(a)(b)		200,659		16,550,354
Casey’s General Stores, Inc.		46,462		17,456,238
Dollar General Corp.		333,299		28,187,096
Dollar Tree, Inc.^(a)		306,295		21,538,664
Grocery Outlet Holding Corp.^(a)		149,953		2,631,675
Kroger Co. (The)		1,006,600		57,678,180
Maplebear, Inc.^(a)		261,013		10,633,670
Performance Food Group Co.^(a)		199,358		15,623,687
Sysco Corp.		287,099		22,410,948
U.S. Foods Holding Corp.^(a)		347,326		21,360,549
Walgreens Boots Alliance, Inc.		1,090,852		9,774,034


				235,608,853

Containers & Packaging — 1.8%
Amcor PLC		2,203,359		24,964,057
AptarGroup, Inc.		100,122		16,038,543
Avery Dennison Corp.		76,062		16,791,447
Ball Corp.		465,691		31,625,076
Berry Global Group, Inc.		174,506		11,862,918
Crown Holdings, Inc.		178,267		17,092,240
Graphic Packaging Holding Co.		452,534		13,390,481
International Paper Co.		525,522		25,671,750
Packaging Corp. of America		134,486		28,968,284
Sealed Air Corp.		119,462		4,336,471
Silgan Holdings, Inc.		125,709		6,599,722
Smurfit WestRock PLC		787,783		38,932,236
Sonoco Products Co.		149,214		8,151,561


				244,424,786

Distributors — 0.3%
Genuine Parts Co.		211,736		29,575,285
LKQ Corp.		398,323		15,901,054


				45,476,339

Diversified Consumer Services — 0.3%
ADT, Inc.		446,034		3,224,826
Bright Horizons Family Solutions, Inc.^(a)		75,126		10,527,406
Grand Canyon Education, Inc.^(a)		30,097		4,269,260
H&R Block, Inc.		170,492		10,834,767
Service Corp. International		215,894		17,040,513


				45,896,772

Diversified REITs — 0.2%
WP Carey, Inc.		329,578		20,532,709


Diversified Telecommunication Services — 0.2%
Frontier Communications Parent, Inc.^(a)		375,063		13,325,988
GCI Liberty, Inc. Escrow, Class A^(a)(c)		193,912		2
Iridium Communications, Inc.		161,797		4,926,719


30		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Diversified Telecommunication Services (continued)
Liberty Global Ltd., Class A^(a)		256,227	$	5,408,952
Liberty Global Ltd., Class C, NVS^(a)(b)		244,094		5,274,871


				28,936,532

Electric Utilities — 3.6%
Alliant Energy Corp.		389,498		23,638,634
Avangrid, Inc.		110,064		3,939,190
Edison International		577,153		50,264,255
Entergy Corp.		323,418		42,565,043
Evergy, Inc.		338,517		20,991,439
Eversource Energy		532,709		36,250,847
Exelon Corp.		1,518,075		61,557,941
FirstEnergy Corp.		875,996		38,850,423
IDACORP, Inc.		76,888		7,926,384
NRG Energy, Inc.		185,449		16,894,404
OGE Energy Corp.		303,211		12,437,715
PG&E Corp.		3,243,349		64,121,010
Pinnacle West Capital Corp.		172,832		15,311,187
PPL Corp.		1,120,353		37,061,277
Xcel Energy, Inc.		843,843		55,102,948


				486,912,697

Electrical Equipment — 1.5%
Acuity Brands, Inc.		46,701		12,860,988
AMETEK, Inc.		350,264		60,143,832
Generac Holdings, Inc.^(a)		45,739		7,267,012
Hubbell, Inc.		81,233		34,796,156
nVent Electric PLC		249,797		17,550,737
Regal Rexnord Corp.		100,810		16,722,363
Rockwell Automation, Inc.		157,880		42,384,465
Sensata Technologies Holding PLC		227,169		8,146,280


				199,871,833

Electronic Equipment, Instruments & Components — 2.2%
Arrow Electronics, Inc.^(a)		80,904		10,746,478
Avnet, Inc.		136,804		7,429,825
CDW Corp.		101,643		23,001,811
Cognex Corp.		248,241		10,053,760
Coherent Corp.^(a)		201,001		17,870,999
Corning, Inc.		1,162,858		52,503,039
Crane NXT Co.		75,800		4,252,380
IPG Photonics Corp.^(a)		41,529		3,086,435
Jabil, Inc.		153,368		18,378,087
Keysight Technologies, Inc.^(a)		264,364		42,015,371
Littelfuse, Inc.		37,008		9,816,372
TD SYNNEX Corp.		114,271		13,721,662
Teledyne Technologies, Inc.^(a)		70,230		30,736,862
Trimble, Inc.^(a)		370,243		22,988,388
Vontier Corp.^(b)		236,431		7,977,182
Zebra Technologies Corp., Class A^(a)		60,852		22,534,713


				297,113,364

Energy Equipment & Services — 0.9%
Baker Hughes Co., Class A		1,514,351		54,743,789
Halliburton Co.		1,337,487		38,853,997
NOV, Inc.		600,870		9,595,894
TechnipFMC PLC		650,566		17,064,346


				120,258,026

Entertainment — 1.3%
Electronic Arts, Inc.		405,729		58,197,768
Liberty Media Corp. - Liberty Formula One, Class A^(a)		22,764		1,628,309
Liberty Media Corp. - Liberty Formula One, Class C, NVS^(a)		201,995		15,640,473


Security	Shares		Value

Entertainment (continued)
Liberty Media Corp. - Liberty Live, Class A^(a)		30,064	$	1,488,468
Liberty Media Corp. - Liberty Live, Class C, NVS^(a)		72,010		3,696,273
Madison Square Garden Sports Corp., Class A^(a)		26,023		5,419,550
Playtika Holding Corp.		106,152		840,724
Roku, Inc., Class A^(a)		162,936		12,164,802
Take-Two Interactive Software, Inc.^(a)(b)		261,575		40,206,693
TKO Group Holdings, Inc., Class A^(a)		104,255		12,897,386
Warner Bros Discovery, Inc., Class A^(a)		3,682,483		30,380,485


				182,560,931

Financial Services — 1.7%
Affirm Holdings, Inc., Class A^(a)(b)		352,788		14,400,806
Block, Inc., Class A^(a)		487,130		32,701,037
Euronet Worldwide, Inc.^(a)		65,823		6,531,616
Fidelity National Information Services, Inc.		852,832		71,424,680
Global Payments, Inc.		386,161		39,550,610
Jack Henry & Associates, Inc.		110,021		19,423,107
MGIC Investment Corp.		391,973		10,034,509
Rocket Cos., Inc., Class A^(a)(b)		213,292		4,093,074
TFS Financial Corp.		76,050		978,003
UWM Holdings Corp., Class A		56,637		482,547
Voya Financial, Inc.		154,841		12,266,504
Western Union Co. (The)		377,551		4,504,183
WEX, Inc.^(a)		56,567		11,863,797


				228,254,473

Food Products — 2.8%
Archer-Daniels-Midland Co.		723,435		43,218,007
Bunge Global SA		214,090		20,689,658
Campbell Soup Co.		291,945		14,281,949
Conagra Brands, Inc.		722,376		23,491,668
Darling Ingredients, Inc.^(a)		240,895		8,951,658
Flowers Foods, Inc.		285,100		6,577,257
Freshpet, Inc.^(a)		48,633		6,651,535
General Mills, Inc.		847,169		62,563,431
Hershey Co. (The)		190,249		36,485,953
Hormel Foods Corp.		439,660		13,937,222
Ingredion, Inc.		99,388		13,658,893
J M Smucker Co. (The)		156,868		18,996,715
Kellanova		397,582		32,088,843
Lamb Weston Holdings, Inc.		147,509		9,549,733
McCormick & Co., Inc., NVS		381,897		31,430,123
Pilgrim’s Pride Corp.^(a)		58,628		2,699,819
Post Holdings, Inc.^(a)		75,343		8,720,952
Seaboard Corp.		419		1,314,403
Tyson Foods, Inc., Class A		426,707		25,414,669


				380,722,488

Gas Utilities — 0.4%
Atmos Energy Corp.		228,198		31,653,345
National Fuel Gas Co.		137,656		8,343,330
UGI Corp.		321,099		8,033,897


				48,030,572

Ground Transportation — 0.5%
Avis Budget Group, Inc.		16,004		1,401,790
JB Hunt Transport Services, Inc.		124,144		21,393,736
Knight-Swift Transportation Holdings, Inc.		237,352		12,805,140
Landstar System, Inc.		53,953		10,190,103
Lyft, Inc., Class A^(a)		171,933		2,192,146
Ryder System, Inc.		64,822		9,451,048
Saia, Inc.^(a)(b)		16,727		7,314,048
Schneider National, Inc., Class B^(b)		72,029		2,055,708


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, 2024

iShares^® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Ground Transportation (continued)
U-Haul Holding Co.^(a)(b)		6,863	$	531,745
U-Haul Holding Co., NVS^(b)		86,643		6,238,296


				73,573,760

Health Care Equipment & Supplies — 2.5%
Align Technology, Inc.^(a)		47,346		12,041,035
Baxter International, Inc.		772,526		29,332,812
Cooper Cos., Inc. (The)^(a)		296,083		32,669,798
DENTSPLY SIRONA, Inc.		307,910		8,332,045
Enovis Corp.^(a)(b)		82,504		3,551,797
Envista Holdings Corp.^(a)(b)		261,577		5,168,761
GE HealthCare Technologies, Inc.		606,711		56,939,827
Globus Medical, Inc., Class A^(a)		171,081		12,239,135
Hologic, Inc.^(a)		346,824		28,252,283
Masimo Corp.^(a)		30,900		4,119,897
QuidelOrtho Corp.^(a)		81,033		3,695,105
ResMed, Inc.		160,369		39,149,280
Solventum Corp.^(a)(b)		211,230		14,726,956
STERIS PLC		149,516		36,263,611
Teleflex, Inc.		71,579		17,702,918
Zimmer Biomet Holdings, Inc.		310,176		33,483,499


				337,668,759

Health Care Providers & Services — 2.2%
Acadia Healthcare Co., Inc.^(a)		138,021		8,751,912
Amedisys, Inc.^(a)		48,781		4,707,854
Cardinal Health, Inc.		149,940		16,571,369
Centene Corp.^(a)		797,796		60,058,083
Chemed Corp.		20,218		12,150,411
Encompass Health Corp.		150,422		14,536,782
Henry Schein, Inc.^(a)(b)		193,775		14,126,198
Humana, Inc.		182,910		57,934,913
Labcorp Holdings, Inc.		127,512		28,496,382
Molina Healthcare, Inc.^(a)		32,733		11,278,483
Premier, Inc., Class A		158,693		3,173,860
Quest Diagnostics, Inc.		168,733		26,195,798
R1 RCM, Inc.^(a)		237,985		3,372,247
Tenet Healthcare Corp.^(a)		144,116		23,952,079
Universal Health Services, Inc., Class B		87,967		20,145,323


				305,451,694

Health Care REITs — 0.9%
Alexandria Real Estate Equities, Inc.		263,612		31,303,925
Healthcare Realty Trust, Inc.		576,676		10,466,670
Healthpeak Properties, Inc.		1,064,613		24,347,699
Medical Properties Trust, Inc.^(b)		901,690		5,274,887
Omega Healthcare Investors, Inc.		376,049		15,305,194
Ventas, Inc.		611,801		39,234,798


				125,933,173

Health Care Technology — 0.1%
Certara, Inc.^(a)		180,540		2,114,123
Doximity, Inc., Class A^(a)		171,121		7,455,742


				9,569,865

Hotel & Resort REITs — 0.2%
Host Hotels & Resorts, Inc.		1,057,242		18,607,459
Park Hotels & Resorts, Inc.		314,989		4,441,345


				23,048,804

Hotels, Restaurants & Leisure — 2.1%
Aramark		399,267		15,463,611
Boyd Gaming Corp.		103,591		6,697,158
Caesars Entertainment, Inc.^(a)		325,752		13,596,888
Carnival Corp.^(a)		1,513,904		27,976,946
Choice Hotels International, Inc.^(b)		6,182		805,515


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Darden Restaurants, Inc.		85,239	$	13,990,277
Domino’s Pizza, Inc.		34,447		14,817,033
Dutch Bros, Inc., Class A^(a)		100,731		3,226,414
Hilton Worldwide Holdings, Inc.		181,540		41,844,970
Hyatt Hotels Corp., Class A		56,935		8,665,507
Marriott Vacations Worldwide Corp.		52,711		3,873,204
MGM Resorts International^(a)		356,076		13,919,011
Penn Entertainment, Inc.^(a)(b)		232,050		4,376,463
Planet Fitness, Inc., Class A^(a)		60,444		4,909,262
Royal Caribbean Cruises Ltd.		234,874		41,657,253
Travel + Leisure Co.		101,663		4,684,631
Vail Resorts, Inc.		9,084		1,583,250
Wendy’s Co. (The)		132,972		2,329,669
Wyndham Hotels & Resorts, Inc.		106,966		8,358,323
Wynn Resorts Ltd.		144,048		13,811,322
Yum! Brands, Inc.		263,331		36,789,974


				283,376,681

Household Durables — 2.7%
DR Horton, Inc.		449,918		85,830,857
Garmin Ltd.		234,929		41,354,552
Leggett & Platt, Inc.		200,007		2,724,095
Lennar Corp., Class A		361,162		67,710,652
Lennar Corp., Class B		17,102		2,957,620
Mohawk Industries, Inc.^(a)		79,913		12,840,421
Newell Brands, Inc.		629,036		4,830,996
NVR, Inc.^(a)		4,361		42,789,260
PulteGroup, Inc.		313,068		44,934,650
SharkNinja, Inc.		80,961		8,801,270
Toll Brothers, Inc.		154,875		23,926,639
TopBuild Corp.^(a)		44,290		18,017,615
Whirlpool Corp.		80,108		8,571,556


				365,290,183

Household Products — 0.3%
Church & Dwight Co., Inc.		370,129		38,759,909
Reynolds Consumer Products, Inc.		85,017		2,644,029
Spectrum Brands Holdings, Inc.		41,345		3,933,563


				45,337,501

Independent Power and Renewable Electricity Producers — 0.3%
AES Corp. (The)		1,077,694		21,618,542
Brookfield Renewable Corp., Class A		206,322		6,738,476
Clearway Energy, Inc., Class A		51,878		1,476,967
Clearway Energy, Inc., Class C		127,571		3,913,878


				33,747,863

Industrial REITs — 0.5%
Americold Realty Trust, Inc.		435,113		12,300,645
EastGroup Properties, Inc.		73,672		13,763,403
First Industrial Realty Trust, Inc.		202,330		11,326,433
Lineage, Inc.		93,885		7,358,706
Rexford Industrial Realty, Inc.		325,915		16,396,784
STAG Industrial, Inc.		276,090		10,792,358


				71,938,329

Insurance — 6.4%
Aflac, Inc.		846,620		94,652,116
Allstate Corp. (The)		336,380		63,794,467
American Financial Group, Inc.		109,365		14,720,529
Arch Capital Group Ltd.^(a)		547,297		61,231,588
Arthur J. Gallagher & Co.		304,879		85,783,804
Assurant, Inc.		79,251		15,759,854
Assured Guaranty Ltd.		79,203		6,298,223
Axis Capital Holdings Ltd.		118,306		9,418,341


32		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
Brighthouse Financial, Inc.^(a)		93,854	$	4,226,246
Brown & Brown, Inc.		202,508		20,979,829
Cincinnati Financial Corp.		232,250		31,613,870
CNA Financial Corp.		33,442		1,636,652
Everest Group Ltd.		54,529		21,366,098
Fidelity National Financial, Inc., Class A		397,360		24,660,162
First American Financial Corp.		153,076		10,104,547
Globe Life, Inc.		135,306		14,330,258
Hanover Insurance Group, Inc. (The)		54,381		8,054,370
Hartford Financial Services Group, Inc. (The)		443,894		52,206,373
Kemper Corp.		92,570		5,669,913
Lincoln National Corp.		253,726		7,994,906
Loews Corp.		271,176		21,436,463
Markel Group, Inc.^(a)		14,864		23,315,373
Old Republic International Corp.		378,741		13,415,006
Primerica, Inc.		52,649		13,959,882
Principal Financial Group, Inc.		348,554		29,940,789
Prudential Financial, Inc.		545,354		66,042,369
Reinsurance Group of America, Inc.		99,482		21,674,143
RenaissanceRe Holdings Ltd.		77,661		21,154,856
RLI Corp.		59,275		9,186,440
Unum Group		282,844		16,812,247
W R Berkley Corp.		445,462		25,271,059
White Mountains Insurance Group Ltd.^(b)		3,781		6,413,332
Willis Towers Watson PLC		155,071		45,673,062


				868,797,167

Interactive Media & Services — 0.2%
IAC, Inc.^(a)		113,159		6,090,217
Match Group, Inc.^(a)(b)		391,690		14,821,550
TripAdvisor, Inc.^(a)		154,536		2,239,227
Trump Media & Technology Group Corp., Class A^(a)(b)		33,042		530,985
ZoomInfo Technologies, Inc., Class A^(a)		472,428		4,875,457


				28,557,436

IT Services — 1.3%
Akamai Technologies, Inc.^(a)		228,379		23,054,860
Amdocs Ltd.		174,081		15,228,606
Cognizant Technology Solutions Corp., Class A		755,153		58,282,708
DXC Technology Co.^(a)(b)		274,324		5,692,223
EPAM Systems, Inc.^(a)		78,810		15,685,554
Globant SA^(a)(b)		15,862		3,142,897
Kyndryl Holdings, Inc.^(a)		347,128		7,977,001
Okta, Inc., Class A^(a)		134,484		9,997,541
Twilio, Inc., Class A^(a)		208,645		13,607,827
VeriSign, Inc.^(a)		119,727		22,743,341


				175,412,558

Leisure Products — 0.2%
Brunswick Corp.		103,569		8,681,154
Hasbro, Inc.		26,949		1,948,952
Mattel, Inc.^(a)		513,316		9,778,670
Polaris, Inc.		77,721		6,469,496
YETI Holdings, Inc.^(a)(b)		93,017		3,816,487


				30,694,759

Life Sciences Tools & Services — 2.7%
10X Genomics, Inc., Class A^(a)		56,005		1,264,593
Agilent Technologies, Inc.		444,389		65,982,879
Avantor, Inc.^(a)		1,028,880		26,617,126
Azenta, Inc.^(a)		80,292		3,889,345
Bio-Rad Laboratories, Inc., Class A^(a)(b)		29,287		9,798,844
Bio-Techne Corp.		235,069		18,789,065
Bruker Corp.		59,638		4,118,600


Security	Shares		Value

Life Sciences Tools & Services (continued)
Charles River Laboratories International, Inc.^(a)		77,661	$	15,296,887
Fortrea Holdings, Inc.^(a)		123,919		2,478,380
Illumina, Inc.^(a)		242,530		31,628,337
IQVIA Holdings, Inc.^(a)		242,554		57,478,021
Mettler-Toledo International, Inc.^(a)		32,009		48,003,897
QIAGEN NV		337,449		15,377,551
Repligen Corp.^(a)		73,172		10,889,457
Revvity, Inc.		186,629		23,841,855
Sotera Health Co.^(a)		229,333		3,829,861
Waters Corp.^(a)		35,210		12,671,727
West Pharmaceutical Services, Inc.		43,281		12,991,225


				364,947,650

Machinery — 5.0%
AGCO Corp.		94,005		9,199,329
Allison Transmission Holdings, Inc.		133,664		12,841,100
CNH Industrial NV		1,321,857		14,672,613
Crane Co.		74,817		11,842,035
Cummins, Inc.		207,284		67,116,486
Donaldson Co., Inc.		182,138		13,423,571
Dover Corp.		208,033		39,888,247
Esab Corp.		85,765		9,117,677
Flowserve Corp.		200,003		10,338,155
Fortive Corp.		533,843		42,136,228
Gates Industrial Corp. PLC^(a)		313,622		5,504,066
Graco, Inc.		254,227		22,247,405
IDEX Corp.		115,146		24,698,817
Ingersoll Rand, Inc.^(b)		612,290		60,102,386
ITT, Inc.		124,790		18,657,353
Lincoln Electric Holdings, Inc.		60,363		11,590,903
Middleby Corp. (The)^(a)		80,769		11,237,391
Nordson Corp.		86,265		22,655,777
Oshkosh Corp.		99,421		9,962,978
Otis Worldwide Corp.		612,937		63,708,672
Pentair PLC		250,172		24,464,320
RBC Bearings, Inc.^(a)(b)		43,305		12,964,651
Snap-on, Inc.		78,649		22,785,402
Stanley Black & Decker, Inc.		233,827		25,751,368
Timken Co. (The)		98,265		8,282,757
Toro Co. (The)		158,983		13,788,596
Westinghouse Air Brake Technologies Corp.		265,386		48,239,213
Xylem, Inc.		366,610		49,503,348


				686,720,844

Marine Transportation — 0.1%
Kirby Corp.^(a)		88,343		10,815,833


Media — 1.4%
Charter Communications, Inc., Class A^(a)(b)		142,360		46,136,029
Fox Corp., Class A, NVS^(b)		349,970		14,814,230
Fox Corp., Class B		201,116		7,803,301
Interpublic Group of Cos., Inc. (The)		571,145		18,065,316
Liberty Broadband Corp., Class A^(a)		18,940		1,454,971
Liberty Broadband Corp., Class C, NVS^(a)		127,634		9,864,832
New York Times Co. (The), Class A		245,089		13,644,105
News Corp., Class A, NVS		578,435		15,403,724
News Corp., Class B		172,401		4,818,608
Nexstar Media Group, Inc., Class A		29,286		4,842,440
Omnicom Group, Inc.		293,664		30,361,921
Paramount Global, Class A^(b)		13,861		303,001
Paramount Global, Class B, NVS		900,254		9,560,697
Sirius XM Holdings, Inc.^(b)		373,317		8,828,947


				185,902,122


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, 2024

iShares^® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Metals & Mining — 1.3%
Alcoa Corp.		380,061	$	14,662,753
ATI, Inc.^(a)		187,002		12,512,304
Cleveland-Cliffs, Inc.^(a)(b)		477,369		6,096,002
MP Materials Corp., Class A^(a)(b)		197,637		3,488,293
Nucor Corp.		363,669		54,673,998
Reliance, Inc.		86,804		25,104,585
Royal Gold, Inc.		99,836		14,006,991
Steel Dynamics, Inc.		225,455		28,425,366
United States Steel Corp.		337,967		11,940,374


				170,910,666

Mortgage Real Estate Investment Trusts (REITs) — 0.3%
AGNC Investment Corp.		1,124,924		11,766,705
Annaly Capital Management, Inc.		758,753		15,228,173
Rithm Capital Corp.		777,635		8,826,157
Starwood Property Trust, Inc.		476,380		9,708,624


				45,529,659

Multi-Utilities — 2.4%
Ameren Corp.		403,651		35,303,317
CenterPoint Energy, Inc.		961,008		28,272,855
CMS Energy Corp.		451,242		31,871,222
Consolidated Edison, Inc.		525,447		54,714,796
DTE Energy Co.		313,640		40,274,512
NiSource, Inc.		680,335		23,573,608
Public Service Enterprise Group, Inc.		756,574		67,493,967
WEC Energy Group, Inc.		479,844		46,151,396


				327,655,673

Office REITs — 0.4%
BXP, Inc.		238,212		19,166,538
Cousins Properties, Inc.		229,621		6,769,227
Highwoods Properties, Inc.		157,294		5,270,922
Kilroy Realty Corp.		178,949		6,925,326
Vornado Realty Trust		268,163		10,565,622


				48,697,635

Oil, Gas & Consumable Fuels — 4.4%
Antero Midstream Corp.		314,823		4,738,086
Antero Resources Corp.^(a)		440,004		12,606,115
APA Corp.		550,025		13,453,611
Cheniere Energy, Inc.		170,995		30,751,741
Chesapeake Energy Corp.		199,095		16,375,564
Chord Energy Corp.		93,720		12,205,156
Civitas Resources, Inc.		109,858		5,566,505
Coterra Energy, Inc.		1,123,887		26,917,094
Devon Energy Corp.		954,711		37,348,294
Diamondback Energy, Inc.		286,150		49,332,260
DT Midstream, Inc.		147,291		11,585,910
EQT Corp.		838,629		30,727,367
Hess Corp.		149,923		20,359,543
HF Sinclair Corp.		240,603		10,723,676
Kinder Morgan, Inc.		2,941,308		64,973,494
Marathon Oil Corp.		847,197		22,560,856
Matador Resources Co.		166,203		8,213,752
New Fortress Energy, Inc., Class A^(b)		48,561		441,419
ONEOK, Inc.		885,333		80,680,396
Ovintiv, Inc.		397,992		15,247,074
Permian Resources Corp., Class A		784,776		10,680,801
Range Resources Corp.		361,098		11,107,374
Southwestern Energy Co.^(a)		1,677,052		11,923,840
Viper Energy, Inc., Class A		109,297		4,930,388
Williams Cos., Inc. (The)		1,846,520		84,293,638


				597,743,954


Security	Shares		Value

Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		29,784	$	3,200,589


Passenger Airlines — 0.9%
Alaska Air Group, Inc.^(a)		191,560		8,660,428
American Airlines Group, Inc.^(a)(b)		930,680		10,460,843
Delta Air Lines, Inc.		977,289		49,636,508
Southwest Airlines Co.		909,596		26,951,329
United Airlines Holdings, Inc.^(a)		498,428		28,440,302


				124,149,410

Personal Care Products — 0.6%
BellRing Brands, Inc.^(a)		197,662		12,002,037
Coty, Inc., Class A^(a)		581,167		5,457,158
Kenvue, Inc.		2,905,431		67,20.2,619


				84,661,814

Pharmaceuticals — 0.7%
Catalent, Inc.^(a)		274,702		16,638,700
Elanco Animal Health, Inc.^(a)		746,730		10,969,464
Jazz Pharmaceuticals PLC^(a)(b)		94,910		10,573,923
Organon & Co.		392,361		7,505,866
Perrigo Co. PLC		203,264		5,331,615
Royalty Pharma PLC, Class A		595,186		16,837,812
Viatris, Inc.		1,805,107		20,957,292


				88,814,672

Professional Services — 2.4%
Amentum Holdings, Inc.^(a)		189,014		6,095,701
Broadridge Financial Solutions, Inc.		15,685		3,372,746
CACI International, Inc., Class A^(a)		33,391		16,847,763
Clarivate PLC^(a)(b)		615,217		4,368,041
Concentrix Corp.		72,162		3,698,303
Dayforce, Inc.^(a)(b)		206,141		12,626,136
Dun & Bradstreet Holdings, Inc.		466,761		5,372,419
Equifax, Inc.		148,913		43,759,574
FTI Consulting, Inc.^(a)		53,629		12,203,815
Genpact Ltd.		267,710		10,496,909
Jacobs Solutions, Inc.		189,014		24,741,933
KBR, Inc.		184,509		12,017,071
Leidos Holdings, Inc.		204,520		33,336,760
ManpowerGroup, Inc.		70,919		5,213,965
Parsons Corp.^(a)(b)		69,534		7,209,285
Paychex, Inc.		312,767		41,970,204
Paycom Software, Inc.		28,392		4,729,255
Paycor HCM, Inc.^(a)		95,849		1,360,097
Robert Half, Inc.		154,148		10,391,117
Science Applications International Corp.		78,173		10,887,154
SS&C Technologies Holdings, Inc.		325,701		24,170,271
TransUnion		277,587		29,063,359


				323,931,878

Real Estate Management & Development — 1.0%
CBRE Group, Inc., Class A^(a)		464,073		57,767,807
CoStar Group, Inc.^(a)		615,776		46,454,141
Howard Hughes Holdings, Inc.^(a)(b)		48,114		3,725,467
Jones Lang LaSalle, Inc.^(a)		49,859		13,452,457
Seaport Entertainment Group, Inc.^(a)(b)		5,344		146,533
Zillow Group, Inc., Class A^(a)(b)		71,328		4,417,343
Zillow Group, Inc., Class C, NVS^(a)		241,068		15,392,192


				141,355,940

Residential REITs — 2.1%
American Homes 4 Rent, Class A		512,136		19,660,901
AvalonBay Communities, Inc.		215,200		48,473,800
Camden Property Trust		156,958		19,389,022
Equity LifeStyle Properties, Inc.		280,522		20,012,440


34		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Residential REITs (continued)
Equity Residential		573,037	$	42,668,335
Essex Property Trust, Inc.		96,842		28,609,064
Invitation Homes, Inc.		927,993		32,721,033
Mid-America Apartment Communities, Inc.		176,817		28,096,221
Sun Communities, Inc.		187,775		25,377,791
UDR, Inc.		497,333		22,549,078


				287,557,685

Retail REITs — 1.8%
Agree Realty Corp.		150,967		11,372,344
Brixmor Property Group, Inc.		456,575		12,720,180
Federal Realty Investment Trust		124,814		14,349,866
Kimco Realty Corp.		999,261		23,202,840
NNN REIT, Inc.		274,913		13,330,531
Realty Income Corp.		1,322,383		83,865,530
Regency Centers Corp.		278,833		20,140,108
Simon Property Group, Inc.		365,205		61,726,949


				240,708,348

Semiconductors & Semiconductor Equipment — 1.9%
Allegro MicroSystems, Inc.^(a)(b)		187,156		4,360,735
Amkor Technology, Inc.		169,888		5,198,573
Astera Labs, Inc.^(a)(b)		31,762		1,664,011
Cirrus Logic, Inc.^(a)		82,276		10,219,502
First Solar, Inc.^(a)		161,742		40,344,924
GLOBALFOUNDRIES, Inc.^(a)(b)		150,271		6,048,408
Lattice Semiconductor Corp.^(a)		26,743		1,419,251
MACOM Technology Solutions Holdings, Inc.^(a)		85,137		9,472,343
Microchip Technology, Inc.		804,510		64,594,108
MKS Instruments, Inc.		95,428		10,373,978
ON Semiconductor Corp.^(a)		651,324		47,292,636
Onto Innovation, Inc.^(a)		55,680		11,556,941
Qorvo, Inc.^(a)(b)		144,222		14,898,132
Skyworks Solutions, Inc.		243,658		24,066,101
Teradyne, Inc.		20,796		2,785,208
Universal Display Corp.		35,284		7,406,111
Wolfspeed, Inc.^(a)(b)		188,536		1,828,799


				263,529,761

Software — 1.8%
ANSYS, Inc.^(a)		132,360		42,173,867
Aspen Technology, Inc.^(a)		41,062		9,806,427
BILL Holdings, Inc.^(a)		116,883		6,166,747
CCC Intelligent Solutions Holdings, Inc.^(a)(b)		690,038		7,624,920
Dolby Laboratories, Inc., Class A		88,876		6,801,680
DoubleVerify Holdings, Inc.^(a)		94,800		1,596,432
Dropbox, Inc., Class A^(a)		255,140		6,488,210
Fair Isaac Corp.^(a)		5,564		10,813,745
Gen Digital, Inc.		823,392		22,585,642
Guidewire Software, Inc.^(a)(b)		68,378		12,509,071
HashiCorp, Inc., Class A^(a)		46,856		1,586,544
Informatica, Inc., Class A^(a)(b)		98,528		2,490,788
MicroStrategy, Inc., Class A^(a)(b)		222,856		37,573,522
nCino, Inc.^(a)		48,002		1,516,383
Nutanix, Inc., Class A^(a)		263,760		15,627,780
PTC, Inc.^(a)		70,904		12,809,517
SentinelOne, Inc., Class A^(a)(b)		351,344		8,404,148
Tyler Technologies, Inc.^(a)		9,723		5,675,510
UiPath, Inc., Class A^(a)		95,450		1,221,760
Unity Software, Inc.^(a)(b)		252,422		5,709,786
Zoom Video Communications, Inc., Class A^(a)		399,888		27,888,189


				247,070,668

Specialized REITs — 3.2%
Crown Castle, Inc.		659,586		78,246,687


Security	Shares		Value

Specialized REITs (continued)
CubeSmart		338,737	$	18,234,213
Digital Realty Trust, Inc.		489,980		79,293,464
EPR Properties		114,916		5,635,481
Extra Space Storage, Inc.		317,299		57,174,107
Gaming & Leisure Properties, Inc.		396,896		20,420,299
Iron Mountain, Inc.		189,489		22,516,978
Lamar Advertising Co., Class A		98,798		13,199,413
National Storage Affiliates Trust		104,717		5,047,359
Rayonier, Inc.		225,099		7,243,686
SBA Communications Corp., Class A		162,796		39,184,997
VICI Properties, Inc.		1,581,623		52,683,862
Weyerhaeuser Co.		1,105,883		37,445,198


				436,325,744

Specialty Retail — 1.8%
Advance Auto Parts, Inc.		90,179		3,516,079
AutoNation, Inc.^(a)		38,721		6,927,961
Bath & Body Works, Inc.		343,470		10,963,562
Best Buy Co., Inc.		326,798		33,758,234
CarMax, Inc.^(a)(b)		222,304		17,201,884
Carvana Co., Class A^(a)		106,403		18,525,826
Dick’s Sporting Goods, Inc.		76,925		16,054,248
Five Below, Inc.^(a)		17,338		1,531,812
Floor & Decor Holdings, Inc., Class A^(a)(b)		101,867		12,648,825
GameStop Corp., Class A^(a)(b)		570,857		13,089,751
Gap, Inc. (The)		305,404		6,734,158
Lithia Motors, Inc., Class A		41,479		13,175,390
Penske Automotive Group, Inc.		28,367		4,607,368
RH^(a)		18,262		6,107,361
Ross Stores, Inc.		383,852		57,773,565
Ulta Beauty, Inc.^(a)		9,766		3,800,146
Wayfair, Inc., Class A^(a)(b)		142,907		8,028,515
Williams-Sonoma, Inc.		79,237		12,275,396


				246,720,081

Technology Hardware, Storage & Peripherals — 1.0%
Hewlett Packard Enterprise Co.		1,968,506		40,275,633
HP, Inc.		1,124,756		40,344,998
NetApp, Inc.		173,192		21,390,944
Pure Storage, Inc., Class A^(a)		59,875		3,008,120
Western Digital Corp.^(a)		496,595		33,912,472


				138,932,167

Textiles, Apparel & Luxury Goods — 0.7%
Amer Sports, Inc.^(a)(b)		88,668		1,414,255
Birkenstock Holding PLC^(a)		59,694		2,942,317
Capri Holdings Ltd.^(a)		172,370		7,315,383
Carter’s, Inc.		53,390		3,469,282
Columbia Sportswear Co.		50,655		4,213,989
Crocs, Inc.^(a)		74,281		10,756,632
PVH Corp.^(b)		84,514		8,521,547
Ralph Lauren Corp., Class A		61,273		11,878,997
Skechers U.S.A., Inc., Class A^(a)(b)		183,319		12,267,707
Tapestry, Inc.		346,378		16,272,838
Under Armour, Inc., Class A^(a)		286,245		2,550,443
Under Armour, Inc., Class C, NVS^(a)(b)		291,170		2,434,181
VF Corp.		529,800		10,569,510


				94,607,081

Trading Companies & Distributors — 1.5%
Air Lease Corp., Class A		160,047		7,248,529
Core & Main, Inc., Class A^(a)		100,272		4,452,077
Fastenal Co.		136,679		9,761,614
Ferguson Enterprises, Inc.		286,367		56,863,895
MSC Industrial Direct Co., Inc., Class A		69,805		6,007,418


S C H E D U L E S O F I N V E S T M E N T S		35

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Trading Companies & Distributors (continued)
SiteOne Landscape Supply, Inc.^(a)(b)		42,742	$	6,450,195
United Rentals, Inc.		76,413		61,873,898
Watsco, Inc.		52,462		25,805,009
WESCO International, Inc.		66,533		11,176,213
WW Grainger, Inc.		8,676		9,012,716


				198,651,564

Water Utilities — 0.4%
American Water Works Co., Inc.		295,899		43,272,270
Essential Utilities, Inc.		382,730		14,761,896


				58,034,166


Total Common Stocks — 99.7% (Cost: $11,321,549,132)				13,567,403,034


Rights

Real Estate Management & Development — 0.0%
Seaport Entertainment Group, Inc.^(a)(b)		5,371		15,844


Total Rights — 0.0% (Cost: $ —)				15,844


Total Long-Term Investments — 99.7% (Cost: $11,321,549,132)				13,567,418,878


Security	Shares		Value


Short-Term Securities

Money Market Funds — 2.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.05%^(d)(e)(f)		326,127,264	$	326,388,166
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.88%^(d)(e)		22,797,579		22,797,579


Total Short-Term Securities — 2.6% (Cost: $348,841,262)				349,185,745


Total Investments — 102.3% (Cost: $11,670,390,394)				13,916,604,623

Liabilities in Excess of Other Assets — (2.3)%				(311,904,029	)


Net Assets — 100.0%			$	13,604,700,594

^(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


Affiliated Issuer	Value at 03/31/24		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/24		Shares Held at 09/30/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	324,395,686	$	1,877,863	^(a)	$	—	$	22,579	$	92,038	$	326,388,166		326,127,264	$	1,547,177	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		20,880,703		1,916,876	^(a)		—		—		—		22,797,579		22,797,579		500,998			—


								$	22,579	$	92,038	$	349,185,745			$	2,048,175		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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		18		12/20/24	$	5,233	$	112,997
S&P Mid 400 E-Mini Index		96		12/20/24		30,227		1,065,462


							$	1,178,459


36		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

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
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	1,178,459	$	—	$	—	$	—	$	1,178,459

^(a)

For the period ended September 30, 2024, 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	$	—	$	—	$	293,176	$	—	$	—	$	—	$	293,176


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	88,675	$	—	$	—	$	—	$	88,675

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	43,248,078

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



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	13,567,403,032	$	—	$	2	$	13,567,403,034
Rights		15,844		—		—		15,844
Short-Term Securities
Money Market Funds		349,185,745		—		—		349,185,745


	$	13,916,604,621	$	—	$	2	$	13,916,604,623

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	1,178,459	$	—	$	—	$	1,178,459

^(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		37

Statements of Assets and Liabilities (unaudited)

September 30, 2024


	iShares Russell 3000 ETF		iShares Russell Mid-Cap Value ETF

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	14,886,150,049	$	13,567,418,878
Investments, at value — affiliated^(c)		291,789,089		349,185,745
Cash		—		295
Cash pledged:
Futures contracts		1,411,459		1,899,590
Receivables:
Investments sold		—		4,950
Securities lending income — affiliated		108,574		193,846
Dividends — unaffiliated		7,883,913		14,139,328
Dividends — affiliated		116,462		109,625
Variation margin on futures contracts		90,269		36,690


Total assets		15,187,549,815		13,932,988,947


LIABILITIES
Bank overdraft		24,414		—
Collateral on securities loaned		232,247,453		325,763,752
Payables:
Investments purchased		1,125		—
Investment advisory fees		2,403,988		2,522,622
Variation margin on futures contracts		—		1,979


Total liabilities		234,676,980		328,288,353


Commitments and contingent liabilities

NET ASSETS	$	14,952,872,835	$	13,604,700,594


NET ASSETS CONSIST OF:
Paid-in capital	$	9,518,420,000	$	11,458,518,713
Accumulated earnings		5,434,452,835		2,146,181,881


NET ASSETS	$	14,952,872,835	$	13,604,700,594


NET ASSET VALUE

Shares outstanding	$	45,750,000	$	102,900,000


Net asset value	$	326.84	$	132.21


Shares authorized		Unlimited		Unlimited


Par value		None		None


^(a) Investments, at cost — unaffiliated	$	9,285,971,985	$	11,321,549,132
^(b) Securities loaned, at value	$	226,567,508	$	314,989,099
^(c) Investments, at cost — affiliated	$	277,144,466	$	348,841,262

See notes to financial statements.


38		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Operations (unaudited)

Six Months Ended September 30, 2024


	iShares Russell 3000 ETF			iShares Russell Mid-Cap Value ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	94,704,727		$	123,796,458
Dividends — affiliated		1,038,189			500,998
Interest — unaffiliated		15,333			13,825
Securities lending income — affiliated — net		708,823			1,547,177
Foreign taxes withheld		(21,284	)		(57,996	)


Total investment income		96,445,788			125,800,462


EXPENSES
Investment advisory		14,105,290			15,043,805


Total expenses		14,105,290			15,043,805


Net investment income		82,340,498			110,756,657


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(22,563,612	)		(372,158,601	)
Investments — affiliated		5,497			22,579
Futures contracts		950,130			293,176
Foreign currency transactions		1,866			11,348
In-kind redemptions — unaffiliated^(a)		188,944,557			1,261,438,281
In-kind redemptions — affiliated^(a)		398,364			—


	$	167,736,802		$	889,606,783

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		1,062,169,078			(237,970,580	)
Investments — affiliated		4,296,418			92,038
Futures contracts		82,012			88,675


		1,066,547,508			(237,789,867	)


Net realized and unrealized gain		1,234,284,310			651,816,916


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,316,624,808		$	762,573,573

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

See notes to financial statements.


S T A T E M E N T S O F O P E R A T I O N S		39

Statements of Changes in Net Assets


	iShares Russell 3000 ETF						iShares Russell Mid-Cap Value ETF

	Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24			Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	82,340,498		$	157,100,133		$	110,756,657		$	233,069,958
Net realized gain		167,736,802			654,202,645			889,606,783			481,689,892
Net change in unrealized appreciation (depreciation)		1,066,547,508			2,281,956,309			(237,789,867	)		1,640,792,069


Net increase in net assets resulting from operations		1,316,624,808			3,093,259,087			762,573,573			2,355,551,919


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(84,597,451	)^(b)		(156,637,292	)		(100,840,683	)^(b)		(221,935,419	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		65,622,188			(9,302,037	)		(1,186,035,161	)		(680,739,278	)


NET ASSETS
Total increase (decrease) in net assets		1,297,649,545			2,927,319,758			(524,302,271	)		1,452,877,222
Beginning of period		13,655,223,290			10,727,903,532			14,129,002,865			12,676,125,643


End of period	$	14,952,872,835		$	13,655,223,290		$	13,604,700,594		$	14,129,002,865

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

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


40		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights

(For a share outstanding throughout each period)


	iShares Russell 3000 ETF

	Six Months Ended
	09/30/24			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(unaudited)			03/31/24			03/31/23			03/31/22			03/31/21			03/31/20

Net asset value, beginning of period	$	300.11		$	235.52		$	262.10		$	237.19		$	148.31		$	166.74

Net investment income^(a)		1.80			3.47			3.37			2.87			2.73			2.91
Net realized and unrealized gain (loss)^(b)		26.78			64.59			(26.44	)		25.00			89.03			(18.04	)

Net increase (decrease) from investment operations		28.58			68.06			(23.07	)		27.87			91.76			(15.13	)


Distributions from net investment income^(c)		(1.85	)^(d)		(3.47	)		(3.51	)		(2.96	)		(2.88	)		(3.30	)


Net asset value, end of period	$	326.84		$	300.11		$	235.52		$	262.10		$	237.19		$	148.31


Total Return^(e)
Based on net asset value		9.54	%^(f)		29.12	%		(8.72	)%		11.75	%		62.21	%		(9.29	)%


Ratios to Average Net Assets^(g)
Total expenses		0.20	%^(h)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%


Net investment income		1.17	%^(h)		1.34	%		1.47	%		1.10	%		1.37	%		1.69	%


Supplemental Data
Net assets, end of period (000)	$	14,952,873		$	13,655,223		$	10,727,904		$	12,017,483		$	10,958,347		$	8,230,988


Portfolio turnover rate⁽ⁱ⁾		2	%		3	%		4	%		5	%		4	%		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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		41

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell Mid-Cap Value ETF

	Six Months Ended
	09/30/24			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(unaudited)			03/31/24			03/31/23			03/31/22			03/31/21			03/31/20

Net asset value, beginning of period	$	125.42		$	106.21		$	119.55		$	109.15		$	64.10		$	86.86

Net investment income^(a)		1.05			2.03			2.04			1.62			1.43			1.93
Net realized and unrealized gain (loss)^(b)		6.71			19.12			(13.31	)		10.55			45.22			(22.63	)

Net increase (decrease) from investment operations		7.76			21.15			(11.27	)		12.17			46.65			(20.70	)


Distributions from net investment income^(c)		(0.97	)^(d)		(1.94	)		(2.07	)		(1.77	)		(1.60	)		(2.06	)


Net asset value, end of period	$	132.21		$	125.42		$	106.21		$	119.55		$	109.15		$	64.10


Total Return^(e)
Based on net asset value		6.23	%^(f)		20.17	%		(9.37	)%		11.19	%		73.40	%		(24.28	)%


Ratios to Average Net Assets^(g)
Total expenses		0.23	%^(h)		0.23	%		0.23	%		0.23	%		0.23	%		0.24	%


Net investment income		1.70	%^(h)		1.84	%		1.88	%		1.39	%		1.65	%		2.18	%


Supplemental Data
Net assets, end of period (000)	$	13,604,701		$	14,129,003		$	12,676,126		$	14,907,745		$	13,120,026		$	8,201,945


Portfolio turnover rate⁽ⁱ⁾		17	%		19	%		19	%		21	%		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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


42		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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

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.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS


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)

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:

•

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

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

•

Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and

•

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.


44		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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

Russell 3000
Barclays Bank PLC	$	17,034,754	$	(17,034,754)	$	—	$	—
Barclays Capital, Inc.		2,924,440		(2,924,440)		—		—
BNP Paribas SA		23,537,299		(23,537,299)		—		—
BofA Securities, Inc.		9,961,414		(9,961,414)		—		—
Citadel Clearing LLC		514,150		(514,150)		—		—
Citigroup Global Markets, Inc.		25,638,221		(25,638,221)		—		—
Goldman Sachs & Co. LLC		26,432,031		(26,432,031)		—		—
HSBC Bank PLC		1,018,450		(1,018,450)		—		—
J.P. Morgan Securities LLC		29,007,537		(29,007,537)		—		—
Jefferies LLC		2,304,745		(2,304,745)		—		—
Morgan Stanley		30,283,270		(30,283,270)		—		—
National Financial Services LLC		6,497,703		(6,497,703)		—		—
Natixis SA		10,183,583		(10,183,583)		—		—
Nomura Securities International, Inc.		1,115		(1,115)		—		—
RBC Capital Market LLC		836,958		(836,958)		—		—
Scotia Capital (USA), Inc.		3,440		(3,440)		—		—
SG Americas Securities LLC		1,394,902		(1,394,902)		—		—
State Street Bank & Trust Co.		4,773,985		(4,773,985)		—		—
Toronto-Dominion Bank		3,618,103		(3,618,103)		—		—
UBS AG		12,506,280		(12,506,280)		—		—
UBS Securities LLC		140,210		(140,210)		—		—
Virtu Americas LLC		4,398,891		(4,398,891)		—		—
Wells Fargo Bank N.A.		13,076,551		(13,076,551)		—		—
Wells Fargo Securities LLC		479,476		(479,476)		—		—


	$	226,567,508	$	(226,567,508)	$	—	$	—

Russell Mid-Cap Value
Barclays Bank PLC	$	13,311,263	$	(13,311,263)	$	—	$	—
Barclays Capital, Inc.		16,033,388		(16,033,388)		—		—
BNP Paribas SA		13,646,415		(13,646,415)		—		—
BofA Securities, Inc.		12,531,519		(12,531,519)		—		—
Citadel Clearing LLC		3,930		(3,930)		—		—
Citigroup Global Markets, Inc.		4,771,808		(4,771,808)		—		—
Goldman Sachs & Co. LLC		77,941,816		(77,941,816)		—		—
HSBC Bank PLC		25,857		(25,857)		—		—
J.P. Morgan Securities LLC		53,966,217		(53,966,217)		—		—
Jefferies LLC		567,283		(567,283)		—		—
Morgan Stanley		46,448,249		(46,448,249)		—		—
National Financial Services LLC		12,432,043		(12,432,043)		—		—
Natixis SA		7,015,931		(7,015,931)		—		—
RBC Capital Market LLC		436,543		(436,543)		—		—
Scotia Capital (USA), Inc.		5,023		(5,023)		—		—


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		45

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

Russell Mid-Cap Value (continued)
SG Americas Securities LLC	$	8,492,295	$	(8,492,295)	$	—	$	—
State Street Bank & Trust Co.		73,765		(73,765)		—		—
Toronto-Dominion Bank		1,002,690		(1,002,690)		—		—
UBS AG		37,040,026		(37,040,026)		—		—
Wells Fargo Bank N.A.		9,243,038		(9,243,038)		—		—


	$	314,989,099	$	(314,989,099)	$	—	$	—

^(a)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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


46		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by the Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended September 30, 2024, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Amounts

Russell 3000	$	206,421
Russell Mid-Cap Value		429,823

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

For the six months ended September 30, 2024, 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	$	51,280,637	$	49,826,099	$	(2,756,880	)
Russell Mid-Cap Value		1,453,752,502		731,498,851		(163,469,825	)

7.	PURCHASES AND SALES

For the six months ended September 30, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

Russell 3000	$	228,528,890	$	226,495,801
Russell Mid-Cap Value		2,266,721,709		2,272,127,785


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		47

Notes to Financial Statements (unaudited) (continued)

For the six months ended September 30, 2024, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Russell 3000	$	391,235,655	$	326,403,236
Russell Mid-Cap Value		2,224,357,420		3,390,903,312

8.	INCOME TAX INFORMATION

As of March 31, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



iShares ETF	Non-Expiring Capital Loss Carryforwards

Russell 3000	$	(284,419,802	)
Russell Mid-Cap Value		(947,924,169	)



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Russell 3000	$	9,629,950,877	$	6,227,067,263	$	(678,403,838	)	$	5,548,663,425
Russell Mid-Cap Value		11,733,030,543		2,879,189,507		(694,436,968	)		2,184,752,539

9.	PRINCIPAL RISKS


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Notes to Financial Statements (unaudited) (continued)

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.

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.

10.	CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:



	Six Months Ended 09/30/24						Year Ended 03/31/24


iShares ETF	Shares			Amount			Shares			Amount

Russell 3000
Shares sold		1,300,000		$	393,653,953			4,750,000		$	1,270,572,088
Shares redeemed		(1,050,000	)		(328,031,765	)		(4,800,000	)		(1,279,874,125	)


		250,000		$	65,622,188			(50,000	)	$	(9,302,037	)


Russell Mid-Cap Value
Shares sold		18,500,000		$	2,246,152,977			17,150,000		$	1,915,705,208
Shares redeemed		(28,250,000	)		(3,432,188,138	)		(23,850,000	)		(2,596,444,486	)


		(9,750,000	)	$	(1,186,035,161	)		(6,700,000	)	$	(680,739,278	)


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		49

Notes to Financial Statements (unaudited) (continued)

redemption of Creation Units, including Creation Units for cash. Authorized Participants 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.

11.	SUBSEQUENT EVENTS


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Additional Information

Electronic Delivery

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.

Changes in and Disagreements with Accountants

Not applicable.

Proxy Results

Not applicable.

Remuneration Paid to Trustees, Officers, and Others

Availability of Portfolio Holdings Information


A D D I T I O N A L I N F O R M A T I O N		51

Board Review and Approval of Investment Advisory Contract

iShares Russell 3000 ETF (the “Fund”)

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 other fund(s) 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 any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.


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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 character and scope of 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 acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. 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 or have a similar investment strategy or mandate, and have investment advisory fee rates and overall expenses (net of any waivers and reimbursements) that are lower than the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) of the Fund, the Board considered 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.


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)

iShares Russell Mid-Cap Value ETF (the “Fund”)

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 other fund(s) 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 any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.


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Board Review and Approval of Investment Advisory Contract (continued)

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 (as discussed above), 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 breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. 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 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 character and scope of 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 acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. 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.


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

Board Review and Approval of Investment Advisory Contract (continued)


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Glossary of Terms Used in this Report


Portfolio Abbreviation

CVR		Contingent Value Rights

NVS		Non-Voting Shares

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		57

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”).

LOGO

SEPTEMBER 30, 2024



		2024 Semi-Annual Financial Statements and Additional Information (Unaudited)

iShares Trust

iShares Mortgage Real Estate ETF | REM | Cboe BZX

iShares Residential and Multisector Real Estate ETF | REZ | NYSE Arca

Table of Contents


	Page
Schedules of Investments		3
Statements of Assets and Liabilities		9
Statements of Operations		10
Statements of Changes in Net Assets		11
Financial Highlights		12
Notes to Financial Statements		14
Additional Information		21
Board Review and Approval of Investment Advisory Contract		22
Glossary of Terms Used in this Report		25


2

Schedule of Investments (unaudited)

September 30, 2024

iShares^® Mortgage Real Estate ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Mortgage REITs — 98.1%
AFC Gamma, Inc.		266,820	$	2,724,232
AGNC Investment Corp.		7,337,175		76,746,851
Angel Oak Mortgage REIT, Inc.		191,361		1,995,895
Annaly Capital Management, Inc.		4,982,600		100,000,782
Apollo Commercial Real Estate Finance, Inc.		2,130,673		19,580,885
Arbor Realty Trust, Inc.^(a)		1,921,207		29,893,981
Ares Commercial Real Estate Corp.		821,142		5,747,994
ARMOUR Residential REIT, Inc.		732,993		14,953,057
Blackstone Mortgage Trust, Inc., Class A		1,606,545		30,540,421
BrightSpire Capital, Inc., Class A		1,963,774		10,997,134
Chicago Atlantic Real Estate Finance, Inc.		262,555		4,072,228
Chimera Investment Corp.		1,211,046		19,170,858
Claros Mortgage Trust, Inc.		1,314,016		9,841,980
Dynex Capital, Inc.		1,126,096		14,368,985
Ellington Financial, Inc.		1,234,241		15,909,367
Franklin BSP Realty Trust, Inc.		1,237,971		16,167,901
Granite Point Mortgage Trust, Inc.		799,185		2,533,416
Invesco Mortgage Capital, Inc.		751,859		7,059,956
KKR Real Estate Finance Trust, Inc.		893,933		11,040,073
Ladder Capital Corp., Class A		1,698,897		19,707,205
MFA Financial, Inc.		1,539,669		19,584,590
New York Mortgage Trust, Inc.		1,383,966		8,760,505
Nexpoint Real Estate Finance, Inc.		131,702		2,058,502
Orchid Island Capital, Inc.		1,092,787		8,982,709
PennyMac Mortgage Investment Trust		1,306,038		18,624,102
Ready Capital Corp.		2,415,330		18,428,968
Redwood Trust, Inc.		1,991,222		15,392,146
Rithm Capital Corp.		5,111,557		58,016,172


Security	Shares		Value

Mortgage REITs (continued)
Seven Hills Realty Trust		201,691	$	2,777,285
Starwood Property Trust, Inc.		3,118,609		63,557,251
Sunrise Realty Trust, Inc.		93,692		1,348,228
TPG RE Finance Trust, Inc.		911,755		7,777,270
Two Harbors Investment Corp.		1,551,986		21,541,566


				659,902,495


Total Long-Term Investments — 98.1% (Cost: $856,661,984)				659,902,495


Short-Term Securities

Money Market Funds — 3.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.05%^(b)(c)(d)		19,691,296		19,707,049
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.88%^(b)(c)		1,185,880		1,185,880


Total Short-Term Securities — 3.1% (Cost: $20,884,407)				20,892,929


Total Investments — 101.2% (Cost: $877,546,391)				680,795,424

Liabilities in Excess of Other Assets — (1.2)%				(8,314,119	)


Net Assets — 100.0%			$	672,481,305

^(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


Affiliated Issuer	Value at 03/31/24		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/24		Shares Held at 09/30/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	23,622,779	$	—			$ (3,924,572	)^(a)	$	2,512	$	6,330	$	19,707,049		19,691,296	$	598,806	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		28,433		1,157,447	^(a)		—			—		—		1,185,880		1,185,880		39,142			—

									$	2,512	$	6,330	$	20,892,929			$	637,948		$	—

^(a)

Represents net amount purchased (sold).

^(b)


S C H E D U L E S O F I N V E S T M E N T S		3

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Mortgage 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

320

12/20/24

12,595

8,200

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)	$	—	$	—	$	8,200	$	—	$	—	$	—	$	8,200

^(a)

For the period ended September 30, 2024, 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	$	—	$	—	$	37,772		$	—	$	—	$	—	$	37,772

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(72,639	)	$	—	$	—	$	—	$	(72,639	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	12,561,375

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, 2024

iShares^® Mortgage Real Estate ETF

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	659,902,495	$	—	$	—	$	659,902,495
Short-Term Securities
Money Market Funds		20,892,929		—		—		20,892,929

	$	680,795,424	$	—	$	—	$	680,795,424

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	8,200	$	—	$	—	$	8,200

^(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		5

Schedule of Investments (unaudited)

September 30, 2024

iShares^® Residential and Multisector Real Estate ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Health Care REITs — 36.0%
Alexandria Real Estate Equities, Inc.		404,325	$	48,013,594
American Healthcare REIT, Inc.		190,707		4,977,453
CareTrust REIT, Inc.		330,451		10,197,718
Community Healthcare Trust, Inc.		63,273		1,148,405
Diversified Healthcare Trust		508,441		2,130,368
Global Medical REIT, Inc.		141,431		1,401,581
Healthcare Realty Trust, Inc.		887,315		16,104,767
Healthpeak Properties, Inc.		1,630,653		37,293,034
LTC Properties, Inc.		99,352		3,645,225
Medical Properties Trust, Inc.^(a)		1,385,333		8,104,198
National Health Investors, Inc.		96,957		8,150,205
Omega Healthcare Investors, Inc.		575,840		23,436,688
Sabra Health Care REIT, Inc.		536,081		9,976,467
Sila Realty Trust, Inc.		132,788		3,358,209
Universal Health Realty Income Trust		29,927		1,369,160
Ventas, Inc.		760,053		48,742,199
Welltower, Inc.		1,275,416		163,291,510

				391,340,781
Residential REITs — 41.8%
American Homes 4 Rent, Class A		788,014		30,251,857
Apartment Investment & Management Co., Class A^(b)		329,039		2,974,513
AvalonBay Communities, Inc.		300,003		67,575,676
BRT Apartments Corp.		26,237		461,246
Camden Property Trust		241,504		29,832,989
Centerspace		35,348		2,490,974
Elme Communities		203,576		3,580,902
Equity LifeStyle Properties, Inc.		430,088		30,682,478
Equity Residential		798,820		59,480,137
Essex Property Trust, Inc.		149,009		44,020,239
Independence Realty Trust, Inc.		523,517		10,732,099
Invitation Homes, Inc.		1,328,983		46,859,941
Mid-America Apartment Communities, Inc.		271,046		43,069,209
NexPoint Residential Trust, Inc.		52,506		2,310,789


Security	Shares		Value

Residential REITs (continued)
Sun Communities, Inc.		287,882	$	38,907,252
UDR, Inc.		766,216		34,740,233
UMH Properties, Inc.		149,937		2,949,261
Veris Residential, Inc.		181,599		3,243,358

				454,163,153
Specialized REITs — 21.8%
CubeSmart		522,200		28,110,026
Extra Space Storage, Inc.		442,321		79,701,821
National Storage Affiliates Trust		160,397		7,731,135
Public Storage		334,489		121,710,513

				237,253,495

Total Long-Term Investments — 99.6%
(Cost: $1,077,993,634)				1,082,757,429


Short-Term Securities

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.05%^(c)(d)(e)		7,522,025		7,528,043
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.88%^(c)(d)		1,498,324		1,498,324


Total Short-Term Securities — 0.8%
(Cost: $9,025,941)				9,026,367


Total Investments — 100.4% (Cost: $1,087,019,575)				1,091,783,796
Liabilities in Excess of Other Assets — (0.4)%				(4,178,536	)

Net Assets — 100.0%			$	1,087,605,260

^(a)

All or a portion of this security is on loan.

^(b)

Non-income producing security.

^(c)

Affiliate of the Fund.

^(d)

Annualized 7-day yield as of period end.

^(e)

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

Affiliates


Affiliated Issuer	Value at 03/31/24		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/24		Shares Held at 09/30/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	7,526,414	^(a)	$	—	$	1,203	$	426	$	7,528,043		7,522,025	$	26,296	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		594,732		903,592	^(a)		—		—		—		1,498,324		1,498,324		31,953			—

								$	1,203	$	426	$	9,026,367			$	58,249		$	—

^(a)

Represents net amount purchased (sold).

^(b)


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Schedule of Investments (unaudited) (continued)

September 30, 2024

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		121		12/20/24	$	4,763	$	(8,644	)

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)	$	—	$	—	$	8,644	$	—	$	—	$	—	$	8,644

^(a)

For the period ended September 30, 2024, 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	$	—	$	—	$	135,562		$	—	$	—	$	—	$	135,562


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(40,843	)	$	—	$	—	$	—	$	(40,843	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	8,186,730

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		7

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® Residential and Multisector Real Estate ETF

Fair Value Hierarchy as of Period End


	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	1,082,757,429		$	—	$	—	$	1,082,757,429
Short-Term Securities
Money Market Funds		9,026,367			—		—		9,026,367

	$	1,091,783,796		$	—	$	—	$	1,091,783,796


Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(8,644	)	$	—	$	—	$	(8,644	)

^(a)

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

See notes to financial statements.


8		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Assets and Liabilities (unaudited)

September 30, 2024


	iShares Mortgage Real Estate ETF			iShares Residential and Multisector Real Estate ETF

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	659,902,495		$	1,082,757,429
Investments, at value — affiliated^(c)		20,892,929			9,026,367
Cash		14,600			56
Cash pledged:
Futures contracts		109,000			140,000
Receivables:
Investments sold		49,422			—
Securities lending income — affiliated		66,013			8,301
Dividends — unaffiliated		11,370,027			3,571,087
Dividends — affiliated		12,085			7,502
Variation margin on futures contracts		19,809			22,945

Total assets		692,436,380			1,095,533,687


LIABILITIES
Collateral on securities loaned		19,692,976			7,526,415
Payables:
Investment advisory fees		262,099			402,012

Total liabilities		19,955,075			7,928,427

Commitments and contingent liabilities

NET ASSETS	$	672,481,305		$	1,087,605,260


NET ASSETS CONSIST OF:
Paid-in capital	$	1,247,973,547		$	1,142,386,609
Accumulated loss		(575,492,242	)		(54,781,349	)

NET ASSETS	$	672,481,305		$	1,087,605,260


NET ASSET VALUE
Shares outstanding		28,350,000			12,250,000

Net asset value	$	23.72		$	88.78

Shares authorized		Unlimited			Unlimited

Par value		None			None


^(a)Investments, at cost — unaffiliated	$	856,661,984		$	1,077,993,634
^(b)Securities loaned, at value	$	19,151,419		$	7,173,855
^(c)Investments, at cost — affiliated	$	20,884,407		$	9,025,941

See notes to financial statements.


S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S		9

Statements of Operations (unaudited)

Six Months Ended September 30, 2024


	iShares Mortgage Real Estate ETF			iShares Residential and Multisector Real Estate ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	35,823,032		$	14,364,057
Dividends — affiliated		39,142			31,953
Interest — unaffiliated		427			1,552
Securities lending income — affiliated — net		598,806			26,296

Total investment income		36,461,407			14,423,858


EXPENSES
Investment advisory		1,486,909			1,723,882
Interest expense		5			—

Total expenses		1,486,914			1,723,882

Net investment income		34,974,493			12,699,976


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(16,822,180	)		(15,869,260	)
Investments — affiliated		2,512			1,203
Futures contracts		37,772			135,562
In-kind redemptions — unaffiliated^(a)		4,375,376			7,153,787

	$	(12,406,520	)	$	(8,578,708	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		18,837,727			153,522,507
Investments — affiliated		6,330			426
Futures contracts		(72,639	)		(40,843	)

		18,771,418			153,482,090

Net realized and unrealized gain		6,364,898			144,903,382

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	41,339,391		$	157,603,358

^(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 Mortgage Real Estate ETF						iShares Residential and Multisector Real Estate ETF

	Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24			Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	34,974,493		$	61,735,077		$	12,699,976		$	17,332,339
Net realized loss		(12,406,520	)		(62,478,799	)		(8,578,708	)		(18,677,634	)
Net change in unrealized appreciation (depreciation)		18,771,418			91,577,726			153,482,090			32,232,152


Net increase in net assets resulting from operations		41,339,391			90,834,004			157,603,358			30,886,857


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(29,412,841	)^(b)		(58,520,634	)		(9,362,364	)^(b)		(18,530,026	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		41,524,779			(7,446,184	)		315,887,980			(17,222,678	)


NET ASSETS
Total increase (decrease) in net assets		53,451,329			24,867,186			464,128,974			(4,865,847	)
Beginning of period		619,029,976			594,162,790			623,476,286			628,342,133


End of period	$	672,481,305		$	619,029,976		$	1,087,605,260		$	623,476,286

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

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S		11

Financial Highlights

(For a share outstanding throughout each period)


	iShares Mortgage Real Estate ETF

	Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20

Net asset value, beginning of period	$	23.23		$	21.84		$	32.67		$	35.20		$	18.67		$	43.32

Net investment income^(a)		1.30			2.31			2.26			0.82			1.38			2.61
Net realized and unrealized gain (loss)^(b)		0.25			1.28			(10.57	)		(1.27	)		17.37			(23.51	)

Net increase (decrease) from investment operations		1.55			3.59			(8.31	)		(0.45	)		18.75			(20.90	)


Distributions^(c)
From net investment income		(1.06	)^(d)		(2.20	)		(2.29	)		(2.08	)		(1.34	)		(2.60	)
Return of capital		—			—			(0.23	)		—			(0.88	)		(1.15	)

Total distributions		(1.06	)		(2.20	)		(2.52	)		(2.08	)		(2.22	)		(3.75	)


Net asset value, end of period	$	23.72		$	23.23		$	21.84		$	32.67		$	35.20		$	18.67


Total Return^(e)
Based on net asset value		7.02	%^(f)		16.91	%		(26.00	)%		(1.65	)%		103.62	%		(51.80	)%


Ratios to Average Net Assets^(g)
Total expenses		0.48	%^(h)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%

Net investment income		11.29	%^(h)		10.23	%		8.57	%		2.30	%		4.94	%		6.16	%


Supplemental Data
Net assets, end of period (000)	$	672,481		$	619,030		$	594,163		$	975,109		$	1,513,587		$	593,850

Portfolio turnover rate⁽ⁱ⁾		9	%		29	%		28	%		20	%		30	%		29	%

^(a)	Based on average shares outstanding.

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

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

^(d)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


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Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Residential and Multisector Real Estate ETF

	Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20

Net asset value, beginning of period	$	72.08		$	70.60		$	95.78		$	73.95		$	55.26		$	70.64

Net investment income^(a)		1.40			1.96			1.66			1.46			1.51			1.55
Net realized and unrealized gain (loss)^(b)		16.18			1.62			(24.47	)		21.98			19.29			(14.77	)


Net increase (decrease) from investment operations		17.58			3.58			(22.81	)		23.44			20.80			(13.22	)


Distributions^(c)
From net investment income		(0.88	)^(d)		(2.10	)		(2.37	)		(1.50	)		(2.11	)		(2.16	)
From net realized gain		—			—			—			(0.11	)		—			—

Total distributions		(0.88	)		(2.10	)		(2.37	)		(1.61	)		(2.11	)		(2.16	)


Net asset value, end of period	$	88.78		$	72.08		$	70.60		$	95.78		$	73.95		$	55.26


Total Return^(e)
Based on net asset value		24.50	%^(f)		5.21	%		(23.84	)%		31.85	%		38.23	%		(19.25	)%


Ratios to Average Net Assets^(g)
Total expenses		0.48	%^(h)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%


Net investment income		3.54	%^(h)		2.79	%		2.10	%		1.64	%		2.36	%		2.07	%


Supplemental Data
Net assets, end of period (000)	$	1,087,605		$	623,476		$	628,342		$	1,288,274		$	495,459		$	331,559


Portfolio turnover rate⁽ⁱ⁾		11	%		14	%		18	%		8	%		7	%		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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		13

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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

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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

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:

•

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

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.


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Notes to Financial Statements (unaudited) (continued)

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 as of the measurement date.

•

Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

•

Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and

•

4.	SECURITIES AND OTHER INVESTMENTS

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

Mortgage Real Estate

Barclays Bank PLC	$	1,276	$	(1,276	)	$	—	$	—

BofA Securities, Inc.		312,881		(312,881	)		—		—

Goldman Sachs & Co. LLC		3,589,038		(3,589,038	)		—		—

J.P. Morgan Securities LLC		3,989,506		(3,989,506	)		—		—


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		15

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

Mortgage Real Estate (continued)

Morgan Stanley	$	6,256,676	$	(6,256,676	)	$	—	$	—

Wells Fargo Securities LLC		5,002,042		(5,002,042	)		—		—


	$	19,151,419	$	(19,151,419	)	$	—	$	—


Residential and Multisector Real Estate

Barclays Bank PLC	$	1,784,823	$	(1,784,823	)	$	—	$	—

Goldman Sachs & Co. LLC		185,662		(185,662	)		—		—

Morgan Stanley		8,570		(8,570	)		—		—

UBS AG		5,194,800		(5,194,800	)		—		—


	$	7,173,855	$	(7,173,855	)	$	—	$	—

^(a)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES



iShares ETF	Investment Advisory Fees
Mortgage Real Estate		0.48	%
Residential and Multisector Real Estate		0.48


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Notes to Financial Statements (unaudited) (continued)

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, 2024, the Fund paid BTC the following amounts for securities lending agent services.



iShares ETF	Amounts

Mortgage Real Estate	$	145,775
Residential and Multisector Real Estate		6,722

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

For the six months ended September 30, 2024, 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)

Mortgage Real Estate	$	5,498,789	$	4,439,997	$	(1,711,742	)
Residential and Multisector Real Estate		28,983,459		16,746,669		(2,096,690	)

7.	PURCHASES AND SALES

For the six months ended September 30, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

Mortgage Real Estate	$	66,415,540	$	57,642,050
Residential and Multisector Real Estate		81,113,561		77,343,278

For the six months ended September 30, 2024, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Mortgage Real Estate	$	125,487,212	$	85,966,672
Residential and Multisector Real Estate		385,081,676		70,598,594


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)

8.	INCOME TAX INFORMATION

As of March 31, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring Capital Loss Carryforwards

Mortgage Real Estate	$	(345,469,954	)
Residential and Multisector Real Estate		(49,082,383	)


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Mortgage Real Estate	$	907,114,648	$	7,917,590	$	(234,228,614	)	$	(226,311,024	)
Residential and Multisector Real Estate		1,092,200,823		66,958,537		(67,384,208	)		(425,671	)

9.	PRINCIPAL RISKS

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.


18		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Notes to Financial Statements (unaudited) (continued)

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.

10.	CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:



	Six Months Ended 09/30/24						Year Ended 03/31/24

iShares ETF	Shares			Amount			Shares			Amount

Mortgage Real Estate
Shares sold		5,600,000		$	131,976,364			10,000,000		$	229,325,478
Shares redeemed		(3,900,000	)		(90,451,585	)		(10,550,000	)		(236,771,662	)


		1,700,000		$	41,524,779			(550,000	)	$	(7,446,184	)


Residential and Multisector Real Estate
Shares sold		4,500,000		$	386,808,803			1,050,000		$	72,722,036
Shares redeemed		(900,000	)		(70,920,823	)		(1,300,000	)		(89,944,714	)


		3,600,000		$	315,887,980			(250,000	)	$	(17,222,678	)


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		19

Notes to Financial Statements (unaudited) (continued)

11.	SUBSEQUENT EVENTS


20		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Additional Information

Electronic Delivery

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.

Changes in and Disagreements with Accountants

Not applicable.

Proxy Results

Not applicable.

Remuneration Paid to Trustees, Officers, and Others

Availability of Portfolio Holdings Information


A D D I T I O N A L I N F O R M A T I O N		21

Board Review and Approval of Investment Advisory Contract

iShares Mortgage Real Estate ETF, iShares Residential and Multisector Real Estate ETF (each the “Fund”)

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 other fund(s) 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 any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.


22		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Board Review and Approval of Investment Advisory Contract (continued)


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		23

Board Review and Approval of Investment Advisory Contract (continued)


24		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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		25

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.

LOGO

SEPTEMBER 30, 2024



		2024 Semi-Annual Financial Statements and Additional Information (Unaudited)

iShares Trust

iShares MSCI USA Quality GARP ETF | GARP | Cboe BZX

Table of Contents


	Page
Schedule of Investments		3
Statement of Assets and Liabilities		7
Statement of Operations		8
Statements of Changes in Net Assets		9
Financial Highlights		10
Notes to Financial Statements		11
Additional Information		17
Board Review and Approval of Investment Advisory Contract		18
Glossary of Terms Used in this Report		20


2

Schedule of Investments (unaudited)

September 30, 2024

iShares^® MSCI USA Quality GARP ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.4%
Axon Enterprise, Inc.^(a)		149	$	59,541
General Electric Co.		13,478		2,541,681
Howmet Aerospace, Inc.		5,573		558,693
TransDigm Group, Inc.		115		164,120


				3,324,035

Automobile Components — 0.4%
Aptiv PLC^(a)		7,822		563,262


Automobiles — 5.4%
Tesla, Inc.^(a)		29,422		7,697,678


Beverages — 0.0%
Celsius Holdings, Inc.^(a)		315		9,878


Biotechnology — 0.5%
Alnylam Pharmaceuticals, Inc.^(a)		260		71,508
Incyte Corp.^(a)		676		44,683
Moderna, Inc.^(a)		674		45,043
Neurocrine Biosciences, Inc.^(a)		418		48,162
Vertex Pharmaceuticals, Inc.^(a)		1,058		492,055


				701,451

Broadline Retail — 1.9%
Amazon.com, Inc.^(a)		9,596		1,788,023
MercadoLibre, Inc.^(a)		469		962,369


				2,750,392

Building Products — 0.3%
Lennox International, Inc.		656		396,414


Capital Markets — 1.6%
Ameriprise Financial, Inc.		2,032		954,654
Ares Management Corp., Class A		434		67,634
Coinbase Global, Inc., Class A^(a)		388		69,130
Goldman Sachs Group, Inc. (The)		1,359		672,854
KKR & Co., Inc., Class A		2,551		333,110
LPL Financial Holdings, Inc.		920		214,020


				2,311,402

Chemicals — 0.9%
Celanese Corp., Class A		1,369		186,129
Dow, Inc.		3,021		165,037
Sherwin-Williams Co. (The)		2,470		942,725


				1,293,891

Commercial Services & Supplies — 0.5%
Copart, Inc.^(a)		12,387		649,079


Communications Equipment — 0.3%
Arista Networks, Inc.^(a)		1,235		474,018


Consumer Finance — 0.5%
Ally Financial, Inc.		1,123		39,968
American Express Co.		2,390		648,168


				688,136

Electric Utilities — 0.0%
NRG Energy, Inc.		460		41,906


Electrical Equipment — 0.6%
GE Vernova, Inc.^(a)		1,664		424,287
Vertiv Holdings Co., Class A		4,389		436,661


				860,948

Electronic Equipment, Instruments & Components — 0.1%
Jabil, Inc.		1,061		127,140


Security	Shares		Value

Energy Equipment & Services — 0.8%
Halliburton Co.		18,233	$	529,668
Schlumberger NV		14,664		615,155


				1,144,823

Entertainment — 0.6%
Liberty Media Corp. - Liberty Formula One, Class C, NVS^(a)		438		33,914
Live Nation Entertainment, Inc.^(a)		349		38,212
Netflix, Inc.^(a)		910		645,436
Warner Bros Discovery, Inc., Class A^(a)		9,986		82,385


				799,947

Financial Services — 6.8%
Apollo Global Management, Inc.		4,970		620,803
Block, Inc., Class A^(a)		2,301		154,466
Corpay, Inc.^(a)		835		261,155
Mastercard, Inc., Class A		11,926		5,889,059
Visa, Inc., Class A		9,713		2,670,589


				9,596,072

Food Products — 0.0%
Lamb Weston Holdings, Inc.		889		57,554


Ground Transportation — 1.1%
Knight-Swift Transportation Holdings, Inc.		3,339		180,139
Old Dominion Freight Line, Inc.^(b)		5,607		1,113,774
Uber Technologies, Inc.^(a)		3,860		290,118


				1,584,031

Health Care Equipment & Supplies — 1.0%
Dexcom, Inc.^(a)		1,627		109,074
IDEXX Laboratories, Inc.^(a)		2,368		1,196,361
Insulet Corp.^(a)		282		65,636


				1,371,071

Health Care Providers & Services — 0.3%
DaVita, Inc.^(a)(b)		222		36,393
McKesson Corp.		533		263,526
Molina Healthcare, Inc.^(a)		245		84,417


				384,336

Health Care Technology — 0.1%
Veeva Systems, Inc., Class A^(a)		625		131,169


Hotels, Restaurants & Leisure — 4.2%
Airbnb, Inc., Class A^(a)		9,053		1,148,011
Booking Holdings, Inc.		142		598,121
Chipotle Mexican Grill, Inc.^(a)		19,673		1,133,558
DoorDash, Inc., Class A^(a)		3,130		446,745
DraftKings, Inc., Class A^(a)		4,471		175,263
Expedia Group, Inc.^(a)		2,605		385,592
Flutter Entertainment PLC^(a)		3,641		863,937
Hilton Worldwide Holdings, Inc.		521		120,091
Hyatt Hotels Corp., Class A		941		143,220
MGM Resorts International^(a)		1,005		39,285
Royal Caribbean Cruises Ltd.		5,026		891,411


				5,945,234

Insurance — 1.7%
Arch Capital Group Ltd.^(a)		4,662		521,585
Markel Group, Inc.^(a)		56		87,840
Progressive Corp. (The)		7,215		1,830,878


				2,440,303

Interactive Media & Services — 8.4%
Alphabet, Inc., Class A		25,951		4,303,973
Alphabet, Inc., Class C, NVS		7,625		1,274,824
Meta Platforms, Inc., Class A		10,913		6,247,038


S C H E D U L E O F I N V E S T M E N T S		3

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® MSCI USA Quality GARP ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Interactive Media & Services (continued)
Pinterest, Inc., Class A^(a)		1,280	$	41,433
Snap, Inc., Class A, NVS^(a)		2,244		24,011


				11,891,279

IT Services — 0.3%
Gartner, Inc.^(a)		362		183,447
GoDaddy, Inc., Class A^(a)		1,316		206,323


				389,770

Life Sciences Tools & Services — 0.1%
IQVIA Holdings, Inc.^(a)		747		177,017


Metals & Mining — 0.7%
Freeport-McMoRan, Inc.		2,918		145,667
Nucor Corp.		2,954		444,104
Steel Dynamics, Inc.		3,078		388,074


				977,845

Oil, Gas & Consumable Fuels — 1.7%
APA Corp.		10,670		260,988
Cheniere Energy, Inc.		466		83,805
Coterra Energy, Inc.		15,227		364,687
Devon Energy Corp.		7,734		302,554
Diamondback Energy, Inc.		738		127,231
EQT Corp.		11,592		424,731
Hess Corp.		1,686		228,959
Marathon Oil Corp.		6,977		185,798
Ovintiv, Inc.		1,165		44,631
Targa Resources Corp.		446		66,012
Texas Pacific Land Corp.		277		245,073


				2,334,469

Passenger Airlines — 0.1%
Delta Air Lines, Inc.		2,062		104,729


Pharmaceuticals — 5.6%
Catalent, Inc.^(a)		747		45,246
Eli Lilly & Co.		4,970		4,403,122
Merck & Co., Inc.		31,158		3,538,302


				7,986,670

Professional Services — 0.2%
Paycom Software, Inc.		1,463		243,692


Semiconductors & Semiconductor Equipment — 23.4%
Advanced Micro Devices, Inc.^(a)		15,009		2,462,677
Applied Materials, Inc.		23,068		4,660,889
Broadcom, Inc.		41,073		7,085,092
Enphase Energy, Inc.^(a)		1,264		142,857
Entegris, Inc.		1,412		158,892
KLA Corp.		8,489		6,573,966
Lam Research Corp.		3,645		2,974,612
Monolithic Power Systems, Inc.		224		207,088
NVIDIA Corp.		54,149		6,575,855
NXP Semiconductors NV		2,378		570,744
QUALCOMM, Inc.		10,371		1,763,589


				33,176,261

Software — 18.1%
Adobe, Inc.^(a)		12,252		6,343,841
AppLovin Corp., Class A^(a)		1,903		248,437
Atlassian Corp., Class A^(a)		742		117,837
Autodesk, Inc.^(a)		999		275,204
Cadence Design Systems, Inc.^(a)		1,262		342,040
Crowdstrike Holdings, Inc., Class A^(a)		1,071		300,383
Datadog, Inc., Class A^(a)		1,289		148,312
DocuSign, Inc.^(a)		1,906		118,344


Security	Shares		Value

Software (continued)
Dynatrace, Inc.^(a)		2,619	$	140,038
Fair Isaac Corp.^(a)		114		221,561
Fortinet, Inc.^(a)		3,009		233,348
Intuit, Inc.		2,595		1,611,495
Manhattan Associates, Inc.^(a)		2,000		562,760
Microsoft Corp.		16,210		6,975,163
Oracle Corp.		15,378		2,620,411
Palantir Technologies, Inc., Class A^(a)		9,413		350,164
Palo Alto Networks, Inc.^(a)		1,499		512,358
PTC, Inc.^(a)		1,126		203,423
Salesforce, Inc.		9,001		2,463,664
Samsara, Inc., Class A^(a)		968		46,580
ServiceNow, Inc.^(a)		952		851,459
Synopsys, Inc.^(a)		708		358,524
Workday, Inc., Class A^(a)		1,966		480,510
Zscaler, Inc.^(a)(b)		424		72,479


				25,598,335

Specialized REITs — 0.2%
American Tower Corp.		958		222,793
SBA Communications Corp., Class A		436		104,945


				327,738

Specialty Retail — 1.2%
AutoZone, Inc.^(a)		67		211,053
Burlington Stores, Inc.^(a)		653		172,052
O’Reilly Automotive, Inc.^(a)		118		135,889
Ulta Beauty, Inc.^(a)		1,370		533,094
Williams-Sonoma, Inc.		3,703		573,669


				1,625,757

Technology Hardware, Storage & Peripherals — 5.5%
Apple Inc.		30,401		7,083,433
Dell Technologies, Inc., Class C		2,617		310,219
Pure Storage, Inc., Class A^(a)		2,877		144,541
Super Micro Computer, Inc.^(a)		488		203,203


				7,741,396

Textiles, Apparel & Luxury Goods — 1.1%
Deckers Outdoor Corp.^(a)		4,387		699,507
Lululemon Athletica, Inc.^(a)		3,269		887,043


				1,586,550

Trading Companies & Distributors — 0.9%
WW Grainger, Inc.		1,268		1,317,211


Wireless Telecommunication Services — 0.3%
T-Mobile U.S., Inc.		2,224		458,945


Total Long-Term Investments — 99.8% (Cost: $133,772,253)				141,281,834


4		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® MSCI USA Quality GARP ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Securities

Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.05%^(c)(d)(e)		1,171,686	$	1,172,623
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.88%^(c)(d)		198,171		198,171


Total Short-Term Securities — 1.0% (Cost: $1,370,801)				1,370,794


Total Investments — 100.8% (Cost: $135,143,054)				142,652,628

Liabilities in Excess of Other Assets — (0.8)%				(1,128,127	)


Net Assets — 100.0%			$	141,524,501

^(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


Affiliated Issuer	Value at 03/31/24		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/24		Shares Held at 09/30/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	93,417	$	1,079,003	^(a)	$	—	$	219	$	(16	)	$	1,172,623		1,171,686		$ 414	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		106,816		91,355	^(a)		—		—		—			198,171		198,171		4,319			—

								$	219	$	(16	)	$	1,370,794			$	4,733		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

NASDAQ 100 Micro E-Mini Index

12/20/24

162

2,864


S C H E D U L E O F I N V E S T M E N T S		5

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® MSCI USA Quality GARP ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	2,864	$	—	$	—	$	—	$	2,864

^(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, 2024, the effect of derivative financial instruments in the Statement 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	$	—	$	—	$	4,687	$	—	$	—	$	—	$	4,687


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	2,864	$	—	$	—	$	—	$	2,864

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	140,827

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



	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	141,281,834	$	—	$	—	$	141,281,834
Short-Term Securities
Money Market Funds		1,370,794		—		—		1,370,794

	$	142,652,628	$	—	$	—	$	142,652,628

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	2,864	$	—	$	—	$	2,864

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

See notes to financial statements.


6		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statement of Assets and Liabilities (unaudited)

September 30, 2024


	iShares MSCI USA Quality GARP ETF

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	141,281,834
Investments, at value — affiliated^(c)		1,370,794
Cash		8
Cash pledged:
Futures contracts		10,000
Receivables:
Securities lending income — affiliated		79
Dividends — unaffiliated		48,199
Dividends — affiliated		1,158
Variation margin on futures contracts		318


Total assets		142,712,390


LIABILITIES
Collateral on securities loaned		1,172,475
Payables:
Investment advisory fees		15,414

Total liabilities		1,187,889

Commitments and contingent liabilities

NET ASSETS	$	141,524,501


NET ASSETS CONSIST OF:
Paid-in capital	$	129,081,188
Accumulated earnings		12,443,313


NET ASSETS	$	141,524,501


NET ASSET VALUE
Shares outstanding		2,650,000


Net asset value	$	53.41


Shares authorized		Unlimited


Par value		None


^(a)Investments, at cost — unaffiliated	$	133,772,253

^(b)Securities loaned, at value	$	1,159,494

^(c)Investments, at cost — affiliated	$	1,370,801

See notes to financial statements.


S T A T E M E N T O F A S S E T S A N D L I A B I L I T I E S		7

Statement of Operations (unaudited)

Six Months Ended September 30, 2024


	iShares MSCI USA Quality GARP ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	304,216
Dividends — affiliated		4,319
Interest — unaffiliated		38
Securities lending income — affiliated — net		414
Foreign taxes withheld		(571	)


Total investment income		308,416


EXPENSES
Investment advisory		66,195


Total expenses		66,195


Net investment income		242,221


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(2,544,210	)
Investments — affiliated		219
Futures contracts		4,687
In-kind redemptions — unaffiliated^(a)		8,382,845


	$	5,843,541

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		3,109,853
Investments — affiliated		(16	)
Futures contracts		2,864


		3,112,701


Net realized and unrealized gain		8,956,242


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	9,198,463


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

See notes to financial statements.


8		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Changes in Net Assets


	iShares MSCI USA Quality GARP ETF
	Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	242,221		$	102,916
Net realized gain		5,843,541			2,400,383
Net change in unrealized appreciation (depreciation)		3,112,701			4,482,733


Net increase in net assets resulting from operations		9,198,463			6,986,032


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(233,863	)^(b)		(96,580	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		84,991,714			39,023,747


NET ASSETS
Total increase in net assets		93,956,314			45,913,199
Beginning of period		47,568,187			1,654,988


End of period	$	141,524,501		$	47,568,187

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

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S		9

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI USA Quality GARP ETF
		Six Months Ended 09/30/24 (unaudited	)		Year Ended 03/31/24			Year Ended 03/31/23			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	$	47.57		$	33.10		$	36.39		$	32.35		$	20.27		$	24.96

Net investment income^(b)		0.14			0.30			0.32			0.24			0.25			0.06
Net realized and unrealized gain (loss)^(c)		5.81			14.46			(3.08	)		4.06			12.08			(4.69	)


Net increase (decrease) from investment operations		5.95			14.76			(2.76	)		4.30			12.33			(4.63	)


Distributions^(d)
From net investment income		(0.11	)^(e)		(0.29	)		(0.53	)		(0.26	)		(0.25	)		(0.06	)
Return of capital		—			—			—			—			—			(0.00	)^(f)

Total distributions		(0.11	)		(0.29	)		(0.53	)		(0.26	)		(0.25	)		(0.06	)


Net asset value, end of period	$	53.41		$	47.57		$	33.10		$	36.39		$	32.35		$	20.27


Total Return^(g)

Based on net asset value		12.50	%^(h)		44.83	%		(7.47	)%		13.28	%		61.00	%		(18.54	)%^(h)


Ratios to Average Net Assets⁽ⁱ⁾

Total expenses		0.15	%^(j)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%^(j)


Net investment income		0.55	%^(j)		0.73	%		1.01	%		0.66	%		0.88	%		1.20	%^(j)


Supplemental Data

Net assets, end of period (000)	$	141,525		$	47,568		$	1,655		$	5,459		$	4,852		$	4,054


Portfolio turnover rate^(k)		57	%		53	%		67	%		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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(f)	Rounds to less than $0.01.

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

^(h)	Not annualized.

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

^(j)	Annualized.

^(k)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


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Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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


iShares ETF		Diversification Classification
MSCI USA Quality GARP ETF^(a)		Non-Diversified

^(a)

Formerly iShares Factors US Growth Style ETF.

On March 5, 2024, the Board approved a proposal to change the Fund’s investment objective and underlying index and change the name of the Fund to iShares MSCI USA Quality GARP ETF. The Fund’s ticker also changed from STLG to GARP. These changes became effective on May 31, 2024.

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. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2024, if any, are disclosed in the Statement of Assets and Liabilities.

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

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

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

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS


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		11

Notes to Financial Statements (unaudited) (continued)

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 the Fund’s assets and liabilities:

•

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

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

•

Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

•

Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and

•

4.	SECURITIES AND OTHER INVESTMENTS

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.


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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
Barclays Bank PLC	$	34,188	$	(34,188	)	$	—	$	—
Morgan Stanley		1,125,306		(1,125,306	)		—		—

	$	1,159,494	$	(1,159,494	)	$	—	$	—

^(a)

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

5.	DERIVATIVE FINANCIAL INSTRUMENTS

Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investment and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund 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 Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:


iShares ETF	Investment Advisory Fees
MSCI USA Quality GARP ETF		0.15	%

Prior to March 31, 2024, BFA was entitled to an annual investment advisory fee of 0.25%, accrued daily and paid monthly by the iShares MSCI USA Quality GARP ETF, based on the average daily net assets of the fund.


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		13

Notes to Financial Statements (unaudited) (continued)

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 SLAgency Shares of such money market fund will not be subject to a sales load, redemption fee, distribution fee or service fee. The money market fund in which the cash collateral has been invested may impose a discretionary liquidity fee of up to 2% of the value redeemed, if such fee is determined to be in the best interests of such money market fund.

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

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 that calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

For the six months ended September 30, 2024, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI USA Quality GARP ETF	$	19,153,421	$	24,370,178	$	(1,086,892	)

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.

7.	PURCHASES AND SALES

For the six months ended September 30, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

MSCI USA Quality GARP ETF	$	50,350,303	$	50,233,151

For the six months ended September 30, 2024, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

MSCI USA Quality GARP ETF	$	134,597,309	$	49,839,077

8.	INCOME TAX INFORMATION


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Notes to Financial Statements (unaudited) (continued)

As of March 31, 2024, the Fund had non-expiring capital loss carryforwards of $878,674 available to offset future realized capital gains.



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

MSCI USA Quality GARP ETF	$	135,191,887	$	9,327,875	$	(1,864,270	)	$	7,463,605

9.	PRINCIPAL RISKS

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 discretionary liquidity fees under certain circumstances.

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

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

With exchange-traded futures, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the 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 and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.

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


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		15

Notes to Financial Statements (unaudited) (continued)

10.	CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Six Months Ended 09/30/24						Year Ended 03/31/24

iShares ETF	Shares			Amount			Shares			Amount
MSCI USA Quality GARP ETF
Shares sold		2,650,000		$	134,970,134			1,400,000		$	57,020,865
Shares redeemed		(1,000,000	)		(49,978,420	)		(450,000	)		(17,997,118	)


		1,650,000		$	84,991,714			950,000		$	39,023,747

11.	SUBSEQUENT EVENTS


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Additional Information

Electronic Delivery

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.

Changes in and Disagreements with Accountants

Not applicable.

Proxy Results

Not applicable.

Remuneration Paid to Trustees, Officers, and Others

Availability of Portfolio Holdings Information


A D D I T I O N A L I N F O R M A T I O N		17

Board Review and Approval of Investment Advisory Contract

iShares MSCI USA Quality GARP ETF (the “Fund”)

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 other fund(s) 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 any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.


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Board Review and Approval of Investment Advisory Contract (continued)


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		19

Glossary of Terms Used in this Report

Portfolio Abbreviation


NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


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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 or MSCI Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.


		SEPTEMBER 30, 2024

2024 Semi-Annual Financial

Statements and Additional

Information (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

Table of Contents


		Page

Schedules of Investments		3
Statements of Assets and Liabilities		28
Statements of Operations		29
Statements of Changes in Net Assets		30
Financial Highlights		32
Notes to Financial Statements		35
Additional Information		43
Board Review and Approval of Investment Advisory Contract		44
Glossary of Terms Used in this Report		48


2

Schedule of Investments (unaudited)

September 30, 2024

iShares^® ESG Screened S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.6%
Axon Enterprise, Inc.^(a)		437	$	174,625
General Electric Co.		6,621		1,248,588
Howmet Aerospace, Inc.		2,501		250,726


				1,673,939

Air Freight & Logistics — 0.4%
CH Robinson Worldwide, Inc.		725		80,018
Expeditors International of Washington, Inc.		855		112,347
FedEx Corp.		1,370		374,942
United Parcel Service, Inc., Class B		4,467		609,031


				1,176,338

Automobile Components — 0.1%
Aptiv PLC^(a)		1,628		117,232
BorgWarner, Inc.		1,383		50,189


				167,421

Automobiles — 1.8%
Ford Motor Co.		23,925		252,648
General Motors Co.		6,830		306,257
Tesla, Inc.^(a)		16,943		4,432,797


				4,991,702

Banks — 3.4%
Bank of America Corp.		41,224		1,635,768
Citigroup, Inc.		11,646		729,040
Citizens Financial Group, Inc.		2,747		112,819
Fifth Third Bancorp		4,147		177,657
Huntington Bancshares, Inc.		8,784		129,125
JPMorgan Chase & Co.		17,374		3,663,482
KeyCorp		5,687		95,257
M&T Bank Corp.		1,013		180,436
PNC Financial Services Group, Inc. (The)		2,436		450,295
Regions Financial Corp.		5,557		129,645
Truist Financial Corp.		8,142		348,233
U.S. Bancorp		9,562		437,270
Wells Fargo & Co.		20,785		1,174,145


				9,263,172

Beverages — 1.5%
Brown-Forman Corp., Class B, NVS		1,133		55,744
Coca-Cola Co. (The)		23,686		1,702,076
Constellation Brands, Inc., Class A		960		247,382
Keurig Dr. Pepper, Inc.		6,454		241,896
Molson Coors Beverage Co., Class B		1,077		61,949
Monster Beverage Corp.^(a)		4,321		225,427
PepsiCo, Inc.		8,388		1,426,379


				3,960,853

Biotechnology — 2.1%
AbbVie, Inc.		10,786		2,130,019
Amgen, Inc.		3,281		1,057,171
Biogen, Inc.^(a)		890		172,518
Gilead Sciences, Inc.		7,596		636,849
Incyte Corp.^(a)		980		64,778
Moderna, Inc.^(a)		2,079		138,939
Regeneron Pharmaceuticals, Inc.^(a)		647		680,152
Vertex Pharmaceuticals, Inc.^(a)		1,576		732,966


				5,613,392

Broadline Retail — 4.0%
Amazon.com, Inc.^(a)		57,041		10,628,449
eBay, Inc.		2,996		195,070


				10,823,519


Security	Shares		Value

Building Products — 0.6%
A. O. Smith Corp.		717	$	64,408
Allegion PLC		533		77,679
Builders FirstSource, Inc.^(a)		714		138,416
Carrier Global Corp.		5,145		414,121
Johnson Controls International PLC		4,093		317,658
Masco Corp.		1,316		110,465
Trane Technologies PLC		1,376		534,893


				1,657,640

Capital Markets — 3.3%
Ameriprise Financial, Inc.		601		282,356
Bank of New York Mellon Corp. (The)		4,507		323,873
BlackRock, Inc.^(b)		851		808,033
Blackstone, Inc., Class A, NVS		4,394		672,853
Cboe Global Markets, Inc.		634		129,888
Charles Schwab Corp. (The)		9,112		590,549
CME Group, Inc., Class A		2,194		484,106
FactSet Research Systems, Inc.		231		106,225
Franklin Resources, Inc.		1,858		37,439
Goldman Sachs Group, Inc. (The)		1,928		954,572
Intercontinental Exchange, Inc.		3,502		562,561
Invesco Ltd.		2,811		49,361
KKR & Co., Inc., Class A		4,112		536,945
MarketAxess Holdings, Inc.		227		58,157
Moody’s Corp.		954		452,759
Morgan Stanley		7,606		792,850
MSCI, Inc., Class A		482		280,972
Nasdaq, Inc.		2,540		185,445
Northern Trust Corp.		1,236		111,277
Raymond James Financial, Inc.		1,136		139,115
S&P Global, Inc.		1,955		1,009,992
State Street Corp.		1,830		161,900
T Rowe Price Group, Inc.		1,359		148,036


				8,879,264

Chemicals — 1.5%
Air Products & Chemicals, Inc.		1,352		402,545
Albemarle Corp.		703		66,581
Celanese Corp., Class A		669		90,957
CF Industries Holdings, Inc.		1,106		94,895
Corteva, Inc.		4,241		249,328
Dow, Inc.		4,295		234,636
Ecolab, Inc.		1,541		393,464
FMC Corp.		773		50,972
International Flavors & Fragrances, Inc.		1,567		164,425
Linde PLC		2,935		1,399,584
LyondellBasell Industries NV, Class A		1,589		152,385
Mosaic Co. (The)		1,998		53,506
PPG Industries, Inc.		1,430		189,418
Sherwin-Williams Co. (The)		1,415		540,063


				4,082,759

Commercial Services & Supplies — 0.6%
Cintas Corp.		2,099		432,142
Copart, Inc.^(a)		5,366		281,178
Republic Services, Inc.		1,243		249,644
Rollins, Inc.		1,688		85,379
Veralto Corp.		1,514		169,356
Waste Management, Inc.		2,238		464,609


				1,682,308

Communications Equipment — 0.9%
Arista Networks, Inc.^(a)		1,571		602,981
Cisco Systems, Inc.		24,602		1,309,319
F5, Inc.^(a)		361		79,492


S C H E D U L E S O F I N V E S T M E N T S		3

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® ESG Screened S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Communications Equipment (continued)
Juniper Networks, Inc.		2,003	$	78,077
Motorola Solutions, Inc.		1,022		459,522


				2,529,391

Construction & Engineering — 0.1%
Quanta Services, Inc.		901		268,633


Construction Materials — 0.1%
Martin Marietta Materials, Inc.		374		201,306
Vulcan Materials Co.		810		202,848


				404,154

Consumer Finance — 0.6%
American Express Co.		3,430		930,216
Capital One Financial Corp.		2,322		347,673
Discover Financial Services		1,539		215,906
Synchrony Financial		2,422		120,810


				1,614,605

Consumer Staples Distribution & Retail — 1.3%
Costco Wholesale Corp.		2,707		2,399,810
Dollar General Corp.		1,333		112,732
Dollar Tree, Inc.^(a)		1,238		87,056
Kroger Co. (The)		4,069		233,154
Sysco Corp.		3,014		235,273
Target Corp.		2,835		441,863
Walgreens Boots Alliance, Inc.		4,466		40,015


				3,549,903

Containers & Packaging — 0.3%
Amcor PLC		8,926		101,131
Avery Dennison Corp.		484		106,848
Ball Corp.		1,860		126,313
International Paper Co.		2,129		104,002
Packaging Corp. of America		548		118,039
Smurfit WestRock PLC		3,021		149,298


				705,631

Distributors — 0.1%
Genuine Parts Co.		852		119,007
LKQ Corp.		1,632		65,150
Pool Corp.		231		87,041


				271,198

Diversified Telecommunication Services — 0.8%
AT&T Inc.		43,785		963,270
Verizon Communications, Inc.		25,705		1,154,411


				2,117,681

Electric Utilities — 0.9%
Constellation Energy Corp.		1,905		495,338
Edison International		2,366		206,055
Entergy Corp.		1,299		170,961
Eversource Energy		2,203		149,914
Exelon Corp.		6,128		248,491
NextEra Energy, Inc.		12,546		1,060,513


				2,331,272

Electrical Equipment — 0.8%
AMETEK, Inc.		1,419		243,656
Eaton Corp. PLC		2,431		805,731
Emerson Electric Co.		3,484		381,045
GE Vernova, Inc.^(a)		1,684		429,386
Generac Holdings, Inc.^(a)		367		58,309
Hubbell, Inc.		328		140,499
Rockwell Automation, Inc.		695		186,580


				2,245,206


Security	Shares		Value

Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		7,337	$	478,079
CDW Corp.		819		185,340
Corning, Inc.		4,719		213,063
Jabil, Inc.		695		83,282
Keysight Technologies, Inc.^(a)		1,068		169,737
TE Connectivity PLC		1,862		281,143
Trimble, Inc.^(a)		1,475		91,583
Zebra Technologies Corp., Class A^(a)		316		117,021


				1,619,248

Energy Equipment & Services — 0.3%
Baker Hughes Co., Class A		6,087		220,045
Halliburton Co.		5,384		156,405
Schlumberger NV		8,638		362,364


				738,814

Entertainment — 1.3%
Electronic Arts, Inc.		1,466		210,283
Live Nation Entertainment, Inc.^(a)		960		105,110
Netflix, Inc.^(a)		2,621		1,858,997
Take-Two Interactive Software, Inc.^(a)		990		152,173
Walt Disney Co. (The)		11,075		1,065,304
Warner Bros Discovery, Inc., Class A^(a)		13,672		112,794


				3,504,661

Financial Services — 4.5%
Berkshire Hathaway, Inc., Class B^(a)		11,186		5,148,468
Corpay, Inc.^(a)		428		133,861
Fidelity National Information Services, Inc.		3,343		279,976
Fiserv, Inc.^(a)		3,512		630,931
Global Payments, Inc.		1,559		159,673
Jack Henry & Associates, Inc.		439		77,501
Mastercard, Inc., Class A		5,038		2,487,765
PayPal Holdings, Inc.^(a)		6,230		486,127
Visa, Inc., Class A		10,200		2,804,490


				12,208,792

Food Products — 0.8%
Archer-Daniels-Midland Co.		2,930		175,038
Bunge Global SA		868		83,884
Campbell Soup Co.		1,220		59,682
Conagra Brands, Inc.		2,959		96,227
General Mills, Inc.		3,411		251,902
Hershey Co. (The)		905		173,561
Hormel Foods Corp.		1,747		55,380
J M Smucker Co. (The)		653		79,078
Kellanova		1,639		132,284
Kraft Heinz Co. (The)		5,408		189,875
Lamb Weston Holdings, Inc.		893		57,813
McCormick & Co., Inc., NVS		1,528		125,754
Mondelez International, Inc., Class A		8,149		600,337
Tyson Foods, Inc., Class A		1,721		102,503


				2,183,318

Gas Utilities — 0.0%
Atmos Energy Corp.		940		130,387


Ground Transportation — 1.1%
CSX Corp.		11,880		410,216
JB Hunt Transport Services, Inc.		486		83,752
Norfolk Southern Corp.		1,374		341,439
Old Dominion Freight Line, Inc.		1,155		229,429
Uber Technologies, Inc.^(a)		12,829		964,228
Union Pacific Corp.		3,720		916,906


				2,945,970


4		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® ESG Screened S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies — 2.6%
Abbott Laboratories		10,625	$	1,211,356
Align Technology, Inc.^(a)		425		108,086
Baxter International, Inc.		3,078		116,872
Becton Dickinson & Co.		1,771		426,988
Boston Scientific Corp.^(a)		8,990		753,362
Cooper Cos., Inc. (The)^(a)		1,203		132,739
Dexcom, Inc.^(a)		2,432		163,041
Edwards Lifesciences Corp.^(a)		3,691		243,569
GE HealthCare Technologies, Inc.		2,602		244,198
Hologic, Inc.^(a)		1,426		116,162
IDEXX Laboratories, Inc.^(a)		504		254,631
Insulet Corp.^(a)		428		99,617
Intuitive Surgical, Inc.^(a)		2,166		1,064,091
Medtronic PLC		7,829		704,845
ResMed, Inc.		900		219,708
STERIS PLC		604		146,494
Stryker Corp.		2,093		756,117
Teleflex, Inc.		289		71,475
Zimmer Biomet Holdings, Inc.		1,248		134,722


				6,968,073

Health Care Providers & Services — 2.7%
Cardinal Health, Inc.		1,479		163,459
Cencora, Inc.		1,069		240,611
Centene Corp.^(a)		3,223		242,627
Cigna Group (The)		1,705		590,680
CVS Health Corp.		7,662		481,787
DaVita, Inc.^(a)		286		46,884
Elevance Health, Inc.		1,422		739,440
HCA Healthcare, Inc.		1,138		462,517
Henry Schein, Inc.^(a)		776		56,570
Humana, Inc.		729		230,903
Labcorp Holdings, Inc.		510		113,975
McKesson Corp.		794		392,569
Molina Healthcare, Inc.^(a)		353		121,630
Quest Diagnostics, Inc.		679		105,415
UnitedHealth Group, Inc.		5,639		3,297,011
Universal Health Services, Inc., Class B		367		84,047


				7,370,125

Health Care REITs — 0.3%
Alexandria Real Estate Equities, Inc.		954		113,288
Healthpeak Properties, Inc.		4,253		97,266
Ventas, Inc.		2,526		161,992
Welltower, Inc.		3,546		453,994


				826,540

Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		4,337		76,331


Hotels, Restaurants & Leisure — 2.1%
Airbnb, Inc., Class A^(a)		2,675		339,217
Booking Holdings, Inc.		205		863,485
Caesars Entertainment, Inc.^(a)		1,344		56,099
Carnival Corp.^(a)		6,146		113,578
Chipotle Mexican Grill, Inc.^(a)		8,344		480,781
Darden Restaurants, Inc.		726		119,158
Domino’s Pizza, Inc.		211		90,760
Expedia Group, Inc.^(a)		764		113,087
Hilton Worldwide Holdings, Inc.		1,498		345,289
Las Vegas Sands Corp.		2,166		109,036
Marriott International, Inc., Class A		1,420		353,012
McDonald’s Corp.		4,380		1,333,754
MGM Resorts International^(a)		1,415		55,312
Norwegian Cruise Line Holdings Ltd.^(a)		2,684		55,049


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Royal Caribbean Cruises Ltd.		1,451	$	257,349
Starbucks Corp.		6,914		674,046
Wynn Resorts Ltd.		585		56,090
Yum! Brands, Inc.		1,723		240,720


				5,655,822

Household Durables — 0.4%
DR Horton, Inc.		1,798		343,005
Garmin Ltd.		942		165,820
Lennar Corp., Class A		1,479		277,283
Mohawk Industries, Inc.^(a)		319		51,257
NVR, Inc.^(a)		18		176,612
PulteGroup, Inc.		1,264		181,422


				1,195,399

Household Products — 1.3%
Church & Dwight Co., Inc.		1,497		156,766
Clorox Co. (The)		759		123,648
Colgate-Palmolive Co.		4,980		516,974
Kimberly-Clark Corp.		2,064		293,666
Procter & Gamble Co. (The)		14,375		2,489,750


				3,580,804

Industrial REITs — 0.3%
Prologis, Inc.		5,651		713,608


Insurance — 2.3%
Aflac, Inc.		3,063		342,443
Allstate Corp. (The)		1,616		306,474
American International Group, Inc.		3,946		288,966
Aon PLC, Class A		1,331		460,513
Arch Capital Group Ltd.^(a)		2,288		255,981
Arthur J. Gallagher & Co.		1,333		375,066
Assurant, Inc.		320		63,635
Brown & Brown, Inc.		1,445		149,702
Chubb Ltd.		2,292		660,990
Cincinnati Financial Corp.		947		128,906
Globe Life, Inc.		530		56,132
Hartford Financial Services Group, Inc. (The)		1,788		210,287
Loews Corp.		1,116		88,220
Marsh & McLennan Cos., Inc.		3,002		669,716
MetLife, Inc.		3,602		297,093
Principal Financial Group, Inc.		1,306		112,185
Progressive Corp. (The)		3,576		907,446
Prudential Financial, Inc.		2,188		264,967
Travelers Cos., Inc. (The)		1,396		326,832
W R Berkley Corp.		1,849		104,894
Willis Towers Watson PLC		623		183,492


				6,253,940

Interactive Media & Services — 6.8%
Alphabet, Inc., Class A		35,778		5,933,781
Alphabet, Inc., Class C, NVS		29,330		4,903,683
Match Group, Inc.^(a)		1,580		59,787
Meta Platforms, Inc., Class A		13,341		7,636,922


				18,534,173

IT Services — 0.8%
Accenture PLC, Class A		3,825		1,352,061
Akamai Technologies, Inc.^(a)		919		92,773
Cognizant Technology Solutions Corp., Class A		3,038		234,473
EPAM Systems, Inc.^(a)		348		69,262
Gartner, Inc.^(a)		470		238,177
GoDaddy, Inc., Class A^(a)		864		135,458
VeriSign, Inc.^(a)		514		97,640


				2,219,844


S C H E D U L E S O F I N V E S T M E N T S		5

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® ESG Screened S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Leisure Products — 0.0%
Hasbro, Inc.		788	$	56,988


Life Sciences Tools & Services — 1.4%
Agilent Technologies, Inc.		1,788		265,482
Bio-Techne Corp.		972		77,692
Charles River Laboratories International, Inc.^(a)		308		60,667
Danaher Corp.		3,925		1,091,228
IQVIA Holdings, Inc.^(a)		1,050		248,818
Mettler-Toledo International, Inc.^(a)		130		194,961
Revvity, Inc.		760		97,090
Thermo Fisher Scientific, Inc.		2,333		1,443,124
Waters Corp.^(a)		359		129,201
West Pharmaceutical Services, Inc.		445		133,571


				3,741,834

Machinery — 1.8%
Caterpillar, Inc.		2,961		1,158,106
Cummins, Inc.		835		270,365
Deere & Co.		1,564		652,704
Dover Corp.		839		160,870
Fortive Corp.		2,146		169,384
IDEX Corp.		468		100,386
Illinois Tool Works, Inc.		1,655		433,726
Ingersoll Rand, Inc.		2,469		242,357
Nordson Corp.^(c)		330		86,668
Otis Worldwide Corp.		2,454		255,069
PACCAR, Inc.		3,184		314,197
Parker-Hannifin Corp.		787		497,242
Pentair PLC		994		97,203
Snap-on, Inc.		323		93,576
Stanley Black & Decker, Inc.		930		102,421
Westinghouse Air Brake Technologies Corp.		1,064		193,403
Xylem, Inc.		1,486		200,655


				5,028,332

Media — 0.6%
Charter Communications, Inc., Class A^(a)(c)		595		192,828
Comcast Corp., Class A		23,590		985,354
Fox Corp., Class A, NVS		1,376		58,246
Fox Corp., Class B		789		30,613
Interpublic Group of Cos., Inc. (The)		2,284		72,243
News Corp., Class A, NVS		2,325		61,915
News Corp., Class B		668		18,671
Omnicom Group, Inc.		1,206		124,688
Paramount Global, Class B, NVS		3,645		38,710


				1,583,268

Metals & Mining — 0.4%
Freeport-McMoRan, Inc.		8,745		436,550
Newmont Corp.		6,981		373,135
Nucor Corp.		1,454		218,594
Steel Dynamics, Inc.		879		110,824


				1,139,103

Multi-Utilities — 0.4%
CenterPoint Energy, Inc.		3,974		116,915
Consolidated Edison, Inc.		2,108		219,506
Dominion Energy, Inc.		5,141		297,098
Public Service Enterprise Group, Inc.		3,038		271,020
Sempra		3,847		321,725


				1,226,264

Office REITs — 0.0%
BXP, Inc.		882		70,966


Security	Shares		Value

Oil, Gas & Consumable Fuels — 0.8%
Kinder Morgan, Inc.		11,831	$	261,347
Marathon Petroleum Corp.		2,034		331,359
ONEOK, Inc.		3,569		325,243
Phillips 66		2,565		337,169
Targa Resources Corp.		1,333		197,297
Valero Energy Corp.		1,963		265,064
Williams Cos., Inc. (The)		7,410		338,267


				2,055,746

Passenger Airlines — 0.2%
Delta Air Lines, Inc.		3,929		199,554
Southwest Airlines Co.		3,615		107,112
United Airlines Holdings, Inc.^(a)		2,028		115,718


				422,384

Personal Care Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A		1,422		141,759


Pharmaceuticals — 3.1%
Bristol-Myers Squibb Co.		12,369		639,972
Catalent, Inc.^(a)		1,105		66,930
Eli Lilly & Co.		4,817		4,267,573
Merck & Co., Inc.		15,479		1,757,795
Pfizer, Inc.		34,603		1,001,411
Viatris, Inc.		7,298		84,730
Zoetis, Inc., Class A		2,763		539,835


				8,358,246

Professional Services — 0.6%
Automatic Data Processing, Inc.		2,488		688,504
Broadridge Financial Solutions, Inc.		709		152,456
Dayforce, Inc.^(a)(c)		968		59,290
Equifax, Inc.		758		222,746
Paychex, Inc.		1,964		263,549
Paycom Software, Inc.		292		48,639
Verisk Analytics, Inc.		873		233,929


				1,669,113

Real Estate Management & Development — 0.2%
CBRE Group, Inc., Class A^(a)		1,846		229,790
CoStar Group, Inc.^(a)(c)		2,502		188,751


				418,541

Residential REITs — 0.3%
AvalonBay Communities, Inc.		870		195,968
Camden Property Trust		660		81,530
Equity Residential		2,091		155,696
Essex Property Trust, Inc.		394		116,395
Invitation Homes, Inc.		3,441		121,330
Mid-America Apartment Communities, Inc.		709		112,660
UDR, Inc.		1,839		83,380


				866,959

Retail REITs — 0.3%
Federal Realty Investment Trust		467		53,691
Kimco Realty Corp.		4,123		95,736
Realty Income Corp.		5,292		335,619
Regency Centers Corp.		985		71,146
Simon Property Group, Inc.		1,878		317,420


				873,612

Semiconductors & Semiconductor Equipment — 12.1%
Advanced Micro Devices, Inc.^(a)		9,883		1,621,603
Analog Devices, Inc.		3,029		697,185
Applied Materials, Inc.		5,056		1,021,565
Broadcom, Inc.		28,425		4,903,312
Enphase Energy, Inc.^(a)		830		93,807


6		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® ESG Screened S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
First Solar, Inc.^(a)		649	$	161,887
Intel Corp.		26,027		610,593
KLA Corp.		820		635,016
Lam Research Corp.		798		651,232
Microchip Technology, Inc.		3,288		263,993
Micron Technology, Inc.		6,765		701,598
Monolithic Power Systems, Inc.		297		274,576
NVIDIA Corp.		150,219		18,242,595
NXP Semiconductors NV		1,561		374,656
ON Semiconductor Corp.^(a)		2,624		190,529
Qorvo, Inc.^(a)		577		59,604
QUALCOMM, Inc.		6,803		1,156,850
Skyworks Solutions, Inc.		965		95,313
Teradyne, Inc.		1,000		133,930
Texas Instruments, Inc.		5,575		1,151,628


				33,041,472

Software — 11.1%
Adobe, Inc.^(a)		2,708		1,402,148
ANSYS, Inc.^(a)		529		168,555
Autodesk, Inc.^(a)		1,309		360,603
Cadence Design Systems, Inc.^(a)		1,678		454,788
Crowdstrike Holdings, Inc., Class A^(a)		1,415		396,865
Fair Isaac Corp.^(a)		149		289,585
Fortinet, Inc.^(a)		3,891		301,747
Gen Digital, Inc.		3,319		91,040
Intuit, Inc.		1,707		1,060,047
Microsoft Corp.		45,390		19,531,317
Oracle Corp.		9,761		1,663,275
Palo Alto Networks, Inc.^(a)		1,976		675,397
PTC, Inc.^(a)		741		133,869
Roper Technologies, Inc.		652		362,799
Salesforce, Inc.		5,917		1,619,542
ServiceNow, Inc.^(a)		1,258		1,125,143
Synopsys, Inc.^(a)		933		472,462
Tyler Technologies, Inc.^(a)		260		151,767


				30,260,949

Specialized REITs — 1.1%
American Tower Corp.		2,850		662,796
Crown Castle, Inc.		2,663		315,912
Digital Realty Trust, Inc.		1,886		305,211
Equinix, Inc.		578		513,050
Extra Space Storage, Inc.		1,299		234,067
Iron Mountain, Inc.		1,790		212,706
Public Storage		957		348,223
SBA Communications Corp., Class A		661		159,103
VICI Properties, Inc.		6,362		211,918
Weyerhaeuser Co.		4,405		149,153


				3,112,139

Specialty Retail — 2.1%
AutoZone, Inc.^(a)		104		327,604
Best Buy Co., Inc.		1,197		123,650
CarMax, Inc.^(a)		953		73,743
Home Depot, Inc. (The)		6,055		2,453,486
Lowe’s Cos., Inc.		3,480		942,558


Security	Shares		Value

Specialty Retail (continued)
O’Reilly Automotive, Inc.^(a)		353	$	406,515
Ross Stores, Inc.		2,044		307,642
TJX Cos., Inc. (The)		6,901		811,144
Tractor Supply Co.		663		192,887
Ulta Beauty, Inc.^(a)		292		113,623


				5,752,852

Technology Hardware, Storage & Peripherals — 8.3%
Apple Inc.		92,843		21,632,419
Hewlett Packard Enterprise Co.		7,876		161,143
HP, Inc.		5,996		215,077
NetApp, Inc.		1,249		154,264
Seagate Technology Holdings PLC		1,286		140,856
Super Micro Computer, Inc.^(a)(c)		306		127,418
Western Digital Corp.^(a)		1,987		135,692


				22,566,869

Textiles, Apparel & Luxury Goods — 0.4%
Deckers Outdoor Corp.^(a)		935		149,086
Lululemon Athletica, Inc.^(a)		703		190,759
NIKE, Inc., Class B		7,330		647,972
Ralph Lauren Corp., Class A		239		46,335
Tapestry, Inc.		1,395		65,537


				1,099,689

Trading Companies & Distributors — 0.2%
Fastenal Co.		3,509		250,613
United Rentals, Inc.		406		328,750


				579,363

Water Utilities — 0.1%
American Water Works Co., Inc.		1,194		174,611


Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.		2,988		616,604


Total Long-Term Investments — 99.8% (Cost: $233,853,886)				271,593,493


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.05%^(b)(d)(e)		648,327		648,846
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.88%^(b)(d)		391,776		391,776


Total Short-Term Securities — 0.4% (Cost: $1,040,354)				1,040,622


Total Investments — 100.2% (Cost: $234,894,240)				272,634,115

Liabilities in Excess of Other Assets — (0.2)%				(476,383	)


Net Assets — 100.0%			$	272,157,732

^(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.


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, 2024

iShares^® ESG Screened S&P 500 ETF

Affiliates



Affiliated Issuer	Value at 03/31/24		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/24		Shares Held at 09/30/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	96,777	$	551,739	^(a)	$	—		$	94	$	236	$	648,846		648,327	$	655	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		306,229		85,547	^(a)		—			—		—		391,776		391,776		10,799			—
BlackRock, Inc.		732,822		72,998			(94,490	)		10,649		86,054		808,033		851		8,594			—


									$	10,743	$	86,290	$	1,848,655			$	20,048		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

12/20/24

523

7,864

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)	$	—	$	—	$	7,864	$	—	$	—	$	—	$	7,864

^(a)

For the period ended September 30, 2024, 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	$	—	$	—	$	34,558	$	—	$	—	$	—	$	34,558


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	438	$	—	$	—	$	—	$	438


8		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® ESG Screened S&P 500 ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	496,305

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




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	271,593,493	$	—	$	—	$	271,593,493
Short-Term Securities
Money Market Funds		1,040,622		—		—		1,040,622


	$	272,634,115	$	—	$	—	$	272,634,115


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	7,864	$	—	$	—	$	7,864

^(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		9

Schedule of Investments (unaudited)

September 30, 2024

iShares^® ESG Screened S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.1%
Curtiss-Wright Corp.		3,513	$	1,154,688
Hexcel Corp.		7,533		465,765
Woodward, Inc.		5,493		942,105


				2,562,558

Air Freight & Logistics — 0.2%
GXO Logistics, Inc.^(a)(b)		11,000		572,770


Automobile Components — 1.0%
Autoliv, Inc.		6,710		626,513
Gentex Corp.		21,021		624,113
Goodyear Tire & Rubber Co. (The)^(a)(b)		26,169		231,596
Lear Corp.		5,215		569,217
Visteon Corp.^(a)		2,541		242,005


				2,293,444

Automobiles — 0.4%
Harley-Davidson, Inc.		10,962		422,366
Thor Industries, Inc.		4,919		540,549


				962,915

Banks — 6.1%
Associated Banc-Corp.		13,935		300,160
Bank OZK		9,839		422,979
Cadence Bank		13,578		432,459
Columbia Banking System, Inc.		19,386		506,168
Commerce Bancshares, Inc.		10,759		639,085
Cullen/Frost Bankers, Inc.		5,930		663,330
East West Bancorp, Inc.		12,712		1,051,791
First Financial Bankshares, Inc.		11,853		438,680
First Horizon Corp.		49,625		770,676
FNB Corp.		33,094		466,956
Glacier Bancorp, Inc.		10,460		478,022
Hancock Whitney Corp.		7,920		405,266
Home BancShares, Inc.		17,032		461,397
International Bancshares Corp.		4,949		295,901
New York Community Bancorp, Inc.^(b)		27,454		308,308
Old National Bancorp		29,254		545,880
Pinnacle Financial Partners, Inc.		7,089		694,509
Prosperity Bancshares, Inc.		8,737		629,676
SouthState Corp.		7,056		685,702
Synovus Financial Corp.		13,204		587,182
Texas Capital Bancshares, Inc.^(a)		4,198		299,989
UMB Financial Corp.		4,121		433,158
United Bankshares, Inc.		12,417		460,671
Valley National Bancorp		39,761		360,235
Webster Financial Corp.		15,722		732,802
Wintrust Financial Corp.		6,099		661,924
Zions Bancorp N.A.		13,546		639,642


				14,372,548

Beverages — 0.6%
Boston Beer Co., Inc. (The), Class A, NVS^(a)		802		231,890
Celsius Holdings, Inc.^(a)(b)		14,363		450,424
Coca-Cola Consolidated, Inc.		542		713,489


				1,395,803

Biotechnology — 3.2%
Arrowhead Pharmaceuticals, Inc.^(a)		11,390		220,624
BioMarin Pharmaceutical, Inc.^(a)		17,529		1,232,113
Cytokinetics, Inc.^(a)		10,829		571,771
Exelixis, Inc.^(a)		26,277		681,888
Halozyme Therapeutics, Inc.^(a)		11,667		667,819
Neurocrine Biosciences, Inc.^(a)		9,295		1,070,970


Security	Shares		Value

Biotechnology (continued)
Roivant Sciences Ltd.^(a)		40,144	$	463,262
Sarepta Therapeutics, Inc.^(a)		8,778		1,096,285
United Therapeutics Corp.^(a)(b)		4,080		1,462,068


				7,466,800

Broadline Retail — 0.5%
Macy’s, Inc.		25,602		401,695
Nordstrom, Inc.		8,940		201,061
Ollie’s Bargain Outlet Holdings, Inc.^(a)		5,636		547,819


				1,150,575

Building Products — 4.2%
AAON, Inc.		6,161		664,402
Advanced Drainage Systems, Inc.		6,493		1,020,440
Carlisle Cos., Inc.		4,230		1,902,443
Fortune Brands Innovations, Inc.		11,439		1,024,134
Lennox International, Inc.		2,952		1,783,864
Owens Corning		8,023		1,416,220
Simpson Manufacturing Co., Inc.		3,867		739,641
Trex Co., Inc.^(a)		9,972		663,936
UFP Industries, Inc.		5,587		733,070


				9,948,150

Capital Markets — 2.8%
Affiliated Managers Group, Inc.		2,734		486,105
Evercore, Inc., Class A		3,270		828,422
Federated Hermes, Inc., Class B		7,219		265,443
Houlihan Lokey, Inc., Class A		4,872		769,873
Interactive Brokers Group, Inc., Class A		9,982		1,391,091
Janus Henderson Group PLC		11,727		446,447
Jefferies Financial Group, Inc.		14,941		919,619
SEI Investments Co.		9,086		628,660
Stifel Financial Corp.		9,402		882,848


				6,618,508

Chemicals — 2.1%
Arcadium Lithium PLC^(a)		98,643		281,133
Ashland, Inc.		4,488		390,321
Avient Corp.		8,375		421,430
Axalta Coating Systems Ltd.^(a)		20,113		727,890
Cabot Corp.		5,068		566,450
NewMarket Corp.		707		390,186
RPM International, Inc.		11,860		1,435,060
Scotts Miracle-Gro Co. (The)		3,920		339,864
Westlake Corp.		3,066		460,789


				5,013,123

Commercial Services & Supplies — 2.2%
Brink’s Co. (The)		4,048		468,111
Clean Harbors, Inc.^(a)		4,653		1,124,677
MSA Safety, Inc.		3,615		641,084
RB Global, Inc.		16,961		1,365,191
Stericycle, Inc.^(a)		8,545		521,245
Tetra Tech, Inc.		24,602		1,160,230


				5,280,538

Communications Equipment — 0.5%
Ciena Corp.^(a)		13,251		816,129
Lumentum Holdings, Inc.^(a)		6,245		395,808


				1,211,937

Construction & Engineering — 2.6%
AECOM		12,354		1,275,798
Comfort Systems U.S.A., Inc.		3,273		1,277,615
EMCOR Group, Inc.		4,292		1,847,835
MasTec, Inc.^(a)		5,669		697,854


10		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® ESG Screened S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction & Engineering (continued)
MDU Resources Group, Inc.		18,827	$	516,048
Valmont Industries, Inc.		1,857		538,437


				6,153,587

Construction Materials — 0.6%
Eagle Materials, Inc.		3,099		891,427
Knife River Corp.^(a)		5,204		465,186


				1,356,613

Consumer Finance — 0.6%
Ally Financial, Inc.		25,149		895,053
SLM Corp.		19,945		456,142


				1,351,195

Consumer Staples Distribution & Retail — 2.0%
BJ’s Wholesale Club Holdings, Inc.^(a)(b)		12,239		1,009,473
Casey’s General Stores, Inc.		3,419		1,284,552
Sprouts Farmers Market, Inc.^(a)		9,231		1,019,195
U.S. Foods Holding Corp.^(a)		22,530		1,385,595


				4,698,815

Containers & Packaging — 1.9%
AptarGroup, Inc.		6,110		978,761
Berry Global Group, Inc.		10,510		714,470
Crown Holdings, Inc.		10,932		1,048,160
Graphic Packaging Holding Co.		27,525		814,465
Greif, Inc., Class A, NVS		2,427		152,076
Silgan Holdings, Inc.		7,515		394,537
Sonoco Products Co.		9,067		495,330


				4,597,799

Diversified Consumer Services — 1.5%
Duolingo, Inc., Class A^(a)		3,450		972,969
Graham Holdings Co., Class B		317		260,485
Grand Canyon Education, Inc.^(a)		2,642		374,768
H&R Block, Inc.		12,880		818,524
Service Corp. International		13,355		1,054,110


				3,480,856

Diversified REITs — 0.5%
WP Carey, Inc.		20,176		1,256,965


Diversified Telecommunication Services — 0.4%
Frontier Communications Parent, Inc.^(a)		20,380		724,101
Iridium Communications, Inc.		10,839		330,048


				1,054,149

Electrical Equipment — 1.6%
Acuity Brands, Inc.		2,828		778,803
EnerSys		3,695		377,075
nVent Electric PLC		15,295		1,074,627
Regal Rexnord Corp.		6,128		1,016,512
Sensata Technologies Holding PLC		13,845		496,482


				3,743,499

Electronic Equipment, Instruments & Components — 2.8%
Arrow Electronics, Inc.^(a)		4,856		645,023
Avnet, Inc.		8,081		438,879
Belden, Inc.		3,756		439,940
Cognex Corp.		15,741		637,511
Coherent Corp.^(a)		14,110		1,254,520
Crane NXT Co.		4,502		252,562
IPG Photonics Corp.^(a)		2,492		185,205
Littelfuse, Inc.		2,280		604,770
Novanta, Inc.^(a)(b)		3,302		590,794
TD SYNNEX Corp.		6,976		837,678


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Vishay Intertechnology, Inc.		10,608	$	200,597
Vontier Corp.		14,096		475,599


				6,563,078

Energy Equipment & Services — 0.8%
ChampionX Corp.		17,670		532,750
NOV, Inc.		36,108		576,645
Valaris Ltd.^(a)		6,110		340,633
Weatherford International PLC		6,746		572,870


				2,022,898

Entertainment — 0.2%
Warner Music Group Corp., Class A		13,080		409,404


Financial Services — 1.8%
Equitable Holdings, Inc.		21,525		904,696
Essent Group Ltd.		9,837		632,421
Euronet Worldwide, Inc.^(a)		3,955		392,455
MGIC Investment Corp.		24,092		616,755
Voya Financial, Inc.		9,018		714,406
Western Union Co. (The)		22,636		270,047
WEX, Inc.^(a)		3,768		790,262


				4,321,042

Food Products — 1.2%
Darling Ingredients, Inc.^(a)		14,656		544,617
Flowers Foods, Inc.		18,042		416,229
Ingredion, Inc.		5,967		820,045
Lancaster Colony Corp.		1,759		310,586
Pilgrim’s Pride Corp.^(a)		3,797		174,852
Post Holdings, Inc.^(a)		4,399		509,184


				2,775,513

Gas Utilities — 0.9%
New Jersey Resources Corp.		9,185		433,532
ONE Gas, Inc.		5,185		385,868
Southwest Gas Holdings, Inc.		5,557		409,884
Spire, Inc.		5,284		355,560
UGI Corp.		19,690		492,644


				2,077,488

Ground Transportation — 1.8%
Avis Budget Group, Inc.		1,586		138,918
Knight-Swift Transportation Holdings, Inc.		14,912		804,502
Landstar System, Inc.		3,263		616,283
Ryder System, Inc.		3,970		578,826
Saia, Inc.^(a)		2,444		1,068,664
XPO, Inc.^(a)		10,724		1,152,937


				4,360,130

Health Care Equipment & Supplies — 2.0%
DENTSPLY SIRONA, Inc.		18,592		503,100
Enovis Corp.^(a)		5,127		220,717
Envista Holdings Corp.^(a)(b)		15,740		311,022
Globus Medical, Inc., Class A^(a)		10,397		743,801
Haemonetics Corp.^(a)		4,712		378,751
Lantheus Holdings, Inc.^(a)(b)		6,390		701,303
LivaNova PLC^(a)		4,962		260,703
Masimo Corp.^(a)		4,069		542,520
Neogen Corp.^(a)(b)		18,130		304,765
Penumbra, Inc.^(a)		3,564		692,521


				4,659,203

Health Care Providers & Services — 2.3%
Acadia Healthcare Co., Inc.^(a)		8,517		540,063
Amedisys, Inc.^(a)		3,003		289,819
Chemed Corp.		1,373		825,132


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, 2024

iShares^® ESG Screened S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
Encompass Health Corp.		9,283	$	897,109
HealthEquity, Inc.^(a)(b)		8,034		657,583
Option Care Health, Inc.^(a)		15,747		492,881
R1 RCM, Inc.^(a)		14,343		203,240
Tenet Healthcare Corp.^(a)		8,788		1,460,566


				5,366,393

Health Care REITs — 0.8%
Healthcare Realty Trust, Inc.		33,543		608,806
Omega Healthcare Investors, Inc.		23,802		968,741
Sabra Health Care REIT, Inc.		21,544		400,934


				1,978,481

Health Care Technology — 0.2%
Doximity, Inc., Class A^(a)		11,509		501,447


Hotel & Resort REITs — 0.1%
Park Hotels & Resorts, Inc.		19,321		272,426


Hotels, Restaurants & Leisure — 3.8%
Aramark		24,372		943,927
Boyd Gaming Corp.		6,312		408,071
Choice Hotels International, Inc.^(b)		2,080		271,024
Churchill Downs, Inc.		6,769		915,236
Hilton Grand Vacations, Inc.^(a)		5,877		213,453
Hyatt Hotels Corp., Class A^(b)		4,130		628,586
Light & Wonder, Inc., Class A^(a)		8,194		743,442
Marriott Vacations Worldwide Corp.		2,992		219,852
Planet Fitness, Inc., Class A^(a)		7,787		632,460
Texas Roadhouse, Inc.		6,122		1,081,145
Travel + Leisure Co.		6,398		294,820
Vail Resorts, Inc.		3,451		601,475
Wendy’s Co. (The)		15,865		277,955
Wingstop, Inc.		2,695		1,121,336
Wyndham Hotels & Resorts, Inc.		7,300		570,422


				8,923,204

Household Durables — 2.2%
KB Home		6,642		569,153
Taylor Morrison Home Corp., Class A^(a)		9,574		672,669
Tempur Sealy International, Inc.		16,038		875,675
Toll Brothers, Inc.		9,452		1,460,240
TopBuild Corp.^(a)		2,761		1,123,202
Whirlpool Corp.		5,067		542,169


				5,243,108

Independent Power and Renewable Electricity Producers — 0.2%
Ormat Technologies, Inc.		4,952		381,007


Industrial REITs — 1.3%
EastGroup Properties, Inc.		4,450		831,349
First Industrial Realty Trust, Inc.		12,147		679,989
Rexford Industrial Realty, Inc.		20,059		1,009,168
STAG Industrial, Inc.		16,748		654,680


				3,175,186

Insurance — 5.1%
American Financial Group, Inc.		6,642		894,013
Brighthouse Financial, Inc.^(a)		5,572		250,907
CNO Financial Group, Inc.		9,701		340,505
Fidelity National Financial, Inc., Class A		23,826		1,478,642
First American Financial Corp.		9,437		622,936
Hanover Insurance Group, Inc. (The)		3,300		488,763
Kemper Corp.		5,603		343,184
Kinsale Capital Group, Inc.		2,036		947,901
Old Republic International Corp.		21,811		772,546
Primerica, Inc.		3,102		822,495


Security	Shares		Value

Insurance (continued)
Reinsurance Group of America, Inc.		6,040	$	1,315,935
RenaissanceRe Holdings Ltd.		4,783		1,302,889
RLI Corp.		3,832		593,883
Ryan Specialty Holdings, Inc., Class A		9,460		628,049
Selective Insurance Group, Inc.		5,637		525,932
Unum Group		11,868		705,434


				12,034,014

Interactive Media & Services — 0.1%
ZoomInfo Technologies, Inc., Class A^(a)		26,657		275,100


IT Services — 0.4%
ASGN, Inc.^(a)		4,109		383,082
Kyndryl Holdings, Inc.^(a)		21,403		491,841


				874,923

Leisure Products — 0.5%
Brunswick Corp.		6,130		513,817
Polaris, Inc.		4,855		404,130
YETI Holdings, Inc.^(a)		7,717		316,628


				1,234,575

Life Sciences Tools & Services — 2.5%
Avantor, Inc.^(a)		62,351		1,613,020
Azenta, Inc.^(a)		4,512		218,561
Bruker Corp.		10,182		703,169
Illumina, Inc.^(a)		14,660		1,911,811
Medpace Holdings, Inc.^(a)		2,338		780,424
Repligen Corp.^(a)		4,797		713,890


				5,940,875

Machinery — 4.5%
AGCO Corp.		5,740		561,716
Chart Industries, Inc.^(a)(b)		3,866		479,925
Crane Co.		4,476		708,461
Donaldson Co., Inc.		11,085		816,965
Esab Corp.		5,246		557,702
Flowserve Corp.		12,133		627,155
Graco, Inc.		15,548		1,360,605
ITT, Inc.		7,505		1,122,073
Lincoln Electric Holdings, Inc.		5,217		1,001,768
Middleby Corp. (The)^(a)		4,959		689,946
Oshkosh Corp.		5,969		598,154
Terex Corp.		6,135		324,603
Timken Co. (The)		5,853		493,349
Toro Co. (The)		9,563		829,399
Watts Water Technologies, Inc., Class A		2,522		522,533


				10,694,354

Marine Transportation — 0.3%
Kirby Corp.^(a)		5,322		651,573


Media — 0.5%
New York Times Co. (The), Class A		15,016		835,941
Nexstar Media Group, Inc., Class A		2,781		459,838


				1,295,779

Metals & Mining — 2.1%
Alcoa Corp.		23,830		919,361
Cleveland-Cliffs, Inc.^(a)		43,301		552,954
Commercial Metals Co.		10,636		584,555
Reliance, Inc.		5,065		1,464,849
Royal Gold, Inc.		6,055		849,516
United States Steel Corp.		20,632		728,928


				5,100,163


12		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® ESG Screened S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Mortgage Real Estate Investment Trusts (REITs) — 0.6%
Annaly Capital Management, Inc.		45,950	$	922,216
Starwood Property Trust, Inc.		29,118		593,425


				1,515,641

Office REITs — 0.7%
COPT Defense Properties		10,227		310,185
Cousins Properties, Inc.		14,055		414,341
Kilroy Realty Corp.		9,765		377,906
Vornado Realty Trust		15,256		601,086


				1,703,518

Oil, Gas & Consumable Fuels — 0.9%
Antero Midstream Corp.		31,144		468,717
DT Midstream, Inc.		8,877		698,265
HF Sinclair Corp.		14,968		667,124
PBF Energy, Inc., Class A		9,223		285,452


				2,119,558

Paper & Forest Products — 0.3%
Louisiana-Pacific Corp.		5,756		618,540


Personal Care Products — 0.7%
BellRing Brands, Inc.^(a)		11,859		720,079
Coty, Inc., Class A^(a)		34,001		319,269
elf Beauty, Inc.^(a)(b)		5,204		567,392


				1,606,740

Pharmaceuticals — 0.3%
Jazz Pharmaceuticals PLC^(a)		5,682		633,032


Professional Services — 1.9%
Concentrix Corp.		4,337		222,271
ExlService Holdings, Inc.^(a)		14,855		566,718
Exponent, Inc.		4,669		538,242
FTI Consulting, Inc.^(a)		3,245		738,432
Genpact Ltd.		15,120		592,855
Insperity, Inc.		3,279		288,552
ManpowerGroup, Inc.		4,428		325,547
Maximus, Inc.		5,562		518,156
Paylocity Holding Corp.^(a)		3,988		657,901


				4,448,674

Real Estate Management & Development — 0.5%
Jones Lang LaSalle, Inc.^(a)		4,373		1,179,879


Residential REITs — 1.2%
American Homes 4 Rent, Class A		28,964		1,111,928
Equity LifeStyle Properties, Inc.		17,177		1,225,407
Independence Realty Trust, Inc.		20,691		424,166


				2,761,501

Retail REITs — 1.2%
Agree Realty Corp.		9,131		687,838
Brixmor Property Group, Inc.		27,637		769,967
Kite Realty Group Trust		20,217		536,963
NNN REIT, Inc.		16,983		823,506


				2,818,274

Semiconductors & Semiconductor Equipment — 2.7%
Allegro MicroSystems, Inc.^(a)		14,247		331,955
Amkor Technology, Inc.		10,490		320,994
Cirrus Logic, Inc.^(a)		4,905		609,250
Lattice Semiconductor Corp.^(a)		12,639		670,752
MACOM Technology Solutions Holdings, Inc.^(a)(b)		5,324		592,348
MKS Instruments, Inc.		6,178		671,611
Onto Innovation, Inc.^(a)		4,548		943,983
Power Integrations, Inc.		5,230		335,348
Rambus, Inc.^(a)		9,878		417,049


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Silicon Laboratories, Inc.^(a)		2,972	$	343,474
Synaptics, Inc.^(a)		3,635		282,003
Universal Display Corp.		4,049		849,885


				6,368,652

Software — 3.1%
Altair Engineering, Inc., Class A^(a)		5,508		526,069
Appfolio, Inc., Class A^(a)		2,116		498,106
Aspen Technology, Inc.^(a)		2,452		585,587
Blackbaud, Inc.^(a)		3,710		314,163
CommVault Systems, Inc.^(a)		4,027		619,554
Dolby Laboratories, Inc., Class A		5,473		418,849
Dropbox, Inc., Class A^(a)		21,930		557,680
Dynatrace, Inc.^(a)(b)		27,431		1,466,735
Manhattan Associates, Inc.^(a)		5,617		1,580,511
Qualys, Inc.^(a)		3,378		433,938
Teradata Corp.^(a)		8,902		270,087


				7,271,279

Specialized REITs — 2.0%
CubeSmart		20,726		1,115,680
EPR Properties		6,940		340,338
Gaming & Leisure Properties, Inc.		25,165		1,294,739
Lamar Advertising Co., Class A		8,060		1,076,816
National Storage Affiliates Trust		6,434		310,119
PotlatchDeltic Corp.		6,536		294,447
Rayonier, Inc.		12,356		397,616


				4,829,755

Specialty Retail — 4.3%
Abercrombie & Fitch Co., Class A^(a)(b)		4,704		658,090
AutoNation, Inc.^(a)		2,402		429,766
Burlington Stores, Inc.^(a)		5,807		1,530,028
Five Below, Inc.^(a)		5,054		446,521
Floor & Decor Holdings, Inc., Class A^(a)(b)		9,855		1,223,695
GameStop Corp., Class A^(a)(b)		35,689		818,349
Gap, Inc. (The)		20,414		450,129
Lithia Motors, Inc., Class A		2,452		778,853
Murphy U.S.A., Inc.^(b)		1,717		846,258
Penske Automotive Group, Inc.		1,749		284,073
RH^(a)		1,374		459,507
Valvoline, Inc.^(a)		11,819		494,625
Williams-Sonoma, Inc.		11,796		1,827,436


				10,247,330

Technology Hardware, Storage & Peripherals — 0.6%
Pure Storage, Inc., Class A^(a)		28,443		1,428,976


Textiles, Apparel & Luxury Goods — 1.4%
Capri Holdings Ltd.^(a)		10,827		459,498
Carter’s, Inc.		3,308		214,954
Columbia Sportswear Co.		2,980		247,906
Crocs, Inc.^(a)		5,466		791,531
PVH Corp.		5,178		522,098
Skechers U.S.A., Inc., Class A^(a)		12,186		815,487
Under Armour, Inc., Class A^(a)		17,379		154,847
Under Armour, Inc., Class C, NVS^(a)		12,716		106,306


				3,312,627

Trading Companies & Distributors — 2.0%
Applied Industrial Technologies, Inc.		3,520		785,418
Core & Main, Inc., Class A^(a)		17,787		789,743
GATX Corp.		3,265		432,449
MSC Industrial Direct Co., Inc., Class A		4,135		355,858


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, 2024

iShares^® ESG Screened S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Trading Companies & Distributors (continued)
Watsco, Inc.		3,196	$	1,572,049
WESCO International, Inc.		4,135		694,597


				4,630,114

Water Utilities — 0.4%
Essential Utilities, Inc.		23,206		895,055


Total Long-Term Investments — 99.8% (Cost: $204,769,489)				236,063,656


Short-Term Securities

Money Market Funds — 4.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.05%^(c)(d)(e)		10,096,501		10,104,578
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.88%^(c)(d)		344,643		344,643


Total Short-Term Securities — 4.4% (Cost: $10,443,382)				10,449,221


Total Investments — 104.2% (Cost: $215,212,871)				246,512,877

Liabilities in Excess of Other Assets — (4.2)%				(9,879,019	)


Net Assets — 100.0%			$	236,633,858

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

Affiliates



Affiliated Issuer	Value at 03/31/24		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/24		Shares Held at 09/30/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	8,474,748	$	1,625,653	^(a)	$	—	$	155	$	4,022	$	10,104,578		10,096,501	$	12,704	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		258,761		85,882	^(a)		—		—		—		344,643		344,643		11,186			—


								$	155	$	4,022	$	10,449,221			$	23,890		$	—

^(a)

Represents net amount purchased (sold).

^(b)


14		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® ESG Screened S&P Mid-Cap 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 Mid 400 E-Mini Index

12/20/24

315

8,238

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)	$	—	$	—	$	8,238	$	—	$	—	$	—	$	8,238

^(a)

For the period ended September 30, 2024, 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	$	—	$	—	$	(18,980	)	$	—	$	—	$	—	$	(18,980	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	5,090		$	—	$	—	$	—	$	5,090

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	749,050

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		15

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® ESG Screened S&P Mid-Cap ETF

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	236,063,656	$	—	$	—	$	236,063,656
Short-Term Securities
Money Market Funds		10,449,221		—		—		10,449,221


	$	246,512,877	$	—	$	—	$	246,512,877

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	8,238	$	—	$	—	$	8,238

^(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 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited)

September 30, 2024

iShares^® ESG Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.9%
AAR Corp.^(a)		2,451	$	160,197
AeroVironment, Inc.^(a)		1,950		390,975
Mercury Systems, Inc.^(a)		3,532		130,684
Triumph Group, Inc.^(a)		5,411		69,748


				751,604

Air Freight & Logistics — 0.3%
Forward Air Corp.		1,328		47,011
Hub Group, Inc., Class A		4,300		195,435


				242,446

Automobile Components — 1.4%
American Axle & Manufacturing Holdings, Inc.^(a)		8,258		51,034
Dana, Inc.		8,995		94,987
Dorman Products, Inc.^(a)		1,899		214,815
Fox Factory Holding Corp.^(a)		2,897		120,226
Gentherm, Inc.^(a)		2,178		101,386
LCI Industries		1,777		214,200
Patrick Industries, Inc.		1,560		222,097
Standard Motor Products, Inc.		1,436		47,675
XPEL, Inc.^(a)		1,578		68,438


				1,134,858

Automobiles — 0.1%
Winnebago Industries, Inc.		2,027		117,789


Banks — 9.7%
Ameris Bancorp		4,470		278,883
Atlantic Union Bankshares Corp.		6,165		232,236
Axos Financial, Inc.^(a)		3,713		233,473
Banc of California, Inc.		9,587		141,217
BancFirst Corp.		1,379		145,140
Bancorp, Inc. (The)^(a)(b)		3,399		181,846
Bank of Hawaii Corp.		2,717		170,546
BankUnited, Inc.		5,149		187,630
Banner Corp.		2,357		140,383
Berkshire Hills Bancorp, Inc.		2,807		75,593
Brookline Bancorp, Inc.		6,183		62,386
Capitol Federal Financial, Inc.		8,487		49,564
Cathay General Bancorp		4,848		208,222
Central Pacific Financial Corp.		1,558		45,977
City Holding Co.		981		115,160
Community Financial System, Inc.		3,562		206,845
Customers Bancorp, Inc.^(a)		2,053		95,362
CVB Financial Corp.		9,075		161,716
Dime Community Bancshares, Inc.		2,459		70,819
Eagle Bancorp, Inc.		2,066		46,650
FB Financial Corp.		2,435		114,275
First BanCorp/Puerto Rico		10,781		228,234
First Bancorp/Southern Pines NC		2,863		119,072
First Commonwealth Financial Corp.		7,053		120,959
First Financial Bancorp		6,599		166,493
First Hawaiian, Inc.		8,925		206,614
Fulton Financial Corp.		12,309		223,162
Hanmi Financial Corp.		1,808		33,629
Heritage Financial Corp.		2,413		52,531
Hilltop Holdings, Inc.		3,205		103,073
Hope Bancorp, Inc.		8,391		105,391
Independent Bank Corp.		2,948		174,315
Independent Bank Group, Inc.		2,509		144,669
Lakeland Financial Corp.		1,763		114,807
National Bank Holdings Corp., Class A		2,609		109,839
NBT Bancorp, Inc.		3,182		140,740


Security	Shares		Value

Banks (continued)
Northwest Bancshares, Inc.		8,790	$	117,610
OFG Bancorp		3,183		142,980
Pacific Premier Bancorp, Inc.		6,665		167,691
Park National Corp.		1,011		169,828
Pathward Financial, Inc.		1,738		114,725
Preferred Bank		561		45,020
Provident Financial Services, Inc.		7,629		141,594
Renasant Corp.		4,393		142,773
S&T Bancorp, Inc.		2,594		108,870
Seacoast Banking Corp. of Florida		5,804		154,677
ServisFirst Bancshares, Inc.		3,492		280,931
Simmons First National Corp., Class A		8,467		182,379
Southside Bancshares, Inc.		1,977		66,091
Stellar Bancorp, Inc.		3,296		85,333
Tompkins Financial Corp.		866		50,046
Triumph Financial, Inc.^(a)		1,515		120,503
TrustCo Bank Corp.		1,323		43,752
Trustmark Corp.		4,243		135,012
United Community Banks, Inc.		8,263		240,288
Veritex Holdings, Inc.		3,671		96,621
WaFd, Inc.		4,884		170,207
Westamerica BanCorp		1,828		90,340
WSFS Financial Corp.		4,059		206,968


				8,081,690

Beverages — 0.2%
MGP Ingredients, Inc.		989		82,334
National Beverage Corp.		1,626		76,325


				158,659

Biotechnology — 1.6%
Alkermes PLC^(a)		11,463		320,849
Arcus Biosciences, Inc.^(a)(b)		3,749		57,322
Catalyst Pharmaceuticals, Inc.^(a)		7,797		155,004
Dynavax Technologies Corp.^(a)		8,546		95,203
Ironwood Pharmaceuticals, Inc., Class A^(a)		9,923		40,883
Myriad Genetics, Inc.^(a)		6,322		173,160
Protagonist Therapeutics, Inc.^(a)		4,101		184,545
REGENXBIO, Inc.^(a)		3,143		32,970
Vericel Corp.^(a)		3,408		143,988
Vir Biotechnology, Inc.^(a)		6,441		48,243
Xencor, Inc.^(a)		4,297		86,413


				1,338,580

Broadline Retail — 0.2%
Kohl’s Corp.		7,769		163,926


Building Products — 1.9%
American Woodmark Corp.^(a)		1,092		102,047
Apogee Enterprises, Inc.		1,536		107,543
Armstrong World Industries, Inc.		3,042		399,810
AZZ, Inc.		2,083		172,077
Gibraltar Industries, Inc.^(a)		2,130		148,951
Griffon Corp.		2,846		199,220
Hayward Holdings, Inc.^(a)(b)		9,923		152,219
Insteel Industries, Inc.		1,344		41,785
Quanex Building Products Corp.		3,289		91,270
Resideo Technologies, Inc.^(a)		10,193		205,287


				1,620,209

Capital Markets — 2.8%
Artisan Partners Asset Management, Inc., Class A		4,862		210,622
BGC Group, Inc., Class A		22,827		209,552
Brightsphere Investment Group, Inc.		1,965		49,911
Cohen & Steers, Inc.		1,865		178,947


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, 2024

iShares^® ESG Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets (continued)
Donnelley Financial Solutions, Inc.^(a)		1,859	$	122,378
Moelis & Co., Class A		3,649		249,993
Piper Sandler Cos		1,102		312,759
PJT Partners, Inc., Class A		1,661		221,478
StepStone Group, Inc., Class A		4,363		247,949
StoneX Group, Inc.^(a)		1,977		161,877
Virtu Financial, Inc., Class A		5,723		174,322
Virtus Investment Partners, Inc.		463		96,975
WisdomTree, Inc.		8,286		82,777


				2,319,540

Chemicals — 2.4%
AdvanSix, Inc.		1,846		56,081
Balchem Corp.		2,259		397,584
Hawkins, Inc.		1,329		169,408
HB Fuller Co.		3,796		301,326
Ingevity Corp.^(a)		2,530		98,670
Innospec, Inc.		1,741		196,890
Koppers Holdings, Inc.		1,426		52,092
Mativ Holdings, Inc.		3,776		64,154
Minerals Technologies, Inc.		2,247		173,536
Quaker Chemical Corp.		960		161,750
Sensient Technologies Corp.		2,956		237,130
Stepan Co.		1,470		113,558


				2,022,179

Commercial Services & Supplies — 2.0%
ABM Industries, Inc.		4,379		231,036
Brady Corp., Class A, NVS		3,066		234,948
Deluxe Corp.		3,100		60,419
Enviri Corp.^(a)		5,618		58,090
GEO Group, Inc. (The)^(a)		9,469		121,677
Healthcare Services Group, Inc.^(a)		5,100		56,967
HNI Corp.		3,292		177,241
Interface, Inc., Class A		4,052		76,867
Liquidity Services, Inc.^(a)		1,578		35,978
Matthews International Corp., Class A		2,127		49,346
MillerKnoll, Inc.		4,853		120,160
OPENLANE, Inc.^(a)		7,549		127,427
Pitney Bowes, Inc.		8,192		58,409
UniFirst Corp.		1,046		207,788
Viad Corp.^(a)		1,487		53,279


				1,669,632

Communications Equipment — 1.0%
Calix, Inc.^(a)		4,092		158,729
Digi International, Inc.^(a)		2,531		69,678
Extreme Networks, Inc.^(a)		9,114		136,983
Harmonic, Inc.^(a)		8,085		117,799
NetScout Systems, Inc.^(a)		4,996		108,663
Viasat, Inc.^(a)(b)		5,871		70,100
Viavi Solutions, Inc.^(a)		15,516		139,954


				801,906

Construction & Engineering — 1.3%
Arcosa, Inc.		3,396		321,805
Dycom Industries, Inc.^(a)		2,025		399,127
Granite Construction, Inc.		3,047		241,566
MYR Group, Inc.^(a)		1,156		118,178


				1,080,676

Consumer Finance — 0.8%
Bread Financial Holdings, Inc.		1,688		80,315
Encore Capital Group, Inc.^(a)(b)		1,646		77,806
Enova International, Inc.^(a)		1,834		153,671


Security	Shares		Value

Consumer Finance (continued)
Green Dot Corp., Class A^(a)		875	$	10,246
Navient Corp.		5,529		86,197
PRA Group, Inc.^(a)		2,761		61,736
PROG Holdings, Inc.		2,959		143,482
World Acceptance Corp.^(a)		228		26,900


				640,353

Consumer Staples Distribution & Retail — 0.7%
Andersons, Inc. (The)		2,238		112,213
Chefs’ Warehouse, Inc. (The)^(a)		2,428		102,000
Grocery Outlet Holding Corp.^(a)		6,858		120,358
PriceSmart, Inc.		1,748		160,432
SpartanNash Co.		2,345		52,552
United Natural Foods, Inc.^(a)		4,160		69,971


				617,526

Containers & Packaging — 0.6%
Myers Industries, Inc.		2,633		36,388
O-I Glass, Inc.^(a)		10,885		142,811
Sealed Air Corp.		8,656		314,213


				493,412

Diversified Consumer Services — 1.2%
Adtalem Global Education, Inc.^(a)		2,631		198,588
Frontdoor, Inc.^(a)		5,336		256,074
Mister Car Wash, Inc.^(a)		6,576		42,810
Perdoceo Education Corp.		4,208		93,586
Strategic Education, Inc.		1,703		157,613
Stride, Inc.^(a)		2,962		252,688


				1,001,359

Diversified REITs — 0.9%
Alexander & Baldwin, Inc.		5,091		97,747
American Assets Trust, Inc.		3,301		88,203
Armada Hoffler Properties, Inc.		4,691		50,803
Essential Properties Realty Trust, Inc.		12,118		413,830
Global Net Lease, Inc.		13,776		115,994


				766,577

Diversified Telecommunication Services — 0.9%
Cogent Communications Holdings, Inc.		2,942		223,357
Consolidated Communications Holdings, Inc.^(a)		5,422		25,158
Lumen Technologies, Inc.^(a)		70,786		502,580


				751,095

Electric Utilities — 0.3%
Otter Tail Corp.		2,918		228,071


Electrical Equipment — 0.6%
Powell Industries, Inc.		651		144,515
Sunrun, Inc.^(a)		15,561		281,032
Vicor Corp.^(a)		1,610		67,781


				493,328

Electronic Equipment, Instruments & Components — 3.8%
Advanced Energy Industries, Inc.		2,623		276,044
Arlo Technologies, Inc.^(a)		6,978		84,504
Badger Meter, Inc.		2,048		447,304
Benchmark Electronics, Inc.		2,528		112,041
CTS Corp.		2,128		102,953
ePlus, Inc.^(a)		1,856		182,519
Insight Enterprises, Inc.^(a)		1,951		420,226
Itron, Inc.^(a)		3,130		334,315
Knowles Corp.^(a)		6,146		110,812
OSI Systems, Inc.^(a)(b)		1,108		168,228
PC Connection, Inc.		860		64,870
Plexus Corp.^(a)		1,899		259,612


18		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® ESG Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Rogers Corp.^(a)		1,184	$	133,804
Sanmina Corp.^(a)		3,804		260,384
ScanSource, Inc.^(a)		1,580		75,887
TTM Technologies, Inc.^(a)		7,085		129,301


				3,162,804

Energy Equipment & Services — 1.3%
Archrock, Inc.		11,782		238,468
Bristow Group, Inc.^(a)		1,726		59,875
Cactus, Inc., Class A		4,628		276,153
Core Laboratories, Inc.^(b)		3,288		60,926
Helix Energy Solutions Group, Inc.^(a)(b)		9,933		110,256
Innovex International, Inc.^(a)		2,437		35,775
Nabors Industries Ltd.^(a)		634		40,874
Tidewater, Inc.^(a)		3,368		241,789


				1,064,116

Entertainment — 0.5%
Cinemark Holdings, Inc.^(a)		7,451		207,436
Madison Square Garden Sports Corp., Class A^(a)		1,165		242,623


				450,059

Financial Services — 2.0%
EVERTEC, Inc.		4,471		151,522
HA Sustainable Infrastructure Capital, Inc.		8,107		279,448
Jackson Financial, Inc., Class A		428		39,047
Mr. Cooper Group, Inc.^(a)		4,489		413,796
NMI Holdings, Inc., Class A^(a)		5,558		228,934
Payoneer Global, Inc.^(a)		17,309		130,337
Radian Group, Inc.		4,306		149,375
Walker & Dunlop, Inc.		2,236		253,987


				1,646,446

Food Products — 1.2%
B&G Foods, Inc.		5,563		49,399
Cal-Maine Foods, Inc.		2,841		212,620
Fresh Del Monte Produce, Inc.		2,348		69,360
Hain Celestial Group, Inc. (The)^(a)		6,308		54,438
J & J Snack Foods Corp.		1,082		186,234
John B Sanfilippo & Son, Inc.		631		59,509
Simply Good Foods Co. (The)^(a)		6,357		221,033
Tootsie Roll Industries, Inc.		1,146		35,492
TreeHouse Foods, Inc.^(a)(b)		3,266		137,107


				1,025,192

Gas Utilities — 0.4%
Chesapeake Utilities Corp.		1,567		194,574
Northwest Natural Holding Co.		2,694		109,969


				304,543

Ground Transportation — 0.7%
ArcBest Corp.		1,651		179,051
Heartland Express, Inc.		3,000		36,840
Hertz Global Holdings, Inc.^(a)		8,519		28,113
Marten Transport Ltd.		4,017		71,101
Schneider National, Inc., Class B		3,297		94,096
Werner Enterprises, Inc.		4,318		166,632


				575,833

Health Care Equipment & Supplies — 3.6%
Artivion, Inc.^(a)		2,620		69,744
Avanos Medical, Inc.^(a)		3,193		76,728
CONMED Corp.		2,144		154,197
Glaukos Corp.^(a)		3,825		498,321
ICU Medical, Inc.^(a)		1,700		309,774
Inari Medical, Inc.^(a)		3,483		143,639


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Integer Holdings Corp.^(a)		2,334	$	303,420
Integra LifeSciences Holdings Corp.^(a)		4,637		84,254
LeMaitre Vascular, Inc.		1,423		132,182
Merit Medical Systems, Inc.^(a)		4,052		400,459
Omnicell, Inc.^(a)		3,217		140,261
QuidelOrtho Corp.^(a)		4,025		183,540
STAAR Surgical Co.^(a)		3,440		127,796
Tandem Diabetes Care, Inc.^(a)(b)		4,570		193,814
UFP Technologies, Inc.^(a)(b)		508		160,884


				2,979,013

Health Care Providers & Services — 2.7%
AdaptHealth Corp.^(a)		7,344		82,473
Addus HomeCare Corp.^(a)		1,246		165,755
AMN Healthcare Services, Inc.^(a)(b)		2,641		111,952
Astrana Health, Inc.^(a)		2,891		167,504
CorVel Corp.^(a)		632		206,594
Cross Country Healthcare, Inc.^(a)(b)		2,197		29,528
Fulgent Genetics, Inc.^(a)		1,382		30,031
National HealthCare Corp.		858		107,911
NeoGenomics, Inc.^(a)		8,965		132,234
Owens & Minor, Inc.^(a)		5,159		80,945
Patterson Cos., Inc.		5,452		119,072
Pediatrix Medical Group, Inc.^(a)		5,954		69,007
Premier, Inc., Class A		7,327		146,540
Privia Health Group, Inc.^(a)		7,178		130,711
RadNet, Inc.^(a)		4,531		314,406
Select Medical Holdings Corp.		7,332		255,667
U.S. Physical Therapy, Inc.		1,052		89,031


				2,239,361

Health Care REITs — 0.9%
CareTrust REIT, Inc.		10,735		331,282
LTC Properties, Inc.		3,046		111,758
Medical Properties Trust, Inc.^(b)		41,843		244,781
Universal Health Realty Income Trust		900		41,175


				728,996

Health Care Technology — 0.3%
Certara, Inc.^(a)		7,632		89,371
HealthStream, Inc.		1,690		48,739
Schrodinger, Inc.^(a)		3,847		71,362
Simulations Plus, Inc.		1,147		36,727


				246,199

Hotel & Resort REITs — 1.0%
Apple Hospitality REIT, Inc.		15,616		231,898
DiamondRock Hospitality Co.		14,404		125,747
Pebblebrook Hotel Trust		8,375		110,801
Service Properties Trust		11,466		52,285
Summit Hotel Properties, Inc.		7,488		51,368
Sunstone Hotel Investors, Inc.		14,132		145,842
Xenia Hotels & Resorts, Inc.		7,086		104,660


				822,601

Hotels, Restaurants & Leisure — 2.2%
BJ’s Restaurants, Inc.^(a)		1,609		52,389
Bloomin’ Brands, Inc.		5,256		86,882
Brinker International, Inc.^(a)		3,104		237,549
Cheesecake Factory, Inc. (The)		3,253		131,909
Chuy’s Holdings, Inc.^(a)		1,214		45,404
Cracker Barrel Old Country Store, Inc.		1,543		69,975
Dave & Buster’s Entertainment, Inc.^(a)		2,199		74,876
Golden Entertainment, Inc.		1,494		47,494
Jack in the Box, Inc.		1,329		61,852


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, 2024

iShares^® ESG Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Monarch Casino & Resort, Inc.		885	$	70,154
Papa John’s International, Inc.		2,283		122,985
Penn Entertainment, Inc.^(a)		10,440		196,898
Sabre Corp.^(a)		26,882		98,657
Shake Shack, Inc., Class A^(a)		2,783		287,234
Six Flags Entertainment Corp.		6,436		259,435


				1,843,693

Household Durables — 3.7%
Cavco Industries, Inc.^(a)		575		246,238
Century Communities, Inc.		1,925		198,237
Ethan Allen Interiors, Inc.		1,572		50,131
Green Brick Partners, Inc.^(a)		2,145		179,150
Installed Building Products, Inc.		1,622		399,450
La-Z-Boy, Inc.		2,923		125,484
Leggett & Platt, Inc.		9,324		126,993
LGI Homes, Inc.^(a)		1,445		171,261
M/I Homes, Inc.^(a)		1,908		326,955
Meritage Homes Corp.		2,529		518,622
Newell Brands, Inc.		29,021		222,881
Sonos, Inc.^(a)		8,410		103,359
Tri Pointe Homes, Inc.^(a)		6,515		295,195
Worthington Enterprises, Inc.		2,169		89,905


				3,053,861

Household Products — 0.6%
Central Garden & Pet Co.^(a)		681		24,836
Central Garden & Pet Co., Class A, NVS^(a)		3,641		114,327
Energizer Holdings, Inc.		4,541		144,222
WD-40 Co.		943		243,181


				526,566

Independent Power and Renewable Electricity Producers — 0.3%
Clearway Energy, Inc., Class A		2,422		68,954
Clearway Energy, Inc., Class C		5,785		177,484


				246,438

Industrial REITs — 0.6%
Innovative Industrial Properties, Inc.		1,958		263,547
LXP Industrial Trust		20,539		206,417


				469,964

Insurance — 2.5%
Ambac Financial Group, Inc.^(a)		3,349		37,542
AMERISAFE, Inc.		1,325		64,037
Assured Guaranty Ltd.		3,443		273,787
Employers Holdings, Inc.		1,667		79,966
Genworth Financial, Inc., Class A^(a)		29,498		202,061
Goosehead Insurance, Inc., Class A^(a)		1,692		151,096
HCI Group, Inc.		588		62,951
Horace Mann Educators Corp.		2,803		97,965
Lincoln National Corp.		9,350		294,619
Mercury General Corp.		1,847		116,324
Palomar Holdings, Inc.^(a)		1,823		172,583
ProAssurance Corp.^(a)		3,574		53,753
Safety Insurance Group, Inc.		1,036		84,724
SiriusPoint Ltd.^(a)		6,781		97,240
Stewart Information Services Corp.		1,877		140,287
Trupanion, Inc.^(a)(b)		2,315		97,184
United Fire Group, Inc.		1,532		32,065


				2,058,184

Interactive Media & Services — 1.1%
Cargurus, Inc., Class A^(a)		6,101		183,213
Cars.com, Inc.^(a)		4,221		70,744
IAC, Inc.^(a)		4,921		264,848


Security	Shares		Value

Interactive Media & Services (continued)
QuinStreet, Inc.^(a)		3,858	$	73,804
Shutterstock, Inc.		1,713		60,589
TripAdvisor, Inc.^(a)		7,609		110,254
Yelp, Inc.^(a)		4,674		163,964


				927,416

IT Services — 0.7%
DigitalOcean Holdings, Inc.^(a)		4,418		178,443
DXC Technology Co.^(a)		12,587		261,180
Perficient, Inc.^(a)		2,455		185,304


				624,927

Leisure Products — 0.1%
Topgolf Callaway Brands Corp.^(a)(b)		9,913		108,845


Life Sciences Tools & Services — 0.2%
BioLife Solutions, Inc.^(a)		2,501		62,625
Cytek Biosciences, Inc.^(a)		7,415		41,079
Mesa Laboratories, Inc.		377		48,957
OmniAb, Inc., 12.50 Earnout Shares^(a)(c)		262		—
OmniAb, Inc., 15.00 Earnout Shares^(a)(c)		262		—


				152,661

Machinery — 5.2%
Alamo Group, Inc.		721		129,874
Astec Industries, Inc.		1,603		51,200
Barnes Group, Inc.		3,196		129,150
Enerpac Tool Group Corp., Class A		3,780		158,344
Enpro, Inc.		1,464		237,432
ESCO Technologies, Inc.		1,797		231,777
Federal Signal Corp.		4,257		397,859
Franklin Electric Co., Inc.		2,734		286,578
Gates Industrial Corp. PLC^(a)		15,742		276,272
Greenbrier Cos., Inc. (The)		2,164		110,126
Hillenbrand, Inc.		4,881		135,692
John Bean Technologies Corp.		2,222		218,889
Kennametal, Inc.		5,446		141,215
Lindsay Corp.		757		94,352
Mueller Industries, Inc.		7,889		584,575
Proto Labs, Inc.^(a)		1,767		51,897
SPX Technologies, Inc.^(a)		3,218		513,142
Standex International Corp.		825		150,793
Tennant Co.		1,314		126,197
Titan International, Inc.^(a)		3,391		27,569
Trinity Industries, Inc.		5,740		199,982
Wabash National Corp.		3,058		58,683


				4,311,598

Marine Transportation — 0.4%
Matson, Inc.		2,338		333,446


Media — 0.7%
Cable One, Inc.		321		112,283
EchoStar Corp., Class A^(a)		8,417		208,910
John Wiley & Sons, Inc., Class A		2,883		139,105
Scholastic Corp., NVS		1,735		55,537
TechTarget, Inc.^(a)		1,811		44,279
Thryv Holdings, Inc.^(a)		2,376		40,938


				601,052

Metals & Mining — 1.9%
ATI, Inc.^(a)		8,665		579,775
Carpenter Technology Corp.		3,477		554,860
Century Aluminum Co.^(a)		3,643		59,126
Haynes International, Inc.		893		53,169
Kaiser Aluminum Corp.		1,102		79,917


20		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® ESG Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Metals & Mining (continued)
Materion Corp.		1,450	$	162,197
Metallus, Inc.^(a)		2,658		39,418
SunCoke Energy, Inc.		5,908		51,282


				1,579,744

Mortgage Real Estate Investment Trusts (REITs) — 1.3%
Apollo Commercial Real Estate Finance, Inc.		8,846		81,295
Arbor Realty Trust, Inc.^(b)		9,722		151,274
ARMOUR Residential REIT, Inc.		3,389		69,136
Blackstone Mortgage Trust, Inc., Class A		12,110		230,211
Ellington Financial, Inc.		6,073		78,281
Franklin BSP Realty Trust, Inc.		5,687		74,272
KKR Real Estate Finance Trust, Inc.		4,094		50,561
New York Mortgage Trust, Inc.		6,392		40,461
PennyMac Mortgage Investment Trust		6,063		86,458
Ready Capital Corp.		11,710		89,347
Redwood Trust, Inc.		9,246		71,472
Two Harbors Investment Corp.		7,202		99,964


				1,122,732

Multi-Utilities — 0.1%
Unitil Corp.		1,124		68,092


Office REITs — 1.2%
Brandywine Realty Trust		11,907		64,774
Douglas Emmett, Inc.		9,896		173,873
Easterly Government Properties, Inc.		6,790		92,208
Highwoods Properties, Inc.		7,394		247,773
Hudson Pacific Properties, Inc.		9,390		44,884
JBG SMITH Properties		5,221		91,263
SL Green Realty Corp.		4,512		314,081


				1,028,856

Oil, Gas & Consumable Fuels — 0.5%
CVR Energy, Inc.		2,379		54,788
Dorian LPG Ltd.		2,522		86,807
Green Plains, Inc.^(a)(b)		4,373		59,211
Par Pacific Holdings, Inc.^(a)		3,921		69,010
REX American Resources Corp.^(a)		1,091		50,502
World Kinect Corp.		4,107		126,947


				447,265

Paper & Forest Products — 0.3%
Clearwater Paper Corp.^(a)		1,150		32,821
Mercer International, Inc.		104		704
Sylvamo Corp.		2,398		205,868


				239,393

Passenger Airlines — 1.0%
Alaska Air Group, Inc.^(a)		8,783		397,079
Allegiant Travel Co.		1,019		56,106
JetBlue Airways Corp.^(a)		20,860		136,842
SkyWest, Inc.^(a)		2,797		237,801
Sun Country Airlines Holdings, Inc.^(a)		2,737		30,682


				858,510

Personal Care Products — 0.4%
Edgewell Personal Care Co.		3,450		125,373
Inter Parfums, Inc.		1,253		162,238
Nu Skin Enterprises, Inc., Class A		251		1,850
USANA Health Sciences, Inc.^(a)		764		28,971


				318,432

Pharmaceuticals — 2.0%
Amphastar Pharmaceuticals, Inc.^(a)		2,657		128,944
ANI Pharmaceuticals, Inc.^(a)		1,155		68,907
Collegium Pharmaceutical, Inc.^(a)		2,239		86,515


Security	Shares		Value

Pharmaceuticals (continued)
Corcept Therapeutics, Inc.^(a)(b)		6,474	$	299,617
Harmony Biosciences Holdings, Inc.^(a)(b)		2,093		83,720
Innoviva, Inc.^(a)		3,826		73,880
Ligand Pharmaceuticals, Inc.^(a)		1,272		127,314
Organon & Co.		17,924		342,886
Pacira BioSciences, Inc.^(a)		3,246		48,852
Phibro Animal Health Corp., Class A		1,406		31,663
Prestige Consumer Healthcare, Inc.^(a)		3,456		249,178
Supernus Pharmaceuticals, Inc.^(a)		3,809		118,765


				1,660,241

Professional Services — 1.6%
CSG Systems International, Inc.		1,964		95,549
Heidrick & Struggles International, Inc.		1,427		55,453
Kelly Services, Inc., Class A, NVS		2,270		48,601
Korn Ferry		3,672		276,281
NV5 Global, Inc.^(a)		909		84,973
Robert Half, Inc.		7,122		480,094
Verra Mobility Corp., Class A^(a)		11,463		318,786


				1,359,737

Real Estate Management & Development — 0.6%
Cushman & Wakefield PLC^(a)		10,164		138,535
eXp World Holdings, Inc.		6,077		85,625
Kennedy-Wilson Holdings, Inc.		8,244		91,096
Marcus & Millichap, Inc.		1,681		66,618
St. Joe Co. (The)		2,679		156,213


				538,087

Residential REITs — 0.4%
Centerspace		1,075		75,755
Elme Communities		6,117		107,598
NexPoint Residential Trust, Inc.		1,536		67,599
Veris Residential, Inc.		5,631		100,570


				351,522

Retail REITs — 2.1%
Acadia Realty Trust		7,333		172,179
Getty Realty Corp.		3,445		109,585
Macerich Co. (The)		15,036		274,257
Phillips Edison & Co., Inc.		8,528		321,591
Retail Opportunity Investments Corp.		8,912		140,186
Saul Centers, Inc.		839		35,204
SITE Centers Corp.		3,253		196,807
Tanger, Inc.		7,600		252,168
Urban Edge Properties		8,447		180,681
Whitestone REIT		3,062		41,429


				1,724,087

Semiconductors & Semiconductor Equipment — 2.7%
Alpha & Omega Semiconductor Ltd.^(a)		1,669		61,953
Axcelis Technologies, Inc.^(a)		2,275		238,534
CEVA, Inc.^(a)		1,672		40,379
Cohu, Inc.^(a)		3,261		83,808
Diodes, Inc.^(a)		3,225		206,690
FormFactor, Inc.^(a)		5,396		248,216
Ichor Holdings Ltd.^(a)		2,355		74,913
Kulicke & Soffa Industries, Inc.		3,807		171,810
MaxLinear, Inc.^(a)		5,332		77,207
PDF Solutions, Inc.^(a)		2,169		68,714
Photronics, Inc.^(a)		4,403		109,018
Semtech Corp.^(a)(b)		5,233		238,939
SiTime Corp.^(a)(b)		1,304		223,649
SMART Global Holdings, Inc.^(a)(b)		3,697		77,452
SolarEdge Technologies, Inc.^(a)		3,982		91,228


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, 2024

iShares^® ESG Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Ultra Clean Holdings, Inc.^(a)(b)		3,130	$	124,981
Veeco Instruments, Inc.^(a)		3,971		131,559


				2,269,050

Software — 4.1%
A10 Networks, Inc.		5,142		74,251
ACI Worldwide, Inc.^(a)		7,286		370,857
Adeia, Inc.		7,569		90,147
Agilysys, Inc.^(a)		1,557		169,666
Alarm.com Holdings, Inc.^(a)		3,428		187,409
BlackLine, Inc.^(a)		3,602		198,614
Box, Inc., Class A^(a)		10,128		331,489
DoubleVerify Holdings, Inc.^(a)		9,825		165,453
Envestnet, Inc.^(a)		2,192		137,263
InterDigital, Inc.		1,760		249,269
LiveRamp Holdings, Inc.^(a)		4,629		114,707
MARA Holdings, Inc.^(a)(b)		20,500		332,510
N-able, Inc.^(a)		4,930		64,386
NCR Voyix Corp.^(a)		10,120		137,328
Progress Software Corp.^(b)		2,978		200,628
SolarWinds Corp.		3,768		49,172
Sprinklr, Inc., Class A^(a)		8,430		65,164
SPS Commerce, Inc.^(a)		2,582		501,347


				3,439,660

Specialized REITs — 0.6%
Four Corners Property Trust, Inc.		6,469		189,606
Outfront Media, Inc.		9,620		176,816
Safehold, Inc.		3,192		83,726
Uniti Group, Inc.		17,018		95,982


				546,130

Specialty Retail — 3.6%
Advance Auto Parts, Inc.		4,165		162,393
American Eagle Outfitters, Inc.		12,461		279,002
Asbury Automotive Group, Inc.^(a)		1,391		331,879
Boot Barn Holdings, Inc.^(a)		2,124		355,303
Buckle, Inc. (The)		2,086		91,721
Caleres, Inc.		2,446		80,840
Foot Locker, Inc.		5,759		148,813
Group 1 Automotive, Inc.		911		348,949
Guess?, Inc.		1,977		39,797
Leslie’s, Inc.^(a)		13,206		41,731
MarineMax, Inc.^(a)		1,365		48,144
Monro, Inc.		2,097		60,519
National Vision Holdings, Inc.^(a)		5,511		60,125
ODP Corp. (The)^(a)		2,338		69,556
Sally Beauty Holdings, Inc.^(a)		7,134		96,808
Shoe Carnival, Inc.		1,227		53,804
Signet Jewelers Ltd.		3,105		320,250
Sonic Automotive, Inc., Class A		1,013		59,240
Upbound Group, Inc.		3,388		108,382
Urban Outfitters, Inc.^(a)		3,960		151,708
Victoria’s Secret & Co.^(a)		5,442		139,859


				3,048,823

Technology Hardware, Storage & Peripherals — 0.1%
Corsair Gaming, Inc.^(a)		3,164		22,022
Xerox Holdings Corp.		8,072		83,787


				105,809


Security	Shares		Value

Textiles, Apparel & Luxury Goods — 1.7%
G-III Apparel Group Ltd.^(a)		2,751	$	83,961
Hanesbrands, Inc.^(a)		24,557		180,494
Kontoor Brands, Inc.		3,489		285,330
Oxford Industries, Inc.		1,024		88,842
Steven Madden Ltd.		5,055		247,644
VF Corp.		23,029		459,429
Wolverine World Wide, Inc.		5,609		97,709


				1,443,409

Trading Companies & Distributors — 1.6%
Air Lease Corp., Class A		7,211		326,586
Boise Cascade Co.		2,709		381,915
DNOW, Inc.^(a)		7,465		96,523
DXP Enterprises, Inc.^(a)(b)		900		48,024
GMS, Inc.^(a)		2,760		249,973
Rush Enterprises, Inc., Class A		4,316		228,014


				1,331,035

Water Utilities — 0.8%
American States Water Co.		2,614		217,720
California Water Service Group		4,104		222,519
Middlesex Water Co.		1,239		80,832
SJW Group		2,072		120,404


				641,475

Wireless Telecommunication Services — 0.3%
Gogo, Inc.^(a)		4,124		29,610
Shenandoah Telecommunications Co.		3,186		44,955
Telephone & Data Systems, Inc.		6,813		158,402


				232,967


Total Long-Term Investments — 97.4% (Cost: $70,311,510)				81,354,285


Short-Term Securities

Money Market Funds — 6.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.05%^(d)(e)(f)		3,060,649		3,063,097
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.88%^(d)(e)		1,893,497		1,893,497


Total Short-Term Securities — 6.0% (Cost: $4,954,759)				4,956,594


Total Investments — 103.4% (Cost: $75,266,269)				86,310,879

Liabilities in Excess of Other Assets — (3.4)%				(2,805,707	)


Net Assets — 100.0%			$	83,505,172

^(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.


22		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® ESG Screened S&P Small-Cap ETF

Affiliates



Affiliated Issuer	Value at 03/31/24		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/24		Shares Held at 09/30/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,022,533	$	1,039,351	^(a)	$	—		$	27	$	1,186	$	3,063,097		3,060,649		$ 8,386	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,555,741		—			(662,244	)^(a)		—		—		1,893,497		1,893,497		44,770			—


									$	27	$	1,186	$	4,956,594			$	53,156		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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 Russell 2000 Index

12/20/24

169

1,897

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)		08/18/26–08/19/26	$	909,092	$	(11,901	)^(c)	$	898,412		1.1	%
	Monthly	HSBC Bank PLC^(d)		02/09/28		437,501		8,808	^(e)		447,783		0.5
	Monthly	JPMorgan Chase Bank NA^(f)		02/10/25		566,903		49,540	^(g)		618,090		0.7


							$	46,447		$	1,964,285

^(a)

^(c)

Amount includes $(1,221) of net dividends, payable for referenced securities purchased and financing fees.

^(e)

Amount includes $(1,474) of net dividends, payable for referenced securities purchased and financing fees.

^(g)

Amount includes $(1,647) 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:	0-250 basis points	40 basis points	40 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)


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, 2024

iShares^® ESG Screened S&P Small-Cap ETF




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Bancorp, Inc. (The)		4	$	214		0.0	%
BankUnited, Inc.		18		656		0.1
Banner Corp.		24		1,429		0.2
Berkshire Hills Bancorp, Inc.		72		1,939		0.2
Central Pacific Financial Corp.		11		325		0.0
City Holding Co.		42		4,930		0.5
Comerica, Inc.		9,170		549,375		61.2
Eagle Bancorp, Inc.		36		813		0.1
First BanCorp/Puerto Rico		536		11,347		1.3
Hanmi Financial Corp.		33		614		0.1
Independent Bank Corp.		5		296		0.0
NBT Bancorp, Inc.		3		133		0.0
Preferred Bank		66		5,297		0.6
Provident Financial Services, Inc.		393		7,294		0.8
Veritex Holdings, Inc.		86		2,263		0.3
WaFd, Inc.		730		25,440		2.8
WSFS Financial Corp.		60		3,059		0.3


				615,424

Commercial Services & Supplies
Pitney Bowes, Inc.		983		7,009		0.8


Consumer Finance
Bread Financial Holdings, Inc.		865		41,157		4.6


Containers & Packaging
Sealed Air Corp.		204		7,405		0.8


Diversified Consumer Services
Perdoceo Education Corp.		82		1,824		0.2


Financial Services
Jackson Financial, Inc., Class A		485		44,246		4.9
Radian Group, Inc.		1,011		35,072		3.9


				79,318

Insurance
Horace Mann Educators Corp.		30		1,048		0.1
Stewart Information Services Corp.		47		3,513		0.4


				4,561

Mortgage Real Estate Investment Trusts (REITs)
Arbor Realty Trust, Inc.		3,436		53,464		5.9


Office REITs
Douglas Emmett, Inc.		386		6,782		0.8


Software
Envestnet, Inc.		1,301		81,468		9.1


Net Value of Reference Entity — Goldman Sachs Bank USA			$	898,412




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Ameris Bancorp		33	$	2,059		0.5	%
Atlantic Union Bankshares Corp.		83		3,127		0.7
Axos Financial, Inc.		55		3,458		0.8
Bancorp, Inc. (The)		16		856		0.2
Bank of Hawaii Corp.		49		3,076		0.7
BankUnited, Inc.		37		1,348		0.3
Banner Corp.		18		1,072		0.2
Berkshire Hills Bancorp, Inc.		54		1,454		0.3
Cathay General Bancorp		69		2,964		0.7
Central Pacific Financial Corp.		183		5,400		1.2
Comerica, Inc.		66		3,954		0.9
Community Financial System, Inc.		19		1,103		0.2
CVB Financial Corp.		66		1,176		0.3
Eagle Bancorp, Inc.		80		1,806		0.4
First BanCorp/Puerto Rico		40		847		0.2
First Bancorp/Southern Pines NC		6		250		0.1
First Commonwealth Financial Corp.		51		875		0.2
First Financial Bancorp		48		1,211		0.3
Fulton Financial Corp.		62		1,124		0.2
Hanmi Financial Corp.		283		5,264		1.2
Independent Bank Corp.		15		887		0.2
Lakeland Financial Corp.		13		847		0.2
National Bank Holdings Corp., Class A		13		547		0.1
NBT Bancorp, Inc.		113		4,998		1.1
Northwest Bancshares, Inc.		77		1,030		0.2
OFG Bancorp		58		2,605		0.6
Pacific Premier Bancorp, Inc.		48		1,208		0.3
Preferred Bank		42		3,371		0.7
Renasant Corp.		32		1,040		0.2
S&T Bancorp, Inc.		69		2,896		0.6
Seacoast Banking Corp. of Florida		81		2,159		0.5
Simmons First National Corp., Class A		273		5,880		1.3
Trustmark Corp.		11		350		0.1
United Community Banks, Inc.		38		1,105		0.2
WaFd, Inc.		40		1,394		0.3
Westamerica BanCorp		27		1,334		0.3
WSFS Financial Corp.		17		867		0.2


				74,942

Capital Markets
Artisan Partners Asset Management, Inc., Class A		20		867		0.2
Moelis & Co., Class A		1,249		85,569		19.1
Virtus Investment Partners, Inc.		5		1,047		0.2


				87,483

Commercial Services & Supplies
Pitney Bowes, Inc.		1,679		11,971		2.7


Consumer Finance
Bread Financial Holdings, Inc.		202		9,611		2.1
Green Dot Corp., Class A		746		8,736		2.0


				18,347


24		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® ESG Screened S&P Small-Cap ETF




	Shares		Value		% of Basket Value


Containers & Packaging
Sealed Air Corp.		377	$	13,685			3.1	%


Diversified REITs
Essential Properties Realty Trust, Inc.		88		3,005			0.7


Financial Services
Payoneer Global, Inc.		127		956			0.2
Radian Group, Inc.		5,155		178,827			39.9


				179,783

Insurance
Employers Holdings, Inc.		59		2,830			0.6
Genworth Financial, Inc., Class A		652		4,466			1.0
Horace Mann Educators Corp.		24		839			0.2
Lincoln National Corp.		775		24,420			5.5


				32,555

Office REITs
Brandywine Realty Trust		157		854			0.2
Douglas Emmett, Inc.		654		11,491			2.6
Hudson Pacific Properties, Inc.		429		2,051			0.4
JBG SMITH Properties		492		8,600			1.9


				22,996

Oil, Gas & Consumable Fuels
Green Plains, Inc.		158		2,139			0.5


Software
Envestnet, Inc.		14		877			0.2


Net Value of Reference Entity — HSBC Bank PLC			$	447,783

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 10, 2025.


	Shares		Value			% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Atlantic Union Bankshares Corp.		2	$	75			0.0	%




	Shares		Value		% of Basket Value


Banks (continued)
Cathay General Bancorp		119	$	5,111		0.8	%
Central Pacific Financial Corp.		141		4,161		0.7
Community Financial System, Inc.		86		4,994		0.8
Fulton Financial Corp.		318		5,765		0.9
National Bank Holdings Corp., Class A		13		547		0.1
Pathward Financial, Inc.		12		792		0.1
Preferred Bank		199		15,970		2.6
Provident Financial Services, Inc.		1,062		19,711		3.2
United Community Banks, Inc.		13		378		0.1
Veritex Holdings, Inc.		23		606		0.1


				58,110

Consumer Finance
Bread Financial Holdings, Inc.		715		34,019		5.5
Green Dot Corp., Class A		2,118		24,802		4.0


				58,821

Containers & Packaging
Sealed Air Corp.		904		32,815		5.3


Financial Services
Jackson Financial, Inc., Class A		4,325		394,570		63.9
Payoneer Global, Inc.		183		1,378		0.2


				395,948

Insurance
Lincoln National Corp.		1,723		54,292		8.8


Office REITs
Douglas Emmett, Inc.		718		12,615		2.0
JBG SMITH Properties		314		5,489		0.9


				18,104


Net Value of Reference Entity — JPMorgan Chase Bank NA			$	618,090

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	$	—	$	—	$	58,348	$	(11,901	)


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) (continued)

September 30, 2024

iShares^® ESG Screened 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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	1,897	$	—	$	—	$	—	$	1,897
Swaps — OTC
Unrealized appreciation on OTC swaps;
Swap premiums paid		—		—		58,348		—		—		—		58,348


	$	—	$	—	$	60,245	$	—	$	—	$	—	$	60,245

Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps;
Swap premiums received	$	—	$	—	$	11,901	$	—	$	—	$	—	$	11,901

^(a)

For the period ended September 30, 2024, 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	$	—	$	—	$	22,819		$	—	$	—	$	—	$	22,819
Swaps		—		—		247,656			—		—		—		247,656


	$	—	$	—	$	270,475		$	—	$	—	$	—	$	270,475

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(814	)	$	—	$	—	$	—	$	(814	)
Swaps		—		—		(51,551	)		—		—		—		(51,551	)


	$	—	$	—	$	(52,365	)	$	—	$	—	$	—	$	(52,365	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long			$161,783
Total return swaps
Average notional amount			$1,734,594

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	$	198		$	—
Swaps — OTC^(a)		58,348			11,901


Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	58,546		$	11,901

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(198	)		—


Total derivative assets and liabilities subject to an MNA	$	58,348		$	11,901

^(a)

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


26		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2024

iShares^® ESG Screened S&P Small-Cap ETF

The following tables present the Fund’s derivative assets and 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 Assets Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)		Non- Cash Collateral Received^(b)		Cash Collateral Received^(b)		Net Amount of Derivative Assets^(c)

HSBC Bank PLC	$	8,808	$	—	$	—	$	—	$	8,808
J.P. Morgan Securities LLC		49,540		—		—		—		49,540


	$	58,348	$	—	$	—	$	—	$	58,348



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^(d)

Goldman Sachs Bank USA	$	11,901	$	—	$	—	$	—	$	11,901

^(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 receivable from the counterparty in the event of default.

^(d)

Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End




	Level 1		Level 2			Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	81,354,285	$	—		$	—	$	81,354,285
Short-Term Securities
Money Market Funds		4,956,594		—			—		4,956,594


	$	86,310,879	$	—		$	—	$	86,310,879

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	1,897	$	58,348		$	—	$	60,245
Liabilities
Equity Contracts		—		(11,901	)		—		(11,901	)


	$	1,897	$	46,447		$	—	$	48,344

^(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.


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

Statements of Assets and Liabilities (unaudited)

September 30, 2024


	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)	$	270,785,460	$	236,063,656	$	81,354,285
Investments, at value — affiliated^(c)		1,848,655		10,449,221		4,956,594
Cash		11		312		616
Cash pledged:
Futures contracts		25,000		21,000		8,000
Receivables:
Investments sold		44,237		—		586,002
Securities lending income — affiliated		122		2,529		1,046
Swaps		—		—		20,392
Dividends — unaffiliated		116,411		215,965		81,841
Dividends — affiliated		1,951		2,813		7,768
Variation margin on futures contracts		1,721		240		198
Unrealized appreciation on OTC swaps		—		—		58,348


Total assets		272,823,568		246,755,736		87,075,090


LIABILITIES
Collateral on securities loaned		648,614		10,099,214		3,061,437
Payables:
Investments purchased		—		—		488,519
Investment advisory fees		17,222		22,664		8,061
Unrealized depreciation on OTC swaps		—		—		11,901


Total liabilities		665,836		10,121,878		3,569,918

Commitments and contingent liabilities

NET ASSETS	$	272,157,732	$	236,633,858	$	83,505,172


NET ASSETS CONSIST OF:
Paid-in capital	$	231,707,389	$	213,898,373	$	76,450,162
Accumulated earnings		40,450,343		22,735,485		7,055,010


NET ASSETS	$	272,157,732	$	236,633,858	$	83,505,172


NET ASSET VALUE
Shares outstanding		6,150,000		5,600,000		2,000,000


Net asset value	$	44.25	$	42.26	$	41.75


Shares authorized		Unlimited		Unlimited		Unlimited


Par value		None		None		None


^(a)Investments, at cost — unaffiliated	$	233,110,565	$	204,769,489	$	70,311,510

^(b)Securities loaned, at value	$	635,158	$	9,885,721	$	2,973,297

^(c)Investments, at cost — affiliated	$	1,783,675	$	10,443,382	$	4,954,759

See notes to financial statements.


28		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Operations (unaudited)

Six Months Ended September 30, 2024


	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	$	1,533,022		$	1,530,575		$	678,161
Dividends — affiliated		19,393			11,186			44,770
Interest — unaffiliated		121			169			467
Securities lending income — affiliated — net		655			12,704			8,386
Foreign taxes withheld		(472	)		—			(795	)


Total investment income		1,552,719			1,554,634			730,989


EXPENSES
Investment advisory		100,899			121,412			45,385
Interest expense		—			17			—


Total expenses		100,899			121,429			45,385


Net investment income		1,451,820			1,433,205			685,604


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,165,846	)		(2,150,406	)		(769,724	)
Investments — affiliated		55			155			27
Futures contracts		34,558			(18,980	)		22,819
In-kind redemptions — unaffiliated^(a)		7,655,698			—			—
In-kind redemptions — affiliated^(a)		10,688			—			—
Swaps		—			—			247,656


	$	6,535,153		$	(2,169,231	)	$	(499,222	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		17,393,753			9,797,937			5,880,430
Investments — affiliated		86,290			4,022			1,186
Futures contracts		438			5,090			(814	)
Swaps		—			—			(51,551	)


		17,480,481			9,807,049			5,829,251


Net realized and unrealized gain		24,015,634			7,637,818			5,330,029


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	25,467,454		$	9,071,023		$	6,015,633

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

See notes to financial statements.


S T A T E M E N T S O F O P E R A T I O N S		29

Statements of Changes in Net Assets


	iShares ESG Screened S&P 500 ETF						iShares ESG Screened S&P Mid-Cap ETF
	Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24			Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,451,820		$	2,389,088		$	1,433,205		$	1,795,748
Net realized gain (loss)		6,535,153			3,146,303			(2,169,231	)		19,446
Net change in unrealized appreciation (depreciation)		17,480,481			46,160,509			9,807,049			26,412,516


Net increase in net assets resulting from operations		25,467,454			51,695,900			9,071,023			28,227,710


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,414,819	)^(b)		(2,298,420	)		(1,268,910	)^(b)		(1,726,166	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(5,508,733	)		74,422,478			46,020,386			54,263,797


NET ASSETS
Total increase in net assets		18,543,902			123,819,958			53,822,499			80,765,341
Beginning of period		253,613,830			129,793,872			182,811,359			102,046,018


End of period	$	272,157,732		$	253,613,830		$	236,633,858		$	182,811,359

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

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


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Statements of Changes in Net Assets (continued)


	iShares ESG Screened S&P Small-Cap ETF
	Six Months Ended 09/30/24 (unaudited)			Year Ended 03/31/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	685,604		$	897,657
Net realized gain (loss)		(499,222	)		80,613
Net change in unrealized appreciation (depreciation)		5,829,251			8,660,188


Net increase in net assets resulting from operations		6,015,633			9,638,458


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(713,383	)^(b)		(362,825	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		5,771,418			19,055,998


NET ASSETS
Total increase in net assets		11,073,668			28,331,631
Beginning of period		72,431,504			44,099,873


End of period	$	83,505,172		$	72,431,504

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

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S		31

Financial Highlights

(For a share outstanding throughout each period)


	iShares ESG Screened S&P 500 ETF

	Six Months Ended															Period From
		09/30/24		Year Ended				Year Ended				Year Ended					09/22/20	^(a)
	(unaudited)				03/31/24				03/31/23				03/31/22			to 03/31/21

Net asset value, beginning of period	$	40.26			$	30.90			$	34.35			$	30.27		$	25.29

Net investment income^(b)		0.24				0.46				0.42				0.39			0.21
Net realized and unrealized gain (loss)^(c)		3.98				9.35				(3.45	)			4.07			4.91


Net increase (decrease) from investment operations		4.22				9.81				(3.03	)			4.46			5.12


Distributions from net investment income^(d)		(0.23	)^(e)			(0.45	)			(0.42	)			(0.38	)		(0.14	)


Net asset value, end of period	$	44.25			$	40.26			$	30.90			$	34.35		$	30.27


Total Return^(f)
Based on net asset value		10.52	%^(g)			31.95	%			(8.72	)%			14.74	%		20.27	%^(g)


Ratios to Average Net Assets^(h)
Total expenses		0.08	%⁽ⁱ⁾			0.08	%			0.08	%			0.08	%		0.08	%⁽ⁱ⁾


Net investment income		1.15	%⁽ⁱ⁾			1.33	%			1.40	%			1.12	%		1.37	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)	$	272,158			$	253,614			$	129,794			$	228,414		$	30,274


Portfolio turnover rate^(j)		4	%			3	%			4	%			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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(g)	Not annualized.

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

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


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Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares ESG Screened S&P Mid-Cap ETF

	Six Months Ended															Period From
		09/30/24		Year Ended				Year Ended				Year Ended					09/22/20	^(a)
	(unaudited)				03/31/24				03/31/23				03/31/22			to 03/31/21

Net asset value, beginning of period	$	41.08			$	34.02			$	36.51			$	35.89		$	25.19

Net investment income^(b)		0.29				0.53				0.52				0.46			0.22
Net realized and unrealized gain (loss)^(c)		1.13				7.02				(2.50	)			0.58			10.66


Net increase (decrease) from investment operations		1.42				7.55				(1.98	)			1.04			10.88


Distributions from net investment income^(d)		(0.24	)^(e)			(0.49	)			(0.51	)			(0.42	)		(0.18	)


Net asset value, end of period	$	42.26			$	41.08			$	34.02			$	36.51		$	35.89


Total Return^(f)
Based on net asset value		3.46	%^(g)			22.43	%			(5.35	)%			2.88	%		43.29	%^(g)


Ratios to Average Net Assets^(h)
Total expenses		0.12	%⁽ⁱ⁾			0.12	%			0.12	%			0.12	%		0.12	%⁽ⁱ⁾


Net investment income		1.42	%⁽ⁱ⁾			1.50	%			1.55	%			1.23	%		1.29	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)	$	236,634			$	182,811			$	102,046			$	76,666		$	19,740


Portfolio turnover rate^(j)		13	%			26	%			20	%			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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(g)	Not annualized.

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

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		33

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares ESG Screened S&P Small-Cap ETF

	Six Months Ended															Period From
		09/30/24		Year Ended				Year Ended				Year Ended					09/22/20	^(a)
	(unaudited)				03/31/24				03/31/23				03/31/22			to 03/31/21

Net asset value, beginning of period	$	39.15			$	33.92			$	37.87			$	38.81		$	25.18

Net investment income^(b)		0.36				0.58				0.51				0.39			0.20
Net realized and unrealized gain (loss)^(c)		2.60				4.90				(3.97	)			(0.55	)		13.69


Net increase (decrease) from investment operations		2.96				5.48				(3.46	)			(0.16	)		13.89


Distributions from net investment income^(d)		(0.36	)^(e)			(0.25	)			(0.49	)			(0.78	)		(0.26	)


Net asset value, end of period	$	41.75			$	39.15			$	33.92			$	37.87		$	38.81


Total Return^(f)
Based on net asset value		7.63	%^(g)			16.29	%			(9.08	)%			(0.47	)%		55.32	%^(g)


Ratios to Average Net Assets^(h)
Total expenses		0.12	%⁽ⁱ⁾			0.12	%			0.12	%			0.12	%		0.12	%⁽ⁱ⁾


Net investment income		1.81	%⁽ⁱ⁾			1.65	%			1.49	%			1.00	%		1.13	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)	$	83,505			$	72,432			$	44,100			$	24,616		$	9,701


Portfolio turnover rate^(j)(k)		14	%			28	%			23	%			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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(g)	Not annualized.

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

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions, if any.

^(k)	Excludes underlying investments in total return swaps.

See notes to financial statements.


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Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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		Diversified
ESG Screened S&P Small-Cap		Diversified

2.	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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS


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		35

Notes to Financial Statements (unaudited) (continued)

the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

•

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

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

•

Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and

•

4.	SECURITIES AND OTHER INVESTMENTS


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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

ESG Screened S&P 500
Barclays Bank PLC	$	126,557	$	(126,557	)	$	—	$	—
BofA Securities, Inc.		78,789		(78,789	)		—		—
J.P. Morgan Securities LLC		125,753		(125,753	)		—		—
National Financial Services LLC		64,816		(64,816	)		—		—
Scotia Capital (USA), Inc.		41,160		(41,160	)		—		—
Toronto-Dominion Bank		490		(490	)		—		—
UBS AG		16,537		(16,537	)		—		—
Wells Fargo Bank N.A.		181,056		(181,056	)		—		—


	$	635,158	$	(635,158	)	$	—	$	—


ESG Screened S&P Mid-Cap
Barclays Capital, Inc.	$	312,420	$	(312,420	)	$	—	$	—
BNP Paribas SA		731,910		(731,910	)		—		—
BofA Securities, Inc.		622,269		(622,269	)		—		—
HSBC Bank PLC		887,107		(887,107	)		—		—
J.P. Morgan Securities LLC		2,394,997		(2,394,997	)		—		—
Jefferies LLC		97,930		(97,930	)		—		—
Morgan Stanley		2,093,411		(2,093,411	)		—		—
National Financial Services LLC		1,164,722		(1,164,722	)		—		—
Wells Fargo Bank N.A.		1,580,955		(1,580,955	)		—		—


	$	9,885,721	$	(9,885,721	)	$	—	$	—


ESG Screened S&P Small-Cap
Barclays Bank PLC	$	21,284	$	(21,284	)	$	—	$	—
BNP Paribas SA		328,671		(328,671	)		—		—
BofA Securities, Inc.		303,398		(303,398	)		—		—
Citadel Clearing LLC		232,850		(232,850	)		—		—
Goldman Sachs & Co. LLC		1,552,615		(1,552,615	)		—		—
J.P. Morgan Securities LLC		487,022		(487,022	)		—		—
Wells Fargo Bank N.A.		47,457		(47,457	)		—		—


	$	2,973,297	$	(2,973,297	)	$	—	$	—

^(a)

5.	DERIVATIVE FINANCIAL INSTRUMENTS


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		37

Notes to Financial Statements (unaudited) (continued)


38		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Notes to Financial Statements (unaudited) (continued)

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 their 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



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



iShares ETF	Amounts

ESG Screened S&P 500	$	278
ESG Screened S&P Mid-Cap		4,869
ESG Screened S&P Small-Cap		2,546

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.


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		39

Notes to Financial Statements (unaudited) (continued)

For the six months ended September 30, 2024, 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)

ESG Screened S&P 500	$	2,443,884	$	1,609,194	$	(755,264	)
ESG Screened S&P Mid-Cap		15,887,191		6,118,627		(2,424,307	)
ESG Screened S&P Small-Cap		4,587,672		1,248,790		88,004

7.	PURCHASES AND SALES

For the six months ended September 30, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

ESG Screened S&P 500	$	8,906,726	$	8,946,773
ESG Screened S&P Mid-Cap		28,330,433		27,250,426
ESG Screened S&P Small-Cap		11,286,196		10,466,267

For the six months ended September 30, 2024, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

ESG Screened S&P 500	$	24,772,043	$	30,257,573
ESG Screened S&P Mid-Cap		45,222,175		12
ESG Screened S&P Small-Cap		4,970,992		65

8.	INCOME TAX INFORMATION

As of March 31, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:




iShares ETF	Non-Expiring Capital Loss Carryforwards


ESG Screened S&P 500	$	(3,754,151	)
ESG Screened S&P Mid-Cap		(6,202,804	)
ESG Screened S&P Small-Cap		(3,572,774	)



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

ESG Screened S&P 500	$	235,092,237	$	49,912,235	$	(12,362,493	)	$	37,549,742
ESG Screened S&P Mid-Cap		215,647,411		39,074,554		(8,200,850	)		30,873,704
ESG Screened S&P Small-Cap		75,522,965		15,799,254		(4,962,996	)		10,836,258

9.	PRINCIPAL RISKS


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Notes to Financial Statements (unaudited) (continued)

(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.

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.

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.


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		41

Notes to Financial Statements (unaudited) (continued)

10.	CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Six Months Ended 09/30/24						Year Ended 03/31/24

iShares ETF	Shares			Amount			Shares			Amount

ESG Screened S&P 500
Shares sold		600,000		$	24,835,008			3,250,000		$	112,611,144
Shares redeemed		(750,000	)		(30,343,741	)		(1,150,000	)		(38,188,666	)


		(150,000	)	$	(5,508,733	)		2,100,000		$	74,422,478


ESG Screened S&P Mid-Cap
Shares sold		1,150,000		$	46,020,386			1,550,000		$	58,217,481
Shares redeemed		—			—			(100,000	)		(3,953,684	)


		1,150,000		$	46,020,386			1,450,000		$	54,263,797


ESG Screened S&P Small-Cap
Shares sold		150,000		$	5,771,418			800,000		$	28,341,130
Shares redeemed		—			—			(250,000	)		(9,285,132	)


		150,000		$	5,771,418			550,000		$	19,055,998

11.	SUBSEQUENT EVENTS


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Additional Information

Electronic Delivery

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.

Changes in and Disagreements with Accountants

Not applicable.

Proxy Results

Not applicable.

Remuneration Paid to Trustees, Officers, and Others

Availability of Portfolio Holdings Information


A D D I T I O N A L I N F O R M A T I O N		43

Board Review and Approval of Investment Advisory Contract

iShares ESG Screened S&P 500 ETF, iShares ESG Screened S&P Mid-Cap ETF (each the “Fund”)

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 other fund(s) 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 any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.


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Board Review and Approval of Investment Advisory Contract (continued)

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 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 character and scope of 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 acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. 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.


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		45

Board Review and Approval of Investment Advisory Contract (continued)

iShares ESG Screened S&P Small-Cap ETF (the “Fund”)


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Board Review and Approval of Investment Advisory Contract (continued)


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		47

Glossary of Terms Used in this Report

Portfolio Abbreviation



NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


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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”).

Item 8 –

Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 –

Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 –

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 –

Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 –

Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 15 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 –

Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) 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 17 –

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable

Item 18 –

Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 –

Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

(a)(3) Section 302 Certifications are attached.

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust


		By:		/s/ Jessica Tan
				Jessica Tan
				President (principal executive officer) of
				iShares Trust

		Date:		November 21, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


		By:		/s/ Jessica Tan
				Jessica Tan
				President (principal executive officer) of
				iShares Trust

		Date:		November 21, 2024


		By:		/s/ Trent Walker
				Trent Walker
				Treasurer and Chief Financial Officer (principal financial officer) of
				iShares Trust

		Date:		November 21, 2024

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